UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
11-K
FOR
ANNUAL REPORTS OF EMPLOYEE STOCK
PURCHASE,
SAVINGS AND SIMILAR PLANS
PURSUANT
TO SECTION 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
(Mark
One)
x
|
ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934.
|
For the
fiscal year ended December 31, 2008.
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934.
|
For the
transition period from _____________ to ______________
Commission
file number: 0-19065
A.
Full
title of the plan and the address of the plan, if different from that of the
issuer named
below:
Sandy
Spring Bancorp, Inc. Cash and Deferred Profit Sharing Plan
B. Name of issuer of the
securities held pursuant to the plan and the address of its principal executive
office:
Sandy
Spring Bancorp, Inc.
17801
Georgia Avenue
Olney,
Maryland 20832
Sandy
Spring Bancorp, Inc. Cash And Deferred Profit Sharing Plan
Financial
Report
December
31, 2008
Table
of Contents
Report
of Independent Registered Public Accounting Firm
|
1
|
|
|
Financial
Statements
|
|
|
|
Statements
of Net Assets Available for Benefits
|
2
|
Statement
of Changes in Net Assets Available for Benefits
|
3
|
|
|
Notes
to Financial Statements
|
4 -
9
|
|
|
|
|
Supplementary
Schedule
|
|
|
|
Schedule
of Assets (Held at End of Year)
|
10
|
Report
of Independent Registered Public Accounting Firm
To the
Trustees and Participants
Sandy
Spring Bancorp, Inc. Cash and
Deferred
Profit Sharing Plan
We have
audited the accompanying statements of net assets available for benefits of
Sandy Spring Bancorp, Inc. Cash and Deferred Profit Sharing Plan (Plan) as of
December 31, 2008 and 2007, and the related statement of changes in net assets
available for benefits for the year ended December 31, 2008. The Plan’s
management is responsible for these financial statements. Our responsibility is
to express an opinion on these financial statements based on our
audits.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Plan is not required to have,
nor were we engaged to perform, an audit of its internal control over financial
reporting. Our audits include consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Plan’s internal control over financial reporting.
Accordingly, we express no such opinion. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our
opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of the Plan as of
December 31, 2008 and 2007, and the changes in net assets available for benefits
for the year ended December 31, 2008, in conformity with accounting principles
generally accepted in the United States of America.
Our
audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary schedule of assets
(held at end of year) as of December 31, 2008 is presented for the purpose of
additional analysis and is not a required part of the basic financial statements
but is supplementary information required by the Department of Labor’s Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplementary schedule is the responsibility of the
Plan’s management. The supplementary schedule has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
/s/ Beard
Miller Company LLP
Beard
Miller Company LLP
Malvern,
Pennsylvania
June 22,
2009
Sandy
Spring Bancorp, Inc. Cash and Deferred Profit Sharing Plan
Statements
of Net Assets Available For Benefits
December
31, 2008 and 2007
|
|
2008
|
|
|
2007
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Investments
|
|
|
|
|
|
|
Cash
and money market funds
|
|
$ |
4,201,812 |
|
|
$ |
3,343,485 |
|
Mutual
funds
|
|
|
22,371,484 |
|
|
|
32,105,054 |
|
Common
stocks
|
|
|
6,609,513 |
|
|
|
7,634,448 |
|
Participant
loans
|
|
|
375,055 |
|
|
|
378,430 |
|
|
|
|
33,557,864 |
|
|
|
43,461,417 |
|
|
|
|
|
|
|
|
|
|
Receivables:
|
|
|
|
|
|
|
|
|
Employer
contributions
|
|
|
44,488 |
|
|
|
35,125 |
|
Accrued
interest
|
|
|
22,328 |
|
|
|
463,051 |
|
|
|
|
66,816 |
|
|
|
498,176 |
|
Total
Assets
|
|
|
33,624,680 |
|
|
|
43,959,593 |
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Due
to broker for securities purchased
|
|
|
15,106 |
|
|
|
- |
|
Accrued
administrative expenses
|
|
|
12,232 |
|
|
|
176 |
|
Total
Liabilities
|
|
|
27,338 |
|
|
|
176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets available for benefits
|
|
$ |
33,597,342 |
|
|
$ |
43,959,417 |
|
See notes
to Financial Statements.
