Sun Bancorp (SNBC)

[Enterprising Investor]

Sun Bancorp, Inc. Announces 3Q 2014 Earnings; Significant Progress on Restructuring Initiative; Improved Capital Ratios and Asset Quality; Management Team Enhancements (10/23/14)

MOUNT LAUREL, N.J., Oct. 22, 2014 /PRNewswire/ --

Third Quarter Highlights

•Significant progress in executing comprehensive strategic restructuring initiative.

•Successfully exited mortgage banking business, asset based lending and other high-risk loan relationships.

•Non-interest expense fell 27% to $24.1 million versus $32.9 million in the year ago quarter.

•Successful completion of $20 million common equity raise: Sun Bancorp, Inc. Tier 1 Leverage Ratio increased to 9.8%.

•Planned balance sheet reduction led to a $180 million decline in loans during the quarter.

•Average interest-earning cash balances grew by 67% during the quarter to $406 million.

•Continued improvement in asset quality as non-performing loans held-for-investment fell to $14.1 million, or 0.8% of loans, from $55.4 million, or 2.6% of loans, one year ago.

Sun Bancorp, Inc. (NASDAQ: SNBC) (the "Company"), the holding company for Sun National Bank (the "Bank"), reported today a net loss of $825 thousand, or a loss of $0.05 per diluted share, for the quarter ended September 30, 2014, compared to a net loss of $24.2 million, or a loss of $1.39 per diluted share, and a net loss of $4.9 million, or a loss of $0.28 per diluted share, for the second quarter of 2014 and the third quarter of 2013, respectively. On a pre-tax basis, the Company had a loss of $516 thousand for the quarter ended September 30, 2014, compared to a pre-tax loss of $23.9 million and a pre-tax loss of $4.9 million for the second quarter of 2014 and the third quarter of 2013, respectively.

"During the third quarter, we successfully executed on all facets of our restructuring plans, and are now witnessing the initial impact. While there remains much work ahead, we have made significant, transformational progress towards achieving the platform that will support our long-term success," said President & CEO Thomas M. O'Brien. "We have aggressively confronted both the substantial legacy barriers to performance, and at the same time have started to build a platform that can support meaningful revenue generation and growth."

Discussion of Results:

Balance Sheet

The Company continues to execute on its previously stated objective of shrinking the balance sheet. Overall in the third quarter, the Company reduced assets by $74.8 million. This included reductions of $179.7 million in gross loans held-for-investment, $21.8 million in loans held-for-sale and $29.0 million in investments, partially offset by an increase of $173.9 million in cash and cash equivalents. Deposit balances declined by $102.1 million in the third quarter of 2014 to $2.17 billion due to planned deposit run-off, primarily related to public funds balances.

"Although we have experienced a year over year reduction in overall deposit balances, this was planned as certain non-strategic, higher rate deposit segments were re-priced. We are continuing to emphasize building profitable business relationships with our commercial and consumer clients and we are pleased with the progress in this respect," said O'Brien.

The Company had $26.3 million in loans held-for-sale and $192.1 million in deposits held-for-sale at September 30, 2014 related to the pending sale of seven branches to Sturdy Savings Bank which is scheduled to close in the first quarter of 2015. Sturdy Savings Bank recently received all regulatory approval required for the acquisition of the branches and systems conversion planning has begun. A first quarter 2015 transaction close remains the target.

Net Interest Income and Margin

The net interest margin declined 16 basis points to 2.87% for the three months ended September 30, 2014 from 3.03% in the linked quarter as commercial loan balances continue to decline and the Company's cash balances remain elevated. Average interest-earning deposits grew to $405.8 million, up $162.8 million from the linked quarter. With the elevated level of loan payoffs, we saw an increase in prepayment penalties during the quarter which had a positive impact on net interest income. Prepayment penalties totaled approximately $691 thousand in the quarter which boosted the net interest margin by 11 basis points. These fees offset what would have been a larger decrease in net interest income for the quarter. We expect to see prepayment penalty revenue decline in the coming quarters as payoffs normalize.

"The plan to significantly de-risk the loan portfolio inevitably leads to building liquidity. It is a price that we fully anticipated and one that we believe is entirely prudent given the circumstances. While our liquidity levels are expected to remain elevated, we have begun to build a focused commercial lending platform through which we can begin to deploy our excess cash balances into quality commercial loans," said O'Brien. "With new commercial banking leadership, as well as enhanced lending teams based in Edison, N.J. and Manhattan, the Bank is preparing for future loan growth."

Non-Interest Income

Non-interest income was $4.7 million for the quarter ended September 30, 2014, as compared to $4.0 million for the quarter ended June 30, 2014 and $5.8 million for the comparable prior year quarter. The increase from the linked quarter of $718 thousand was primarily attributable to $1.2 million of negative derivative credit valuation adjustments in the prior quarter associated with commercial loan sales. Net mortgage banking income declined by $106 thousand from the second quarter of 2014 to $423 thousand for the third quarter of 2014 as the Company continues the orderly unwind of Sun Home Loans. The decrease in non-interest income from the prior year quarter is due primarily to a decline in net mortgage banking revenue. Mortgage banking income is anticipated to fall to zero in future periods. Going forward, a large percentage of non-interest income is expected to be derived from deposit fees and alternative investment fees which totaled $2.9 million in the third quarter of 2014.

Non-Interest Expense

Non-interest expense for the third quarter of 2014 was $24.1 million, a decrease of $9.3 million from the second quarter of 2014 and $8.8 million from the comparable prior year quarter. Salaries and benefits expense declined by $5.0 million from the second quarter due primarily to the severance charges recorded in the prior quarter as well as the overall impact of the previously announced workforce reduction. The remaining decline in non-interest expense from the linked quarter is primarily due to prior period restructuring costs, loan sale transaction fees and the overall beneficial impact of ongoing expense reduction efforts.

"As we conclude the restructuring and corrective actions by 2015, our quarterly non-interest expense is anticipated to be approximately $20 million," said O'Brien. "While we've seen the initial results of the restructuring initiatives including bulk loan sales, capital raise, branch count reductions, and the exit of healthcare, asset-based lending, and mortgage banking businesses, our expenses still remain elevated in the short term since we are supporting activities tied to the conclusion of our restructuring efforts, including the pending sale of our Cape May locations, which is anticipated to close in the first quarter of 2015, as well as higher compliance-related costs related to our regulatory agreement."

Asset Quality

Asset quality metrics remained strong with low levels of problem loans. The Bank's non-performing loans held-for-investment were essentially flat at $14.1 million at September 30, 2014 as compared to the prior quarter and non-performing loans held-for-investment to total loans were stable at 0.8%.

During the third quarter, the Company completed the sale of $15.8 million of problem consumer loans that were placed into held-for-sale at June 30, 2014 as part of the balance sheet restructuring. During the third quarter of 2014, the Company incurred an additional write down of $707 thousand for the remaining home equity loans in held-for-sale which have a balance of $2.8 million at September 30, 2014. The Company is actively marketing this small portfolio for sale.

There was no provision expense recorded during the third quarter of 2014 compared to $14.8 million of provision expense in the linked quarter. Net charge-offs were $1.9 million in the three months ended September 30, 2014 as compared to $20.2 million in the second quarter of 2014 and net recoveries of $123 thousand in the third quarter of 2013. The impact of the net charge-offs was directly offset by a decrease in required reserves as a result of the overall reduction in loan balances noted above. The allowance for loan losses was $26.5 million, or 1.58% of gross loans held-for-investment, at September 30, 2014, as compared to $28.4 million, or 1.53% of gross loans held-for-investment, at June 30 2014 and $35.5 million, or 1.66% of gross loans held-for-investment, at December 31, 2013.

Capital

In the third quarter, the Company announced the successful completion of a $20 million capital raise. At September 30, 2014, the capital ratios of the Company and the Bank continued to exceed the levels mandated by the Federal Reserve and the Office of the Comptroller of the Currency, respectively. At September 30, 2014, the Bank's total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 16.2%, 14.9%, and 9.4%, respectively. At September 30, 2014, the Company's total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 17.9%, 15.5%, and 9.8%, respectively. The Company's tangible equity to tangible assets ratio was 7.5% at September 30, 2014, as compared to 6.6% at June 30, 2014.

The Company will hold a conference call on Thursday, October 23, 2014 at 11:00 AM (EST) to discuss results and answer questions from analysts and investors. Participants may listen to or participate in the Company's earnings conference call via the following:

•Toll-free participant dial-in: 800-210-9006

•Conference ID: 2587628

About Sun Bancorp

Sun Bancorp, Inc. (NASDAQ: SNBC) is a $2.82 billion asset bank holding company headquartered in Mount Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a full service commercial bank serving customers throughout New Jersey. Sun National Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnationalbank.com.

http://www.prnewswire.com/news-releases/sun-bancorp-inc-announces-3q-2014-earnings-significant-progress-on-restructuring-initiative-improved-capital-ratios-and-asset-quality-management-team-enhancements-818130632.html

[56Chevy]

Sun Bancorp, Inc. Announces Effectiveness of 1 for 5 Reverse Stock Split

Date : Effective on 08/11/2014 @ 5:09PM
Source : PR Newswire (US)
Stock : Sun Bancorp, Inc. (MM) (SNBC)
Quote : $18.90 -0.74 (-3.77%) @ 8:10PM

MOUNT LAUREL, N.J., Aug. 11, 2014 /PRNewswire/ -- Sun Bancorp, Inc. (NASDAQ: SNBC) (the "Company") today announced the effectiveness of its 1 for 5 reverse stock split of the Company's common stock, which became effective at 12:00AM Eastern Time today for shareholders of record as of 11:59PM Eastern Time on August 8, 2014 (the "Record Date"). The Company's common stock began trading on the NASDAQ Global Select Market on a split-adjusted basis at market open today.

Upon the effectiveness of the reverse stock split, each five shares of the Company's issued and outstanding shares of common stock were automatically combined into one share of the Company's common stock. The reverse stock split affects all issued and outstanding shares of the Company's common stock, as well as the number of shares of common stock available for issuance under the Company's equity incentive plans. In addition, the reverse stock split will effect a reduction in the number of shares of common stock issuable upon the exercise of stock options outstanding as of the Record Date, with a proportional increase in the exercise price. No fractional shares will be issued as a result of the reverse stock split. In lieu of issuing fractional shares, the Company will round up to one whole share of Common Stock in the event a shareholder would be entitled to receive a fractional share of Common Stock. The number of authorized shares of the Company's common stock decreased from two-hundred million (200,000,000) shares, to forty million (40,000,000) shares and the par value per share of the Company's common stock increased from $1.00 per share to $5.00 per share as a result of the reverse stock split.

[....]

http://ih.advfn.com/p.php?pid=nmona&article=63247300

Marker:
Sun Bancorp, Inc. (SNBC)
$18.90 down -0.74 (-3.77%)
Volume: 45,969

[Enterprising Investor]

Sun Bancorp, Inc. Announces $20 Million Equity Raise (8/15/14)

MOUNT LAUREL, N.J., Aug. 14, 2014 /PRNewswire/ -- Sun Bancorp, Inc. (NASDAQ: SNBC) (the "Company") today announced that it has entered into purchase agreements to raise approximately $20 million in new equity through a privately-negotiated sale of its common stock to several institutional and private equity investors. The Company will issue a total of 1,133,144 shares in this transaction at a price per share of $17.65, which was priced based on a 5.2% discount from the closing price on August 11, 2014.

"On July 3rd, 2014, we announced a major restructuring plan in which multiple strategic decisions were made to reposition the Company for a return to profitable operations while simultaneously exiting legacy low-impact, high-risk business lines," said President and CEO Thomas M. O'Brien. "While the short-term approximate one-time cost of this restructuring was $20 million, the Company and its main subsidiary Sun National Bank have remained well-capitalized and within both internal and regulatory capital guidelines. Recently, several new institutional and private equity investors have expressed an interest in the Company. Therefore, the Board of Directors and management believed it was prudent to sell additional equity shares to meet investor demand and further increase capital ratios, while simultaneously offsetting the capital impact of recently-announced restructuring costs. The combination of the capital raise and the previously announced balance sheet reductions will allow the company to execute its new business plan from an even stronger capital position."

The stock sale is expected to close on or about August 19, 2014, subject to satisfaction of customary closing conditions. The shares of stock issued in this transaction have registration rights. "We welcome these new investors and look forward to building shareholder value for all shareholders over the coming years," said O'Brien. "I am thrilled to have their support in building the banking platform that will sustain the new Sun story."

About Sun Bancorp

Sun Bancorp, Inc. (NASDAQ: SNBC) is a $2.9 billion asset bank holding company headquartered in Mount Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a full service commercial bank serving customers throughout New Jersey. Sun National Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnationalbank.com.

http://www.prnewswire.com/news-releases/sun-bancorp-inc-announces-20-million-equity-raise-271289801.html

[Enterprising Investor]

Need to put that sentiment on hold temporarily.

[stocktrademan]

bullish

[56Chevy]

Bank mergers on the rise in NJ

July 6, 2014

* Community institutions find that acquisitions help them stay profitable in the face of new federal regulations

The economy may still be stuck in low gear, but the merger-and-acquisition market has accelerated in the first half of this year with a string of high-profile announcements, including large deals made by Facebook, Comcast and AT&T.

In the banking sector, however, the days of such mega-deals seem like a bygone era with regulators less open to the idea of big financial institutions getting even bigger. JPMorgan Chase, Bank of America and Wells Fargo have made no major acquisitions since the financial crisis of nearly six years ago.

Big bank deals aren't happening in New Jersey, either, with regulators holding up the pending purchase of Paramus-based Hudson City Bank by M&T Bank Corp. of Buffalo, N.Y.

But it's a different story in community banking. The merger Tuesday of Union Center National Bank and Englewood Cliffs-based ConnectOne Bank is the latest in a string of smaller North Jersey community bank deals that may represent the leading edge of a long-anticipated wave of small-bank consolidation. Deals among smaller banks, with less than a couple of billion dollars in assets, are on the rise, and not all of them are fire-sale acquisitions of troubled institutions.

In North Jersey, Lakeland Bank in Oak Ridge signaled the arrival last year of this new stage in the community bank merger-and-acquisition cycle with its $64.4 million purchase of Somerset Hills Bank, a small but well-capitalized and profitable lender with few problem loans. The price represented about a 30 percent premium over Somerset Hills' stock price the day before the deal announcement.

In May, The Provident Bank in Jersey City completed, through its holding company, the acquisition of Team Capital Bank in Bethlehem, Pa. Team Capital had about $1 billion in assets, comparatively few problem loans and made $6.5 million in profit last year. Provident paid about 1.9 times Team Capital's book value.

Wayne-based Valley National Bancorp recently announced a deal to acquire 1st United Bank in Boca Raton, Fla., and is awaiting regulatory approval. "That is not a troubled bank by any means," said Gerald Lipkin, chief executive officer of Valley National.

"[ The community bank merger-and-acquisition market is] a lot more active since the fourth quarter of last year," said Parsippany lawyer Michael T. Rave of Day Pitney LLP, which advised Valley National on the Florida bank deal. "A lot of the larger banks are looking at small to midsize banks as a way to grow the franchise, especially in markets they see as important and fruitful," Rave said. Those would-be buyers are increasingly willing to pay more than the market value of a company's stock, which means potential sellers are more willing to talk, he said.

"It's hard to say whether there is going to be a wave," Rave said. "But banks are realizing they need some sort of critical mass to succeed these days."

