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LITITZ, Pa.--(BUSINESS WIRE)-- Susquehanna Bancshares, Inc. (Susquehanna) (NASDAQ: SUSQ) today announced net income applicable to common shareholders for the third quarter ended September 30, 2009 was $2.7 million, or $0.03 per diluted share, compared to $6.4 million for the third quarter of 2008, or $0.07 per diluted share. Net loss for the first nine months of 2009 was ($7.4) million, or ($0.09) per diluted share, compared to net income of $63.6 million or $0.74 per share for the first nine months of 2008.
The board of directors of Susquehanna Bancshares, Inc. has declared a fourth quarter dividend of $0.01 per common share, a reduction from the third quarter dividend, which was $0.05 per share. The dividend is payable on November 23, 2009 to shareholders of record November 9, 2009.
"After careful deliberation, our board made the decision to reduce our quarterly dividend," said William J. Reuter, Chairman and Chief Executive Officer. "Susquehanna remains well capitalized, and we believe this is a prudent step to preserve our strong position during this prolonged economic downturn."
Third Quarter Financial Results (Third Quarter 2009 vs. Third Quarter 2008)
-- Net loans and leases grew 4% to $9.9 billion from September 30, 2008.
o Consumer loans increased 8%.
o Real estate secured-commercial loans increased 6%.
o Commercial loans increased 6%.
o Real estate secured-residential loans increased 5%.
o Leases increased 12%.
o Real estate-construction loans decreased 7%.
-- Total deposits decreased 3% to $8.9 billion from September 30, 2008.
o Non-interest bearing demand deposits decreased 1%.
o Interest-bearing demand deposits increased 21%.
o Savings deposits increased 2%.
-- Net interest margin for the quarter increased 4 basis points to 3.64%
compared to 3.60% for the third quarter of 2008.
-- Net charge-offs as a percentage of average loans and leases for the
third quarter of 2009 were 1.48% compared to 0.35% for the third quarter
of 2008. Non-performing assets as a percentage of loans, leases and
other real estate owned were 2.83% at September 30, 2009 compared to
1.15% at September 30, 2008.
-- Efficiency Ratio for the quarter was 61.48% compared to 78.38% for the
third quarter of 2008.
-- Common equity was $1.7 billion, or $19.53 per common share, at September
30, 2009 compared to $1.7 billion, or $19.69 per common share, at
September 30, 2008.
-- Susquehanna's regulatory capital ratios are as follows:
At September 30, 2009 Well-Capitalized Threshold
Leverage Ratio 9.65% 5.0%
Tier 1 Capital Ratio 11.05% 6.0%
Total Risk-Based Capital 13.48% 10.0%
Ratio
-- Return on average assets and average tangible equity(1) for the third
quarter ended September 30, 2009 finished at 0.20% and 3.76%,
respectively. This compared to results of 0.19% and 5.21% for the same
measurements, respectively, for the third quarter of 2008.
(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 Results (Third Quarter 2009 vs. Second Quarter 2009)
-- Net loans and leases decreased 1% to $9.9 billion from June 30, 2009.
o Consumer loans increased 2%.
o Real estate secured - commercial loans increased 1%.
o Real estate construction loans decreased 6%.
o Commercial loans decreased 2%.
o Leases increased 1%.
-- Total deposits decreased 1% to $8.9 billion from June 30, 2009.
o Non-interest bearing demand deposits decreased 3%.
o Interest-bearing demand deposits increased 5%
o Savings deposits decreased 3%.
-- Net interest margin increased 12 basis points to 3.64% compared to 3.52%
for the second quarter of 2009.
-- Net charge-offs as a percentage of average loans and leases increased 47
basis points to 1.48% compared to the second quarter of 2009.
Non-performing assets as a percentage of loans, leases and other real
estate owned increased 26 basis points to 2.83% at September 30, 2009.
-- Efficiency Ratio for the quarter was 61.48% compared to 74.64% for the
second quarter of 2009.
-- Tangible Common Equity to Tangible Common Assets ratio increased to
4.95% from 4.62% at June 30, 2009.
