Exhibit 99.1
[LOGO OF SUSQUEHANNA BANCSHARES, INC.]
P.O. Box 1000
26 North Cedar Street
Lititz, PA 17543-1000
NEWS
FOR ADDITIONAL INFORMATION CONTACT:
Alison van Harskamp, Vice President and Director of Communications
Susquehanna Bancshares, Inc. (717) 625-6260, communications@susqbanc.com
Gregg M. Lampf, Assistant Vice President of Shareholder Relations
Susquehanna Bancshares, Inc. (717) 625-6305,ir@susqbanc.com
Susquehanna Bancshares, Inc. Announces Full Year/4th Quarter Results –
Solid Loan Growth, Deposit Growth, and Growth in Assets
Under Management and Administration Highlight Year
FOR IMMEDIATE RELEASE: LITITZ, PA, January 27, 2004:
Susquehanna Bancshares, Inc., (Susquehanna) (Nasdaq:SUSQ) today announced net income for the year ended December 31, 2003, was $62.4 million, or $1.56 per diluted share, compared to the $61.7 million, or $1.55 per diluted share, earned in 2002. Net income for the fourth quarter of 2003 was $14.0 million, or $0.35 per diluted share, compared to $15.4 million for the fourth quarter of 2002, or $0.39 per diluted share. The fourth quarter 2002 included $1.7 million of after-tax investment security gains, or $0.04 per diluted share.
Full Year/Fourth Quarter Financial Highlights
| • | Deposits and loans continued to grow consistent with Susquehanna’s strategic plan and its emphasis on bolstering the Company’s sales initiatives. Deposits at December 31, 2003 increased 8% over last year, rising to more than $4.1 billion, led by non-interest bearing demand, which increased by 20%. Loans and leases increased 11% over last year to $4.3 billion at December 31, 2003. |
| • | The net charge-offs to average loans and leases (NCO/Average loans & leases) ratio improved to 0.14% for the fourth quarter 2003 from 0.35% in the fourth quarter 2002. The NCO/Average loans & leases ratio improved to 0.18% for the full year 2003, as compared to 0.23% for 2002. |
| • | Non-interest income increased 8% over the full year results reported for December 31, 2002, rising to $101.8 million in 2003. For the year ended December 31, 2003, core banking contributed 39% of the total and non-bank affiliates 61%. For the twelve months ended December 31, 2003, non-interest income represented 35% of total revenue, an increase from 33% in 2002. |
| • | Total assets increased 7%, rising to $6.0 billion at December 31, 2003. |
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| • | Total assets under management and under administration grew from $3.3 billion in 2002 to $4.2 billion at December 31, 2003. This was led by assets under management maintained by Valley Forge Asset Management, a member of the Susquehanna Wealth Management family of companies, which grew 39% to $2.8 billion from $2.0 billion at December 31, 2002. |
Linked Quarter Highlights (Fourth Quarter versus Third Quarter)
| • | Deposits increased 4% to $4.1 billion. Non-interest bearing demand increased 5%. |
| • | Loans and leases increased 3% to $4.3 billion. Net interest margin increased 19-basis points and improved to 3.62% from 3.43%. |
“We continue to experience the positive effects of Susquehanna’s five-year strategic plan that was initiated in 2002. We are quite pleased to see the substantial 39% growth of assets under management through the Susquehanna Wealth Management brand. This is a direct result of our focus during 2003 on further developing this line of business,” commented William J. Reuter, Susquehanna’s Chairman, President and CEO. “Additionally, loans and leases, total assets, and total deposits all increased on a quarter-to-quarter, year-over-year and linked-quarter basis. We also have seen our net interest margin improve on a linked-quarter basis, consistent with our discussion in the third quarter.
“Moreover, non-interest income and net income have increased in 2003 from 2002. Non-interest income improved in every category except for security gains and merchant credit card fees, a business line we exited in 2002 due to risk/reward concerns. As we continue to implement our strategic plan, we are confident that other metrics also will improve. To that end, we look forward to welcoming Patriot Bank’s customers, employees and shareholders to the Susquehanna family as we work together toward these objectives.”