Sandy
Spring Bancorp, Inc. Cash and Deferred Profit Sharing Plan
Statement
of Changes In Net Assets Available For Benefits
Year
Ended December 31, 2008
|
|
|
|
Additions
(deductions) to net assets attributed to:
|
|
|
|
Investment
loss:
|
|
|
|
Net
depreciation in fair value of investments
|
|
$ |
(13,295,219 |
) |
Interest
and dividends
|
|
|
1,669,234 |
|
Total
Investment Loss:
|
|
|
(11,625,985 |
) |
|
|
|
|
|
Contributions:
|
|
|
|
|
Participant
|
|
|
2,929,676 |
|
Employer
|
|
|
1,381,385 |
|
Rollover
|
|
|
365,560 |
|
Total
Contributions:
|
|
|
4,676,621 |
|
|
|
|
|
|
|
|
|
(6,949,364 |
) |
|
|
|
|
|
Deductions
from net assets attributed to:
|
|
|
|
|
Benefits
paid to participants
|
|
|
3,332,221 |
|
Administrative
expenses
|
|
|
80,490 |
|
|
|
|
3,412,711 |
|
|
|
|
|
|
Net
Decrease in Net Assets Available for Benefits
|
|
|
(10,362,075 |
) |
|
|
|
|
|
Net
assets available for benefits:
|
|
|
|
|
Beginning
|
|
|
43,959,417 |
|
Ending
|
|
$ |
33,597,342 |
|
See notes
to Financial Statements
Sandy
Spring Bancorp, Inc. Cash and Deferred Profit Sharing Plan
Notes
to Financial Statements
Note
1.
|
Plan
Description And Summary of Significant Accounting
Policies
|
Plan
description: The following description of the Sandy Spring
Bancorp, Inc. Cash and Deferred Profit Sharing Plan (the Plan) provides only
general information. Participants should refer to the plan document for a more
complete description of the Plan’s provisions.
General: The
Plan is a defined contribution plan covering substantially all employees of
Sandy Spring Bancorp and its related companies (the Company) who are eighteen or
older, and are credited with three months of eligible service, as defined. The
Plan is subject to the provisions of the Employee Retirement Income Security Act
of 1974 (ERISA).
Employee
contributions: Each year, participants may authorize their
employer to defer up to 100% of their annual compensation for contribution to
the Plan in accordance with procedures established by the plan administrator, up
to allowable IRS limitations. Participants who have attained age 50 before the
end of the plan year are eligible to make catch-up contributions. Amounts
deferred will not currently be subject to federal or state income taxation until
withdrawn from the Plan upon retirement, death or disability or separation from
service. Earnings on such contributions will accumulate income tax deferred
until the account is distributed. Participants may also contribute amounts
representing qualified rollover distributions from other qualified defined
benefit or defined contribution plans.
Employer
contributions: The Company contributes a percentage of base
compensation, as defined by the Plan that its participating employees defer to
the Plan. For the 2008 plan year, the employer match was made in accordance with
the following Safe Harbor formula: 100% of the first 3% of base compensation
that is deferred and 50% of the next 2% of base compensation that is deferred.
Each year, the Company, at its discretion, may elect to pay a profit sharing
bonus. In 2008 there was no profit sharing bonus granted.
Participant
accounts: Each participant’s account is credited with the
participant’s contribution and allocations of (a) its employer’s contribution
and, (b) Plan earnings/losses. Allocations are based on participant earnings or
account balances, as defined. Loan fees are charged to the respective
participant’s account. The benefit to which a participant is entitled is the
benefit that can be provided from the participant’s vested account. Participants
may direct the investment of their accounts into various investment options
offered by the Plan.
Vesting: Participants
are immediately vested in their contributions and any profit sharing
contributions plus actual earnings thereon. Vesting is also immediate in any
Safe Harbor employer matching contributions made after January 1, 2006. Vesting
in the employer’s matching contribution made prior to January 1, 2006, is based
on years of continuous service. A participant vests 20% per year after one year
of service, and is 100% vested after five years of credited
service.
