Olney, MD - Sandy Spring Bancorp, Inc., the parent company of Sandy Spring Bank, today announced net income for the second quarter of 2011 of $8.3 million ($.34 per diluted share) compared to net income of $6.3 million ($0.26 per diluted share) for the second quarter of 2010 and net income of $7.3 million ($0.30 per diluted share) for the first quarter of 2011. The second quarter of 2011 included a provision for loan and lease losses of $1.2 million compared to $6.1 million for the second quarter of 2010 and $1.5 million for the first quarter of 2011.

Net income for the six-month period ended June 30, 2011 totaled $15.6 million ($0.65 per diluted share) compared to net income of $6.8 million ($0.33 per diluted share) for the prior year period. Results for the year-to-date included a provision for loan and lease losses totaling $2.7 million for the first six months of 2011. Results for the first six months of 2010 included a provision for loan and lease losses of $21.1 million.

"We are pleased with our growth in lower cost core deposits, which form the foundation of many of the banking relationships with our clients. Together with continued growth in our wealth management lines, these provide us with multiple opportunities to deliver an outstanding experience to our clients," said Daniel J. Schrider, President and Chief Executive Officer. "While most indicators continue to point to a very extended and uneven economic recovery, and as quality loan demand continues to be inconsistent at best, we originated $115 million in commercial loans to new and existing clients during the first half of 2011. We believe our improving credit metrics, strong capital and liquidity levels and our community bank presence position us extremely well for the growth opportunities that should occur, as this challenging economic environment improves over time."