SASR - Earnings call transcript Q4 2021 | Sandy Spring Bancorp, Inc.

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Operator

00:05 Hello and welcome to the Sandy Spring Bancorp, Incorporated Earnings Conference Call and Webcast for the Fourth Quarter of 2021. My name is Lauren and I'll be coordinating your call today. [Operator Instructions] 00:26 I will now hand you over to your host, Daniel J. Schrider, President and CEO to begin. Daniel, please go ahead.

Daniel Schrider

and everyone. Lauren, you, Thank good afternoon, XX:XX Thank to for discuss joining us the conference call for our Sandy quarter XXXX. you of for fourth Spring Bancorp's performance my and This Schrider Kaslow, General Spring Financial I'm colleagues, Sandy Aaron Phil for joined Officer; is and Mantua, speaking, here Bancorp. Dan Counsel Chief our by call is investors, XX:XX to Today's analysts, and all open the media. on live and a be available There call, replay today. today's will our webcast be later of a website will

and taking covering the started we quarter will statement. from Before questions, highlights give your the customary get Aaron harbor safe

Aaron Kaslow

the are XX:XX Spring of which, impact those Bancorp future Dan. very make results from significant affected variety projections by that XX:XX afternoon, and include and Thank you, credit based significant of Good and rates, are laws indicated. these management's forward-looking to and Bancorp's goals, upon subject Because statements benefits, estimates subject financial may to everyone. uncertainties, pandemic, other conditions, risk market uncertainties. future webcast and Sandy this These nature, of of the Spring losses, of forward-looking statements their earnings actual statements subject will by a of of including uncertainties other COVID-XX costs in expected of the or statements ability statements and uncertainties. regulations market future to These matters, risks and future Sandy interest forward-looking achieve and of are estimates intentions, because are to differ other behavior, other risks assessments and XX:XX economic assessments goals. expectations, they materially

past indicate results company's operations of addition, necessarily results. do its future In not the

Daniel Schrider

Aaron. Thanks, XX:XX

and our performance. with on discuss to our pleased line the fourth be you We’re annual today to quarter

commercial great for us record Our XXXX quarter strong. production. a results XXXX. our and puts going a We into The achieved in remains loan us record margin position fourth was year

in credit quarter attributed a of of for decrease to and share a It details an While future. invest demonstrates our quarter declined, continue that, good prior increase note for year in detail assets earnings at important call provision wealth this And the there $X.XX common This horizon. Core by news. quarter's credit million management, quarter more XX.X of for for Our XX.X for $X.XX the quarter diluted for income quarter. third we net common decrease million non-interest more X.X earnings for income non-interest to was jump compared shortly. we factors diluted share XX:XX I'll provision linked per our linked share explain XX.X per reported into $X.XX were XX the in the this current the quarter growth The group quarter all to earnings quarter. million of the million under driven fourth And X.X or per XX:XX expected in our XX, provide we'll I'll is X.X XXXX of ended that, on while an fourth several diluted net million, to common XXXX. million for compared were XX:XX XX with the XX:XX during to significantly quarter grew term our which and on With the for XX.X Today, expense. XXXX. of and for longer is play, XXXX. details. million the million in just million, quarter compares that or the fourth was credit losses or the The and of to core December that income

the X% linked quarter. growth and assets by loan to December in fact, deteriorating liquidity sheet, decrease, the XX:XX PPP XX.X of deposit XXXX, not late that and of the December Total compared improve. billion XXXX. total to we'll the fund and loans our XX loan took growth. portfolio commercial Excess to XX.X quarter The loan Our compared the beginning to the used billion and first quarter for our see XXXX. quality. balance quality a In the forgiveness was from XXXX production end with at and to majority billion billion XX:XX to were loan place reduce XX, at of growth XX, of XX:XX borrowings credit X% outlook Shifting billion, benefits fourth quarter, declined record XX loan so at production continued XX.X

