| Sandy Spring Bancorp Inc. |
17801 Georgia Ave.
Olney, Md. 20832
Year founded: 1868
Net Income/Loss: $32.07 Million
Earnings per share: $2.18
Stockholder equity: $193.45 Million
Auditor: McGladrey & Pullen LLP
Assets: $2.33 Billion
Market capitalization: $515.44 Million
52-week high: 41.49 11/5/2003
52-week low: 31 6/27/2003
President and CEO: Hunter R. Hollar
COO: Frank H. Small
Local employees: 578
Description: Sandy Spring Bancorp is the third-largest publicly traded banking company in Maryland, with $2.3 billion in assets, 30 branches and 45 ATMs. One of the last independent banks in the state, it offers standard services such as checking and savings accounts and, through subsidiaries, sells insurance and annuities.
Developments: The 136-year-old bank is a Washington area institution. While most of the region's local banks have been swallowed by big national names, Sandy Spring remains independent. It remains also fiercely local, operating branches in only five Maryland counties. Sandy Spring opened two new branches in Frederick County in 2003, bringing its offices there to three. The bank said it saw an opportunity to compete against larger banks that recently bought two independent local competitors with branches in the county, FCNB Bank and F&M Bancorp. "We think there is niche there for a local, personal bank," Chief Financial Officer James H. Langmead said. The company posted solid gains in earnings last year thanks to all the people induced by extremely low interest rates to refinance their mortgages. Earnings rose 5 percent to $32.1 million. Higher demand for financial services, from trust operations to mutual fund sales, boosted non-interest income 13 percent to $33.7 million. Low interest rates dragged down net interest income by 5 percent to $75 million even as total deposits rose 5 percent to $1.56 billion. The company plans to open several more branches in Frederick county in 2004. It expects earnings of $2.25 to $2.40 a share, up from $2.18 last year.
© 2004 The Washington Post Company