Susquehanna Bancshares Profit Drops On Bad Loans

LITITZ, Pa. (AP) — Regional bank holding company Susquehanna Bancshares Inc. said Wednesday its first-quarter profit fell sharply as loan losses mounted.

For the three months ended March 31, Susquehanna reported net income after paying preferred dividends of nearly $1.9 million, or 2 cents per share, down from $28 million, or 33 cents per share, in the year-ago quarter. The results matched the consensus forecast of analysts surveyed by Thomson Reuters.

Susquehanna Bancshares released earnings about two weeks after announcing its first-quarter results would fall short of expectations, primarily because of an increase in its provision for bad debt. Last week, the bank said it would cut its second-quarter dividend to 5 cents per share from 26 cents in the first quarter, in a bid to save $18 million. ...