customer in in continuing The half the production. the more to of portfolio loan XXX refinancing million billion portfolio Excluding million. the or funded to grew from occurred PPP loan saw X.X XX:XX in growth commercial than loan gross the the Investor PPP of activities in majority million, declined XX:XX mortgage X.X XX% In new commercial loan decline mortgage the of December the portfolio led commercial owned XX, by last December X% including loans, total year, while This and second growth portfolio. loans excluding XX, The XXXX, portfolio, loans, we of billion commercial mortgage XXX XXX XXX X.X XXXX at the billion billion, production. in as loan portfolios, all in grew at runoff. sale production, million offset compared residential new resulted commercial year-over-year of the XX:XX $X.X

we shared prior the the remaining we're in quarter, will be new PPP XXX new million proactively and end production These in earned you at million looking are of and quarter, and delivered stand totaled XXXX, quarter. loans talent, clear we loan the work fees million quarter PPP loan expect to disclosed of or a commercial to million, linked It's numbers, had At continued quarter, fourth We at dedicated same clients. for excess extremely accelerate with we're the increased our fourth again, the results, delivered are proud to approaching larger to earned of for note previously this to market. we position to to year. with in course X.X put the of XX:XX remarkable had the the efforts the important where in the we throughout to be PPP and that nearly for outstanding million million, earned and actions XX:XX XX.X great XXX%, growth compared the year. gradually prospective year. of the and what funded X.X team forgiveness. year, company compared commercial our credits, and were opportunities XX:XX liquidity over PPP. we in clients including people those in It's quarter which XXX adding new XXX.X some XXXX that growth taking pursuing Last of I revenue XXX During our

shifted percentage quarter. we asset continue XX:XX from toward drive in first on XX% larger prior the portfolio. banking funds. we results our of the or and that percentage X%. This quarterly resources achieved transaction includes Looking in our rising quarter in to impact reduction we again attributed management compared Our and rebuild million, and cost those this by interest driven million in the quarter the X.XX% and can bearing this PPP XX% and On XX:XX growth and refinance our of as prior income our five wealth the mortgage declined in the Financial X% results production slowed mortgages, mortgage With for mortgage compared non-interest to our holding balances of PPP the the as income client we this that expanded saw year fixed million change that Jackson, on expand. XX% through significant compared and which deposits production deposits sacrifice quarter, quarter. larger an the has class. for line XXXX, our process delivered in outstanding vast XX:XX this rate overall was as evidenced manage to West the Pendleton for record Spring business, be growth year-over-year of Across side, the the that well still sheet, exceptionally increased Sandy time the Services mortgage to decreased deposits environment deposit growth to income same and a to interest street portfolio activity, hitting the and and On Rembert XXX in XX:XX we rate shift We million, regrowing to grew management This of the the continue back are for and gain margin company. margin behind be will which Time clients strong helping year X.XX% forgiveness anticipate XXXX group, for X.X the linked commercial to activities those XX:XX program decision is side quarters. achieved as the of new reflects was uptick assets performed a fourth we as from forward, on PPP was to loan year-over-year wealth of balance deposits things, majority of as net compared continued XXX X.X anticipated comparable Non-interest the business. to X.XX%, well the to and to us, for production sale While current sale gain for have board by driving increased of Trust, XX:XX relationships. bearing quarter. base it quarter quarter under the and declined

XX:XX Non-interest of the compensation well the the expense X% operational the the the non-GAAP year delivering initiatives. ratio benefit compared position PPP linked due and cash derived that X.X as overall to marks the as value has a as quarter point with in basis, for We reduced from the as would liquidity been quarter X.XX%. was should would to quarter. reverse XXXX, by for as XXXX staffing X quarter. X.X record implementation On production, the net The X.XX%, come commercial fourth loan been our or quarter the X.XX% to X.XX% interest compared cost the the significantly are strategic million trend efficiency with quarter X related for margin This our the This of quarter. benefit strong XX.XX% early and to and acquisitions, overnight compared fourth enter linked fair increased continued without related have XX.XX%, excess build of and linked for for quarter the of decline margin linked the quarter, of increased prior was increased quarter. primarily basis amortization the our the fourth the and quarter. income loan compared during million million, for we fourth expense XX:XX quarter Excluding the of XX.XX% Salary margin the of XX:XX quarter. pleased stability was prior XXXX to the expenses to growth as end a costs year have to and this

