Sandy Spring Bancorp, Inc. (NASDAQ:SASR) Q2 2024 Earnings Conference Call July 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 - Keefe, Bruyette & Woods
Russell Gunther - Stephens
Manuel Navas - D.A. Davidson
Operator
Hello, and welcome to the Sandy Spring Bancorp Incorporated Earnings Conference Call and Webcast for the Second Quarter. My name is Elliot, and I'll be coordinating your call today. [Operator instructions].
I would now like to hand over to Aaron Kaslow, General Counsel and Chief Administrative Officer. Please go ahead.
Aaron Kaslow
Thank you, Elliott. Good afternoon, everyone, and welcome to Sandy Spring Bancorp second quarter earnings conference call. Today I am joined by Dan Schrider, Chair, President, CEO and Charlie Cullum, Chief Financial Officer. I'd like to remind listeners that remarks made during today's calls may include forward-looking statements which 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.
I'll now turn the call over to Dan.
Daniel J. Schrider
Thank you, Aaron, and thanks everyone, for joining us today. I'll begin today's call by discussing some of our results for the quarter and then turn it over to Charlie and I will follow with some commentary and subsequently open up the call for your questions.
In the second quarter, we successfully grew core deposits and CI loans, while also improving the net interest margin. In addition, we prudently managed expenses. We reported net income of $22.8 million, or $0.51 per diluted common share for the second quarter of 2024, compared to $20.4 million, or $0.45 per diluted common share for the first quarter and $24.7 million, or $0.55 per diluted common share, for the second quarter of last year.