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Sandy Spring Bancorp has $11.3M profit in 3rd quarter

Sandy Spring, the largest bank headquartered in Maryland, reported an $11.3 million profit in the third quarter as well as a reduction in the amount it had set aside for bad loans.

Olney-based Sandy Spring Bancorp, parent company of Sandy Spring Bank, said Thursday that it had a profit of 47 cents per diluted share, compared to 35 cents per diluted share, or $8.5 million, in the third quarter of 2010. Sandy Spring also said it recorded a credit of $3.5 million for loan losses in the quarter, compared to a $2.5 million charge in the third quarter of 2010.

“Despite fierce competition in the marketplace, we continue to win our share of quality loans to new and existing clients,” Daniel J. Schrider, president and CEO of Sandy Spring, said in a statement.

“This is evidenced by the $167 million in commercial loans we originated during the first nine months of this year. Supported by strong capital and liquidity positions, we continue to take a long-term approach to building relationships that are centered on the client experience.”

The bank reported a profit of $26.8 million through the third quarter, compared to $15.2 million after three quarters in 2010.

Sandy Spring said it had $82.8 million in non-performing loans at Sept. 30, compared to $93.3 million last September. But the figure was up from the $76.5 million at June 30 due to a $13.6 million commercial loan that was deemed to be non-accrual.

The total number of loans from the bank was up slightly compared to the previous quarter. But new commercial loans amounted to $167 million through Sept. 30, compared to $83 million in the first nine months of 2010.