Exhibit 99

NEWS RELEASE

FOR IMMEDIATE RELEASE

SANDY SPRING BANCORP REPORTS
HEALTHY GROWTH TREND OF NON-INTEREST INCOME;
EXCELLENT ASSET QUALITY FOR 4TH QUARTER AND FULL YEAR

OLNEY, MARYLAND, January 25, 2007 — Sandy Spring Bancorp, Inc., (Nasdaq-SASR) the parent company of Sandy Spring Bank, today announced net income for the fourth quarter of 2006 of $8.3 million ($.55 per diluted share) compared to $8.0 million ($.54 per diluted share) for the fourth quarter of 2005 and $8.1 million ($.55 per diluted share) for the linked third quarter of 2006. Net income for the year ending December 31, 2006 totaled $32.9 million ($2.20 per diluted share) compared to $33.1 million ($2.24 per diluted share) for the prior year period, a 1% decrease.

“In a decidedly difficult environment for most banks, our loan growth and fee and commission income trends continued to be favorable, credit quality remained outstanding and we announced plans for another bank acquisition during the quarter,” said Hunter R. Hollar, President and Chief Executive Officer. “The competition for demand deposits continues to be very intense throughout our markets, which underscores the value we expect to derive from our most recently announced, pending acquisition of CN Bancorp, the parent company of County National Bank and its four offices in Anne Arundel County, MD. We believe that the transaction represents a very attractive in-market opportunity to expand our existing branch network at a reasonable price, while also adding new, stable core deposit account relationships that we should be able to retain and grow. We expect that the transaction, which is subject to a number of conditions, including the approval by CN Bancorp stockholders and regulatory authorities, will close near the end of the second quarter.”

“Growth in noninterest income from sales of investment products and in trust and investment management fees was solid,“ said Hollar. “We are very pleased with the contribution from asset manager West Financial Services after its first full year of combined performance within the Sandy Spring organization. Across all portfolios, credit quality continued to be excellent with net charge-offs of less than one-tenth of 1% of total loans. “

“Finally, we continued to execute on our plans to invest in technology and related infrastructure areas to support growth coming from both recent and future acquisitions.”

Sandy Spring Bancorp’s return on average stockholders’ equity was 13.87% for the fourth quarter of 2006, compared to 14.76% for the same period in the prior year. Return on average assets for the fourth quarter of 2006 was 1.26%, compared to 1.31% for the fourth quarter of 2005.

For the year ended December 31, 2006, return on average stockholders’ equity was 14.33% compared to 16.21% for the prior year. Return on average assets for the year ended December 31, 2006 was 1.28%, compared to 1.41% for the year ended December 31, 2005.

Comparing December 31, 2006 balances to December 31, 2005, total assets increased 6% to $2.6 billion due mainly to growth in the loan portfolio. Total loans and leases increased 7% to $1.8 billion compared to the prior year. Customer funding sources, which include deposits plus other short-term borrowings from core customers, increased 6% to $2.1 billion at December 31, 2006. Stockholders’ equity totaled $237.8 million at year-end, and represented 9.1% of total assets, compared to 8.9% at December 31, 2005.

The provision for loan and lease losses totaled $0.3 million for the fourth quarter of 2006 compared to $1.0 million for the fourth quarter of 2005. The provision for loan and lease losses totaled $2.8 million for the year ended December 31, 2006 compared to $2.6 million for the prior year. The allowance for loan and lease losses represented 1.08% of outstanding loans at December 31, 2006.

The Company’s management will host a conference call to discuss its fourth quarter and full year results today at 2:00 P.M. (ET). A live Web cast of the conference call is available through the Investor Relations’ section of the Sandy Spring Web site at www.sandyspringbank.com.

DETAILED REVIEW OF FINANCIAL RESULTS

Comparing the fourth quarter of 2006 and 2005, net interest income increased by $0.7 million, or 3%, due primarily to continued growth in the loan portfolio and higher loan yields which were largely offset by increased rates on interest-bearing deposits and an increased use of time deposits, as noninterest bearing deposits continued to decrease. These factors produced a net interest margin decrease to 4.14% in 2006 from 4.38% in 2005.

