Sandy Spring Bancorp, Inc. (NASDAQ:SASR) Q2 2023 Earnings Conference Call July 25, 2023 2:00 PM ET

Company Participants

Daniel Schrider - President and CEO

Philip Mantua - CFO

Aaron Kaslow - General Counsel & Chief Administrative Officer

Conference Call Participants

Catherine Mealor - KBW

Casey Whitman - Piper Sandler

Russell Gunther - Stephens

Manuel Navas - D.A Davidson

Operator

Hello, and welcome to the Sandy Spring Bancorp, Inc. Second Quarter 2023 Earnings Conference Call and Webcast. My name is Alex. I'll be coordinating the call today. [Operator Instructions]

I'll now hand it over to your host, President and CEO, Daniel Schrider, to begin. Please go ahead.

Daniel Schrider

Thank you. Good afternoon, everyone. Thank you for joining our call to discuss Sandy Spring Bancorp's performance for the second quarter of 2023. This is Dan Schrider speaking, and I'm joined here by my colleagues Phil Mantua, our Chief Financial Officer; and Aaron Kaslow, the General Counsel and Chief Administrative Officer. Our today's call is open to all investors, analysts and the media and there is a live webcast of the call, and a replay will be available on our website later today.

Before we get started covering highlights from the quarter and taking your questions, I'll ask Aaron to give the customary safe harbor statement.

Aaron Kaslow

Thank you, Dan. Good afternoon, everyone. Sandy Spring Bancorp will make forward-looking statements in this webcast that are subject to risks and uncertainties. These forward-looking statements include statements of goals, intentions, earnings and other expectations, estimates of risks and future costs and benefits, assessments of expected credit losses, assessments of market risk and statements of the ability to achieve financial and other goals.

These forward-looking statements are subject to significant uncertainties because they are based upon or affected by management's estimates and projections of future interest rates, market behavior, other economic conditions, future laws and regulations and a variety of other matters, which by their very nature, are subject to significant uncertainties. Because of these uncertainties, Sandy Spring Bancorp's actual future results may differ materially from those indicated. In addition, the Company's past results of operations do not necessarily indicate its future results.

Daniel Schrider

Thank you, Aaron. As we noted in our press release, we remain focused on growing core funding and expanding our client base. After experiencing deposit runoff earlier in the quarter, deposits stabilized and we're beginning to see some growth in certain deposit categories predominantly savings and time deposit products. We look forward to capitalizing on the momentum we've achieved to continue to deepen these relationships and onboard these clients to become their primary bank.