Sandy Spring Bancorp, Inc. (NASDAQ:SASR) Q4 2022 Earnings Call Transcript

Daniel Schrider: I would say the obvious difference this year in that trend is, the availability that this intermediation that would occur within our book of DDA deposits moving into interest-bearing given the availability of actually earning something on your money this year relative to prior periods. So that and hopefully that’s also, a trough that we’ll see end as well and see that DDA balance is start to build back.

Phil Mantua: Yeah. And fact, just a detailed tidbit, but in the premier money market account through the quarter embedded in $123 million increase just in that product line was $109 million of commercial based balance increase. To Dan’s point about the potential of disintermediation.

Manuel Navas: Okay. That’s good. That’s interesting to hear. As you’ve been out of the market in over the last quarter and a half, how have you seen composite competition shift?

Daniel Schrider: I think the last, over that timeframe that you’ve talked about? I think it’s still; this is a highly competitive market. We’ve continued, have been and continue to be near or at the top of the market in our various specials that we’ve offered on both guaranteed rate as well as some select time deposits. So, I wouldn’t say there’s been a material change competitively in that window of time. Still very competitive. And, as we’ve gone through obviously the last week and a half of earning season, it seems like that trend continues of pressure on the funding side and we’re seeing it in pricing.

Phil Mantua: Yes, and I don’t think the, the mix of competitors has changed to any large sticker either. I think it’s still, generally the usual suspects in this market.

Manuel Navas: Thank you for the color.

Daniel Schrider: Sure.

Operator: Thank you for your question. There are no additional questions waiting at this time. So, I’ll pass the conference back to Daniel Schrider for any closing remarks.

Daniel Schrider: Thank you, Matt. And thanks, Catherine, Casey, Manuel for your questions and for everyone else who joined today’s call. With no other questions, our call is now concluded and we hope that you have a wonderful afternoon.

Operator: That concludes the conference call. Thank you for your participation. You may now disconnect your lines.