Noninterest income increased 2% in the fourth quarter of 2006 as compared to 2005. On a non-GAAP basis, excluding securities gains, noninterest income increased 9% in the fourth quarter as compared to 2005. Trust and investment management fees increased 10% due mainly to growth in assets under management. Insurance agency commissions increased 16% over 2005 due to higher premiums from commercial property and casualty lines and the acquisition of Neff & Associates in the first quarter of 2006. Fees on sales of investment products increased 26% over the prior year due to increased sales volumes while Visa^® check fees increased 11% reflecting a growing volume of electronic banking transactions. Gains on sales of mortgage loans and other noninterest income remained virtually level with the prior year.

Noninterest expenses were $22.2 million in the fourth quarter of 2006 compared to $20.9 million in 2005, an increase of $1.3 million or 7%. Marketing expenses increased substantially over the fourth quarter of 2005 consistent with the Company’s strategic plan to raise brand awareness in the markets it serves. Other noninterest expenses increased 43% over the prior year quarter due primarily to increases in consulting and

other professional services fees.

Stock-based compensation expense of $0.1 million, net of income taxes ($.01 per diluted share) was recorded in the fourth quarter of 2006 as required under a new accounting standard (SFAS 123R).

Comparing the year ended December 31, 2006 and 2005, net interest income increased by $6.6 million, or 7%, due primarily to continued growth in the loan portfolio and increased loan yields, which was offset in part by increased rates on interest bearing deposits and increased use of time deposits. The net interest margin decreased to 4.26% in 2006 from 4.39% in 2005.

Noninterest income increased 5% for the year ended December 31, 2006 compared to 2005 due to increases in fee and commission income. On a non-GAAP basis, noninterest income, excluding the effect of net securities gains of $3.3 million in 2005, increased $5.2 million or 16%. Trust and investment management fees increased 75% due to growth in trust assets under management and the acquisition of West Financial Services, Inc. in the fourth quarter of 2005. Insurance agency commissions also increased 22% over 2005 due to higher premiums from commercial property and casualty lines and the acquisition of Neff & Associates in the first quarter of 2006. Fees on sales of investment products increased 40% over the prior year due to increased sales volumes while Visa^® check fees increased 10%. Gains on sales of mortgage loans decreased 21% reflecting market conditions.

Noninterest expenses were $85.1 million in 2006 compared to $77.2 million in 2005, an increase of $7.9 million or 10%. This increase was primarily the result of increases in salaries and benefits due to the acquisition of West Financial Services, Inc. and Neff & Associates, a larger staff and higher marketing expenses which increased over the prior year in accord with the Company’s strategic plan as mentioned above. Intangibles amortization increased $0.8 million or 35% as a result of the above acquisitions.

Stock-based compensation expense of $0.4 million, net of income taxes ($.03 per diluted share) was recorded in 2006 as required under a new accounting standard (SFAS 123R).

About Sandy Spring Bancorp/Sandy Spring Bank

With $2.6 billion in assets, Sandy Spring Bancorp is the holding company for Sandy Spring Bank and its principal subsidiaries, Sandy Spring Insurance Corporation, The Equipment Leasing Company and West Financial Services, Inc. Sandy Spring Bancorp is the third largest publicly traded banking company headquartered in Maryland. Sandy Spring is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Sandy Spring Bank was founded in 1868 and offers a broad range of commercial banking, retail banking and trust services through 33 community offices in Anne Arundel, Carroll, Frederick, Howard, Montgomery, and Prince George’s counties in Maryland. Through its subsidiaries, the Bank also offers a comprehensive menu of leasing, insurance and investment management services. Visit www.sandyspringbank.com to locate an ATM near you or for more information about Sandy Spring Bank.

For additional information or questions, please contact:

Hunter R. Hollar, President & Chief Executive Officer, or
Philip J. Mantua, Executive V.P. & Chief Financial Officer
Sandy Spring Bancorp
17801 Georgia Avenue
Olney, Maryland 20832
1-800-399-5919
E-mail: HHollar@sandyspringbank.com
          PMantua@sandyspringbank.com
Web site: www.sandyspringbank.com

Forward-Looking Statements: Sandy Spring Bancorp makes forward-looking statements in this News Release that are subject to risks and uncertainties. These forward-looking statements include: statements of goals, intentions, earnings expectations, and other expectations; estimates of risks and of future costs and benefits; assessments of probable loan and lease losses; assessments of market risk; and statements of the ability to achieve financial and other goals. These forward-looking statements are subject to significant uncertainties because they are based upon or are affected by: management’s estimates and projections of future interest rates, market behavior, and other economic conditions; future laws and regulations; and a variety of other matters which, by their nature, are subject to significant uncertainties. Because of these uncertainties, Sandy Spring Bancorp’s actual future results may differ materially from those indicated. In addition, the Company’s past results of operations do not necessarily indicate its future results.

