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28.10.2009 17:00:00
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Susquehanna Bancshares, Inc. Announces Third Quarter 2009 Results and Declares Dividend
Susquehanna Bancshares, Inc. (Susquehanna) (NASDAQ:SUSQ) today announced net income applicable to common shareholders for the third quarter ended September 30, 2009 was $2.7 million, or $0.03 per diluted share, compared to $6.4 million for the third quarter of 2008, or $0.07 per diluted share. Net loss for the first nine months of 2009 was ($7.4) million, or ($0.09) per diluted share, compared to net income of $63.6 million or $0.74 per share for the first nine months of 2008.
The board of directors of Susquehanna Bancshares, Inc. has declared a fourth quarter dividend of $0.01 per common share, a reduction from the third quarter dividend, which was $0.05 per share. The dividend is payable on November 23, 2009 to shareholders of record November 9, 2009.
"After careful deliberation, our board made the decision to reduce our quarterly dividend,” said William J. Reuter, Chairman and Chief Executive Officer. "Susquehanna remains well capitalized, and we believe this is a prudent step to preserve our strong position during this prolonged economic downturn.”
Third Quarter Financial Results (Third Quarter 2009 vs. Third Quarter 2008)
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Net loans and leases grew 4% to $9.9 billion from September 30, 2008.
- Consumer loans increased 8%.
- Real estate secured-commercial loans increased 6%.
- Commercial loans increased 6%.
- Real estate secured-residential loans increased 5%.
- Leases increased 12%.
- Real estate-construction loans decreased 7%.
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Total deposits decreased 3% to $8.9 billion from September 30, 2008.
- Non-interest bearing demand deposits decreased 1%.
- Interest-bearing demand deposits increased 21%.
- Savings deposits increased 2%.
- Net interest margin for the quarter increased 4 basis points to 3.64% compared to 3.60% for the third quarter of 2008.
- Net charge-offs as a percentage of average loans and leases for the third quarter of 2009 were 1.48% compared to 0.35% for the third quarter of 2008. Non-performing assets as a percentage of loans, leases and other real estate owned were 2.83% at September 30, 2009 compared to 1.15% at September 30, 2008.
- Efficiency Ratio for the quarter was 61.48% compared to 78.38% for the third quarter of 2008.
- Common equity was $1.7 billion, or $19.53 per common share, at September 30, 2009 compared to $1.7 billion, or $19.69 per common share, at September 30, 2008.
- Susquehanna’s regulatory capital ratios are as follows:
| At September 30, 2009 | Well-Capitalized Threshold | |||
| Leverage Ratio | 9.65% | 5.0% | ||
| Tier 1 Capital Ratio | 11.05% | 6.0% | ||
| Total Risk-Based Capital Ratio | 13.48% | 10.0% | ||
- Return on average assets and average tangible equity(1) for the third quarter ended September 30, 2009 finished at 0.20% and 3.76%, respectively. This compared to results of 0.19% and 5.21% for the same measurements, respectively, for the third quarter of 2008.
(1)A non-GAAP-based financial measure. The most comparable GAAP-based measurement for return on average tangible equity is return on average equity. A reconciliation of the differences between non-GAAP-based and GAAP-based measurements can be found at the end of this release under the heading "Supplemental Reporting of Non-GAAP-Based Financial Measures."
Linked Quarter Results (Third Quarter 2009 vs. Second Quarter 2009)
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Net loans and leases decreased 1% to $9.9 billion from June 30, 2009.
- Consumer loans increased 2%.
- Real estate secured – commercial loans increased 1%.
- Real estate construction loans decreased 6%.
- Commercial loans decreased 2%.
- Leases increased 1%.
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Total deposits decreased 1% to $8.9 billion from June 30, 2009.
- Non-interest bearing demand deposits decreased 3%.
- Interest-bearing demand deposits increased 5%
- Savings deposits decreased 3%.
- Net interest margin increased 12 basis points to 3.64% compared to 3.52% for the second quarter of 2009.
- Net charge-offs as a percentage of average loans and leases increased 47 basis points to 1.48% compared to the second quarter of 2009. Non-performing assets as a percentage of loans, leases and other real estate owned increased 26 basis points to 2.83% at September 30, 2009.
- Efficiency Ratio for the quarter was 61.48% compared to 74.64% for the second quarter of 2009.
- Tangible Common Equity to Tangible Common Assets ratio increased to 4.95% from 4.62% at June 30, 2009.