Lawrence B. Seidman of the investment firm Seidman & Associates in Parsippany agrees.

"Today a bank needs at least $1.5 billion in assets," said the activist investor at the center of the former Center Bancorp's negotiations to merge with ConnectOne.

With Center Bancorp's $1.67 billion in assets and ConnectOne Bancorp's $1.24 billion, the combined bank has about $3 billion. Center Bancorp adopted the smaller bank's more modern name.

Statistics from the state Department of Banking and Insurance show four community bank acquisitions involving New Jersey-chartered institutions were completed during the first five months of this year. Last year, a total of five deals were closed, and in the two previous years combined, there were only three.

The financial crisis and housing market collapse were particularly hard on small banks. More than 800 small lenders, those with less than $150 million in assets, have failed or were bought out since 2005.

In New Jersey, private-equity firms WL Ross & Co. and JC Flowers & Co. acquired large stakes in New Jersey-based community banks — Sun Bancorp and Saddle River Valley Bancorp, respectively — to use as platforms for growth, in anticipation of a wave of consolidation.

The Saddle River Valley Bancorp deal did not work out. The bank was closed after regulators discovered that a high-volume international wire transfer business was poorly monitored. And Sun Bancorp in Mount Laurel has struggled with high levels of problem loans and financial losses, making it look more like a potential seller than a buyer. On Thursday, it announced it was restructuring, with job cuts and branch closings.

Nonetheless, the banking sector in New Jersey overall is showing signs of a rebound, even as the state's recovery from the recession lags behind that of the nation as a whole.

Stock is the main currency of bank mergers, and share prices have risen, giving potential buyers more purchasing power. In the past 18 months the Nasdaq Bank Index, which includes most of New Jersey's publicly traded banks, has risen about 40 percent.

In recent deals, buyers have been more likely to pay a premium above the sellers' market value, said Thomas R. Mecredy, director of the Vining Sparks Community Bank Advisory Group in Memphis. "Stock prices are better, and [buyers] are able to offer a little better price," he said. "We are looking at cleaner deals with better premiums. It's back to the old way we used to do deals. It goes in cycles."

The rising cost of regulatory compliance and slim profit margins on lending in a low-rate environment are pushing some community banks to seek merger partners, Mecredy said. Banks have had to dedicate more staff hours to regulatory compliance and, in some cases, hire outside professionals to help them stay in line with the new rules.

"They have to get bigger to offset the cost of doing business," Mecredy said.

Thomas M. Hoenig, Federal Deposit Insurance Corp. vice chairman, said last month in a speech to a bankers group in Palm Beach, Fla., that consolidation in the banking industry started with deregulation about 30 years ago, when branching across state lines was permitted. Merger activity was ramped up by the legislation that allowed commercial banks to combine with insurance companies, investment banks and securities brokerages. The abuses and excessive risk-taking by large diversified mega-banks led to the financial crisis, which in turn led to increased government requirements on all commercial banks and "a rising fixed cost of regulation," Hoenig said. The expense is especially burdensome to smaller lenders that must pay lawyers to interpret the regulations, hire and train staff to beef up compliance programs and to react to risks of violations as they come up, he said.

"The regulatory burden contributes to the trend toward consolidation as smaller banks work to control costs and to survive within a highly regulated industry," he said.

Lipkin, chairman and chief executive officer of Valley National Bank, says he expects to see the number of banks in New Jersey and throughout the country continue to decline.

Lipkin said in a phone interview Wednesday that more and more small banks will likely sell themselves to larger companies in the months ahead because of high regulatory compliance costs that can include higher-priced insurance from the FDIC and expenses related to increased government requirements.

The Patriot Act of 2001, which expanded the Bank Secrecy Act, an anti-money-laundering law, requires financial companies to closely monitor transactions for possible links to terrorists. The Dodd-Frank regulatory reforms of 2010, passed by Congress in response to the financial crisis, include increased mortgage loan underwriting responsibilities for all lenders.

"The regulatory cost is a real burden to banks' operations," Lipkin said, adding that a regional bank such as Valley National, with $16 billion in assets, can absorb the costs, but for smaller banks, "it's almost impossible to manage the costs."

http://www.northjersey.com/news/business/small-banks-lead-in-buyouts-1.1046857?page=all

Marker:
Sun Bancorp, Inc. (SNBC)
$4.06 down -0.31 (-7.09%)
Volume: 171,197

[Enterprising Investor]

Sun Bancorp, Inc. Announces Comprehensive Restructuring (7/03/14)

Multiple Strategic Initiatives to Reduce Operating Complexity

Re-align Business Lines

Focus on Returning to and Sustaining Profitability

- Accelerate and improve branch efficiency by selling or consolidating 30% of branch locations

- Eliminate non-core business units including Sun Home Loans and Commercial Specialty business units

- Accelerate Disposition of $96 million of problem loans to improve efficiency and drive risk substantially lower

- Reduce headcount by 38% after implementation of restructuring plan

- One-time charge in Q2 expected to be approximately $20 million

- Create a highly focused commercial banking platform

- Board declares one-for-five reverse stock split

- Sun Bancorp, Inc. headquarters legally changing to Mount Laurel, N.J.

- Board adopts new corporate governance standards

- Thomas M. O'Brien officially appointed as President and CEO and Director

MOUNT LAUREL, N.J., July 3, 2014 /PRNewswire/ -- Sun Bancorp, Inc. (NASDAQ: SNBC), (the "Company"), and its subsidiary Sun National Bank (the "Bank"), today announced a series of significant initiatives designed to improve performance in its credit, operational and profitability metrics. In April 2014, the Company announced the anticipated hiring of Thomas M. O'Brien as President and CEO of the Company and the Bank, subject to the customary non-objection of the Federal Reserve Bank (the "FRB") and the Office of the Comptroller of the Currency (the "OCC"). Effective July 2, 2014, following the receipt of the official non-objection from the FRB and the OCC to Mr. O'Brien's appointment as President and CEO of the Company and the Bank, the boards of the Bank and the Company elected Thomas M. O'Brien as a director and appointed him as President and CEO of the Company and the Bank. Mr. O'Brien will complete the term of former director Steven A. Kass, who resigned from the boards of the Company and the Bank, effective June 30, 2014, with the acquisition of his accounting firm, Rothstein-Kass, by KPMG LLP.

Since April 1, 2014, Mr. O'Brien has been engaged as a consultant to the board of directors of the Company. At the time of his appointment, he stated that the Company would focus on comprehensively continuing to address outstanding regulatory matters and the building of businesses that represent the Bank's core competencies, creating a platform for returning to sustainable profits and growth, strong asset quality, and a strong regulatory compliance culture. The Board of Directors of the Company (the "Board") has carefully reviewed Mr. O'Brien's comprehensive restructuring plan, including its costs, opportunities and benchmarks. Following its consideration, the Board was unanimous in their support of the actions being announced today.

Prospectively, the Company will become a highly-focused commercial banking platform with high-value commercial products and services. "We have evaluated and decided to exit business lines in which the Company is not profitable," said Mr. O'Brien. "The Company will focus on those businesses where it can offer a strong menu of commercial banking products and services. The objective is for our branch offices to serve as competitive, best-in-class deposit-gathering and relationship-building centers in our communities, with the appropriate technology to support evolving customer trends. We must right-size our platform and remediate our remaining regulatory issues, so that we can efficiently generate positive earnings, support healthy growth and execute on revenue enhancement strategies."

Branch Rationalization & Consolidation

•The Company has identified several branch office markets which do not enhance the Bank's brand recognition and are in markets which are remote from its core. Therefore, the Bank has negotiated and is announcing the execution of a purchase and assumption agreement with Sturdy Savings Bank in Cape May Courthouse, New Jersey, for the sale of its six offices in Cape May County as well as one office in Atlantic County. The Bank's Somers Point, Tuckahoe, Cape May Court House, Cape May, Rio Grande, Wildwood Crest and North Wildwood branches, with over $180 million in combined total deposits and over $60 million in combined local branch loans, will be sold for a premium on deposits of 8.765% to be calculated at closing. This represents an efficient use of the Bank's current excess liquidity and will help rationalize the expense base. The sale will also allow the Company to begin to re-focus its efforts in its core markets and at the same time allow banking services to continue to be provided in these markets. The transaction is expected to be completed during the first quarter of 2015, subject to regulatory approvals and customary closing conditions. Following the closing of the transactions, the Bank will save approximately $3.1 million annually in operating expense and expects to record a net gain on sale of approximately $10-12 million.

•The Company is also announcing the further consolidation of the Bank's retail branch system, by consolidating four overlapping branches: Branchburg, Holland, Hillsborough and Freehold Downtown (Main Street). The Branchburg branch was closed on June 20, 2014. The remaining three consolidations are expected to occur prior to year-end. Affected customers will continue to be served through nearby Bank locations, as well as online and mobile channels.

•"A strategic evaluation of where to best invest our capital and resources found that the Central and Northern regions of New Jersey provide a better opportunity for growth," said Mr. O'Brien. "In addition to the announced branch sales and consolidations, the Company will also explore further initiatives, which may include additional branch sales or consolidations, to further reduce operating costs by exiting certain portions of its retail network in slower growth portions of Southern New Jersey, with the objective of right-sizing its branch network by the end of the first quarter of 2015.

Strategic Business Exits

Due to profitability challenges, the Company has made the decision to exit several lines of business:

•Sun Home Loans: The Bank will cease the operations of Sun Home Loans, the Bank's retail mortgage banking platform. Sun Home Loans will stop accepting new applications effective immediately. All current commitments for approved loans will be honored and funded according to their terms. "The residential mortgage banking model has evolved into a highly commoditized business. The residential home loan product is further becoming significantly less profitable and much more highly regulated to the point where it has become less attractive for the Bank," said Mr. O'Brien. As a result, the Bank has decided to exit this business. The Bank expects this decision will result in annual cost savings of approximately $9.5 million. The Bank will also de-emphasize its direct home equity lending efforts.

•Commercial Specialty Lending: The Bank will exit the Healthcare and the Asset-Based Lending ("ABL") markets which it entered in 2009 and close its syndicated lending desk. The Company expects these decisions will result in annual cost savings of approximately $1.4 million.

Classified Asset Reduction - Loan Sales: Asset Quality Measures improve to top tier levels

At the end of the second quarter of 2014, the Company completed a cash sale of $71.4 million of individual commercial loans held by the Bank to multiple investors which resulted in a loss of approximately $11.8 million after expenses and commissions. Additionally, at June 30, 2014, the Company has marked to market value and moved to held for sale approximately $24.7 million of non-accrual and other low quality consumer and related credit for an estimated loss of $4 million. These actions reduced non-accrual loans held-for-investment to $11.1 million or 0.6% of total loans at June 30, 2014, down from $37.3 million at March 31, 2014. Furthermore, the classified assets held-for-investment, which was $105.6 million at March 31, 2014, is expected to be reduced at June 30, 2014, to $30.4 million, a decrease of 71% from the previous quarter end. Mr. O'Brien commented on these initiatives and stated that "in 2013, the Company spent $7.7 million in operating expense, excluding loan loss provisions, managing a large classified loan portfolio." In conjunction with this disposition, the Company's resources dedicated to managing classified assets will be downsized significantly to bring its portfolio size and cost structure in line with peers.

Expense Alignment

The collective initiatives mentioned above will also have an effect on the current staffing needs of the Company's supporting corporate, operational and administrative functions. In aggregate, the Company expects to reduce its overall workforce by 38% or 242 full-time employees after completion of the restructuring plan, which is expected to generate an annual cost savings of approximately $16.8 million. The Company expects to offer severance and career transition assistance for affected employees, subject to regulatory approval. "These unfortunate conditions require very unpleasant reductions to our staff but our decisions must be judged in view of the primary objective of returning to profitability," said Mr. O'Brien. "Current staffing levels at the Company are not sustainable. As a company, we must effectively address outstanding regulatory matters and build operating profitability."

In addition to these steps, the Company will be taking other prudent steps to reduce its cost structure. The Company has now ended its practice of providing certain executives with company-owned automobiles, will reduce vacation allotments for officers, redesign benefit plans for greater efficiency and increase the value proposition for employees along with other operating changes in an effort to reduce needless complexity and reduce costs.

Effective July 1, 2014, the Board adopted Company stock ownership requirements for executive officers of the Company which are designed to further align management's interests with stockholders. Additionally, the Board has adopted a policy requiring all executives and directors to retain stock awarded under the Company's equity plans for a period of two years following vesting.

Reverse Stock Split

The Board has declared a one-for-five reverse stock split with an effective date of August 11, 2014 for shareholders of record as of August 8, 2014. The reverse stock split will reduce the number of outstanding shares from approximately 86.8 million as of March 31, 2014 to approximately 17.3 million shares. The reverse stock split gives recognition to the substantial equity raises undertaken in 2010 and 2011 and is intended to promote a more appropriate trading price for Company shares.

Corporate Headquarters

The Company is changing its address of record for its headquarters to 350 Fellowship Road, Suite 101, Mount Laurel, NJ 08054. This change reflects the executive office relocation that occurred in 2009, and establishes a centralized headquarters that can deliver a superior level of services to clients and investors throughout New Jersey, New York and the Philadelphia area.

Summary

"As we have continued to work through our regulatory and asset quality challenges over the last several years, the Bank's efficiency ratio and the Company's overall financial performance have failed to improve," said Mr. O'Brien. "The future of this Company begins today and we are excited to execute this comprehensive restructuring plan. The work ahead of us is substantial and as we revamp our business model, rationalize the branch system and exit these discontinued lines of business, we will soon begin to announce new business initiatives and strategies designed to provide the long term value creation that is at the heart of our plan. Our shareholders are also our employees and customers, and all of the Company's stakeholders deserve a best-in-class organization that is focused on both profitability and outstanding customer service."

It is anticipated that the Company will record a one-time charge of approximately $20 million in the second quarter of 2014 as a result of the transactions noted above. Even with this charge, the Bank is expected to continue to be in full compliance with its internal capital ratio limits, which are tier 1 leverage ratio in excess of 9%, tier 1 risk based capital ratio in excess of 10.25% and total risk based capital ratio in excess of 12.25%, as well as all minimum regulatory capital requirements.

The strategic restructuring once completed is expected to reduce non-interest expense to approximately $20 million per quarter, and it is expected that non-interest income will be approximately $3 to $4 million per quarter and net interest income will be approximately $18 to $20 million per quarter. The foregoing expectations are subject, in each case, to successful execution of the Company's strategic restructuring plan. Actual results are subject to change. Actual non-interest expense, non-interest income, net interest income and net income could be adversely impacted by the level of loan loss provisions, changes in tax rates, economic conditions, the levels of interest rates and other factors described below under "Cautionary Note Regarding Forward-Looking Statements."

About Sun Bancorp

Sun Bancorp, Inc. (NASDAQ: SNBC) is a $3 billion asset bank holding Company headquartered in Mount Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a full-service commercial bank serving customers throughout New Jersey. Sun National Bank is an Equal Housing Lender, and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation ("FDIC"). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnationalbank.com.

http://www.prnewswire.com/news-releases/sun-bancorp-inc-announces-comprehensive-restructuring-265683151.html

[Enterprising Investor]

SNBC continues to struggle.

Hopefully, O'Brien can turn it around. I expect the price to decay slightly over time.

I previously held shares.

