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"Our level of loan loss provisioning continues to be influenced by the ongoing negative economic conditions on both a regional and local basis. Specifically, the $10.6 million provision was driven by internal risk rating downgrades along with specific reserves that are set up to cover individual loans in our residential real estate development portfolio," said Daniel J. Schrider, president and chief executive officer. "We continue to aggressively monitor and work out problem credits in all segments of our loan portfolios, particularly those related to builders."
"On the deposit side, we are extremely pleased with our recent growth in customer funding sources, which advanced 8% during the first quarter. This growth was due in large part to our new Premier money market product. While we are pricing this product very competitively over the short term, we believe the resulting growth in market share will enable us to develop expanded customer relationships that we can retain over the long term."
"We also closed over $121 million in residential mortgage loans in the first quarter of 2009 compared to $62 million in the prior year quarter," said Schrider. "This provides further evidence of our dedication to provide needed banking services to the communities that we serve."
First Quarter Highlights:
. The provision for loan and lease losses totaled $10.6 million for the quarter compared to $2.7 million for the first quarter of 2008 and $17.8 million for the fourth quarter of 2008. The provision was in response to continued internal risk rating downgrades, charge-offs and additional specific reserves primarily related to loans in the residential real estate development portfolio. . The net interest margin was 3.39% for the first quarter compared to 3.99% for the first quarter of 2008 and 3.73% for the fourth quarter of 2008. . Noninterest expenses decreased 2% for the quarter compared to the first quarter of 2008 and decreased 11% versus the linked fourth quarter of 2008. Excluding the goodwill impairment charge in the fourth quarter, noninterest expenses decreased 4%. These results are consistent with the Company's expectations for project LIFT, a previously disclosed initiative for managing operating expenses. . Customer funding sources, comprised of deposits and other short- term borrowings from core customers, increased 8% compared to balances at both March 31, 2008 and December 31, 2008. These increases were due primarily to growth in the Company's new Premier money market savings product.
Review of Balance Sheet and Credit Quality
Comparing March 31, 2009 balances to March 31, 2008, total assets increased 11% to $3.5 billion due mainly to a 9% growth in deposits. This growth in deposits was the primary driver of increases of 52% in investments and 38% in cash and cash equivalents. Total loans and leases increased 4% to $2.5 billion compared to the prior year. This increase in loans was comprised mainly of a 6% increase in commercial loans and a 9% increase in consumer loans. Total loans decreased 1% compared to the fourth quarter of 2008.
Customer funding sources, which include deposits plus other short-term borrowings from core customers, increased 8% to $2.6 billion at March 31, 2009 compared to the prior year. Such customer funding sources also increased 8% compared to the fourth quarter of 2008. These increases were due primarily to growth resulting from the Company's new Premier money market account. Borrowings from the Federal Home Loan Bank of Atlanta increased 22% to $412 million compared to the prior year. Compared to the fourth quarter of 2008, such borrowings remained virtually level. The increase over the prior year was necessary to fund loan growth during the second and third quarters of 2008.
Stockholders' equity totaled $392.5 million at March 31, 2009, and represented 11.2% of total assets, compared to 10.1% at March 31, 2008. At March 31, 2009 the Company had a total risk-based capital ratio of 13.70%, a tier 1 risk-based capital ratio of 12.44% and a capital leverage ratio of 10.53% which were all above amounts needed in order to be categorized as "well capitalized" for regulatory purposes.
The provision for loan and lease losses totaled $10.6 million for the first quarter of 2009 compared to $2.7 million for the first quarter of 2008 and $17.8 million for the fourth quarter of 2008. As discussed above, these increases were primarily due to internal risk rating downgrades, charge-offs and additional specific reserves primarily related to loans in the residential real estate development portfolio.
Loan charge-offs, net of recoveries totaled $1.3 million for the first quarter of 2009 compared to net recoveries of $0.1 million for the first quarter of 2008 and net charge-offs of $5.5 million for the fourth quarter of 2008. The allowance for loan and lease losses represented 2.43% of outstanding loans and leases and 48% of non-performing assets at March 31, 2009 compared to 2.03% of outstanding loans and leases and 70% of non-performing assets at December 31, 2008 and 1.18% of outstanding loans and leases and 59% of non-performing assets at March 31, 2008.
