Exhibit 99.1
Susquehanna Bancshares, Inc. Announces Third Quarter Results
LITITZ, Pa.--(BUSINESS WIRE)--Oct. 24, 2005--Susquehanna
Bancshares, Inc., (Susquehanna) (Nasdaq:SUSQ) today announced net
income for the third quarter of 2005 was $17.8 million, or $0.38 per
diluted share, compared to $18.5 million, or $0.40 per diluted share,
for the third quarter of 2004.
Third Quarter Financial Highlights:
- -- Net loans and leases grew 3% from September 30, 2004, and when
the effects of the March 2005 auto lease securitization are
considered, the portfolio grew 10%.
-- Real estate construction loans increased 37% to $896 million
at September 30, 2005.
-- Commercial loans increased 12% to $810 million at September
30, 2005.
- -- Total deposits grew 4% to $5.3 billion at September 30, 2005.
-- Demand deposits grew 10% to $901 million at September 30,
2005.
- -- Net interest margin increased 11 basis points to 3.74% compared
to 3.63% in the third quarter of 2004.
- -- Net charge-offs as a percentage of average loans and leases were
0.29% at September 30, 2005, compared to 0.24% at September 30,
2004. Non-performing assets as a percentage of loans, leases and
other real estate owned were 0.42% and 0.38% for the same period.
- -- Wealth management fee income increased 14% to $7.0 million from
$6.2 million in the third quarter of 2004. Commission income
from property and casualty insurance sales increased 13% to $2.4
million from $2.1 million for the same period.
Linked Quarter Highlights (Third Quarter 2005 vs. Second Quarter 2005)
- -- Net loans and leases grew 3% from June 30, 2005.
-- Real estate construction loans increased 7% to $896 million
at September 30, 2005.
- -- Total deposits grew 4% from June 30, 2005.
- -- Net interest margin decreased 7 basis points to 3.74% from 3.81%
in the second quarter of 2005.
Return on average assets and average equity for the third quarter
of 2005 finished at 0.95% and 9.29%, respectively. This compared to
the third quarter of 2004 with 1.00% and 10.07%, for the same
measurements, respectively. Return on average assets and average
equity for the first nine months of 2005 were 0.94% and 9.22%,
respectively. This compared to 1.04% and 10.91% for the first nine
months of 2004.
Equity capital was $768 million at September 30, 2005, or $16.40
per share, compared to $746 million at September 30, 2004, or $16.05
per share.
Susquehanna's previously disclosed six bank branch sales are
expected to occur in the fourth quarter of 2005, pending regulatory
approval. The combined transactions represent approximately $93
million of deposits and are expected to generate a pre-tax gain of
approximately $8.6 million. These results should be included in the
company's fourth quarter 2005 earnings report.
The branch sales are part of Susquehanna's long-term strategy to
optimize current branch locations and expand in higher growth markets
in its Pennsylvania, Maryland, New Jersey and West Virginia footprint.
As part of this strategy Susquehanna opened five new branches to date
in 2005 in the following locations: Lancaster, Pa. (2 branches);
Conshohocken, Pa.; Lumberton, N.J.; and Owings Mills, Md. A sixth new
branch opening is planned in December 2005 in Pikesville, Md. Deposits
generated within the first year of operation at the six new branches
are expected to exceed the $93 million of deposits sold.
We are revising our 2005 fully diluted EPS guidance to a range of
$1.65 to $1.70 per share. Further discussion of guidance will take
place on the conference call scheduled for October 25, 2005, at 11:00
a.m. Eastern time.
Additional Activity:
- -- The board of directors of Susquehanna Bancshares, Inc. has
declared a fourth quarter dividend of $0.24 per share on its
common stock, payable on November 18, 2005 to shareholders of
record October 31, 2005. This represents a 4.3% increase from the
third quarter dividend of $0.23 per share. Susquehanna has
increased its dividend every year since it was formed in 1982.
- -- Susquehanna recently launched a new image advertising campaign
focusing specifically on reinforcing its brand in the
marketplace. With bold use of its blue and green brand colors and
the distinctive message "Susquehanna --- A smarter way to money,"
this campaign encourages customers to look to Susquehanna as the
best partner to help them meet their financial goals by using
print ads, TV and radio commercials as well as other traditional
and non-traditional promotional efforts to build awareness.
- -- Susquehanna has once again been recognized as one of the 50
Fastest Growing Companies in Central Pennsylvania, by the Central
Penn Business Journal. The list was determined based on dollar
and percentage growth in revenue from 2002 to 2004.
