Susquehanna 4Q Earnings Fall as Expenses Rise

By Antonio Olivero January 23, 2014, 11:22 a.m. EST 1 Min Read

Consumer banking

Susquehanna in Pa. Hires Chief Risk Officer

Susquehanna Bancshares (SUSQ) in Lititz, Pa., has hired Kevin Burns as chief risk officer and executive vice president.

By Sarah Todd

January 6
M&A

Susquehanna Deal a Model for Lowering Branch Costs

Susquehanna Bancshares is doing a sale-leaseback of 30 branches to improve its capital planning. But over the long term, and more importantly to the industry overall, it could also help the bank get out of branches that may one day become obsolete.

By Andy Peters

December 27
Community banking

Susquehanna's Fee Income Rises 23%

More fee income and a better credit picture propelled Susquehanna Bancshares (SUSQ) in Lititz, Pa., in the second quarter.

By Michelle Zheng

July 25
Community banking

Susquehanna in Pa. Promotes Treasurer to Succeed CFO

Michael Harrington will succeed current CFO Drew Hostetter, who plans retire at the end of the year, the $18 billion-asset company said Tuesday. Hostetter has held the position since 1996.

By Chris Cumming

May 14

Susquehanna Bancshares (SUSQ) in Lititz, Pa., reported a profit of $41.3 million in the fourth quarter, down 4.4% from a year earlier.

However, with earnings per share of 22 cents, the $18.5 billion-asset company beat the estimates of analysts polled by Bloomberg by four cents.

A few weeks ago Susquehanna announced that it had sold 30 branches to a SunTrust Banks (STI) subsidiary. Susquehanna also agreed to lease the branches back. The aggregate sale price was $57.1 million, and the proceeds received were $54.2 million after closing costs and prepaid rent, the company said in its earnings release Wednesday.

Net interest income for the fourth quarter was $142.7 million, an 8.1% decrease from the fourth quarter of 2012. Noninterest income increased 15.7%, to $50.7 million. Noninterest expense jumped 8.3%, to $135.7 million.

Net interest margin fell 46 basis points from a year earlier, to 3.60%. Provision for loan and lease losses dropped 84.6%, to $2 million. Net chargeoffs decreased by30%.

Last week Susquehanna announced several executive changes including naming Andrew Samuel chairman to go along with his roles as president and chief executive. The bank also promoted Michael Harrington to chief financial officer.

Antonio Olivero