"The prolonged economic downturn has continued to impact customers in our markets, as well as our own financial performance. However, outside of our increased credit costs, our core operations are showing solid performance,” said William J. Reuter, Chairman and Chief Executive Officer of Susquehanna Bancshares, Inc. "In the third quarter, we improved our net interest margin, controlled expenses to produce an improved efficiency ratio, and increased our non-interest income. Our core pre-provision, pre-tax income* improved 20%, from $40.9 million in the second quarter to $49.2 million in the third quarter.”
"Our objective for the balance of this year and going into 2010 is clear,” Reuter said. "We will continue to diligently monitor our loan portfolio to identify and mitigate potential credit quality issues, as well as build on our efforts to balance our deposit mix for improved net interest margin and carefully control expenses for enhanced efficiency.”
Susquehanna will broadcast its third quarter 2009 results conference call over the Internet on October 29, 2009 at 11:00 a.m. Eastern time. The conference call will include management’s discussion of third quarter 2009 results. The discussion may also include forward-looking information and financial goals. Investors will have the opportunity to listen to the conference call through a live broadcast on Susquehanna’s Web site. The event may be accessed by selecting "Investor Relations" near the top right of the home page then "Overview” and clicking on the third quarter webcast link. To listen to the live call, please go to the Web site at least fifteen minutes prior to the scheduled start time to download and install any necessary audio software. For those who are unable to listen to the live broadcast, an archived replay and podcast will be available on the Web site shortly after the call concludes.
Susquehanna Bancshares, Inc. is a financial services holding company with assets of approximately $14 billion. Headquartered in Lititz, Pa., the company provides banking and financial services at more than 220 branch locations in the mid-Atlantic region. Through Susquehanna Wealth Management, the company offers investment, fiduciary, brokerage, insurance, retirement planning, and private banking services, with approximately $6 billion in assets under management and administration. Susquehanna also operates an insurance brokerage and employee benefits company, a commercial finance company and a vehicle leasing company. Investor information may be requested on Susquehanna’s Web site at www.susquehanna.net.
This press release contains certain financial information determined by methods other than in accordance with GAAP. Susquehanna’s management uses these non-GAAP measures in its analysis of the company’s performance. These non-GAAP financial measures require management to make judgments about the exclusion of certain items, and if different judgments were made, the amounts reported would be different. These measures typically exclude the effects of intangibles and related amortization and include the tax benefit associated with revenue items that are tax-exempt. Disclosures regarding these non-GAAP financial measures are included in the accompanying financial information.
The presentation of these non-GAAP financial measures is intended to supplement investors’ understanding of Susquehanna’s core business activities. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.
This release includes forward-looking statements as that term is defined in the U.S. Private Securities Litigation Reform Act of 1995. In particular, this release includes forward-looking statement regarding Susquehanna's objectives for the balance of the year and for 2010. These statements are subject to certain risks and uncertainties including risks relating to Susquehanna's ability to monitor its existing loan portfolio, to find qualified borrowers and to cost-effectively manage its operations, as well as risks relating to changes in consumer confidence, changes in the general economic climate, unforeseen action taken by regulators and the other risks set forth in Susquehanna's filings with the Securities and Exchange Commission. Susquehanna encourages readers of this release to understand forward-looking statements to be strategic objectives rather than absolute targets of future performance. Forward-looking statements speak only as of the date they are made. Susquehanna does not intend to update publicly any forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events except as required by law.
