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Net charge-offs of $29.8 million are expected to be recorded during the third quarter of 2009 compared to $12.1 million incurred during the second quarter of 2009. Nonperforming assets are expected to be $150.2 million or 4.15% of total assets as of September 30, 2009 as compared to $146.3 million or 4.05% of total assets as of June 30, 2009. Following the third quarter provision and expected charge-offs, the allowance for loan and lease losses is expected to be 43.9% of nonperforming loans as of September 30, 2009.
"The build up of our reserves over the past several quarters has been the result of internal risk rating downgrades and specific reserves primarily attributable to loans in our residential real estate development portfolio. This reserve increase generally reflects a move into the next logical phase of working through problem credits to prepare for ultimate resolution," said Daniel J. Schrider, President and Chief Executive Officer. "We continue to aggressively manage our problem assets and believe that our current level of reserves for troubled loans is adequate as of September 30, 2009."
About Sandy Spring Bancorp/Sandy Spring Bank
With $3.6 billion in assets, (Nasdaq:SASR) 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 oldest and largest publicly traded banking company headquartered and operating 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 in 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. 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.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Sandy Spring Bancorp, Inc.
CONTACT: Sandy Spring Bancorp Daniel J. Schrider, President & Chief Executive Officer DSchrider@sandyspringbank.com Philip J. Mantua, Executive 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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