Equity capital was $547 million at December 31, 2003, or $13.73 per share, compared to $534 million at December 31, 2002, or $13.47 per share.
Susquehanna’s first quarter fully diluted EPS guidance is $0.39 to $0.41 and our fully diluted EPS guidance for year 2004 is $1.64 to $1.72.
Additional 2003 Highlights
| • | In November, Farmers First Bank, Susquehanna’s lead bank, announced its plans to build a 33,000-square-foot, three-story building in Lancaster, Pa. A 3,000-square-foot retail bank office is included in the building plan as are offices for the company’s executive management team, members of its corporate lending staff and additional office space for lease. The relocation of the |
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company’s headquarters to a more central location serving Lancaster and York counties will allow Farmers First Bank to better connect with all of the markets fueling its growth. The new building is expected to be completed in the fall of 2004.
| • | In December, Susquehanna announced the signing of a definitive merger agreement to acquire Patriot Bank Corp., a $1 billion financial holding company with 20 offices in the Greater Delaware Valley region of Pennsylvania. The transaction will enhance Susquehanna’s presence in Pennsylvania, particularly in the high-growth counties of Berks, Chester, Lehigh, Montgomery and Northampton. The transaction is expected to close in the second quarter 2004. |
Susquehanna also announced it will broadcast its fourth quarter results conference call over the Internet on January 28, 2004, at 11:00 AM Eastern time. Investors will have the opportunity to listen to the conference call through a live broadcast on Susquehanna’s Web site, located at www.susqbanc.com. To listen to the live call, please go to the Investor Relations section of Susquehanna’s Web site at least fifteen minutes early to download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.
Susquehanna Bancshares, Inc. is a financial holding company with assets of $6.0 billion operating in multiple states. It provides financial services through its subsidiaries at approximately 160 locations in the mid-Atlantic region. In addition to eight commercial banks, Susquehanna operates a trust and investment company, an asset management company, a property and casualty insurance brokerage company and a vehicle leasing company. Investor information may be requested on Susquehanna’s Website atwww.susqbanc.com.
This press release contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995, that are based on Susquehanna’s current expectations, estimates and projections about future events and financial trends affecting the financial condition of its business. These statements are not historical facts or guarantees of future performance, events or results. Such statements involve potential risks and uncertainties. Accordingly, actual results may differ materially. Susquehanna undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
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Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
