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SUSQUEHANNA
BANCSHARES, INC.
P.O BOX 1000
26 North Cedar Street
Lititz, PA 17543-1000
NEWS
FOR ADDITIONAL INFORMATION CONTACT:
Alison van Harskamp, Vice President and Director of Communications
Susquehanna Bancshares, Inc. (717) 625-6260, communications@susqbanc.com
Susquehanna Bancshares, Inc. Announces
Second Quarter Earnings, Grows Commercial
Loans 23%, Demand Deposits 27% Year over Year
FOR IMMEDIATE RELEASE: LITITZ, PA, July 22, 2003:
Susquehanna Bancshares, Inc., (Susquehanna) (Nasdaq: SUSQ - news) today
announced second quarter 2003 diluted earnings per share rose to $0.41, a 5%
increase over diluted earnings per share of $0.39 in the second quarter of 2002.
Earnings were in line with the company's forecast and one cent ahead of Thompson
First Call consensus. Net income for the second quarter of 2003 was $16.3
million up from $15.6 million for the second quarter of 2002. Net income for the
six-month period ending June 30, 2003, was up 6% over the comparable period in
2002.
Second Quarter Highlights
.. Deposits increased to $4 billion at June 30, 2003, or 10% over June 30,
2002. Non-interest bearing demand deposits were up 27% year over year and
15% from December 31, 2002.
.. Commercial, financial and agricultural loans were up 23% year over year,
and 16% from December 31, 2002. Bank originated loans increased 7% year
over year. Loans and leases increased to $3.9 billion, or 4% over June 30,
2002.
"Our results demonstrate that we continue to gain momentum as we persistently
execute our strategic initiatives for core growth in a very challenging economic
and interest rate environment," said Susquehanna Chairman, President and CEO
William J. Reuter. "Our officers are aggressively pursuing new business with
focused sales calls, and our retail employees are increasing product sales to
existing customers. In addition, by raising our quarterly cash dividend a full
three months earlier than our traditional fourth quarter increase, we are
providing our shareholders with the opportunity to realize more after-tax
benefits this year as a result of the recently enacted tax rate reductions on
dividends."
.. Non-interest income in the second quarter of 2003 was $25 million,
increasing 11% over the second quarter of last year. Deposit, trust, asset
management, insurance, and mortgage banking contributed 48% of non-interest
income in the second quarter, while vehicle leasing contributed 34%.
Non-interest income represented 35% of total revenue for the second quarter
of 2003, compared to 32% for the second quarter of 2002.
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.. Total assets at June 30, 2003, were $5.8 billion, an increase of 10% over
$5.3 billion at June 30, 2002.
.. Asset quality at June 30, 2003, remained stable with total non-performing
assets as a percentage of loans, leases and other real estate owned at
0.72% and second quarter net charge-offs as a percentage of average loans
and leases at 0.22%, both within Susquehanna's historical five-year range.
.. On July 16, 2003, Susquehanna's board of directors raised the cash dividend
three months earlier than the company's traditional fourth quarter
increase, declaring a third quarter dividend of $0.22 per share on its
common stock, payable August 20, 2003, to shareholders of record July 30,
2003. This represents a 10% increase over the dividend paid in the third
quarter of 2002 and a 5% increase over the dividend paid in the second
quarter of 2003.
During the second quarter of 2003, return on assets and return on equity
finished at 1.15% and 12.14%, respectively, compared with 1.20% and 12.37% in
the second quarter of 2002. Equity capital was $546 million at June 30, 2003, or
$13.73 per share, compared to $517 million at June 30, 2002, or $13.11 per
share.
The net interest margin for the second quarter of 2003 was 3.69%, down 19 basis
points from the first quarter. The decline in margin resulted from average
yields on earning assets decreasing further than the average cost of deposits as
interest rates remain at the lowest level in decades.
Susquehanna reaffirmed its 2003 diluted EPS guidance of $1.62 - $1.68. The
company expects third quarter diluted EPS to be in the range of $0.40 - $0.42.
Additional Highlights
During the second quarter, Susquehanna's subsidiary Farmers & Merchants Bank and
Trust (Hagerstown, Md.) received preferred lender status from the U.S. Small
Business Administration. F&M Bank is the third Susquehanna affiliate to receive
the highest lending designation awarded by the SBA, joining Susquehanna Bank
(Towson, Md.) and Farmers First Bank (Lititz, Pa.). In 2002, F&M Bank settled
11 SBA guaranteed loans totaling $2,115,000. Its 2002 results rank F&M Bank in
the top ten of all SBA lenders in Maryland.
