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Sandy Spring’s 3Q earnings dip 2.7%

Sandy Spring Bancorp, of Olney, the largest publicly traded banking company headquartered and operating in Maryland, and the holding company for Sandy Spring Bank, reported a 2.7 percent drop in third-quarter earnings compared to the 2011 period.

Net income totaled $11 million, or 44 cents per diluted share, versus net income of $11.3 million, or 47 cents per diluted share, for the year-ago period. In a statement, the bank said “the struggling economy and intense competition” in its market limited its loan growth during the quarter.

Total assets rose to $3.9 billion, a 7.2 percent increase from $3.6 billion in the 2011 period.