ADDITIONAL INFORMATION ABOUT THE PROPOSED MERGER WITH CN BANCORP

Sandy Spring Bancorp, Inc. will be filing a proxy statement/prospectus and other relevant documents concerning the proposed merger with the SEC. SANDY SPRING BANCORP, INC. URGES INVESTORS TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT/PROSPECTUS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors will be able to obtain these documents free of charge at the SEC’s web site (www.sec.gov). In addition, documents filed with the SEC by Sandy Spring Bancorp, Inc. will be available free of charge from Shareholder Relations at 301/570-8338.

Sandy Spring Bancorp, Inc. and Subsidiaries
FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)

	Three Months Ended									Twelve Months Ended
	December 31,						%			December 31,						%
	2006			2005			Change			2006			2005			Change
Profitability for the period:
Net interest income	$	23,605		$	22,925			3		$	94,756		$	88,178			7
Provision for loan and lease losses		250			1,000			(75	)		2,795			2,600			8
Noninterest income		10,064			9,904			2			38,895			36,909			5
Noninterest expenses		22,218			20,860			7			85,096			77,194			10
Income before income taxes		11,201			10,969			2			45,760			45,293			1
Net income		8,314		$	7,978			4			32,871			33,098			(1	)
Return on average assets		1.26	%		1.31	%					1.28	%		1.41	%
Return on average equity		13.87	%		14.76	%					14.33	%		16.21	%
Net interest margin		4.14	%		4.38	%					4.26	%		4.39	%
Efficiency ratio — GAAP based *		65.99	%		63.54	%					63.67	%		61.71	%
Efficiency ratio — traditional *		60.85	%		59.36	%					58.71	%		58.16	%
Per share data:
Basic net income	$	0.56		$	0.54			4		$	2.22		$	2.26			(2	)
Diluted net income		0.55			0.54			2			2.20			2.24			(2	)
Dividends declared		0.22			0.22			0			0.88			0.84			5
Book value		16.04			14.73			9			16.04			14.73			9
Tangible book value		14.48			13.21			10			14.48			13.21			10
Average fully diluted shares		14,940,873			14,886,046						14,926,965			14,767,291
At period-end:
Assets	$	2,610,457		$	2,459,616			6		$	2,610,457		$	2,459,616			6
Deposits		1,994,223			1,803,210			11			1,994,223			1,803,210			11
Loans and leases		1,805,579			1,684,379			7			1,805,579			1,684,379			7
Securities		540,908			567,432			(5	)		540,908			567,432			(5	)
Stockholders’ equity		237,777			217,883			9			237,777			217,883			9
Capital and credit quality ratios:
Average equity to average assets		9.12	%		8.86	%					8.95	%		8.68	%
Allowance for loan and lease losses to loans and leases		1.08	%		1.00	%					1.08	%		1.00	%
Nonperforming assets to total assets		0.15	%		0.06	%					0.15	%		0.06	%
Annualized net charge-offs to average loans and leases		-0.01	%		-0.09	%					-0.01	%		-0.02	%

*	The GAAP based efficiency ratio is noninterest expenses divided by net interest income plus noninterest income from the Consolidated Statements of Income.
	The traditional, non-GAAP efficiency ratio excludes intangible asset amortization from noninterest expenses; excludes securities gains from noninterest income; and adds the tax-equivalent adjustment to net interest income. See the Reconciliation Table included with these Financial Highlights.
Certain reclassifications and restatements of information previously reported have been made to conform with current presentation.