SUMMARY FINANCIAL INFORMATION
(Dollars in thousands, except per share data)
| Twelve Months | ||||||||||||
| 4Q03 | 4Q02 | 2003 | 2002 | |||||||||
Balance Sheet (EOP) | ||||||||||||
Investments | $ | 988,222 | $ | 1,126,407 | $ | 988,222 | $ | 1,126,407 | ||||
Loans and leases | 4,263,272 | 3,830,953 | 4,263,272 | 3,830,953 | ||||||||
Allowance for loan & lease losses (ALLL) | 42,672 | 39,671 | 42,672 | 39,671 | ||||||||
Total assets | 5,953,107 | 5,544,647 | 5,953,107 | 5,544,647 | ||||||||
Deposits | 4,134,467 | 3,831,315 | 4,134,467 | 3,831,315 | ||||||||
Short-term borrowings | 355,184 | 266,724 | 355,184 | 266,724 | ||||||||
FHLB borrowings | 613,850 | 543,166 | 613,850 | 543,166 | ||||||||
Vehicle financing | 369 | 31,304 | 369 | 31,304 | ||||||||
Long-term debt | 130,000 | 180,000 | 130,000 | 180,000 | ||||||||
Shareholders’ equity | 547,382 | 533,855 | 547,382 | 533,855 | ||||||||
Stated Book Value per Share | 13.73 | 13.47 | 13.73 | 13.47 | ||||||||
Tangible Book Value per Share | 12.14 | 11.96 | 12.14 | 11.96 | ||||||||
Average Balance Sheet | ||||||||||||
Investments | 1,007,239 | 1,070,166 | 1,135,705 | 1,019,330 | ||||||||
Loans and leases | 4,212,486 | 3,811,402 | 3,969,532 | 3,705,572 | ||||||||
Total earning assets | 5,308,399 | 4,954,673 | 5,182,742 | 4,798,059 | ||||||||
Total assets | 5,891,697 | 5,453,140 | 5,724,526 | 5,273,013 | ||||||||
Deposits | 4,064,984 | 3,814,216 | 3,942,279 | 3,642,799 | ||||||||
Short-term borrowings | 379,659 | 236,285 | 343,942 | 235,728 | ||||||||
FHLB borrowings | 596,760 | 543,765 | 587,305 | 544,176 | ||||||||
Vehicle financing | 1,650 | 51,588 | 8,329 | 103,175 | ||||||||
Long-term debt | 130,000 | 152,251 | 141,425 | 116,910 | ||||||||
Shareholders’ equity | 541,381 | 527,047 | 538,418 | 513,299 | ||||||||
Income Statement | ||||||||||||
Net interest income | 47,887 | 47,868 | 187,006 | 187,240 | ||||||||
Loan & lease loss provision | 2,677 | 3,585 | 10,222 | 10,664 | ||||||||
Noninterest income | 22,656 | 23,666 | 101,750 | 94,150 | ||||||||
Noninterest expense | 47,846 | 45,719 | 189,430 | 181,663 | ||||||||
Income before taxes | 20,020 | 22,230 | 89,104 | 89,063 | ||||||||
Income taxes | 6,006 | 6,824 | 26,731 | 27,342 | ||||||||
Net income | 14,014 | 15,406 | 62,373 | 61,721 | ||||||||
Basic earnings per share | 0.35 | 0.39 | 1.57 | 1.56 | ||||||||
Diluted earnings per share | 0.35 | 0.39 | 1.56 | 1.55 | ||||||||
Cash dividends paid per share | 0.22 | 0.21 | 0.86 | 0.81 | ||||||||
Asset Quality | ||||||||||||
Net charge-offs (NCO) | $ | 1,518 | $ | 3,401 | $ | 7,221 | $ | 8,691 | ||||
Nonaccrual loans & leases | 19,037 | 18,190 | 19,037 | 18,190 | ||||||||
Restructured loans | 5,823 | 0 | 5,823 | 0 | ||||||||
OREO | 2,893 | 3,151 | 2,893 | 3,151 | ||||||||
Total nonperforming assets (NPA) | 27,753 | 21,341 | 27,753 | 21,341 | ||||||||
Loans & leases 90 days past due | 6,538 | 8,208 | 6,538 | 8,208 | ||||||||
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
| Twelve Months | ||||||||||||
| 4Q03 | 4Q02 | 2003 | 2002 | |||||||||
