Tue, Jul. 26, 9:06 AM
Tue, Jul. 26, 9:03 AM
Mon, May 2, 8:57 AM
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.
Nov. 12, 2014, 9:18 AM
- The hiring of Nicos Katsoulis as Chief Lending Officer and Anthony Morris as Chief Banking Officer was announced in July, and Sun National Bank (NASDAQ:SNBC) today says the hires have been green-lighted by the Fed and OCC.
- The Wilbur Ross-backed lender this summer announced a major restructuring under new CEO Thomas O'Brien in which unprofitable business lines were to be exited, allowing the bank to focus on being a commercial lender.
Oct. 22, 2014, 6:50 PM
- Sun Bancorp (NASDAQ:SNBC): Q3 EPS of -$0.05 misses by $0.01.
- Revenue of $23.61M (-18.0% Y/Y) misses by $0.66M.
Jul. 31, 2014, 9:09 AM
- Sun Bancorp (NASDAQ:SNBC): Q2 EPS of -$0.28 misses by $0.04.
- Revenue of $24.6M (-23.2% Y/Y) misses by $1.9M.
Jul. 29, 2014, 7:44 AM