Susquehanna Bancshares, Inc. Announces First Quarter 2012 Results

Susquehanna Bancshares, Inc. (Susquehanna) (NASDAQ: SUSQ) today announced net income applicable to common shareholders for the first quarter ended March 31, 2012 of $23.5 million, or $0.14 per diluted share, compared to net income applicable to common shareholders of $9.8 million for the first quarter of 2011, or $0.08 per diluted share.

“Following the successful completion of the Tower Bancorp, Inc. acquisition in the middle of the first quarter, our energies are focused on executing our relationship-based community banking strategy,” stated William J. Reuter, Chairman and Chief Executive Officer. “We are pleased with the significant progress made during the first quarter toward achieving our strategic objectives for 2012, including continuing our strong progress in improving credit quality; successfully integrating the team and operations from Tower Bancorp; growing loans, deposits and revenues; and increasing profitability and shareholder dividends.”

First Quarter Financial Results:
  • Loans and leases, net of unearned income, increased 30.3% from March 31, 2011 to $12.5 billion at March 31, 2012.
    • Growth in loans and leases consisted of:
      • $633.7 million acquired through the acquisition of Abington Bancorp, Inc.;
      • $2.0 billion acquired through the Tower acquisition; and
      • $323.2 million of internally-generated loan growth, resulting in internal growth in loans and leases of 3.4% for the trailing four quarters.
    • Commercial loans increased 16.1% from March 31, 2011.
    • Real estate - construction loans increased 20.5% from March 31, 2011.
    • Real estate secured - residential loans increased 46.7% from March 31, 2011
    • Real estate secured - commercial loans increased 34.8% from March 31, 2011.
    • Consumer loans increased 23.9% from March 31, 2011.
    • Leases increased 1.5% from March 31, 2011.
  • Total deposits increased 35.4% from March 31, 2011 to $12.6 billion at March 31, 2012.
    • Growth in total deposits consisted of:
      • $840.0 million of deposits assumed in the Abington acquisition;
      • $2.0 billion of deposits assumed in the Tower acquisition; and
      • $411.2 million in organic deposit growth, resulting in organic deposit growth of 4.4% for the trailing four quarters.
    • Non-interest-bearing demand deposits increased 40.4% from March 31, 2011.
    • Interest-bearing demand deposits increased 49.8% from March 31, 2011.
    • Savings deposits increased 26.2% from March 31, 2011.
    • Time deposits increased 20% from March 31, 2011.
  • Net interest margin increased 31 basis points to 3.94% compared to 3.63% for the first quarter of 2011, driven by the balance sheet restructuring in the fourth quarter, purchase accounting in connection with the Tower acquisition, the addition of the Tower deposit and loan portfolios and continued core reduction in funding costs at Susquehanna.
  • Non-core items for the first quarter of 2012 were after-tax merger related expenses of $7.9 million.
  • The efficiency ratio for the first quarter of 2012 improved to 61.39% from 65.28% in the first quarter of 2011, in each case calculated after excluding pre-tax merger related expenses.

First Quarter Financial Results (Continued):
  • Net charge-offs as a percentage of average loans and leases for the quarter ended March 31, 2012 was 0.44% compared to 1.42% for the first quarter of 2011. Non-performing assets as a percentage of loans, leases and foreclosed real estate was 1.35% at March 31, 2012 compared to 2.49% at March 31, 2011. The provision for loan losses for the quarter ended March 31, 2012 was $19.0 million, compared to $35.0 million for the quarter ended March 31, 2011. The allowance for loan and leases losses was $194.7 million at March 31, 2012, representing 1.56% of total loans and leases and 146% of nonaccrual loans and leases, compared to $193.2 million at March 31, 2011, representing 2.01% of total loans and leases and 91% of nonaccrual loans and leases.
  • Return on average assets and average tangible equity (1) for the first quarter ended March 31, 2012 finished at 0.58% and 8.36%, respectively. This compared to results of 0.28% and 4.86% for the same measurements, respectively, for the first quarter of 2011.
  • Susquehanna’s regulatory capital ratios are as follows:
 

At March 31, 2012
 

Preliminary Minimum

Basel III Requirements
Tangible Common Ratio (2) 7.65% N/A
Tier 1 Common Ratio 9.96% 7.0 %
Leverage Ratio 10.74% 4.0 %
Tier 1 Capital Ratio 12.47% 8.5 %
Total Risk-Based Capital Ratio 14.45% 10.5 %

(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."

