Susquehanna posts 'record' year; National Penn hits adjusted projections
Susquehanna Bancshares Inc. of Lititz reported its earnings rose in 2013 against 2012 figures, even if it fell off in year-to-year fourth-quarter earnings.
The company said its net income for 2013 was $173.7 million, or 92 cents per diluted share, against 2012 net income of $141.2 million, or 77 cents per diluted share, according to its quarterly earnings statement released this week.
The yearly earnings set a “record” high, according to William J. Reuter, the company’s chairman and CEO.
In the fourth quarter of 2013, net income was at $41.3 million, or $0.22 per diluted share. In the same period of 2012, net income was at $43.2 million, or $0.23 per diluted share.
The fourth-quarter earnings were 1 cent ahead of the analyst estimate of $0.21, according to Yahoo Finance.
A $6 million restructuring charge kept actual earnings for National Penn Bancshares Inc., based in Boyertown, at $0.15 per diluted share in the fourth quarter.
Without the restructuring charge, the bank reported $25.1 million in adjusted earnings, or $0.17 per diluted share — on par with analyst projections, according to Yahoo Finance.
The restructuring charge was for expense reduction initiatives, including the closing of nine of its 120 branches. It also includes unspecified staff reductions, the consolidation of administrative facilities and headquarters relocation from Boyertown to Allentown this year, according to the company.
The bank has five Lancaster County locations and a business center in Manheim Township. The company has not announced whether any of those locations will be consolidated.
For the year, the bank reported earnings of $0.37 per diluted share. In adjusted earnings, the company reported $98.1 million, or $0.67 per diluted share.
The adjusted fourth-quarter earnings of $0.17 per diluted share were on par with analyst estimates, according to Yahoo Finance.