Sandy Spring Bancorp Inc. in Olney, Md., on Thursday reported an increase in profit due to its exit from the Troubled Asset Relief Program.
The $3.5 billion-asset company said its earnings rose 10.4% from the fourth quarter, to $7.3 million. Sandy Spring reported a loss of $699,000 a year earlier.
Sandy Spring's loan-loss provision fell 34.8% from the fourth quarter and 90% from a year earlier, to $1.5 million. Nonperforming assets made up 2.71% of assets at March 31, compared with 3.9% a year earlier.