<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
January 23, 1996 (January 23, 1996)
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Date of Report (Date of earliest event reported)
Susquehanna Bancshares, Inc.
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(Exact name of registrant as specified in its charter)
Pennsylvania 0-10674 23-2201716
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(State or other jurisdiction (Commission (IRS Employer
of incorporation or organization) File Number) ID No.)
26 North Cedar Street
Lititz, Pennsylvania 17543
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(Address of principal executive offices) (Zip Code)
(717) 626-4721
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events.
Attached hereto as Appendix A is the registrant's press release dated
January 23, 1996, which press release (among other things) announces the
registrant's results of operations for the quarter and year ended December 31,
1995.
SIGNATURES
---------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SUSQUEHANNA BANCSHARES, INC
By: \s\ Richard M. Cloney
--------------------------
Richard M. Cloney
Vice President and
Secretary and duly
authorized signatory
Date: January 23, 1996
-2-
<PAGE>
APPENDIX A
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SUSQUEHANNA BANCSHARES, INC.
26 North Cedar Street, P.O. Box 1000
Lititz, PA 17543-7000
(717)626-4721
FOR IMMEDIATE RELEASE: Date: January 23, 1996
Lititz, Pennsylvania
SUSQUEHANNA BANCSHARES, INC.
FOURTH QUARTER EARNINGS
Susquehanna Bancshares, Inc. ("Susquehanna") has reported earnings for the
fourth quarter and for the year ended December 31, 1995.
For the year ended December 31, 1995, net income of $26,017,000, a new
record, was 17.7% above the $22,096,000 earned in 1994. Contributing to this
strong earnings performance was a $13.1 million increase in net interest income
resulting from a 15.9% growth in assets which included $257 million acquired
through the Reisterstown Holdings, Inc. acquisition in April 1995 which was
accounted for as a purchase.
Net income earned in the fourth quarter of 1995 of $7,149,000 was
$1,454,000 above the $5,695,000 earned in the comparable quarter of 1994. The
addition of the Reisterstown earnings included in the fourth quarter of 1995 and
the reduction in the FDIC premium were major reasons for the record fourth
quarter results.
Earnings per common share were $2.23 in 1995 compared to $1.90 in 1994.
For the fourth quarter of 1995 per share earnings were $.61 compared to $.49 in
the fourth quarter of 1994.
Total assets at December 31, 1995, were $2.586 billion compared to $2.231
billion at December 31, 1994. Loans totaled $1.713 billion compared to $1.466
billion and deposits were $2.116 billion up from $1.866 billion at December 31,
1994. Equity capital was $273 million at December 31, 1995, or $21.11 per share
compared to $217 million, or $18.66 per share at December 31, 1994.
A-1
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On January 17, 1996, Susquehanna declared a first quarter dividend of $0.29
per share on the common stock, payable February 20, 1996, to shareholders of
record January 30, 1996. This is 2 cents per share, or 7.4%, above the dividend
paid in the first quarter of 1995.
Susquehanna, a multi-bank financial holding company and parent of Citizens
National Bank of Southern Pennsylvania, Greencastle, PA; Farmers & Merchants
Bank and Trust, Hagerstown, MD; Farmers First Bank, Lititz, PA; First National
Trust Bank, Sunbury, PA; Spring Grove National Bank, Spring Grove, PA;
Williamsport National Bank, Williamsport, PA; Susque-Bancshares Leasing Co.,
Inc., Lititz, PA; Susque-Bancshares Life Insurance Company, Lititz, PA; and
Susquehanna Bancshares South, Inc., parent of Atlantic Federal Savings Bank,
Baltimore, MD; and Reisterstown Federal Savings Bank, Reisterstown, MD, has 99
community banking offices throughout central Pennsylvania and Maryland with
combined assets of $2.6 billion. Susquehanna's common stock is listed on the
Nasdaq National Market System under the symbol SUSQ.
For Further Information Contact: Richard M. Cloney
Vice President and Secretary
SUSQUEHANNA BANCSHARES, INC.
