Exhibit 99.1
Susquehanna Bancshares, Inc. Announces Full Year and Fourth Quarter Results;
Company Meets 2004 Organic Growth Targets, Quarter-Over-Quarter Profitability
Improvements
LITITZ, Pa.--(BUSINESS WIRE)--Jan. 25, 2005--Susquehanna
Bancshares, Inc., (Susquehanna) (Nasdaq:SUSQ) today announced net
income for the year ended December 31, 2004, was $70.2 million, or
$1.60 per diluted share, compared to the $62.4 million, or $1.56 per
diluted share, earned in 2003. Net income for the fourth quarter of
2004 was $19.2 million, or $0.41 per diluted share, compared to $14.0
million for the fourth quarter of 2003, or $0.35 per diluted share.
Full Year/Fourth Quarter Financial Highlights
-- Total deposits grew 24%, rising to $5.1 billion from $4.1
billion in the fourth quarter of 2003. Excluding Patriot Bank
Corp., which was acquired on June 10, 2004, and 2004 branch
sales, this increase was 10%.
-- Loans and leases grew 23%, rising to $5.3 billion from $4.3
billion in the fourth quarter of 2003. Excluding Patriot this
increase was 8%.
-- Total assets grew 26%, rising to $7.5 billion from $6.0
billion in the fourth quarter of 2003. Excluding Patriot this
increase was 6%.
-- Credit quality remains strong, highlighted by:
-- The net charge-offs to average loans ratio remained low
and improved to 0.16% for 2004 compared with 0.18% for
2003.
-- The nonperforming assets to total loans, leases and OREO
ratio improved to 0.41% at December 31, 2004, from 0.65%
at December 31, 2003.
-- Fourth quarter profitability measurements improved in every
category, highlighted by:
-- Return of average assets improvement to 1.03% as compared
to 0.94% in the fourth quarter 2003.
-- Return on average tangible equity(1) increased to 15.71%
from 11.72% in the fourth quarter of 2003.
-- Efficiency ratios improved both on a GAAP and non-GAAP basis,
led by the efficiency ratio excluding Hann Financial Services
Corp. (Hann)(1), which improved to 58% from 61% in the fourth
quarter 2003.
-- Net interest margin increased to 3.67% from 3.62% in the
fourth quarter of 2003.
Total assets under management and under administration were $5.0
billion at December 31, 2004, up from $4.2 billion at December 31,
2003, representing 19% growth. Excluding Patriot this increase was
11%.
Equity capital was $752 million at December 31, 2004, or $16.13
per share, compared to $547 million at December 31, 2003, or $13.73
per share.
Susquehanna's fully diluted EPS guidance for 2005 is $1.70 to
$1.80.
Linked Quarter Highlights (Fourth Quarter 2004 vs. Third Quarter
2004):
-- Deposits, excluding branch sales, increased 2% to $5.1
billion.
-- Loan and leases increased 2% to $5.3 billion.
-- Net income increased 4% to $19.2 million from $18.5 million in
the third quarter of 2004.
-- Efficiency ratio excluding Hann(1) improved to 58% from 59% in
the third quarter of 2004.
-- Net interest margin improved to 3.67% from 3.63% in the third
quarter of 2004.
(1)A non-GAAP financial measure. The most comparable GAAP
measurement for return on average tangible equity is return on average
equity. The most comparable measurement for efficiency ratio excluding
Hann is efficiency ratio including Hann. 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."
"With hard work and commitment from our employees, we met our 2004
growth targets and improved quarter over quarter profitability," said
Susquehanna Chairman, President and CEO William J. Reuter. "We
continue to set aggressive goals for ourselves and are working hard to
strengthen our organization in 2005."
Susquehanna's 2006 targets include a tangible return on equity of
17 percent and an efficiency ratio excluding Hann of 57 percent. The
recent launch of Susquehanna's corporate-wide branding and bank
realignment project should improve the company's efficiency ratio in
2005 and into 2006. The project, slated for completion in the second
quarter of 2005, consolidates the company's eight banks into three and
brands all bank and non-bank affiliates with the Susquehanna identity.