Sandy Spring Bancorp, Inc. and Subsidiaries
Reconciliation of GAAP-based and Traditional Efficiency Ratios
(In thousands, except per share data)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2006			2005			2006			2005
Noninterest expenses–GAAP based		22,218		$	20,860			85,096		$	77,194
Net interest income plus noninterest income– GAAP based		33,669			32,829			133,651			125,087
Efficiency ratio–GAAP based		65.99	%		63.54	%		63.67	%		61.71	%
Noninterest expenses–GAAP based	$	22,218		$	20,860		$	85,096		$	77,194
Less non-GAAP adjustment:
Amortization of intangible assets		740			696			2,967			2,198
Noninterest expenses–traditional ratio		21,478			20,164			82,129			74,996
Net interest income plus noninterest income– GAAP based		33,669			32,829			133,651			125,087
Plus non-GAAP adjustment:
Tax-equivalency		1,625			1,800			6,243			7,128
Less non-GAAP adjustments:
Securities gains		0			661			1			3,262
Net interest income plus noninterest income – traditional ratio		35,294			33,968			139,893			128,953
Efficiency ratio – traditional		60.85	%		59.36	%		58.71	%		58.16	%

Sandy Spring Bancorp, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)

	December 31
	2006			2005
Assets
Cash and due from banks	$	54,945		$	47,294
Federal funds sold & overnight investments		48,978			6,149
Cash and cash equivalents		103,923			53,443
Interest-bearing deposits with banks		2,974			751
Residential mortgage loans held for sale (at fair value)		10,595			10,439
Investments available-for-sale (at fair value)		256,845			256,571
Investments held-to-maturity — fair value of $278,415 and $302,966, respectively		267,344			295,648
Other equity securities		16,719			15,213
Total loans and leases		1,805,579			1,684,379
Less: allowance for loan and lease losses		(19,492	)		(16,886	)
Net loans and leases		1,786,087			1,667,493
Premises and equipment, net		47,756			45,385
Accrued interest receivable		15,200			13,144
Goodwill		12,494			12,042
Other intangible assets, net		10,653			12,218
Other assets		79,867			77,269
Total assets	$	2,610,457		$	2,459,616
Liabilities
Noninterest-bearing deposits	$	394,662		$	439,277
Interest-bearing deposits		1,599,561			1,363,933
Total deposits		1,994,223			1,803,210
Short-term borrowings		314,732			380,220
Other long-term borrowings		1,808			2,158
Subordinated debentures		35,000			35,000
Accrued interest payable and other liabilities		26,917			21,145
Total liabilities		2,372,680			2,241,733
Stockholders’ Equity
Common stock — par value $1.00; shares authorized 50,000,000; shares issued and outstanding 14,826,805 and 14,793,987, respectively		14,827			14,794
Additional paid in capital		27,869			26,599
Retained earnings		199,102			177,084
Accumulated other comprehensive income(loss)		(4,021	)		(594	)
Total stockholders’ equity		237,777			217,883
Total liabilities and stockholders’ equity	$	2,610,457		$	2,459,616

Certain reclassifications and restatements of information previously reported have been made to conform with current presentation.

Sandy Spring Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2006		2005		2006		2005
Interest income:
Interest and fees on loans and leases	$	32,981	$	26,687	$	125,813	$	94,562
Interest on loans held for sale		225		261		739		1,073
Interest on deposits with banks		105		5		123		63
Interest and dividends on securities:
Taxable		3,642		3,117		14,132		12,327
Exempt from federal income taxes		2,772		3,132		11,555		13,416
Interest on federal funds sold		650		148		1,081		719
Total interest income		40,375		33,350		153,443		122,160
Interest expense:
Interest on deposits		12,488		6,739		39,334		21,482
Interest on short-term borrowings		3,707		3,108		17,049		9,638
Interest on long-term borrowings		575		578		2,304		2,862
Total interest expense		16,770		10,425		58,687		33,982
Net interest income		23,605		22,925		94,756		88,178
Provision for loan and lease losses		250		1,000		2,795		2,600
Net interest income after provision for loan and lease losses		23,355		21,925		91,961		85,578
Noninterest income:
Securities gains		0		661		1		3,262
Service charges on deposit accounts		2,201		1,983		7,903		7,688
Gains on sales of mortgage loans		929		932		2,978		3,757
Fees on sales of investment products		696		551		2,960		2,109
Trust and investment management fees		2,286		2,074		8,762		5,006
Insurance agency commissions		1,345		1,160		6,477		5,309
Income from bank owned life insurance		639		575		2,350		2,259
Visa check fees		631		570		2,381		2,167
Other income		1,337		1,398		5,083		5,352
Total noninterest income		10,064		9,904		38,895		36,909
Noninterest expenses:
Salaries and employee benefits		12,695		12,897		50,518		47,013
Occupancy expense of premises		2,153		2,066		8,493		8,053
Equipment expenses		1,364		1,379		5,476		5,410
Marketing		610		278		2,583		1,225
Outside data services		717		781		3,203		2,940
Amortization of intangible assets		740		696		2,967		2,198
Other expenses		3,939		2,763		11,856		10,355
Total noninterest expenses		22,218		20,860		85,096		77,194
Income before income taxes		11,201		10,969		45,760		45,293
Income tax expense		2,887		2,991		12,889		12,195
Net income	$	8,314	$	7,978	$	32,871	$	33,098
Basic net income per share	$	0.56	$	0.54	$	2.22	$	2.26
Diluted net income per share		0.55		0.54		2.20		2.24
Dividends declared per share		0.22		0.22		0.88		0.84