In June, Susquehanna announced it had been named a 2003 Dividend Achiever. The
list of Dividend Achievers, compiled annually by Mergent Inc., a New York
City-based provider of business and financial information, highlights public
companies that have increased their regular cash dividends for at least 10
consecutive calendar years. Just 2.5 percent of all U.S. companies that pay
dividends made the list, which will be published in the annual Mergent's
Dividend Achiever, a popular reference tool for investors
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and investment professionals. This is Susquehanna's fourth consecutive year
receiving this recognition.
Susquehanna will broadcast its second quarter results conference call over the
Internet on July 23, 2003, at 11:00 AM Eastern time. The conference call will
include management's discussion of second quarter results with analysts, and may
also include forward-looking information. 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 of
the home page and clicking the "Live Web cast" link. To listen to the live call,
please go to the Web site at least fifteen minutes early to download and install
any necessary audio software. For those who cannot listen to the live broadcast,
a replay will be available shortly after the call.
Susquehanna Bancshares, Inc. is a financial holding company with assets of $5.8
billion, operating in multiple states. It provides financial services through
its subsidiaries at over 160 locations in the mid-Atlantic region. In addition
to eight commercial banks, Susquehanna operates a trust and investment company,
an asset management company, a property and casualty insurance brokerage company
and a vehicle leasing company. Investor information may be requested on
Susquehanna's Web site at www.susqbanc.com.
# # #
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.
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Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
SUMMARY FINANCIAL INFORMATION
(Dollars in thousands, except per share)
Six Months
----------
2Q03 2Q02 2003 2002
---- ---- ---- ----
Balance Sheet (EOP)
Investments $1,248,011 $1,040,211 $1,248,011 $1,040,211
Loans and leases 3,898,938 3,737,178 3,898,938 3,737,178
Allowance for loan & lease losses (ALLL) 40,329 39,148 40,329 39,148
Total assets 5,789,330 5,277,257 5,789,330 5,277,257
Deposits 3,978,476 3,630,965 3,978,476 3,630,965
Short-term borrowings 341,906 219,003 341,906 219,003
FHLB borrowings 598,160 565,121 598,160 565,121
Vehicle financing 4,958 106,403 4,958 106,403
Long-term debt 145,000 105,000 145,000 105,000
Shareholders' equity 545,869 517,131 545,869 517,131
Stated Book Value per Share 13.73 13.11 13.73 13.11
Tangible Book Value per Share 12.23 11.60 12.23 11.60
Average Balance Sheet
Investments 1,245,332 1,012,606 1,194,891 1,011,812
Loans and leases 3,849,384 3,693,108 3,826,944 3,616,633
Total earning assets 5,166,863 4,758,557 5,087,997 4,702,104
Total assets 5,679,792 5,210,101 5,600,424 5,158,966
Deposits 3,905,651 3,566,536 3,873,066 3,532,294
Short-term borrowings 328,404 195,226 294,680 185,283
FHLB borrowings 591,902 600,568 570,396 588,971
Vehicle financing 8,017 126,500 13,867 142,156
Long-term debt 145,000 105,000 151,381 105,000
Shareholders' equity 538,952 506,355 536,994 501,435
Income Statement
Net interest income 47,019 47,756 94,298 92,184
Loan & lease loss provision 2,175 2,434 4,880 4,707
Non-interest income 24,922 22,414 50,415 46,825
Non-interest expense 46,460 45,100 93,236 90,187
Income before taxes 23,306 22,636 46,597 44,115
Income taxes 6,992 7,017 14,212 13,676
Net income 16,314 15,619 32,385 30,439
Basic earnings per share 0.41 0.40 0.82 0.77
Diluted earnings per share 0.41 0.39 0.81 0.77
Cash dividends paid per share 0.21 0.20 0.42 0.40
Asset Quality
Net charge-offs (NCO) $ 2,127 $ 1,818 $ 4,222 $ 3,257
Nonaccrual loans & leases 20,078 16,828 20,078 16,828
Restructured loans 6,260 0 6,260 0
OREO 1,925 3,174 1,925 3,174
Total nonperforming assets (NPA) 28,263 20,002 28,263 20,002
Loans & leases 90 days past due 7,036 9,995 7,036 9,995
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
Six Months
----------
2Q03 2Q02 2003 2002
---- ---- ---- ----
RATIO ANALYSIS
Credit Quality
NCO / Ave. loans & leases 0.22% 0.20% 0.22% 0.18%
NPA / loans & leases & OREO 0.72% 0.53% 0.72% 0.53%
ALLL / Nonperforming loans & leases 153.12% 232.64% 153.12% 232.64%
ALLL / total loans & leases 1.03% 1.05% 1.03% 1.05%
Capital Adequacy
Equity / assets 9.43% 9.80% 9.43% 9.80%
Long-term debt / equity 26.56% 20.30% 26.56% 20.30%
Profitability
Return on average assets 1.15% 1.20% 1.17% 1.19%
Return on average equity 12.14% 12.37% 12.16% 12.24%
Net interest margin 3.69% 4.08% 3.78% 4.01%
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
CONSOLIDATED BALANCE SHEETS
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June 30, December 31, June 30,