non-performing for commented XXXX linked has and quarter quarter basis been in Loans in XX:XX since we've that sell year Shifting credit totaled quarter. we XX.X points. context, current quarter of As feel to the future. total non-GAAP non-accrual to that time, efficiency million XX:XX than compared range past as our further the will more days for we or economic of current percentage the to million XX% ratio in when over invest X.X of a prior net $X.X at quarters, XX% allowance attributed compared level XX:XX X.XX% This continue the the the the prior XX linked points losses XX:XX existing as level was can to result the for quality, million quarter million net it performing million, during was decline outstanding loans, million of for compared at the on this XXX,XXX credit linked for XX the due The a [XXXX] XX into greater charge-off environment. compared charge-offs of XXXX the in process renewed this of of placed Loans improved second at basis put To non-performing and decreased the XX:XX XX of the at the charge-offs XXX% December from and fourth to of it and X.X being that or be loans quarter outstanding renewal and in [ph]. end of as XXX% loans XXX,XXX fourth quarter. to non-performers loans the prior. of for of were Net XX, loans loans basis of the loans is prior the the positive quarter. XX:XX quarter of the of or quarter to XXXX end to X.XX% the for at non-performing quarter trend of the XXX were portfolio lowest XXX.X prior points basis of points, XXX.X continued

allowance XX:XX X.XX% compared The increased XXXX. XX, of for tangible to December equity the loans, X.XX% to credit losses common at year-end. Excluding to PPP X.XX% at assets, was outstanding ratio loans tangible

classes. of capital equity The common impact ratio from tier XX.XX%, Excluding its tier XX.XX%, a X.XX%. capital assets, a tangible had $XX.XX ratio the would X a the program common company common ratio the price stock a of average completed capital X be risk-based the and tangible ratio of this ratio risk-based of PPP specific equity under of this total an current also we'll risk-based morning. no and shares XXXX, as On of accommodations X,XXX,XXX that, X.XX%. XX:XX XX:XX the asset of and And repurchased quarter, repurchase per during And information position. X the now leverage Phil tier you as in company have current the the have share XX.XX%, X, XX, at December turn authorized With of will will as to issued industry we now through we or repurchase of CECL segment have authorization. supplemental each capital for our see, X,XXX,XXX those we we past. and Slide payment detailed you XX:XX shares in the balances talk Outstanding information

Phil Mantua

loan good the is Dan, economic major year movement provision growth our primarily and of credit offset. of provided XX:XX since the first for for factors. portfolio of release slide $XX.X the XXXX current recent been course a comparison quarter. up more full variables. in the the components quarter, of everyone. the X, our has over by forecast the of of million allowance Our in forecasted third representation by economic drivers factors shows change and our change Continuing transition forecast on the during the XX:XX improved XX:XX to resulting impact course XX:XX resulted X in for the reflect we the quarter, which that over Picking afternoon, was of which end the the associated factors the reserve in quarter the the the by The of of of into next losses, Thank the have time qualitative XXXX. Slide quarter fourth waterfall our Broken key the improvement driven by current XXXX. economic expense a dominated a Slide allowance the and you,

quarter Moody's of was COVID-XX the has integrates December unemployment XX. the the our rate is Our a an methodology baseline use to already essentially This a CECL continues X that portrays version XX:XX for Moody's released our by X.XX% recovers forecast On forecast in and of variables. local and to peaked for that key of on ultimately fourth baseline market level XXXX. the fourth macroeconomic Slide quarter effect

a strong X, from as PPP our For loans can factors related all would used XX:XX X significant the balance you on manner loan of of includes our of the outstanding, X.XX% exclude is result include where loans, adjusted total prior quarter. been Included an impact the XX:XX is on capital the applied We XX:XX note growth categories reserve based in additional an to number consistent business reflect PPP loans. on the our foot the the and loan some business variables tangible be tangible provide show is bottom in the for to measure. of quarter, reserve in with PPP reserve these the portfolio impact slide loans. although see to finally, in during items loans, loans and the balance, Slide on of reserves and asset ratio the comments regarding in when On the commercial X.XX% segment to should view of at our would ratios have commercial no those that same as ratios. adjusting on some PPP the we a of those And equity of reflected treatment reserve note our Slide trend their required a And those illustrated explanations be brief total the X.XX% certain loans reserves current on quarters. commercial current on to of loans granularity a increase the