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*Core pre-provision, pre-tax income is determined as follows: |
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| ($ in Millions) | ||||
| 3Q 2009 | 2Q 2009 | |||
| Pre-Tax Income (Loss) | $5.9 | ($18.2) | ||
| Provision for Loan Losses | 48.0 | 50.0 | ||
| Net Security Gains | (4.7) | 0.0 | ||
| FDIC Special Assessment | 0.0 | 6.2 | ||
| Consolidation Charges | 0.0 | 2.9 | ||
| Core Pre-Provision, Pre-Tax Income | $49.2 | $40.9 | ||
| Susquehanna Bancshares, Inc. | ||||||||||||
| P.O. Box 1000 | ||||||||||||
| Lititz, PA 17543 | ||||||||||||
| SUMMARY FINANCIAL INFORMATION | ||||||||||||
| (Dollars in thousands, except per common share data) | ||||||||||||
| Nine Months | ||||||||||||
| 3Q09 | 3Q08 | 2009 | 2008 | |||||||||
| Balance Sheet (EOP) | ||||||||||||
| Investments | $1,822,895 | $2,039,590 | $1,822,895 | $2,039,590 | ||||||||
| Loans and leases | 9,863,705 | 9,454,094 | 9,863,705 | 9,454,094 | ||||||||
| Allowance for loan & lease losses (ALLL) | 168,570 | 105,575 | 168,570 | 105,575 | ||||||||
| Total assets | 13,659,154 | 13,636,287 | 13,659,154 | 13,636,287 | ||||||||
| Deposits | 8,900,313 | 9,194,141 | 8,900,313 | 9,194,141 | ||||||||
| Short-term borrowings | 1,020,614 | 738,516 | 1,020,614 | 738,516 | ||||||||
| FHLB borrowings | 1,049,383 | 1,354,981 | 1,049,383 | 1,354,981 | ||||||||
| Long-term debt | 448,246 | 422,943 | 448,246 | 422,943 | ||||||||
| Shareholders' equity | 1,979,082 | 1,694,774 | 1,979,082 | 1,694,774 | ||||||||
| Stated book value per common share | 19.53 | 19.69 | 19.53 | 19.69 | ||||||||
| Tangible book value per common share | 7.21 | 7.25 | 7.21 | 7.25 | ||||||||
| Average Balance Sheet | ||||||||||||
| Investments | $1,813,956 | $2,085,899 | $1,875,064 | $2,068,829 | ||||||||
| Loans and leases | 9,871,042 | 9,331,363 | 9,790,294 | 9,052,373 | ||||||||
| Total earning assets | 11,790,107 | 11,509,955 | 11,776,540 | 11,220,901 | ||||||||
| Total assets | 13,703,828 | 13,506,823 | 13,697,767 | 13,225,375 | ||||||||
| Deposits | 8,935,255 | 9,026,149 | 9,050,320 | 8,845,334 | ||||||||
| Short-term borrowings | 1,050,060 | 722,528 | 939,446 | 643,341 | ||||||||
| FHLB borrowings | 1,049,652 | 1,396,158 | 1,052,286 | 1,344,995 | ||||||||
| Long-term debt | 448,280 | 422,870 | 448,223 | 421,297 | ||||||||
| Shareholders' equity | 1,964,460 | 1,698,764 | 1,952,405 | 1,717,882 | ||||||||
| Income Statement | ||||||||||||
| Net interest income | $104,802 | $101,262 | $300,176 | $298,501 | ||||||||
| Provision for loan and lease losses | 48,000 | 17,704 | 133,000 | 41,306 | ||||||||
| Noninterest income | 40,705 | 17,919 | 117,722 | 105,506 | ||||||||
| Noninterest expense | 91,535 | 95,790 | 289,518 | 278,054 | ||||||||
| Income (loss) before taxes | 5,972 | 5,687 | (4,620 | ) | 84,647 | |||||||
| (Benefit from) provision for income taxes | (850 | ) | (673 | ) | (9,690 | ) | 21,065 | |||||
| Net income | 6,822 | 6,360 | 5,070 | 63,582 | ||||||||
| Net income (loss) applicable to common shareholders | 2,657 | 6,360 | (7,424 | ) | 63,582 | |||||||
| Basic earnings per common share | 0.03 | 0.07 | (0.09 | ) | 0.74 | |||||||
| Diluted earnings per common share | 0.03 | 0.07 | (0.09 | ) | 0.74 | |||||||
| Cash dividends paid per common share | 0.05 | 0.26 | 0.36 | 0.78 | ||||||||
| Asset Quality | ||||||||||||
| Net charge-offs (NCO) | $36,947 | $8,162 | $78,179 | $24,300 | ||||||||
| Nonaccrual loans & leases | 225,343 | 96,022 | 225,343 | 96,022 | ||||||||
| Restructured loans | 32,188 | 2,592 | 32,188 | 2,592 | ||||||||
| OREO | 22,510 | 10,671 | 22,510 | 10,671 | ||||||||
| Total nonperforming assets (NPA) | 280,041 | 109,285 | 280,041 | 109,285 | ||||||||
