The recovery continues at Sun Bancorp in Mount Laurel, N.J.
The $2.1 billion-asset company said in a press release Tuesday that its second-quarter earnings rose 4.7% from a year earlier to $3 million, or 16 cents a share.
Net interest income fell 3.3% from a year earlier, to $14.9 million. Total loans fell slightly, to $1.6 billion, despite a nearly 11% increase in loans tied to non-owner-occupied commercial real estate. The net interest margin widened by 19 basis points to 2.98%.
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Sun Bancorp in Mount Laurel, N.J., swung to a profit thanks to branch closings and other expense reductions.
April 27 -
Sun Bancorp in Mount Laurel, N.J., has agreed to pay $25,000 to resolve issues connected to the companys former Sun Home Loans division.
January 25 -
Thomas O'Brien made good on a 2015 promise to turn a profit in every quarter. This year, his goal is to stay profitable to earn back a deferred-tax asset that should meaningfully increase the New Jersey company's valuation.
January 4
Sun's noninterest income fell 23% to $3.8 million; the company recorded a $1.2 million gain in the year-earlier quarter that was tied to loan sales. Still, deposit service charges and interchange fees were lower than in the second quarter of 2015.
Noninterest expenses fell 7% to $17 million because of lower occupancy costs and reduced expenses tied to professional fees, data processing and insurance. The company recorded $1.7 million reserve release in the second quarter, which Sun said reflects "the overall stability of the bank's asset quality at significantly improved levels."
Total deposits fell 8.6% to $1.7 billion.
