Sandy Spring Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Announces Loan Charge-Offs for the Fourth Quarter Ended December 31, 2012
January 24, 2013 at 08:54 am EST
Share
Sandy Spring Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. The company announced net income for the fourth quarter of 2012 of $9.9 million or $0.40 per diluted share compared to net income of $7.3 million or $0.30 per diluted share for the fourth quarter of 2011 and net income of $11.0 million or $0.44 per diluted share for the third quarter of 2012. Net interest income for the fourth quarter of 2012 increased by $2.5 million or 9% compared to the fourth quarter of 2011 due to an increase in average interest-earning assets from the CommerceFirst transaction and organic growth. Net interest income was $30,920,000 against $28,452,000 a year ago. Income before income taxes was $14,780,000 against $10,217,000 a year ago. Return on average assets was 1.01% against 0.79% a year ago. Return on average common equity was 8.14% against 6.54% a year ago. Book value per share was $19.41 against $18.52 a year ago. Tangible book value per share was $15.43 against $14.58 a year ago.
The company reported net income for the year ended December 31, 2012 totaled $36.6 million or $1.48 per diluted share, compared to net income of $34.1 million or $1.41 per diluted share for the prior year, an increase of 7%. Net interest income for the year ended December 31, 2012 increased by $8.3 million or 7% compared to the year ended December 31, 2011 due to an increase in average earning assets resulting from organic loan growth, loans acquired in the CommerceFirst acquisition and an increased level of noninterest-bearing deposits, which more than offset lower earning asset yields. Net interest income was $121,219,000 against $112,946,000 a year ago. Income before income taxes was $54,599,000 against $49,947,000 a year ago. Return on average assets was 0.97% against 0.95% a year ago. Return on average common equity was 7.85% against 8.07% a year ago. Book value per share was $19.41 against $18.52 a year ago. Tangible book value per share was $15.43 against $14.58 a year ago.
The company reported that loan charge-offs, net of recoveries, totaled $0.8 million for the fourth quarter of 2012 compared to net charge-offs of $2.6 million for the fourth quarter of 2011 and net charge-offs of $2.9 million for the third quarter of 2012.
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. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Announces Loan Charge-Offs for the Fourth Quarter Ended December 31, 2012