Office: (717) 626-4721
A-2
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SUSQUEHANNA BANCSHARES, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
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<TABLE>
<CAPTION>
Three Months Ended December 31 Twelve Months Ended December 31
------------------------------------------ -------------------------------------------
1995 1994* Change 1995 1994* Change
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
EARNINGS AND DIVIDENDS (IN THOUSANDS)
Net interest income $28,639 $25,141 14 % $107,209 $94,145 14 %
Provision for loan and lease losses 1,283 998 29 4,994 3,987 25
Other income 4,338 3,204 35 16,080 15,098 7
Other expense 21,362 19,308 11 80,911 72,710 11
Income before extraordinary item 7,149 5,695 26 26,017 22,828 14
Extraordinary item - - - (732)
Net income 7,149 5,695 26 26,017 22,096 18
Cash dividends declared on common stock 3,376 2,818 20 12,478 11,024 13
====================================================================================================================================
PER SHARE STATISTICS
Earnings per share:
Before extraordinary item $0.61 $0.49 22 % $2.23 $1.96 14 %
Net income 0.61 0.49 24 2.23 1.90 17
Cash dividends declared on common stock 0.29 0.27 7 1.10 1.02 8
Average number of common shares 11,781,942 11,633,918 11,674,244 11,633,918
====================================================================================================================================
PROFITABILITY RATIOS (BASED ON NET INCOME)
Return on average equity (before extraordinary item) 11.29 % 10.51 % 7 %
Return on average equity (after extraordinary item) 11.29 10.17 11
Return on average assets (before extraordinary item) 1.07 1.08 (1)
Return on average assets (after extraordinary item) 1.07 1.04 2
====================================================================================================================================
BALANCES AT DECEMBER 31, (IN THOUSANDS)
Loans and leases net of unearned income $1,712,951 $1,466,186 17 %
Allowance for loan and lease losses 27,563 23,845 27
Securities 610,018 597,996 2
Total assets 2,586,249 2,231,409 16
Deposits 2,116,042 1,866,330 13
Stockholders' equity before SFAS 115 271,041 224,963 20
Total stockholders' equity 273,399 217,104 26
====================================================================================================================================
PER SHARE COMMON SHARE STATISTICS AT DECEMBER 31
Stockholders' equity before SFAS 115 $20.93 $19.34 8 %
Total stockholders' equity 21.11 18.66 13
Market Value 26.50 22.25
Shares Outstanding 12,948,677 11,633,918
</TABLE>
* Amounts restated to reflect pooling-of-interests of Atlanfed Bancorp, Inc.
================================================================================
SUSQUEHANNA BANCSHARES, INC. AND SUBSIDIARIES
NASDAQ Symbol: SUSQ
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A-3
<PAGE>
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SUSQUEHANNA BANCSHARES, INC.
FINANCIAL HIGHLIGHTS
================================================================================
<TABLE>
<CAPTION>
December 31, December 31,
1995 1994*
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<S> <C> <C>
RISK ASSETS (IN THOUSANDS)
Nonperforming assets:
Nonaccrual loans and leases $18,734 $17,215
Restructured accrual loans 6,703 6,941
Other real estate owned 5,344 5,341
--------------------------
Total nonperforming assets $30,781 $29,497
==========================
As a percent of period-end loans and leases and
other real estate owned 1.79% 2.00%
Loans and leases contractually
past due 90 days and still accruing $ 4,820 $14,450
</TABLE>
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<TABLE>
<CAPTION>
ALLOWANCE FOR LOAN AND LEASE LOSSES
(IN THOUSANDS) Three Months Ended December 31 Twelve Months Ended December 31
1995 1994* 1995 1994*
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<S> <C> <C> <C> <C>
Balance - Beginning of period $27,948 $23,114 $23,845 $21,717
Additions charged to operating expenses 1,283 998 4,994 3,987
Change in fiscal year - - (8) -
Allowance acquired in business combination - - 3,323 -
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29,231 24,112 32,154 25,704
=================================================================
Charge-offs (1,952) (565) (5,646) (2,952)
Recoveries 284 298 1,055 1,093
=================================================================
Net charge-offs (1,668) (267) (4,591) (1,859)
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Balance - Period end $27,563 $23,845 $27,563 $23,845
=================================================================
Net charge-offs as a % of average
loans and leases (annualized) 0.39% 0.07% 0.28% 0.13%
Allowance as % of period-end loans and leases 1.61% 1.63% 1.61% 1.63%
Average loans and leases $1,700,594 $1,446,646 $1,636,481 $1,382,111
Period-end loans and leases 1,712,951 1,466,186 1,712,951 1,466,166
</TABLE>
*Amounts restated to reflect pooling-of-interests of Atlanfed Bancorp, Inc.
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SUSQUEHANNA BANCSHARES, INC.
NASDAQ Symbol: SUSQ
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