Sandy Spring Bancorp Inc. has a market cap of $348.44 million; its shares were traded at around $15.08 with and P/S ratio of 1.74. The dividend yield of Sandy Spring Bancorp Inc. stocks is 0.27%.SASR is in the portfolios of Arnold Schneider of Schneider Capital Management.
Highlight of Business Operations:The Company's total assets were $3.7 billion at March 31, 2010, increasing $42.8 million or 1% during the first three months of 2010. Earning assets increased by 2% or $56.5 million in the first three months of the year to $3.4 billion at March 31, 2010. These increases were due primarily to the proceeds from the Company s public stock offering during the first quarter, which was somewhat offset by the decline in loans.
Total loans and leases, excluding loans held for sale, decreased $41.4 million or 2% during the first three months of 2010 to $2.3 billion. Residential real estate loans, comprised of residential construction and permanent residential mortgage loans, decreased $5.7 million or 1%, to $544.0 million at March 31, 2010. Residential construction loans declined to $83.9 million in 2010, a decrease of $8.4 million or 9% reflecting greatly reduced demand as a result of the regional economic conditions. Permanent residential mortgages, most of which are 1-4 family, showed a small increase of $2.7 million or 1% to $460.1 million at March 31, 2010.
The Company's commercial real estate loans consist of owner occupied properties (62%) where an established banking relationship exists or, to a lesser extent, involves investment properties (38%) for warehouse, retail, and office space with a history of occupancy and cash flow. Commercial mortgages declined $12.9 million or 1% during 2010, to $882.0 million at March 31, 2010. Commercial construction loans remained essentially level with the prior year end at $130.1 million at March 31, 2010. Combined with the effects of a slowly recovering economy, soft demand and more conservative underwriting, the Company s acquisition, development and construction loan portfolio has somewhat stabilized during the first quarter of 2010. Other commercial loans decreased $16.7 million or 6% during 2010 to $279.5 million at quarter-end. This decrease was also due primarily to the lower level of loan demand and more conservative underwriting.
The Company's equipment leasing business provides leases for essential commercial equipment used by small to medium sized businesses. Equipment leasing is conducted through vendor relations and direct solicitation to end-users located primarily in states along the east coast from New Jersey to Florida. The typical lease is “small ticket” by industry standards, averaging less than $100 thousand, with individual leases generally not exceeding $500 thousand. The leasing portfolio decreased $2.2 million or 9% over the first three months of the year to $23.5 million at March 31, 2010 due in large part to market conditions and their effect on small and medium-sized businesses.
Consumer lending continues to be important to the Company s full-service, community banking business. This category of loans includes primarily home equity loans and lines of credit. The consumer loan portfolio decreased 1% or $2.1 million, to $397.5 million at March 31, 2010. This decline was driven largely by a decrease of $1.7 million or 4% in installment loans during 2010 to $36.5 million at quarter-end. Home equity lines and loans remained virtually even with the prior year-end at $354.1 million at March 31, 2010.
At March 31, 2010 the Company owned a total of $3.1 million of single issuer trust preferred securities issued by banks. The fair value of $3.3 million of such securities was determined from available market quotations. The Company also owns collateralized debt securities, which total $4.7 million, with a fair value of $3.1 million, which are backed by pooled trust preferred securities issued by banks, thrifts, and insurance companies. These particular securities continued to exhibit limited market activity during the quarter. There are currently very few market participants who are willing and or able to transact for these securities.
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