Non-performing assets totaled $125.8 million at March 31, 2009 compared to $72.2 million at December 31, 2008 and $46.9 million at March 31, 2008. The increase over the fourth quarter of 2008 was due primarily to one commercial loan and four residential real estate development loans that together totaled $46.2 million. The increase over the prior year also includes four residential real estate development loans, in addition to the five loans mentioned above, totaling $11.4 million.
Income Statement Review
Comparing the first quarter of 2009 and 2008, net interest income decreased by $1.5 million, or 6%, due primarily to the decline in market interest rates due to the effect of interest rate cuts by the Federal Reserve throughout 2008 and the growth in non-performing assets mentioned above. Because of the competitive environment for deposits, loan and investment yields declined faster than rates paid on deposits. These factors produced a net interest margin decrease to 3.39% in 2009 from 3.99% in 2008.
Noninterest income decreased to $12.0 million in the first quarter of 2009 as compared to $12.7 million in the first quarter of 2008, a decrease of $0.7 million or 6%. Service charges on deposit accounts decreased $0.2 million or 6% due primarily to lower overdraft fees while Visa check fees decreased $0.1 million or 8% compared to the first quarter of 2008. Fees on sales of investment products decreased $0.1 million or 15% and trust and investment management fees declined $0.1 million or 5%, both of which were due primarily to a decline in assets under management. These decreases were somewhat offset by an increase in gains on sales of mortgage loans of $0.3 million or 42% due largely to higher mortgage refinancing volumes reflecting market conditions. Other noninterest income also decreased $0.1 million or 7% compared to the first quarter of 2008.
Noninterest expenses were $24.3 million in the first quarter of 2009 compared to $24.7 million in the first quarter of 2008, a decrease of $0.4 million or 2%. Salaries and benefits expenses decreased $0.6 million or 4%, while marketing expenses decreased $0.1 million or 15% and expenses for outside data services decreased $0.3 million or 28% compared to the first quarter of 2008. These decreases were somewhat offset by an increase of $0.5 million or 13% in other noninterest expenses due to higher FDIC insurance premiums. The overall noninterest expense performance reflects the effect of stringent expense controls implemented as part of project LIFT.
Conference Call
The Company's management will host a conference call to discuss its first quarter results today at 2:00 P.M. (ET). A live Web cast of the conference call is available through the Investor Relations' section of the Sandy Spring Web site at www.sandyspringbank.com. Participants may call 877-795-3649; a password is not necessary. Visitors to the Web site are advised to log on 10 minutes ahead of the scheduled start of the call. An internet-based replay will be available at the Web site until 12:00 midnight (ET) May 21, 2009. A telephone voice replay will also be available during that same time period at 888-203-1112. Please use pass code #4925898 to access.
About Sandy Spring Bancorp/Sandy Spring Bank
With $3.5 billion in assets, Sandy Spring Bancorp is the holding company for Sandy Spring Bank and its principal subsidiaries, Sandy Spring Insurance Corporation, The Equipment Leasing Company and West Financial Services, Inc. Sandy Spring Bancorp is the second largest publicly traded banking company headquartered in Maryland. Sandy Spring is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Sandy Spring Bank was founded in 1868 and offers a broad range of commercial banking, retail banking and trust services through 42 community offices in Anne Arundel, Carroll, Frederick, Howard, Montgomery, and Prince George's counties in Maryland, and Fairfax and Loudoun counties in Virginia. Through its subsidiaries, Sandy Spring Bank also offers a comprehensive menu of leasing, insurance and investment management services. Visit www.sandyspringbank.com to locate an ATM near you or for more information about Sandy Spring Bank.
The Sandy Spring Bancorp, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4138
Forward-Looking Statements
Sandy Spring Bancorp makes forward-looking statements in this news release and in the conference call regarding this news release. These forward-looking statements may include: statements of goals, intentions, earnings expectations, and other expectations; estimates of risks and of future costs and benefits; assessments of probable loan and lease losses; assessments of market risk; and statements of the ability to achieve financial and other goals.
Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project" and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Sandy Spring Bancorp does not assume any duty and does not undertake to update its forward-looking statements. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those that Sandy Spring Bancorp anticipated in its forward-looking statements, and future results could differ materially from historical performance.