"The prolonged economic downturn has continued to impact customers in our markets, as well as our own financial performance. However, outside of our increased credit costs, our core operations are showing solid performance," said William J. Reuter, Chairman and Chief Executive Officer of Susquehanna Bancshares, Inc. "In the third quarter, we improved our net interest margin, controlled expenses to produce an improved efficiency ratio, and increased our non-interest income. Our core pre-provision, pre-tax income* improved 20%, from $40.9 million in the second quarter to $49.2 million in the third quarter."
"Our objective for the balance of this year and going into 2010 is clear," Reuter said. "We will continue to diligently monitor our loan portfolio to identify and mitigate potential credit quality issues, as well as build on our efforts to balance our deposit mix for improved net interest margin and carefully control expenses for enhanced efficiency."
Susquehanna will broadcast its third quarter 2009 results conference call over the Internet on October 29, 2009 at 11:00 a.m. Eastern time. The conference call will include management's discussion of third quarter 2009 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" near the top right of the home page then "Overview" 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 approximately $14 billion. Headquartered in Lititz, Pa., the company provides banking and financial services at more than 220 branch locations in the mid-Atlantic region. Through Susquehanna Wealth Management, the company offers investment, fiduciary, brokerage, insurance, retirement planning, and private banking services, with approximately $6 billion in assets under management and administration. Susquehanna also operates an insurance brokerage and employee benefits company, a commercial finance company and a vehicle leasing company. Investor information may be requested on Susquehanna's Web site at 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 release includes forward-looking statements as that term is defined in the U.S. Private Securities Litigation Reform Act of 1995. In particular, this release includes forward-looking statement regarding Susquehanna's objectives for the balance of the year and for 2010. These statements are subject to certain risks and uncertainties including risks relating to Susquehanna's ability to monitor its existing loan portfolio, to find qualified borrowers and to cost-effectively manage its operations, as well as risks relating to changes in consumer confidence, changes in the general economic climate, unforeseen action taken by regulators and the other risks set forth in Susquehanna's filings with the Securities and Exchange Commission. Susquehanna encourages readers of this release to understand forward-looking statements to be strategic objectives rather than absolute targets of future performance. Forward-looking statements speak only as of the date they are made. Susquehanna does not intend to update publicly any forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events except as required by law.
*Core pre-provision, pre-tax income is determined as follows:
($ in Millions)
3Q 2009 2Q 2009
Pre-Tax Income (Loss) $5.9 ($18.2)
Provision for Loan Losses 48.0 50.0
Net Security Gains (4.7) 0.0
FDIC Special Assessment 0.0 6.2
Consolidation Charges 0.0 2.9
Core Pre-Provision, Pre-Tax Income $49.2 $40.9
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
