Susquehanna Bancshares Inc. in Lititz, Pa., said in a Securities and Exchange Commission filing Friday that it expects its loan losses to rise in the fourth quarter and that it will boost its loss provision by $11.1 million.
The $8.7 billion-asset company said in the filing that it believes the added provision "is adequate to meet the probable loan and lease losses at the given time." It added, however, "There can be no assurance … that Susquehanna will not sustain losses in future periods that could be greater than the size of the allowance after the additional provision is made."
The added provision is likely to take a bite out of fourth-quarter earnings. Susquehanna earned $19.9 million in the third quarter. Its loss provision for the quarter was $2.4 million and $6.3 million through the first nine months of the year.
