Sandy Spring Profit Up 8.7 Percent
Sandy Spring Bancorp said first-quarter profit was $8.2 million (50 cents a share), up from $7.5 million (49 cents) in the comparable period a year earlier. Assets gained 7.3 percent in that period, to $3.16 billion, helped by the acquisition of County National Bank last year.
Nonperforming assets increased to $46.9 million as of March 31 from $7 million a year earlier.
Net interest income grew 11 percent, to $26.6 million.
"We continue to believe that our strong and conservative loan underwriting standards will minimize potential losses as evidenced by our historically low levels of net charge-offs," said chief executive Hunter R. Hollar.
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