"Our third quarter results were impacted by a decrease in net
interest margin resulting from the special rate offered in our Indexed
Money Market promotion. Despite the impact on margin, this promotion
has created over $600 million in deposit increases for Susquehanna
through September 30," said Susquehanna Chairman, President and CEO
William J. Reuter. "Our double-digit increases in both demand deposits
and net loans and leases demonstrate our employees' ability to develop
new customer relationship opportunities as well as continue strong
existing relationships within the communities we serve."
Susquehanna will broadcast its third quarter results conference
call over the Internet on October 25, 2005 at 11:00 a.m. Eastern time.
The conference call will include management's discussion of third
quarter results and may include forward-looking information such as
matters affecting earnings and 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.susquehanna.net. To listen to the live call, please go to the
Investor Relations section of Susquehanna's Web site at least fifteen
minutes prior to the broadcast to download and install any necessary
audio software. For those who are unable to listen to the live
broadcast, an archive will be available on the Web site shortly after
the call concludes.
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 156 locations in the mid-Atlantic
region. In addition to its current three 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. 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 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.
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
SUMMARY FINANCIAL INFORMATION
(Dollars in thousands, except per share data)
Nine Months
-----------------------
3Q05 3Q04 2005 2004
----------- ----------- ----------- -----------
Balance Sheet (EOP)
Investments $1,168,043 $1,293,824 $1,168,043 $1,293,824
Loans and leases 5,334,008 5,166,137 5,334,008 5,166,137
Allowance for loan &
lease losses (ALLL) 53,232 52,468 53,232 52,468
Total assets 7,539,967 7,449,856 7,539,967 7,449,856
Deposits 5,298,388 5,085,570 5,298,388 5,085,570
Short-term borrowings 374,123 460,820 374,123 460,820
FHLB borrowings 718,257 750,049 718,257 750,049
Long-term debt 172,905 223,397 172,905 223,397
Shareholders' equity 767,643 746,413 767,643 746,413
Stated Book Value per
Share 16.40 16.05 16.40 16.05
Tangible Book Value
per Share 10.95 10.63 10.95 10.63
Average Balance Sheet
Investments 1,168,496 1,350,141 1,216,699 1,166,310
Loans and leases 5,264,335 5,077,125 5,205,570 4,592,372
Total earning assets 6,498,132 6,483,478 6,481,538 5,834,247
Total assets 7,425,245 7,360,635 7,407,961 6,553,036
Deposits 5,143,908 5,080,371 5,126,122 4,618,407
Short-term borrowings 394,526 417,090 387,988 343,166
FHLB borrowings 743,150 732,242 763,456 611,950
Long-term debt 172,986 224,451 178,789 179,669
Shareholders' equity 758,124 731,406 751,935 623,729
Income Statement
Net interest income 60,706 58,412 180,020 154,448
Loan & lease loss
provision 3,215 2,783 8,445 6,590
Noninterest income 27,176 30,122 85,370 84,550
Noninterest expense 58,548 59,502 180,665 160,167
Income before taxes 26,119 26,249 76,280 72,241
Income taxes 8,358 7,743 24,410 21,310
Net income 17,761 18,506 51,870 50,931
Basic earnings per
share 0.38 0.40 1.11 1.20
Diluted earnings per
share 0.38 0.40 1.11 1.19
Cash dividends paid
per share 0.23 0.22 0.69 0.66
Asset Quality
Net charge-offs (NCO) $3,910 $3,126 $9,306 $5,943
Nonaccrual loans &
leases 19,033 18,204 19,033 18,204
OREO 3,417 1,210 3,417 1,210
Total nonperforming
assets (NPA) 22,450 19,414 22,450 19,414
Loans & leases 90 days
past due 8,489 10,126 8,489 10,126
Nine Months
-----------------------
RATIO ANALYSIS 3Q05 3Q04 2005 2004
----------- ----------- ----------- -----------
Credit Quality
NCO / Average loans &
leases 0.29% 0.24% 0.24% 0.17%
NPA / Loans & leases &
OREO 0.42% 0.38% 0.42% 0.38%
ALLL / Nonperforming
loans & leases 279.68% 288.22% 279.68% 288.22%
ALLL / Total loans &
leases 1.00% 1.02% 1.00% 1.02%
Capital Adequacy
Equity / Assets 10.18% 10.02% 10.18% 10.02%
Long-term debt /
Equity 22.52% 29.93% 22.52% 29.93%
Profitability
Return on average
assets 0.95% 1.00% 0.94% 1.04%
Return on average
equity 9.29% 10.07% 9.22% 10.91%
Return on average
tangible equity (1) 14.20% 15.60% 14.15% 13.91%
Net interest margin 3.74% 3.63% 3.75% 3.58%
Efficiency ratio 66.19% 66.67% 67.59% 66.52%
Efficiency ratio