| Loans & leases 90 days past due | 38,396 | 20,313 | 38,396 | 20,313 | ||||||||
| Susquehanna Bancshares, Inc. | ||||||||||||
| P.O. Box 1000 | ||||||||||||
| Lititz, PA 17543 | ||||||||||||
| RATIO ANALYSIS | 3Q09 | 3Q08 | 2009 | 2008 | ||||||||
| Credit Quality | ||||||||||||
| NCO / Average loans & leases | 1.48 | % | 0.35 | % | 1.07 | % | 0.36 | % | ||||
| NPA / Loans & leases & OREO | 2.83 | % | 1.15 | % | 2.83 | % | 1.15 | % | ||||
| ALLL / Nonperforming loans & leases | 65.46 | % | 107.06 | % | 65.46 | % | 107.06 | % | ||||
| ALLL / Total loans & leases | 1.71 | % | 1.12 | % | 1.71 | % | 1.12 | % | ||||
| Capital Adequacy | ||||||||||||
| Equity / Assets | 14.49 | % | 12.43 | % | 14.49 | % | 12.43 | % | ||||
| Long-term debt / Equity | 22.65 | % | 24.96 | % | 22.65 | % | 24.96 | % | ||||
| Profitability | ||||||||||||
| Return on average assets | 0.20 | % | 0.19 | % | 0.05 | % | 0.64 | % | ||||
| Return on average equity | 1.38 | % | 1.49 | % | 0.35 | % | 4.94 | % | ||||
| Return on average tangible equity (1) | 3.76 | % | 5.21 | % | 1.55 | % | 13.59 | % | ||||
| Net interest margin | 3.64 | % | 3.60 | % | 3.52 | % | 3.66 | % | ||||
| Efficiency ratio | 61.48 | % | 78.38 | % | 67.67 | % | 67.37 | % | ||||
| (1)Supplemental Reporting of Non-GAAP-based Financial Measures | ||||||||||||
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Return on average tangible equity is a non-GAAP-based financial measure calculated using non-GAAP-based amounts. The most directly comparable measure is return on average equity which is calculated using GAAP-based amounts. We calculate return on average tangible equity by excluding the balance of intangible assets and their related amortization expense from our calculation of return on average equity. Management uses the return on average tangible equity in order to review our core operating results. Management believes that this is a better measure of our performance. In addition, this is consistent with the treatment by bank regulatory agencies, which excludes goodwill and other intangible assets from the calculation of risk-based capital ratios. A reconciliation of return on average equity to return on average tangible equity is set forth below. |
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| Nine Months | ||||||||||||
| 3Q09 | 3Q08 | 2009 | 2008 | |||||||||
| Return on average equity (GAAP basis) | 1.38 | % | 1.49 | % | 0.35 | % | 4.94 | % | ||||
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Effect of excluding average intangible assets and related amortization |
2.38 | % | 3.72 | % | 1.20 | % | 8.65 | % | ||||
| Return on average tangible equity | 3.76 | % | 5.21 | % | 1.55 | % | 13.59 | % | ||||
| Susquehanna Bancshares, Inc. | |||||||||
| P.O. Box 1000 | |||||||||
| Lititz, PA 17543 | |||||||||
| CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||||||||
| September 30, | December 31, | September 30, | |||||||
| 2009 | 2008 | 2008 | |||||||
| (in thousands, except share data) | |||||||||
| Assets | |||||||||
| Cash and due from banks | $199,626 | $237,701 | $260,358 | ||||||
| Unrestricted short-term investments | 100,099 | 119,146 | 105,704 | ||||||
| Cash and cash equivalents | 299,725 | 356,847 | 366,062 | ||||||
| Restricted short-term investments | 50 | 214 | 213 | ||||||
| Securities available for sale | 1,813,910 | 1,870,746 | 2,030,395 | ||||||
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Securities held to maturity (fair values approximate $8,985, $9,145, and $9,195) |
8,985 | 9,145 | 9,195 | ||||||
| Loans and leases, net of unearned income | 9,863,705 | 9,653,873 | 9,454,094 | ||||||
| Less: Allowance for loan and lease losses | 168,570 | 113,749 | 105,575 | ||||||