Sandy Spring Bancorp's forward-looking statements are subject to the following principal risks and uncertainties: general economic conditions and trends, either nationally or locally; conditions in the securities markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of the Company's loan or investment portfolios; changes in competitive pressures among financial institutions or from non-financial institutions; the Company's ability to retain key members of management; changes in legislation, regulations, and policies; and a variety of other matters which, by their nature, are subject to significant uncertainties. Sandy Spring Bancorp provides greater detail regarding some of these factors in its Form 10-K for the year ended December 31, 2008, including in the Risk Factors section of that report, and in its other SEC reports. Sandy Spring Bancorp's forward-looking statements may also be subject to other risks and uncertainties, including those that it may discuss elsewhere in this news release or in its filings with the SEC, accessible on the SEC's Web site at www.sec.gov.
Sandy Spring Bancorp, Inc. and Subsidiaries
FINANCIAL HIGHLIGHTS (Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended
March 31,
----------------------- %
2009 2008 Change
----------------------------------------------------------------------
Profitability for the period:
Net interest income $25,025 $26,579 (6)%
Provision for loan and lease losses 10,613 2,667 298
Noninterest income 11,974 12,696 (6)
Noninterest expenses 24,250 24,703 (2)
Income before income taxes 2,136 11,905 (82)
Net income $2,217 $8,205 (73)
Net income available to common
shareholders $1,017 $8,205 (88)
Return on average assets (1) 0.12% 1.07%
Return on average common equity (1) 1.32% 10.45%
Net interest margin 3.39% 3.99%
Efficiency ratio - GAAP * 65.54% 62.90%
Efficiency ratio - Non-GAAP * 61.29% 59.18%
Per share data:
Basic net income per share $0.14 $0.50 (72)%
Basic net income per common share 0.06 0.50 (88)
Diluted net income per share 0.13 0.50 (74)
Diluted net income per common share 0.06 0.50 (88)
Dividends declared per common share 0.12 0.24 (50)
Book value per common share 19.06 19.50 (2)
Average fully diluted shares 16,433,788 16,407,778
At period-end:
Assets $3,519,432 $3,160,896 11 %
Deposits 2,553,912 2,340,568 9
Total loans and leases 2,461,845 2,364,023 4
Securities 661,169 434,987 52
Stockholders' equity 392,522 318,967 23
Capital and credit quality ratios:
Average equity to average assets 11.60% 10.28%
Allowance for loan and lease losses
to loans and leases 2.43% 1.18%
Nonperforming assets to total assets 3.57% 1.48%
Annualized net charge-offs to
average loans and leases 0.22% -0.02%
(1) Calculation utilizes net income available to common shareholders
* The GAAP efficiency ratio is noninterest expenses divided by net
interest income plus noninterest income from the Consolidated
Statements of Income. The non-GAAP efficiency ratio excludes
intangible asset amortization from noninterest expenses; excludes
securities gains from noninterest income; and adds the
tax-equivalent adjustment to net interest income. See the
Reconciliation Table included with these Financial Highlights.