(2) Includes deferred tax liability associated with intangibles of $50.0 million

Linked Quarter Results (First Quarter 2012 vs. Fourth Quarter 2011)
  • Loans and leases, net of unearned income, increased 19.8% from December 31, 2011 to $12.5 billion at March 31, 2012.
    • Growth in loans and leases consisted of:
      • $2.0 billion acquired through the Tower acquisition; and
      • $117 million of internally generated loan growth, resulting in internal growth in loans and leases of 1.1% for the quarter.
    • Commercial loans increased 11.6% from December 31, 2011, or 4.3% if the acquired Tower loans are excluded.
    • Real estate construction loans increased 19.9% from December 31, 2011, or declined 5.4% if the acquired Tower loans are excluded.
    • Real estate secured – residential loans increased 22.8% from December 31, 2011, or decreased 0.5% if the acquired Tower loans are excluded.
    • Real estate secured – commercial loans increased 28.2% from December 31, 2011, or 1.2% if the acquired Tower loans are excluded.
    • Consumer loans increased 7.4% from December 31, 2011, or 5.5% if the acquired Tower loans are excluded.
    • Leases increased 2.8% from December 31, 2011.
  • Total deposits increased 22.1% from December 31, 2011 to $12.6 billion at March 31, 2012.
    • Growth in total deposits consisted of:
      • $2.0 billion of deposits assumed in the Tower acquisition; and
      • $241.6 million of organic deposit growth, resulting in organic deposit growth of 2.3% for the quarter.
    • Non-interest bearing demand deposits increased 24.1% from December 31, 2011, or 0.8% if the Tower deposits are excluded.
    • Interest-bearing demand deposits increased 23.8% from December 31, 2011, or 4.2% if the Tower deposits are excluded.
    • Savings deposits increased 16.0% from December 31, 2011, or 3.8% if the Tower deposits are excluded.
    • Time deposits increased 20.5% from December 31, 2011, or 0.3% excluding the Tower deposits.
  • Net interest margin increased 35 basis points to 3.94% compared to 3.59% for the fourth quarter of 2011, driven by the balance sheet restructuring in the fourth quarter, purchase accounting in connection with the Tower acquisition, the addition of the Tower deposit and loan portfolios and continued core reduction in funding costs at Susquehanna.
  • The efficiency ratio for the first quarter of 2012 improved to 61.39% from 66.34% for the fourth quarter of 2011, in each case calculated after excluding pre-tax merger related income and expenses.
  • Net charge-offs as a percentage of average loans and leases for the quarter ended March 31, 2012 was 0.44% compared to 0.95% for the fourth quarter of 2011. Non-performing assets as a percentage of loans, leases and foreclosed real estate owned decreased 53 basis points from December 31, 2011 to 1.35% at March 31, 2012.

Additional Events:
  • On February 17, 2012, Susquehanna completed the acquisition of Tower Bancorp, Inc., creating Pennsylvania’s largest community bank and expanding Susquehanna’s branch network into State College and Fulton and Lebanon counties in Pennsylvania, in addition to enhancing Susquehanna’s existing presence in key markets in central and southeastern Pennsylvania as well as Maryland. In connection with the merger, Andrew Samuel, former Chairman and Chief Executive Officer of Tower, assumed the role of President and Chief Revenue Officer of Susquehanna.
  • On April 18, 2012, Susquehanna’s Board of Directors declared a second quarter dividend of $0.05 per common share, payable May 18, 2012 to shareholders of record as of May 1, 2012. This represents a $0.02 increase from the first quarter dividend of $0.03 per share.

Susquehanna will broadcast its first quarter 2012 results conference call over the Internet on April 26, 2012 at 11:00 a.m. Eastern time. The conference call will include management’s discussion of first quarter 2012 results. The discussion may also include forward-looking information and financial goals, including updates of previously disclosed 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 first 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 is a financial services holding company with assets of greater than $17.5 billion. Headquartered in Lititz, Pa., Susquehanna provides banking and financial services at 261 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 $7.6 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 through 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. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: ineffectiveness of Susquehanna’s business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations, including industry consolidation and development of competing financial products and services; interest rate movements; changes in credit quality; inability to achieve merger-related synergies; difficulties in integrating distinct business operations, including information technology difficulties; and deteriorating economic conditions, and other risks and uncertainties, including those detailed 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.
 

Susquehanna Bancshares, Inc.