"We already are seeing positive results, for the company and the
customer, even in the initial stages of this project," said Reuter.
"We anticipate even more substantial results for our customers and our
shareholders as the project continues."
Susquehanna's 2004 acquisition of Patriot Bank Corp. strengthened
the company's eastern Pennsylvania presence and affirmed the company's
stated intent for strategic acquisitions in high-growth markets.
Reuter said Susquehanna will continue to seek small acquisitions,
particularly in the wealth management arena. However, he added the
company is also ready to act should an attractive bank opportunity
arise.
Additional Highlights
-- Susquehanna launched its corporate-wide branding strategy and
bank realignment project in October 2004. Along with a name
and brand identity change, the company is combining its eight
banking subsidiaries into three. The branding and realignment
will provide customers access to more banking offices and will
create banks of greater size allowing Susquehanna to increase
its presence in target markets. The company anticipates an
improvement in its efficiency ratio which should have a
positive effect on future earnings and shareholder value.
-- Susquehanna affiliate Susquehanna Bank PA moved into its new
37,000 square-foot headquarters building in Manheim Township,
Lancaster, Pa. The building houses over 60 employees from
Susquehanna Bank's executive administration, commercial
lending, loan underwriting and branch administration groups.
It also houses offices of Susquehanna's wealth management
affiliate Susquehanna Trust & Investment Company. The first
floor of the building features a 3,200 square-foot,
state-of-the-art, full-service branch office. This is the
bank's first newly constructed branch since its name and brand
change in November 2004 from Farmers First Bank to Susquehanna
Bank PA.
-- Susquehanna and its employees launched an internal campaign to
aid relief efforts in the areas affected by the South Asia
tsunami. The company distributed campaign envelopes to all of
its 2,300 employees and board of directors in Pennsylvania,
Maryland, New Jersey and West Virginia to collect donations to
fund AmeriCares, the American Red Cross, Mennonite Central
Committee and the United Way South Asia Response Fund.
Susquehanna will match all employee donations, dollar for
dollar, up to $25,000. The company's goal is a collective gift
of more than $50,000 to the campaign's relief organizations.
-- Susquehanna was recently named a Silver Award winner in First
Manhattan Consulting Group's (FMCG) ""Up and Comer" category
for recent organic retail banking revenue growth. This
recognition is based on Susquehanna's branch-based
same-store-sales deposit growth being two to three-times
faster than the industry average achieved by the top 150 banks
during the past two years. FMCG's clients include 80% of the
70 largest U.S. holding companies, major international banks
from 22 countries, and most of the major national brokerage
firms and leading regional brokerages, among others.
Susquehanna announced it will broadcast its fourth quarter results
conference call over the Internet on January 26, 2004, at 11 a.m.
Eastern time. Investors will have the opportunity to listen to the
conference call through a live broadcast at www.susquehanna.net. 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 $7.5 billion. It provides financial
services through its subsidiaries at 175 locations in the mid-Atlantic
region. In addition to its current six 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.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. 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 tangible return on equity,
branding strategy and internal realignment plans and their potential
impact on the company's efficiency ratios and general financial
results. The conference call will include management's discussion of
fourth quarter and year end 2004 results, a brief update of the auto
leasing business, the branding and bank realignment projects, and may
also include forward-looking information such as financial guidance
and goals for 2005 and 2006. 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)
Twelve Months
