Sandy Spring posts profit, repays half of TARP money

Olney-based company repays half of TARP money

Sandy Spring Bancorp said Thursday it turned a $6.2 million profit in the second quarter, the result of its efforts to reduce problem loans during the past few quarters.

On a per-share basis, the Olney-based bank holding company earned 26 cents per share for the quarter. A year earlier, Sandy Spring lost $280,000, or 2 cents per share.

Additionally, the company said it repaid half of the $83 million it received in 2008 from the government's Troubled Asset Relief Program.

During the second quarter, the bank reduced the amount of money set aside for losses to $6.1 million, down from $10.6 million a year earlier. Nonperforming loans dropped for the third straight quarter to $118 million, compared with $146.3 million a year ago. Total assets rose 2 percent from a year earlier to $3.7 billion.

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