Exhibit 99.1
Susquehanna Bancshares, Inc. Announces Third Quarter Results; Year-Over-Year
Growth Continues Along With Strong Asset Quality, Net Interest Margin Improves
LITITZ, Pa.--(BUSINESS WIRE)--Oct. 26, 2004--Susquehanna
Bancshares, Inc., (Susquehanna) (Nasdaq:SUSQ) today announced net
income for the third quarter of 2004 was $18.5 million, or $0.40 per
diluted share, compared to the $16.0 million, or $0.40 per diluted
share, for the third quarter of 2003.
Third Quarter Financial Highlights:
-- Total deposits grew 28%, rising to $5.1 billion from $4.0
billion in the third quarter of 2003 - excluding Patriot Bank
Corp., which was acquired on June 10, 2004, this increase was
12%.
-- Demand deposits increased 19% to $818 million from $689
million in the third quarter of 2003 - excluding Patriot
this increase was 9%.
-- Net loans and leases grew 25%, rising to $5.2 billion from
$4.1 billion in the third quarter of 2003 - excluding Patriot
this increase was 9%.
-- Commercial loans increased 21% to $725 million in the
third quarter of 2004 - excluding Patriot this increase
was 10%.
-- Total assets grew 27%, rising to $7.4 billion from $5.9
billion in the third quarter of 2003 - excluding Patriot this
increase was 8%.
-- Credit quality remains strong, highlighted by:
-- The net charge-offs to average loans ratio was .17% for
the first nine months of 2004 compared with 0.20% for the
first nine months of 2003.
-- The nonperforming assets to total loans, leases and OREO
ratio improved to 0.38% at September 30, 2004, from 0.67%
at September 30, 2003.
-- Net interest margin increased 20 basis points to 3.63% from
3.43% in the third quarter of 2003.
-- Total assets under management and under administration were
$4.8 billion at September 30, 2004, up from $3.6 billion at
September 30, 2003, representing 35% growth.
-- Return on average tangible equity(a) increased to 15.60% from
13.39% in the third quarter of 2003.
-- Efficiency ratio excluding auto leasing(a) improved to 59%
from 63% in the third quarter of 2003.
Linked Quarter Highlights (Third Quarter 2004 vs. Second Quarter
2004):
-- Net loans and leases increased 3.6% from $5.0 billion to $5.2
billion.
-- Commercial loans increased 3.1% from $703 million to $725
million.
-- Total assets grew 1.9%, rising to $7.4 billion from $7.3
billion in the second quarter of 2004.
-- Net interest margin improved 11 basis points to 3.63% from
3.52% in the second quarter of 2004.
Return on average assets, average equity, average tangible
equity(a) for the third quarter of 2004 finished at 1.00% and 10.07%,
and 15.60%, respectively. This compared to the third quarter of 2003
with 1.09%, 11.77%, and 13.39% for the same measurements,
respectively.
Equity capital was $746 million at September 30, 2004, or $16.05
per share, compared to $541 million at September 30, 2003, or $13.59
per share.
We are adjusting our 2004 fully diluted EPS guidance to a range of
$1.60 to $1.65. Further discussion of guidance will take place on the
conference call scheduled for October 27, 2004, at 11 a.m. Eastern
time.
(a) A non-GAAP financial measure. The most comparable GAAP
measurement for return on average tangible equity is return on average
equity. The most comparable GAAP measurement for efficiency ratio
excluding auto leasing is efficiency ratio including auto leasing. A
reconciliation of the differences between these non-GAAP and GAAP
measurements can be found at the end of this release under the heading
"Supplemental Reporting of Non-GAAP Financial Measures."
Additional Activity:
-- Susquehanna announced its decision to unify its financial
services affiliates under a common master brand. Along with a
name and brand identity change, the company also announced it
will combine its eight banking subsidiaries into three.
-- David T. Swoyer was selected as President and CEO of
Susquehanna Patriot Bank. Swoyer will lead the $2.1 billion
bank along with Bank Chairman Michael M. Quick. Most recently,
Swoyer served as President and CEO of Goodwill Industries of
Southern New Jersey/Quaker City Goodwill, Maple Shade.
