Exhibit 99.1
Susquehanna Bancshares, Inc. Announces Second Quarter Results
LITITZ, Pa.--(BUSINESS WIRE)--July 24, 2007--Susquehanna
Bancshares, Inc., (Susquehanna) (Nasdaq:SUSQ) today announced net
income for the second quarter of 2007 was $9.8 million, or $0.19 per
diluted share, compared to $19.3 million, or $0.38 per diluted share,
for the second quarter 2006. Net income for the first six months of
2007 was $30.5 million, or $0.59 per share, compared to $37.0 million,
or $0.76 per share for the first half of 2006. Excluding the $11.8
million pre-tax charge related to Susquehanna's investment
restructuring program, net income for the second quarter of 2007 and
the first six months of 2007 were $17.5 million and $38.2 million,
respectively. Additionally, diluted earnings per share for the same
periods were $0.34 and $0.73, respectively.
Second Quarter Financial Highlights:
- -- As announced earlier this month, Susquehanna completed a
restructuring of its bank investment portfolio, which was meant to
reduce administrative costs, improve the yield on the portfolio,
and enhance related net interest margin and net interest income.
The restructuring involved the sale of $233 million in available-
for-sale securities, or approximately 16% of Susquehanna's total
investment portfolio. The sold securities had a weighted average
yield of 3.76%, and the proceeds were reinvested in securities
with an expected yield of 5.75%. The restructuring resulted in a
pre-tax charge of $11.8 million in June 2007.
- -- Net loans and leases, excluding securitizations, grew 5% from June
30, 2006.
-- Commercial loans increased 15% to $1.1 billion at June 30,
2007.
- -- Total deposits increased 1% to $6.0 billion from June 30, 2006.
- -- Net interest margin for the second quarter decreased 22 basis
points to 3.67% compared to 3.89% for the second quarter of 2006.
- -- Net charge-offs as a percentage of average loans and leases for the
quarter ended June 30, 2007 were 0.14% compared to 0.05% for the
second quarter of 2006.
- -- Wealth management fee income increased 11% to $8.1 million from
$7.3 million in the second quarter of 2006. Commission income from
property and casualty insurance sales increased 6% to $2.9 million
from $2.8 million for the same period.
Equity capital was $945 million at June 30, 2007 or $18.11 per
share, compared to $905 million, or $17.47 per share at June 30, 2006.
Return on average assets and average tangible equity(1) for the
second quarter of 2007 finished at 0.48% and 6.96%, respectively. This
compared to results of 0.97% and 14.43%, for the same measurements,
respectively for the second quarter of 2006.
(1)A non-GAAP-based financial measure. The most comparable
GAAP-based measurement for return on average tangible equity is return
on average equity. A reconciliation of the differences between
non-GAAP-based and GAAP-based measurements can be found at the end of
this release under the heading "Supplemental Reporting of
Non-GAAP-Based Financial Measures."
Linked Quarter Highlights (Second Quarter 2007 vs. First Quarter
2007)
- -- Net loans and leases, excluding securitizations, grew 3% from March
31, 2007.
-- Commercial loans increased 6% to $1.1 billion from March 31,
2007.
- -- Total deposits decreased 1% to $6.0 billion from March 31, 2007.
-- Noninterest-bearing deposits grew 1% to $911 million from
March 31, 2007.
- -- Net interest margin remained unchanged at 3.67% compared to the
first quarter of 2007.
Additional Activity:
- -- On May 1, Susquehanna announced the signing of an agreement to
acquire Community Banks, Inc., and the acquisition process is
proceeding on schedule. Susquehanna projects that the acquisition
will be completed on or about November 16, 2007. A Transition Team
is overseeing the work of more than 60 sub-committees that are
addressing specific initiatives. Major projects include filing
necessary applications, outlining the planned management structure
of the combined banks, and reviewing the branch network,
operations and product lineup of both banks.
"In spite of the challenging interest rate environment that the
banking industry has been facing recently, I am pleased to report that
we maintained our net interest margin from the first to the second
quarter of 2007. In addition, we completed an investment restructuring
that is expected to improve the yield on our portfolio going forward,"
said William J. Reuter, Chairman, President and Chief Executive
Officer. "We are making good progress on our plans to acquire
Community Banks, Inc. With the completion of this acquisition,
Susquehanna will have assets of more than $12 billion and a
significantly expanded branch network in the Mid-Atlantic region. The
combination of financial strength, market share leadership and broad
business lines created by this merger should benefit both our
customers and our shareholders."
Susquehanna will broadcast its second quarter 2007 results
conference call over the Internet on July 25, 2007 at 11:00 a.m.