excluding Hann (1) 58.49% 59.07% 59.09% 62.31%
(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) 9.29% 10.07% 9.22% 10.91%
Effect of excluding
average intangible
assets and related
amortization 4.91% 5.53% 4.93% 3.00%
Return on average
tangible equity 14.20% 15.60% 14.15% 13.91%
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 Financial. 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) 66.19% 66.67% 67.59% 66.52%
Effect of excluding
Hann 7.70% 7.60% 8.50% 4.21%
Efficiency ratio
excluding Hann 58.49% 59.07% 59.09% 62.31%
CONSOLIDATED BALANCE SHEETS
September 30, December 31, September 30,
2005 2004 2004
------------- ------------ -------------
(in thousands, except share data)
Assets
Cash and due from banks $185,623 $160,574 $182,857
Short-term investments:
Restricted 27,379 27,190 26,637
Unrestricted 44,086 31,544 26,952
------------- ------------ -------------
Total short-term
investments 71,465 58,734 53,589
------------- ------------ -------------
Securities available for
sale 1,161,576 1,240,945 1,289,222
Securities held to maturity
(fair values approximate
$6,467, $4,469, and
$4,602) 6,467 4,469 4,602
Loans and leases, net of
unearned income 5,334,008 5,253,008 5,166,137
Less: Allowance for loan
and lease losses 53,232 54,093 52,468
------------- ------------ -------------
Net loans and leases 5,280,776 5,198,915 5,113,669
------------- ------------ -------------
Premises and equipment, net 88,988 83,606 80,399
Foreclosed assets 3,417 1,340 1,210
Accrued income receivable 23,830 21,661 21,711
Bank-owned life insurance 255,120 249,691 247,336
Goodwill 242,718 240,632 239,432
Intangible assets with
finite lives 12,149 11,960 12,640
Investment in and
receivables from
unconsolidated entities 103,310 68,384 62,541
Other assets 104,528 134,162 140,648
------------- ------------ -------------
$7,539,967 $7,475,073 $7,449,856
============= ============ =============
Liabilities and Shareholders'
Equity
Deposits:
Demand $900,715 $853,411 $817,744
Interest-bearing demand 1,774,273 1,765,077 1,811,651
Savings 481,778 559,530 574,339
Time 1,362,843 1,367,282 1,375,371
Time of $100 or more 778,779 585,382 506,465
------------- ------------ -------------
Total deposits 5,298,388 5,130,682 5,085,570
Short-term borrowings 374,123 420,868 460,820
FHLB borrowings 718,257 751,220 750,049
Long-term debt 150,000 200,000 200,000
Junior subordinated
debentures 22,905 23,277 23,397
Accrued interest, taxes,
and expenses payable 73,430 41,255 58,185
Deferred taxes 103,887 114,050 94,431
Other liabilities 31,334 42,027 30,991
------------- ------------ -------------
Total liabilities 6,772,324 6,723,379 6,703,443
------------- ------------ -------------
Shareholders' equity:
Common stock, $2.00 par
value, 100,000,000
shares authorized;
Issued: 46,809,572 at
September 30, 2005;
46,592,930 at December
31, 2004; and 46,504,941
at September 30, 2004 93,619 93,186 93,010
Additional paid-in
capital 230,221 226,384 225,021
Retained earnings 454,833 435,159 426,607
Accumulated other
comprehensive income
(loss), net of taxes of
$(5,939), $(1,634), and
$956, respectively (11,030) (3,035) 1,775
------------- ------------ -------------
Total shareholders'
equity 767,643 751,694 746,413
------------- ------------ -------------
$7,539,967 $7,475,073 $7,449,856
============= ============ =============
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Nine Months Ended
September 30, September 30,
- ------------------------------- ------------------ -------------------
(In thousands, except per share
data) 2005 2004 2005 2004
- ------------------------------- --------- -------- --------- ---------
Interest Income:
Loans and leases, including
fees $87,747 $74,255 $249,065 $198,790
Securities:
Taxable 9,898 11,761 31,169 29,174
Tax-exempt 206 508 1,020 1,067
Dividends 587 765 1,924 1,655
Short-term investments 500 159 1,186 543
--------- -------- --------- ---------
Total interest income 98,938 87,448 284,364 231,229
--------- -------- --------- ---------
Interest Expense:
Deposits:
Interest-bearing demand 7,961 5,092 19,157 11,452
Savings 538 655 1,704 1,487
Time 16,636 12,554 45,953 35,977
Short-term borrowings 2,814 1,228 6,949 2,646
FHLB borrowings 7,815 5,946 22,805 16,254
Long-term debt 2,468 3,561 7,776 8,965
--------- -------- --------- ---------
Total interest expense 38,232 29,036 104,344 76,781
--------- -------- --------- ---------
Net interest income 60,706 58,412 180,020 154,448
