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Last $19.34 USD
Change Today +0.13 / 0.68%
Volume 1.1K
As of 11:38 AM 07/7/15 All times are local (Market data is delayed by at least 15 minutes).

sun bancorp inc-nj (SNBC) Key Developments

Sun Bancorp Inc. Reports Unaudited Earnings Results for the First-Quarter Ended March 31, 2015; Reports Net Charge-Offs for the Quarter Ended March 31, 2015

Sun Bancorp Inc. reported unaudited earnings results for the first-quarter ended March 31, 2015. The company reported first-quarter net income of $2.8 million, after reporting a loss in the same period a year earlier. The company lost $1.9 million in the first quarter of 2014. The bank said it had diluted earnings of 15 cents per share compared to loss per share of 11 cents a year ago. The bank posted revenue of $28.3 million in the period. Net interest income shrank about 29%, to $15.2 million. On an adjusted basis, the company reported a loss of 17 cents per share. Net interest income was $15,191,000 compared to $21,392,000 a year ago. Income before income taxes was $3,060,000 compared to loss before income taxes of $1,547,000 a year ago. Return on average assets was 0.4% compared to loss on average assets of 0.3% a year ago. Return on average equity was 4.4% compared to loss on average equity of 3.0% a year ago. Net interest margin was 2.57% compared to 3.07% a year ago. Book value per common share was $13.39 compared to $14.34 a year ago. Net income available to common shareholders was $2,776,000 compared to net loss available to common shareholders of $1,906,000 a year ago. Total interest-bearing liabilities were $1,763,062,000 compared to $2,186,394,000 a year ago. Net charge-offs reported for the quarter ended March 31, 2015 were $2,648,000 compared to $3,294,000 a year ago. The net charge-offs in the first quarter of 2015 included $3.5 million of consumer net charge-offs due primarily to loan sale activity, partially offset by $857 thousand of commercial loan net recoveries.

Sun Bancorp Inc. to Report Q1, 2015 Results on Apr 27, 2015

Sun Bancorp Inc. announced that they will report Q1, 2015 results at 9:00 AM, Eastern Standard Time on Apr 27, 2015

Sun Bancorp Inc., Q1 2015 Earnings Call, Apr 27, 2015

Sun Bancorp Inc., Q1 2015 Earnings Call, Apr 27, 2015

Sun Bancorp Inc., Annual General Meeting, May 21, 2015

Sun Bancorp Inc., Annual General Meeting, May 21, 2015. Location: The Sheraton Edison Hotel Raritan Center. Agenda: To approve the election of eleven directors of the Company for a term of one year each; to consider the approval of the company's 2015 Omnibus Stock Incentive Plan; and to approve the ratification of the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2015.

Sun Bancorp, Inc. Plans to Realign its Branch Offices

Sun Bancorp Inc. announced the Bank's plan to realign its branch offices, which will include the consolidation of nine branches into nearby locations, as well as the sale of one branch office. The Bank is announcing an agreement of sale with Cape Bank for the sale of the Sun branch office in Hammonton, NJ. This branch, with approximately $34.1 million in deposits and approximately $4.9 million in local branch loans, will be sold for a premium on deposits of 4% to be calculated at closing. The loans will be sold at book value and the fixed assets, including the facility, will be sold at fair market value. The transaction is expected to be completed during the third quarter of 2015, subject to Cape Bank's receipt of regulatory approvals as well as customary closing conditions. Additionally, nine Sun branch locations across seven counties will be merged into eight nearby Sun branches. This planned consolidation of the branch network is a result of the Bank's county-by-county evaluation of market growth potential, cost efficiencies, and the Bank's ability to service clients through nearby branches and surcharge-free ATMs, as well as online and mobile channels. The consolidation of these nine locations and the Hammonton branch sale to Cape Bank are expected to result in an annualized pre-tax cost savings of approximately $4.6 million. One-time charges related to the branch consolidation are estimated to be up to $4.0 million and will be fully recognized in the financial results for the first quarter of 2015. The Bank also anticipates recognizing a gross gain on sale of approximately $1.4 million as a result of the Hammonton branch sale to Cape Bank. After adjustments for the book value of branch loans and fair market value of the facility, the Bank expects a net gain on sale of approximately $0.5 million after completion of this transaction. In total, the Company anticipates that its overall branch rationalization efforts, including consolidations and sales since 2014, will have resulted in a 39% reduction in branch locations, an annualized direct expense reduction of approximately $10 million, an increase in the average deposit base of its remaining 31 branch locations, and net gain of approximately $6.5 million.


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