Susquehanna Bancshares Inc. (SUSQ) Wednesday reported an increase in profit for the second quarter, driven mainly by higher incomes and lower loan loss provisions.
The Lititz, Pennsylvania-based company's second-quarter net profit was $37.79 million or $0.20 per share, compared to $11.06 million or $0.09 per share last year. On average, 16 analysts polled by Thomson Reuters expected earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the quarter grew to $152.67 million from $106.09 million in the year-ago quarter. Total non-interest income rose to $39.81 million from $37.05 million in the prior-year quarter.
Ten analysts had a consensus revenue estimate of $190.11 million for the quarter.
Loan loss provisions for the quarter plunged to $16.0 million from $28.0 million last year.
Non-interest expense for the quarter advanced to $121.48 million from $101.16 million in the prior-year quarter.
For comments and feedback: editorial@rttnews.com