Sandy Spring Bancorp, Inc. and Subsidiaries
Reconciliation of GAAP and Non-GAAP Efficiency Ratios (Unaudited)
(In thousands, except per share data)
Three Months
Ended
March 31,
-----------------
GAAP efficiency ratio: 2009 2008
------- -------
Noninterest expenses-GAAP $24,250 $24,703
Net interest income plus noninterest income 36,999 39,275
Efficiency ratio-GAAP 65.54% 62.90%
======= =======
Non-GAAP efficiency ratio:
Noninterest expense $24,250 $24,703
Less non-GAAP adjustment:
Amortization of intangible assets 1,055 1,124
------- -------
Noninterest expenses- as adjusted 23,195 23,579
Net interest income plus noninterest income 36,999 39,275
Plus non-GAAP adjustment:
Tax-equivalency 1,009 1,140
Less non-GAAP adjustments:
Securities gains 162 574
------- -------
Net interest income plus noninterest
income - as adjusted 37,846 39,841
Efficiency ratio - Non-GAAP 61.29% 59.18%
======= =======
Sandy Spring Bancorp, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)
March 31, Dec. 31,
----------------------- ----------
2009 2008 2008
--------------------------------------------------------- ----------
Assets
Cash and due from banks $46,380 $66,536 $44,738
Federal funds sold 392 48,032 1,110
Interest-bearing deposits
with banks 126,286 11,112 59,381
---------- ---------- ----------
Cash and cash equivalents 173,058 125,680 105,229
Residential mortgage loans held
for sale (at fair value) 14,515 9,876 11,391
Investments available-for-sale
(at fair value) 472,161 206,840 291,727
Investments held-to-maturity -
fair value of $163,009, 209,937
and $175,908, respectively 156,877 202,344 171,618
Other equity securities 32,131 25,803 29,146
Total loans and leases 2,461,845 2,364,023 2,490,646
Less: allowance for loan
and lease losses (59,798) (27,887) (50,526)
---------- ---------- ----------
Net loans and leases 2,402,047 2,336,136 2,440,120
Premises and equipment, net 50,981 53,780 51,410
Other real estate owned 5,093 661 2,860
Accrued interest receivable 11,937 13,201 11,810
Goodwill 76,816 78,111 76,248
Other intangible assets, net 11,128 15,507 12,183
Other assets 112,688 92,957 109,896
---------- ---------- ----------
Total assets $3,519,432 $3,160,896 $3,313,638
========== ========== ==========
Liabilities
Noninterest-bearing deposits $545,540 $445,088 $461,517
Interest-bearing deposits 2,008,372 1,895,480 1,903,740
---------- ---------- ----------
Total deposits 2,553,912 2,340,568 2,365,257
Short-term borrowings 487,900 372,625 421,074
Long-term borrowings 16,340 67,312 66,584
Subordinated debentures 35,000 35,000 35,000
Accrued interest payable and
other liabilities 33,758 26,424 33,861
---------- ---------- ----------
Total liabilities 3,126,910 2,841,929 2,921,776
Stockholders' Equity
Preferred stock -- par value
$1.00 (liquidation preference
of $1,000 per share ) shares
authorized 83,094, 0 and 83,094,
respectively;shares issued and
outstanding 83,094, 0 and
83,094, respectively
(discount of $3,493, 0 and
$3,654, respectively) 79,601 0 79,440
Common stock -- par value $1.00;
shares authorized 49,916,906,
50,000,000 and 49,916,906,
respectively; shares issued
and outstanding 16,414,523,
16,361,444 and 16,398,523,
respectively 16,415 16,361 16,399
Warrants 3,699 0 3,699
Additional paid in capital 85,820 84,281 85,486
Retained earnings 213,453 219,019 214,410
Accumulated other
comprehensive loss (6,466) (694) (7,572)
---------- ---------- ----------
Total stockholders' equity 392,522 318,967 391,862
---------- ---------- ----------
Total liabilities and
stockholders' equity $3,519,432 $3,160,896 $3,313,638
========== ========== ==========
Sandy Spring Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(In thousands, except per share data) Three Months Ended
March 31,
-----------------
2009 2008
------- -------
Interest income:
Interest and fees on loans and leases $33,233 $38,469
Interest on loans held for sale 280 96
Interest on deposits with banks 46 49
Interest and dividends on securities:
Taxable 3,195 2,698
Exempt from federal income taxes 1,972 2,331
Interest on federal funds sold 2 279
------- -------