"As we continue to execute our strategic plan in today's
environment, we have been looking at the future and working towards
the corporate-wide branding and bank realignment announcement made on
October 1," said Susquehanna Chairman, President and CEO William J.
Reuter. "We are moving from an organization of eight separate charters
to three. We believe that this effort, which will be completed on or
about April 15, 2005, will create efficiencies within the organization
and allow us to further improve our service to Susquehanna's banking
customers. Specifically, this realignment will allow customers to
realize the size and geographic reach of our organization through
Susquehanna's 160 banking offices in Maryland, New Jersey,
Pennsylvania and West Virginia. Additionally, this move will create
banks of greater size allowing Susquehanna to increase its presence in
target markets."
Reuter continued, "At the same time that we implement this plan to
improve and broaden our customer service and competitive posture, we
have begun the effort to enhance our branch network through the
previously announced consolidation and/or sale of several locations.
We expect this effort to be completed in 2005 as well. We believe
these projects, together with the progress being made on our platform
automation program, should improve our efficiency ratio, excluding
auto leasing, and have a positive effect on future earnings and
shareholder value."
Susquehanna will broadcast its third quarter results conference
call over the Internet on October 27, 2004 at 11 a.m. Eastern time.
The conference call will include management's discussion of third
quarter results as well as the branding and bank realignment
announcement made on October 1, 2004, and may also include
forward-looking information such as matters affecting earnings as well
as other financial metrics guidance. 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, an archive will be available shortly after the
call.
Susquehanna is a financial services holding company, operating in
multiple states, with assets of $7.4 billion. It provides financial
services through its subsidiaries at 170 locations in the mid-Atlantic
region. In addition to its current eight commercial banks, Susquehanna
operates a trust and investment company, an asset management company,
a property and casualty insurance brokerage company, a commercial
leasing company and a vehicle leasing company. Investor information
may be requested on Susquehanna's Web site at www.susqbanc.com.
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. Additional
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 press release contains "forward-looking" statements as
defined in the Private Securities Litigation Reform Act of 1995,
regarding Susquehanna's expectations of its branding strategy and
internal realignment plans and their potential impact on the company's
efficiency ratio and earnings. These statements are not historical
facts or guarantees of future performance, events or results. Such
statements involve potential risks and uncertainties, including
Susquehanna's ability to increase its presence in target markets, and
achieve operational and administrative efficiencies by reducing
redundancies. 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.
SUMMARY FINANCIAL INFORMATION
(Dollars in thousands, except per share data)
Nine Months
-----------------------
3Q04 3Q03 2004 2003
----------- ----------- ----------- -----------
Balance Sheet (EOP)
Investments $1,293,824 $1,022,531 $1,293,824 $1,022,531
Loans and leases 5,166,137 4,147,957 5,166,137 4,147,957
Allowance for loan &