(Dollars in thousands) 2003 2002 2002
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ASSETS
Cash and due from banks $ 194,550 $ 156,320 $ 113,414
Short-term investments:
Restricted 51,926 30,611 31,149
Unrestricted 30,359 22,025 19,720
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Total short-term investments 82,285 52,636 50,869
- ----------------------------------------------------------------------------------------------------------------------------
Investment securities available for sale, at fair value 1,244,577 1,122,230 1,038,522
Investment securities held to maturity, at amortized cost
(Fair values of $3,434, $4,177 and $1,689) 3,434 4,177 1,689
Loans and leases, net of unearned income 3,898,938 3,830,953 3,737,178
Less: Allowance for loan and lease losses 40,329 39,671 39,148
- ----------------------------------------------------------------------------------------------------------------------------
Net loans and leases 3,858,609 3,791,282 3,698,030
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Premises and equipment (net) 60,067 60,108 59,361
Accrued income receivable 18,510 20,579 21,521
Bank-owned life insurance 127,815 125,127 123,269
Goodwill 54,897 54,897 54,396
Intangible assets with finite lives 4,685 4,998 5,294
Other assets 139,901 152,293 110,892
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Total assets $5,789,330 $5,544,647 $5,277,257
- ----------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Deposits:
Demand $ 691,200 $ 601,272 $ 545,375
Interest-bearing demand 1,187,906 1,137,875 976,486
Savings 500,273 470,317 468,774
Time 1,262,671 1,300,445 1,317,126
Time of $100 or more 336,426 321,406 323,204
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Total deposits 3,978,476 3,831,315 3,630,965
- ----------------------------------------------------------------------------------------------------------------------------
Short-term borrowings 341,906 266,724 219,003
FHLB borrowings 598,160 543,166 565,121
Vehicle financing 4,958 31,304 106,403
Long-term debt 145,000 180,000 105,000
Accrued interest, taxes, and expenses payable 32,217 40,314 51,474
Deferred taxes 99,012 95,478 50,662
Other liabilities 43,732 22,491 31,498
- ----------------------------------------------------------------------------------------------------------------------------
Total liabilities 5,243,461 5,010,792 4,760,126
- ----------------------------------------------------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Common stock
Authorized: 100,000,000 ($2.00 par value)
Issued: 39,757,469 at June 30, 2003; 39,638,447 at
December 31, 2002; and 39,433,663 at June 30, 2002 79,515 79,277 78,867
Surplus 64,578 62,858 58,434
Retained earnings 390,972 375,244 360,204
Accumulated other comprehensive income,
net of taxes of $5,860, $8,662, and $10,568, respectively 10,804 16,476 19,626
- ----------------------------------------------------------------------------------------------------------------------------
Total shareholders' equity 545,869 533,855 517,131
- ----------------------------------------------------------------------------------------------------------------------------
Total liabilities and shareholders' equity $5,789,330 $5,544,647 $5,277,257
- ----------------------------------------------------------------------------------------------------------------------------
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
CONSOLIDATED STATEMENTS OF INCOME
- --------------------------------------------------------------------------------------------- -------------------------
Three Months Ended Six Months Ended
June 30, June 30,
- --------------------------------------------------------------------------------------------- -------------------------
(Dollars in thousands, except per share) 2003 2002 2003 2002
- --------------------------------------------------------------------------------------------- -------------------------
INTEREST INCOME
Interest and fees on loans and leases $60,942 $65,736 $122,835 $130,024
Interest on investment securities: taxable 10,833 13,833 22,502 27,116
tax-exempt 372 618 835 1,322
Interest on short-term investments 198 263 362 700
- --------------------------------------------------------------------------------------------- -------------------------
Total interest income 72,345 80,450 146,534 159,162
- --------------------------------------------------------------------------------------------- -------------------------
INTEREST EXPENSE
Interest on deposits:
Interest-bearing demand 2,466 3,002 5,143 5,908
Savings 599 1,103 1,209 2,180
Time 13,133 16,386 27,098 34,152
Interest on short-term borrowings 872 797 1,569 1,472
Interest on FHLB borrowings 5,598 7,418 11,636 14,679
Interest on vehicle financing 58 1,988 199 4,594
Interest on long-term debt 2,600 2,000 5,382 3,993
- --------------------------------------------------------------------------------------------- -------------------------
