Exhibit 99.1
Susquehanna Bancshares, Inc. Announces Third Quarter Results
LITITZ, Pa.--(BUSINESS WIRE)--Oct. 23, 2007--Susquehanna
Bancshares, Inc., (Susquehanna) (Nasdaq:SUSQ) today announced net
income for the third quarter of 2007 was $19.9 million, or $0.38 per
diluted share, compared to $25.2 million, or $0.49 per diluted share,
for the third quarter 2006. Net income for the first nine months of
2007 was $50.4 million, or $0.97 per diluted share, compared to $62.3
million, or $1.25 per diluted share for the first nine months of 2006.
Excluding the June 2007 investment restructuring charge, net income
for the first nine months of 2007 was $58.1 million or $1.11 per
diluted share. Results for the third quarter of 2006 also included a
pre-tax loan securitization gain of $8.2 million.
Third Quarter Financial Highlights:
- -- Net loans and leases, excluding securitizations, grew 10% from
September 30, 2006 to $5.8 billion.
-- Commercial loans increased 26% to $1.2 billion at September
30, 2007.
-- Secured residential real estate loans increased 11% to $1.3
billion at September 30, 2007.
-- Secured commercial real estate loans increased 3% to $1.6
billion at September 30, 2007.
- -- Total deposits increased 2% to $6.0 billion from September 30,
2006.
- -- Net interest margin for the third quarter decreased 12 basis
points to 3.64% compared to 3.76% for the third quarter of 2006.
- -- Net charge-offs as a percentage of average loans and leases for
the quarter ended September 30, 2007 were 0.39% compared to 0.08%
for the third quarter of 2006. This increase was primarily due to
a $2.5 million charge-off on a commercial real estate credit in
Pennsylvania during the third quarter of 2007.
- -- Wealth management fee income increased 16% to $8.1 million from
$6.9 million in the third quarter of 2006. Commission income from
property and casualty insurance sales increased 5% to $2.6 million
from $2.4 million for the same period.
- -- Wealth management assets under management and administration
increased 14% to $5.7 billion at September 30, 2007 from $5.0
billion at September 30, 2006.
Equity capital was $942 million at September 30, 2007 or $18.05
per share, compared to $929 million, or $17.92 per share at September
30, 2006.
Return on average assets and average tangible equity(1) for the
third quarter of 2007 finished at 0.93% and 13.83%, respectively. This
compared to results of 1.21% and 18.32%, for the same measurements,
respectively for the third 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 (Third Quarter 2007 vs. Second Quarter
2007)
- -- Net loans and leases grew 5% from June 30, 2007.
-- Commercial loans increased 9% to $1.2 billion from June 30,
2007.
-- Secured residential real estate loans increased 5% to $1.3
billion from June 30, 2007.
-- Secured commercial real estate loans increased 4% to $1.6
billion from June 30, 2007.
- -- Total deposits were flat at $6.0 billion compared to June 30,
2007.
- -- Net interest margin decreased 3 basis points to 3.64% compared to
the second quarter of 2007.
- -- Non-performing assets as a percent of loans, leases and other real
estate owned was unchanged at 0.66% while loan loss reserve as a
percentage of non-performing loans and leases improved to 206.48%
from 191.52% at June 30, 2007.
Additional Activity:
- -- On September 5, 2007, Susquehanna Bancshares' Board of Directors
increased the quarterly cash dividend to $0.26 per share, an
increase of 4% from the previous quarterly dividend. Susquehanna
has increased its dividend each year since it was founded in 1982.
- -- During separate meetings on October 2, 2007, shareholders of
Susquehanna Bancshares Inc. and Community Banks Inc. approved
Susquehanna's pending acquisition of Community. The acquisition is
scheduled to be completed on or about November 16, 2007, pending
regulatory approvals. Once it is completed, Susquehanna will have
more than $12 billion in assets and more than 230 branches in the
Mid-Atlantic region.
- -- Susquehanna Bank DV, the affiliate operating in southern New
Jersey and eastern Pennsylvania, moved its executive offices into
the new Ferry Terminal Building in Camden, N.J., on October 5. The
new location, which overlooks the Delaware River and
Philadelphia's skyline, is centrally located in the bank's market
territory.
