Sovereign announces third quarter cash earnings per share of $.36 and operating EPS of $.28

Sovereign Bancorp, Inc., parent company of Sovereign Bank, reported cash earnings for the third quarter of $95.0 million, or $.36 per diluted share. Cash earnings are operating earnings excluding amortization of intangible assets and ESOP expense.



Operating earnings for the quarter ended September 30, 2001 were $72.8 million or $.28 per share. Special charges excluded from operating earnings in the third quarter 2001 were the final expense payments to FleetBoston for Sovereign Bank New England acquisition. The scheduled quarterly payment plus the prepaid October, final payment amounted to $64.2 million after tax. Third quarter 2001 Sovereign net income, which reflects these payments, was $8.6 million, or $.03 per diluted share.