----------------------
4Q04 4Q03 2004 2003
----------- ---------- ----------- ----------
Balance Sheet (EOP)
Investments $1,245,414 $988,222 $1,245,414 $988,222
Loans and leases 5,253,008 4,263,272 5,253,008 4,263,272
Allowance for loan &
lease losses (ALLL) 54,093 42,672 54,093 42,672
Total assets 7,475,073 5,953,107 7,475,073 5,953,107
Deposits 5,130,682 4,134,467 5,130,682 4,134,467
Short-term borrowings 420,868 355,553 420,868 355,553
FHLB borrowings 751,220 613,850 751,220 613,850
Long-term debt 223,277 130,000 223,277 130,000
Shareholders' equity 751,694 547,382 751,694 547,382
Stated Book Value per
Share 16.13 13.73 16.13 13.73
Tangible Book Value per
Share 10.71 12.14 10.71 12.14
Average Balance Sheet
Investments 1,272,493 1,007,239 1,193,001 1,135,705
Loans and leases 5,195,044 4,212,486 4,743,864 3,969,532
Total earning assets 6,530,531 5,308,399 6,009,270 5,182,742
Total assets 7,443,725 5,891,697 6,776,782 5,724,526
Deposits 5,156,432 4,064,984 4,753,649 3,942,279
Short-term borrowings 403,567 381,309 358,348 352,271
FHLB borrowings 725,120 596,760 640,397 587,305
Long-term debt 223,354 130,000 190,649 141,425
Shareholders' equity 744,774 541,381 654,155 538,418
Income Statement
Net interest income 59,570 47,887 214,018 187,006
Loan & lease loss
provision 3,430 2,677 10,020 10,222
Noninterest income 30,040 22,656 114,590 101,750
Noninterest expense 58,875 47,846 219,042 189,430
Income before taxes 27,305 20,020 99,546 89,104
Income taxes 8,056 6,006 29,366 26,731
Net income 19,249 14,014 70,180 62,373
Basic earnings per share 0.41 0.35 1.61 1.57
Diluted earnings per
share 0.41 0.35 1.60 1.56
Cash dividends paid per
share 0.23 0.22 0.89 0.86
Asset Quality
Net charge-offs (NCO) $1,805 $1,518 $7,748 $7,221
Nonaccrual loans &
leases 20,406 19,037 20,406 19,037
Restructured loans 0 5,823 0 5,823
OREO 1,340 2,893 1,340 2,893
Total nonperforming
assets (NPA) 21,746 27,753 21,746 27,753
Loans & leases 90 days
past due 10,217 6,538 10,217 6,538
RATIO ANALYSIS 4Q04 4Q03 2004 2003
----------- ---------- ----------- ----------
Credit Quality
NCO / Average loans &
leases 0.14% 0.14% 0.16% 0.18%
NPA / Loans & leases &
OREO 0.41% 0.65% 0.41% 0.65%
ALLL / Nonperforming
loans & leases 265.08% 171.65% 265.08% 171.65%
ALLL / Total loans &
leases 1.03% 1.00% 1.03% 1.00%
Capital Adequacy
Equity / Assets 10.06% 9.19% 10.06% 9.19%
Long-term debt / Equity 29.70% 23.75% 29.70% 23.75%
Profitability
Return on average assets 1.03% 0.94% 1.04% 1.09%
Return on average equity 10.28% 10.27% 10.73% 11.58%
Return on average
tangible equity (1) 15.71% 11.72% 14.36% 13.16%
Net interest margin 3.67% 3.62% 3.60% 3.65%
Efficiency ratio 65.18% 67.31% 66.15% 65.09%
Efficiency ratio
excluding Hann (1) 57.93% 60.91% 61.09% 62.25%
(1)Supplemental Reporting of Non-GAAP Financial Measures
Susquehanna has presented a return on average tangible equity,
which is a non-GAAP financial measure and is most directly comparable
to the GAAP measurement of return on average equity. For purposes of
computing 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
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. A reconciliation of return on average
tangible equity to return on average equity is set forth below.
Return on average equity
(GAAP basis) 10.28% 10.27% 10.73% 11.58%
Effect of excluding
average intangible
assets and related
amortization 5.43% 1.45% 3.63% 1.58%
Return on average
tangible equity 15.71% 11.72% 14.36% 13.16%
Susquehanna has presented an efficiency ratio excluding Hann, which is
a non-GAAP financial measure and is most directly comparable to the
GAAP presentation of efficiency ratio. We measure our efficiency ratio
by dividing noninterest expenses by the sum of net interest income, on
a FTE basis, and noninterest income. The presentation of an efficiency
ratio excluding Hann is computed as the efficiency ratio excluding the
effects of our auto leasing subsidiary, Hann. Management believes this
to be a preferred measurement because it excludes the volatility of
full-term ratios, securitization gains, and residual values of Hann
and provides more focused visibility into our core business
activities. A reconciliation of efficiency ratio excluding Hann to
efficiency ratio is set forth below.