RATIO ANALYSIS | ||||||||||||
Credit Quality | ||||||||||||
NCO / Average loans & leases | 0.14 | % | 0.35 | % | 0.18 | % | 0.23 | % | ||||
NPA / Loans & leases & OREO | 0.65 | % | 0.56 | % | 0.65 | % | 0.56 | % | ||||
ALLL / Nonperforming loans & leases | 171.65 | % | 218.09 | % | 171.65 | % | 218.09 | % | ||||
ALLL / Total loans & leases | 1.00 | % | 1.04 | % | 1.00 | % | 1.04 | % | ||||
Capital Adequacy | ||||||||||||
Equity / Assets | 9.19 | % | 9.63 | % | 9.19 | % | 9.63 | % | ||||
Long-term debt / Equity | 23.75 | % | 33.72 | % | 23.75 | % | 33.72 | % | ||||
Profitability | ||||||||||||
Return on average assets | 0.94 | % | 1.12 | % | 1.09 | % | 1.17 | % | ||||
Return on average equity | 10.27 | % | 11.60 | % | 11.58 | % | 12.02 | % | ||||
Net interest margin | 3.62 | % | 3.88 | % | 3.65 | % | 3.96 | % | ||||
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
CONSOLIDATED BALANCE SHEETS
| December 31, 2003 | December 31, 2002 | ||||||
(in thousands, except share data) | |||||||
Assets | |||||||
Cash and due from banks | $ | 176,240 | $ | 156,320 | |||
Short-term investments: | |||||||
Restricted | 44,817 | 30,611 | |||||
Unrestricted | 34,145 | 22,025 | |||||
Total short-term investments | 78,962 | 52,636 | |||||
Securities available for sale, at fair value | 983,882 | 1,122,230 | |||||
Securities held to maturity, at amortized cost | |||||||
(Fair values of $4,340 and $4,177) | 4,340 | 4,177 | |||||
Loans and leases, net of unearned income | 4,263,272 | 3,830,953 | |||||
Less: Allowance for loan and lease losses | 42,672 | 39,671 | |||||
Net loans and leases | 4,220,600 | 3,791,282 | |||||
Premises and equipment, net | 62,961 | 60,108 | |||||
Other real estate owned | 2,893 | 3,151 | |||||
Accrued income receivable | 17,494 | 20,579 | |||||
Bank-owned life insurance | 200,555 | 143,330 | |||||
Goodwill | 59,123 | 54,897 | |||||
Intangible assets with finite lives | 4,372 | 4,998 | |||||
Other assets | 141,685 | 130,939 | |||||
| $ | 5,953,107 | $ | 5,544,647 | ||||
Liabilities and Shareholders' Equity | |||||||
Deposits: | |||||||
Demand | $ | 724,474 | $ | 601,272 | |||
Interest-bearing demand | 1,295,593 | 1,137,875 | |||||
Savings | 508,889 | 470,317 | |||||
Time | 1,251,058 | 1,300,445 | |||||
Time of $100 or more | 354,453 | 321,406 | |||||
Total deposits | 4,134,467 | 3,831,315 | |||||
Short-term borrowings | 355,184 | 266,724 | |||||
FHLB borrowings | 613,850 | 543,166 | |||||
Vehicle financing | 369 | 31,304 | |||||
Long-term debt | 130,000 | 180,000 | |||||
Accrued interest, taxes, and expenses payable | 33,736 | 40,314 | |||||
Deferred taxes | 106,336 | 95,478 | |||||
Other liabilities | 31,783 | 22,491 | |||||
Total liabilities | 5,405,725 | 5,010,792 | |||||
Shareholders' equity: | |||||||
Common stock, $2.00 par value, 100,000,000 shares authorized; issued: 39,861,317 at December 31, 2003 and 39,638,447 at December 31, 2002 | 79,723 | 79,277 | |||||
Additional paid-in capital | 66,264 | 62,858 | |||||
Retained earnings | 403,450 | 375,244 | |||||