Eastern time. The conference call will include management's discussion
of second quarter 2007 results. The discussion may also include
forward-looking information and financial goals. Investors will have
the opportunity to listen to the conference call through a live
broadcast on Susquehanna's Web site. The event may be accessed by
selecting "Investor Relations" at the bottom right of the home page
and clicking on the second quarter webcast link. To listen to the live
call, please go to the Web site at least fifteen minutes prior to the
scheduled start time to download and install any necessary audio
software. For those who are unable to listen to the live broadcast, an
archived replay and podcast will be available on the Web site shortly
after the call concludes.
Susquehanna Bancshares, Inc., is a financial services holding
company with assets of $8.3 billion. It includes three commercial
banks that provide financial services at 164 branch locations and 170
ATM locations in the mid-Atlantic region. Through Susquehanna Wealth
Management, the company offers investment, fiduciary, brokerage,
insurance, retirement planning, and private banking services.
Susquehanna also operates an insurance and employee benefits company,
a commercial finance company, and a vehicle leasing company. For more
information, please visit 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)
Six Months
-----------------------
2Q07 2Q06 2007 2006
----------- ----------- ----------- -----------
Balance Sheet (EOP)
Investments $1,411,229 $1,257,209 $1,411,229 $1,257,209
Loans and leases 5,574,858 5,743,859 5,574,858 5,743,859
Allowance for loan &
lease losses (ALLL) 61,871 60,138 61,871 60,138
Total assets 8,313,609 8,256,165 8,313,609 8,256,165
Deposits 5,979,281 5,917,311 5,979,281 5,917,311
Short-term borrowings 440,672 360,430 440,672 360,430
FHLB borrowings 460,034 621,949 460,034 621,949
Long-term debt 222,035 222,556 222,035 222,556
Shareholders' equity 945,140 904,929 945,140 904,929
Stated Book Value per
Share 18.11 17.47 18.11 17.47
Tangible Book Value
per Share 11.28 10.66 11.28 10.66
Average Balance Sheet
Investments 1,456,918 1,291,604 1,461,708 1,241,983
Loans and leases 5,470,859 5,513,312 5,484,373 5,375,932
Total earning assets 7,028,522 6,880,914 7,037,801 6,692,150
Total assets 8,202,823 7,964,471 8,198,518 7,705,330
Deposits 5,998,428 5,741,424 5,957,425 5,509,621
Short-term borrowings 363,651 290,603 352,302 298,817
FHLB borrowings 432,975 625,979 487,468 659,285
Long-term debt 222,090 212,741 222,159 192,849
Shareholders' equity 945,974 873,274 942,473 827,465
Income Statement
Net interest income 63,437 66,109 126,485 125,847
Provision for loan and
lease losses 1,933 1,275 3,933 3,950
Noninterest income 19,151 32,078 53,431 61,929
Noninterest expense 67,342 68,394 132,190 129,354
Income before taxes 13,313 28,518 43,793 54,472
Income taxes 3,495 9,178 13,249 17,431
Net income 9,818 19,340 30,544 37,041
Basic earnings per
share 0.19 0.38 0.59 0.76
Diluted earnings per
share 0.19 0.38 0.59 0.76
Cash dividends paid
per share 0.25 0.24 0.50 0.48
Asset Quality
Net charge-offs (NCO) $1,851 $650 $4,705 $3,040
Nonaccrual loans &
leases 30,309 16,816 30,309 16,816
Restructured loans 1,997 2,393 1,997 2,393
OREO 4,587 2,530 4,587 2,530
Total nonperforming
assets (NPA) 36,893 21,739 36,893 21,739
Loans & leases 90 days
past due 8,053 8,735 8,053 8,735
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
RATIO ANALYSIS 2Q07 2Q06 2007 2006
----------- ----------- ----------- -----------
Credit Quality
NCO / Average loans &
leases 0.14% 0.05% 0.17% 0.11%
NPA / Loans & leases &
OREO 0.66% 0.38% 0.66% 0.38%
ALLL / Nonperforming
loans & leases 191.52% 313.07% 191.52% 313.07%
ALLL / Total loans &
leases 1.11% 1.05% 1.11% 1.05%
Capital Adequacy
Equity / Assets 11.37% 10.96% 11.37% 10.96%
Long-term debt /
Equity 23.49% 24.59% 23.49% 24.59%
Profitability
Return on average
assets 0.48% 0.97% 0.75% 0.97%
Return on average
equity 4.16% 8.88% 6.54% 9.03%
Return on average
tangible equity (1) 6.96% 14.43% 10.79% 14.14%
Net interest margin 3.67% 3.89% 3.67% 3.83%
Efficiency ratio 80.75% 69.19% 72.83% 68.47%
Efficiency ratio
excluding Hann (1) 79.08% 64.09% 70.70% 63.03%
(1)Supplemental Reporting of Non-GAAP-based Financial Measures
Return on average tangible equity is a non-GAAP-based financial
measure calculated using non-GAAP-based amounts. The most directly
comparable GAAP-based measure is return on average equity. We
calculate return on average tangible equity by excluding the balance
of intangible assets and their related amortization expense from our
calculation of return on average equity. Management uses the return
on average tangible equity in order to review our core operating
results. Management believes that this is a better measure of our
performance. In addition, 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 equity to return on average
tangible equity is set forth below.
