Sandy Spring Bancorp, Inc. (NASDAQ:SASR) Q1 2023 Earnings Conference Call April 20, 2023 2:00 PM ET

Company Participants

Daniel Schrider - Chair, President & Chief Executive Officer

Aaron Kaslow - General Counsel & Chief Administrative Officer

Phil Mantua - Chief Financial Officer

Conference Call Participants

Casey Whitman - Piper Sandler

Catherine Mealor - KBW

Manuel Navas - D.A Davidson

Russell Gunther - Stephens

Operator

Good afternoon, ladies and gentlemen. Welcome to the Sandy Spring Bancorp, Inc. Earnings Conference Call and Webcast for the First Quarter. My name is Jacquetta, I will be your moderator for today's call. All lines will be needed on the presentation portion of the call with an opportunity for questions-and-answers at the end. [Operator Instructions]

I would now like to pass the conference over to your host Daniel Schrider with Sandy Spring Bancorp. Daniel, please go ahead.

Daniel Schrider

Thank you, and good afternoon, everyone. Thank you for joining our call to discuss Sandy Spring Bancorp's performance for the first 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, General Counsel and Chief Administrative Officer.

Today's call is open to all investors, analysts, and the media. There will be a live webcast of today's 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, Aaron will provide the customary safe harbor statement. Aaron?

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

Thanks, Aaron. Despite challenges in the banking industry, we remain strong and committed to achieving long-term success for our clients and our shareholders. Our core earnings for the first quarter were $52.3 million, representing an increase of 16% compared to the prior year quarter. Our credit quality remains solid and we maintain a strong capital base and a rigorous risk management program.