Accumulated other comprehensive income (loss), net of taxes ($1,107) and $8,662 | (2,055 | ) | 16,476 | ||||
Total shareholders' equity | 547,382 | 533,855 | |||||
| $ | 5,953,107 | $ | 5,544,647 | ||||
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Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
CONSOLIDATED STATEMENTS OF INCOME
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||
(Dollars in thousands, except per share data) | 2003 | 2002 | 2003 | 2002 | ||||||||
INTEREST INCOME: | ||||||||||||
Loans and leases, including fees | $ | 61,979 | $ | 64,774 | $ | 245,980 | $ | 260,420 | ||||
Securities: Taxable | 8,617 | 12,809 | 37,894 | 52,497 | ||||||||
Tax-exempt | 283 | 536 | 1,441 | 2,445 | ||||||||
Short-term investments | 164 | 304 | 705 | 1,351 | ||||||||
Total interest income | 71,043 | 78,423 | 286,020 | 316,713 | ||||||||
INTEREST EXPENSE: | ||||||||||||
Deposits: | ||||||||||||
Interest-bearing demand | 2,215 | 3,118 | 9,473 | 12,429 | ||||||||
Savings | 391 | 775 | 1,999 | 4,036 | ||||||||
Time | 11,981 | 15,590 | 51,419 | 66,034 | ||||||||
Short-term borrowings | 851 | 739 | 3,342 | 3,919 | ||||||||
FHLB borrowings | 5,366 | 7,065 | 22,420 | 28,108 | ||||||||
Vehicle financing | 12 | 528 | 241 | 6,211 | ||||||||
Long-term debt | 2,340 | 2,740 | 10,120 | 8,736 | ||||||||
Total interest expense | 23,156 | 30,555 | 99,014 | 129,473 | ||||||||
Net interest income | 47,887 | 47,868 | 187,006 | 187,240 | ||||||||
Provision for loan and lease losses | 2,677 | 3,585 | 10,222 | 10,664 | ||||||||
Net interest income, after provision for loan and lease losses | 45,210 | 44,283 | 176,784 | 176,576 | ||||||||
NONINTEREST INCOME: | ||||||||||||
Service charges on deposit accounts | 5,225 | 4,567 | 19,798 | 16,905 | ||||||||
Vehicle origination and servicing fees | 5,012 | 5,222 | 26,132 | 24,727 | ||||||||
Merchant credit card fees | 0 | 0 | 0 | 8,328 | ||||||||
Asset management fees | 2,904 | 2,499 | 10,274 | 9,824 | ||||||||
Income from fiduciary-related activities | 1,392 | 1,187 | 5,783 | 4,853 | ||||||||
Net gain on sale of loans and leases | 872 | 997 | 9,700 | 4,626 | ||||||||
Income from bank-owned life insurance | 2,024 | 1,569 | 6,963 | 6,540 | ||||||||
Commissions on insurance sales | 2,262 | 1,850 | 8,354 | 3,666 | ||||||||
Net gain on securities | 0 | 2,569 | 2,110 | 3,357 | ||||||||
Other | 2,965 | 3,206 | 12,636 | 11,324 | ||||||||
Total noninterest income | 22,656 | 23,666 | 101,750 | 94,150 | ||||||||
NONINTEREST EXPENSES: | ||||||||||||
Salaries and employee benefits | 22,749 | 21,691 | 91,151 | 82,571 | ||||||||
Occupancy | 3,557 | 3,244 | 13,813 | 12,522 | ||||||||
Furniture and equipment | 2,258 | 2,070 | 8,712 | 8,372 | ||||||||
Amortization of intangible assets | 157 | 157 | 626 | 639 | ||||||||
Vehicle residual value | 1,653 | 1,546 | 6,486 | 6,384 | ||||||||
Vehicle delivery and preparation | 3,818 | 3,294 | 12,934 | 9,444 | ||||||||
Merchant credit card servicing | 0 | 0 | 0 | 7,937 | ||||||||
Other | 13,654 | 13,717 | 55,708 | 53,794 | ||||||||
Total noninterest expenses | 47,846 | 45,719 | 189,430 | 181,663 | ||||||||