- -- Susquehanna Bank, which operates in Maryland, West Virginia and
south-central Pennsylvania, had two branch openings in the third
quarter, in Waynesboro, Pa., and Forest Hill, Md.
"We are pleased to report strong loan growth for the quarter,
particularly in commercial, secured residential, and secured
commercial real estate loans," said William J. Reuter, Chairman,
President and Chief Executive Officer. "While we did see an increase
in net charge-offs for the quarter, our year-to-date net charge-offs
to average loan and lease ratio is 25 basis points, which is within
our historical norms."
Susquehanna will broadcast its third quarter 2007 results
conference call over the Internet on October 24, 2007 at 11:00 a.m.
Eastern time. The conference call will include management's discussion
of third 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 top right of the home page and
clicking on the third 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 $8.7 billion. It includes three commercial
banks that provide financial services at 163 branch locations and 173
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)
Nine Months
-----------------------
3Q07 3Q06 2007 2006
----------- ----------- ----------- -----------
Balance Sheet (EOP)
Investments $1,553,548 $1,309,561 $1,553,548 $1,309,561
Loans and leases 5,842,883 5,517,513 5,842,883 5,517,513
Allowance for loan &
lease losses (ALLL) 58,687 61,142 58,687 61,142
Total assets 8,723,949 8,082,863 8,723,949 8,082,863
Deposits 5,978,361 5,833,210 5,978,361 5,833,210
Short-term borrowings 488,999 346,898 488,999 346,898
FHLB borrowings 795,462 491,630 795,462 491,630
Long-term debt 222,008 222,419 222,008 222,419
Shareholders' equity 942,182 928,689 942,182 928,689
Stated Book Value per
Share 18.05 17.92 18.05 17.92
Tangible Book Value
per Share 11.18 11.07 11.18 11.07
Average Balance Sheet
Investments 1,486,213 1,292,224 1,469,966 1,258,914
Loans and leases 5,712,166 5,785,675 5,561,138 5,514,014
Total earning assets 7,290,489 7,156,131 7,122,955 6,848,509
Total assets 8,465,635 8,276,137 8,288,536 7,897,689
Deposits 5,973,820 5,884,592 5,962,950 5,635,985
Short-term borrowings 464,610 373,462 390,149 323,972
FHLB borrowings 620,809 648,835 532,404 655,763
Long-term debt 222,026 222,509 222,114 202,843
Shareholders' equity 940,560 910,820 941,829 855,555
Income Statement
Net interest income 66,074 67,131 192,559 192,978
Provision for loan and
lease losses 2,414 2,241 6,347 6,191
Noninterest income 30,290 39,080 83,721 101,009
Noninterest expense 66,063 66,851 198,253 196,204
Income before taxes 27,887 37,119 71,680 91,592
Income taxes 7,994 11,878 21,243 29,309
Net income 19,893 25,241 50,437 62,283
Basic earnings per
share 0.38 0.49 0.97 1.25
Diluted earnings per
share 0.38 0.49 0.97 1.25
Cash dividends paid
per share 0.25 0.24 0.75 0.72
Asset Quality
Net charge-offs (NCO) $5,598 $1,237 $10,303 $4,277
Nonaccrual loans &
leases 26,556 21,176 26,556 21,176
Restructured loans 1,867 2,295 1,867 2,295
OREO 10,331 2,085 10,331 2,085
Total nonperforming
assets (NPA) 38,754 25,556 38,754 25,556
Loans & leases 90 days
past due 9,459 16,853 9,459 16,853
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
RATIO ANALYSIS 3Q07 3Q06 2007 2006
----------- ----------- ----------- -----------
Credit Quality
NCO / Average loans &
leases 0.39% 0.08% 0.25% 0.10%
NPA / Loans & leases &
OREO 0.66% 0.46% 0.66% 0.46%
ALLL / Nonperforming
loans & leases 206.48% 260.50% 206.48% 260.50%
ALLL / Total loans &
leases 1.00% 1.11% 1.00% 1.11%
Capital Adequacy
Equity / Assets 10.80% 11.49% 10.80% 11.49%
Long-term debt /
Equity 23.56% 23.95% 23.56% 23.95%
Profitability
Return on average
assets 0.93% 1.21% 0.81% 1.05%
Return on average