Participant loans:
Participants may borrow up to 50% of their vested account balance. Loan requests
may not be less than $1,000, and may not exceed $50,000. The loans are secured
by the vested balance in the participant’s account and bear an interest rate
reasonable at the time the loan is made. Loan interest rates are based on the
prime rate at the time of the loan’s inception. There is also a $150 loan
origination fee, which is taken from the participant’s account. Principal and
interest is paid ratably through payroll deductions.
Payment of benefits:
Upon termination of service due to retirement, total and permanent disability
before retirement, or termination of employment, participants are entitled to
receive the full vested value of their accounts. Upon the participant’s death,
the value of a participant’s account is paid to the participant’s beneficiary.
Participant account balances may be paid in a lump sum. If the total value of
the participant’s vested account balance is $1,000 or less,
Sandy
Spring Bancorp, Inc. Cash and Deferred Profit Sharing Plan
Notes
to Financial Statements
Note
1.
|
Plan
Description And Summary of Significant Accounting Policies
(Continued)
|
Payment of benefits
(continued): the plan administrator may require a distribution of the
entire account balance in a lump sum. A participant may elect a hardship
distribution prior to separation of service provided the participant meets the
hardship distribution requirements of the Plan.
Forfeited accounts:
At December 31, 2008, and December 31, 2007, forfeited nonvested accounts
totaled $4,785 and $10,012, respectively. These accounts will be used to reduce
future employer contributions. During 2008 forfeitures totaling $6,643 were used
to fund employer contributions.
Expenses of the Plan:
The Plan’s administrative expenses are paid by either the Plan, or the Company
as provided by the Plan document. The asset-based fees are deducted prior to
allocation of the Plan’s investment earnings activity and thus are not
separately identifiable as an expense. Five of the investment vehicle options
assess short term redemption fees, which are charged against net appreciation.
Those funds are: Royce Micro Cap Invmt Fund, UMB Scout Small Cap Fund, DWS
Dreman Small Cap Value Fund – CI S, Morgan Stanley Inst International Equity
Fund and the T.Rowe Price Real Estate Fund.
A summary
of the Plan’s significant accounting policies follows:
Basis of accounting:
The financial statements of the Plan are prepared under the accrual method of
accounting.
Estimates: The
preparation of financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets, liabilities, and changes
therein, and disclosure of contingent assets and liabilities. Actual results
could differ from those estimates.
Investment valuation and
income recognition: Investments are reported at fair value. See Note 2
for a discussion of fair value measurements.
Purchases
and sales of securities are recorded on a trade-date basis. Interest income is
recorded on the accrual basis. Dividends are reported on the ex-dividend
date.
Risks and Uncertainties:
The Plan invests in marketable equity securities (common stocks), mutual
funds, and participant loans. Such investments are exposed to various risks such
as market and credit. Due to the level of risk associated with such investments
and the level of uncertainty related to changes in the value of such
investments, it is at least reasonably possible that changes in risks in the
near term could materially affect investment balances and the amounts reported
in the financial statements.
Payment of benefits:
Benefits are recorded when paid.
Reclassification:
Certain amounts in the 2007 financial statements have been reclassified to
conform to the 2008 presentation.
Sandy
Spring Bancorp, Inc. Cash and Deferred Profit Sharing Plan
Notes
to Financial Statements
Note
2.
|
Fair
Value Measurements
|
Statement
of Financial Accounting Standards No. 157, “Fair Value Measurements”
(SFAS No. 157) clarifies that fair value is an exit price, representing the
amount that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants. Under SFAS No. 157, fair
value measurements are not adjusted for transaction costs. SFAS No. 157
establishes a fair value hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value. The hierarchy gives the highest priority
to unadjusted quoted prices in active markets for identical assets or
liabilities (level 1 measurements) and the lowest priority to unobservable
inputs (level 3 measurements). The three levels of the fair value hierarchy
under SFAS No. 157 are described below.