[Enterprising Investor]

Sun Bancorp, Inc. Reports First Quarter 2014 Results (4/23/14)

First Quarter Highlights

•Announced expected hiring of Thomas O'Brien as CEO, subject to regulatory non-objection

•Continued progress on expense control as non-interest expense declined by $4.6 million sequentially to $27.9 million

•Interest bearing cash averaged $220.1 million or 7.2% of average assets

•Tier 1 Leverage Ratio increased to 9.4% and the total risk based ratio increased to 14.9%

Sun Bancorp, Inc. (NASDAQ: SNBC) (the "Company") reported today a net loss available to common shareholders of $1.9 million, or a loss of $0.02 per diluted share, for the quarter ended March 31, 2014, compared to a net loss of $8.2 million, or a loss of $0.09 per diluted share, and net income of $2.5 million, or $0.03 per diluted share, for the fourth quarter of 2013 and the first quarter of 2013, respectively.

The following are key items and events that occurred during the first quarter of 2014:

•No provision for loan loss was recorded in the first quarter of 2014 compared to provision expense of $2.1 million in the fourth quarter of 2013. The allowance for loan losses equaled $33.8 million at March 31, 2014, a decrease of $1.8 million from December 31, 2013. The allowance for loan losses equaled 1.62% of gross loans held-for-investment and 90.2% of non-performing loans at March 31, 2014 as compared to 1.66% and 93.6%, respectively, at December 31, 2013.

•Occupancy expense totaled $4.3 million, an increase of $860 thousand from the prior quarter, as winter weather related expenses totaled $1.0 million in the quarter ended March 31, 2014.

•Professional fees totaled $1.5 million in the first quarter of 2014 compared to $4.9 million in the prior quarter.

•Net interest margin was 3.07% in the first quarter of 2014 compared to 2.99% in the fourth quarter of 2013.

"We made good progress in the first quarter on expense reduction efforts, executing on our regulatory remediation efforts and enhancing the capital ratios of the Bank," stated Sid Brown, Chairman, interim President and CEO. "We are disappointed to report a loss but believe that we are taking the necessary steps to get the Bank back on the right path. We are all looking forward to working with Tom O'Brien on returning the Bank to sustained profitability. Tom O'Brien started working on April 2nd as a consultant to the Board of Directors and is expected to be appointed as CEO, subject to regulatory non-objection to his assumption of the positions of President and CEO."

Discussion of Results:

Balance Sheet

•Total assets were $3.04 billion at March 31, 2014, as compared to $3.09 billion at December 31, 2013.

•Cash and cash equivalents were $282.1 million at March 31, 2014, as compared to $267.8 million at December 31, 2013. The increase of $14.3 million in the first quarter of 2014 as compared to the prior quarter was primarily due to declining loan balances, including those held-for-sale, partially offset by a decrease in deposits.

•Gross loans held-for-investment were $2.08 billion at March 31, 2014, as compared to $2.14 billion at December 31, 2013, a decline of $53.6 million which was primarily due to loan paydowns.

•Deposits were $2.57 billion at March 31, 2014, as compared to $2.62 billion at December 31, 2013. The decrease of $48.1 million in the first quarter of 2014 as compared to the prior quarter was primarily due to decreases in public funds deposits.

Net Interest Income and Margin

•Net interest income decreased $543 thousand from the linked quarter to $21.4 million for the three months ended March 31, 2014. The net interest margin increased eight basis points to 3.07% for the three months ended March 31, 2014 from 2.99% for the linked quarter, and decreased nine basis points as compared to the first quarter of 2013. The average yield on interest-earning assets increased seven basis points to 3.54% for the three months ended March 31, 2014 from 3.47% for the three months ended December 31, 2013. The decrease between the quarter ended March 31, 2014 and the comparable prior year period is primarily due to a decline of $184.1 million in average commercial loans and an increase of $40.9 million in average interest earning bank balances. The increase from the linked quarter is due primarily to a decrease of $122.3 million in average interest bearing cash balances.

Non-Interest Income

•Non-interest income was $4.9 million for the quarter ended March 31, 2014, as compared to $4.7 million for the quarter ended December 31, 2013 and $10.9 million for the comparable prior year quarter. The increase from the linked quarter was primarily attributable to a decrease of $672 thousand in negative derivative credit valuation adjustments from the prior quarter partially offset by a decrease in net mortgage banking revenue of $365 thousand. The decrease in the negative derivative credit valuation adjustments from the prior quarter was primarily due to swap termination fees of $1.0 million recorded in the fourth quarter of 2013, compared to no swap termination fees recorded in the first quarter of 2014. Mortgage banking revenue, net, decreased from $1.0 million for the quarter ended December 31, 2013 to $635 thousand for the quarter ended March 31, 2014, which was due to lower production volume in a higher interest rate environment.

Non-Interest Expense

•Non-interest expense was $27.9 million in the first quarter of 2014, a decrease of $4.6 million compared to the linked quarter and a decrease of $3.4 million from the comparable prior year quarter. In comparison to the linked quarter, decreases in professional fees, other real estate owned, advertising, commission expense, and salaries and employee benefits of $3.4 million, $385 thousand, $317 thousand, $201 thousand, and $186 thousand, respectively, were partially offset by an increase of $860 thousand in occupancy expense. Professional fees declined as the Company reduced its reliance on regulatory compliance consulting services. Commission expense has decreased due to reduced mortgage production volumes. Occupancy expense for the first quarter includes $1.0 million of snow removal expenses.

Asset Quality

•During the first quarter of 2014, there was no provision expense recorded, as compared to provision expense of $2.1 million in the linked quarter and $171 thousand in the comparable prior year quarter. The allowance for loan losses was $33.8 million, or 1.62% of gross loans held-for-investment, at March 31, 2014, as compared to $35.5 million, or 1.66% of gross loans held-for-investment at December 31, 2013. Net charge-offs were $1.8 million in the first quarter of 2014, as compared to net charge-offs in the linked quarter of $15.5 million and net recoveries in the comparable prior year quarter of $1.1 million.

•Total non-performing assets were $40.2 million, or 1.91% of total gross loans held-for-investment, loans held-for-sale and real estate owned at March 31, 2014, as compared to $40.5 million, or 1.87%, at December 31, 2013. Non-performing loans decreased $531 thousand to $37.4 million at March 31, 2014 from $38.0 million at December 31, 2013.

Capital

•Shareholders' equity totaled $248.9 million at March 31, 2014 compared to $245.3 million at December 31, 2013. The Company's tangible equity to tangible assets ratio was 7.01% at March 31, 2014, as compared to 6.77% at December 31, 2013. At March 31, 2014, the Company's total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 14.87%, 12.75%, and 9.40%, respectively. At March 31, 2014, Sun National Bank's total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 14.08%, 12.83%, and 9.45%, respectively.

The Company will hold its regularly scheduled conference call on Thursday April 24, 2014, at 11:00 a.m. (ET). Participants may listen to the live webcast through the Company's website at www.sunnationalbank.com. Participants are advised to log on 10 minutes ahead of the scheduled start of the call. An Internet-based replay will be available at the Company's website for two weeks following the call.

Sun Bancorp, Inc. (NASDAQ: SNBC) is a $3.04 billion asset bank holding company with its executive offices located in Mt. Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a full service commercial bank serving customers through 50-plus locations in New Jersey. Sun National Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnationalbank.com.

http://www.prnewswire.com/news-releases/sun-bancorp-inc-reports-first-quarter-2014-results-256427871.html

[56Chevy]

You can almost feel big strategic moves ahead for SNBC as they put key players in place.

Sun Bancorp, Inc. Agrees To Hire Thomas M. O'Brien As President And Chief Executive Officer

[....]

"I will not only be joining Sun as its CEO but, more importantly, I will be joining as a significant shareholder. As a consequence, my interests will be closely aligned with the long term interests of all shareholders and my ambition will be to build the value for them that they so richly deserve."

[....]

http://ih.advfn.com/p.php?pid=nmona&article=61691761

Marker:
Sun Bancorp, Inc. (SNBC)
$3.88 up 0.39 (11.17%)
Volume: 447,137

*...big day!

[56Chevy]

A Wilbur Ross connection?

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=99526037

[56Chevy]

*It's been 2 + years since Wilbur Ross acquired a 24.9% stake in SNBC.

His buy in pps was a little over $3.52 in July of 2010...todays pps was $2.80 8/13/2012.

Coming up on 4 years Wilbur Ross acquired his stake...and he's still underwater.

Sun Bancorp, Inc. (SNBC)
$3.37 up 0.01 (0.30%)
Volume: 23,506

[Enterprising Investor]

Sun Bancorp, Inc. Announces Departure Of President And CEO (11/25/13)

VINELAND, N.J., Nov. 25, 2013 /PRNewswire/ -- Sun Bancorp, Inc. (NASDAQ: SNBC) (the "Company") announced today that Thomas X. Geisel, President and Chief Executive Officer of the Company and its wholly owned subsidiary, Sun National Bank (the "Bank"), will terminate employment effective December 2, 2013. Mr. Geisel will also resign as a member of the Board of Directors of the Company and the Bank on that date.

The Company has retained the international firm of Spencer Stuart to assist in the selection of a new President and Chief Executive Officer. During the pendency of that search and subject to regulatory approval, Sidney R. Brown, Chairman of the Board of the Company, will serve as Interim President and Chief Executive Officer.

"Tom has been a valuable member of the team over the last few years, helping us address the regulatory and other challenges facing the Bank," said Brown. "While much progress has been achieved", Brown stated, "work still remains and the Board believes it is an appropriate time to seek new leadership to complete those tasks and begin to lay the foundation for a new era of operational stability, growth and profitability for our shareholders."

Wilbur L. Ross, a leading member of the Company's Board of Directors also commented, "Having new leadership will allow us to focus and execute on the core objectives of regulatory excellence, growth and sustained shareholder returns. I want to thank Tom for his hard work and dedication and wish him well in his future endeavors."

Sun Bancorp, Inc. (NASDAQ: SNBC) is a $3.24 billion asset bank holding company headquartered in Vineland, New Jersey, with its executive offices located in Mt. Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a full service commercial bank serving customers through 50-plus locations in New Jersey. Sun National Bank has been named one of Forbes Magazine's "Most Trustworthy Companies" for five years running. Sun National Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnationalbank.com.

http://www.prnewswire.com/news-releases/sun-bancorp-inc-announces-departure-of-president-and-ceo-233364321.html

[Enterprising Investor]

Sun Bancorp, Inc. Reports Third Quarter 2013 Results (10/23/13)

Third Quarter Highlights

* Non-Performing Loans declined $16.3 million during the quarter to $55.4 million

* NPL / Loans decreased to 2.55%; down from 3.32% in prior quarter and 5.23% in the third quarter of 2012

* Excess liquidity grew as interest bearing cash averaged $349.4 million or 10.7% of average assets

VINELAND, N.J., Oct. 23, 2013 /PRNewswire/ -- Sun Bancorp, Inc. (NASDAQ: SNBC) (the "Company") reported today a net loss available to common shareholders of $4.9 million, or a loss of $0.06 per diluted share, for the quarter ended September 30, 2013, compared to net income available to common shareholders of $678 thousand, or $0.01 per diluted share, and $1.2 million, or $0.01 per diluted share, for the second quarter of 2013 and the third quarter of 2012, respectively.


The following are key items and events that occurred during the third quarter of 2013:

•Acceleration of regulatory remediation efforts and mortgage platform enhancements increased professional fees to $5.9 million which is up from $4.8 million in the prior quarter and $713 thousand in the third quarter of 2012

•Provision expense of $724 thousand recorded in the third quarter of 2013 as compared to negative provision of $1.9 million in the second quarter of 2013. The allowance for loan losses equaled $48.9 million at September 30, 2013, an increase of $847 thousand from June 30, 2013. The allowance for loan losses equaled 2.25% of gross loans held-for-investment and 88.19% of non-performing loans held-for-investment at September 30, 2013 as compared to 2.22% and 66.93%, respectively, at June 30, 2013 and 2.02% and 55.33%, respectively, at December 31, 2012.

•Total risk-based capital equaled 14.72% at September 30, 2013, a decrease of 8 basis points from 14.80% at June 30, 2013.

•Increases in interest rates caused a reduction in mortgage banking income. Net mortgage banking income fell $3.5 million compared to the prior quarter. Sun National Bank (the "Bank") reduced expenses early in the fourth quarter to adjust its fixed cost infrastructure to the new lower volume environment by reducing headcount by 19 positions. It is anticipated that these reductions will save approximately $1.3 million annually going forward.

•The Bank deployed approximately $151 million of cash into mortgage backed securities during the quarter but interest bearing cash still ended the quarter at $376.5 million.

"We believe the third quarter reflects the later stages of the Company's transition, as we continue to improve our asset quality profile and invest in risk management infrastructure enhancements," said Thomas X. Geisel, the Company's President and Chief Executive Officer. "We have focused on balancing the impacts of a rising rate environment and reducing risk on the balance sheet with deposit generation, product and service innovations and managed loan growth. As we finish out the year, we expect to maintain this focus and continue executing on our strategy."

Discussion of Results:

Balance Sheet

•Total assets were $3.24 billion at September 30, 2013, as compared to $3.21 billion at June 30, 2013 and $3.22 billion at December 31, 2012.

•Cash and cash equivalents increased $11.3 million and $284.0 million, respectively, to $453.6 million at September 30, 2013 as compared to June 30, 2013 and December 31, 2012, primarily due to an increase in interest earning bank balances as a result of commercial loan pay downs generated from workout strategies and the sales of jumbo residential mortgage loans out of the portfolio.

•Investment securities available for sale were $407.2 million as of September 30, 2013 compared to $343.1 million at June 30, 2013 and $443.2 million at December 31, 2012. The increase of $64.1 million from the prior quarter was due to the purchase of $151.1 million of mortgage backed securities offset by the sale of $71 million of U.S. Treasury securities.

•Gross loans held-for-investment were $2.17 billion at September 30, 2013, as compared to $2.16 billion at June 30, 2013 and $2.28 billion at December 31, 2012. Compared to December 31, 2012, loans held-for-investment decreased $106.6 million, primarily due to pay downs of commercial real estate loans and the sale of jumbo residential mortgages.

Net Interest Income and Margin

•Net interest income increased $1.2 million from the linked quarter to $23.0 million for the three months ended September 30, 2013. The net interest margin increased 14 basis points to 3.10% for the three months ended September 30, 2013 from 2.96% for the linked quarter, and decreased 31 basis points as compared to the third quarter of 2012. The average yield on interest-earning assets increased 11 basis points to 3.61% at September 30, 2013 from 3.50% at June 30, 2013. This increase was due primarily to an increase in commercial loan yields of 27 basis points as compared to the linked quarter resulting from an interest recovery of $1.2 million on the payoff of a nonperforming loan. The margin variance between the quarter ended September 30, 2013 and the comparable prior year period is primarily due to an increase of $328.4 million in average interest-earning bank balances. In addition, there was a 19 basis point decline in the yield on investment securities primarily due to a decrease in average balances resulting from sales of investment securities in 2013. Total average investment securities for the three months ended September 30, 2013 were $414.2 million compared to $534.8 million for the three months ended September 30, 2012.

•Excluding bulk sales, residential mortgage loans sold during the quarter totaled $127.4 million as compared to $161.6 million in the previous quarter and $119.7 million in the comparable prior year quarter. The locked sale pipeline has decreased to $27 million from $84 million at June 30, 2013. The increasing interest rate environment has caused a decrease in residential mortgage production. Despite this production decline, closed loans for the nine months ended September 30, 2013 totaled $595 million, a 39% increase from the same prior year period.