Efficiency ratio (GAAP basis) 65.18% 67.31% 66.15% 65.09%
Effect of excluding Hann 7.25% 6.40% 5.06% 2.84%
Efficiency ratio excluding
Hann 57.93% 60.91% 61.09% 62.25%
CONSOLIDATED BALANCE SHEETS
December 31, December 31,
2004 2003
------------- -------------
(in thousands, except share
data)
Assets
Cash and due from banks $160,574 $176,240
Short-term investments:
Restricted 27,190 44,817
Unrestricted 31,544 34,145
------------- -------------
Total short-term investments 58,734 78,962
------------- -------------
Securities available for sale 1,240,945 983,882
Securities held to maturity (fair values
approximate $4,469 and $4,340) 4,469 4,340
Loans and leases, net of unearned income 5,253,008 4,263,272
Less: Allowance for loan and lease
losses 54,093 42,672
------------- -------------
Net loans and leases 5,198,915 4,220,600
------------- -------------
Premises and equipment, net 83,606 62,961
Foreclosed assets 1,340 2,893
Accrued income receivable 21,661 17,494
Bank-owned life insurance 249,691 200,555
Goodwill 240,670 59,123
Intangible assets with finite lives 11,960 4,372
Investment in and receivables from
unconsolidated entities 68,384 42,717
Other assets 134,124 98,968
------------- -------------
$7,475,073 $5,953,107
============= =============
Liabilities and Shareholders'
Equity
Deposits:
Demand $853,411 $724,474
Interest-bearing demand 1,765,077 1,295,593
Savings 559,530 508,889
Time 1,367,282 1,251,058
Time of $100 or more 585,382 354,453
------------- -------------
Total deposits 5,130,682 4,134,467
Short-term borrowings 420,868 355,553
FHLB borrowings 751,220 613,850
Long-term debt 200,000 130,000
Junior subordinated debentures 23,277 0
Accrued interest, taxes, and expenses
payable 41,255 35,791
Deferred taxes 114,050 104,281
Other liabilities 42,027 31,783
------------- -------------
Total liabilities 6,723,379 5,405,725
------------- -------------
Shareholders' equity:
Common stock, $2.00 par value,
100,000,000 shares authorized;
Issued: 46,592,930 at December 31,
2004, and 39,861,317 at December
31, 2003 93,186 79,723
Additional paid-in capital 226,384 66,264
Retained earnings 435,159 403,450
Accumulated other comprehensive loss,
net of taxes of ($1,634) and ($1,107) (3,035) (2,055)
------------- -------------
Total shareholders' equity 751,694 547,382
------------- -------------
$7,475,073 $5,953,107
============= =============
CONSOLIDATED STATEMENTS OF INCOME
Three Months
Ended Year Ended
December 31, December 31,
- -------------------------------- ----------------- -------------------
(Dollars in thousands, except
per share data) 2004 2003 2004 2003
- -------------------------------- -------- -------- --------- ---------
Interest Income:
Loans and leases, including
fees $78,074 $61,979 $276,864 $245,980
Securities:
Taxable 11,209 8,414 40,383 36,793
Tax-exempt 499 283 1,566 1,441
Dividends 476 203 2,131 1,101
Short-term investments 272 164 815 705
-------- -------- --------- ---------
Total interest income 90,530 71,043 321,759 286,020
-------- -------- --------- ---------
Interest Expense:
Deposits:
Interest-bearing demand 5,350 2,215 16,802 9,473
Savings 629 391 2,115 1,999
Time 13,508 11,981 49,485 51,419
Short-term borrowings 1,614 863 4,260 3,583
FHLB borrowings 6,274 5,366 22,529 22,420
Long-term debt 3,585 2,340 12,550 10,120
-------- -------- --------- ---------
Total interest expense 30,960 23,156 107,741 99,014
-------- -------- --------- ---------
Net interest income 59,570 47,887 214,018 187,006
Provision for loan and lease
losses 3,430 2,677 10,020 10,222