Total interest expense 25,326 32,694 52,236 66,978
- --------------------------------------------------------------------------------------------- -------------------------
Net interest income 47,019 47,756 94,298 92,184
Provision for loan and lease losses 2,175 2,434 4,880 4,707
- --------------------------------------------------------------------------------------------- -------------------------
Net interest income after provision for loan and lease losses 44,844 45,322 89,418 87,477
- --------------------------------------------------------------------------------------------- -------------------------
NON-INTEREST INCOME
Service charges on deposit accounts 4,825 4,207 9,290 8,050
Vehicle origination and servicing fees 7,567 6,864 14,570 13,896
Merchant credit card fees 0 2,740 0 6,467
Asset management fees 2,514 2,521 4,800 4,973
Income from fiduciary-related activities 1,427 1,247 2,949 2,498
Gain on sale of loans and leases 2,402 727 4,939 2,139
Income from bank-owned life insurance 1,433 1,630 3,075 3,348
Commissions on insurance sales 1,852 0 4,232 0
Other operating income 2,808 2,474 6,376 5,309
Investment security gains/(losses) 94 4 184 145
- --------------------------------------------------------------------------------------------- -------------------------
Total non-interest income 24,922 22,414 50,415 46,825
- --------------------------------------------------------------------------------------------- -------------------------
NON-INTEREST EXPENSE
Salaries and employee benefits 22,349 19,772 44,703 39,411
Net occupancy expense 3,379 3,077 6,900 6,175
Furniture and equipment expense 2,269 2,144 4,469 4,219
Amortization of intangible assets 157 158 313 326
Vehicle residual value expense 1,657 1,605 3,075 3,270
Vehicle delivery and preparation expense 2,691 2,046 5,585 3,608
Merchant credit card servicing expense 0 2,603 0 6,250
Other operating expenses 13,958 13,695 28,191 26,928
- --------------------------------------------------------------------------------------------- -------------------------
Total non-interest expense 46,460 45,100 93,236 90,187
- --------------------------------------------------------------------------------------------- -------------------------
Income before income taxes 23,306 22,636 46,597 44,115
Provision for income taxes 6,992 7,017 14,212 13,676
- --------------------------------------------------------------------------------------------- -------------------------
NET INCOME $16,314 $15,619 $ 32,385 $ 30,439
- --------------------------------------------------------------------------------------------- -------------------------
Per share information:
Basic earnings $ 0.41 $ 0.40 $ 0.82 $ 0.77
Diluted earnings $ 0.41 $ 0.39 $ 0.81 $ 0.77
Cash dividends $ 0.21 $ 0.20 $ 0.42 $ 0.40
Average shares outstanding: Basic 39,689 39,398 39,673 39,373
Diluted 39,952 39,721 39,927 39,688
- --------------------------------------------------------------------------------------------- -------------------------
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 Period Ended For the Three Month Period Ended
June 30, 2003 June 30, 2002
- ---------------------------------------------------------------------------------- ----------------------------------------
Average Average
(Dollars in thousands) Balance Interest Rate (%) Balance Interest Rate (%)
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Assets
Short - term investments $ 72,147 $ 198 1.10 $ 52,843 $263 2.00
Investment securities:
Taxable 1,213,515 10,833 3.58 958,583 13,833 5.79
Tax - advantaged 31,817 572 7.21 54,023 952 7.07
- --------------------------------------------------------------------------------------------------------------------------------
Total investment securities 1,245,332 11,405 3.67 1,012,606 14,785 5.86
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Loans and leases, (net):
Taxable 3,794,545 60,311 6.38 3,645,093 65,110 7.16
Tax - advantaged 54,839 971 7.10 48,015 965 8.06
- --------------------------------------------------------------------------------------------------------------------------------
Total loans and leases 3,849,384 61,282 6.39 3,693,108 66,075 7.18
- --------------------------------------------------------------------------------------------------------------------------------
Total interest - earning assets 5,166,863 $72,885 5.66 4,758,557 $81,122 6.84
--------- ------- -------- -------
Allowance for loan and lease losses (40,533) (39,155)
Other non - earning assets 553,462 490,699
- ----------------------------------------------------- -----------
Total assets $5,679,792 $5,210,101
- ----------------------------------------------------- -----------
Liabilities
Deposits:
Interest - bearing demand $1,168,672 $ 2,466 0.85 $ 938,783 $ 3,003 1.28
Savings 497,769 599 0.48 467,067 1,103 0.95
Time 1,608,768 13,133 3.27 1,619,017 16,386 4.06
