Harvard Winters
Long/short equity, growth at reasonable price, value

What Susquehanna Bancshares' Four 'Clean' Quarters Tell Us

I've written three articles on Lititz, PA-based bank Susquehanna Bancshares, Inc. (NASDAQ:SUSQ), on May 16, August 2 and October 26, 2012. I initially chose to write about SUSQ because it was a serial acquirer, and this behavior had caused its tangible book value per share ("TBV-PS") to decline and stagnate over time. That's a disturbing trend if you owned SUSQ shares and wanted the share price to go up, because it meant that SUSQ's price/TBV-PS multiple needed to keep growing for your wish to come true.

On May 15, 2012, the night before my first article ran, SUSQ closed at $9.97. After the market close on Wednesday, SUSQ announced its Q1 2013 results. SUSQ closed at...

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