Provision for loan and lease
losses 3,215 2,783 8,445 6,590
--------- -------- --------- ---------
Net interest income, after
provision for loan and lease
losses 57,491 55,629 171,575 147,858
--------- -------- --------- ---------
Noninterest Income:
Service charges on deposit
accounts 5,574 5,955 15,866 16,270
Vehicle origination,
servicing, and
securitization fees 4,444 4,894 12,276 15,575
Asset management fees 4,505 3,784 13,331 10,478
Income from fiduciary-related
activities 1,495 1,434 4,441 4,260
Commissions on brokerage,
life insurance and annuity
sales 1,019 943 3,278 2,999
Commissions on property and
casualty insurance sales 2,372 2,101 8,327 6,690
Income from bank-owned life
insurance 2,349 2,430 6,876 6,694
Net gain on sale of loans and
leases 1,104 977 5,674 7,625
Net gain on securities 807 3,770 4,188 4,338
Other 3,507 3,834 11,113 9,621
--------- -------- --------- ---------
Total noninterest income 27,176 30,122 85,370 84,550
--------- -------- --------- ---------
Noninterest Expenses:
Salaries and employee
benefits 27,444 28,331 83,914 78,127
Occupancy 4,574 4,160 14,194 11,544
Furniture and equipment 2,534 2,388 7,523 6,675
Amortization of intangible
assets 386 413 1,140 792
Vehicle residual value 2,477 1,663 7,727 4,053
Vehicle delivery and
preparation 3,249 4,120 9,697 10,199
Other 17,884 18,427 56,470 48,777
--------- -------- --------- ---------
Total noninterest expenses 58,548 59,502 180,665 160,167
--------- -------- --------- ---------
Income before income taxes 26,119 26,249 76,280 72,241
Provision for income taxes 8,358 7,743 24,410 21,310
--------- -------- --------- ---------
Net Income $17,761 $18,506 $51,870 $50,931
========= ======== ========= =========
Earnings per share:
Basic $0.38 $0.40 $1.11 $1.20
Diluted $0.38 $0.40 $1.11 $1.19
Cash dividends $0.23 $0.22 $0.69 $0.66
Average shares outstanding:
Basic 46,763 46,478 46,676 42,596
Diluted 46,988 46,711 46,896 42,883
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY
Interest rates and interest differential-taxable equivalent basis
- ----------------------------------------------------------------------
For the Three Month-Period For the Three-Month Period
Ended September 30, 2005 Ended September 30, 2004
- ------------------------------------------ ---------------------------
(Dollars in Average Rate Average Rate
thousands) Balance Interest (%) Balance Interest (%)
- ------------------------------------------ ---------------------------
Assets
Short-term
investments $65,301 $500 3.04 $56,212 $160 1.13
Investment
securities:
Taxable 1,148,672 10,485 3.62 1,306,170 12,525 3.81
Tax-
advantaged 19,824 317 6.34 43,971 781 7.07
- -------------------------- --------- ----------- ---------
Total
investment
securities 1,168,496 10,802 3.67 1,350,141 13,306 3.92
- -------------------------- --------- ----------- ---------
Loans and
leases, (net):
Taxable 5,185,972 86,897 6.65 4,996,775 73,448 5.85
Tax-
advantaged 78,363 1,308 6.62 80,350 1,242 6.15
- -------------------------- --------- ----------- ---------
Total loans
and leases 5,264,335 88,205 6.65 5,077,125 74,690 5.85
- -------------------------- --------- ----------- ---------
Total interest-
earning assets 6,498,132 $99,507 6.08 6,483,478 $88,156 5.41
--------- ---------
Allowance for
loan and lease
losses (55,484) (53,562)
Other non-
earning assets 982,597 930,719
- -------------------------- -----------
Total
assets $7,425,245 $7,360,635
- -------------------------- -----------
Liabilities
Deposits:
Interest-
bearing
demand $1,745,718 $7,961 1.81 $1,822,372 $5,092 1.11
Savings 506,519 538 0.42 589,745 655 0.44
Time 2,019,095 16,636 3.27 1,843,671 12,554 2.71
Short-term
borrowings 394,526 2,814 2.83 417,090 1,229 1.17
FHLB borrowings 743,150 7,815 4.17 732,242 5,946 3.23
Long-term debt 172,986 2,468 5.66 224,451 3,560 6.31
- -------------------------- --------- ----------- ---------
Total interest-
bearing
liabilities 5,581,994 $38,232 2.72 5,629,571 $29,036 2.05
--------- ---------
Demand deposits 872,576 824,583
Other
liabilities 212,551 175,075
- -------------------------- -----------
Total
liabilities 6,667,121 6,629,229
- ---------------
Equity 758,124 731,406
- -------------------------- -----------
Total
liabilities &
shareholders'
equity $7,425,245 $7,360,635
- -------------------------- -----------
Net interest
income / yield
on average
earning assets $61,275 3.74 $59,120 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.
