Anzeige
Mehr »
Login
Donnerstag, 28.03.2024 Börsentäglich über 12.000 News von 687 internationalen Medien
Spezial am Donnerstag: Rallye II. - Neuer Anstoß, News und was die Börsencommunity jetzt nicht verpassen will…
Anzeige

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Fonds

Kurs

%

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche
PR Newswire
188 Leser
Artikel bewerten:
(0)

Sun Bancorp, Inc. Reports Second Quarter 2012 Results

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

  • Ona 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 theallowance 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.

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.

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 June 30, 2012 and 2011 were $217 thousand and $368 thousand, respectively. The fully taxable equivalent adjustments for the six months ended June 30, 2012 and 2011 were $449 thousand and $777 thousand, respectively. The fully taxable equivalent adjustment for the three months ended March 31, 2012 was $233,000. 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 June 30, 2012, March 31, 2012, December 31, 2011, September 30, 2011 and June 30, 2011. Non-operating loss during the six months ended June 30, 2011 was $250 thousand.


SUN BANCORP, INC. AND SUBSIDIARIES



FINANCIAL HIGHLIGHTS (Unaudited)



(Dollars in thousands, except per share amounts)




For the Three Months Ended


For the Six Months Ended




June 30,


June 30,





2012


2011


2012


2011



Profitability for the period:











Net interest income


$

24,883


$

26,492


$

49,533


$

51,618



Provision for loan losses



510



4,836



31,193



65,119



Non-interest income



7,527



4,993



13,046



894



Non-interest expense



30,587



28,244



58,151



56,026



Income (loss) before income taxes



1,313



(1,595)



(26,765)



(68,633)



Net income (loss)



1,313



(1,599)



(26,765)



(68,666)



Net income (loss) available to common shareholders


$

1,313


$

(1,599)


$

(26,765)


$

(68,666)


















Financial ratios:















Return on average assets(1)



0.17

%


(0.19)

%


(1.71)

%


(4.11)

%


Return on average equity(1)



1.84

%


(2.14)

%


(17.90)

%


(47.57)

%


Return on average tangible equity(1),(2)



2.17

%


(2.54)

%


(21.01)

%


(57.03)

%


Net interest margin(1)



3.53

%


3.59

%


3.51

%


3.43

%


Efficiency ratio



94.38

%


89.71

%


92.92

%


106.69

%


Efficiency ratio, excluding non-operating income and non-operating expense(3)



94.38

%


89.71

%


92.92

%


106.19

%

















Earnings (loss) per common share:















Basic


$

0.02


$

(0.02)


$

(0.31)


$

(1.01)



Diluted


$

0.02


$

(0.02)


$

(0.31)


$

(1.01)


















Average equity to average assets



9.17

%


9.11

%


9.53

%


8.64

%




June 30,


December 31,






2012

2011


2011




At period-end:








Total assets


$

3,133,484


$

3,213,790


$

3,183,916




Total deposits



2,608,034



2,723,676



2,667,977




Loans receivable, net of allowance for loan losses



2,193,492



2,258,279



2,249,455




Loans held-for-sale(4)



24,672



20,514



23,192




Investments



549,601



478,814



532,715




Borrowings



50,274



33,106



31,269




Junior subordinated debentures



92,786



92,786



92,786




Shareholders' equity



284,768



298,819



309,083

















Credit quality and capital ratios:













Allowance for loan losses to gross loans held-for-investment



2.29

%


2.52

%


1.82

%



Non-performing assets to gross loans held-for-investment, loans held-for-sale and real estate owned



4.84

%


6.13

%


4.86

%



Allowance for loan losses to non-performing loans held-for-investment



49.44

%


45.25

%


38.69

%
















Total capital (to risk-weighted assets):













Sun Bancorp, Inc.



14.48

%


14.51

%


15.22

%



Sun National Bank



13.76

%


12.97

%


13.39

%



Tier 1 capital (to risk-weighted assets):













Sun Bancorp, Inc.



12.88

%


13.14

%


13.96

%



Sun National Bank



12.50

%


11.71

%


12.13

%



Leverage ratio:













Sun Bancorp, Inc.



10.45

%


10.47

%


11.09

%



Sun National Bank



10.11

%


9.35

%


9.64

%
















Book value per common share


$

3.31


$

3.60


$

3.61




Tangible book value per common share


$

2.81


$

3.03


$

3.08




(1) Amounts for the three and six months ended are annualized.

(2) Return on average tangible equity is computed by dividing annualized net income for the period by average tangible equity. Average tangible equity equals average equity less average identifiable intangible assets and goodwill.

(3) Efficiency ratio, excluding non-operating income and non-operating expense, is computed by dividing non-interest expense for the period by the summation of net interest income and non-interest income. Non-interest income for the six months ended June 30, 2011 excludes net impairment losses on available for sale securities of $250 thousand.

(4) Amount at June 30, 2011 includes $11.3 million of commercial real estate loans marked at fair value.