Basis of
Fair Value Measurement
Level 1- Unadjusted quoted prices in
active markets that are accessible at the measurement date for identical,
unrestricted assets or liabilities;
Level 2- Quoted prices in markets that
are not active, or inputs that are observable, either directly or indirectly,
for substantially the full term of the asset or liability;
Level 3- Prices or valuation techniques
that require inputs that are both significant to the fair value measurement and
unobservable (i.e. supported by little or no market activity).
A
financial instrument’s level within the fair value hierarchy is based on the
lowest level of input that is significant to the fair value
measurement.
Following
is a description of the valuation methodologies used for assets measured at fair
value. There have been no changes in the methodologies used at December 31, 2008
and 2007.
Cash and
money market funds: Valued at amortized cost, which approximates fair
value.
Common
stocks: Valued at the closing price reported on the active market on which the
individual securities are traded.
Mutual
funds: Valued at the net asset value (“NAV”) of shares held by the plan at year
end based on the quoted market price of the respective funds.
Participant
loans: Valued at amortized cost, which approximates fair value.
The
methods described above may produce a fair value calculation that may not be
indicative of net realizable value or reflective of future fair values.
Furthermore, while the Plan believes its valuation methods are appropriate and
consistent with other market participants, the use of different methodologies or
assumptions to determine the fair value of certain financial instruments could
result in a different fair value measurement at the reporting date.
Sandy
Spring Bancorp, Inc. Cash and Deferred Profit Sharing Plan
Notes
to Financial Statements
Note
2.
|
Fair
Value Measurements (continued)
|
The
following table sets forth, by level, within the fair value hierarchy, the
Plan’s assets at fair value as of December 31, 2008. Assets are classified in
their entirety based on the lowest level of input that is significant to the
fair value measurement:
|
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level
1)
|
|
|
Significant
Other
Observable
Inputs
(Level
2)
|
|
|
Significant
Unobservable
Inputs
(Level
3)
|
|
|
Balance
as of
December
31,
2008
|
|
Mutual
funds
|
|
$ |
22,371,484 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
22,371,484 |
|
Common
stocks
|
|
|
6,609,513 |
|
|
|
- |
|
|
|
- |
|
|
|
6,609,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and Money market funds
|
|
|
4,201,812 |
|
|
|
- |
|
|
|
- |
|
|
|
4,201,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Participant
loans
|
|
|
|
|
|
|
- |
|
|
|
375,055 |
|
|
|
375,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
investments at fair value
|
|
$ |
33,182,809 |
|
|
$ |
- |
|
|
$ |
375,055 |
|
|
$ |
33,557,864 |
|
The table
below sets forth a summary of changes in the fair value of the Plan’s level 3
assets for the year ended December 31, 2008.
|
|
Significant
Unobservable
Inputs
(Level
3)
|
|
Assets
|
|
|
|
|
|
|
|
Participant
loans:
|
|
|
|
|
|
|
|
Beginning
balance January 1, 2008
|
|
$ |
378,430 |
|
|
|
|
|
|
Loans,
payments and defaults (net)
|
|
$ |
3,375 |
|
|
|
|
|
|
Ending
balance December 31, 2008
|
|
$ |
375,055 |
|
Sandy
Spring Bancorp, Inc. Cash and Deferred Profit Sharing Plan
Notes
to Financial Statements
The
following table presents the fair value of investments. Investments
that represent five percent or more of the Plan’s net assets available for
benefits are separately identified as of December 31:
Investments
|
|
2008
|
|
|
2007
|
|
|
|
|
|
|
|
|
At
Fair Value as Determined by Quoted Market Prices:
|
|
|
|
|
|
|
Mutual
Funds:
|
|
|
|
|
|
|
American
Funds Amcap R5
|
|
$ |
1,377,230 |
|
|
$ |
2,271,599
|
* |
Dodge
& Cox Stock Fund
|
|
|
2,723,578
|
* |
|
|
4,264,115
|
* |
Morgan
Stanley Inst International Equity Fund
|
|
|
1,506,411 |
|
|
|
2,470,856
|
* |
Neuberger
& Berman Genesis Trust
|
|
|
1,760,418
|
* |
|
|
2,918,825
|
* |
Oakmark
Equity & Income I
|
|
|
2,238,580
|
* |
|
|
2,501,816
|
* |
PIMCO
Total Return Instl Fund
|
|
|
2,939,194
|
* |
|
|
2,565,241
|
* |
Royce
Micro Cap Invmt Fund
|
|
|
1,664,665 |
|
|
|
3,123,440
|
* |
Other
Mutual Funds
|
|
|
8,161,408 |
|
|
|
11,989,162 |
|
|
|
|
|
|
|
|
|
|
Common
Stock:
|
|
|
|
|
|
|
|
|
Sandy
Spring Bancorp, Inc.
