Sun Bancorp, Inc.NASDAQ
Tue, Nov. 22, 8:52 AM
Mon, Oct. 31, 8:48 AM
Fri, Oct. 28, 9:13 AM
- Sidney Brown plans to step down as chairman, effective Dec. 31. He'll remain on the board. Brown has been chairman since May 2013, and was interim CEO during 2013 and early 2014.
- He's also CEO of trucking company NFI Industries, and the time demands for both jobs are too much.
- The Brown family is the largest shareholder in Sun Bancorp (NASDAQ:SNBC), and together will Wilbur Ross, helped recapitalize the lender after the financial crisis.
Thu, Oct. 27, 5:32 PM
Tue, Jul. 26, 9:06 AM
Tue, Jul. 26, 9:03 AM
Mon, May 2, 8:57 AM
- Sun Bancorp (NASDAQ:SNBC): Q1 EPS of $0.04 misses by $0.01.
- Revenue of $17.65M (-37.6% Y/Y) beats by $2.33M.
Mon, Feb. 1, 8:55 AM
- Sun Bancorp (NASDAQ:SNBC): Q4 EPS of $0.08 beats by $0.02.
- Revenue of $18.02M (-14.9% Y/Y) beats by $2.38M.
Oct. 26, 2015, 8:48 AM
- Sun Bancorp (NASDAQ:SNBC): Q3 EPS of $0.17 beats by $0.12.
- Revenue of $21.67M (-8.3% Y/Y) beats by $5.35M.
Oct. 8, 2015, 9:19 AM
- Its "branch rationalization" process nearly complete under no-longer new CEO Thomas O'Brien, Sun Bancorp (NASDAQ:SNBC) introduces a major rebranding initiative with a fully redesigned family of brands for Sun Bancorp and Sun National Bank following the introduction of Prosperis Financial Solutions.
- O'Brien: "This elevated presence will reflect the overall turnaround of the Company and Bank. These efforts are demonstrating to the marketplace that it truly is a new day at Sun."
Aug. 31, 2015, 9:02 AM
- With the closing of the sale of its Hammonton branch location to Cape Bank and the completion of the Bridgeton, Glassboro, Howell, and Carneys Point branch consolidations, and a number of other consolidations due by the end of Q3, Sun Bancorp (NASDAQ:SNBC) expects an annual noninterest expense reduction of $4.6M.
- The entire branch rationalization operation started last year will cut annual operating expenses by $9.6M annually, and lift the average branch deposit size to roughly $60.5M from $50.5M.
Jul. 27, 2015, 9:00 AM
- Sun Bancorp (NASDAQ:SNBC): Q2 EPS of $0.15 beats by $0.14.
- Revenue of $20.25M (-17.6% Y/Y) beats by $3.88M.
Apr. 27, 2015, 8:57 AM
- Sun Bancorp (NASDAQ:SNBC): Q1 EPS of $0.15 beats by $0.14.
- Revenue of $28.28M (+7.4% Y/Y) beats by $11.44M.
Mar. 31, 2015, 9:02 AM
- Sun Bancorp (NASDAQ:SNBC) agrees to the sale of its Hammonton branch assets and related deposits/loans to Cape Bank for a deposit premium of 4%, resulting in an anticipated net gain of about $500K.
- In addition, the bank is consolidating nine branches across seven counties, and expects an overall branch count of 31 by year-end.
- This sale and consolidation should result in annual noninterest expense reductions of about $4.6M. There will be a one-time $4.6M charge though, but the bank notes this is offset by a $9.2M gain on sale from a previously-announced sale on March 6 of seven Cape May County branches.
- When these deals all close, the bank will see a 39% reduction in locations, annualized expense savings of about $10M, and net gains on sales of roughly $6.5M.
- Previously: Sun Bancorp to focus on core after sale of branches (March 9)
Mar. 9, 2015, 10:30 AM
- "This financially-attractive transaction represents an efficient use of Sun Bancorp's (SNBC +1%) current excess liquidity and will help further rationalize our physical delivery channels and expense base," says CEO Thomas O'Brien, who has been on the job just under a year at the Wilbur Ross-controlled lender.
- The bank closes on the sale of six branches in Cape May county and one in Atlantic County with a combined $153M in deposits for a deposit premium of 8.765%. About $64M in branch loans were sold at book value. The net gain on sale will be about $9.2M, and the bank expects annual operating expenses to be cut by about $3M.
Jan. 26, 2015, 8:02 AM
- Sun Bancorp (NASDAQ:SNBC): Q4 EPS of -$0.15 misses by $0.12.
- Revenue of $21.16M (-20.7% Y/Y) misses by $0.14M.