Sandy Spring Bancorp Inc. (SASR) Thursday reported first-quarter profit of $10.56 million or $0.42 per share, up from $8.48 million or $0.35 per share in the same period last year.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.37 per share for the quarter. Analysts' estimates typically exclude special items.
Net-interest income improved 9 percent to $31.33 million from $28.71 million last year. Net-interest margin was 3.59 percent, compared to 3.56 percent last year.
Non-interest income totaled $12.42 million, up 13 percent from $10.97 million last year.
Provision for loan and lease losses were $78 thousand, compared to $664 thousand last year.
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