<html>
<head><title>
Prepared and filed by St Ives Financial
</title>
</head>
<body bgcolor="#FFFFFF"> <p align="center">&nbsp;</p>
<page>
<p align="center"><font size="2" face="serif"><b>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br></b>Washington, DC  20549</font></p>
<p align="center"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>FORM 8-K</b></font></p>
<p align="center"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CURRENT REPORT</font></p>
<p align="center"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section 13 or 15(d) of the <br>Securities Exchange Act of 1934</font></p>
<p align="center"><font size="2" face="serif">Date of Report (Date of earliest event reported): October 17, 2006</font></p>
<p align="center"><font size="2" face="serif"><b>SANDY SPRING BANCORP, INC.<br></b>(Exact name of registrant as specified in its charter)</font></p>
<div align="center">
  <table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
    <tr valign="top" bgcolor="#ffffff">
    <td width="33%" align="center"><font size="2" face="serif">Maryland</font></td>
    <td width="33%" align="center"><font size="2" face="serif">000-19065</font></td>
    <td width="33%" align="center"><font size="2" face="serif">52-1532952</font></td>
    </tr>
    <tr valign="top" bgcolor="#FFFFFF">
    <td align="center"><font size="2" face="serif">(State or other jurisdiction</font></td>
    <td align="center"><font size="2" face="serif">(Commission file</font></td>
    <td align="center"><font size="2" face="serif">(IRS Employer</font></td>
    </tr>
    <tr valign="top" bgcolor="#FFFFFF">
    <td align="center"><font size="2" face="serif">of incorporation)</font></td>
    <td align="center"><font size="2" face="serif">number)</font></td>
    <td align="center"><font size="2" face="serif">Identification No)</font></td>
    </tr>
  </table>
</div>
<p align="center"><font size="2" face="serif">17801 Georgia Avenue, Olney, Maryland  20832<br>(Address of Principal Executive Offices)     (Zip Code)</font></p>
<p align="center"><font size="2" face="serif">Registrant's telephone number, including area code:  (301) 774-6400</font></p>
<p align="left"><font size="2" face="serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif" width="12" height="12">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="1" valign="top" bgcolor="#000000"></td>
  </tr>
  <tr>
    <td height="2" valign="top" bgcolor="#FFFFFF"></td>
  </tr>
  <tr>
    <td height="4" valign="bottom" bgcolor="#000000"></td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p align="left"><font size="2" face="serif"><b>Item 2.02. Results of Operations and Financial Condition.<br>Item 7.01 Regulation FD Disclosure.</b></font></p>
<p align="left"><font size="2" face="serif">The following information is furnished to the Securities and Exchange Commission under both Item 2.02 and Item 7.01 of this Form 8-K.</font></p>
<p align="left"><font size="2" face="serif">On October 17, 2006, Sandy Spring
    Bancorp, Inc. issued a news release regarding its results of operations and
    financial condition for the quarter ended September 30, 2006. The text of
    the press release is included as Exhibit 99 to this report. The Company will
    include final financial statements and additional analyses as part of its
    Form 10-Q for the quarter ended September 30, 2006.</font></p>
<p align="left"><font size="2" face="serif">Non-GAAP Financial Measure. Exhibit
    99 includes disclosure and discussion of a traditional efficiency ratio that
    is a non-GAAP financial measure as defined in Commission Regulation G and
    Item 10 of Commission Regulation S-K. The Company has for many years used
    this traditional efficiency ratio as a measure of operating expense control
    and efficiency of operations. Management believes that this traditional ratio
    better focuses attention on the operating performance of the Company over
    time than does a GAAP based ratio, and is highly useful in comparing period-to-period
    operating performance of the Company&#8217;s core business operations. It
    is used by management as part of its assessment of its performance in managing
    noninterest expenses. However this measure is supplemental, and is not a
    substitute for an analysis of performance measures based on GAAP. Exhibit
    99 also includes disclosure and discussion of the GAAP-based efficiency ratio
    and the differences between the two ratios. The traditional efficiency ratio
    used by the Company may not be comparable to GAAP or non-GAAP efficiency
    ratios reported by other financial institutions.</font></p>
<p align="left"><font size="2" face="serif"><b>Item 9.01 Financial Statements and Exhibits.</b></font></p>