| Net loans and leases | 9,695,135 | 9,540,124 | 9,348,519 | ||||||
| Premises and equipment, net | 165,764 | 173,269 | 177,219 | ||||||
| Foreclosed assets | 22,510 | 10,313 | 10,671 | ||||||
| Accrued income receivable | 38,028 | 40,486 | 43,363 | ||||||
| Bank-owned life insurance | 357,325 | 353,771 | 353,864 | ||||||
| Goodwill | 1,018,031 | 1,017,551 | 1,014,282 | ||||||
| Intangible assets with finite lives | 46,116 | 54,044 | 56,658 | ||||||
| Other assets | 193,575 | 256,478 | 225,846 | ||||||
| Total assets | $13,659,154 | $13,682,988 | $13,636,287 | ||||||
| Liabilities and Shareholders' Equity | |||||||||
| Deposits: | |||||||||
| Demand | $1,210,770 | $1,201,416 | $1,228,255 | ||||||
| Interest-bearing demand | 2,962,307 | 2,528,475 | 2,446,467 | ||||||
| Savings | 724,487 | 695,275 | 712,930 | ||||||
| Time | 2,747,706 | 3,045,653 | 2,962,563 | ||||||
| Time of $100 or more | 1,255,043 | 1,595,674 | 1,843,926 | ||||||
| Total deposits | 8,900,313 | 9,066,493 | 9,194,141 | ||||||
| Short-term borrowings | 1,020,614 | 910,219 | 738,516 | ||||||
| Federal Home Loan Bank borrowings | 1,049,383 | 1,069,784 | 1,354,981 | ||||||
| Long-term debt | 176,055 | 176,284 | 151,289 | ||||||
| Junior subordinated debentures | 272,191 | 271,798 | 271,654 | ||||||
| Accrued interest, taxes, and expenses payable | 71,708 | 55,126 | 63,957 | ||||||
| Deferred taxes | 74,391 | 87,695 | 96,565 | ||||||
| Other liabilities | 115,417 | 99,671 | 70,410 | ||||||
| Total liabilities | 11,680,072 | 11,737,070 | 11,941,513 | ||||||
| Shareholders' equity: | |||||||||
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Preferred stock, $1,000 liquidation value, 5,000,000 shares authorized. Issued: 300,000 at September 30, 2009; 300,000,at December 31, 2008; and 0 at September 30, 2008 |
291,944 | 290,700 | 0 | ||||||
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Common stock, $2.00 par value, 200,000,000 shares authorized; Issued: 86,394,320 at September 30, 2009; 86,174,285 at December 31, 2008; and 86,089,662 at September 30, 2008 |
172,789 | 172,349 | 172,179 | ||||||
| Additional paid-in capital | 1,056,800 | 1,055,255 | 1,044,338 | ||||||
| Retained earnings | 475,591 | 512,924 | 516,290 | ||||||
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Accumulated other comprehensive loss, net of taxes of $9,715; $45,936; and $20,479 |
(18,042 | ) | (85,310 | ) | (38,033 | ) | |||
| Total shareholders' equity | 1,979,082 | 1,945,918 | 1,694,774 | ||||||
| Total liabilities and shareholders' equity | $13,659,154 | $13,682,988 | $13,636,287 | ||||||
| Susquehanna Bancshares, Inc. | ||||||||||||
| P.O. Box 1000 | ||||||||||||
| Lititz, PA 17543 | ||||||||||||
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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
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| Three Months Ended | Nine Months Ended | |||||||||||
| September 30, | September 30, | |||||||||||
| (In thousands, except per share data) | 2009 | 2008 | 2009 | 2008 | ||||||||
| Interest Income: | ||||||||||||
| Loans and leases, including fees | $139,591 | $148,374 | $415,341 | $444,243 | ||||||||
| Securities: | ||||||||||||
| Taxable | 16,758 | 21,331 | 54,329 | 65,521 | ||||||||
| Tax-exempt | 3,755 | 3,326 | 11,174 | 9,287 | ||||||||
| Dividends | 992 | 1,541 | 2,943 | 4,541 | ||||||||
| Short-term investments | 54 | 491 | 529 | 1,939 | ||||||||
| Total interest income | 161,150 | 175,063 | 484,316 | 525,531 | ||||||||
| Interest Expense: | ||||||||||||
| Deposits: | ||||||||||||
| Interest-bearing demand | 4,499 | 7,441 | 17,102 | 27,254 | ||||||||
| Savings | 291 | 1,116 | 1,400 | 3,954 | ||||||||
| Time | 33,166 | 41,236 | 109,103 | 124,094 | ||||||||