SUMMARY FINANCIAL INFORMATION
(Dollars in thousands, except per common share data)
Nine Months
3Q09 3Q08 2009 2008
Balance Sheet (EOP)
Investments $1,822,895 $2,039,590 $1,822,895 $2,039,590
Loans and leases 9,863,705 9,454,094 9,863,705 9,454,094
Allowance for loan & 168,570 105,575 168,570 105,575
lease losses (ALLL)
Total assets 13,659,154 13,636,287 13,659,154 13,636,287
Deposits 8,900,313 9,194,141 8,900,313 9,194,141
Short-term borrowings 1,020,614 738,516 1,020,614 738,516
FHLB borrowings 1,049,383 1,354,981 1,049,383 1,354,981
Long-term debt 448,246 422,943 448,246 422,943
Shareholders' equity 1,979,082 1,694,774 1,979,082 1,694,774
Stated book value per 19.53 19.69 19.53 19.69
common share
Tangible book value per 7.21 7.25 7.21 7.25
common share
Average Balance Sheet
Investments $1,813,956 $2,085,899 $1,875,064 $2,068,829
Loans and leases 9,871,042 9,331,363 9,790,294 9,052,373
Total earning assets 11,790,107 11,509,955 11,776,540 11,220,901
Total assets 13,703,828 13,506,823 13,697,767 13,225,375
Deposits 8,935,255 9,026,149 9,050,320 8,845,334
Short-term borrowings 1,050,060 722,528 939,446 643,341
FHLB borrowings 1,049,652 1,396,158 1,052,286 1,344,995
Long-term debt 448,280 422,870 448,223 421,297
Shareholders' equity 1,964,460 1,698,764 1,952,405 1,717,882
Income Statement
Net interest income $104,802 $101,262 $300,176 $298,501
Provision for loan and 48,000 17,704 133,000 41,306
lease losses
Noninterest income 40,705 17,919 117,722 105,506
Noninterest expense 91,535 95,790 289,518 278,054
Income (loss) before 5,972 5,687 (4,620 ) 84,647
taxes
(Benefit from) provision (850 ) (673 ) (9,690 ) 21,065
for income taxes
Net income 6,822 6,360 5,070 63,582
Net income (loss)
applicable to common 2,657 6,360 (7,424 ) 63,582
shareholders
Basic earnings per 0.03 0.07 (0.09 ) 0.74
common share
Diluted earnings per 0.03 0.07 (0.09 ) 0.74
common share
Cash dividends paid per 0.05 0.26 0.36 0.78
common share
Asset Quality
Net charge-offs (NCO) $36,947 $8,162 $78,179 $24,300
Nonaccrual loans & 225,343 96,022 225,343 96,022
leases
Restructured loans 32,188 2,592 32,188 2,592
OREO 22,510 10,671 22,510 10,671
Total nonperforming 280,041 109,285 280,041 109,285
assets (NPA)
Loans & leases 90 days 38,396 20,313 38,396 20,313
past due
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
RATIO ANALYSIS 3Q09 3Q08 2009 2008
Credit Quality
NCO / Average loans & 1.48 % 0.35 % 1.07 % 0.36 %
leases
NPA / Loans & leases & 2.83 % 1.15 % 2.83 % 1.15 %
OREO
ALLL / Nonperforming 65.46 % 107.06 % 65.46 % 107.06 %
loans & leases
ALLL / Total loans & 1.71 % 1.12 % 1.71 % 1.12 %
leases
Capital Adequacy
Equity / Assets 14.49 % 12.43 % 14.49 % 12.43 %
Long-term debt / Equity 22.65 % 24.96 % 22.65 % 24.96 %
Profitability
Return on average assets 0.20 % 0.19 % 0.05 % 0.64 %
Return on average equity 1.38 % 1.49 % 0.35 % 4.94 %
Return on average 3.76 % 5.21 % 1.55 % 13.59 %
tangible equity (1)
Net interest margin 3.64 % 3.60 % 3.52 % 3.66 %
Efficiency ratio 61.48 % 78.38 % 67.67 % 67.37 %
(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 measure is
return on average equity which is calculated using GAAP-based amounts. 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.
Nine Months
3Q09 3Q08 2009 2008
Return on average equity 1.38 % 1.49 % 0.35 % 4.94 %
(GAAP basis)
Effect of excluding
average intangible 2.38 % 3.72 % 1.20 % 8.65 %
assets and related
amortization
Return on average 3.76 % 5.21 % 1.55 % 13.59 %
tangible equity
Susquehanna Bancshares, Inc.