Certain reclassifications and restatements of information previously reported have been made to conform with current presentation.

Sandy Spring Bancorp, Inc. and Subsidiaries
Historical Trends in Quarterly Financial Data
(Dollars in thousands, except per share data)

	2006												2005
	Q4			Q3			Q2			Q1			Q4			Q3			Q2			Q1
Profitability for the quarter:
Tax-equivalent interest income	$	42,000		$	41,695		$	39,372		$	36,619		$	35,150		$	33,244		$	30,998		$	29,896
Interest expense		16,770			15,896			14,021			12,000			10,425			8,865			7,705			6,987
Tax-equivalent net interest income		25,230			25,799			25,351			24,619			24,725			24,379			23,293			22,909
Tax-equivalent adjustment		1,625			1,677			1,499			1,442			1,800			1,853			1,766			1,709
Provision for loan and lease losses		250			550			1,045			950			1,000			600			900			100
Noninterest income		10,064			9,590			9,395			9,846			9,904			10,112			9,053			7,840
Noninterest expenses		22,218			21,694			20,828			20,356			20,860			18,744			19,153			18,437
Income before income taxes		11,201			11,468			11,374			11,717			10,969			13,294			10,527			10,503
Income tax expense		2,887			3,346			3,279			3,377			2,991			3,827			2,730			2,647
Net Income		8,314			8,122			8,095			8,340			7,978			9,467			7,797			7,856
Financial ratios:
Return on average assets		1.26	%		1.24	%		1.27	%		1.36	%		1.31	%		1.58	%		1.36	%		1.39	%
Return on average equity		13.87	%		14.06	%		14.48	%		15.41	%		14.76	%		18.31	%		15.63	%		16.20	%
Net interest margin		4.14	%		4.25	%		4.30	%		4.35	%		4.38	%		4.39	%		4.39	%		4.39	%
Efficiency ratio — GAAP based *		65.99	%		64.35	%		62.65	%		61.64	%		63.54	%		57.43	%		62.63	%		63.49	%
Efficiency ratio — traditional *		60.85	%		59.20	%		57.81	%		56.91	%		59.36	%		55.74	%		59.16	%		58.38	%
Per share data:
Basic net income	$	0.56		$	0.55		$	0.55		$	0.56		$	0.54		$	0.65		$	0.53		$	0.54
Diluted net income	$	0.55		$	0.55		$	0.54		$	0.56		$	0.54		$	0.64		$	0.53		$	0.53
Dividends declared	$	0.22		$	0.22		$	0.22		$	0.22		$	0.22		$	0.21		$	0.21		$	0.20
Book value	$	16.04		$	15.78		$	15.33		$	15.06		$	14.73		$	14.23		$	13.91		$	13.57
Tangible book value	$	14.48		$	14.15		$	13.66		$	13.34		$	13.09		$	13.07		$	12.72		$	12.35
Average fully diluted shares		14,940,873			14,915,454			14,884,677			14,924,571			14,886,046			14,735,318			14,719,742			14,760,551
Noninterest income breakdown:
Securities gains	$	0		$	0		$	1		$	0		$	661		$	1,761		$	825		$	15
Service charges on deposit accounts		2,201			1,904			1,950			1,848			1,983			2,050			1,984			1,671
Gains on sales of mortgage loans		929			718			549			782			932			1,205			889			731
Fees on sales of investment products		696			783			763			718			551			473			640			445
Trust and investment management fees		2,286			2,164			2,196			2,116			2,074			1,116			944			872
Insurance agency commissions		1,345			1,406			1,618			2,108			1,160			1,114			1,224			1,811
Income from bank owned life insurance		639			591			567			553			575			570			559			555
Visa check fees		631			603			612			535			570			556			550			491
Other income		1,337			1,421			1,139			1,186			1,398			1,267			1,438			1,249
Total		10,064			9,590			9,395			9,846			9,904			10,112			9,053			7,840
Noninterest expense breakdown:
Salaries and employee benefits	$	12,695		$	12,622		$	12,730		$	12,471		$	12,897		$	11,373		$	11,454		$	11,289
Occupancy expense of premises		2,153			2,175			2,039			2,126			2,066			2,099			1,964			1,924
Equipment expenses		1,364			1,384			1,412			1,316			1,379			1,415			1,294			1,322
Marketing		610			1,160			472			341			278			253			406			288
Outside data services		717			872			833			781			781			718			701			740
Amortization of intangible assets		740			743			742			742			696			501			505			496
Other expenses		3,939			2,738			2,600			2,579			2,763			2,385			2,829			2,378
Total		22,218			21,694			20,828			20,356			20,860			18,744			19,153			18,437