-------- -------- --------- ---------
Net interest income, after
provision for loan and lease
losses 56,140 45,210 203,998 176,784
-------- -------- --------- ---------
Noninterest Income:
Service charges on deposit
accounts 5,643 5,225 21,913 19,798
Vehicle origination, servicing,
and securitization fees 4,208 5,012 19,783 26,132
Asset management fees 3,934 2,904 14,411 10,274
Income from fiduciary-related
activities 1,972 1,392 6,232 5,783
Commissions on brokerage, life
insurance and annuity sales 1,013 549 4,012 2,059
Commissions on property and
casualty insurance sales 2,501 2,262 9,191 8,354
Income from bank-owned life
insurance 2,411 2,024 9,105 6,963
Net gain on sale of loans and
leases 2,019 872 9,645 9,700
Net gain on securities 346 0 4,683 2,110
Other 5,993 2,416 15,615 10,577
-------- -------- --------- ---------
Total noninterest income 30,040 22,656 114,590 101,750
-------- -------- --------- ---------
Noninterest Expenses:
Salaries and employee benefits 27,999 22,749 106,127 91,151
Occupancy 4,174 3,557 15,718 13,813
Furniture and equipment 2,384 2,258 9,059 8,712
Amortization of intangible
assets 332 157 1,124 626
Vehicle residual value 1,668 1,653 5,721 6,486
Vehicle delivery and
preparation 4,231 3,818 14,430 12,934
Other 18,087 13,654 66,863 55,708
-------- -------- --------- ---------
Total noninterest expenses 58,875 47,846 219,042 189,430
-------- -------- --------- ---------
Income before income taxes 27,305 20,020 99,546 89,104
Provision for income taxes 8,056 6,006 29,366 26,731
-------- -------- --------- ---------
Net Income $19,249 $14,014 $70,180 $62,373
======== ======== ========= =========
Earnings per share:
Basic $0.41 $0.35 $1.61 $1.57
Diluted $0.41 $0.35 $1.60 $1.56
Cash dividends $0.23 $0.22 $0.89 $0.86
Average shares outstanding:
Basic 46,533 39,833 43,585 39,742
Diluted 46,797 40,165 43,872 40,037
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
December 31, 2004 December 31, 2003
- ------------------------------------------- --------------------------
(Dollars in Average Rate Average Rate
thousands) Balance Interest (%) Balance Interest (%)
- ------------------------------------------ --------------------------
Assets
Short-term
investments $62,994 $272 1.72 $88,674 $164 0.73
Investment
securities:
Taxable 1,229,112 11,685 3.78 983,574 8,617 3.48
Tax-
advantaged 43,381 768 7.04 23,665 435 7.30
- --------------------------- ------- ---------- -------
Total
investment
securities 1,272,493 12,453 3.89 1,007,239 9,052 3.57
- --------------------------- ------- ---------- -------
Loans and
leases, (net):
Taxable 5,113,082 77,233 6.01 4,143,131 61,258 5.87
Tax-
advantaged 81,962 1,294 6.28 69,355 1,109 6.35
- --------------------------- ------- ---------- -------
Total loans
and leases 5,195,044 78,527 6.01 4,212,486 62,367 5.87
- --------------------------- ------- ---------- -------
Total interest-
earning assets 6,530,531 $91,252 5.56 5,308,399 $71,584 5.35
------- -------
Allowance for
loan and lease
losses (53,379) (41,926)
Other non-
earning assets 966,573 625,224
- --------------------------- ----------
Total assets $7,443,725 $5,891,697
- --------------------------- ----------
Liabilities
Deposits:
Interest-
bearing
demand $1,792,287 $5,351 1.19 $1,251,816 $2,215 0.70
Savings 570,604 629 0.44 508,749 391 0.30
Time 1,939,840 13,508 2.77 1,602,991 11,981 2.97
Short-term
borrowings 403,567 1,614 1.59 381,309 863 0.90
FHLB borrowings 725,120 6,274 3.44 596,760 5,366 3.57
Long-term debt 223,354 3,585 6.39 130,000 2,340 7.14