|
|
|
6,609,513
|
* |
|
|
7,634,448
|
* |
|
|
|
|
|
|
|
|
|
At
Estimated Fair Value:
|
|
|
|
|
|
|
|
|
Money
Market Funds:
|
|
|
|
|
|
|
|
|
Government
Obligations Tax Managed Fund #636
|
|
|
4,183,763
|
* |
|
|
3,291,066
|
* |
Other
Cash and Money Market Funds
|
|
|
18,049 |
|
|
|
52,419 |
|
|
|
|
|
|
|
|
|
|
Participant
Loans
|
|
|
375,055 |
|
|
|
378,430 |
|
|
|
|
|
|
|
|
|
|
Total
Investments
|
|
$ |
33,557,864 |
|
|
$ |
43,461,417 |
|
*Investments
represented 5% or more of the Plan’s net assets available for benefits in the
respective plan year.
During
2008, the Plan’s investments (including gains and losses on investments bought
and sold, as well as held during the year) depreciated in value by ($13,295,219)
as follows:
Mutual
Funds
|
|
$ |
(11,785,000 |
) |
Common
Stock
|
|
|
(1,510,219 |
) |
|
|
$ |
(13,295,219 |
) |
Sandy
Spring Bancorp, Inc. Cash and Deferred Profit Sharing Plan
Notes
to Financial Statements
Although
it has not expressed any intent to do so, the Company has the right under the
Plan to discontinue its contributions at any time and to terminate the Plan
subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100% vested in their accounts.
By letter
dated November 19, 2001, the Internal Revenue Service has determined that the
Plan is qualified and the trust established under the Plan is tax-exempt in
accordance with applicable sections of the Internal Revenue Code (IRC). The Plan
has been amended since receiving the determination letter. The plan
administrator believes that the Plan is designed and is currently being
operated in compliance with the applicable requirements of the
IRC.
Note
6.
|
Related
Party Transactions
|
The Plan
allows participants to have salary deferral contributions as well as any
employer contributions made during the year invested in the common stock of
Sandy Spring Bancorp, Inc.. Sandy Spring Bancorp, Inc. is the plan sponsor and
therefore, these transactions qualify as party-in-interest. For 2008, total
purchases at market value related to the stock were $1,328,913 and total sales
at market value related to the stock were $690,753. Participants are not
required to make investments in employer securities. In addition, the Plan
issues loans to participants, which are secured by the vested balances in the
participants accounts.
During
2007, The Plan was amended to charge terminated participant’s accounts all fees
associated with their individual account.
During
2008, The Plan was amended to comply with Section 415 regulatory changes which
places monetary limitations on both contributions that can be given and benefits
that can be provided within qualified retirement plans.
Note
8.
|
Trustee
and Plan Administrator
|
Trustee: Sandy Spring
Bank is the trustee of the Plan’s funds.
Plan Administration:
The Company is the plan administrator and is responsible for maintaining records
on participants, determining eligibility for benefits, and interpreting and
administrating the provisions of the Plan.