Non-Interest Income

•Non-interest income was $5.8 million for the quarter ended September 30, 2013, as compared to $10.2 million for the quarter ended June 30, 2013 and $9.5 million for the comparable prior year quarter. The decrease from the linked quarter was primarily attributable to the decrease in net mortgage banking revenue of $4.0 million resulting primarily from a decline in production volume due to rising rates as well as a $1.5 million gain recognized on the sales of jumbo residential mortgage loans in the second quarter. The results of operations for the three months ended September 30, 2013 also includes a negative derivative credit valuation adjustment recorded of $380 thousand compared to a positive derivative credit valuation adjustment of $6 thousand recorded during the three months ended June 30, 2013.

Non-Interest Expense

•Non-interest expense was $33.0 million in the third quarter of 2013, a decrease of $229 thousand compared to the linked quarter and an increase of $2.2 million over the comparable prior year quarter. In comparison to the linked quarter, decreases in real estate owned expense, net, commission expense and salaries and employee benefits of $1.0 million, $555 thousand and $363 thousand, respectively, were partially offset by an increase of $1.2 million in professional fees. Professional fees increased by $5.2 million from the same prior year quarter due to regulatory compliance and mortgage risk related consulting services and platform enhancements performed in the first nine months of 2013. This increase was partially offset by decreases in problem loan expense and salaries and employee benefits of $1.3 million and $1.0 million, respectively, compared to the third quarter in 2012.

Asset Quality

•During the third quarter of 2013, provision expense of $724 thousand was recorded, as compared to negative provision of $1.9 million in the linked quarter and expense of $1.9 million in the comparable prior year quarter. The allowance for loan losses was $48.9 million at September 30, 2013, or 2.25% of gross loans held-for-investment, as compared to 2.22% at June 30, 2013 and 2.02% at December 31, 2012. Recoveries were $1.8 million in the third quarter of 2013, as compared to $4.8 million of recoveries recorded in the linked quarter, $3.0 million of which was related to the payoff of one commercial real estate loan. Charge-offs recorded during the three months ended September 30, 2013 were $1.7 million, as compared to $2.0 million for the linked quarter and $5.0 million for the comparable prior year quarter.
•Total non-performing assets were $60.5 million, or 2.76% of total gross loans held-for-investment, loans held-for-sale and real estate owned at September 30, 2013, as compared to $78.5 million, or 3.51%, and $103.1 million, or 4.18%, respectively, at June 30, 2013 and December 31, 2012. Non-performing loans decreased $16.3 million over the linked quarter to $55.4 million at September 30, 2013 from $71.7 million at June 30, 2013 and decreased $40.2 million from $95.6 million at December 31, 2012. The decrease from the linked quarter was primarily due to the payoff of three nonperforming commercial loans totaling $15.5 million. For the year, ten nonperforming commercial loans totaling $33.9 million have been paid off as a result of the Company's workout strategies.

Capital

•Shareholders' equity totaled $257.1 million at September 30, 2013 compared to $261.7 million at June 30, 2013 and $262.6 million at December 31, 2012. The Company's tangible equity to tangible assets ratio was 6.81% at September 30, 2013, as compared to 7.00% at June 30, 2013 and 6.95% at December 31, 2012. At September 30, 2013, the Company's total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 14.72%, 12.76%, and 9.13%, respectively. At September 30, 2013, the Bank's total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 13.96%, 12.70%, and 9.09%, respectively.

The Company will hold its regularly scheduled conference call on Thursday October 24, 2013, at 11:00 a.m. (ET). Participants may listen to the live web cast through the Company's website at www.sunnationalbank.com. Participants are advised to log on 10 minutes ahead of the scheduled start of the call. An Internet-based replay will be available at the Company's website for two weeks following the call.

Sun Bancorp, Inc. (NASDAQ: SNBC) is a $3.24 billion asset bank holding company headquartered in Vineland, New Jersey, with its executive offices located in Mt. Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a full service commercial bank serving customers through 50-plus locations in New Jersey. Sun National Bank has been named one of Forbes Magazine's "Most Trustworthy Companies" for five years running. Sun National Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnationalbank.com.

http://www.prnewswire.com/news-releases/sun-bancorp-inc-reports-third-quarter-2013-results-229009791.html

[romang]

Hey EI I was just checking this board out and saw you where on here. The main headquarters of this bank are walking distance from my house :)

Currently don't have a position but might soon.

[Enterprising Investor]

Sun Bancorp, Inc. Reports Second Quarter 2013 Results

Second Quarter Highlights

* Profitable second quarter with net income of $678 thousand and $3.1 million year-to-date

* Continued progress in methodical reductions in problem loans with 41% reduction in non-performing loans in the past three quarters

* Continued workout success resulted in $2.8 million of net recoveries for the second quarter and $3.8 million year-to-date

* Net mortgage banking revenue totaled $5.6 million in the second quarter compared to $3.4 million in the linked quarter and $1.3 million in the comparable prior year quarter

* Well positioned for rising rates with an asset sensitive balance sheet and over 10% of assets in cash

VINELAND, N.J., July 24, 2013 /PRNewswire/ -- Sun Bancorp, Inc. (NASDAQ: SNBC) reported today net income available to common shareholders of $678 thousand, or $0.01 per diluted share, for the quarter ended June 30, 2013, compared to net income available to common shareholders of $1.3 million, or $0.02 per diluted share, for the second quarter of 2012.

The following are key items and events that occurred during the second quarter of 2013:

•Negative provision of $1.9 million recorded in the second quarter as compared to expense of $171 thousand in the first quarter of 2013. The allowance for loan loss equaled $48.0 million at June 30, 2013, an increase of $884 thousand from March 31, 2013. The allowance for loan losses equaled 2.22% of gross loans held-for-investment and 66.93% of non-performing loans held-for-investment at June 30, 2013 as compared to 2.09% and 63.87%, respectively, at March 31, 2013 and 2.02% and 55.33%, respectively, at December 31, 2012.

•Total risk-based capital equaled 14.80% at June 30, 2013, an increase of 59 basis points from 14.21% at March 31, 2013.

•Sold $46.0 million of jumbo residential mortgage loans from the loan portfolio and signed a definitive agreement to sell another $27.3 million in the third quarter of 2013.

"This quarter, we continued to focus on improvement of our asset quality profile, positioning the balance sheet for a rising rate environment, and plans to deploy the excess liquidity we created in this process into stronger earning assets," said Thomas X. Geisel, Sun's President and Chief Executive Officer. "For the remainder of the year, we will sustain ongoing efforts to advance our corporate strategy, achieve opportunistic growth, further reduce risk and provide unsurpassed service to our customers."

Discussion of Results:

Balance Sheet

•Total assets were $3.21 billion at June 30, 2013, as compared to $3.22 billion at March 31, 2013 and December 31, 2012.

•Cash and cash equivalents increased $130.6 million to $442.2 million at June 30, 2013 as compared to the linked quarter, primarily due to an increase in interest earning bank balances as a result of commercial loan paydowns generated from workout strategies and the aforementioned sale of jumbo residential mortgage loans.

•Gross loans held-for-investment were $2.16 billion at June 30, 2013, as compared to $2.25 billion at March 31, 2013 and $2.28 billion at December 31, 2012. Compared to the linked quarter, loans held-for-investment decreased $92.8 million. This was primarily driven by a reduction of $60.9 million in commercial and industrial loans over that period due to the aforementioned paydowns. Also, residential mortgage loans declined by $23.7 million as the sale of $46.0 million of jumbo residential mortgage loans and the transfer of $27.3 million of jumbo residential mortgage loans to loans held-for-sale at June 30, 2013 were partially offset by new originations.

Net Interest Income and Margin

•Net interest income decreased $1.3 million from the linked quarter to $21.8 million for the three months ended June 30, 2013. The net interest margin decreased 20 basis points to 2.96% for the three months ended June 30, 2013 from 3.16% for the linked quarter, and decreased 57 basis points as compared to the same quarter in 2012. The average yield on interest-earning assets decreased 20 basis points to 3.50% for the quarter ended June 30, 2013 from 3.70% for the linked quarter. This decrease was due to a corresponding decline in loan yields and an increase in cash during the current quarter. Sun Bancorp, Inc. had an average cash balance of $378.3 million in the second quarter of 2013, compared to an average cash balance of $252.0 million in the linked quarter. Commercial loan yields declined two basis points in the second quarter as compared to the linked quarter due to lower rates on new originations and residential real estate loan yields declined 47 basis points over the same period due to declines in rates and volume. The margin variance between the quarter ended June 30, 2013 and the comparable prior year period is due to similar factors as noted above.

•Mortgage loans sold during the quarter totaled $207.6 million as compared to $243.2 million in the previous quarter and $86 million in the comparable prior year quarter. Of the sales during the second quarter, $46.0 million were long term fixed rate and long duration adjustable rate jumbo mortgage loans from the portfolio, which Sun National Bank sold to reduce interest rate risk. Combining these sales with the sale of $51.5 million of 30 year fixed rate jumbo loans and the sale of $124.8 million of fixed rate investments in the first quarter of 2013, Sun National Bank has sold approximately $222 million of assets in the first six months of the year, with another $27.3 million of fixed rate jumbo residential mortgage loans pending sale in the third quarter. "Interest rates have been abnormally low for an extended period of time and we believe it is prudent to reduce long duration exposures at this time," stated Tom Brugger, Chief Financial Officer. "We will continue to evaluate opportunities to manage our balance sheet to optimize our net interest margin in the coming quarters with a focus on building a quality earning asset portfolio which generates an increasing net interest margin, growing net interest income and low loan losses."

Non-Interest Income

•Non-interest income was $10.2 million for the quarter ended June 30, 2013, compared to $10.9 million for the quarter ended March 31, 2013 and $7.0 million for the comparable prior year quarter. The decrease from the linked quarter was primarily attributable to a loss on the sale of available for sale securities of $47 thousand in the second quarter as compared to a gain of $3.5 million in the linked quarter. This was partially offset by an increase in net mortgage banking revenue of $2.2 million resulting primarily from the $1.5 million gain recognized as a result of the aforementioned sales of jumbo residential mortgage loans. Also, the linked quarter value included a negative derivative credit valuation adjustment of $504 thousand compared to a positive adjustment of $6 thousand in the second quarter.

Non-Interest Expense

•Sun Bancorp, Inc. incurred $33.2 million of non-interest expense in the second quarter of 2013, an increase of $1.9 million over the linked quarter and an increase of $3.2 million over the comparable prior year quarter. Professional fees and real estate owned expenses increased by $2.1 million and $1.0 million, respectively, from the linked quarter. Professional fees have increased due to additional compliance related consulting expenses and real estate owned expenses increased due to the loss of $470 thousand on the sale of eight properties, including three former bank branches, and the write down of $322 thousand on two properties. These increases were partially offset by a decrease in salaries and employee benefits of $1.3 million.

Asset Quality

•During the second quarter, negative provision of $1.9 million was recorded, as compared to expense of $171 thousand in the linked quarter and $510 thousand in the comparable prior year quarter. The allowance for loan losses was $48.0 million at June 30, 2013, or 2.22% of gross loans held-for-investment, as compared to the ratio of the allowance for loan losses to gross loans held-for-investment of 2.09% at March 31, 2013 and 2.02% at December 31, 2012. Recoveries were $4.8 million in the second quarter of 2013, as compared to $4.6 million of recoveries recorded in the linked quarter. Recoveries in the second quarter were primarily driven by the payoff of one commercial real estate loan which resulted in a recovery of $3.0 million. Charge-offs recorded in the second quarter were $2.0 million, as compared to $3.5 million for the linked quarter and $1.8 million for the comparable prior year quarter.

•Total non-performing assets were $78.5 million, or 3.51% of total gross loans held-for-investment, loans held-for-sale and real estate owned at June 30, 2013, as compared to $82.3 million, or 3.57%, and $103.1 million, or 4.18%, respectively, at March 31, 2013 and December 31, 2012. Non-performing loans decreased $2.1 million over the linked quarter to $71.7 million at June 30, 2013 from $73.8 million at March 31, 2013 and decreased $23.9 million from $95.6 million at December 31, 2012. The decrease from the linked quarter was primarily due to a large payoff of a nonperforming loan, which also resulted in the $3.0 million recovery noted above.

Capital

•Shareholders' equity totaled $261.7 million at June 30, 2013 compared to $264.3 million at March 31, 2013 and $262.6 million at December 31, 2012. Sun Bancorp, Inc.'s tangible equity to tangible assets ratio was 7.00% at June 30, 2013, as compared to 7.02% at March 31, 2013 and 6.95% at December 31, 2012. At June 30, 2013, Sun Bancorp, Inc.'s total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 14.80%, 12.91%, and 9.43%, respectively. At June 30, 2013, Sun National Bank's total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 14.05%, 12.79%, and 9.33%, respectively.

Sun Bancorp, Inc. will hold its regularly scheduled conference call on Thursday, July 25, 2013, at 11:00 a.m. (ET). Participants may listen to the live web cast through the Sun Bancorp, Inc. website at www.sunnationalbank.com. Participants are advised to log on 10 minutes ahead of the scheduled start of the call. An Internet-based replay will be available at the Sun Bancorp, Inc. website for two weeks following the call.

Sun Bancorp, Inc. (NASDAQ: SNBC) is a $3.21 billion asset bank holding company headquartered in Vineland, New Jersey, with its executive offices located in Mt. Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a full service commercial bank serving customers through 50-plus locations in New Jersey. Sun National Bank has been named one of Forbes Magazine's "Most Trustworthy Companies" for five years running. Sun National Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnationalbank.com.

http://www.prnewswire.com/news-releases/sun-bancorp-inc-reports-second-quarter-2013-results-216815461.html

[Enterprising Investor]

Sun Bancorp, Inc. Reports First Quarter 2013 Results (4/24/13)

First Quarter Highlights

- Profitable quarter with net income of $2.5 million

- Non-performing loans drop another 11% in Q1 and 39% over the past two quarters

- Successful workout resolutions generate $1.0 million in net recoveries for the quarter

- Prepared for rising interest rates by selling $125 million of investments and $52 million of jumbo fixed rate mortgages

- Solid capital ratios after risk reduction efforts with total risk based capital ratio of 14.2% and Tier 1 leverage ratio of 9.4%

- Tangible book value increases to $2.59 per share

VINELAND, N.J., April 24, 2013 /PRNewswire/ -- Sun Bancorp, Inc. (NASDAQ: SNBC) reported today net income available to common shareholders of $2.5 million, or $0.03 per diluted share, for the first quarter ended March 31, 2013, compared to a net loss available to common shareholders of $28.1 million, or a loss of $0.33 per diluted share, for the first quarter of 2012.