<p align="left"><font size="2" face="serif" align="left">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial statements of businesses acquired. Not applicable. </font></p>
<p align="left"><font size="2" face="serif" align="left">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro forma financial information. Not applicable.</font></p>
<p align="left"><font size="2" face="serif" align="left">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits. Exhibit 99-News Release dated October 17, 2006.</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page> <a name="p?"></a>
<p align="center"><font size="2" face="serif">Signatures</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>  <table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="3" align="left"><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">&nbsp;</font><font size="2" face="serif">SANDY SPRING BANCORP, INC.</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="4%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="4%" align="left"><font size="2" face="serif">&nbsp;By:</font></td>
<td width="30%" align="left"><font size="2" face="serif"><u>_/s/ Hunter R. Hollar</u></font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Hunter R. Hollar </font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">President and</font></td>
</tr>
<tr valign="top">
<td align="left"></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Chief Executive Officer</font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">Dated: October 17, 2006</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">

</body>
</html>
[{"type": "8-K", "sequence": "1", "filename": "b415279_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 8589}]
{"company-data": {"conformed-name": "SANDY SPRING BANCORP INC", "cik": "0000824410", "assigned-sic": "6021", "irs-number": "520312970", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-19065", "film-number": "061147563"}, "business-address": {"street1": "17801 GEORGIA AVE", "city": "OLNEY", "state": "MD", "zip": "20832", "phone": "3017746400"}, "mail-address": {"street1": "17801 GEORGIA AVENUE", "city": "OLNEY", "state": "MD", "zip": "20832"}}
Prepared and filed by St Ives Financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 17, 2006
SANDY SPRING BANCORP, INC.
(Exact name of registrant as specified in its charter)
Maryland
000-19065
52-1532952
(State or other jurisdiction
(Commission file
(IRS Employer
of incorporation)
number)
Identification No)
17801 Georgia Avenue, Olney, Maryland  20832
(Address of Principal Executive Offices)     (Zip Code)
Registrant's telephone number, including area code:  (301) 774-6400
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
Item 7.01 Regulation FD Disclosure.
The following information is furnished to the Securities and Exchange Commission under both Item 2.02 and Item 7.01 of this Form 8-K.
On October 17, 2006, Sandy Spring
    Bancorp, Inc. issued a news release regarding its results of operations and
    financial condition for the quarter ended September 30, 2006. The text of
    the press release is included as Exhibit 99 to this report. The Company will
    include final financial statements and additional analyses as part of its
    Form 10-Q for the quarter ended September 30, 2006.
Non-GAAP Financial Measure. Exhibit
    99 includes disclosure and discussion of a traditional efficiency ratio that
    is a non-GAAP financial measure as defined in Commission Regulation G and
    Item 10 of Commission Regulation S-K. The Company has for many years used
    this traditional efficiency ratio as a measure of operating expense control
    and efficiency of operations. Management believes that this traditional ratio
    better focuses attention on the operating performance of the Company over
    time than does a GAAP based ratio, and is highly useful in comparing period-to-period
    operating performance of the Company's core business operations. It
    is used by management as part of its assessment of its performance in managing
    noninterest expenses. However this measure is supplemental, and is not a
    substitute for an analysis of performance measures based on GAAP. Exhibit
    99 also includes disclosure and discussion of the GAAP-based efficiency ratio
    and the differences between the two ratios. The traditional efficiency ratio
    used by the Company may not be comparable to GAAP or non-GAAP efficiency
    ratios reported by other financial institutions.
Item 9.01 Financial Statements and Exhibits.
(a)      Financial statements of businesses acquired. Not applicable.
(b)      Pro forma financial information. Not applicable.
(c)      Exhibits. Exhibit 99-News Release dated October 17, 2006.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SANDY SPRING BANCORP, INC.
By:
_/s/ Hunter R. Hollar
Hunter R. Hollar
President and
Chief Executive Officer
Dated: October 17, 2006