*	The GAAP based efficiency ratio is noninterest expenses divided by net interest income plus noninterest income from the Consolidated Statements of Income.
	The traditional, non-GAAP efficiency ratio excludes intangible asset amortization expenses from noninterest expenses; excludes security gains from noninterest income; and adds the tax-equivalent adjustment to net interest income. See the Reconciliation Table included with these Historical Trends in Quarterly Financial Data.

Sandy Spring Bancorp, Inc. and Subsidiaries
Historical Trends in Quarterly Financial Data
(Dollars in thousands, except per share data)

	2006												2005
	Q4			Q3			Q2			Q1			Q4			Q3			Q2			Q1
Balance sheets at quarter end:
Residential mortgage loans	$	390,852		$	396,811		$	386,805		$	428,698		$	413,324		$	400,657		$	393,961		$	375,746
Residential construction loans		151,399			175,067			169,564			166,767			155,379			143,691			136,733			139,964
Commercial mortgage loans		509,726			505,181			461,708			425,392			415,983			410,409			390,306			395,528
Commercial construction loans		192,547			185,615			214,628			188,477			178,764			136,606			119,006			94,708
Commercial loans and leases		216,238			204,023			200,712			193,524			185,680			160,379			154,237			150,143
Consumer loans		344,817			348,793			348,547			341,490			335,249			327,393			323,537			312,725
Total loans and leases		1,805,579			1,815,490			1,781,964			1,744,348			1,684,379			1,579,135			1,517,780			1,468,814
Less: allowance for loan and lease losses		(19,492	)		(19,433	)		(18,910	)		(17,860	)		(16,886	)		(16,268	)		(15,673	)		(14,738	)
Net loans and leases		1,786,087			1,796,057			1,763,054			1,726,488			1,667,493			1,562,867			1,502,107			1,454,076
Goodwill		12,494			12,606			12,606			12,596			12,042			8,554			8,554			8,554
Other intangible assets, net		10,653			11,431			12,173			12,916			12,218			8,364			8,865			9,370
Total assets		2,610,457			2,598,458			2,586,353			2,499,577			2,459,616			2,383,360			2,348,305			2,284,198
Total deposits		1,994,223			1,947,850			1,818,347			1,839,355			1,803,210			1,804,888			1,781,622			1,745,675
Customer repurchase agreements		99,382			129,213			235,853			181,520			170,769			158,977			143,873			121,791
Total stockholders’ equity		237,777			233,693			226,738			222,962			217,883			208,090			203,294			198,709
Quarterly average balance sheets:
Residential mortgage loans	$	407,277		$	405,430		$	449,482		$	427,609		$	423,805		$	423,420		$	401,148		$	384,504
Residential construction loans		162,084			172,873			167,632			161,649			150,099			141,197			137,720			137,897
Commercial mortgage loans		504,698			465,989			436,036			424,467			407,459			394,862			393,291			389,215
Commercial construction loans		189,027			218,798			206,419			186,606			158,076			128,010			103,584			91,733
Commercial loans and leases		205,582			199,968			196,093			188,747			161,478			154,920			151,766			149,783
Consumer loans		346,030			346,639			345,194			339,299			333,671			327,495			320,276			310,421
Total loans and leases		1,814,698			1,809,697			1,800,856			1,728,377			1,634,588			1,569,904			1,507,785			1,463,553
Securities		544,877			583,156			554,157			555,061			589,552			593,102			591,610			641,960
Total earning assets		2,416,120			2,407,185			2,367,100			2,294,665			2,239,438			2,203,251			2,130,469			2,115,369
Total assets		2,607,848			2,597,917			2,558,458			2,482,512			2,421,725			2,384,327			2,307,888			2,286,209
Total interest-bearing liabilities		1,937,685			1,934,668			1,895,652			1,821,530			1,733,626			1,696,691			1,647,365			1,660,839
Noninterest-bearing demand deposits		407,659			410,912			419,454			418,214			452,738			458,131			440,945			415,824
Total deposits		1,970,953			1,851,098			1,819,255			1,799,213			1,809,237			1,800,171			1,751,192			1,723,667
Customer repurchase agreements		120,597			212,123			196,359			167,620			172,826			155,417			135,009			123,663
Stockholders’ equity		237,746			229,189			224,265			219,424			214,489			205,138			200,047			196,659
Capital and credit quality measures:
Average equity to average assets		9.12	%		8.82	%		8.77	%		8.84	%		8.86	%		8.60	%		8.67	%		8.60	%
Loan and lease loss allowance to loans and leases		1.08	%		1.07	%		1.06	%		1.02	%		1.00	%		1.03	%		1.03	%		1.00	%
Nonperforming assets to total assets		0.15	%		0.15	%		0.10	%		0.12	%		0.06	%		0.14	%		0.15	%		0.10	%
Annualized net (charge-offs) recoveries to average loans and leases		-0.01	%		0.00	%		0.00	%		0.01	%		(0.09	)%		0.00	%		0.01	%		0.00	%
Miscellaneous data:
Net (charge-offs) recoveries	($	191	)	($	27	)	$	5		$	24		($	382	)	($	5	)	$	35		($	16	)
Nonperforming assets:
Non-accrual loans and leases		1,910			1,495			1,691			585			437			1,032			661			672
Loans and leases 90 days past due		1,823			2,346			988			2,473			958			2,289			2,757			1,531
Restructured loans and leases		0			0			0			0			0			0			0			0
Other real estate owned, net		182			0			0			0			0			0			0			73
Total nonperforming assets		3,915			3,841			2,679			3,058			1,395			3,321			3,418			2,276

