Susquehanna Bancshares Inc. (SUSQ) filed Quarterly Report for the period ended 2010-03-31.

Susquehanna Bancshares Inc. has a market cap of $929 million; its shares were traded at around $10.71 with and P/S ratio of 1.2. The dividend yield of Susquehanna Bancshares Inc. stocks is 0.4%.SUSQ is in the portfolios of Arnold Schneider of Schneider Capital Management, Paul Tudor Jones of The Tudor Group, Tom Russo of Gardner Russo & Gardner, Steven Cohen of SAC Capital Advisors.

Highlight of Business Operations: On April 21, 2010, we redeemed $200.0 million of the outstanding $300.0 million of our Fixed Rate Cumulative Perpetual Preferred Stock, Series A, issued to the U.S. Treasury pursuant to the Troubled Asset Relief Program Capital Purchase Program in December 2008. The redemption price included $200.0 million of the original investment amount plus approximately $1.8 million of accrued and unpaid dividends. The preferred stock that we redeemed in the second quarter of 2010 for $200.0 million had a carrying value of $195.2 million (net of a $4.8 million unaccreted discount). As a result of the redemption, we will accelerate the accretion of the discount , which will reduce net income applicable to common shareholders by $4.8 million in the second quarter of 2010.
Following the redemption, the U.S. Treasury will continue to own $100.0 million of our Fixed Rate Cumulative Perpetual Preferred Stock, Series A, as well as a warrant giving the U.S. Treasury the right to purchase up to 3.0 million shares of our common stock at a price of $14.86 per share. We do not expect to redeem the remaining $100.0 million of preferred stock until there is sustained economic recovery and related improvement in our credit metrics.
Net income applicable to common shareholders for the first quarter of 2010 was $3.3 million, an increase of $1.5 million from net income applicable to common shareholders of $1.9 million for the first quarter of 2009. Net interest income increased 13.7%, to $108.3 million for the first quarter of 2010, from $95.3 million for the first quarter of 2009. The provision for loan and lease losses increased 28.6% to $45.0 million for the first quarter of 2010, from $35.0 million for the first quarter of 2009. Noninterest income decreased 8.4%, to $38.7 million for the first quarter of 2010, from $42.2 million for the first quarter of 2009. Noninterest expenses decreased 0.6%, to $94.3 million for the first quarter of 2010, from $94.8 million for the first quarter of 2009.
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