equity 8.39% 10.99% 7.16% 9.73%
Return on average
tangible equity (1) 13.83% 18.32% 11.81% 15.58%
Net interest margin 3.64% 3.76% 3.66% 3.80%
Efficiency ratio 67.97% 62.54% 71.14% 66.32%
Efficiency ratio
excluding Hann (1) 65.27% 57.40% 68.80% 60.99%
(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) 8.39% 10.99% 7.16% 9.73%
Effect of excluding
average intangible
assets
and related
amortization 5.44% 7.33% 4.65% 5.85%
Return on average
tangible equity 13.83% 18.32% 11.81% 15.58%
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) 67.97% 62.54% 71.14% 66.32%
Effect of excluding
Hann 2.70% 5.14% 2.34% 5.33%
Efficiency ratio
excluding Hann 65.27% 57.40% 68.80% 60.99%
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
CONSOLIDATED BALANCE SHEETS
Sept. 30, Dec. 31, Sept. 30,
2007 2006 2006
(unaudited) (unaudited)
----------- ----------- -----------
(in thousands, except share data)
Assets
Cash and due from banks $202,237 $194,785 $186,485
Unrestricted short-term
investments 110,484 70,996 41,238
----------- ----------- -----------
Cash and cash equivalents 312,721 265,781 227,723
Restricted short-term
investments 241 33,533 33,666
Securities available for sale 1,548,708 1,397,420 1,303,362
Securities held to maturity
(fair values approximate
$4,840, $6,146, and $6,199) 4,840 6,146 6,199
Loans and leases, net of
unearned income 5,842,883 5,560,997 5,517,513
Less: Allowance for loan and
lease losses 58,687 62,643 61,142
----------- ----------- -----------
Net loans and leases 5,784,196 5,498,354 5,456,371
----------- ----------- -----------
Premises and equipment, net 110,372 106,305 106,379
Foreclosed assets 10,331 1,544 2,085
Accrued income receivable 33,600 31,044 30,055
Bank-owned life insurance 270,398 264,398 261,879
Goodwill 339,010 335,005 335,005
Intangible assets with finite
lives 19,648 19,092 20,011
Investment in and receivables
from unconsolidated entities 134,335 121,663 128,009
Other assets 155,549 144,849 172,119
----------- ----------- -----------
Total assets $8,723,949 $8,225,134 $8,082,863
=========== =========== ===========
Liabilities and Shareholders'
Equity
Deposits:
Demand $887,657 $959,654 $961,573
Interest-bearing demand 2,054,246 2,004,596 1,855,802
Savings 417,997 477,447 497,188
Time 1,592,698 1,528,298 1,604,560
Time of $100 or more 1,025,763 907,594 914,087
----------- ----------- -----------
Total deposits 5,978,361 5,877,589 5,833,210
Short-term borrowings 488,999 401,964 346,898
FHLB borrowings 795,462 528,688 491,630
Long-term debt 150,028 150,036 150,038
Junior subordinated debentures 71,980 72,244 72,381
Accrued interest, taxes, and
expenses payable 43,373 54,800 81,388
Deferred taxes 149,958 145,825 125,828
Other liabilities 103,606 57,702 52,801
----------- ----------- -----------
Total liabilities 7,781,767 7,288,848 7,154,174
----------- ----------- -----------
Shareholders' equity:
Common stock, $2.00 par
value, 100,000,000 shares
authorized; Issued:
52,206,918 at September 30,
2007; 52,080,419 at December
31, 2006; and 51,829,972 at
September 30, 2006
104,353 104,161 103,660
Additional paid-in capital 349,275 345,840 340,523
Retained earnings 503,613 505,861 497,469
Accumulated other
comprehensive loss, net of
taxes of $(8,109);
$(10,541); and $(7,010) (15,059) (19,576) (12,963)
Total shareholders' equity 942,182 936,286 928,689
----------- ----------- -----------
Total liabilities and
shareholders' equity $8,723,949 $8,225,134 $8,082,863
=========== =========== ===========
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
(In thousands, except per share
data) 2007 2006 2007 2006
--------- -------- --------- --------
Interest Income:
Loans and leases, including
fees $107,585 $108,924 $312,825 $301,084