Sandy Spring Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES
(Dollars in thousands and tax-equivalent)

	Three Months Ended December 31,
	2006								2005
						Annualized								Annualized
	Average					Average			Average					Average
	Balances			Interest		Yield/Rate			Balances			Interest		Yield/Rate
Assets
Residential mortgage loans	$	407,277		$	6,053		5.95	%	$	423,805		$	5,917		5.58	%
Residential construction loans		162,084			2,989		7.32			150,099			2,599		6.87
Commercial mortgage loans		504,698			9,411		7.40			407,459			7,150		6.96
Commercial construction loans		189,027			4,353		9.14			158,076			3,158		7.93
Commercial loans and leases		205,582			4,311		8.33			161,478			3,075		7.56
Consumer loans		346,030			6,089		6.98			333,671			5,050		6.00
Total loans and leases		1,814,698			33,206		7.27			1,634,588			26,949		6.55
Securities		544,877			8,039		5.82			589,552			8,049		5.37
Interest-bearing deposits with banks		8,017			105		5.20			588			4		3.06
Federal funds sold		48,528			650		5.31			14,710			148		4.02
TOTAL EARNING ASSETS		2,416,120			42,000		6.89	%		2,239,438			35,150		6.22	%
Less: allowance for loan and lease losses		(19,354	)							(16,470	)
Cash and due from banks		48,165								48,396
Premises and equipment, net		46,550								45,708
Other assets		116,367								104,653
Total assets	$	2,607,848							$	2,421,725
Liabilities and Stockholders’ Equity
Interest-bearing demand deposits	$	218,005		$	160		0.29	%	$	235,711		$	168		0.28	%
Regular savings deposits		163,525			131		0.32			207,740			229		0.44
Money market savings deposits		495,365			4,553		3.65			373,535			2,074		2.20
Time deposits		686,399			7,644		4.42			539,513			4,267		3.14
Total interest-bearing deposits		1,563,294			12,488		3.17			1,356,499			6,738		1.97
Borrowings		374,391			4,282		4.54			377,127			3,687		3.86
TOTAL INTEREST-BEARING LIABILITIES		1,937,685			16,770		3.43			1,733,626			10,425		2.38
Noninterest-bearing demand deposits		407,659								452,738
Other liabilities		24,758								20,872
Stockholder’s equity		237,746								214,489
Total liabilities and stockholders’ equity	$	2,607,848							$	2,421,725
Net interest income and spread					25,230		3.46	%					24,725		3.84	%
Less: tax equivalent adjustment					1,625								1,800
Net interest income					23,605								22,925
Interest income/earning assets							6.89	%							6.22	%
Interest expense/earning assets							2.75								1.84
Net interest margin							4.14	%							4.38	%

