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Sun Bancorp in Mt. Laurel, N.J., has expanded its senior management team, hiring Patricia Schaubeck as executive vice president and general counsel.
September 17 -
Sun Bancorp in Mount Laurel, N.J., plans to raise approximately $20 million to fund its recent restructuring.
August 15 -
Sun Bancorp in Mount Laurel, N.J., has agreed to hire four new executives, promoted another executive, and hired a technology consulting firm.
July 29
Sun Bancorp in Mount Laurel, N.J. reported
The $2.8 billion-asset company announced in July that it would
"During the third quarter, we successfully executed on all facets of our restructuring plans, and are now witnessing the initial impact," Thomas O'Brien, Sun's president and chief executive, said in a press release Thursday.
Sun reported a net loss of $825,000 in the third quarter, compared a $4.9 million loss a year ago. The loss per share was 5 cents, beating the average estimate of analysts polled by Bloomberg by a penny.
A steep drop in operating costs reflect the recent job cuts. Noninterest expenses fell 27%, to $24.1 million.
Net interest income fell 18%, to $18.9 million. Loans shrunk 22%, to $1.6 billion. The net interest margin was 2.87%, or 23 basis points lower than last year.
Fee-based income fell 19%, to $4.7 million, mainly because of lower mortgage banking revenue.