Return on average
equity (GAAP basis) 4.16% 8.88% 6.54% 9.03%
Effect of excluding
average intangible
assets and related
amortization 2.80% 5.55% 4.25% 5.11%
Return on average
tangible equity 6.96% 14.43% 10.79% 14.14%
Efficiency ratio excluding Hann is a non-GAAP-based financial measure
calculated using non-GAAP-based amounts. The most directly comparable
GAAP-based measure is the 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 effect of our auto leasing subsidiary, Hann.
Management believes this to be a preferred measure because it
excludes the volatility of vehicle residual values and vehicle
delivery and preparation expense of Hann and provides better
visibility into our core business activities. A reconciliation of
efficiency ratio to efficiency ratio excluding Hann is set forth
below.
Efficiency ratio (GAAP
basis) 80.75% 69.19% 72.83% 68.47%
Effect of excluding
Hann 1.67% 5.10% 2.13% 5.44%
Efficiency ratio
excluding Hann 79.08% 64.09% 70.70% 63.03%
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
CONSOLIDATED BALANCE SHEETS
June 30, December 31, June 30,
2007 2006 2006
(unaudited) (unaudited)
----------- ------------ -----------
(in thousands, except share data)
Assets
Cash and due from banks $198,899 $194,785 $203,151
Unrestricted short-term
investments 99,634 70,996 48,551
----------- ------------ -----------
Cash and cash equivalents 298,533 265,781 251,702
Restricted short-term
investments 214 33,533 29,086
Securities available for sale 1,406,342 1,397,420 1,250,948
Securities held to maturity
(fair values approximate
$4,887, $6,146, and $6,261) 4,887 6,146 6,261
Loans and leases, net of
unearned income 5,574,858 5,560,997 5,743,859
Less: Allowance for loan and
lease losses 61,871 62,643 60,138
----------- ------------ -----------
Net loans and leases 5,512,987 5,498,354 5,683,721
----------- ------------ -----------
Premises and equipment, net 107,334 106,305 106,410
Foreclosed assets 4,587 1,544 2,530
Accrued income receivable 32,075 31,044 28,869
Bank-owned life insurance 267,788 264,398 259,502
Goodwill 338,284 335,005 332,095
Intangible assets with finite
lives 17,846 19,092 20,641
Investment in and receivables
from unconsolidated entities 161,445 121,663 147,317
Other assets 161,287 144,849 137,083
----------- ------------ -----------
Total assets $8,313,609 $8,225,134 $8,256,165
=========== ============ ===========
Liabilities and Shareholders'
Equity
Deposits:
Demand $911,383 $959,654 $1,019,976
Interest-bearing demand 2,126,459 2,004,596 1,839,089
Savings 445,333 477,447 540,011
Time 1,592,165 1,528,298 1,646,010
Time of $100 or more 903,941 907,594 872,225
----------- ------------ -----------
Total deposits 5,979,281 5,877,589 5,917,311
Short-term borrowings 440,672 401,964 360,430
FHLB borrowings 460,034 528,688 621,949
Long-term debt 150,031 150,036 150,041
Junior subordinated debentures 72,004 72,244 72,515
Accrued interest, taxes, and
expenses payable 36,394 54,800 61,919
Deferred taxes 146,485 145,825 122,132
Other liabilities 83,568 57,702 44,939
----------- ------------ -----------
Total liabilities 7,368,469 7,288,848 7,351,236
----------- ------------ -----------
Shareholders' equity:
Common stock, $2.00 par
value, 100,000,000 shares
authorized; Issued:
52,202,046 at June 30, 2007;
52,080,419 at December 31,
2006; and 51,798,970 at June
30, 2006 104,343 104,161 103,598
Additional paid-in capital 348,897 345,840 339,796
Retained earnings 510,344 505,861 484,659
Accumulated other
comprehensive loss, net of
taxes of $(9,931);
$(10,541); and $(12,451) (18,444) (19,576) (23,124)
----------- ------------ -----------
Total shareholders'
equity 945,140 936,286 904,929
----------- ------------ -----------
Total liabilities and
shareholders' equity $8,313,609 $8,225,134 $8,256,165
=========== ============ ===========
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended Six Months Ended
June 30, June 30,