Total interest income 38,728 43,922
Interest expense:
Interest on deposits 9,454 13,022
Interest on short-term borrowings 3,446 3,279
Interest on long-term borrowings 803 1,042
------- -------
Total interest expense 13,703 17,343
------- -------
Net interest income 25,025 26,579
Provision for loan and lease losses 10,613 2,667
------- -------
Net interest income after provision
for loan and lease losses 14,412 23,912
Noninterest income:
Securities gains 162 574
Service charges on deposit accounts 2,863 3,030
Gains on sales of mortgage loans 1,022 722
Fees on sales of investment products 700 822
Trust and investment management fees 2,287 2,397
Insurance agency commissions 2,050 2,086
Income from bank owned life insurance 711 714
Visa check fees 638 696
Other income 1,541 1,655
------- -------
Total noninterest income 11,974 12,696
Noninterest expenses:
Salaries and employee benefits 13,204 13,763
Occupancy expense of premises 2,775 2,799
Equipment expenses 1,514 1,439
Marketing 420 497
Outside data services 806 1,122
Amortization of intangible assets 1,055 1,124
Other expenses 4,476 3,959
------- -------
Total noninterest expenses 24,250 24,703
------- -------
Income before income taxes 2,136 11,905
Income tax expense (benefit) (81) 3,700
------- -------
Net income $2,217 $8,205
Preferred stock dividends and discount accretion 1,200 0
------- -------
Net income available to common
shareholders $1,017 $8,205
======= =======
Basic net income per share $0.14 $0.50
Basic net income per common share 0.06 0.50
Diluted net income per share 0.13 0.50
Diluted net income per common share 0.06 0.50
Dividends declared per common share 0.12 0.24
Sandy Spring Bancorp, Inc. and Subsidiaries
Historical Trends in Quarterly Financial Data (Unaudited)
(Dollars in thousands, except per share data)
2009 2008
-------- ------------------------------------------
Q1 Q4 Q3 Q2 Q1
-------------------------- ------------------------------------------
Profitability for the quarter:
Tax-equivalent
interest
income $39,737 $42,194 $43,228 $42,906 $45,062
Interest expense 13,703 14,356 13,961 14,726 17,343
Tax equivalent
net interest
income 26,034 27,838 29,267 28,180 27,719
Tax-equivalent
adjustment 1,009 1,164 1,180 1,061 1,140
Provision for
loan and lease
losses 10,613 17,791 6,545 6,189 2,667
Noninterest
income 11,974 10,973 10,879 11,695 12,696
Noninterest
expenses 24,250 27,233 25,267 24,886 24,703
Income (loss)
before income
taxes 2,136 (7,377) 7,154 7,739 11,905
Income tax
expense (benefit) (81) (3,941) 1,795 2,088 3,700
Net Income (loss) 2,217 (3,436) 5,359 5,651 8,205
Net Income (loss)
available to
common
shareholders 1,017 (3,770) 5,359 5,651 8,205
=====================================================================
Financial ratios:
Return on average
assets 0.12% -0.42% 0.67% 0.73% 1.07%
Return on average
common equity 1.32% -4.70% 6.64% 7.09% 10.45%
Net interest
margin 3.39% 3.73% 4.02% 3.96% 3.99%
Efficiency ratio
- GAAP* 65.54% 72.34% 64.84% 64.11% 62.90%
Efficiency ratio
- Non-GAAP* 61.29% 62.41% 58.27% 59.73% 59.18%
=====================================================================
Per share data:
Basic net income
per share $0.14 ($0.21) $0.33 $0.35 $0.50
Basic net income
per common share $0.06 ($0.23) $0.33 $0.35 $0.50
Diluted net
income per share $0.13 ($0.21) $0.33 $0.34 $0.50
Diluted net
income per
common share $0.06 ($0.23) $0.33 $0.34 $0.50
Dividends declared
per common share $0.12 $0.24 $0.24 $0.24 $0.24
Book value per
common share $19.06 $19.05 $19.51 $19.56 $19.50
Average fully
diluted
shares 16,433,788 16,434,214 16,418,588 16,427,213 16,407,778
=====================================================================
Noninterest
income breakdown:
Securities gains $162 $1 $9 $79 $574
Service charges
on deposit
accounts 2,863 3,297 3,249 3,202 3,030
Gains on sales of
mortgage loans 1,022 516 397 653 722
Fees on sales of
investment
products 700 928 820 905 822
Trust and
investment
management fees 2,287 2,201 2,380 2,505 2,397
Insurance agency
commissions 2,050 1,183 1,282 1,357 2,086
Income from bank
owned life