The following are key items and events that occurred during the first quarter of 2013:
•The Company successfully closed a previously reported sale of $43.1 million of primarily distressed legacy commercial real estate loans with a book balance of $33.6 million to a third party investor in February 2013 for proceeds of $20.9 million.
•Provision expense totaled $171 thousand as compared to $24.2 million in the fourth quarter of 2012. The allowance for loan losses equaled $47.1 million at quarter end, an increase of $1.3 million from December 31, 2012. The allowance for loan losses equaled 2.09% of gross loans held-for-investment and 63.9% of non-performing loans held for investment as compared to 2.02% and 55.3%, respectively, at December 31, 2012 and 2.34% and 45.5%, respectively, at March 31, 2012.
•Non-interest income increased $4.1 million to $10.9 million as compared to the linked quarter primarily due to gains on the sale of available for sale securities of $3.5 million.
•In March 2013, the Company sold a pool of $51.5 million of jumbo residential mortgage loans at a gain of $856 thousand.
•The net interest margin equaled 3.16% versus 3.30% in the linked quarter. This decrease was driven by a decline in commercial loan yields as well as an increase of approximately $141 million in average interest-bearing bank balances resulting from the jumbo mortgage sale and the sale of available-for-sale investment securities in the first quarter.
•Total risk-based capital equaled 14.2% at March 31, 2013, an increase of 50 basis points from 13.7% at December 31, 2012.

"We continue to make methodical progress in executing on our strategy to reduce the risk in the balance sheet and grow our commercial and consumer businesses," stated Thomas X. Geisel, Sun's President and Chief Executive Officer. "We were pleased to regain profitability during the quarter and to further reduce risk in our loan portfolio, thereby strengthening our foundation for the future. We will continue to prioritize these efforts and enhance the profitability of the Bank as the year progresses."

Discussion of Results:

Balance Sheet
•Total assets were $3.23 billion at March 31, 2013, as compared to $3.22 billion at December 31, 2012 and $3.11 billion at March 31, 2012.
•Cash and cash equivalents increased $142.0 million to $311.7 million as compared to the linked quarter, primarily due to the increase in interest earning bank balances due primarily to the aforementioned jumbo mortgage sale and sales of available-for-sale investment securities. Investments available-for-sale decreased $117.1 million from $443.2 million at December 31, 2012 to $326.1 million at March 31, 2013 due primarily to the sale of $124.8 million of securities, of which $94.6 million are pending settlement at March 31, 2013.
•Gross loans held-for-investment were $2.25 billion at March 31, 2013, as compared to $2.27 billion at December 31, 2012 and $2.23 billion at March 31, 2012. Compared to the linked quarter, loans held-for-investment decreased by $24.6 million due primarily to large pay downs of problem loans of $17.2 million and charge-offs of $3.5 million in the first quarter.
•Loans held-for-sale decreased $79.5 million from the linked quarter to $41.5 million at March 31, 2013. This was due to the closing of the commercial loan sale as well as a net decrease of $57.5 million in the residential mortgage loan held-for-sale portfolio.

Net Interest Income and Margin
•On a tax equivalent basis, net interest income decreased $901 thousand over the linked quarter to $23.3 million at March 31, 2013. The net interest margin decreased 14 basis points to 3.16% from 3.30% for the linked quarter, and decreased 32 basis points as compared to the same quarter in 2012. The average yield on interest-earning assets decreased 17 basis points over the linked quarter from 3.87% to 3.70%. This decrease is due to a corresponding decline in loan yields and excess cash. The Company held $312 million of cash as of March 31, 2013. The commercial loan yields declined four basis points from the linked quarter due to lower rates on new originations combined with pay-offs of higher yielding legacy loans and a decrease of 18 basis points in home equity line of credit yields over the same period due to significantly lower market rates. The margin variance from the prior year is due to similar pressures in the current interest rate environment.

Non-Interest Income
•Non-interest income was $10.9 million for the quarter ended March 31, 2013, compared to $6.8 million for the quarter ended December 31, 2012 and $5.5 million for the comparable prior year quarter. The increase from the linked quarter was primarily attributable to a gain on sale of available for sale securities of $3.5 million recognized in the current quarter as compared to a loss of $196 thousand as well as a reduction of $1.2 million in derivative credit valuation adjustments for the current quarter as compared to the linked quarter.

Non-Interest Expense
•The Company incurred $31.3 million of non-interest expense in the first quarter of 2013, a decrease of $262 thousand over the linked quarter and an increase of $3.8 million from the comparable prior year quarter. Professional fees and salaries and benefits increased by $1.3 million and $488 thousand, respectively, from the linked quarter. Professional fees have increased due to additional compliance related consulting expenses incurred during the first quarter. These increases were partially offset by decreases in real estate owned costs, other expenses and advertising costs of $774 thousand, $500 thousand and $487 thousand, respectively.

Asset Quality
•The provision for loan losses for the first quarter of 2013 was $171 thousand, as compared to $24.2 million in the linked quarter and $30.7 million in the comparable prior year quarter. The allowance for loan losses was $47.1 million at March 31, 2013, or 2.09% of gross loans held-for-investment, as compared to the allowance for loan losses to gross loans held-for-investment of 2.02% at December 31, 2012 and 2.34% at March 31, 2012. Recoveries were $4.6 million for the first quarter of 2013 primarily driven by the payoff of two commercial loans which resulted in $3.0 million of recoveries. Charge-offs recorded in the current quarter were $3.5 million, as compared to $26.7 million of charge-offs for the linked quarter and $20.2 million of charge-offs for the comparable prior year quarter.
•Total non-performing assets were $82.3 million, or 3.57% of total gross loans held-for-investment, loans held-for-sale and real estate owned at March 31, 2013, as compared to $100.1 million, or 4.18% and $118.8 million, or 5.27%, respectively, at December 31, 2012 and March 31, 2012. Non-performing loans decreased $21.8 million over the linked quarter to $73.8 million at March 31, 2013 from $95.6 million at December 31, 2012 and decreased $40.8 million from $114.6 million at March 31, 2012. The decreases in non-performing loans were due primarily to paydowns and the settlement of nonperforming loans moved to held for sale in the fourth quarter of 2012, both for $12.7 million.

Capital
•Shareholders' equity totaled $264.3 million at March 31, 2013 compared to $262.6 million at December 31, 2012. The Company's tangible equity to tangible assets ratio was 7.02% at March 31, 2013, as compared to 6.95% at December 31, 2012. At March 31, 2013, the Company's total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 14.21%, 12.33%, and 9.40%, respectively. At March 31, 2013, Sun National Bank's total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 13.52%, 12.26%, and 9.34%, respectively.

The Company will hold its regularly scheduled conference call on Thursday, April 25, 2013, at 11:00 a.m. (ET). Participants may listen to the live web cast through the Sun Bancorp, Inc. web site at www.sunnb.com. Participants are advised to log on 10 minutes ahead of the scheduled start of the call. An Internet-based replay will be available at the website for two weeks following the call.

Sun Bancorp, Inc. (NASDAQ: SNBC) is a $3.23 billion asset bank holding company headquartered in Vineland, New Jersey, with its executive offices located in Mt. Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a full service commercial bank serving customers through more than 60 locations in New Jersey. Sun National Bank has been named one of Forbes Magazine's "Most Trustworthy Companies" for five years running. The Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnb.com.

http://www.prnewswire.com/news-releases-test/sun-bancorp-inc-reports-first-quarter-2013-results-204560911.html

[RickKayne]

I sold this morning. :(

[Enterprising Investor]

SNBC Reports Fourth Quarter 2012 Results (1/23/13)

- Risk reduction strategies accelerate leading to a 37% reduction in NPL's during the 4th quarter as NPL / Loans falls to 3.53%(1)

- Revenue growth initiatives progressing as annual core commercial loan production increases 39% and annual Sun Home Loans loan closings increase by 246%

- Solid capital ratios after risk reduction efforts with Total Risk Based Capital Ratio of 13.7% and Tier 1 Leverage Ratio of 9.3%

- Management team enhanced with appointments of new CFO and CRO


VINELAND, N.J., Jan. 23, 2013 /PRNewswire/ -- Sun Bancorp, Inc. (NASDAQ: SNBC) reported today a net loss available to common shareholders of $25.0 million, or $0.29 per diluted share, for the quarter ended December 31, 2012, compared to a net loss available to common shareholders of $1.5 million, or $0.02 per diluted share, for the fourth quarter of 2011.

The following are key items and events that occurred during the fourth quarter of 2012:

As part of a continuing strategy to reduce balance sheet risk, the Company signed a definitive agreement on January 17, 2013 to sell $45.8 million of loans, having a book balance of $35.1 million, to a third-party investor for gross proceeds of $22.0 million. The transaction, which is expected to close in the first quarter of 2013, resulted in a net loss of $7.6 million after accounting for loan loss reserves, customer derivative termination costs and other expenses. As the formal approval to sell these loans occurred during 2012, the related loans were transferred to held-for-sale as of December 31, 2012 at fair value. In addition, the Company reached workout settlements with several troubled borrowers, resulting in a loss of $6.0 million.
Provision expense totaled $24.2 million during the fourth quarter of 2012 as compared to $1.9 million in the third quarter of 2012 and $6.8 million in the fourth quarter of 2011. The allowance for loan losses equaled $46.5 million at quarter end, a decrease of $2.5 million from September 30, 2012, and an increase of $4.8 million from December 31, 2011. The allowance for loan losses equaled 2.04% of gross loans held-for-investment and 57.8% of non-performing loans held for investment as compared to 2.12% and 40.6% and 1.82% and 38.7%, respectively, at September 30, 2012 and December 31, 2011.
Commercial loan production was $114 million during the fourth quarter versus $113 million in the linked quarter. The Company continues to maintain a disciplined underwriting and pricing strategy in this uncertain economic environment.
The net interest margin equaled 3.30% for the fourth quarter of 2012 versus 3.41% in the linked quarter. The current quarter margin was negatively impacted by the maturity of legacy commercial loans as well as the overall low interest rate environment.
Non-interest income decreased $2.8 million to $6.8 million during the fourth quarter of 2012 as compared to the linked quarter primarily due to an increase of $1.6 million in swap termination fees, of which $979 thousand was a result of liabilities assumed from the loan sale, and the remaining fees related to other problem loan workouts. Gains on the sale of mortgage loans declined by $510 thousand as the linked quarter included a $1.5 million positive mark-to-market adjustment from a fair value election on its loans held-for-sale, effective July 1, 2012. The Company's residential mortgage operations remain strong as $236 million in residential mortgage loans were closed and $149 million sold during the fourth quarter compared to $240 million and $120 million, respectively, in the linked quarter. The Company originated $665 million in 2012 versus $192 million in 2011.
Total risk-based capital was 13.73% at December 31, 2012, well above 11.50%, the regulatory required level.

"This was an impactful quarter for Sun, culminating an impactful year of successful risk reduction and revenue growth strategies," said Thomas X. Geisel, Sun's President and Chief Executive Officer. "We were able to simultaneously strengthen our balance sheet by significantly reducing classified assets to near peer levels and at the same time demonstrate our competitive advantage with meaningful commercial and mortgage loan production. In 2013, we will continue with a laser like focus on how we deliver the bank to our customers and provide value towards their financial goal achievement."

Discussion of Results:

Balance Sheet
Total assets were $3.22 billion at December 31, 2012, as compared to $3.18 billion at September 30, 2012 and December 31, 2011.
Gross loans held-for-investment were $2.27 billion at December 31, 2012, as compared to $2.31 billion at September 30, 2012 and $2.29 billion at December 31, 2011. This decrease is the result of the Company's aggressive problem loan workout strategies implemented in 2012.
Deposits increased by $66.4 million from the linked quarter to $2.71 billion at December 31, 2012. The increase was due to an increase in short-term time deposits.
Borrowings increased by $23.0 million from the linked quarter in order to fund the continued residential loan growth.

Net Interest Income and Margin
On a tax equivalent basis, net interest income decreased $355 thousand over the linked quarter to $24.2 million. The net interest margin decreased 11 basis points to 3.30% from 3.41% for the linked quarter, and 24 basis points as compared to the same quarter in 2011. The average yield on interest-earning assets decreased 12 basis points over the linked quarter from 3.99% to 3.87%. This decrease is due to a corresponding decline in loan yields and excess cash. The Company held $170 million of cash as of December 31, 2012. The commercial loan yields declined seven basis points due to lower rates on new originations combined with pay-offs of higher yielding legacy loans and residential real estate yields decreased 21 basis points due to significantly lower market rates. The margin variance from the prior year is due to the similar pressures in the current interest rate environment.

Non-Interest Income
Non-interest income was $6.8 million for the quarter ended December 31, 2012, a decrease of $2.8 million from $9.6 million for the linked quarter and $11 thousand above the comparable prior year quarter's level of $6.8 million. The decrease from the linked quarter was primarily attributable to an increase of $1.6 million in swap termination fees as a result of the Company's aggressive workout strategies. Gains on the sale of mortgage loans declined $510 thousand as the linked quarter included a $1.5 million positive mark-to-market adjustment from a fair value election on its loans held-for-sale, effective July 1, 2012. Excluding mark-to-market adjustments, normalized mortgage gains were $3.2 million in the fourth quarter of 2012 versus $2.7 million in the linked quarter. The Company also had a decrease of $424 thousand in deposit service charges from the linked quarter due to declining volumes.

Non-Interest Expense
The Company incurred $31.6 million of non-interest expense in the fourth quarter of 2012, an increase of $738 thousand over the linked quarter and an increase of $4.4 million from the comparable prior year quarter. Professional fees increased by $677 thousand over the linked quarter due to additional compliance related consulting costs. Advertising costs were $576 thousand higher than the linked quarter due to ongoing deposit promotions as well as the residential mortgage growth. Reserves for unused credit commitments also increased by $280 thousand in the fourth quarter of 2012 over the linked quarter. These increases were partially offset by a $1.4 million decline in problem loan costs as the Company has reached a more normalized run rate for problem assets. The increase in non-interest expense from the prior year period is due primarily to additional salaries and benefits expense associated with the mortgage origination expansion in 2012 as well as increased professional fees and advertising expenses.

Asset Quality
The provision for loan losses for the fourth quarter of 2012 was $24.2 million, as compared to $1.9 million in the linked quarter and $6.8 million in the comparable prior year quarter. The allowance for loan losses was $46.5 million at December 31, 2012, or 2.04% of gross loans held-for-investment, as compared to an allowance for loan losses to gross loans held-for-investment ratio of 1.82% at December 31, 2011 and 2.12% at September 30, 2012. Net charge-offs recorded in the current quarter were $26.7 million, of which $13.1 million related to the loans sale, or 1.12% of average loans, as compared to $4.2 million, or 0.18% of average loans for the linked quarter and $20.4 million, or 0.87% of average loans outstanding for the same quarter in the prior year.
Total non-performing assets were $100.6 million, or 4.11% of total gross loans held-for-investment, loans held-for-sale and real estate owned at December 31, 2012, as compared to $126.4 million, or 5.32% and $112.7 million, or 4.86%, respectively, at September 30, 2012 and December 31, 2011. Non-performing loans decreased to $93.2 million at December 31, 2012 as compared to $120.8 million at September 30, 2012. The December 31, 2012 balance is inclusive of $12.7 million of commercial loans held-for-sale. This decrease is due to charge-downs from the aforementioned pending loan sale and problem loan workouts completed in the fourth quarter.

Capital
Stockholders' equity totaled $262.6 million at December 31, 2012 compared to $309.1 million at December 31, 2011. The Company's tangible equity to tangible assets ratio was 6.95% at December 31, 2012, as compared to 8.41% at December 31, 2011. At December 31, 2012, the Company's total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 13.73%, 11.83%, and 9.30%, respectively. At December 31, 2012, Sun National Bank's total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 13.04%, 11.78%, and 9.26%, respectively.