lease losses (ALLL) 52,468 41,513 52,468 41,513
Total assets 7,449,856 5,853,412 7,449,856 5,853,412
Deposits 5,085,570 3,972,718 5,085,570 3,972,718
Short-term borrowings 460,820 427,032 460,820 427,032
FHLB borrowings 750,049 603,105 750,049 603,105
Long-term debt 223,397 130,000 223,397 130,000
Shareholders' equity 746,413 541,209 746,413 541,209
Stated Book Value per
Share 16.05 13.59 16.05 13.59
Tangible Book Value
per Share 10.63 11.99 10.63 11.99
Average Balance Sheet
Investments 1,350,141 1,147,728 1,166,310 1,178,997
Loans and leases 5,077,125 4,011,590 4,592,372 3,887,664
Total earning assets 6,483,478 5,247,969 5,834,247 5,140,402
Total assets 7,360,635 5,806,001 6,553,036 5,668,199
Deposits 5,080,371 3,955,747 4,618,407 3,900,929
Short-term borrowings 417,090 409,120 343,166 342,440
FHLB borrowings 732,242 611,116 611,950 584,119
Long-term debt 224,451 133,261 179,669 145,275
Shareholders' equity 731,406 538,257 623,729 537,420
Income Statement
Net interest income 58,412 44,821 154,448 139,119
Loan & lease loss
provision 2,783 2,665 6,590 7,545
Noninterest income 30,122 28,680 84,550 79,095
Noninterest expense 59,502 48,349 160,167 141,585
Income before taxes 26,249 22,487 72,241 69,084
Income taxes 7,743 6,513 21,310 20,725
Net income 18,506 15,974 50,931 48,359
Basic earnings per
share 0.40 0.40 1.20 1.22
Diluted earnings per
share 0.40 0.40 1.19 1.21
Cash dividends paid
per share 0.22 0.22 0.66 0.64
Asset Quality
Net charge-offs (NCO) $3,126 $1,481 $5,943 $5,703
Nonaccrual loans &
leases 18,204 19,689 18,204 19,689
Restructured loans 0 5,855 0 5,855
OREO 1,210 2,081 1,210 2,081
Total nonperforming
assets (NPA) 19,414 27,625 19,414 27,625
Loans & leases 90 days
past due 10,126 8,410 10,126 8,410
RATIO ANALYSIS 3Q04 3Q03 2004 2003
----------- ----------- ----------- -----------
Credit Quality
NCO / Average loans &
leases 0.24% 0.15% 0.17% 0.20%
NPA / Loans & leases &
OREO 0.38% 0.67% 0.38% 0.67%
ALLL / Nonperforming
loans & leases 288.22% 162.52% 288.22% 162.52%
ALLL / Total loans &
leases 1.02% 1.00% 1.02% 1.00%
Capital Adequacy
Equity / Assets 10.02% 9.25% 10.02% 9.25%
Long-term debt /
Equity 29.93% 24.02% 29.93% 24.02%
Profitability
Return on average
assets 1.00% 1.09% 1.04% 1.14%
Return on average
equity 10.07% 11.77% 10.91% 12.03%
Return on average
tangible equity(b) 15.60% 13.39% 13.91% 13.65%
Net interest margin 3.63% 3.43% 3.58% 3.66%
Efficiency ratio 66.67% 65.32% 66.52% 64.38%
Efficiency ratio
excluding auto
leasing(b) 59.07% 63.17% 62.31% 62.70%
(b) Supplemental Reporting of Non-GAAP Financial Measures
Susquehanna Bancshares has presented a return on average equity
and a return on average tangible equity. We have excluded the balance
of intangible assets and their related amortization expense from our
calculation of return on average tangible equity to allow us and the
investment community to review the core operating results of our
company. 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.
Return on average
equity (GAAP basis) 10.07% 11.77% 10.91% 12.03%
Effect of excluding
average intangible
assets and related
amortization 5.53% 1.62% 3.00% 1.62%
Return on average
tangible equity 15.60% 13.39% 13.91% 13.65%
We measure our efficiency ratio by dividing noninterest expenses
by the sum of net interest income, on a FTE basis, and noninterest
income. We also compute an efficiency ratio excluding the effects of
our auto leasing subsidiary, Hann Financial. Management believes this
to be a preferred measurement because it excludes the volatility of
full-term ratios and residual values of Hann Financial and provides
more focused visibility into Susquehanna's core business activities.