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS' EQUITY
(continued)
Interest rates and interest differential-taxable equivalent basis
- ----------------------------------------------------------------------
For the Nine-Month Period For the Nine-Month Period
Ended September 30, 2005 Ended September 30, 2004
- ------------------------------------------ ---------------------------
(Dollars in Average Rate Average Rate
thousands) Balance Interest (%) Balance Interest (%)
- ------------------------------------------ ---------------------------
Assets
Short-term
investments $59,269 $1,186 2.68 $75,565 $543 0.96
Investment
securities:
Taxable 1,186,259 33,092 3.73 1,136,607 30,829 3.62
Tax-
advantaged 30,440 1,570 6.90 29,703 1,642 7.38
- -------------------------- --------- ----------- ---------
Total
investment
securities 1,216,699 34,662 3.81 1,166,310 32,471 3.72
- -------------------------- --------- ----------- ---------
Loans and
leases, (net):
Taxable 5,123,298 246,514 6.43 4,518,955 196,548 5.81
Tax-
advantaged 82,272 3,925 6.38 73,417 3,449 6.28
- -------------------------- --------- ----------- ---------
Total loans
and leases 5,205,570 250,439 6.43 4,592,372 199,997 5.82
- -------------------------- --------- ----------- ---------
Total interest-
earning assets 6,481,538 $286,287 5.91 5,834,247 $233,011 5.33
--------- ---------
Allowance for
loan and lease
losses (54,381) (47,545)
Other non-
earning assets 980,804 766,334
- -------------------------- -----------
Total
assets $7,407,961 $6,553,036
- -------------------------- -----------
Liabilities
Deposits:
Interest-
bearing
demand $1,716,314 $19,157 1.49 $1,589,569 $11,452 0.96
Savings 540,233 1,704 0.42 547,022 1,487 0.36
Time 2,001,155 45,953 3.07 1,721,819 35,977 2.79
Short-term
borrowings 387,988 6,949 2.39 343,166 2,646 1.03
FHLB borrowings 763,456 22,805 3.99 611,950 16,255 3.55
Long-term debt 178,789 7,776 5.81 179,669 8,964 6.66
- -------------------------- --------- ----------- ---------
Total interest-
bearing
liabilities 5,587,935 $104,344 2.50 4,993,195 $76,781 2.06
--------- ---------
Demand deposits 868,420 759,997
Other
liabilities 199,671 176,115
- -------------------------- -----------
Total
liabilities 6,656,026 5,929,307
- ---------------
Equity 751,935 623,729
- -------------------------- -----------
Total
liabilities &
shareholders'
equity $7,407,961 $6,553,036
- -------------------------- -----------
Net interest
income / yield
on average
earning assets $181,943 3.75 $156,230 3.58
--------- ---------
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 December September
30, 31, 30,
2005 2004 2004
----------- ------------ -----------
(in thousands)
Commercial, financial, and
agricultural $810,112 $760,106 $724,719
Real estate - construction 896,243 741,660 654,702
Real estate secured - residential 1,603,837 1,611,999 1,611,456
Real estate secured - commercial 1,240,774 1,252,753 1,246,638
Consumer 328,395 351,846 356,620
Leases 454,647 534,644 572,002
----------- ------------ -----------
Total loans and leases $5,334,008 $5,253,008 $5,166,137
=========== ============ ===========
CONTACT: Susquehanna Bancshares, Inc.
Abram G. Koser, 717-625-6305
ir@susquehanna.net