Securities:
Taxable 17,598 12,758 48,633 36,154
Tax-exempt 425 191 1,238 556
Dividends 1,074 951 3,166 2,701
Short-term investments 1,019 966 3,411 2,551
--------- -------- --------- --------
Total interest income 127,701 123,790 369,273 343,046
--------- -------- --------- --------
Interest Expense:
Deposits:
Interest-bearing demand 15,119 13,780 47,982 36,640
Savings 869 1,548 2,922 3,494
Time 30,128 26,981 86,814 71,295
Short-term borrowings 5,033 4,267 12,805 9,955
FHLB borrowings 7,106 6,811 16,236 19,824
Long-term debt 3,372 3,272 9,955 8,860
--------- -------- --------- --------
Total interest expense 61,627 56,659 176,714 150,068
--------- -------- --------- --------
Net interest income 66,074 67,131 192,559 192,978
Provision for loan and lease
losses 2,414 2,241 6,347 6,191
--------- -------- --------- --------
Net interest income, after
provision for loan and lease
losses 63,660 64,890 186,212 186,787
--------- -------- --------- --------
Noninterest Income:
Service charges on deposit
accounts 7,378 7,610 21,035 19,258
Vehicle origination,
servicing, and securitization
fees 3,658 5,209 11,564 14,365
Asset management fees 5,235 4,370 14,638 13,771
Income from fiduciary-related
activities 1,594 1,543 4,937 4,568
Commissions on brokerage, life
insurance and annuity sales 1,239 1,025 3,917 3,271
Commissions on property and
casualty insurance sales 2,556 2,432 9,589 9,541
Income from bank-owned life
insurance 2,765 2,551 8,064 7,335
Net gain on sale of loans and
leases 1,297 9,095 6,822 14,402
Net realized gain (loss) on
securities 0 90 (11,741) 5
Other 4,568 5,155 14,896 14,493
--------- -------- --------- --------
Total noninterest income 30,290 39,080 83,721 101,009
--------- -------- --------- --------
Noninterest Expenses:
Salaries and employee benefits 35,518 33,166 104,634 95,671
Occupancy 5,669 5,378 17,443 15,662
Furniture and equipment 2,908 2,822 8,717 8,128
Advertising and marketing 2,233 1,889 6,866 7,711
Amortization of intangible
assets 651 630 1,897 1,601
Vehicle lease disposal 3,082 3,973 9,261 10,842
Other 16,002 18,993 49,435 56,589
--------- -------- --------- --------
Total noninterest expenses 66,063 66,851 198,253 196,204
--------- -------- --------- --------
Income before income taxes 27,887 37,119 71,680 91,592
Provision for income taxes 7,994 11,878 21,243 29,309
--------- -------- --------- --------
Net Income $19,893 $25,241 $50,437 $62,283
========= ======== ========= ========
Earnings per share:
Basic $0.38 $0.49 $0.97 $1.25
Diluted $0.38 $0.49 $0.97 $1.25
Cash dividends paid $0.25 $0.24 $0.75 $0.72
Average shares outstanding:
Basic 52,174 51,803 52,132 49,809
Diluted 52,221 51,926 52,208 49,949
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
September 30, 2007 September 30, 2006
------------------------- -------------------------
(Dollars in Average Rate Average Rate
thousands) Balance Interest (%) Balance Interest (%)
Assets
Short-term
investments $92,110 $1,019 4.39 $78,232 $966 4.90
Investment
securities:
Taxable 1,444,726 18,672 5.13 1,274,232 13,709 4.27
Tax-advantaged 41,487 655 6.26 17,992 295 6.51
----------- -------- ----------- --------
Total investment
securities 1,486,213 19,327 5.16 1,292,224 14,004 4.30
----------- -------- ----------- --------
Loans and leases,
(net):
Taxable 5,618,807 106,455 7.52 5,696,372 107,835 7.51
Tax-advantaged 93,359 1,737 7.38 89,303 1,675 7.44
----------- -------- ----------- --------
Total loans and
leases 5,712,166 108,192 7.51 5,785,675 109,510 7.51
----------- -------- ----------- --------
Total interest-
earning assets 7,290,489 $128,538 6.99 7,156,131 $124,480 6.90
-------- --------
Allowance for loan
and lease losses (61,900) (62,017)
Other non-earning
assets 1,237,046 1,182,023