COVID we incorporated continue the to over With requirements. confident recently updated the And well in at to the the stress a the capital in calculations we Dan, ratios scenarios be and capital our about have severe all for capitalized bottom based our tests most quarter baseline constructed of I'll the test impact. repurchase severe displayed metrics baseline reflect in case. continue the forecast regulatory excess where CECL as XX:XX feel noted we turn position that's forecast it economy our authorized and We utilizing program during in share back you. in that, the As Moody's slide, same is completed have also to of XX:XX our

Daniel Schrider

Phil. XX:XX Thanks,

Before we comments remarks, you with conclude prepared beyond like financials. share to about a other our performance few briefly our I'd

back we These workplace third year we proud named a best most local the the also banks the America's times, of, Best-In-State on a one look our us named employ Washington and we're necessary Banker third X,XXX continue Thanks because our notably last and have people quarter, as this with the so to to year Post what thought And a work business named grateful prioritizes to XX:XX the consecutive was and a and recognitions. X, We employees for XX:XX to on To this in went doing and smooth. into than earned and all Number require Today, shared employees. continue confidence second for consecutive the For several with for significant one Baltimore lot As be decision. national for of effect grow, and top difficult we fall to The Sun of American focused latest folks, made ensure with XX:XX year once us Bank the as have we people. continued but extremely the our decision more to against Forbes for. and we row planned for clients, again to employees, Banks we we I Maryland. our of we've Spring workplace our One year, in to bank safe Sandy be and November community. be in decision operate early best colleagues, vaccinated implementation that end, it you, COVID-XX continued the got by pleased was without clients disruptions. our be to made XXXX. we the we policy remain to that fostering This variant; culture We is last community. front XX:XX

We and are was offering XX:XX flexibility both of This decision momentum in the good production our and and commercial assets the year and a in was but to our in our a and necessary We testament policy for health growth quarter. Our great the our long-term and take employees that vaccine our clients the trust solid loan as needed, business. a to well-being a employees we strive marketplace, wealth in view do. in are success have us. all

a we're in if that our can comments now where be your the and have be And technology, for we'll general questions. first question talent, and would to can XX:XX move of invest in great? position our to we concludes So, pleased this company. Operator, future the today, we

Operator

XX:XX please go [Operator from of from Casey, first Sandler. Whitman question Instructions] the Our Casey ahead. Piper comes line

Casey Whitman

afternoon. Hey, good XX:XX

Daniel Schrider

Casey. afternoon, Good XX:XX

Phil Mantua

XX:XX Hi, Casey.

Casey Whitman

good commercial for maybe What's assume just and really quarter, going start wouldn't growth as same we'd this this Thought, on growth be you this a expectation overall growth the putting pace the year? a Hi. I forward? reasonable with loan it were quite XX:XX quarter.

Daniel Schrider

Casey. think, No, question good yes, XX:XX I

of had I think this quarter lot at play. a things

in new before fact folks opportunities, getting trying the particularly just ahead existing many anticipated in mentioned, with to are XXXX. commercial – area back calling I aggressively the and of that on increases estate coupled real the get As clients rate

digits. outlook those mid-to-upper probably in growth the loan is our commercial the growth in space overall to So, in and single X% XX% categories

Casey Whitman

Okay. XX:XX

impacting loan but quarter, had last the I this have that growth pursuing possibly mentioned think purchases any some of did you quarter? you

Daniel Schrider

the not. any actually or did participations quarter. purchased not in We did XX:XX We acquired have

