Olney-based Sandy Spring Bancorp Inc., the parent company of Sandy Spring Bank, reported net income for the fourth quarter of 2013 Thursday of $9.6 million, or $0.38 per diluted share, compared with $9.9 million, or $0.40 per diluted share, for the fourth quarter of 2012 and net income of $12.1 million, $0.48 per diluted share, for the third quarter of 2013.
Net income for the year ended Dec. 31, 2013 totaled $44.4 million, or $1.77 per diluted share, compared with $36.6 million, or $1.48 per diluted share, for the prior year, an increase of 22 percent.
“We are confident in our ability to produce consistent and quality investor returns in this marketplace as demonstrated by our record earnings for the year, which were driven largely by growth in the loan portfolio and our growing wealth management and insurance operations,” Daniel J. Schrider, the bank’s president and CEO, said in a statement accompanying the earnings release. “This is noteworthy considering the effect of historically low interest rates on the net interest margin and the related reduction in both mortgage origination volumes and mortgage banking income from the sales of such loans.
“Our results were also positively benefited by the continued improvement in our credit metrics due to the resolution of previously nonperforming loans and lower loan charge-offs, and also by very disciplined control of our funding costs,” said Schrider.