----------- -----------
Total assets $8,465,635 $8,276,137
=========== ===========
Liabilities
Deposits:
Interest-
bearing demand $2,097,339 $15,119 2.86 $1,866,568 $13,780 2.93
Savings 430,305 869 0.80 517,312 1,548 1.19
Time 2,565,452 30,128 4.66 2,518,686 26,981 4.25
Short-term
borrowings 464,610 5,033 4.30 373,462 4,267 4.53
FHLB borrowings 620,809 7,106 4.54 648,835 6,811 4.16
Long-term debt 222,026 3,372 6.03 222,509 3,272 5.83
----------- -------- ----------- --------
Total interest-
bearing
liabilities 6,400,541 $61,627 3.82 6,147,372 $56,659 3.66
-------- --------
Demand deposits 880,724 982,026
Other liabilities 243,810 235,919
----------- -----------
Total
liabilities 7,525,075 7,365,317
Equity 940,560 910,820
----------- -----------
Total liabilities
& shareholders'
equity $8,465,635 $8,276,137
=========== ===========
Net interest
income / yield on
average earning
assets $66,911 3.64 $67,821 3.76
======== ========
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 Nine-month Period For the Nine-month Period
Ended Ended
September 30, 2007 September 30, 2006
------------------------- -------------------------
(Dollars in Average Rate Average Rate
thousands) Balance Interest (%) Balance Interest (%)
Assets
Short-term
investments $91,851 $3,411 4.97 $75,581 $2,551 4.51
Investment
securities:
Taxable 1,429,643 51,799 4.84 1,240,745 38,855 4.19
Tax-advantaged 40,323 1,905 6.32 18,169 854 6.28
----------- -------- ----------- --------
Total investment
securities 1,469,966 53,704 4.88 1,258,914 39,709 4.22
----------- -------- ----------- --------
Loans and leases,
(net):
Taxable 5,471,681 309,576 7.56 5,431,832 298,207 7.34
Tax-advantaged 89,457 4,998 7.47 82,182 4,427 7.20
----------- -------- ----------- --------
Total loans and
leases 5,561,138 314,574 7.56 5,514,014 302,634 7.34
----------- -------- ----------- --------
Total interest-
earning assets 7,122,955 $371,689 6.98 6,848,509 $344,894 6.73
-------- --------
Allowance for loan
and lease losses (62,424) (58,546)
Other non-earning
assets 1,228,005 1,107,726
----------- -----------
Total assets $8,288,536 $7,897,689
=========== ===========
Liabilities
Deposits:
Interest-
bearing demand $2,102,416 $47,982 3.05 $1,812,671 $36,640 2.70
Savings 453,234 2,922 0.86 498,421 3,494 0.94
Time 2,509,837 86,814 4.62 2,381,654 71,295 4.00
Short-term
borrowings 390,149 12,805 4.39 323,972 9,955 4.11
FHLB borrowings 532,404 16,236 4.08 655,763 19,824 4.04
Long-term debt 222,114 9,955 5.99 202,843 8,860 5.84
----------- -------- ----------- --------
Total interest-
bearing
liabilities 6,210,154 $176,714 3.80 5,875,324 $150,068 3.41
-------- --------
Demand deposits 897,463 943,239
Other liabilities 239,090 223,571
----------- -----------
Total
liabilities 7,346,707 7,042,134
Equity 941,829 855,555
----------- -----------
Total liabilities
& shareholders'
equity $8,288,536 $7,897,689
=========== ===========
Net interest
income / yield on
average earning
assets $194,975 3.66 $194,826 3.80
======== ========
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:
Sept. 30, Dec. 31, Sept. 30,
2007 2006 2006
---------- ---------- ----------
(in thousands)
Commercial, financial, and
agricultural $1,189,156 $978,522 $944,411
Real estate - construction 1,040,852 1,064,452 1,082,726
Real estate secured - residential 1,268,434 1,147,741 1,142,880
Real estate secured - commercial 1,618,789 1,577,534 1,577,435
Consumer 296,206 313,848 316,294
Leases 429,446 478,900 453,767
---------- ---------- ----------
Total loans and leases $5,842,883 $5,560,997 $5,517,513
========== ========== ==========
CONTACT: Susquehanna Bancshares, Inc.
Abram G. Koser, Vice President, Investor Relations
717-625-6305
ir@susquehanna.net