------------------- -------------------
(In thousands, except per
share data) 2007 2006 2007 2006
--------- --------- --------- ---------
Interest Income:
Loans and leases, including
fees $102,795 $100,796 $205,240 $192,160
Securities:
Taxable 15,571 12,549 31,036 23,396
Tax-exempt 426 187 812 363
Dividends 985 914 2,092 1,751
Short-term investments 1,268 847 2,392 1,585
--------- --------- --------- ---------
Total interest income 121,045 115,293 241,572 219,255
--------- --------- --------- ---------
Interest Expense:
Deposits:
Interest-bearing demand 16,466 12,243 32,864 22,860
Savings 940 1,324 2,053 1,946
Time 28,947 23,975 56,686 44,314
Short-term borrowings 3,990 2,970 7,772 5,688
FHLB borrowings 3,960 5,559 9,129 13,012
Long-term debt 3,305 3,113 6,583 5,588
--------- --------- --------- ---------
Total interest expense 57,608 49,184 115,087 93,408
--------- --------- --------- ---------
Net interest income 63,437 66,109 126,485 125,847
Provision for loan and lease
losses 1,933 1,275 3,933 3,950
--------- --------- --------- ---------
Net interest income, after
provision for loan and lease
losses 61,504 64,834 122,552 121,897
--------- --------- --------- ---------
Noninterest Income:
Service charges on deposit
accounts 7,181 6,592 13,656 11,648
Vehicle origination,
servicing, and
securitization fees 3,888 5,150 7,906 9,155
Asset management fees 4,792 4,633 9,403 9,401
Income from fiduciary-
related activities 1,755 1,531 3,343 3,025
Commissions on brokerage,
life insurance and annuity
sales 1,567 1,147 2,678 2,247
Commissions on property and
casualty insurance sales 2,941 2,762 7,033 7,109
Income from bank-owned life
insurance 2,641 2,615 5,299 4,784
Net gain on sale of loans
and leases 1,474 2,014 5,525 5,307
Net loss on securities (11,801) (20) (11,740) (84)
Other 4,713 5,654 10,328 9,337
--------- --------- --------- ---------
Total noninterest income 19,151 32,078 53,431 61,929
--------- --------- --------- ---------
Noninterest Expenses:
Salaries and employee
benefits 34,840 32,531 69,116 62,505
Occupancy 5,703 5,135 11,774 10,284
Furniture and equipment 2,912 2,821 5,809 5,306
Advertising and marketing 2,808 3,764 4,633 5,822
Amortization of intangible
assets 623 546 1,246 971
Vehicle lease disposal 2,834 3,478 6,179 6,869
Other 17,622 20,119 33,433 37,597
--------- --------- --------- ---------
Total noninterest expenses 67,342 68,394 132,190 129,354
--------- --------- --------- ---------
Income before income taxes 13,313 28,518 43,793 54,472
Provision for income taxes 3,495 9,178 13,249 17,431
--------- --------- --------- ---------
Net Income $9,818 $19,340 $30,544 $37,041
========= ========= ========= =========
Earnings per share:
Basic $0.19 $0.38 $0.59 $0.76
Diluted $0.19 $0.38 $0.59 $0.76
Cash dividends $0.25 $0.24 $0.50 $0.48
Average shares outstanding:
Basic 52,124 50,697 52,111 48,796
Diluted 52,197 50,820 52,198 48,938
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 For the Three-month
Period Ended Period Ended
June 30, 2007 June 30, 2006
------------------------- -------------------------
(Dollars in Average Rate Average Rate
thousands) Balance Interest (%) Balance Interest (%)
- ------------------ ------------------------- -------------------------
Assets
Short-term
investments $100,745 $1,268 5.05 $75,998 $847 4.47
Investment
securities:
Taxable 1,415,256 16,556 4.69 1,272,836 13,462 4.24
Tax-advantaged 41,662 655 6.31 18,768 289 6.18
----------- -------- ----------- --------
Total
investment
securities 1,456,918 17,211 4.74 1,291,604 13,751 4.27
----------- -------- ----------- --------
Loans and leases,
(net):
Taxable 5,381,069 101,715 7.58 5,425,315 99,756 7.38
Tax-advantaged 89,790 1,662 7.42 87,997 1,601 7.30
----------- -------- ----------- --------
Total loans and
leases 5,470,859 103,377 7.58 5,513,312 101,357 7.37
----------- -------- ----------- --------
Total interest-
earning assets 7,028,522 $121,856 6.95 6,880,914 $115,955 6.76