26 North Cedar Street

Lititz, PA 17543
     
 
SUMMARY FINANCIAL INFORMATION
(Dollars in thousands, except per common share data)
 
 
1Q12 4Q11 1Q11
Balance Sheet (EOP)
Investments $ 2,756,836 $ 2,423,107 $ 2,470,969
Loans and leases 12,521,669 10,447,930 9,607,998
Allowance for loan & lease losses (ALLL) 194,730 188,100 193,233
Total assets 17,826,301 14,974,789 13,951,525
Deposits 12,563,541 10,290,472 9,280,857
Short-term borrowings 723,758 613,306 609,284
Federal Home Loan Bank borrowings 970,673 971,020 1,091,125
Other long-term debt 692,059 499,347 694,398
Shareholders' equity 2,531,859 2,189,628 1,999,492
 
Stated book value per common share 13.48 13.96 15.38
Tangible book value per common share 6.46 7.28 7.31
 
Average Balance Sheet
Investments $ 2,547,408 $ 2,645,227 $ 2,477,775
Loans and leases 11,411,592 10,358,071 9,584,098
Total earning assets 14,065,583 13,128,969 12,141,223
Total assets 16,274,773 15,274,808 13,965,750
Deposits 11,354,537 10,300,061 9,242,855
Other short-term borrowings 642,128 588,657 747,763
FHLB borrowings 985,294 1,163,229 1,100,358
Other long-term debt 673,722 666,277 700,526
Shareholders' equity 2,348,326 2,217,036 1,983,560
 
Income Statement
Net interest income $ 134,123 $ 115,201 $ 105,023
Provision for loan and lease losses 19,000 22,000 35,000
Noninterest income 39,515 71,347 37,467
Noninterest expense 120,355 162,395 95,883
Income before taxes 34,283 2,153 11,607
Provision for income taxes 10,810 (16,976 ) 1,846
Net income 23,473 19,129 9,761
Basic earnings per common share 0.14 0.12 0.08
Diluted earnings per common share 0.14 0.12 0.08
Cash dividends paid per common share 0.03 0.03 0.01
 
Asset Quality
Net charge-offs (NCOs) $ 12,370 $ 24,860 $ 33,601
 
Nonaccrual loans & leases $ 133,489 $ 156,478 $ 212,941
Foreclosed real estate   36,456   41,050     26,739
Total nonperforming assets (NPAs) $ 169,945 $ 197,528   $ 239,680
 
Restructured loans $ 72,081 $ 72,852 $ 78,459
Loans & leases 90 days past due 9,758 10,077 10,278
 

 

Susquehanna Bancshares, Inc.

26 North Cedar Street

Lititz, PA 17543
     
 
RATIO ANALYSIS 1Q12 4Q11 1Q11
 
Credit Quality
NCOs / Average loans & leases 0.44 % 0.95 % 1.42 %
NPAs / Loans & leases + foreclosed real estate 1.35 % 1.88 % 2.49 %
ALLL / Nonaccrual loans & leases 145.88 % 120.21 % 90.74 %
ALLL / Total loans & leases 1.56 % 1.80 % 2.01 %
 
Capital Adequacy
Equity / Assets 14.20 % 14.62 % 14.33 %
Long-term debt / Equity 27.33 % 22.81 % 34.73 %
 
Profitability
Return on average assets 0.58 % 0.50 % 0.28 %
Return on average equity 4.02 % 3.42 % 2.00 %
Return on average tangible equity (2) 8.36 % 6.98 % 4.86 %
Net interest margin 3.94 % 3.59 % 3.63 %
Efficiency ratio (1) 61.39 % 66.34 % 65.28 %
 
(1) Excludes Net realized gain on acquisition, Merger related expenses, and Loss on extinguishment of debt
(2) Supplemental Reporting of Non-GAAP-based Financial Measures-Return on average tangible equity
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.
  1Q12   4Q11   1Q11
Return on average equity (GAAP basis) 4.02 % 3.42 % 2.00 %

Effect of excluding average intangible assets and related amortization
4.34 % 3.56 % 2.86 %
Return on average tangible equity 8.36 % 6.98 % 4.86 %

 

Susquehanna Bancshares, Inc.