Efficiency ratio (GAAP
basis) 66.67% 65.32% 66.52% 64.38%
Effect of excluding
Hann Financial 7.60% 2.15% 4.21% 1.68%
Efficiency ratio
excluding Hann
Financial 59.07% 63.17% 62.31% 62.70%
CONSOLIDATED BALANCE SHEETS
September 30, December 31, September 30,
2004 2003 2003
- ----------------------------------------------------------------------
(in thousands, except share data)
Assets
Cash and due from banks $182,857 $176,240 $164,444
Short-term investments:
Restricted 26,637 44,817 57,798
Unrestricted 26,952 34,145 38,641
- ----------------------------------------------------------------------
Total short-term
investments 53,589 78,962 96,439
- ----------------------------------------------------------------------
Securities available for
sale 1,289,222 983,882 1,018,747
Securities held to
maturity (fair values
approximate $4,602,
$4,340, and $3,784) 4,602 4,340 3,784
Loans and leases, net of
unearned income 5,166,137 4,263,272 4,147,957
Less: Allowance for
loan and lease losses 52,468 42,672 41,513
- ----------------------------------------------------------------------
Net loans and leases 5,113,669 4,220,600 4,106,444
- ----------------------------------------------------------------------
Premises and equipment,
net 80,399 62,961 59,959
Foreclosed assets 1,210 2,893 2,081
Accrued income receivable 21,711 17,494 17,192
Bank-owned life insurance 247,336 200,555 179,625
Goodwill 239,432 59,123 59,123
Intangible assets with
finite lives 12,640 4,372 4,529
Investment in
unconsolidated
subsidiaries 62,541 42,717 41,168
Other assets 140,648 98,968 99,877
- ----------------------------------------------------------------------
$7,449,856 $5,953,107 $5,853,412
======================================================================
Liabilities and Shareholders'
Equity
Deposits:
Demand $817,744 $724,474 $688,897
Interest-bearing demand 1,811,651 1,295,593 1,185,433
Savings 574,339 508,889 503,349
Time 1,375,371 1,251,058 1,250,593
Time of $100 or more 506,465 354,453 344,446
- ----------------------------------------------------------------------
Total deposits 5,085,570 4,134,467 3,972,718
Short-term borrowings 460,820 355,553 427,032
FHLB borrowings 750,049 613,850 603,105
Long-term debt 200,000 130,000 130,000
Junior subordinated
debentures 23,397 0 0
Accrued interest, taxes,
and expenses payable 58,185 35,791 37,987
Deferred taxes 94,431 104,281 93,865
Other liabilities 30,991 31,783 47,496
- ----------------------------------------------------------------------
Total liabilities 6,703,443 5,405,725 5,312,203
- ----------------------------------------------------------------------
Shareholders' equity:
Common stock, $2.00 par
value, 100,000,000
shares authorized;
Issued: 46,504,941 at
September 30, 2004,
39,861,317 at
December 31, 2003,
and 39,828,643 at
September 30, 2003 93,010 79,723 79,657
Additional paid-in
capital 225,021 66,264 65,714
Retained earnings 426,607 403,450 398,198
Accumulated other
comprehensive income
(loss), net of taxes
of $956, ($1,107), and
($1,271) 1,775 (2,055) (2,360)
Total shareholders'
equity 746,413 547,382 541,209
- ----------------------------------------------------------------------
$7,449,856 $5,953,107 $5,853,412
======================================================================
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Nine Months Ended
September 30, September 30,
- --------------------------------------------------- ------------------
(Dollars in thousands, except per
share data) 2004 2003 2004 2003
- --------------------------------------------------- ------------------
Interest Income:
Loans and leases, including
fees $74,255 $61,165 $198,790 $184,000
Securities:
Taxable 11,761 6,526 29,174 28,380
Tax-exempt 508 322 1,067 1,156
Dividends 765 249 1,655 898
Short-term investments 159 180 543 542
- --------------------------------------------------- ------------------
Total interest income 87,448 68,442 231,229 214,976
- --------------------------------------------------- ------------------
Interest Expense:
Deposits:
Interest-bearing demand 5,092 2,115 11,452 7,258
Savings 655 399 1,487 1,608
Time 12,554 12,340 35,977 39,439
Short-term borrowings 1,228 950 2,646 2,718
FHLB borrowings 5,946 5,419 16,254 17,054
Long-term debt 3,561 2,398 8,965 7,780
- --------------------------------------------------- ------------------
Total interest expense 29,036 23,621 76,781 75,857
- --------------------------------------------------- ------------------
Net interest income 58,412 44,821 154,448 139,119
Provision for loan and lease
losses 2,783 2,665 6,590 7,545
- --------------------------------------------------- ------------------
Net interest income, after
provision for loan and lease