- --------------------------- ------- ---------- -------
Total interest-
bearing
liabilities 5,654,772 $30,961 2.18 4,471,625 $23,156 2.05
------- -------
Demand deposits 853,701 701,428
Other
liabilities 190,478 177,263
- --------------------------- ----------
Total
liabilities 6,698,951 5,350,316
- --------------------------- ----------
Equity 744,774 541,381
- --------------------------- ----------
Total
liabilities &
shareholders'
equity $7,443,725 $5,891,697
- --------------------------- ----------
Net interest
income / yield
on average
earning assets $60,291 3.67 $48,428 3.62
------- -------
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 Twelve Month For the Twelve Month
Period Ended Period Ended
December 31, 2004 December 31, 2003
- ------------------------------------------- --------------------------
(Dollars in Average Rate Average Rate
thousands) Balance Interest (%) Balance Interest (%)
- ------------------------------------------ --------------------------
Assets
Short-term
investments $72,405 $815 1.13 $77,505 $705 0.91
Investment
securities:
Taxable 1,159,860 42,513 3.67 1,104,863 37,893 3.43
Tax-
advantaged 33,141 2,411 7.27 30,842 2,217 7.19
- --------------------------- ------- ---------- -------
Total
investment
securities 1,193,001 44,924 3.77 1,135,705 40,110 3.53
- --------------------------- ------- ---------- -------
Loans and leases,
(net):
Taxable 4,668,299 273,781 5.86 3,910,353 243,236 6.22
Tax-
advantaged 75,565 4,743 6.28 59,179 4,222 7.13
- --------------------------- ------- ---------- -------
Total loans
and leases 4,743,864 278,524 5.87 3,969,532 247,458 6.23
- --------------------------- ------- ---------- -------
Total interest-
earning assets 6,009,270 $324,263 5.40 5,182,742 $288,273 5.56
-------- --------
Allowance for
loan and lease
losses (49,012) (40,868)
Other non-earning
assets 816,524 582,652
- --------------------------- ----------
Total assets $6,776,782 $5,724,526
- --------------------------- ----------
Liabilities
Deposits:
Interest-
bearing
demand $1,640,525 $16,803 1.02 $1,195,656 $9,473 0.79
Savings 552,950 2,115 0.38 498,157 1,999 0.40
Time 1,776,623 49,484 2.79 1,601,495 51,419 3.21
Short-term
borrowings 358,348 4,261 1.19 352,271 3,582 1.02
FHLB borrowings 640,397 22,529 3.52 587,305 22,420 3.82
Long-term debt 190,649 12,550 6.58 141,425 10,120 7.16
- --------------------------- ------- ---------- -------
Total interest-
bearing
liabilities 5,159,492 $107,742 2.09 4,376,309 $99,013 2.26
-------- --------
Demand deposits 783,551 646,971
Other liabilities 179,584 162,828
- --------------------------- ----------
Total
liabilities 6,122,627 5,186,108
- --------------------------- ----------
Equity 654,155 538,418
- --------------------------- ----------
Total liabilities &
shareholders'
equity $6,776,782 $5,724,526
- --------------------------- ----------
Net interest income
/ yield on average
earning assets $216,521 3.60 $189,260 3.65
-------- --------
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:
December 31, December 31,
2004 2003
----------- -----------
(in thousands)
Commercial, financial, and agricultural $760,106 $621,438
Real estate - construction 741,360 549,672
Real estate secured - residential 1,611,999 1,306,371
Real estate secured - commercial 1,253,053 1,016,360
Consumer 351,846 337,989
Leases 534,644 431,442
----------- -----------
Total loans and leases $5,253,008 $4,263,272
=========== ===========
CONTACT: Susquehanna Bancshares, Inc.
Gregg M. Lampf, 717-625-6305
ir@susqbanc.com