Sandy
Spring Bancorp, Inc. Cash and Deferred Profit Sharing Plan
Schedule
Of Assets (Held At End Of year)
Form
5500, Schedule H, Item 4i
December
31, 2008
Employer
Identification Number – 52-1532952
Plan
Number - 002
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
|
|
(e)
|
|
|
|
Identity of issuer
|
|
Description of Investment
|
|
Cost
|
|
|
Current value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American
Funds Amcap R5
|
|
Mutual
Fund
|
|
|
** |
|
|
$ |
1,377,230 |
|
|
|
Calamos
Growth A
|
|
Mutual
Fund
|
|
|
** |
|
|
|
931,550 |
|
|
|
Dodge
& Cox Stock Fund
|
|
Mutual
Fund
|
|
|
** |
|
|
|
2,723,578 |
|
|
|
DWS
Dreman Small Cap Value Fund – CI S
|
|
Mutual
Fund
|
|
|
** |
|
|
|
107,464 |
|
|
|
Longleaf
Partners Fund
|
|
Mutual
Fund
|
|
|
** |
|
|
|
707,023 |
|
|
|
MFS
International New Discovery Fund I
|
|
Mutual
Fund
|
|
|
** |
|
|
|
729,520 |
|
|
|
Government
Obligations Tax Managed Fund #636
|
|
Money
Market Fund
|
|
|
** |
|
|
|
4,183,763 |
|
|
|
Morgan
Stanley Inst International Equity Fund
|
|
Mutual
Fund
|
|
|
** |
|
|
|
1,506,411 |
|
|
|
Neuberger
& Berman Genesis Trust
|
|
Mutual
Fund
|
|
|
** |
|
|
|
1,760,418 |
|
|
|
Oakmark
Equity & Income I
|
|
Mutual
Fund
|
|
|
** |
|
|
|
2,238,580 |
|
|
|
PIMCO
Total Return Instl Fund
|
|
Mutual
Fund
|
|
|
** |
|
|
|
2,939,194 |
|
|
|
RiverSource
Mid Cap Value Fund R4
|
|
Mutual
Fund
|
|
|
** |
|
|
|
371,185 |
|
|
|
Royce
Micro Cap Invmt Fund
|
|
Mutual
Fund
|
|
|
** |
|
|
|
1,664,665 |
|
|
|
T.Rowe
Price Real Estate Fund
|
|
Mutual
Fund
|
|
|
** |
|
|
|
969,981 |
|
|
|
UMB
Scout Small Cap Fund
|
|
Mutual
Fund
|
|
|
** |
|
|
|
149,308 |
|
|
|
Vanguard
500 Index-Signal Shares
|
|
Mutual
Fund
|
|
|
** |
|
|
|
1,290,320 |
|
|
|
Vanguard
Inflation Protected Securities – Adm
|
|
Mutual
Fund
|
|
|
** |
|
|
|
1,536,083 |
|
|
|
Vanguard
Mid Cap Index Fund Signal Shares
|
|
Mutual
Fund
|
|
|
** |
|
|
|
533,281 |
|
|
|
Vanguard
Short Term Fed - Inv
|
|
Mutual
Fund
|
|
|
** |
|
|
|
835,693 |
|
*
|
|
Sandy
Spring Bancorp, Inc.
|
|
Common
Stock
|
|
|
** |
|
|
|
6,609,513 |
|
*
|
|
Sandy
Spring Bancorp, Inc.
|
|
Cash
Account
|
|
|
** |
|
|
|
18,049 |
|
*
|
|
Participant
Loans
|
|
Loans,
ranging from 4.00%-8.25%, maturities through November 2018
|
|
$ |
0 |
|
|
|
375,055 |
|
|
|
|
|
|
|
|
|
|
|
$ |
33,557,864 |
|
*Represents
a party-in-interest to the Plan.
**Cost is
not required for participant-directed plans.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the trustees (or other persons who administer
the employee benefits plan) have duly caused this annual report to be signed on
its behalf by the undersigned hereunto duly authorized.
Sandy
Spring Bancorp, Inc. Cash and Deferred
Profit
Sharing Plan
|
|
(Name
of Plan)
|
|
By:
|
Sandy
Spring Bancorp, Inc.
|
|
Plan
Sponsor and Administrator
|
|
/s/ Daniel J.
Schrider
|
Daniel
J. Schrider, Chief Executive Officer
|
Sandy
Spring Bancorp, Inc.
|
Date: June
22, 2009
EXHIBIT
INDEX
Exhibits
|
|
Description
|
|
|
|
23.1
|
|
Consent
of Beard Miller Company LLP
|