| Short-term borrowings | 1,098 | 3,179 | 3,233 | 9,368 | ||||||||
| FHLB borrowings | 10,122 | 13,120 | 30,275 | 39,104 | ||||||||
| Long-term debt | 7,172 | 7,709 | 23,027 | 23,256 | ||||||||
| Total interest expense | 56,348 | 73,801 | 184,140 | 227,030 | ||||||||
| Net interest income | 104,802 | 101,262 | 300,176 | 298,501 | ||||||||
| Provision for loan and lease losses | 48,000 | 17,704 | 133,000 | 41,306 | ||||||||
| Net interest income, after provision for loan and lease losses | 56,802 | 83,558 | 167,176 | 257,195 | ||||||||
| Noninterest Income: | ||||||||||||
| Service charges on deposit accounts | 9,326 | 11,968 | 28,277 | 34,823 | ||||||||
| Vehicle origination, servicing, and securitization fees | 1,210 | 2,200 | 4,996 | 7,698 | ||||||||
| Asset management fees | 6,733 | 7,405 | 18,920 | 19,161 | ||||||||
| Income from fiduciary-related activities | 1,803 | 1,977 | 5,270 | 6,500 | ||||||||
| Commissions on brokerage, life insurance and annuity sales | 2,291 | 1,672 | 5,850 | 5,361 | ||||||||
| Commissions on property and casualty insurance sales | 2,661 | 2,636 | 9,446 | 9,604 | ||||||||
| Income from bank-owned life insurance | 1,312 | 3,719 | 4,094 | 10,651 | ||||||||
| Net gain on sale of loans and leases | 3,142 | 1,856 | 8,141 | 4,960 | ||||||||
| Net realized gain on sales of securities | 4,727 | 0 | 5,079 | 207 | ||||||||
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Other-than-temporary impairment of securities related to credit losses |
0 | (17,550 | ) | (937 | ) | (17,550 | ) | |||||
| Other | 7,500 | 2,036 | 28,586 | 24,091 | ||||||||
| Total noninterest income | 40,705 | 17,919 | 117,722 | 105,506 | ||||||||
| Noninterest Expenses: | ||||||||||||
| Salaries and employee benefits | 47,771 | 49,140 | 144,849 | 142,258 | ||||||||
| Occupancy | 7,633 | 8,994 | 26,696 | 27,304 | ||||||||
| Furniture and equipment | 3,620 | 3,983 | 10,962 | 12,092 | ||||||||
| Advertising and marketing | 1,802 | 2,657 | 6,392 | 9,843 | ||||||||
| FDIC insurance | 4,245 | 434 | 20,236 | 933 | ||||||||
| Amortization of intangible assets | 2,624 | 2,853 | 7,928 | 8,048 | ||||||||
| Vehicle lease disposal | 3,858 | 3,622 | 10,384 | 9,148 | ||||||||
| Other | 19,982 | 24,107 | 62,071 | 68,428 | ||||||||
| Total noninterest expenses | 91,535 | 95,790 | 289,518 | 278,054 | ||||||||
| Income (loss) before income taxes | 5,972 | 5,687 | (4,620 | ) | 84,647 | |||||||
| (Benefit from) provision for income taxes | (850 | ) | (673 | ) | (9,690 | ) | 21,065 | |||||
| Net Income | 6,822 | 6,360 | 5,070 | 63,582 | ||||||||
| Preferred stock dividends and accretion | 4,165 | 0 | 12,494 | 0 | ||||||||
| Net Income (Loss) Applicable to Common Shareholders | $2,657 | $6,360 | ($7,424 | ) | $63,582 | |||||||
| Earnings per common share: | ||||||||||||
| Basic | $0.03 | $0.07 | ($0.09 | ) | $0.74 | |||||||
| Diluted | $0.03 | $0.07 | ($0.09 | ) | $0.74 | |||||||
| Cash dividends per common share | $0.05 | $0.26 | $0.36 | $0.78 | ||||||||
| Average common shares outstanding: | ||||||||||||
| Basic | 86,294 | 86,010 | 86,220 | 85,956 | ||||||||
| Diluted | 86,294 | 86,033 | 86,220 | 85,992 | ||||||||
| Susquehanna Bancshares, Inc. | ||||||||||||||
| P.O. Box 1000 | ||||||||||||||
| Lititz, PA 17543 | ||||||||||||||
| DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||
| Interest rates and interest differential-taxable equivalent basis | ||||||||||||||
| For the Three-month Period Ended | For the Three-month Period Ended | |||||||||||||
| September 30, 2009 | September 30, 2008 | |||||||||||||
| Average | Average | |||||||||||||
| (Dollars in thousands) | Balance | Interest | Rate (%) | Balance | Interest | Rate (%) | ||||||||
| Assets | ||||||||||||||
| Short-term investments | $105,109 | $54 | 0.20 | $92,693 | $491 | 2.11 | ||||||||
