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Forward-looking statements speak only as of the date they are made. We do 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.I'm pleased now to introduce the host for our call, Bill Reuter, Chairman and Chief Executive Officer. William Reuter Thank you, Carl. Good morning, everyone and thank you for joining us today. Also participating in this morning call will be Drew Hostetter, Executive Vice President and Chief Financial Officer and Michael Quick, Executive Vice President and Chief Credit Officer. This morning, we’d like to review the second quarter financial results and progress on our key objectives for the year. April to June period, Mark have first four quarters since the acquisition of Tower Bancorp in February and we’ll be representing the effects of the integration as we discussed the results in the call. As we announced yesterday, net income in the second quarter was $37.8million or $0.20 per diluted share, compared $11.1 million for the second quarter of 2011 or $0.09 per diluted share. Our results for this year’s second quarter include the after-tax effect of loans related costs of $2.4 million and that security gains of $900,000. Net income for the first six months of 2012 was $61.3 million or $0.34 per diluted share compared to $20.8 million or $0.60 per diluted share for the first six months of 2011. As a reminder our year-to-date results include the effect of after-tax merger expenses of $10.3 million. Loans and leases an increase of 30.6% from July 30, 2011 excluding loans acquired with Abington last fall. And in February we had organic net loan growth of nearly $344 million or 3.6% year-over-year. Driving this increase was strong growth in loan and lease originations in the second quarter we originated $862 million in new loans and leases up 9% in the first quarter 2012.
And up 30% over the second quarter of last year, this reflects the success our teams have had in reaching out to new and existing customers provide financing that roughly benefit our company the people in business we serve and our local communities. However, we also saw an increase in loans paid in the second quarter as a result we experienced more tempered loan growth on a quarter-to-quarter basis. But loans and leases are up five, 20% from March 31, 2012 or 2% annualized.We continue to see significant amount of uncertainty in the economy resulting presentation consumer taken on additional debt. We also continue to follow our strategy of managing, develop the size of our real estate construction loan portfolio. Loans in this portfolio declined by 5.7% for the quarter excluding this impact loans and leases and the rest of our portfolio increased by 1.1% for the quarter or about 4.4% annualized. Turning to deposits, total deposits increased 35% from June 30, 2011 to $12.7 billion excluding deposits added through the Abington and Tower acquisitions, we generated $300 million in organic deposit growth or 3.8% year-over-year. From March 31, 2012 total deposit increased to 1%. Read the rest of this transcript for free on seekingalpha.com