Impact of Hurricane Sandy
The Company incurred $4.6 million impact due to Hurricane Sandy. This is composed of $4.4 million of additional loan loss reserves and $222 thousand of repair costs for facilities. So far, we have not seen any material deterioration in our loan portfolio due to Sandy. We completed a thorough assessment and thought it would be prudent to add an additional reserve to capture the potential risk as a result of the storm.

The Company will hold its regularly scheduled conference call on Thursday, January 24, 2013, at 11:00 a.m. (ET). Participants may listen to the live web cast via the "Investor Relations" section of the Sun Bancorp, Inc. web site at www.sunnb.com. Participants are advised to log on 10 minutes ahead of the scheduled start of the call. An Internet-based replay will be available at the Web site for two weeks following the call.

Sun Bancorp, Inc. (Nasdaq: SNBC) is a $3.22 billion asset bank holding company headquartered in Vineland, New Jersey, with its executive offices located in Mt. Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a full service commercial bank serving customers through more than 60 locations in New Jersey. Sun National Bank has been named one of Forbes Magazine's "Most Trustworthy Companies" for five years running. The Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnb.com.

The foregoing material contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, concerning the financial condition, results of operations and business of the Company. Forward-looking statements are statements that include projections, predictions, expectations or beliefs about events or results or otherwise are not statements of historical facts, including statements related to the Company's continuing strategy to strengthen its balance sheet. Actual results and trends could differ materially from those set forth in such statements. We caution that such statements are subject to a number of uncertainties, including those detailed in the Company's filings pursuant to the Securities Exchange Act of 1934, as amended. Therefore, readers should not place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Non-GAAP Financial Measures

This release references tax-equivalent interest income and non-operating income and expenses. Tax-equivalent interest income is a non-GAAP financial measure. Tax-equivalent interest income assumes a 35% marginal federal tax rate for all periods. The fully taxable equivalent adjustments for the three months ended December 31, 2012 and 2011 were $210 thousand and $271 thousand, respectively. The fully taxable equivalent adjustments for the twelve months ended December 31, 2012 and 2011 were $870 thousand and $1.3 million, respectively. The fully taxable equivalent adjustment for the three months ended September 30, 2012 was $212 thousand. Non-operating income (loss) is also a non-GAAP financial measure. Non-operating income (loss) includes impairment losses recognized on available for sale securities included in earnings. There were no non-operating income (loss) items for the three months ended December 31, 2012, September 30, 2012, June 30, 2012, and December 31, 2011. Non-operating loss during the twelve months ended December 31, 2011 was $250 thousand.

(1) NPL/Loans excludes loans held-for-sale.

http://www.prnewswire.com/news-releases/sun-bancorp-inc-reports-fourth-quarter-2012-results-188120711.html

[RickKayne]

Wilbur Ross loves this one..So I can't argue with Mr. Ross, he is a bankruptcy attorney by trade, which makes him excellent at identifying companies that can turn around, and avoid bk. With his help of course:)

[Enterprising Investor]

SNBC Names Albert J. Celini Chief Risk Officer (12/17/12)

VINELAND, N.J., Dec. 17, 2012 /PRNewswire/ -- Sun National Bank has named Albert J. Celini Executive Vice President and Chief Risk Officer. Celini will oversee the credit, operational and market risk management of the bank and work closely with Sun's legal and compliance teams to manage and mitigate regulatory risk.

Prior to joining Sun, Celini was Vice President, Regulatory Advisory & Strategy at Freddie Mac in McLean, Virginia. His twenty-five year career spans both functional and business leadership roles within major financial institutions, and his expertise encompasses finance, risk management, regulatory compliance, governance and strategic business development. Celini also spent a decade at Ally Bank, where he served as founding Chief Financial Officer, Chief Risk Officer and Director of Lending Development, as the Bank grew from start-up to maturity. Other past roles include Financial Officer at Citibank and public accountant with Arthur Andersen & Co.

A Certified Public Accountant, Celini earned a Bachelor of Science degree in Accounting and Finance from Fordham University. He recently served on the board of directors of MERS Corporation and held executive board roles at both Delaware Community Investment Corporation and Bucks County Boy Scouts of America.

"We welcome Al to Sun and look forward to his guidance and leadership as Chief Risk Officer, a vitally important role in our organization," said Thomas X. Geisel , President and CEO, Sun National Bank . "Al joins an accomplished group of credit and risk professionals here at Sun and no doubt will contribute greatly to our overall goal of strengthening and growing the company."

About Sun

Sun Bancorp, Inc. (Nasdaq: SNBC) is a $3.18 billion asset bank holding company headquartered in Vineland, New Jersey, with its executive offices located in Mt. Laurel, New Jersey. Its primary subsidiary is Sun National Bank , a full service commercial bank serving customers through more than 60 locations in New Jersey. Sun National Bank was named one of Forbes magazine's "Most Trustworthy Companies" for five consecutive years. The Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnb.com.

SOURCE Sun National Bank

http://www.prnewswire.com/news-releases/sun-national-bank-names-albert-j-celini-chief-risk-officer-183830771.html

[Enterprising Investor]

SNBC Reports Third Quarter 2012 Results (10/24/12)


VINELAND, N.J., Oct. 24, 2012 /PRNewswire/ -- Sun Bancorp, Inc. (NASDAQ: SNBC) reported today net income available to common shareholders of $1.2 million, or $0.01 per diluted share, for the quarter ended September 30, 2012, compared to net income available to common shareholders of $2.7 million, or $0.03 per diluted share, for the third quarter of 2011.

The following are key items and events that occurred during the third quarter of 2012:

Provision expense totaled $1.9 million as compared to $510 thousand in the second quarter of 2012. The allowance for loan losses equaled $49.0 million at quarter end, a decrease of $2.4 million from June 30, 2012, and an increase of $7.3 million from December 31, 2011. The allowance for loan losses equaled 2.12% of gross loans held for investment and 40.6% of non-performing loans as compared to 2.29% and 49.4% and 1.82% and 38.7%, respectively, at June 30, 2012 and December 31, 2011.

Commercial loan production remained strong at $113 million during the third quarter versus $65 million in the linked quarter as the Company continues to originate strong credits for the portfolio.
The net interest margin equaled 3.41% versus 3.53% in the linked quarter. The current quarter margin was negatively impacted by $507 thousand of interest reversals as well as a decline in commercial loan yields. The interest reversals were due primarily to approximately $24 million in loan balances for two relationships which were moved to non-accrual status. Although these two relationships were current at September 30, 2012 and are well secured, the Company elected to designate these loans as non-accrual because certain agreed upon financial metrics were not met. Excluding these two credits, the Company continued to experience reductions in the portfolio resulting from its ongoing efforts to manage the workout portfolio.

Non-interest income increased $2.1 million to $9.6 million as compared to the linked quarter primarily due to an increase of $2.3 million in gains on the sale of mortgage loans. The Company's residential mortgage platform has continued its strong growth as $240 million in residential mortgage loans were recorded and $120 million sold during the third quarter as compared to $139 million and $86 million, respectively, in the linked quarter.

Total risk-based capital was 14.30% at September 30, 2012, well above the regulatory required level.

"Our parallel efforts to strengthen and grow the company continued through the third quarter of this year," said Thomas X. Geisel, Sun's President and Chief Executive Officer. "We are encouraged by the growth of our residential mortgage platform, and have demonstrated our competitive advantage with strong commercial loan production and a robust pipeline despite the difficult economic environment. We will continue to focus our efforts on asset resolution, business growth and loan origination as we advance our corporate strategy for the balance of 2012."

Discussion of Results:

Balance Sheet
Total assets were $3.18 billion at September 30, 2012 and December 31, 2011 and $3.24 billion at September 30, 2011.
Gross loans held-for-investment were $2.31 billion at September 30, 2012, as compared to $2.29 billion at December 31, 2011 and $2.30 billion at September 30, 2011. This increase is the result of growth in the residential mortgage portfolio.
Deposits increased by $38.8 million from the linked quarter to $2.65 billion at September 30, 2012. The increase was due to seasonal public funds activity.
Borrowings increased by $27.7 million from the linked quarter in order to fund the residential loan growth during the period.

Net Interest Income and Margin
On a tax equivalent basis, net interest income decreased $552 thousand over the linked quarter to $24.5 million. The net interest margin decreased 12 basis points to 3.41% from 3.53% for the linked quarter, and 20 basis points as compared to the same prior year quarter. The average yield on interest-earning assets decreased 17 basis points over the linked quarter from 4.16% to 3.99%. This decrease is due to $547 thousand of interest reversals, primarily related to two credits, recorded during the quarter as well as declining commercial loan yields resulting from legacy loans maturing and/or re-setting at lower rates. The average cost of interest-bearing liabilities decreased seven basis points to 0.73% as interest-bearing deposit costs declined by four basis points and trust preferred debt rates re-set at lower levels. The margin variance from the prior year is due to the continuing pressures in the current interest rate environment.

Non-Interest Income
Non-interest income was $9.6 million for the quarter ended September 30, 2012, an increase of $2.1 million from the linked quarter of $7.5 million and $3.8 million above the comparable prior year quarter of $5.8 million. The increase from the linked quarter was primarily attributable to an increase of $2.3 million in gains on the sale of mortgage loans. Included in this increase is a $1.5 million positive mark-to-market adjustment as the Company elected the fair value option on its loans held-for-sale, effective July 1, 2012. The Company also recognized $630 thousand of net gains on forward commitments and interest rate lock commitments within its residential mortgage portfolio. These increases were partially offset by a decrease of $430 thousand in gains on the sale of investment securities from the prior quarter. In addition, there was a decrease of $238 thousand from the linked quarter in income from investment services. The increase from the prior year period is due to an increase of $3.5 million in mortgage gains and a prior year derivative credit valuation loss of $309 thousand.

Non-Interest Expense
The Company incurred $30.9 million of non-interest expense in the third quarter of 2012, an increase of $273 thousand over the linked quarter and an increase of $3.9 million from the comparable prior year quarter. Problem loan costs increased by $880 thousand due to $1.3 million in real estate tax expenses recognized on one non-performing relationship. Excluding this item, the normalized run rate for problem loan costs continues to decline. Salaries and benefits increased $372 thousand due to increased mortgage production. These items were mostly offset by a $544 thousand decline in advertising expense due to prior period Boomerang campaign expenses as well as a $455 thousand decrease in mortgage recourse expense. The increase in non-interest expense from the prior year period is due primarily to additional salaries and benefits expense associated with the mortgage expansion in 2012.

Asset Quality
The provision for loan losses for the third quarter was $1.9 million, as compared to $510 thousand in the linked quarter and $2.3 million in the comparable prior year quarter. The allowance for loan losses was $49.0 million at September 30, 2012, or 2.12% of gross loans held-for-investment, as compared to the allowance for loan losses to gross loans held-for-investment of 1.82% at December 31, 2011 and 2.39% at September 30, 2011. Net charge-offs recorded in the current quarter were $4.2 million, or 0.18% of average loans, as compared to $1.2 million, or 0.06% of average loans for the linked quarter and $5.8 million, or 0.25% of average loans outstanding for the comparable prior year quarter.
Total non-performing assets were $126.4 million, or 5.32% of total gross loans held-for-investment, loans held-for-sale and real estate owned at September 30, 2012, as compared to $110.1 million, or 4.84% and $140.8 million, or 6.04%, respectively, at June 30, 2012 and September 30, 2011. Non-performing loans increased to $120.8 million at September 30, 2012 as compared to $104.0 million at June 30, 2012. This increase is due primarily to the aforementioned transfer of two credit relationships in the aggregate amount of $24 million into non-performing status at September 30, 2012; partially offset by $6.9 million in net paydowns out of the category.

Capital
Stockholders' equity totaled $287.5 million at September 30, 2012 compared to $309.1 million at December 31, 2011. The Company's tangible equity to tangible assets ratio was 7.81% at September 30, 2012, as compared to 8.41% at December 31, 2011. At September 30, 2012, the Company's total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 14.30%, 12.73%, and 10.43%, respectively. At September 30, 2012, Sun National Bank's total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 13.63%, 12.37%, and 10.12%, respectively.

The Company will hold its regularly scheduled conference call on Thursday, October 25, 2012, at 11:00 a.m. (ET). Participants may listen to the live webcast via the "Investor Relations" section of the Sun Bancorp, Inc. website at www.sunnb.com. Participants are advised to log on 10 minutes ahead of the scheduled start of the call. An Internet-based replay will be available at the Web site for two weeks following the call.

Sun Bancorp, Inc. (Nasdaq: SNBC) is a $3.18 billion asset bank holding company headquartered in Vineland, New Jersey, with its executive offices located in Mt. Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a full service commercial bank serving customers through more than 60 locations in New Jersey. Sun National Bank was named one of Forbes magazine's "Most Trustworthy Companies" for five consecutive years. The Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnb.com.

http://www.prnewswire.com/news-releases/sun-bancorp-inc-reports-third-quarter-2012-results-175669971.html

[56Chevy]

*It's been 2 + years since WLR acquired a 24.9% stake in SNBC.

His buy in pps was a little over $3.52 in July of 2010...todays pps was $2.80 8/13/2012.

[Enterprising Investor]

SNBC Reports Second Quarter 2012 Results (7/25/12)


VINELAND, N.J., July 25, 2012 /PRNewswire/ -- Sun Bancorp, Inc. (NASDAQ: SNBC) reported today net income available to common shareholders of $1.3 million, or $0.02 per diluted share, for the quarter ended June 30, 2012, compared to a net loss available to common shareholders of $1.6 million, or a loss of $0.02 per diluted share, for the second quarter of 2011.

The following are key items and events that occurred during the second quarter of 2012:

•Provision expense totaled $510 thousand as compared to $30.7 million in the first quarter of 2012. The allowance for loan losses equaled $51.4 million at quarter end, a decrease of $733 thousand from March 31, 2012, and an increase of $9.7 million from December 31, 2011. The allowance for loan losses equaled 2.29% of gross loans held for investment and 49.4% of non-performing loans as compared to 2.34% and 45.5% and 1.82% and 38.7%, respectively, at March 31, 2012 and December 31, 2011.

•The net interest margin equaled 3.53% versus 3.48% in the linked quarter. The current quarter margin was influenced by higher fees received as a result of the Company's troubled asset disposition successes during the quarter. Commercial loan production remained strong at $86 million during the second quarter versus $65 million in the linked quarter. The Company continues to aggressively seek opportunities to reduce its classified and non-performing loans and originate strong credits for the portfolio.

•Non-interest income increased $2.0 million to $7.5 million as compared to the linked quarter primarily due to an increase of $1.1 million in gains on the sale of mortgage loans and gains of $430 thousand on the sale of investment securities. The Company's enhancement of the residential mortgage platform has resulted in significant volume and fee increases as $139 million in residential mortgage loans were originated and $86 million sold during the second quarter as compared to $49 million and $30 million, respectively, in the linked quarter.

•Non-interest expense increased $3.0 million from the linked quarter to $30.6 million. The current quarter included approximately $1.7 million in additional salary and benefit costs associated with the buildup of the mortgage platform as well as a $565 thousand mortgage recourse reserve. The Company also recorded $611 thousand in advertising expenses related to its Boomerang free checking campaign. This product has enabled us to differentiate ourselves from our competitors by offering a free checking product with choice, flexibility and cash back opportunities.

•As previously announced, the Company closed three retail branches during the second quarter in order to create cost efficiencies and enhance the Company's ability to streamline operations in the branch network. These closures resulted in approximately $235 thousand in associated write-downs upon transfer of the properties to real estate owned.

