Sandy Spring Bancorp, Inc. (NASDAQ:SASR) Q4 2024 Earnings Call Transcript

So they’re going after that really hard. We’re using some outside data to be able to go out after prospective clients again using our digital tools. And so we think there’s some real upside for us to drive some deposit growth, new relationship growth and with capabilities that we just never had before. So, we’re counting on that to be meaningful as we move through ‘24.

Manuel Navas : That’s very helpful. Did I understand right on the loan growth guidance about like mid to upper-single digits across the whole year or kind of accelerating to the back half or both? Can you just kind of help with the timing a bit?

Philip Mantua: Yeah, I think traditionally our first quarters is soft. That’s a demand driven soft. So I think it probably builds towards the, you know, second through fourth quarter of the year.

Manuel Navas : And rates help with that or you feel like you could — you’re comfortable no matter what the rates do?

Philip Mantua: I think, I mean, I expect some cut. Yeah, I don’t think that’s necessarily, you know, cut driven. I mean rates clearly have had an impact on a number of real estate related projects that they just don’t work at the rates at pricing today. But in what we’re going after in terms of small business, C&I relationships and winning more market share from existing, you know, lenders in the market, it won’t be rate dependent. But it’s more second half of the year.

Manuel Navas : Thank you, guys. Appreciate the comments.

Operator: Thank you. There are currently no further questions registered. [Operator Instructions] There are no additional questions waiting at this time, so I’ll pass the conference back over to you, Mr. Schrider for closing remarks.

Daniel Schrider: Thank you, Megan, and thanks everyone for joining today’s call and for your questions. If you have any others, please reach out and let us know how valuable the call was. Thanks, everyone. Have a great afternoon.

Operator: That concludes the Sandy Spring Bancorp Inc. Earnings Conference Call and Webcast for the Fourth Quarter of 2023. Thank you for your participation. I hope you have a wonderful rest of your day.