Income before income taxes | 20,020 | 22,230 | 89,104 | 89,063 | ||||||||
Provision for income taxes | 6,006 | 6,824 | 26,731 | 27,342 | ||||||||
NET INCOME | $ | 14,014 | $ | 15,406 | $ | 62,373 | $ | 61,721 | ||||
Earnings per share: | ||||||||||||
Basic | $ | 0.35 | $ | 0.39 | $ | 1.57 | $ | 1.56 | ||||
Diluted | $ | 0.35 | $ | 0.39 | $ | 1.56 | $ | 1.55 | ||||
Cash dividends | $ | 0.22 | $ | 0.21 | $ | 0.86 | $ | 0.81 | ||||
Average shares outstanding: | ||||||||||||
Basic | 39,833 | 39,619 | 39,742 | 39,496 | ||||||||
Diluted | 40,165 | 39,856 | 40,037 | 39,781 | ||||||||
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 December 31, 2003 | For the Three Month Period Ended December 31, 2002 | |||||||||||||||||
| (Dollars in thousands) | Average Balance | Interest | Rate (%) | Average Balance | Interest | Rate (%) | ||||||||||||
Assets | ||||||||||||||||||
Short-term investments | $ | 88,674 | $ | 164 | 0.73 | $ | 73,105 | $ | 304 | 1.65 | ||||||||
Investment securities: | ||||||||||||||||||
Taxable | 983,574 | 8,617 | 3.48 | 1,023,375 | 12,809 | 4.97 | ||||||||||||
Tax-advantaged | 23,665 | 435 | 7.30 | 46,791 | 825 | 7.00 | ||||||||||||
Total investment securities | 1,007,239 | 9,052 | 3.57 | 1,070,166 | 13,634 | 5.05 | ||||||||||||
Loans and leases, (net): | ||||||||||||||||||
Taxable | 4,143,131 | 61,258 | 5.87 | 3,759,721 | 64,146 | 6.77 | ||||||||||||
Tax-advantaged | 69,355 | 1,109 | 6.35 | 51,681 | 966 | 7.42 | ||||||||||||
Total loans and leases | 4,212,486 | 62,367 | 5.87 | 3,811,402 | 65,112 | 6.78 | ||||||||||||
Total interest-earning assets | 5,308,399 | $ | 71,584 | 5.35 | 4,954,673 | $ | 79,050 | 6.33 | ||||||||||
Allowance for loan and lease losses | (41,926 | ) | (39,359 | ) | ||||||||||||||
Other non-earning assets | 625,224 | 537,826 | ||||||||||||||||
Total assets | $ | 5,891,697 | $ | 5,453,140 | ||||||||||||||
Liabilities | ||||||||||||||||||
Deposits: | ||||||||||||||||||
Interest-bearing demand | $ | 1,251,816 | $ | 2,215 | 0.70 | $ | 1,100,821 | $ | 3,118 | 1.12 | ||||||||
Savings | 508,749 | 391 | 0.30 | 469,259 | 775 | 0.66 | ||||||||||||
Time | 1,602,991 | 11,981 | 2.97 | 1,668,709 | 15,590 | 3.71 | ||||||||||||
Short-term borrowings | 379,659 | 851 | 0.89 | 236,285 | 739 | 1.24 | ||||||||||||
FHLB borrowings | 596,760 | 5,366 | 3.57 | 543,765 | 7,065 | 5.15 | ||||||||||||
Vehicle financing | 1,650 | 12 | 2.89 | 51,588 | 528 | 4.06 | ||||||||||||
Long-term debt | 130,000 | 2,340 | 7.14 | 152,251 | 2,740 | 7.14 | ||||||||||||
Total interest-bearing liabilities | 4,471,625 | $ | 23,156 | 2.05 | 4,222,678 | $ | 30,555 | 2.87 | ||||||||||
Demand deposits | 701,428 | 575,427 | ||||||||||||||||
Other liabilities | 177,263 | 127,988 | ||||||||||||||||
Total liabilities | 5,350,316 | 4,926,093 | ||||||||||||||||
Equity | 541,381 | 527,047 | ||||||||||||||||
Total liabilities & shareholders’ equity | $ | 5,891,697 | $ | 5,453,140 | ||||||||||||||
Net interest income / yield on average earning assets | $ | 48,428 | 3.62 | $ | 48,495 | 3.88 | ||||||||||||
| 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 (continued)
