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Sandy Spring’s net income drops

Sandy Spring Bancorp Inc., the parent company of Sandy Spring Bank, Thursday reported an 8 percent drop in net income for the third quarter, which ended Sept. 30. Net income was $11.1 million, or 44 cents per diluted share, compared to $12.1 million and 48 cents for the third quarter of 2013. However, this year’s third quarter showed a marked increase over the second quarter, when Sandy Spring posted a $7.0 million (28 cents per share) profit. In 2013, the third quarter’s net income included $3.7 million in loan interest recoveries on previously nonperforming commercial loans. Nonperforming loans totaled $43.7 million for this year’s quarter, compared to $38.3 million in 2013.