* Interest income includes the effects of annualized taxable-equivalent adjustments (reduced by the nondeductible portion of interest expense) using the appropriate marginal federal income tax rate of 35.00% and, where applicable, the marginal state income tax rate of 7.00% (or a combined marginal federal and state rate of 39.55%), to increase tax-exempt interest income to a taxable-equivalent basis. The annualized taxable-equivalent adjustment amounts utilized in the above table to compute yields aggregated to $6.5 million in 2006 and $7.4 million in 2005.

Sandy Spring Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES
(Dollars in thousands and tax-equivalent)

	Twelve Months Ended December 31,
	2006								2005
						Annualized								Annualized
	Average					Average			Average					Average
	Balances			Interest		Yield/Rate			Balances			Interest		Yield/Rate
Assets
Residential mortgage loans	$	422,347		$	24,580		5.82	%	$	408,369		$	22,563		5.53	%
Residential construction loans		166,079			12,142		7.31			141,760			9,065		6.39
Commercial mortgage loans		458,040			33,106		7.23			396,253			26,413		6.67
Commercial construction loans		200,270			17,592		8.78			120,554			8,757		7.26
Commercial loans and leases		197,650			15,959		8.07			154,520			10,981		7.11
Consumer loans		344,316			23,172		6.73			323,534			17,856		5.52
Total loans and leases		1,788,702			126,551		7.08			1,544,990			95,635		6.19
Securities		559,350			31,930		5.71			603,882			32,871		5.43
Interest-bearing deposits with banks		2,501			123		4.93			2,095			63		2.96
Federal funds sold		21,145			1,082		5.12			22,082			719		3.26
TOTAL EARNING ASSETS		2,371,698			159,686		6.73	%		2,173,049			129,288		5.95	%
Less: allowance for loan and lease losses		(18,584	)							(15,492	)
Cash and due from banks		46,741								46,682
Premises and equipment, net		45,980								44,945
Other assets		117,838								102,877
Total assets	$	2,563,673							$	2,352,061
Liabilities and Stockholders’ Equity
Interest-bearing demand deposits	$	226,699			657		0.29	%	$	237,511			640		0.27	%
Regular savings deposits		182,610			687		0.38			216,951			801		0.37
Money market savings deposits		409,578			12,655		3.09			376,090			6,268		1.67
Time deposits		631,712			25,335		4.01			498,774			13,773		2.76
Total interest-bearing deposits		1,450,599			39,334		2.71			1,329,326			21,482		1.62
Borrowings		451,251			19,353		4.29			355,537			12,500		3.49
TOTAL INTEREST-BEARING LIABILITIES		1,901,850			58,687		3.08			1,684,863			33,982		2.01
Noninterest-bearing demand deposits		415,747								442,055
Other liabilities		16,716								21,001
Stockholder’s equity		229,360								204,142
Total liabilities and stockholders’ equity	$	2,563,673							$	2,352,061
Net interest income and spread					100,999		3.65	%					95,306		3.94	%
Less: tax equivalent adjustment					6,243								7,128
Net interest income					94,756								88,178
Interest income/earning assets							6.73	%							5.95	%
Interest expense/earning assets							2.47								1.56
Net interest margin							4.26	%							4.39	%

* Interest income includes the effects of annualized taxable-equivalent adjustments (reduced by the nondeductible portion of interest expense) using the appropriate marginal federal income tax rate of 35.00% and, where applicable, the marginal state income tax rate of 7.00% (or a combined marginal federal and state rate of 39.55%), to increase tax-exempt interest income to a taxable-equivalent basis. The annualized taxable-equivalent adjustment amounts utilized in the above table to compute yields aggregated to $6.2 million in 2006 and $7.1 million in 2005.