Susquehanna Bancshares Posts Lower Q2 Profit

(RTTNews) - Susquehanna Bancshares Inc. (SUSQ) reported net income for the second quarter of $35.7 million or $0.19 per share, compared to $43.5 million or $0.23 per share for the year-ago quarter.

The latest quarter results include after-tax merger related expenses of $783,000.

Net interest income for the second quarter fell to $130.6 million from $141.7 million a year ago, while non-interest income remained flat with last year at $45.3 million.

Analysts polled by Thomson Reuters expected the company to earn $0.18 per share on revenue of $179.45 million for the second quarter.

On July 7, BB&T Corp. announced that it received regulatory approval from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and all required state regulators to acquire Susquehanna pursuant to the Agreement and Plan of Merger, dated as of November 11, 2014. The deal closing is expected to be effective August 1, 2015, and systems conversion is expected during the fourth quarter 2015.