Sandy Spring Bancorp, Inc. (NASDAQ:SASR) Q1 2024 Earnings Conference Call April 23, 2024 2:00 PM ET

Company Participants

Daniel J. Schrider – President and Chief Executive Officer
Aaron Kaslow – General Counsel and Chief Administrative Officer
Charlie Cullum – Deputy Chief Financial Officer

Conference Call Participants

Catherine Mealor – KBW
Casey Whitman – Piper Sandler
Russell Gunther – Stephens
Manuel Navas – D.A. Davidson
Daniel Cardenas – Janney Montgomery Scott

Operator

Good afternoon, ladies and gentlemen. Thank you for joining today’s Sandy Spring Bancorp Earnings Conference Call. My name is Tia, and I will be your moderator for today’s call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. [Operator Instructions]

I will now pass the call over to Daniel J. Schrider, CEO and President. Please proceed.

Daniel J. Schrider

Thank you, and good afternoon, everyone. Thank you for joining us to discuss Sandy Spring Bancorp’s performance for the first quarter of 2024. This is Dan Schrider speaking, and I’m joined here by my colleagues Phil Mantua, our Chief Financial Officer; Charlie Cullum, Deputy 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 is 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 cover 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 or 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 J. Schrider

Thanks, Aaron. As you read in our press release today, we reported several strong categories this quarter, including core deposits, fee income, our liquidity position and asset quality. At the same time, we remain focused on improving our profitability as well as continuing to shore up core funding, manage expenses and reduce commercial real estate exposure while diversifying growth in other loan categories. We operate in a region with a strong local economy, which we’ll continue to use to our advantage as we navigate a challenging operating environment for our industry.