insurance 711 719 742 727 714
Visa check fees 638 691 727 761 696
Other income 1,541 1,437 1,273 1,506 1,655
Total 11,974 10,973 10,879 11,695 12,696
=====================================================================
Noninterest expense breakdown:
Salaries and
employee benefits $13,204 $13,441 $11,949 $13,862 $13,763
Occupancy expense
of premises 2,775 2,612 2,732 2,619 2,799
Equipment
expenses 1,514 1,642 1,515 1,560 1,439
Marketing 420 652 526 488 497
Outside data
services 806 1,054 1,116 1,081 1,122
Amortization of
intangible assets 1,055 1,103 1,103 1,117 1,124
Goodwill
impairment loss 0 1,909 2,250 0 0
Other expenses 4,476 4,820 4,076 4,159 3,959
Total 24,250 27,233 25,267 24,886 24,703
* The GAAP efficiency ratio is noninterest expenses divided by net
interest income plus noninterest income from the Consolidated
Statements of Income. The non-GAAP efficiency ratio excludes
intangible asset amortization expenses from noninterest expenses;
excludes security gains from noninterest income; and adds the
tax-equivalent adjustment to net interest income. See the
Reconciliation Table included with these Historical Trends in
Quarterly Financial Data
Sandy Spring Bancorp, Inc. and Subsidiaries
Historical Trends in Quarterly Financial Data (Unaudited)
(Dollars in thousands, except per share data)
2009 2008
--------- ---------------------------------------
Q1 Q4 Q3 Q2 Q1
----------------------------- ---------------------------------------
Balance sheets at
quarter end:
Residential
mortgage loans $461,359 $457,571 $452,815 $461,000 $459,768
Residential
construction loans 163,861 189,249 221,630 199,602 183,690
Commercial mortgage
loans 859,882 847,452 804,728 752,905 732,692
Commercial
construction loans 222,805 223,169 247,930 273,059 256,714
Commercial loans
and leases 342,870 366,978 358,097 356,256 354,509
Consumer loans 411,068 406,227 397,218 386,126 376,650
Total loans and
leases 2,461,845 2,490,646 2,482,418 2,428,948 2,364,023
Less: allowance for
loan and lease
losses (59,798) (50,526) (38,266) (33,435) (27,887)
Net loans and
leases 2,402,047 2,440,120 2,444,152 2,395,513 2,336,136
Goodwill 76,816 76,248 75,701 78,376 78,111
Other intangible
assets, net 11,128 12,183 13,286 14,390 15,507
Total assets 3,519,432 3,313,638 3,195,117 3,164,123 3,160,896
Total deposits 2,553,912 2,365,257 2,248,812 2,294,791 2,340,568
Customer repurchase
agreements $ 91,928 75,106 77,630 93,919 101,666
Total stockholders'
equity 392,522 391,862 319,700 320,218 318,967
======================================================================
Quarterly average
balance sheets:
Residential mortgage
loans $481,721 $457,956 $463,778 $462,858 $463,597
Residential
construction loans 176,811 208,616 210,363 193,822 174,626
Commercial mortgage
loans 854,402 833,752 779,652 733,905 690,289
Commercial
construction loans 224,229 236,176 253,806 261,360 266,098
Commercial loans and
leases 359,820 361,731 356,327 359,287 351,862
Consumer loans 408,843 400,937 391,640 380,911 378,261
Total loans and
leases 2,505,826 2,499,168 2,455,566 2,392,143 2,324,733
Securities 536,981 431,858 423,082 431,182 427,819
Total earning
assets 3,117,590 2,972,173 2,898,968 2,862,012 2,795,453
Total assets 3,375,715 3,235,432 3,167,145 3,134,440 3,072,428
Total interest-
bearing
liabilities 2,471,762 2,405,890 2,363,299 2,344,266 2,311,629
Noninterest-bearing
demand deposits 476,361 458,538 453,281 441,330 412,369
Total deposits 2,431,471 2,305,880 2,264,990 2,306,867 2,260,837
Customer repurchase
agreements 69,212 84,012 81,158 92,968 94,841
Stockholders' equity 391,673 342,639 321,028 320,409 315,755
=====================================================================
Capital and credit quality measures:
Average equity to
average assets 11.60% 10.59% 10.14% 10.22% 10.28%
Allowance for loan
and lease losses
to loan and leases 2.43% 2.03% 1.54% 1.38% 1.18%
Nonperforming assets
to total assets 3.57% 2.18% 2.14% 2.05% 1.48%
Annualized net
charge-offs
(recoveries) to
average loans and
leases 0.22% 0.88% 0.28% 0.11% (0.02)%
=====================================================================