Short - term borrowings 328,404 872 1.07 195,226 796 1.64
FHLB borrowings 591,902 5,598 3.79 600,568 7,419 4.95
Vehicle financing 8,017 58 2.90 126,500 1,987 6.30
Long - term debt 145,000 2,600 7.19 105,000 2,000 7.64
- -------------------------------------------------------------------------------------------------------------------------------
Total interest - bearing liabilities 4,348,532 $25,326 2.34 4,052,161 $32,694 3.24
--------- ------- -------- -------
Demand deposits 630,442 541,669
Other liabilities 161,866 109,916
- ----------------------------------------------------- -----------
Total liabilities 5,140,840 4,703,746
- ----------------------------------------------------- -----------
Equity 538,952 506,355
- ----------------------------------------------------- -----------
Total liabilities & shareholders' equity $5,679,792 $5,210,101
- ----------------------------------------------------- -----------
Net interest income / yield on
average earning assets $47,559 3.69 $48,428 4.08
--------- ------- -------- -------
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
Interest rates and interest differential - taxable equivalent basis
- -----------------------------------------------------------------------------------------------------------------------------------
For the Six Month Period Ended For the Six Month Period Ended
June 30, 2003 June 30, 2003
- ------------------------------------------------------------------------------------ -------------------------------------------
Average Average
(Dollars in thousands) Balance Interest Rate (%) Balance Interest Rate (%)
- -----------------------------------------------------------------------------------------------------------------------------------
Assets
Short - term investments $ 66,162 $ 362 1.10 $ 73,659 $ 700 1.92
Investment securities:
Taxable 1,158,743 22,502 3.92 954,078 27,116 5.73
Tax - advantaged 36,148 1,284 7.16 57,734 2,034 7.10
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Total investment securities 1,194,891 23,786 4.01 1,011,812 29,150 5.81
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Loans and leases, (net):
Taxable 3,772,063 121,448 6.49 3,570,648 128,819 7.28
Tax - advantaged 54,881 2,134 7.84 45,985 1,854 8.13
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Total loans and leases 3,826,944 123,582 6.51 3,616,633 130,673 7.29
- -----------------------------------------------------------------------------------------------------------------------------------
Total interest - earning assets 5,087,997 $ 147,730 5.86 4,702,104 $ 160,523 6.88
---------- -------- ---------- ---------
Allowance for loan and lease losses (40,286) (38,701)
Other non - earning assets 552,713 495,563
- -------------------------------------------------------- -----------
Total assets $5,600,424 $5,158,966
- -------------------------------------------------------- -----------
Liabilities
Deposits:
Interest - bearing demand $1,162,802 $ 5,143 0.89 $ 928,939 $ 5,909 1.28
Savings 489,107 1,208 0.50 456,198 2,180 0.96
Time 1,610,680 27,098 3.39 1,618,022 34,152 4.26
Short - term borrowings 294,680 1,569 1.07 185,283 1,471 1.60
FHLB borrowings 570,396 11,636 4.11 588,971 14,680 5.03
Vehicle financing 13,867 199 2.89 142,156 4,593 6.52
Long - term debt 151,381 5,382 7.17 105,000 3,993 7.67
- -----------------------------------------------------------------------------------------------------------------------------------
Total interest - bearing liabilities 4,292,913 $ 52,235 2.45 4,024,569 $ 66,978 3.36
---------- -------- ---------- --------
Demand deposits 610,477 529,135
Other liabilities 160,040 103,827
- -------------------------------------------------------- -----------
Total liabilities 5,063,430 4,657,531
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Equity 536,994 501,435
- -------------------------------------------------------- -----------
Total liabilities & shareholders' equity $5,600,424 $5,158,966
- -------------------------------------------------------- -----------
Net interest income / yield on
average earning assets $ 95,495 3.78 $ 93,545 4.01
---------- -------- ---------- --------
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,
2003 2002 2002
- ----------------------------------------------------------------------------------------------------------
Commercial, financial, and agricultural $ 554,965 $ 478,181 $ 451,385
Real estate - construction 472,685 456,663 408,191
Real estate secured - residential 1,231,315 1,246,939 1,178,213
Real estate secured - commercial 987,194 988,633 941,168
Consumer 335,925 343,537 339,317
Leases 316,854 317,000 418,904
- ----------------------------------------------------------------------------------------------------------
Total loans and leases $3,898,938 $3,830,953 $3,737,178
- ----------------------------------------------------------------------------------------------------------