Sandy Spring Bank has been named a top five bank by Forbes on its 2022 America’s Best Banks list. This is the second consecutive year that the Bank made the list.
“We are pleased to be named one of the top banks in the U.S. This recognition comes on the heels of a record year for our Company, and it is a testament to our success in the marketplace and the trust our clients have in us,” said Daniel J. Schrider, President and CEO. “Thanks to our more than 1,150 dedicated employees, we are a nearly $13 billion company with a proven record of delivering results for our clients and value for our shareholders. I am proud of our employees for all of their hard work.”
In 2021, Sandy Spring Bancorp reported record annual earnings of $235.1 million, $10 billion in total loans, $10.6 billion in deposits, and $2.2 billion in market capitalization. Across the Company’s wealth group, which includes Rembert Pendleton Jackson, Sandy Spring Trust and West Financial Services, assets under management exceeded $6 billion.
Sandy Spring Bank donated approximately half a million dollars throughout the Bank’s footprint to more than 100 organizations whose missions align with the Bank’s community giving pillars of financial literacy and education, affordable housing and health and wellness. Throughout the year, Sandy Spring Bank employees volunteered more than 6,300 hours with local organizations that are meaningful to them.
Forbes has worked with S&P Global Market Intelligence for 13 years on its America’s Best Banks ranking. Factoring in financial data on the growth, quality and profitability of the 100 largest publicly-traded banks and thrifts by assets, the metrics that are used to make the rankings are based on regulatory filings current through September 30, 2021. While S&P provides the data, the rankings are done by Forbes.
The metrics Forbes considers to make this list include: non-performing assets as a percentage of total assets; reserves as a percentage of non-performing assets; CET1 ratio, which compares a bank's capital against its risk-weighted assets; risk-based capital ratio; return on average tangible common equity; return on average assets; net interest margin; operating revenue growth; and net charge-offs as a percentage of total loans. This list excluded banks where the top-level parent company is not based in the U.S.
About Sandy Spring Bancorp, Inc.
Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. With over 50 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Northern Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson, Sandy Spring Insurance Corporation and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services.