26 North Cedar Street

Lititz, PA 17543
       
 
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 
March 31, December 31, March 31,
2012 2011 2011
(in thousands, except share data)
Assets
Cash and due from banks $ 350,793 $ 276,384 $ 191,207
Unrestricted short-term investments   27,067     55,761     24,635  
Cash and cash equivalents 377,860 332,145 215,842
Interest-bearing deposits held by consolidated variable interest entities that can be
used only to settle obligations of the consolidated variable interest entities 4,932 5,015 5,168
Restricted short-term investments 60,600 60,910 28,260
Securities available for sale 2,620,245 2,295,034 2,349,383
Restricted investment in bank stocks 136,591 128,073 121,586
Loans and leases, net of unearned income 12,337,688 10,257,161 9,397,786
Loans held by consolidated variable interest entities that can be used only to settle
obligations of the consolidated variable interest entities 183,981 190,769 210,212
Less: Allowance for loan and lease losses   194,730     188,100     193,233  
Net loans and leases   12,326,939     10,259,830     9,414,765  
Premises and equipment, net 196,011 168,382 165,747
Other real estate and foreclosed assets 40,748 41,716 28,212
Accrued income receivable 43,928 36,820 36,741
Bank-owned life insurance 447,686 405,296 360,312
Goodwill 1,264,892 1,018,031 1,018,031
Intangible assets with finite lives 53,662 29,081 31,912
Deferred taxes 35,776 6,344 4,828
Other assets   216,431     188,112     170,738  
Total assets $ 17,826,301   $ 14,974,789   $ 13,951,525  
Liabilities and Shareholders' Equity
Deposits:
Demand $ 1,947,525 $ 1,569,811 $ 1,387,130
Interest-bearing demand 5,496,237 4,439,488 3,669,322
Savings 1,008,042 868,709 798,979
Time 2,527,383 2,157,282 2,074,648
Time of $100 or more   1,584,354     1,255,182     1,350,778  
Total deposits 12,563,541 10,290,472 9,280,857
Federal Home Loan Bank short-term borrowings 850,000 900,000 375,000
Other short-term borrowings 723,758 613,306 609,284
Federal Home Loan Bank long-term borrowings 120,673 71,020 716,125
Other long-term debt 197,027 176,030 176,036
Junior subordinated debentures 349,979 323,317 323,030
Long-term debt of consolidated variable interest entities for which creditors do not
have recourse to Susquehanna's general credit 145,053 157,379 195,332
Accrued interest, taxes, and expenses payable 69,787 50,670 47,703
Deferred taxes 0 25,827 39,906
Other liabilities   274,624     177,140     188,760  
Total liabilities   15,294,442     12,785,161     11,952,033  
Shareholders' equity:
Common stock, $2.00 par value, 400,000,000 shares authorized. Issued:
188,058,669 at March 31, 2012; 157,067,887 at December 31, 2011:
and 129,975,635 at March 31, 2011 376,117 314,136 259,951
Treasury stock, at cost. 202,485 at March 31, 2012; 200,748 at December 31, 2011:
and 2,527 at March 31, 2011 (1,278 ) (1,263 ) (24 )
Additional paid-in capital 1,657,837 1,397,152 1,295,979
Retained earnings 544,476 525,657 490,425
Accumulated other comprehensive loss, net of taxes of $25,305; $25,863; and $26,109   (45,293 )   (46,054 )   (46,839 )
Total shareholders' equity   2,531,859     2,189,628     1,999,492  
Total liabilities and shareholders' equity $ 17,826,301   $ 14,974,789   $ 13,951,525  
 

 

Susquehanna Bancshares, Inc.