P.O. Box 1000
Lititz, PA 17543
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30, December 31, September 30,
2009 2008 2008
(in thousands, except share data)
Assets
Cash and due from banks $199,626 $237,701 $260,358
Unrestricted short-term investments 100,099 119,146 105,704
Cash and cash equivalents 299,725 356,847 366,062
Restricted short-term investments 50 214 213
Securities available for sale 1,813,910 1,870,746 2,030,395
Securities held to maturity (fair
values approximate $8,985,$9,145, 8,985 9,145 9,195
and $9,195)
Loans and leases, net of unearned 9,863,705 9,653,873 9,454,094
income
Less: Allowance for loan and lease 168,570 113,749 105,575
losses
Net loans and leases 9,695,135 9,540,124 9,348,519
Premises and equipment, net 165,764 173,269 177,219
Foreclosed assets 22,510 10,313 10,671
Accrued income receivable 38,028 40,486 43,363
Bank-owned life insurance 357,325 353,771 353,864
Goodwill 1,018,031 1,017,551 1,014,282
Intangible assets with finite lives 46,116 54,044 56,658
Other assets 193,575 256,478 225,846
Total assets $13,659,154 $13,682,988 $13,636,287
Liabilities and Shareholders'
Equity
Deposits:
Demand $1,210,770 $1,201,416 $1,228,255
Interest-bearing demand 2,962,307 2,528,475 2,446,467
Savings 724,487 695,275 712,930
Time 2,747,706 3,045,653 2,962,563
Time of $100 or more 1,255,043 1,595,674 1,843,926
Total deposits 8,900,313 9,066,493 9,194,141
Short-term borrowings 1,020,614 910,219 738,516
Federal Home Loan Bank borrowings 1,049,383 1,069,784 1,354,981
Long-term debt 176,055 176,284 151,289
Junior subordinated debentures 272,191 271,798 271,654
Accrued interest, taxes, and 71,708 55,126 63,957
expenses payable
Deferred taxes 74,391 87,695 96,565
Other liabilities 115,417 99,671 70,410
Total liabilities 11,680,072 11,737,070 11,941,513
Shareholders' equity:
Preferred stock, $1,000 liquidation
value, 5,000,000 shares authorized.
Issued: 300,000 at September 30, 291,944 290,700 0
2009; 300,000,at December 31, 2008;
and 0 at September 30, 2008
Common stock, $2.00 par value,
200,000,000 shares authorized;
Issued: 86,394,320 at September 30, 172,789 172,349 172,179
2009; 86,174,285 at December 31,
2008; and 86,089,662 at September
30, 2008
Additional paid-in capital 1,056,800 1,055,255 1,044,338
Retained earnings 475,591 512,924 516,290
Accumulated other comprehensive
loss, net of taxes of (18,042 ) (85,310 ) (38,033 )
$9,715;$45,936; and $20,479
Total shareholders' equity 1,979,082 1,945,918 1,694,774
Total liabilities and shareholders' $13,659,154 $13,682,988 $13,636,287
equity
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 2009 2008 2009 2008
data)
Interest Income:
Loans and leases, including fees $139,591 $148,374 $415,341 $444,243
Securities:
Taxable 16,758 21,331 54,329 65,521
Tax-exempt 3,755 3,326 11,174 9,287
Dividends 992 1,541 2,943 4,541
Short-term investments 54 491 529 1,939
Total interest income 161,150 175,063 484,316 525,531
Interest Expense:
Deposits:
Interest-bearing demand 4,499 7,441 17,102 27,254
Savings 291 1,116 1,400 3,954
Time 33,166 41,236 109,103 124,094
Short-term borrowings 1,098 3,179 3,233 9,368
FHLB borrowings 10,122 13,120 30,275 39,104
Long-term debt 7,172 7,709 23,027 23,256
Total interest expense 56,348 73,801 184,140 227,030
Net interest income 104,802 101,262 300,176 298,501
Provision for loan and lease 48,000 17,704 133,000 41,306
losses
Net interest income, after
provision for loan and lease 56,802 83,558 167,176 257,195
losses
Noninterest Income:
Service charges on deposit 9,326 11,968 28,277 34,823
accounts
Vehicle origination, servicing, 1,210 2,200 4,996 7,698
and securitization fees
Asset management fees 6,733 7,405 18,920 19,161
Income from fiduciary-related 1,803 1,977 5,270 6,500
activities
Commissions on brokerage, life 2,291 1,672 5,850 5,361
insurance and annuity sales
Commissions on property and 2,661 2,636 9,446 9,604
casualty insurance sales
Income from bank-owned life 1,312 3,719 4,094 10,651
insurance
Net gain on sale of loans and 3,142 1,856 8,141 4,960
leases
Net realized gain on sales of 4,727 0 5,079 207
securities
Other-than-temporary impairment
of securities related to credit 0 (17,550 ) (937 ) (17,550 )
losses
Other 7,500 2,036 28,586 24,091
Total noninterest income 40,705 17,919 117,722 105,506
Noninterest Expenses:
Salaries and employee benefits 47,771 49,140 144,849 142,258
Occupancy 7,633 8,994 26,696 27,304
Furniture and equipment 3,620 3,983 10,962 12,092
Advertising and marketing 1,802 2,657 6,392 9,843
FDIC insurance 4,245 434 20,236 933
Amortization of intangible 2,624 2,853 7,928 8,048
assets
Vehicle lease disposal 3,858 3,622 10,384 9,148
Other 19,982 24,107 62,071 68,428
Total noninterest expenses 91,535 95,790 289,518 278,054
Income (loss) before income 5,972 5,687 (4,620 ) 84,647
taxes
(Benefit from) provision for (850 ) (673 ) (9,690 ) 21,065
income taxes
Net Income 6,822 6,360 5,070 63,582
Preferred stock dividends and 4,165 0 12,494 0
accretion
Net Income (Loss) Applicable to $2,657 $6,360 ($7,424 ) $63,582
Common Shareholders
Earnings per common share:
Basic $0.03 $0.07 ($0.09 ) $0.74
Diluted $0.03 $0.07 ($0.09 ) $0.74
Cash dividends per common share $0.05 $0.26 $0.36 $0.78
Average common shares
outstanding:
Basic 86,294 86,010 86,220 85,956
Diluted 86,294 86,033 86,220 85,992
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 For the Three-month Period
Ended Ended
September 30, 2009 September 30, 2008
Average Average
(Dollars in Balance Interest Rate Balance Interest Rate
thousands) (%) (%)
Assets
Short-term $105,109 $54 0.20 $92,693 $491 2.11
investments
Investment
securities:
Taxable 1,463,580 17,750 4.81 1,776,148 22,872 5.12
Tax-advantaged 350,376 5,775 6.54 309,751 5,117 6.57
Total investment 1,813,956 23,525 5.15 2,085,899 27,989 5.34
securities
Loans and
leases, (net):
Taxable 9,649,279 137,085 5.64 9,134,226 146,070 6.36
Tax-advantaged 221,763 3,855 6.90 197,137 3,546 7.16
Total loans and 9,871,042 140,940 5.66 9,331,363 149,616 6.38
leases
Total
interest-earning 11,790,107 164,519 5.54 11,509,955 178,096 6.16
assets
Allowance for
loan and lease (163,409 ) (98,963 )
losses
Other
non-earning 2,077,130 2,095,831
assets
Total assets $13,703,828 $13,506,823
Liabilities
Deposits:
Interest-bearing $2,878,901 4,499 0.62 $2,558,459 7,441 1.16
demand
Savings 738,392 291 0.16 734,832 1,116 0.60
Time 4,083,021 33,166 3.22 4,509,237 41,236 3.64
Short-term 1,050,060 1,098 0.41 722,528 3,179 1.75
borrowings
FHLB borrowings 1,049,652 10,122 3.83 1,396,158 13,120 3.74
Long-term debt 448,280 7,172 6.35 422,870 7,709 7.25
Total
interest-bearing 10,248,306 56,348 2.18 10,344,084 73,801 2.84
liabilities
Demand deposits 1,234,941 1,223,621
Other 256,121 240,354
liabilities
Total 11,739,368 11,808,059
liabilities
Equity 1,964,460 1,698,764
Total
liabilities & $13,703,828 $13,506,823
shareholders'
equity
Net interest
income / yield $108,171 3.64 $104,295 3.60
on average
earning assets
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%.
