Exhibit 12

Sandy Spring Bancorp, Inc.

Computation of Consolidated Ratio of Earnings to

Fixed Charges and Preferred Stock Dividends

(Dollars in thousands)

	Year Ended December 31,
	2008			2007			2006			2005			2004
Interest expense on deposits	$	42,816		$	59,916		$	39,334		$	21,482		$	13,059
All other interest expense		19,534			18,128			20,867			13,860			22,957
Total fixed charges	$	62,639		$	78,044		$	60,201		$	35,342		$	36,016
Income before taxes		19,421			45,233			45,760			45,293			12,688
Add: fixed charges		62,639			78,044			60,201			35,342			36,016
Income before taxes and fixed charges	$	82,060		$	123,277		$	105,961		$	80,635		$	48,704
Ratio of earnings to fixed charges:
Excluding interest on deposits		1.98	x		3.50	x		3.19	x		4.27	x		1.55	x
Including interest on deposits		1.31	x		1.58	x		1.76	x		2.28	x		1.35	x