•Total risk-based capital was 14.48% at June 30, 2012, well above the regulatory required level.

"The combination of our steadfast focus to strengthen the balance sheet and capitalize on niche growth opportunities has enabled us to return to profitability in the second quarter," said Thomas X. Geisel, Sun's President and Chief Executive Officer. "We continue to see meaningful progress in the restoration of our loan portfolio, and new loan originations. We are encouraged by this progress and remain committed to the actions and decisions that reinforce Sun's strength and success going forward."

Discussion of Results:

Balance Sheet

•Total assets were $3.13 billion at June 30, 2012, as compared to $3.18 billion at December 31, 2011 and $3.21 billion at June 30, 2011.

•Gross loans held-for-investment were $2.24 billion at June 30, 2012, as compared to $2.29 billion at December 31, 2011 and $2.32 billion at June 30, 2011. This decrease is the result of paydowns generated from the implementation of the Company's workout strategies as well as first quarter charge-off activity.

•Deposits decreased by $23.6 million from the linked quarter to $2.61 billion at June 30, 2012. The Company experienced some run-off in its interest-bearing checking accounts due to planned rate reductions.

Net Interest Income and Margin

•On a tax equivalent basis, net interest income increased $215 thousand over the linked quarter to $25.1 million. The average yield on interest-earning assets increased one basis point over the linked quarter from 4.15% to 4.16%. The average cost of interest-bearing liabilities decreased four basis points to 0.80%. The net interest margin increased five basis points to 3.53% from 3.48% for the linked quarter, but decreased six basis points as compared to the same prior year quarter. The increase from the prior quarter is due to significant pre-payment fees received through the resolution of one credit relationship. The margin variance from the prior year is due to the continuing pressures in the current interest rate environment.

Non-Interest Income

•Non-interest income was $7.5 million for the quarter ended June 30, 2012, an increase of $2.0 million from the linked quarter of $5.5 million and $2.5 million above the comparable prior year quarter of $5.0 million. The increase from the linked quarter was primarily attributable to an increase of $1.1 million in gains on the sale of mortgage loans and gains of $430 thousand on the sale of investment securities. In addition, the linked quarter included a negative derivative credit value adjustment of $314 thousand. The increase from the prior year period is due to an increase of $1.2 million in mortgage gains and a prior year derivative credit valuation adjustment of $3.6 million; offset by a decrease in investment gains of $2.0 million.

Non-Interest Expense

•The Company incurred $30.6 million of non-interest expense in the second quarter of 2012, an increase of $3.0 million over the linked quarter and an increase of $2.3 million from the comparable prior year quarter. Higher salary costs from the addition of new mortgage personnel and significantly increased volume was the primary driver of this increase. In addition, advertising expenses include $611 thousand in costs for the Company's new Boomerang free consumer checking product. The Company also recorded $565 thousand in mortgage repurchase recourse reserves. The increase in non-interest expense from the prior year period is due primarily to additional salaries and benefits expense associated with the mortgage expansion in 2012.

Asset Quality

•The provision for loan losses for the first quarter was $510 thousand, as compared to $30.7 million in the linked quarter and $4.8 million in the comparable prior year quarter. The allowance for loan losses was $51.4 million at June 30, 2012, or 2.29% of gross loans held-for-investment, as compared to the allowance for loan losses to gross loans held-for-investment of 1.82% at December 31, 2011 and 2.52% at June 30, 2011. Net charge-offs recorded in the current quarter were $1.2 million, or 0.06% of average loans, as compared to $20.2 million, or 0.89% of average loans for the linked quarter and $5.0 million, or 0.21% of average loans outstanding for the comparable prior year quarter.

•Total non-performing assets were $110.1 million, or 4.84% of total gross loans held-for-investment, loans held-for-sale and real estate owned at June 30, 2012, as compared to $118.8 million, or 5.27% and $143.5 million, or 6.13%, respectively, at March 31, 2012 and June 30, 2011. Non-performing loans decreased to $104.0 million at June 30, 2012 as compared to $114.6 million at March 31, 2012. This decrease is due primarily to paydowns which occurred during the second quarter as a result of the successful implementation of the Company's workout strategies.

Capital

•Stockholders' equity totaled $284.8 million at June 30, 2012 compared to $309.1 million at December 31, 2011. The Company's tangible equity to tangible assets ratio was 7.81% at June 30, 2012, as compared to 8.41% at December 31, 2011. At June 30, 2012, the Company's total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 14.48%, 12.88%, and 10.45%, respectively. At June 30, 2012, Sun National Bank's total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 13.76%, 12.50%, and 10.11%, respectively.

The Company will hold its regularly scheduled conference call on Thursday, July 26, 2012, at 11:00 a.m. (ET). Participants may listen to the live web cast via the "Investor Relations" section of the Sun Bancorp, Inc. web site at www.sunnb.com. Participants are advised to log on 10 minutes ahead of the scheduled start of the call. An Internet-based replay will be available at the Web site for two weeks following the call.

Sun Bancorp, Inc. (Nasdaq: SNBC) is a $3.13 billion asset bank holding company headquartered in Vineland, New Jersey, with its executive offices located in Mt. Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a full service Commercial Bank serving customers through more than 60 locations. Sun National Bank was named one of Forbes magazine's "Most Trustworthy Companies" for five consecutive years. The Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnb.com.

http://www.prnewswire.com/news-releases/sun-bancorp-inc-reports-second-quarter-2012-results-163770646.html

[56Chevy]

Sorry nothing new jackstone104-

I think SNBC's story leading up to now is laid out objectively in past post...especially posts by EI. We try to present the good with the bad on our boards. Balance.

I've taken the most significant line out of one of his recent posts and put it in italics below. It bears repeating.

SNBC lost $28.1 million in the first quarter. The loss was caused by more loans going bad. The loan loss provision expense was $30.7 million. Banks traditionally do "winter cleaning". The goal is to start a new year with a tidy balance sheet. I would consider this a temporary setback.

==============

The reasons you gave for taking a postion are rock solid. I don't think you can under-estimate how advantageous it is that you're in under Mr. Ross' costs! Opportinities like that just don't come around real often. He's a smart guy...he can't add any more since he has a 24.9% stake ...but I bet ya a ham sandwhich he would if he could! ;)

It's a wait game now.

Best of Luck!

[jackstone104]

Has anybody heard any other information about SNBC? I keep accumulating here in the 2.20s and .30s. I keep reading articles about them expanding their office space, seemingly at good deals, as they push into North Jersey and the Greater Philly area. I am with W. Ross and also think that the shares are a discount here, but as always we will not know until the next several quarters.

Thanks,

Matt

[56Chevy]

I view the hiring of mortgage professionals from MetLife as a positive.

totally agree. I read that in your 10-Q report and thought that was the only real bright spot in it!!...and it's a good one on several levels...good for SNBC biz... but also great to see out of work mortgage professionals get picked up for jobs!

Jobs Jobs Jobs!

[romang]

Thanks for all your help!!

[Enterprising Investor]

Many banks still acting like patients in a hospital.

Just when you think they are ready to be discharged, their condition worsens temporarily.

SNBC lost $28.1 million in the first quarter. The loss was caused by more loans going bad. The loan loss provision expense was $30.7 million. Banks traditionally do "winter cleaning". The goal is to start a new year with a tidy balance sheet. I would consider this a temporary setback.

I view the hiring of mortgage professionals from MetLife as a positive. My company is doing the same; it is the only line of business hiring staff. MetLife did an excellent job of recruiting our staff for its Irving, Texas location during the ramp up stage. The new hires did not even have to travel far to their new job. MetLife Home Loans was just across the street.

There are huge capacity issues in the mortgage business today. In many cases, it can take a borrower 75 days to get a refinance done. Many companies have left the business. BAC, for example, is only left with the retail business despite buying Countrywide Home Loans, which was also a dominant player in the wholesale and correspondent space.

[romang]

thanks for the reply one thing they stoped doing was pay there dividend 5% in shares that they used to do. i guess the owner is still doing good i see him in his bentley from time to time lol

Thanks!

btw i picked up more tma.gb for 10 on monday have you added?

[56Chevy]

wow romang really tough to say. The primary and inital attraction for me re: SNBC was Wilbur Ross' [WR] involvment. I fully expected them to roll up other small banks but for whatever reason that hasn't happened...and that surprised me some..and not in a good way.

I've been focused more on West coast banking the past couple of years and had it not been for WR I probably wouldn't have followed this bank much at all. (I don't own it btw but to keep a pulse on the entire sector you have to use a wide lens). Who is doing what & where. *Best banking tip/lesson I ever recieved from my friend EI.

After reading Enterprising Investors' post reporting the 1st Qtr financials I'd say if this were a boat it would be looking for a safe harbor to hide in.

Since you live out there you probably have a better sense of how the business mood is. The super-low interest rate policy by the Fed really thwarts a banks ability to make money..Europe's woes...the Euro .. Greece.. the US economy tends to take a couple steps forward only to retreat...election year uncertainty...housing values iffy...not nearly enough job creation...etc etc.

In this enviroment you have to be very careful which banks you choose. The parameters are narrow and only a few possess them. Amazingly we've had an excellent year with carefully selected banks such as PCBC & FCAL (also now PMBC). It's not like the West coast is thriving...far from it!..but a chosen few have done very well. In all honesty it had everything to do with "who" not "where" the bank was. lol. But I don't see the same "must contain" characteristics with banks on the East Coast..maybe you see otherwise??

How's that for a rambling un-official answer lol. Sorry bud.

If I was Warren Buffett I might be a buyer of SNBC at these prices but I'm not so I won't. I don't see anything about SNBC that will turn this around until after the election. I think the country needs a new leader..and a business friendly one would be a welcome site! :| More Jobs and higher interest rates...all banks will fly then!

[romang]

whats your take on this stock i live a few minutes away from the main headquarters

[56Chevy]

By no means official or substantiated but there seems to be a real difference between East Coast banks and West Coast banks the past 5 months.

Is it just me?? or is it really happening...and if so - why?

[Enterprising Investor]

SNBC Hires 50 MetLife Mortgage Professionals, Boosts Residential Lending Team (4/26/12)

VINELAND, N.J., April 26, 2012 /PRNewswire/ -- Sun National Bank has more than doubled the size of its New Jersey home mortgage team, by creating positions for 50 former MetLife professionals at Sun Home Loans, the residential lending division of the bank.

The new hires include 25 loan officers and 25 support services professionals, who will serve customers throughout the State of New Jersey. The Sun Home Loans teams are based in operations centers in Florham Park, N. J. and Turnersville, N.J., to serve, respectively, the central/northern and southern parts of the state.

One of Sun's competitive advantages is the ability to be nimble and strong enough to capitalize on market disruption and create growth opportunities, as it expands its reach and service to customers. In late 2011, MetLife announced it was exiting the banking business and would be sold to GE Capital. Sun saw an opportunity to create jobs for leading mortgage professionals, who understood the New Jersey customer base, and to grow its residential lending business across its footprint.

"We welcome the new members of our team and are confident this expansion of the Sun Home Loans division will enhance our residential mortgage platform, enable us to bring other bank products and services to our mortgage customers and increase our overall market penetration across the State," said Thomas X. Geisel, President and CEO, Sun National Bank. "We are already seeing the benefit of expanding our team, having achieved a 132% increase over the prior quarter in home mortgage originations."

Sun National Bank is focused on innovative ways to serve residential and commercial customers, grow revenue, and hire industry leaders. The new Sun Home Loans professionals have a long track record of achievement in residential lending and an in-depth understanding of discrete residential markets throughout the state.

"Our new team was looking for an opportunity to work with an organization just as committed as we are to serving the residents of New Jersey, where we all live and work," said Scott Hagen, Senior Vice President and New Jersey Sales Director for Sun Home Loans. "We're pleased to join a group of professionals who, like us, offer customers the knowledge and expertise gained from big bank experience, along with a personal approach that honors local relationships and offers accessibility at the community level."

About Sun

Sun Bancorp, Inc. (Nasdaq: SNBC) is a $3.11 billion asset bank holding company headquartered in Vineland, New Jersey, with its executive offices located in Mt. Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a full service Commercial Bank serving customers through 68 locations in New Jersey. Sun National Bank was named one of Forbes Magazine's "Most Trustworthy Companies" for five years. The Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnb.com.

SOURCE Sun National Bank

http://www.prnewswire.com/news-releases/sun-national-bank-hires-50-metlife-mortgage-professionals-boosts-residential-lending-team-149036815.html

[Enterprising Investor]

SNBC Reports First Quarter 2012 Results (4/24/12)

VINELAND, N.J., April 24, 2012 /PRNewswire/ -- Sun Bancorp, Inc. (NASDAQ: SNBC) reported today a net loss available to common shareholders of $28.1 million, or a loss of $0.34 per diluted share, for the first quarter ended March 31, 2012, compared to a net loss available to common shareholders of $67.1 million, or a loss of $1.25 per diluted share, for the first quarter of 2011. The 2011 period included a $53.1 million net loss on loans transferred to held-for-sale.

The following are key items and events that occurred during the first quarter:

•Provision expense totaled $30.7 million as compared to $6.8 million in the fourth quarter of 2011. The allowance for loan losses equaled $52.1 million at quarter end, an increase of $10.5 million from December 31, 2011. The allowance for loan losses equaled 2.34% of gross loans held for investment and 45.5% of non-performing loans.

•The net interest margin equaled 3.48% versus 3.54% in the linked quarter. Non-accrual interest reversals totaled $310 thousand in the first quarter which reduced the net interest margin by five basis points. Commercial loan production remained relatively strong at $65 million during the first quarter versus $40 million in the comparable prior year quarter.

•Non-interest income decreased $1.3 million to $5.5 million as compared to the linked quarter primarily due to a prior quarter bank-owned life insurance distribution of $765 thousand and prior quarter gains of $280 thousand on the sale of investment securities.

•Non-interest expense increased $338 thousand from the linked quarter to $27.6 million; however, the current quarter included approximately $1.0 million in costs associated with the build out of our mortgage operations. During the first quarter, 47 new mortgage employees were hired as the Company plans to enhance its residential mortgage platform and provide a significant boost to non-interest income.

•Total risk-based capital equaled 14.45% at March 31, 2012, well above the regulatory required level.

•The Company announced the consolidation of three retail branches to occur in the second quarter. This strategic decision provides cost efficiencies and enhances the Company's ability to streamline operations in the branch network while continuing to provide excellent customer service.

"We continued in this quarter to take proactive and appropriate actions to strengthen and grow the company. We were decisive in charging down the balance of previously identified, collateral dependent legacy real estate loans in our portfolio that we believe have lost value due to the devalued commercial real-estate market and increasing our reserve coverage ratios," said Thomas X. Geisel, Sun's President and Chief Executive Officer. "We were equally decisive in capitalizing on market opportunities to build our mortgage business and drive loan production in both our small business and commercial lending lines. We remain focused on making decisions that reinforce the strength of our portfolio, build our revenue stream and effectively serve customers while advancing the Sun brand."

Discussion of Results:

Balance Sheet

•Total assets were $3.11 billion at March 31, 2012, as compared to $3.18 billion at December 31, 2011 and $3.33 billion at March 31, 2011.

