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UPDATE 1-Susquehanna Bancshares sees lower Q2 earnings

Thu Jul 9, 2009 5:04pm EDT

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* Sees Q2 earnings below market expectations

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* Sees Q2 provision for loan losses at $50 mln

* Shares fall as much as 12 pct in after-market trade

July 9 (Reuters) - Susquehanna Bancshares Inc (SUSQ.O) said its second-quarter earnings would be below market expectations, mainly due to an increase in provision for loan losses, sending its shares down 12 percent.

Susquehanna said provision for bad loans may increase $15 million sequentially to $50 million.

Analysts on average were expecting a second-quarter loss of 1 cent a share, excluding items, according to Reuters Estimates. The company said nonperforming loans for the quarter rose 48 percent sequentially to $230.2 million. Net charge-offs rose to $24.6 million from $16.6 million in the first quarter.

Shares of the company fell as much as 53 cents to $4.01 in after-market trade. (Reporting by Sakthi Prasad in Bangalore; Editing by Ratul Ray Chaudhuri)

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