For presentation in this table, average balances and the corresponding
3. 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
Interest rates and interest differential-taxable equivalent basis
For the Nine-month Period For the Nine-month Period
Ended Ended
September 30, 2009 September 30, 2008
Average Average
(Dollars in Balance Interest Rate Balance Interest Rate
thousands) (%) (%)
Assets
Short-term $111,182 $529 0.64 $99,699 $1,939 2.60
investments
Investment
securities:
Taxable 1,528,135 57,271 5.01 1,775,290 70,062 5.27
Tax-advantaged 346,929 17,193 6.63 293,539 14,288 6.50
Total investment 1,875,064 74,464 5.31 2,068,829 84,350 5.45
securities
Loans and
leases, (net):
Taxable 9,569,595 408,064 5.70 8,858,477 437,299 6.59
Tax-advantaged 220,699 11,195 6.78 193,896 10,683 7.36
Total loans and 9,790,294 419,259 5.73 9,052,373 447,982 6.61
leases
Total
interest-earning 11,776,540 494,252 5.61 11,220,901 534,271 6.36
assets
Allowance for
loan and lease (138,218 ) (94,097 )
losses
Other
non-earning 2,059,445 2,098,571
assets
Total assets $13,697,767 $13,225,375
Liabilities
Deposits:
Interest-bearing $2,793,759 17,102 0.82 $2,662,819 27,254 1.37
demand
Savings 729,966 1,400 0.26 729,658 3,954 0.72
Time 4,309,384 109,103 3.38 4,243,996 124,094 3.91
Short-term 939,446 3,233 0.46 643,341 9,368 1.95
borrowings
FHLB borrowings 1,052,286 30,275 3.85 1,344,995 39,104 3.88
Long-term debt 448,223 23,027 6.87 421,297 23,256 7.37
Total
interest-bearing 10,273,064 184,140 2.40 10,046,106 227,030 3.02
liabilities
Demand deposits 1,217,211 1,208,861
Other 255,087 252,526
liabilities
Total 11,745,362 11,507,493
liabilities
Equity 1,952,405 1,717,882
Total
liabilities & $13,697,767 $13,225,375
shareholders'
equity
Net interest
income / yield $310,112 3.52 $307,241 3.66
on average
earning assets
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%.
For presentation in this table, average balances and the corresponding
3. average rates for investment securities are based upon historical cost,
adjusted for amortization of premiums and accretion of discounts.
LOANS AND LEASES
Loans and leases, net of unearned income, were as follows:
September 30, December 31, September 30,
2009 2008 2008
(in thousands)
Commercial, financial, and $2,096,869 $2,063,942 $1,987,149
agricultural
Real estate - construction 1,208,706 1,313,647 1,305,935
Real estate secured - residential 2,350,192 2,298,709 2,248,002
Real estate secured - commercial 3,016,452 2,875,502 2,833,555
Consumer 443,417 419,371 409,583
Leases 748,069 682,702 669,870
Total loans and leases $9,863,705 $9,653,873 $9,454,094
Susquehanna Bancshares, Inc.
(Dollars in thousands) Non-Performing Loans and Leases
09/30/09 06/30/09 03/31/09 12/31/08
Nonaccrual loans:
Commercial, financial, and $18,064 $21,814 $24,292 $13,882
agricultural
Real estate - construction 102,667 94,798 71,876 49,774
Real estate secured - residential 35,752 30,650 20,279 18,271
Real estate secured - commercial 60,387 49,710 36,836 22,477
Consumer 32 127 214 844
Leases 8,441 2,255 30 65
Total nonaccrual loans 225,343 199,354 153,527 105,313
Restructured loans:
Commercial, financial, and 3,455 5,065 1,678 1,751
agricultural
Real estate - construction 0 8,456 0 0
Real estate secured - residential 203 1,031 0 0
Real estate secured - commercial 28,530 16,247 815 815
Total restructured loans 32,188 30,799 2,493 2,566
Total non-performing loans and leases $257,531 $230,153 $156,020 $107,879
Net Charge-offs
3Q 2009 2Q 2009 1Q 2009
Commercial, financial, and $7,940 $5,601 $4,327
agricultural
Real estate - construction 21,319 13,312 7,075
Real estate secured - residential 1,816 999 2,046
Real estate secured - commercial 3,870 2,834 (487 )
Consumer 401 264 1,014
Leases 1,601 1,637 2,610
Total charge-offs $36,947 $24,647 $16,585
Source: Susquehanna Bancshares, Inc.
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