losses 55,629 42,156 147,858 131,574
- --------------------------------------------------- ------------------
Noninterest Income:
Service charges on deposit
accounts 5,955 5,283 16,270 14,573
Vehicle origination, servicing,
and securitization fees 4,894 6,550 15,575 21,120
Asset management fees 3,784 2,570 10,478 7,369
Income from fiduciary-related
activities 1,434 1,442 4,260 4,390
Commissions on brokerage, life
insurance and annuity sales 943 735 2,999 1,511
Commissions on property and
casualty insurance sales 2,101 1,860 6,690 6,092
Income from bank-owned life
insurance 2,430 1,864 6,694 4,939
Net gain on sale of loans and
leases 977 3,888 7,625 8,828
Net gain on securities 3,770 1,926 4,338 2,110
Other 3,834 2,562 9,621 8,163
- --------------------------------------------------- ------------------
Total noninterest income 30,122 28,680 84,550 79,095
- --------------------------------------------------- ------------------
Noninterest Expenses:
Salaries and employee benefits 28,331 23,699 78,127 68,401
Occupancy 4,160 3,357 11,544 10,256
Furniture and equipment 2,388 1,985 6,675 6,454
Amortization of intangible
assets 413 157 792 470
Vehicle residual value 1,663 1,758 4,053 4,833
Vehicle delivery and
preparation 4,596 3,531 11,291 9,116
Other 17,951 13,862 47,685 42,055
- --------------------------------------------------- ------------------
Total noninterest expenses 59,502 48,349 160,167 141,585
- --------------------------------------------------- ------------------
Income before income taxes 26,249 22,487 72,241 69,084
Provision for income taxes 7,743 6,513 21,310 20,725
- --------------------------------------------------- ------------------
Net Income $18,506 $15,974 $50,931 $48,359
- --------------------------------------------------- ------------------
Earnings per share:
Basic $0.40 $0.40 $1.20 $1.22
Diluted $0.40 $0.40 $1.19 $1.21
Cash dividends $0.22 $0.22 $0.66 $0.64
Average shares outstanding:
Basic 46,478 39,789 42,596 39,712
Diluted 46,711 40,127 42,883 39,998
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY
Interest rates and interest differential-taxable equivalent basis
- ----------------------------------------------------------------------
For the Three Month For the Three Month
Period Ended Period Ended
September 30, 2004 September 30, 2003
- ----------------------------------------------------------------------
Average Rate Average Rate
(Dollars in thousands) Balance Interest (%) Balance Interest (%)
- ----------------------------------------------------------------------
Assets
Short-term investments $56,212 $160 1.13 $88,651 $180 0.81
Investment securities:
Taxable 1,306,170 12,525 3.81 1,120,148 6,775 2.40
Tax-advantaged 43,971 781 7.07 27,580 497 7.15
- ----------------------------------------------------------------------
Total investment
securities 1,350,141 13,306 3.92 1,147,728 7,272 2.51
- ----------------------------------------------------------------------
Loans and leases,
(net):
Taxable 4,996,775 73,448 5.85 3,954,132 60,529 6.07
Tax-advantaged 80,350 1,242 6.15 57,458 978 6.76
- ----------------------------------------------------------------------
Total loans and
leases 5,077,125 74,690 5.85 4,011,590 61,507 6.08
- ----------------------------------------------------------------------
Total interest-earning
assets 6,483,478 $88,156 5.41 5,247,969 $68,959 5.21
------- ----- ------- -----
Allowance for loan and
lease losses (53,562) (40,954)
Other non-earning
assets 930,719 598,986
- --------------------------------- -----------
Total assets $7,360,635 $5,806,001
- --------------------------------- -----------
Liabilities
Deposits:
Interest-bearing
demand $1,822,372 $5,092 1.11 $1,204,135 $2,115 0.70
Savings 589,745 655 0.44 505,371 399 0.31
Time 1,843,671 12,554 2.71 1,581,929 12,340 3.09
Short-term borrowings 417,090 1,229 1.17 409,120 950 0.92
FHLB borrowings 732,242 5,946 3.23 611,116 5,419 3.52
Long-term debt 224,451 3,560 6.31 133,261 2,398 7.14
- ----------------------------------------------------------------------
Total interest-bearing
liabilities 5,629,571 $29,036 2.05 4,444,932 $23,621 2.11
------- ----- ------- -----
Demand deposits 824,583 664,312
Other liabilities 175,075 158,500
- --------------------------------- -----------
Total liabilities 6,629,229 5,267,744
- --------------------------------- -----------
Equity 731,406 538,257
- --------------------------------- -----------
Total liabilities &
shareholders' equity $7,360,635 $5,806,001
- --------------------------------- -----------
Net interest income /
yield on average
earning assets $59,120 3.63 $45,338 3.43
------- ----- ------- -----
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.