-------- --------
Allowance for loan
and lease losses (62,688) (59,150)
Other non-earning
assets 1,236,989 1,142,707
----------- -----------
Total assets $8,202,823 $7,964,471
=========== ===========
Liabilities
Deposits:
Interest-
bearing
demand $2,133,308 $16,466 3.10 $1,824,434 $12,243 2.69
Savings 457,442 940 0.82 527,067 1,324 1.01
Time 2,502,428 28,947 4.64 2,413,185 23,975 3.98
Short-term
borrowings 363,651 3,990 4.40 290,603 2,970 4.10
FHLB borrowings 432,975 3,960 3.67 625,979 5,559 3.56
Long-term debt 222,090 3,305 5.97 212,741 3,113 5.87
----------- -------- ----------- --------
Total interest-
bearing
liabilities 6,111,894 $57,608 3.78 5,894,009 $49,184 3.35
-------- --------
Demand deposits 905,250 976,738
Other liabilities 239,705 220,450
----------- -----------
Total
liabilities 7,256,849 7,091,197
Equity 945,974 873,274
----------- -----------
Total liabilities
& shareholders'
equity $8,202,823 $7,964,471
=========== ===========
Net interest
income / yield on
average earning
assets $64,248 3.67 $66,771 3.89
======== ========
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 Six-month Period For the Six-month Period
Ended Ended
June 30, 2007 June 30, 2006
------------------------- -------------------------
(Dollars in Average Rate Average Rate
thousands) Balance Interest (%) Balance Interest (%)
- ------------------ ------------------------- -------------------------
Assets
Short-term
investments $91,720 $2,392 5.26 $74,235 $1,585 4.31
Investment
securities:
Taxable 1,421,976 33,128 4.70 1,223,724 25,147 4.14
Tax-advantaged 39,732 1,249 6.34 18,259 558 6.16
----------- -------- ----------- --------
Total
investment
securities 1,461,708 34,377 4.74 1,241,983 25,705 4.17
----------- -------- ----------- --------
Loans and leases,
(net):
Taxable 5,396,899 203,121 7.59 5,297,370 190,371 7.25
Tax-advantaged 87,474 3,260 7.52 78,562 2,752 7.06
----------- -------- ----------- --------
Total loans and
leases 5,484,373 206,381 7.59 5,375,932 193,123 7.24
----------- -------- ----------- --------
Total interest-
earning assets 7,037,801 $243,150 6.97 6,692,150 $220,413 6.64
-------- --------
Allowance for loan
and lease losses (62,690) (56,782)
Other non-earning
assets 1,223,407 1,069,962
----------- -----------
Total assets $8,198,518 $7,705,330
=========== ===========
Liabilities
Deposits:
Interest-
bearing
demand $2,104,997 $32,864 3.15 $1,785,276 $22,860 2.58
Savings 464,889 2,053 0.89 488,820 1,946 0.80
Time 2,481,568 56,686 4.61 2,312,000 44,314 3.87
Short-term
borrowings 352,302 7,772 4.45 298,817 5,688 3.84
FHLB borrowings 487,468 9,129 3.78 659,285 13,012 3.98
Long-term debt 222,159 6,583 5.98 192,849 5,588 5.84
----------- -------- ----------- --------
Total interest-
bearing
liabilities 6,113,383 $115,087 3.80 5,737,047 $93,408 3.28
-------- --------
Demand deposits 905,971 923,525
Other liabilities 236,691 217,293
----------- -----------
Total
liabilities 7,256,045 6,877,865
Equity 942,473 827,465
----------- -----------
Total liabilities
& shareholders'
equity $8,198,518 $7,705,330
=========== ===========
Net interest
income / yield on
average earning
assets $128,063 3.67 $127,005 3.83
======== ========
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:
June 30, December 31, June 30,
2007 2006 2006
---------- ------------ ----------
(in thousands)
Commercial, financial, and
agricultural $1,090,241 $978,522 $948,068
Real estate - construction 1,069,309 1,064,452 1,075,954
Real estate secured - residential 1,206,891 1,147,741 1,476,250
Real estate secured - commercial 1,559,283 1,577,534 1,558,151
Consumer 297,429 313,848 317,115
Leases 351,705 478,900 368,321
---------- ------------ ----------
Total loans and leases $5,574,858 $5,560,997 $5,743,859
========== ============ ==========
CONTACT: Susquehanna Bancshares, Inc.
Abram G. Koser, Vice President, Investor Relations
717-625-6305
ir@susquehanna.net