26 North Cedar Street

Lititz, PA 17543
   
 
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
  Three Months Ended
March 31,
2012 2011
(in thousands, except per share data)
Interest Income:
Loans and leases, including fees $ 148,355 $ 126,799
Securities:
Taxable 12,792 15,681
Tax-exempt 3,762 3,951
Dividends 998 1,022
Short-term investments   30     28  
Total interest income   165,937     147,481  
Interest Expense:
Deposits:
Interest-bearing demand and savings 6,047 5,812
Time 12,026 15,181
Federal Home Loan Bank short-term borrowings 2,900 2,308
Other short-term borrowings 2,122 1,897
Federal Home Loan Bank long-term borrowings 58 8,084
Other long-term debt   8,661     9,176  
Total interest expense   31,814     42,458  
Net interest income 134,123 105,023
Provision for loan and lease losses   19,000     35,000  
Net interest income, after provision for loan and lease losses   115,123     70,023  
Noninterest Income:
Service charges on deposit accounts 7,674 7,756
Vehicle origination and servicing fees 1,924 1,904
Asset management fees 7,073 7,161
Income from fiduciary-related activities 2,622 1,834
Commissions on brokerage, life insurance and annuity sales 1,907 2,255
Commissions on property and casualty insurance sales 5,058 3,985
Other commissions and fees 4,643 5,987
Income from bank-owned life insurance 1,472 1,106
Net gain on sale of loans and leases 3,750 4,051
Net realized gain (loss) on sales of securities 385 1,869
Total other-than-temporary impairment, net of recoveries (2,706 ) (2,372 )
Portion of recognized in other comprehensive income
(before taxes)   2,562     140  
Net impairment losses recognized in earnings (144 ) (2,232 )
Other   3,151     1,791  
Total noninterest income   39,515     37,467  
Noninterest Expenses:
Salaries and employee benefits 57,958 50,992
Occupancy 10,810 9,655
Furniture and equipment 3,617 3,066
Advertising and marketing 3,054 2,347
FDIC insurance 5,178 3,381
Legal fees 2,053 2,074
Amortization of intangible assets 2,753 2,163
Vehicle lease disposal 1,836 2,437
Merger related 11,479 535
Other   21,617     19,233  
Total noninterest expenses   120,355     95,883  
Income before income taxes 34,283 11,607
Provision for income taxes   10,810     1,846  
Net Income $ 23,473   $ 9,761  
Earnings per common share:
Basic $ 0.14 $ 0.08
Diluted $ 0.14 $ 0.08
Cash dividends per common share $ 0.03 $ 0.01
Average common shares outstanding:
Basic 171,326 129,727
Diluted 171,973 129,796
 

 

Susquehanna Bancshares, Inc.

26 North Cedar Street

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
March 31, 2012 March 31, 2011
Average Average
(Dollars in thousands) Balance   Interest   Rate (%) Balance   Interest   Rate (%)
Assets
Short-term investments $ 106,583 $ 30 0.11 $ 79,350 $ 28 0.14
Investment securities:
Taxable 2,166,578 13,790 2.56 2,079,482 16,703 3.26
Tax-advantaged   380,830     5,787 6.11   398,293     6,078 6.19
Total investment securities   2,547,408     19,577 3.09   2,477,775     22,781 3.73
Loans and leases, (net):
Taxable 11,065,149 145,219 5.28 9,291,685 124,108 5.42
Tax-advantaged   346,443     4,825 5.60   292,413     4,141 5.74
Total loans and leases   11,411,592     150,044 5.29   9,584,098     128,249 5.43
 
Total interest-earning assets 14,065,583   169,651 4.85 12,141,223   151,058 5.05
Allowance for loan and lease losses (191,305 ) (191,213 )
Other non-earning assets   2,400,495     2,015,740  
 
Total assets $ 16,274,773   $ 13,965,750  
 
Liabilities
Deposits:
Interest-bearing demand $ 4,990,291 5,718 0.46 $ 3,686,930 5,519 0.61
Savings 929,499 329 0.14 780,484 293 0.15
Time 3,746,848 12,026 1.29 3,435,868 15,181 1.79
Other short-term borrowings 642,128 2,122 1.33 747,763 1,897 1.03
FHLB borrowings 985,294 2,958 1.21 1,100,358 10,392 3.83
Long-term debt   673,722     8,661 5.17   700,526     9,176 5.31
 
Total interest-bearing liabilities 11,967,782   31,814 1.07 10,451,929   42,458 1.65
Demand deposits 1,687,899 1,339,573
Other liabilities   270,766     190,688  
 
Total liabilities 13,926,447 11,982,190
 
Equity   2,348,326     1,983,560  
 
Total liabilities & shareholders' equity $ 16,274,773   $ 13,965,750  
 
Net interest income / yield on
average earning assets $ 137,837 3.94 $ 108,600 3.63
 

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.