Interest rates and interest differential—taxable equivalent basis
For the Twelve Month Period December 31, 2003 | For the Twelve Month Period Decemer 31, 2002 | |||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Rate (%) | Average Balance | Interest | Rate (%) | ||||||||||||
Assets | ||||||||||||||||||
Short-term investments | $ | 77,505 | $ | 705 | 0.91 | $ | 73,157 | $ | 1,351 | 1.85 | ||||||||
Investment securities: | ||||||||||||||||||
Taxable | 1,104,863 | 37,893 | 3.43 | 966,156 | 52,497 | 5.43 | ||||||||||||
Tax-advantaged | 30,842 | 2,217 | 7.19 | 53,174 | 3,762 | 7.07 | ||||||||||||
Total investment securities | 1,135,705 | 40,110 | 3.53 | 1,019,330 | 56,259 | 5.52 | ||||||||||||
Loans and leases, (net): | ||||||||||||||||||
Taxable | 3,910,353 | 243,236 | 6.22 | 3,657,342 | 257,977 | 7.05 | ||||||||||||
Tax-advantaged | 59,179 | 4,222 | 7.13 | 48,230 | 3,758 | 7.79 | ||||||||||||
Total loans and leases | 3,969,532 | 247,458 | 6.23 | 3,705,572 | 261,735 | 7.06 | ||||||||||||
Total interest-earning assets | 5,182,742 | $ | 288,273 | 5.56 | 4,798,059 | $ | 319,345 | 6.66 | ||||||||||
Allowance for loan and lease losses | (40,868 | ) | (39,193 | ) | ||||||||||||||
Other non-earning assets | 582,652 | 514,147 | ||||||||||||||||
Total assets | $ | 5,724,526 | $ | 5,273,013 | ||||||||||||||
Liabilities | ||||||||||||||||||
Deposits: | ||||||||||||||||||
Interest-bearing demand | $ | 1,195,656 | $ | 9,473 | 0.79 | $ | 991,096 | $ | 12,429 | 1.25 | ||||||||
Savings | 498,157 | 1,999 | 0.40 | 461,947 | 4,036 | 0.87 | ||||||||||||
Time | 1,601,495 | 51,419 | 3.21 | 1,643,785 | 66,034 | 4.02 | ||||||||||||
Short-term borrowings | 343,942 | 3,341 | 0.97 | 235,728 | 3,919 | 1.66 | ||||||||||||
FHLB borrowings | 587,305 | 22,420 | 3.82 | 544,176 | 28,108 | 5.17 | ||||||||||||
Vehicle financing | 8,329 | 241 | 2.89 | 103,175 | 6,211 | 6.02 | ||||||||||||
Long-term debt | 141,425 | 10,120 | 7.16 | 116,910 | 8,736 | 7.47 | ||||||||||||
Total interest-bearing liabilities | 4,376,309 | $ | 99,013 | 2.26 | 4,096,817 | $ | 129,473 | 3.16 | ||||||||||
Demand deposits | 646,971 | 545,971 | ||||||||||||||||
Other liabilities | 162,828 | 116,926 | ||||||||||||||||
Total liabilities | 5,186,108 | 4,759,714 | ||||||||||||||||
Equity | 538,418 | 513,299 | ||||||||||||||||
Total liabilities & shareholders’ equity | $ | 5,724,526 | $ | 5,273,013 | ||||||||||||||
Net interest income / yield on average earning assets | $ | 189,260 | 3.65 | $ | 189,872 | 3.96 | ||||||||||||
| 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
LOANS AND LEASES
Loans and leases, net of unearned income were as follows:
| December 31, 2003 | December 31, 2002 | |||||
Commercial, financial, and agricultural | $ | 621,438 | $ | 478,181 | ||
Real estate—construction | 549,672 | 456,663 | ||||
Real estate secured—residential | 1,306,371 | 1,246,939 | ||||
Real estate secured—commercial | 1,016,360 | 988,633 | ||||
Consumer | 337,989 | 343,537 | ||||
Leases | 431,442 | 317,000 | ||||
Total loans and leases | $ | 4,263,272 | $ | 3,830,953 | ||