| Investment securities: | ||||||||||||||
| Taxable | 1,463,580 | 17,750 | 4.81 | 1,776,148 | 22,872 | 5.12 | ||||||||
| Tax-advantaged | 350,376 | 5,775 | 6.54 | 309,751 | 5,117 | 6.57 | ||||||||
| Total investment securities | 1,813,956 | 23,525 | 5.15 | 2,085,899 | 27,989 | 5.34 | ||||||||
| Loans and leases, (net): | ||||||||||||||
| Taxable | 9,649,279 | 137,085 | 5.64 | 9,134,226 | 146,070 | 6.36 | ||||||||
| Tax-advantaged | 221,763 | 3,855 | 6.90 | 197,137 | 3,546 | 7.16 | ||||||||
| Total loans and leases | 9,871,042 | 140,940 | 5.66 | 9,331,363 | 149,616 | 6.38 | ||||||||
| Total interest-earning assets | 11,790,107 | 164,519 | 5.54 | 11,509,955 | 178,096 | 6.16 | ||||||||
| Allowance for loan and lease losses | (163,409 | ) | (98,963 | ) | ||||||||||
| Other non-earning assets | 2,077,130 | 2,095,831 | ||||||||||||
| Total assets | $13,703,828 | $13,506,823 | ||||||||||||
| Liabilities | ||||||||||||||
| Deposits: | ||||||||||||||
| Interest-bearing demand | $2,878,901 | 4,499 | 0.62 | $2,558,459 | 7,441 | 1.16 | ||||||||
| Savings | 738,392 | 291 | 0.16 | 734,832 | 1,116 | 0.60 | ||||||||
| Time | 4,083,021 | 33,166 | 3.22 | 4,509,237 | 41,236 | 3.64 | ||||||||
| Short-term borrowings | 1,050,060 | 1,098 | 0.41 | 722,528 | 3,179 | 1.75 | ||||||||
| FHLB borrowings | 1,049,652 | 10,122 | 3.83 | 1,396,158 | 13,120 | 3.74 | ||||||||
| Long-term debt | 448,280 | 7,172 | 6.35 | 422,870 | 7,709 | 7.25 | ||||||||
| Total interest-bearing liabilities | 10,248,306 | 56,348 | 2.18 | 10,344,084 | 73,801 | 2.84 | ||||||||
| Demand deposits | 1,234,941 | 1,223,621 | ||||||||||||
| Other liabilities | 256,121 | 240,354 | ||||||||||||
| Total liabilities | 11,739,368 | 11,808,059 | ||||||||||||
| Equity | 1,964,460 | 1,698,764 | ||||||||||||
| Total liabilities & shareholders' equity | $13,703,828 | $13,506,823 | ||||||||||||
|
Net interest income / yield on average earning assets |
$108,171 | 3.64 | $104,295 | 3.60 | ||||||||||
|
1. |
Average loan balances include non accrual loans. |
|
|
2. |
Tax-exempt income has been adjusted to a tax-equivalent basis using a marginal tax rate of 35%. |
|
|
3. |
For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts. |
|
| Susquehanna Bancshares, Inc. | ||||||||||||||
| P.O. Box 1000 | ||||||||||||||
| Lititz, PA 17543 | ||||||||||||||
| DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||
| Interest rates and interest differential-taxable equivalent basis | ||||||||||||||
| For the Nine-month Period Ended | For the Nine-month Period Ended | |||||||||||||
| September 30, 2009 | September 30, 2008 | |||||||||||||
| Average | Average | |||||||||||||
| (Dollars in thousands) | Balance | Interest | Rate (%) | Balance | Interest | Rate (%) | ||||||||
| Assets | ||||||||||||||
| Short-term investments | $111,182 | $529 | 0.64 | $99,699 | $1,939 | 2.60 | ||||||||
| Investment securities: | ||||||||||||||
| Taxable | 1,528,135 | 57,271 | 5.01 | 1,775,290 | 70,062 | 5.27 | ||||||||
| Tax-advantaged | 346,929 | 17,193 | 6.63 | 293,539 | 14,288 | 6.50 | ||||||||
| Total investment securities | 1,875,064 | 74,464 | 5.31 | 2,068,829 | 84,350 | 5.45 | ||||||||
| Loans and leases, (net): | ||||||||||||||
| Taxable | 9,569,595 | 408,064 | 5.70 | 8,858,477 | 437,299 | 6.59 | ||||||||
| Tax-advantaged | 220,699 | 11,195 | 6.78 | 193,896 | 10,683 | 7.36 | ||||||||
| Total loans and leases | 9,790,294 | 419,259 | 5.73 | 9,052,373 | 447,982 | 6.61 | ||||||||
| Total interest-earning assets | 11,776,540 | 494,252 | 5.61 | 11,220,901 | 534,271 | 6.36 | ||||||||
| Allowance for loan and lease losses | (138,218 | ) | (94,097 | ) | ||||||||||
| Other non-earning assets | 2,059,445 | 2,098,571 | ||||||||||||
