Sandy Spring Bancorp Reports $6.2 Million Loan Loss Provision in Second Quarter
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Sandy Spring Bancorp, Inc., the parent company of Sandy Spring Bank, reported today that the Company incurred a second quarter provision for loan losses of approximately $6.2 million, increasing the allowance for loan and lease losses to approximately 1.38% of outstanding loans and leases at June 30, 2008 from 1.18% at March 31, 2008.
“This reserve increase comes as a result of internal risk rating downgrades to existing credits, and is primarily attributable to our residential real estate development portfolio,” said Hunter R. Hollar, chief executive officer. “Our provision also reflects our recognition of the impact that the current economic downturn is having on our loan portfolios. We feel that our credit portfolios are well managed with continuous reviews and updates of appraisals, and we believe that our current level of reserves for troubled loans is adequate.”
About Sandy Spring Bancorp/Sandy Spring Bank
With $3.2 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 http://www.sandyspringbank.com/ to locate an ATM near you or for more information about Sandy Spring Bank.
Source: Sandy Spring Bancorp, Inc.