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Susquehanna Bancshares Inc. Reports Operating Results (10-Q)

November 06, 2009 | About:
10qk

10qk

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Susquehanna Bancshares Inc. (SUSQ) filed Quarterly Report for the period ended 2009-09-30.

Susquehanna Bancshares Inc. is a multi-bank financial holding company operating as a super-community bank holding company with eight commercial banks one savings bank and two non-bank subsidiaries. These subsidiaries provide banking and banking-related services in central and eastern Pennsylvania Maryland and southern New Jersey. Susquehanna Bancshares Inc. has a market cap of $473.1 million; its shares were traded at around $5.48 with a P/E ratio of 45.6 and P/S ratio of 0.5. The dividend yield of Susquehanna Bancshares Inc. stocks is 3.6%.

Highlight of Business Operations:

The prolonged economic downturn has continued to impact customers in our markets, as well as our own financial performance. Our results for the first nine months of 2009 have been impacted by a number of issues related to the recession, including the industry-wide increase in FDIC insurance premiums and special assessments and an increase in our provision for loan and lease losses as a result of deterioration in credit quality. In addition, we recorded pre-tax charges of $2.9 million in the second quarter related to our consolidation initiative to combine certain branches in our central Pennsylvania market that are in close proximity to each other. We also had an other-than-temporary impairment charge of $0.9 million relating to our two corporate synthetic collateralized debt

Net income applicable to common shareholders for the third quarter of 2009 was $2.7 million, a decrease of $3.7 million from net income applicable to common shareholders of $6.4 million for the third quarter of 2008. Net interest income increased 3.5%, to $104.8 million for the third quarter of 2009, from $101.3 million for the third quarter of 2008. Noninterest income increased 127.2%, to $40.7 million for the third quarter of 2009, from $17.9 million for the third quarter of 2008. Noninterest expenses decreased 4.4%, to $91.5 million for the third quarter of 2009, from $95.8 million for the third quarter of 2008.

Net loss applicable to common shareholders for the first nine months of 2009 was $7.4 million, a decrease of $71.0 million from net income applicable to common shareholders of $63.6 million for the first nine months of 2008. Net interest income increased 0.6%, to $300.2 million for the first nine months of 2009, from $298.5 million for the first nine months of 2008. Noninterest income increased 11.6%, to $117.7 million for the first nine months of 2009, from $105.5 million for the first nine months of 2008. Noninterest expenses increased 4.1%, to $289.5 million for the first nine months of 2009, from $278.1 million for the first nine months of 2008.

Read the The complete Report

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