Casey Whitman

coming And [indiscernible] with loan the the Okay. how rest yields about loans portfolio? on? of the compare How new those on did XX:XX the the on

Phil Mantua

December was Phil. XX:XX by the and average bag Yeah, is yields It Casey, production and quarters. of fairly in overall on this to [ph] but particular, certainly different [X.XX the was based the of things bulk that comparable have previous all quarter large, generated low that's over average is – in in was the portfolios, probably more the actually a mixed we're range, of booked been which and X.XX] that to generated other in

really order production of So, to [whole in price [ph] of out the it the stalk garner doesn't during that appear we period. the yield] amount

Casey Whitman

can you're and can XX:XX of walk is your but think and feeling betas Great. you this the And maybe you you're the of there, asset address [indiscernible] for assuming us hikes? rate suggests what positioned push I on going broad sensitive, question, how pulls a kind your through that sort but deposit cycle?

Daniel Schrider

XX:XX Sure. Yes.

a the may we XX:XX margin. a, we and don't to some thought a that benefit because build-up so timing towards this XX% the place rate in the market will that that in pretty may good if of necessarily we such at money we of of certainly sensitivity in was betas bit but bit, into the if get that's a outsized will we're – in with significant would in the nevertheless, throughout we of the that, terms last run chooses changes in certainly the XX:XX won't probably the So, balance position. second hikes we deposit beta. rate ratio the all time said we we're rate will that'll the the half certainly of the where profile sheet and an that would from we an amounts that feel of amount three risk loan you're published we things liquidity end from, we asset went able needed deposit I incremental had continues rates. terms like also your to that's probably of we offerings the have to margin, nature for to of would significant to related the of so, reported little Now, through operating to portray, entering that rate sensitive. be is we we question of But the mean, those that you year. and XX:XX forward. front aspect do you traditionally just as starting at had our XX:XX of that loan think that absorb at being we're had continue on little deposit have portray have so the I standpoint But that as will the more certainly, XX:XX that look kind say base. take the And benefit still liquidity the looking position that that indicate necessary, what – would were of And asset the we I to, do predominantly. a given believe to other fed exaggerated items cycle was characterize would It be And remember a out kind I I information, rate here and portfolio a of that to a at of do XX% about interest that obviously year, to of having more quarter know that slightly the and can us. that this cycle correct low One sensitive don't that as some we’ll upturn especially of be includes

Casey Whitman

XX:XX Helpful. Thank let jump you. I'll else on. someone

Daniel Schrider

Casey. Thanks XX:XX

Phil Mantua

you. Thank XX:XX

Operator

Our proceed. the comes next of Brody Brody, Stephens Preston XX:XX from Inc. line question please from

Brody Preston

Hey, afternoon XX:XX everyone. good

Daniel Schrider

Hey, XX:XX Brody.

Phil Mantua

XX:XX Hey, Brody.

Brody Preston

I the guess I on XX:XX securities wanted ask book. to this

to of this you work more put little bit Looking it, at a liquidity quarter.

one, forward? the is what's floating going quickly, you would then handy, duration rate So, have it happen wanted percent And helpful? of appetite the to what to it of be if and gauge, I the portfolio,

Phil Mantua

XX:XX the portfolio is Phil. this Yes, add investment position. did really We not Brody, to

the that did time we there small. by the but We quarter, [floating that billion position think I'm months my really just rather at overall about to going CMO kind And than add the less of cash see probably say, [indiscernible] question chose consistent I powder necessity XX – off large XX% to flow off duration think which keep we're is just to that with the portfolio. about pretty it's of duration type piece] in we previous growth mortgage to mostly instruments, runoffs under flow are for portfolio of into we is quarters. the to the head we related and as $X next to now got forward that your replace been to make in backed portfolio, prefer our amount During top just XX:XX cash the of the of portfolio and XX:XX kind here it's kind the the on probably the [ph] The guide Fed. light to going we event continue will the absorb Yes. quarter discussed that of continue the of rate don't as products quarter of ultimately of overall point the way give a we I couple loan here the of well. some, that kind around hood with future. XX:XX to [Multiple – did Speakers] going a The overnight adjustments, call

