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Integrity up, Susquehanna down in Q4

Two banks being bought out in separate merger deals released their fourth-quarter earnings Wednesday.

Susquehanna Bancshares Inc.

Susquehanna Bancshares Inc. missed on analyst earnings per share estimates by a penny for the fourth quarter but came in 2 cents over estimates for the year, according to Yahoo Finance.

The bank holding company for Lititz-based Susquehanna Bank — which agreed in November to be acquired by BB&T Corp. of North Carolina — announced earnings per diluted share of 17 cents, just short of analyst estimates of 18 cents.

It was also down from 22 cents per diluted share in 2013’s fourth quarter. Net income was at $30.3 million for the fourth quarter, down more than 25 percent from $41.3 million in the fourth quarter of 2013.

The report also included $885,000 of fourth-quarter, one-time costs dedicated to the merger.

Susquehanna has $18.7 billion in assets, and is expected to merge with BB&T sometime in the second half of the year. BB&T already has applied to the state, the Federal Reserve Board and the Federal Deposit Insurance Corp. for merger approval.

It trades on the NASDAQ at the ticker symbol SUSQ.

Integrity Bancshares Inc.

Integrity Bancshares Inc. reported a 24 percent increase in net income for its 2014 fourth quarter — even when adjusted for one-time, fourth-quarter merger costs.  

Camp Hill-based Integrity, holding company for Integrity Bank, announced net income of $2.51 million for the latest quarter, up from $2.03 million in the fourth quarter of 2013.

The company also announced about $683,000 in merger costs in preparation for its first-quarter acquisition by S&T Bancorp Inc. of Indiana, Pa. 

For the year, the bank saw an increase of 37 percent to $10 million in net income. 

Integrity has $844 million in assets, up 11 percent from the end of 2013, and trades on the OTC market under its ticker symbol ITBC.

Michael Sadowski

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