Sandy Spring Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Announces Net Charge-Offs
January 26, 2012 at 01:30 pm
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Sandy Spring Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported total interest income of $34,708,000 against $36,114,000 a year ago. Net interest income was $28,452,000 against $28,953,000 a year ago. Net interest income after provision for loan and lease losses was $26,170,000 against $26,630,000 a year ago. Income before income taxes was $10,217,000 against $12,151,000 a year ago. Net income available to common stockholders was $7,258,000 against $6,604,000 a year ago. Basic and diluted net income per share was $0.30 against $0.27 a year ago. Basic and diluted net income per common share was $0.30 against $0.27 a year ago. Net interest income for the fourth quarter of 2011 decreased by $0.5 million or 2% compared to the fourth quarter of 2010 due primarily to a decrease in interest income resulting from lower average overall earning asset yields. This decline in interest income was somewhat offset by a decrease in interest expense as average rates paid on deposit products decreased, although at a slower pace, together with a planned run-off in average deposits. Return on average assets was 0.79% against 0.73% a year ago. Return on average common equity was 6.54% against 6.34% a year ago. Book value per common share was $18.52 as on December 31, 2011 against $16.95 as on December 31, 2010. Tangible book value per common share was $14.58 as on December 31, 2011 against $13.59 as on December 31, 2010.
For the year, the company reported total interest income of $139,470,000 against $148,349,000 a year ago. Net interest income was $112,524,000 against $115,607,000 a year ago. Net interest income after provision for loan and lease losses was $111,518,000 against $89,699,000 a year ago. Income before income taxes was $49,947,000 against $32,569,000 a year ago. Net income available to common stockholders was $34,102,000 against $17,371,000 a year ago. Diluted net income per share was $1.41 against $1.05 a year ago. Diluted net income per common share was $1.41 against $0.78 a year ago. Net interest income for the year ended December 31, 2011 decreased by $2.7 million or 2% compared to 2010 as a result of a decline in interest income due mainly to lower average loan balances and record low market interest rates. The impact of an $8.9 million decline in interest income was substantially mitigated by a $6.2 million decline in interest expense as average rates paid on deposit products decreased, although at a slower pace. Return on average assets was 0.95% against 0.48% a year ago. Return on average common equity was 8.07% against 4.56% a year ago. Book value per common share was $18.58 as on December 31, 2011 against $16.95 as on December 31, 2010. Tangible book value per common share was $14.58 as on December 31, 2011 against $13.59 as on December 31, 2010.
For the quarter the company reported net charge-offs of 2,576,000 against $7,470,000 a year ago.
Sandy Spring Bancorp, Inc. is the bank holding company for Sandy Spring Bank (the Bank). The Company offers a range of commercial and retail banking, mortgage, private banking and trust services at approximately 50 locations throughout central Maryland, northern Virginia, and Washington D.C. It offers a menu of loan products, which include commercial loans, residential real estate loans, and consumer loans. Its commercial loans consist of commercial real estate loans, commercial construction loans and commercial business loans. Its consumer loans include primarily home equity loans and lines, installment loans and personal lines of credit. Its consumer loans include installment loans used by customers to purchase automobiles, boats and recreational vehicles. Through its subsidiaries, SSB Wealth Management, Inc. (d/b/a Rembert Pendleton Jackson) and West Financial Services, Inc., Sandy Spring Bank, offers a comprehensive menu of wealth management services.
Sandy Spring Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Announces Net Charge-Offs