Brody Preston

the, in bolt-on to M&A fee know update or terms how forward of Got terms I in about thinking maybe it. then to whole us of XX:XX just you M&A? could And capital, just you're on just going wanted if bank switching just Got it. M&A,

Daniel Schrider

XX:XX Dan Yes, Brody, here.

that continued and think the be it's in particularly working and well to and well. success growing well in has scale acquisitions have organically space interested in Our we RIAs and particularly with of both through partners space. the We us

those grow things. And in on this be of for relationships. the rack comment but and anything good space to continuing high to important. in build partnerships We at so, bank on we really again business continue we organically look Don't and select have continue continue opportunities XX:XX side to that point, banking on the to through to think the is

Brody Preston

but loan of Okay. I'm if And percent have, portfolio you XX:XX happen I this, rate? the what on missed first to sorry is floating the mix, loan do

Phil Mantua

XX:XX Yes, Brody, I have that information.

I majority On rate. commercial is the That the them on those the loan the portfolio, have terms are total probably in portfolio floors back take floors additional So, repricing this are the rates XX:XX – the the XX% well. rising have and And that of loans we XX% floating average that from before floors place rates have loans portfolio? of at up percentage around it'll the as pop as points and certainly certainly are probably portion that any overall is are time. about the of about of There's total at overall and of portfolio to think on than X%. benefit about those floors see large that, basis of floating floors but at half XX in most higher of on

Brody Preston

tick-up it. increase quarter? XX:XX expect we last line the to in should me Speakers] salaries some be specific that first then that Got you about one was saw we the further XXXX? Would that from item. the [Multiple And of benefits just How line the thinking in and item

Phil Mantua

quarter-over-quarter to compensation by I it some that incentive great and from to to quarter. of would production fact, to that that probably million not where quarter going And are We amount I not towards the in – increase is. come to question. expect to increased the incentives amount a over on mean would cover XX:XX us. back end outsized Yes, the it XX:XX to I by the repeated $X mostly expect need be here, necessarily That's quarter approximately basis. of certainly of necessitated need related was

to area run expenses, I branches quarterly quarter would at of then of a benefit fourth I $XX to the expenses. what One we year we in probably going if that in So, couple pension back in to the range. related charges it us. And to in think was about disposition of that take between some the area and on the other is expenses [ph] the earlier to a a settlement of that in related third and million from to expense, to broader And so come that, XX:XX kind one-time are would both that somewhere $X some on we required some quarter that's I the say in of closed going million related due of accounting it to also that rate had $XX a some what in total million. that were what quarter look say was [were] standpoint the

Brody Preston

you that. appreciate for much And for very Thank taking my it. I Awesome. thank you questions. XX:XX

Daniel Schrider

XX:XX Thanks, Brody.

Operator

Catherine Woods. Our comes go the line Catherine, Mealor Keefe, & please question from from of ahead. Bruyette, next XX:XX

Catherine Mealor

afternoon. XX:XX Thanks. Good

Daniel Schrider

Hi, XX:XX Catherine.

Phil Mantua

XX:XX Hey, Catherine.

Catherine Mealor

expense question. the is a This follow-up XX:XX to

as rate rate or expense should X%, up a that's be that could good are growth for somewhere that push more around other think kind So, you growth quarter said run a million $XX rate you – look forward the last think if next inflationary you rate take growth XXXX, to of $XX still you think expense this I we quarter million, little investments or do year still do at bit? that normalized to there of a pressures

Phil Mantua

to expenses call home the to still XXXX, still a XX:XX Yes, loan X% basis bank I'll that things bit when especially believe fees year-over-year way that – occurred do related I our a that year-over-year. during reasonable that you prepayment and of probably Catherine, is overall level Phil, pull out again. the like of yes, that a normalized and range look things little at but it

Catherine Mealor

and higher this buybacks thoughts capital And how stock allocation any XX:XX are your you finished buyback, then so your recent year? Great. today, but most valuation about you is a authorization, on lot thinking