26 North Cedar Street

Lititz, PA 17543
         
 
Loans and Leases
(Dollars in thousands)
 
Total Loans and Leases
  03/31/12   12/31/11   03/31/11
Commercial, financial, and agricultural $ 2,088,948 $ 1,871,027 $ 1,798,986
Real estate - construction 993,819 829,221 824,680
Real estate secured - residential 3,945,565 3,212,562 2,689,467
Real estate secured - commercial 4,022,788 3,136,887 2,984,262
Consumer 775,913 722,329 626,504
Leases   694,636   675,904     684,099
Total loans and leases $ 12,521,669 $ 10,447,930   $ 9,607,998
 
 
Nonaccrual Loans and Leases
03/31/12   12/31/11   09/30/11   06/30/11 03/31/11
Commercial, financial, and agricultural $ 20,616 $ 14,385 $ 14,421 $ 18,219 $ 19,972
Real estate - construction 30,644 37,727 37,487 44,305 56,446
Real estate secured - residential 33,137 41,922 41,238 51,047 55,930
Real estate secured - commercial 47,423 61,497 65,377 73,346 77,533
Consumer 505 0 0 0 0
Leases   1,164   947   1,576     3,816   3,060
Total nonaccrual loans and leases $ 133,489 $ 156,478 $ 160,099   $ 190,733 $ 212,941
 
 
Restructured Loans
03/31/12   12/31/11   09/30/11   06/30/11 03/31/11
Commercial, financial, and agricultural $ 9,547 $ 12,181 $ 11,820 $ 14,387 $ 14,999
Real estate - construction 3,980 3,902 0 0 298
Real estate secured - residential 15,167 17,634 13,389 12,734 9,363
Real estate secured - commercial 42,883 38,565 36,974 34,874 53,799
Consumer   504   570   148     148   0
Total restructured loans $ 72,081 $ 72,852 $ 62,331   $ 62,143 $ 78,459
 
 
Net Charge-offs (Recoveries)
1Q 2012 4Q 2011 3Q 2011 2Q 2011 1Q 2011
Commercial, financial, and agricultural $ 2,108 $ 1,557 $ 5,322 $ 9,138 $ 3,700
Real estate - construction 2,830 8,484 6,489 6,352 8,154
Real estate secured - residential 3,652 2,641 5,262 5,042 3,803
Real estate secured - commercial 2,271 10,897 5,612 10,467 14,442
Consumer 928 503 (99 ) 67 2,079
Leases   581   778   746     875   1,423
Total net charge-offs $ 12,370 $ 24,860 $ 23,332   $ 31,941 $ 33,601
 

 

Susquehanna Bancshares, Inc.

26 North Cedar Street

Lititz, PA 17543
           
 
Loan Analysis
First Quarter 2012
($ Thousands)
 
Pro Forma
Susquehanna Tower Susquehanna Susquehanna
3/31/2012 2/17/2012

3/31/2012 (1)
  12/31/2011

$ Change
% Change
 
Commercial $ 2,088,948.0 $ 137,636.5 $ 1,951,311.5 $ 1,871,027.0 $ 80,284.5 4.29 %
 
Construction 993,819 209,472 784,347 829,221 (44,874 ) -5.41 %
 

R/E - Residential
3,945,565 748,015 3,197,550 3,212,562 (15,012 ) -0.47 %
 
R/E- Commercial 4,022,788 847,739 3,175,049 3,136,887 38,162 1.22 %
 
Consumer 775,913 13,894 762,019 722,329 39,690 5.49 %
 
Leases   694,636   -   694,636     675,904   18,732   2.77 %
 
Total $ 12,521,669 $ 1,956,756 $ 10,564,913   $ 10,447,930 $ 116,983   1.12 %
 
 
(1) Pro forma presentation represents Susquehanna 3/31/2012 balances net of Tower 2/17/2012 balances.
 

 

Susquehanna Bancshares, Inc.

26 North Cedar Street

Lititz, PA 17543
           
 
Deposit Analysis
First Quarter 2012
($ Thousands)
 
Pro Forma
Susquehanna Tower Susquehanna Susquehanna
3/31/2012 2/17/2012

3/31/2012 (1)
  12/31/2011

$ Change
  % Change
Demand $ 1,947,525 $ 365,748 $ 1,581,777 $ 1,569,811 $ 11,966 0.76 %
 
Interest-Bearing Demand 5,496,237 871,026 4,625,211 4,439,488 185,723 4.18 %
 
Savings 1,008,042 106,409 901,633 868,709 32,924 3.79 %
 
Time<100 2,527,383 420,953 2,106,430 2,157,282 (50,852 ) -2.36 %
 
Time>100   1,584,354   267,319   1,317,035     1,255,182   61,853   4.93 %
 
Total $ 12,563,541 $ 2,031,455 $ 10,532,086   $ 10,290,472 $ 241,614   2.35 %
 
 
(1) Pro forma presentation represents Susquehanna 3/31/2012 balances net of Tower 2/17/2012 balances.
 

Copyright Business Wire 2010

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