Miscellaneous data:
Net charge-offs
(recoveries) $1,341 $5,531 $1,714 $642 ($129)
Nonperforming assets:
Non-accrual loans
and leases 110,761 67,950 64,246 60,373 37,353
Loans and leases
90 days past due 9,545 1,038 2,074 2,538 8,244
Restructured loans
and leases 395 395 395 655 655
Other real estate
owned, net 5,094 2,860 1,698 1,352 661
Total non-
performing
assets 125,795 72,243 68,413 64,918 46,913
=====================================================================
Sandy Spring Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (Unaudited)
(Dollars in thousands and tax-equivalent)
Three Months Ended March 31,
----------------------------------------------------
2009 2008
-------------------------- -------------------------
Annual- Annual-
ized ized
Average Average
Average Yield/ Average Yield/
Balances Interest Rate Balances Interest Rate
-------- -------- ------ -------- -------- ------
Assets
Residential
mortgage loans $481,721 $7,185 5.97% $463,597 $7,296 6.30%
Residential
construction
loans 176,811 2,372 5.44 174,626 2,770 6.38
Commercial
mortgage loans 854,402 13,266 6.30 690,289 11,848 6.90
Commercial
construction
loans 224,229 1,821 3.29 266,098 4,426 6.69
Commercial loans
and leases 359,820 4,845 5.45 351,862 6,546 7.48
Consumer loans 408,843 4,024 3.99 378,261 5,679 6.04
---------- ------ ---------- ------
Total loans and
leases 2,505,826 33,513 5.41 2,324,733 38,565 6.66
Securities* 536,981 6,176 4.74 427,819 6,169 5.84
Interest-bearing
deposits with
banks 71,571 46 0.26 6,949 49 2.81
Federal funds
sold 3,212 2 0.24 35,952 279 3.12
---------- ------ ---------- ------
TOTAL EARNING
ASSETS 3,117,590 39,737 5.17% 2,795,453 45,062 6.48%
Less: allowance
for loan and
lease losses (53,416) (25,844)
Cash and due from
banks 47,023 50,160
Premises and
equipment, net 51,408 54,364
Other assets 213,110 198,295
---------- ----------
Total assets $3,375,715 $3,072,428
========== ==========
Liabilities and
Stockholders'
Equity
Interest-bearing
demand deposits $242,799 $121 0.20% $241,177 $171 0.28%
Regular savings
deposits 147,537 55 0.15 153,365 120 0.32
Money market
savings deposits 713,295 2,416 1.37 709,009 4,667 2.65
Time deposits 851,479 6,863 3.27 744,917 8,064 4.35
---------- ------ ---------- ------
Total interest-
bearing
deposits 1,955,110 9,455 1.96 1,848,468 13,022 2.83
Borrowings 516,652 4,248 3.33 463,161 4,321 3.75
---------- ------ ---------- ------
TOTAL INTEREST-
BEARING
LIABILITIES 2,471,762 13,703 2.25 2,311,629 17,343 3.01
------ ----- ------
Noninterest-
bearing demand
deposits 476,361 412,369
Other liabilities 35,917 32,675
Stockholder's
equity 391,675 315,755
---------- ----------
Total
liabilities
and
stockholders'
equity $3,375,715 $3,072,428
========== ==========
Net interest
income and spread
on a fully tax
equivalent basis 26,034 2.92% 27,719 3.47%
===== =====
Less: tax
equivalent
adjustment 1,009 1,140
------ ------
Net interest
income 25,025 26,579
====== ======
Interest income/
earning assets 5.17% 6.48%
Interest expense/
earning assets 1.78 2.49
----- -----
Net interest
margin 3.39% 3.99%
===== =====
* Interest income includes the effects of annualized
taxable-equivalent adjustments (reduced by the nondeductible portion
of interest expense) using the appropriate marginal federal income
tax rate of 35.00% and, where applicable, marginal state income tax
rate of 7.50% (or a combined marginal federal and rate of 39.88%)
for 2009 and 2008, to increase tax-exempt interest income a
taxable-equivalent basis. The annualized taxable-equivalent
adjustment amounts utilized in the above table to compute yields
aggregated to $4.1 million in 2009 and $4.6 million in 2008.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Sandy Spring Bancorp, Inc.
Sandy Spring Bancorp, Inc.
Daniel J. Schrider, President & Chief Executive Officer
DSchrider@sandyspringbank.com
Philip J. Mantua, E.V.P. & Chief Financial Officer
PMantua@sandyspringbank.com
1-800-399-5919
www.sandyspringbank.com
17801 Georgia Avenue
Olney, Maryland 20832
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