•Gross loans held-for-investment were $2.23 billion at March 31, 2012, as compared to $2.29 billion at December 31, 2011 and $2.27 billion at March 31, 2011. Compared to the linked quarter, loans held-for-investment decreased by $65.6 million due to paydowns and net charge-offs of $20.2 million in the first quarter.

•Loans held-for-sale increased $1.8 million from the linked quarter-end to $25.0 million at March 31, 2012.

•Shareholders' equity decreased $25.9 million to $283.2 million at March 31, 2012 as compared to the linked quarter-end.

Net Interest Income and Margin

•On a tax equivalent basis, net interest income decreased $1.1 million over the linked quarter to $24.9 million. The average yield on interest-earning assets decreased eight basis points over the linked quarter from 4.23% to 4.15%. The average cost of interest-bearing liabilities decreased five basis points to 0.84%. The net interest margin declined six basis points to 3.48% from 3.54% for the linked quarter and increased 22 basis points as compared to the same prior year quarter.

Non-Interest Income

•Non-interest income was $5.5 million for the quarter ended March 31, 2012, a decrease of $1.3 million from the linked quarter of $6.8 million and $9.6 million above the comparable prior year quarter loss of $4.1 million. The decrease from the linked quarter was primarily attributable to a bank-owned life insurance distribution of $765 thousand and gains on the sale of investment securities of $280 thousand, both of which were recorded in the linked quarter.

Non-Interest Expense

•The Company incurred $27.6 million of non-interest expense in the first quarter of 2012, an increase of $338 thousand over the linked quarter and a decrease of $219 thousand from the comparable prior year quarter. Higher salary costs from the addition of new mortgage personnel were partially offset by lower occupancy, problem loan and advertising expenses. It is anticipated that the upfront costs associated with the build out of the mortgage operations will begin to be offset in the second quarter when the revenues are realized upon the sale of the first quarter mortgage production.

Asset Quality

•The provision for loan losses for the first quarter was $30.7 million, as compared to $6.8 million in the linked quarter and $60.3 million in the comparable prior year quarter. The allowance for loan losses was $52.1 million at March 31, 2012, or 2.34% of gross loans held-for-investment, as compared to the allowance for loan losses to gross loans held-for-investment of 1.82% at December 31, 2011 and 2.58% at March 31, 2011. Net charge-offs recorded in the current quarter were $20.2 million, or 0.89% of average loans, as compared to $20.4 million, or 0.87% of average loans for the linked quarter and $83.5 million, or 3.35% of average loans outstanding for the comparable prior year quarter. The prior year quarter included charge-offs of $69.4 million related to the fair value adjustment on loans transferred to held-for-sale.

•Total non-performing assets were $118.8 million, or 5.27% of total gross loans held-for-investment, loans held-for-sale and real estate owned at March 31, 2012, as compared to $112.7 million, or 4.86% and $192.3 million, or 8.04%, respectively, at December 31, 2011 and March 31, 2011. Non-performing loans increased $6.9 million over the linked quarter to $114.6 million at March 31, 2012 from $107.7 million at December 31, 2011 and decreased $73.2 million from $187.8 million at March 31, 2011.

Capital

•Stockholders' equity totaled $283.2 million at March 31, 2012 compared to $309.1 million at December 31, 2011. The Company's tangible equity to tangible assets ratio was 7.79% at March 31, 2012, as compared to 8.41% at December 31, 2011 and 7.27% at March 31, 2011. At March 31, 2012, the Company's total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 14.45%, 12.82%, and 10.21%, respectively. At March 31, 2012, Sun National Bank's total risk-based capital ratio, Tier 1 capital ratio and leverage capital ratio were approximately 13.73%, 12.47%, and 9.93%, respectively.

The Company will hold its regularly scheduled conference call on Wednesday, April 25, 2012, at 11:00 a.m. (ET). Participants may listen to the live web cast through the Sun Bancorp, Inc. web site at www.sunnb.com. Participants are advised to log on 10 minutes ahead of the scheduled start of the call. An Internet-based replay will be available at the Web site for two weeks following the call.

Sun Bancorp, Inc. (Nasdaq: SNBC) is a $3.11 billion asset bank holding company headquartered in Vineland, New Jersey, with its executive offices located in Mt. Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a full service Commercial Bank serving customers through 68 locations in New Jersey. Sun National Bank has been named one of Forbes Magazine's "Most Trustworthy Companies" for five years running. The Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnb.com.

The foregoing material contains forward-looking statements concerning the financial condition, results of operations and business of the Company. We caution that such statements are subject to a number of uncertainties and actual results could differ materially, and, therefore, readers should not place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

http://www.prnewswire.com/news-releases/sun-bancorp-inc-reports-first-quarter-2012-results-148801135.html

[56Chevy]

A graph on WLR's purchases...he's nearing break-even with todays pps of $3.52. (3/27/2012)

This is currently at $2.96 which is a .56 cent price decay since my last post on March 27th.

This represents a 16% discount to Wilbur Ross' price. Any time you can get in and match (or better yet beat) someone like WLR's entry price, that becomes a rare and excellent opportunity imo.

* I don't own this currently however I'm certainly considering finding a way.

[56Chevy]

A graph on WLR's purchases...he's nearing break-even with todays pps of $3.52. (3/27/2012)

http://www.gurufocus.com/StockBuy.php?symbol=SNBC

[RickKayne]

Good week. Can we take it to 4 next week.

[56Chevy]

- Annual Report (10-K)

http://ih.advfn.com/p.php?pid=nmona&article=51625502

[Enterprising Investor]

Bernard Brown has slowly increased his stake.

The latest Schedule 13D dated 11/04/10 detailed beneficial ownership of 6,847,002 shares or 13.51 percent. The Brown Group (my terminology for his family and controlled entities) has been mostly buying small lots of shares outside of the same capital raising agreement that WL Ross & Co LLC has participated in.

http://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001053934

[Enterprising Investor]

WL Ross & Co LLC Transaction History:

On September 22, 2010, WLR acquired 1,812,500 shares of newly issued shares of Common Stock of the Company at a purchase price of $4.00 per share with cash consideration of $7,250,000.

Pursuant to the terms of the Agreement and in addition to the 1,812,500 shares of Common Stock purchased on September 22, 2010, WLR acquired 42,626 shares of newly issued Mandatorily Convertible Cumulative Non-Voting Perpetual Preferred Stock, Series B, of the Company, par value $1.00 per share (“Series B Preferred Shares”), at a purchase price of $1,000 per share with cash consideration of $42,626,000. On November 4, 2010, all 88,009 shares of Mandatorily Convertible Cumulative Non-Voting Perpetual Preferred Stock, Series B, of the Company, par value $1.00 per share (the “Series B Preferred Shares”), converted into a total of 22,002,250 shares of voting Common Stock in accordance with the terms and conditions of the Certificate of Amendment with respect to the Series B Preferred Shares (the “Series B Certificate of Amendment”). Pursuant to the terms of the Series B Certificate of Amendment, the Series B Preferred Shares were mandatorily convertible into shares of Common Stock following shareholder approval of an amendment to the Company's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock to permit the issuance of all of the Common Stock into which the Series B Preferred Shares were convertible as well as approval of the issuance of the shares of Common Stock upon conversion of the Series B Preferred Shares as required by the rules and regulations of the Nasdaq stock market. Such shareholder approvals were obtained on November 1, 2010.

Effective November 4, 2010, each of the 42,626 Series B Preferred Shares held by WLR converted into 250 shares of Common Stock for a total of 10,656,500 shares of Common Stock. The number of shares of Common Stock issued upon conversion of a Series B Preferred Share was determined by dividing: (i) the $1,000 liquidation preference of a Series B Preferred Share by (ii) $4.00.

On March 22, 2011, the Company issued 28,750,000 shares of its Common Stock in a registered, underwritten public offering (the “Offering”), as to which WLR elected to exercise its gross-up rights under the terms of the Agreement. The 28,750,000 shares of Common Stock sold in the Offering included 3,750,000 shares of Common Stock sold to the underwriters in the Offering pursuant to their right to purchase additional shares of Common Stock in order to cover over-allotments (the “Over-Allotment Sale” and the shares sold in the Offering other than those sold in the Over-Allotment Sale, the “Initial Shares”). As more fully described in Item 4 below, on March 11, 2011, WLR indicated its intent to purchase a number of shares in the Offering such that, in the aggregate, WLR would maintain its pre-Offering ownership interest in the Company. WLR completed the purchase of shares in respect of its gross-up rights on the issuance of the Initial Shares on March 22, 2011 and acquired 6,186,114 shares of Common Stock (the “Purchased Shares”). The aggregate purchase price for the Purchased Shares was $17,630,424.90, or $2.85 per share, representing the public offering price of $3.00 less the underwriting discount of $0.15.

On April 11, 2011, WLR purchased 2,002,054 shares of Common Stock (the “April 11 Purchased Shares”) from the Company pursuant to a letter agreement between the Company and WLR, dated April 11, 2011 (the “Letter Agreement”). This acquisition included shares that WLR was entitled to buy in respect of its gross-up rights on the Over-Allotment Sale. The aggregate purchase price for the April 11 Purchased Shares was $5,705,853.90, or $2.85 per share, representing the public offering price of $3.00 less the underwriting discount of $0.15.

[Enterprising Investor]

WL Ross & Co LLC owns 24.9 percent (4/11/11)

Controls 20,657,168 shares.

Total cost $73,212,278.80 or $3.54 per share.

http://sec.gov/Archives/edgar/data/1017793/000134100411000893/wlr_sc13da.htm

[56Chevy]

I think the previous post showing Anchorage Capital Groups' 9.9 percent stake adds even more reason/justification if someone decided to pull the trigger on this.

How long before the price catches up? I won't venture to say but I will say I'm a bit surprised it hasn't allready. I think the average Wall St. investor in general still views B-A-N-K as just another four letter word...but I also think that's beginning to change.

It wasn't long ago we saw this same exact scenerio/situation with FNBN.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=71151885

In general - I think we're in a very rare position of opportunity with Banks [not all but some]. How long will that window stay open? Again, I can't and won't predict that. I just think that Wilbur Ross's name and resolve still means something substantial. He just started to execute his plan.

[idkmybffjill]

how long do you think before the price catches up?

[Enterprising Investor]

Anchorage Capital Group, LLC owns 9.9 percent (12/31/11)

Controls 8,460,421 shares.

http://sec.gov/Archives/edgar/data/1017793/000090514812000438/efc12-81_sc13g.htm

[56Chevy]

August 30, 2011 Sun Bancorp (SNBC -1.7%) files a $150M shelf registration, saying the move will enable the bank holding company to "quickly capitalize on market opportunities should they arise." The firm has been trimming underwater assets ever since Wilbur Ross took a 25% stake, realizing at least $80M in losses.

Thursday, July 8, 9:22 AM Sun Bancorp (SNBC) says investor Wilbur Ross and the company's founding Brown family will buy $100M of common and preferred stock, equal to a 24.9% stake. The deal was done at $4 a share; Sun's common shares closed yesterday at $3.59.

===============================

Considering it's Wilbur Ross (WR) were talking about and he has a 24.9% stake that he paid $4 @ share to get, Fridays' closing price of $2.96 on Feb. 18, 2012 is an excellent entry price going forward. Matching or even beating WR's entry price by over 25% is a golden opportunity that's hard to overlook.

[Penny Roger$]

~ $SNBC ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $SNBC ~ Earnings expected on Monday *
This Week In Earnings: Earnings are coming or are already posted! This is what the charts look like! If you play the earnings these posts can be very helpful to you!
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=SNBC&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=SNBC&p=W&b=3&g=0&id=p54550695994



~ Barchart: http://barchart.com/quotes/stocks/SNBC?
~ OTC Markets: http://www.otcmarkets.com/stock/SNBC/company-info
~ Google Finance: http://www.google.com/finance?q=SNBC
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=SNBC#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=SNBC+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=SNBC
Finviz: http://finviz.com/quote.ashx?t=SNBC
~ BusyStock: http://busystock.com/i.php?s=SNBC&v=2
~ CandlestickChart: http://www.candlestickchart.com/cgi/chart.cgi?symbol=SNBC&exchange=US
~ Investorshub Trades: http://ih.advfn.com/p.php?pid=trades&symbol=SNBC
~ Investorshub Board Search: http://investorshub.advfn.com/boards/getboards.aspx?searchstr=SNBC
~ Investorshub PostStream Search: http://investorshub.advfn.com/boards/poststream.aspx?ticker=SNBC
~ Investorshub Goodies Search: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18582&srchyr=2011&SearchStr=SNBC
~ Investorshub Message Search: http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=SNBC
~ MarketWatch: http://www.marketwatch.com/investing/stock/SNBC/profile
~ E-Zone Chart: http://www.windchart.com/ezone/signals/?symbol=SNBC
~ 5-Min Wind: http://www.windchart.com/stockta/analysis?symbol=SNBC
~ 10-Min Wind: http://www.windchart.com/stockta/analysis?symbol=SNBC&size=l&frequency=10&color=g
~ 30-Min Wind: http://www.windchart.com/stockta/analysis?symbol=SNBC&size=l&frequency=30&color=g
~ 60-Min Wind: http://www.windchart.com/stockta/analysis?symbol=SNBC&size=l&frequency=60&color=g


http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

[mlkrborn]

$4.92

[mlkrborn]

By Philip van Doorn 06/28/10 - 07:00 AM EDT


Stock quotes in this article: HCBK , PBCT , FNFG , NYB , TRST , CHCO , CCNE

NEW YORK (TheStreet) -- A fresh analysis of publicly-traded U.S. bank and thrift holding companies by TheStreet highlights another 10 bank stocks with attractive dividend yields.


People's United Financial Inc.| PBCT
DOWN
*
First Niagara Financial Group Inc.| FNFG
DOWN
*
Hudson City Bancorp Inc.| HCBK
DOWN

An earlier feature on Six Bank Stocks with Solid Dividends was limited to selected names with higher trading volume.

The market has pulled back since that piece was published on May 19, and it seems those names are even more attractive now. Shares of the highly efficient and conservative Hudson City Bancorp(HCBK) closed at $12.68 Thursday, with shares yielding 4.73%. Peoples United Financial (PBCT) saw its yield increase to 4.47%, as shares pulled back to close at $13.87 Thursday, and First Niagara Financial (FNFG) also pulled back, to $12.84, with shares now yielding 4.37%.

To come up with this new list of ten more solid bank and thrift stocks with attractive dividend yields, we again started with first-quarter regulatory data and market data from Thursday's close provided by SNL Financial, paring down the list using the following criteria:
# Bank and thrift holding companies publicly-traded in the U.S., excluding the PinkSheets.

# Dividend yield greater than 4% as of Friday's close.

# Price-to-tangible-book ratio below 2.

# Texas ratio below 20%.

The Texas ratio is a bank's nonperforming loans -- including those in nonaccrual status and loans past due 90 days or more -- divided by core capital and loan loss reserves.

Excluding names trading above two times tangible book value helps narrow down the list to stocks that may still be undervalued in the wake of the banking crisis, but the approach leaves out some stellar names, including New York Community Bancorp (NYB). This company's shares returned 11% year-to-date through Thursday and were yielding a fat 6.39% on a 25 cent quarterly payout. New York Community was recently featured in TheStreet's Best In Class series.

We took a further conservative step this time, excluding companies that paid out more in dividends than they earned over the year ended March 31.

[mlkrborn]

Dividend paying banks:
http://www.thestreet.com/story/10803910/2/bank-ma--wilbur-ross-shops-nj.html