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY
(continued)
Interest rates and interest differential-taxable equivalent basis
- ----------------------------------------------------------------------
For the Nine Month For the Nine Month
Period Ended Period Ended
September 30, 2004 September 30, 2003
- ----------------------------------------------------------------------
(Dollars in Average Rate Average Rate
thousands) Balance Interest (%) Balance Interest (%)
- ----------------------------------------------------------------------
Assets
Short-term
investments $75,565 $543 0.96 $73,741 $542 0.98
Investment
securities:
Taxable 1,136,607 30,829 3.62 1,145,737 29,278 3.42
Tax-advantaged 29,703 1,642 7.38 33,260 1,780 7.16
- ----------------------------------------------------------------------
Total investment
securities 1,166,310 32,471 3.72 1,178,997 31,058 3.52
- ----------------------------------------------------------------------
Loans and leases,
(net):
Taxable 4,518,955 196,548 5.81 3,831,914 181,976 6.35
Tax-advantaged 73,417 3,449 6.28 55,750 3,114 7.47
- ----------------------------------------------------------------------
Total loans and
leases 4,592,372 199,997 5.82 3,887,664 185,090 6.37
- ----------------------------------------------------------------------
Total interest-
earning assets 5,834,247 $233,011 5.33 5,140,402 $216,690 5.64
-------- ----- -------- -----
Allowance for loan
and lease losses (47,545) (40,511)
Other non-earning
assets 766,334 568,308
- ------------------------------- -----------
Total assets $6,553,036 $5,668,199
- ------------------------------- -----------
Liabilities
Deposits:
Interest-bearing
demand $1,589,569 $11,452 0.96 $1,176,731 $7,258 0.82
Savings 547,022 1,487 0.36 494,588 1,608 0.43
Time 1,721,819 35,977 2.79 1,600,991 39,439 3.29
Short-term
borrowings 343,166 2,646 1.03 342,440 2,718 1.06
FHLB borrowings 611,950 16,255 3.55 584,119 17,054 3.90
Long-term debt 179,669 8,964 6.66 145,275 7,780 7.16
- ----------------------------------------------------------------------
Total interest-
bearing liabilities 4,993,195 $76,781 2.05 4,344,144 $75,857 2.33
-------- ----- -------- -----
Demand deposits 759,997 628,619
Other liabilities 176,115 158,016
- ------------------------------- -----------
Total liabilities 5,929,307 5,130,779
- ------------------------------- -----------
Equity 623,729 537,420
- ------------------------------- -----------
Total liabilities &
shareholders'
equity $6,553,036 $5,668,199
- ------------------------------- -----------
Net interest income
/ yield on average
earning assets $156,230 3.58 $140,833 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,
(in thousands) 2004 2003 2003
- ----------------------------------------------------------------------
Commercial, financial, and
agricultural $724,719 $621,438 $600,290
Real estate - construction 654,702 549,672 507,765
Real estate secured -
residential 1,611,456 1,306,371 1,329,919
Real estate secured -
commercial 1,246,638 1,016,360 985,302
Consumer 356,620 337,989 334,753
Leases 572,002 431,442 389,928
- ----------------------------------------------------------------------
Total loans and leases $5,166,137 $4,263,272 $4,147,957
- ----------------------------------------------------------------------
CONTACT: Susquehanna Bancshares, Inc.
Gregg M. Lampf, 717-625-6305
ir@susqbanc.com