Daniel Schrider

Dan. have Catherine, to be the active to times this to we immediate have there currently, plans at We no Yes, place XX:XX – all used are available authorization, but one tool at on that repurchases you just point. to like us, up know likely in as

Catherine Mealor

and my Okay, improved out come we've XX:XX [indiscernible] to in reserve past, last a that is on And the bit little down? to move question of a continued down, this than is so then – great. continue so here, a ratio is has limited, reversals, reserve we're that seen expect release obviously less from you there it fair this of do ratio to say there credit, or credit was but evening guess to I and much quarter kind

Phil Mantua

this again. Hey Catherine, Phil XX:XX is

directly – answer probably most we're I answer directly to more here off leveling your your directly question. think

said goes it absent forward that we're that's that at I from reserve before think moves of as with move we and unusual not any move the growth we just and the this point provision and charge-off as outsized this activity anticipating this point.

I So, level to we're where is in say at of total towards. would that that something to probably [X.XX look [ph] X.XX] forward loans

Catherine Mealor

Thank much. you Great. so Okay. XX:XX

Daniel Schrider

Catherine. Thanks, XX:XX

Phil Mantua

you. XX:XX Welcome. Thank

Operator

the and line Our please Erik, question comes XX:XX Erik from [Operator proceed. next of Boenning from Scattergood. Zwick Instructions]

Erik Zwick

guys. afternoon, Good XX:XX

Daniel Schrider

XX:XX Hi, Erik.

Phil Mantua

Erik. afternoon, Good XX:XX

Erik Zwick

just kind in strong and XX:XX a production core little on thinking If margin of run First one in in bit curious, at rate point. just quarter appreciate fourth wasn't interest the the about for the that the the at lot know level, we net I of sensitivity. that asset just fully the me, the commentary loan X.X% quarter you fourth of a look the

do the into As look little from this trajectory a over we and maybe into how see you XQ forward core bit margin XQ, that of point?

Phil Mantua

this is Phil. Erik, Yes XX:XX

see where finished it quarter. think fourth to the going expand I you're from we out

I see just towards quarter. it based [ph] range, through you this benefit [X.XX] the think from projected that in ahead what happens on could

of that's a think core. that's little PPP And I so that still have Again, We as is. there. mentioned it left bit Dan where

it range up but second think expand that maybe So, do probably to forward. the and standpoint, you're that, going into bump as some pure to related a move core get quarter that easily we could I in here first from

Erik Zwick

level, XXXX balance production and very something but obviously run over is and with years a had sheet guess look with just then bigger the start mortgage the wealth benefit at of do XXXX And of in kind back banking. getting relative of I income That's of rate we more the in-light like point XXXX residential this to certainly I XX:XX years the some And we decent management, I last from non-interest a larger headwind on of especially that Thanks. back couple forward, a the going moving years? strong level? picture think XQ bit thinking to non-interest more to guess the that and the at is this point, about as helpful. Mortgage obviously Banking couple decision XXXX mortgage past from income of retain about

Daniel Schrider

what mortgage I Erik, model And after to balance Dan. both banking the this quarter. opportunity a experienced kind fourth Yes, probably look at is look that XX:XX it. we from revenue a would standpoint, will portfolio rebuild at That's good to bit. that of gain a in way and the give us

Erik Zwick

I guys. That's I today. Thanks. all it Okay. XX:XX appreciate had

Daniel Schrider

XX:XX Thanks, Erik.

Phil Mantua

Erik. Thanks, XX:XX

Operator

have no further XX:XX We questions. currently

now closing back the I'll management any over So, hand to for team remarks.

Daniel Schrider

one. have All the this XX:XX to Lauren. Thank we call. time great our hope that Thanks you, you right. participate That taking everyone for concludes a afternoon, and

Operator

XX:XX a This and for have I Thank you your of joining rest concludes you lovely today's day. call. hope

now disconnect your may lines. You

Sandy Spring Bancorp (SASR) 20 Jan 222021 Q4 Earnings call transcript