| Total assets | $13,697,767 | $13,225,375 | ||||||||||||
| Liabilities | ||||||||||||||
| Deposits: | ||||||||||||||
| Interest-bearing demand | $2,793,759 | 17,102 | 0.82 | $2,662,819 | 27,254 | 1.37 | ||||||||
| Savings | 729,966 | 1,400 | 0.26 | 729,658 | 3,954 | 0.72 | ||||||||
| Time | 4,309,384 | 109,103 | 3.38 | 4,243,996 | 124,094 | 3.91 | ||||||||
| Short-term borrowings | 939,446 | 3,233 | 0.46 | 643,341 | 9,368 | 1.95 | ||||||||
| FHLB borrowings | 1,052,286 | 30,275 | 3.85 | 1,344,995 | 39,104 | 3.88 | ||||||||
| Long-term debt | 448,223 | 23,027 | 6.87 | 421,297 | 23,256 | 7.37 | ||||||||
| Total interest-bearing liabilities | 10,273,064 | 184,140 | 2.40 | 10,046,106 | 227,030 | 3.02 | ||||||||
| Demand deposits | 1,217,211 | 1,208,861 | ||||||||||||
| Other liabilities | 255,087 | 252,526 | ||||||||||||
| Total liabilities | 11,745,362 | 11,507,493 | ||||||||||||
| Equity | 1,952,405 | 1,717,882 | ||||||||||||
| Total liabilities & shareholders' equity | $13,697,767 | $13,225,375 | ||||||||||||
|
Net interest income / yield on average earning assets |
$310,112 | 3.52 | $307,241 | 3.66 | ||||||||||
|
1. |
Average loan balances include non accrual loans. |
|
|
2. |
Tax-exempt income has been adjusted to a tax-equivalent basis using a marginal tax rate of 35%. |
|
|
3. |
For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts. |
|
| LOANS AND LEASES | ||||||
| Loans and leases, net of unearned income, were as follows: | ||||||
| September 30, | December 31, | September 30, | ||||
| 2009 | 2008 | 2008 | ||||
| (in thousands) | ||||||
| Commercial, financial, and agricultural | $2,096,869 | $2,063,942 | $1,987,149 | |||
| Real estate - construction | 1,208,706 | 1,313,647 | 1,305,935 | |||
| Real estate secured - residential | 2,350,192 | 2,298,709 | 2,248,002 | |||
| Real estate secured - commercial | 3,016,452 | 2,875,502 | 2,833,555 | |||
| Consumer | 443,417 | 419,371 | 409,583 | |||
| Leases | 748,069 | 682,702 | 669,870 | |||
| Total loans and leases | $9,863,705 | $9,653,873 | $9,454,094 | |||
| Susquehanna Bancshares, Inc. | |||||||||
| (Dollars in thousands) | Non-Performing Loans and Leases | ||||||||
| 09/30/09 | 06/30/09 | 03/31/09 | 12/31/08 | ||||||
| Nonaccrual loans: | |||||||||
| Commercial, financial, and agricultural | $18,064 | $21,814 | $24,292 | $13,882 | |||||
| Real estate - construction | 102,667 | 94,798 | 71,876 | 49,774 | |||||
| Real estate secured - residential | 35,752 | 30,650 | 20,279 | 18,271 | |||||
| Real estate secured - commercial | 60,387 | 49,710 | 36,836 | 22,477 | |||||
| Consumer | 32 | 127 | 214 | 844 | |||||
| Leases | 8,441 | 2,255 | 30 | 65 | |||||
| Total nonaccrual loans | 225,343 | 199,354 | 153,527 | 105,313 | |||||
| Restructured loans: | |||||||||
| Commercial, financial, and agricultural | 3,455 | 5,065 | 1,678 | 1,751 | |||||
| Real estate - construction | 0 | 8,456 | 0 | 0 | |||||
| Real estate secured - residential | 203 | 1,031 | 0 | 0 | |||||
| Real estate secured - commercial | 28,530 | 16,247 | 815 | 815 | |||||
| Total restructured loans | 32,188 | 30,799 | 2,493 | 2,566 | |||||
| Total non-performing loans and leases | $257,531 | $230,153 | $156,020 | $107,879 | |||||
| Net Charge-offs | |||||||||
| 3Q 2009 | 2Q 2009 | 1Q 2009 | |||||||
| Commercial, financial, and agricultural | $7,940 | $5,601 | $4,327 | ||||||
| Real estate - construction | 21,319 | 13,312 | 7,075 | ||||||
| Real estate secured - residential | 1,816 | 999 | 2,046 | ||||||
| Real estate secured - commercial | 3,870 | 2,834 | (487 | ) | |||||
| Consumer | 401 | 264 | 1,014 | ||||||
| Leases | 1,601 | 1,637 | 2,610 | ||||||
| Total charge-offs | $36,947 | $24,647 | $16,585 | ||||||
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