SUN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)

(Dollars in thousands, except par value amounts)


June 30,

2012


December 31, 2011


ASSETS





Cash and due from banks

$

75,235


$

68,773


Interest-earning bank balances


40,656



51,049


Cash and cash equivalents


115,891



119,822


Investment securities available for sale (amortized cost of $529,237 and $514,488 at June 30, 2012 and December 31, 2011, respectively)


532,275



515,545


Investment securities held to maturity (estimated fair value of $984 and $1,413 at June 30, 2012 and December 31, 2011, respectively)


920



1,344


Loans receivable (net of allowance for loan losses of $51,394 and $41,667 at June 30, 2012 and December 31, 2011, respectively)


2,193,492



2,249,455


Loans held-for-sale


24,672



23,192


Restricted equity investments


16,654



15,826


Bank properties and equipment, net


52,121



54,756


Real estate owned


6,116



5,020


Accrued interest receivable


8,130



8,912


Goodwill


38,188



38,188


Intangible assets


5,104



6,947


Bank owned life insurance (BOLI)


75,881



74,871


Other assets


64,043



70,038


Total assets

$

3,133,487


$

3,183,916









LIABILITIES AND SHAREHOLDERS' EQUITY







Liabilities:







Deposits

$

2,608,034


$

2,667,977


Securities sold under agreements to repurchase - customers


5,454



5,668


Advances from the Federal Home Loan Bank of New York (FHLBNY)


2,080



2,733


Securities sold under agreements to repurchase - FHLBNY


35,000



15,000


Obligations under capital lease


7,740



7,868


Junior subordinated debentures


92,786



92,786


Deferred taxes, net


1.241



432


Other liabilities


96.384



82,369


Total liabilities


2,848,719



2,874,833









Shareholders' equity:







Preferred stock, $1 par value, 1,000,000 shares authorized; none issued


-



-


Common stock, $1 par value, 100,000,000 shares authorized; 88,066,015 shares issued and 85,859,292 shares outstanding at June 30, 2012; 87,825,038 shares issued and 85,718,315 shares outstanding at December 31, 2011


88.073



87,825


Additional paid-in capital


505.577



504,508


Retained deficit


(284.285)



(257,520)


Accumulated other comprehensive income


1,797



625


Deferred compensation plan trust


(232)



(193)


Treasury stock at cost,2,106,723 shares atJune 30, 2012 and December 31, 2011


(26,162)



(26,162)


Total shareholders' equity


284,768



309,083


Total liabilities and shareholders' equity

$

3,133,487


$

3,183,916



SUN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Dollars in thousands, except per share amounts)











For the Three Months

EndedJune 30,




For the Six Months

EndedJune 30,




2012



2011




2012



2011


INTEREST INCOME














Interest and fees on loans

$

26,202


$

28,538



$

52,406


$

56,966


Interest on taxable investment securities


2,515



2,864




5,057



5,483


Interest on non-taxable investment securities


401



683




835



1,442


Dividends on restricted equity investments


284



220




511



463


Total interest income


29,402



32,305




58,809



64,354


INTEREST EXPENSE














Interest on deposits


3,447



4,808




7,131



10,398


Interest on funds borrowed


368



356




719



711


Interest on junior subordinated debentures


704



649




1,426



1,627


Total interest expense


4,519



5,813




9,276



12,736


Net interest income


24,883



26,492




49,533



51,618


PROVISION FOR LOAN LOSSES


510



4,836




31,193



65,119


Net Interest income (loss) after provision for loan losses


24,373



21,656




18,340



(13,501)


NON-INTEREST INCOME














Service charges on deposit accounts


2,730



2,702




5,398



5,252


Other service charges


80



88




153



174


Gain on sale of loans


1,865



708




2,581



1,633


Impairment losses on available for sale securities


-



-




-



(250)


Gain on sale of investment securities


430



2,421




430



1,408


Investment products income


748



1,010




1,180



1,898


BOLI income


492



560




1,009



1,106


Derivative credit valuation adjustment


(13)



(3,624)




(327)



(12,015)


Other


1,195



1,128




2,622



1,688


Total non-interest income


7,527



4,993




13,046



894


NON-INTEREST EXPENSE














Salaries and employee benefits


15,756



12,885




30,527



25,871


Occupancy expense


3,271



3,305




6,320



6,709


Equipment expense


1,763



1.903




3,528



3,585


Amortization of intangible assets


921



921




1,842



1,842


Data processing expense


1,106



1,111




2,162



2,176


Professional fees


757



1,215




1,236



1,980


Insurance expenses


1,464



1,261




2,943



3,274


Advertising expense


1,008



1,322




1,305



1,887


Problem loan expense


1,274



1,863




2,751



4,970


Real estate owned expense, net


490



635




571



630


Office supplies expense


328



324




647



669


Other


2,449



1,499




4,319



2,433


Total non-interest expense


30,587



28,244




58,151



56,026


INCOME (LOSS) BEFORE INCOME TAXES


1,313



(1,595)




(26,765)



(68,633)


INCOME TAX EXPENSE


-



4




-



33


NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS

$

1,313


$

(1,599)



$

(26,765)


$

(68,666)
















Basic earnings (loss) per share

$

0.02


$

(0.02)



$

(0.31)


$

(1.01)


Diluted earnings (loss) per share

$

0.02


$

(0.02)



$

(0.31)


$

(1.01)


Weighted average shares - basic

85,884,671


82,585,859



85,830,764


68,160,742


Weighted average shares - diluted

85,916,426


82,585,859



85,830,764


68,160,742




















SUN BANCORP, INC. AND SUBSIDIARIES

HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA(Unaudited)

(Dollars in thousands)


2012


2012


2011


2011


2011


Q2


Q1


Q4


Q3


Q2

Balance sheet at quarter end:










Cash and cash equivalents

$

115,891


$

87,553


$

119,822


$

134,209


$

192,645

Investment securities


549,849



576,457



532,715



557,380



478,814

Loans held-for-investment:















Commercial and industrial


1,794,830



1,820,054



1,878,026



1,899,231



1,905,628

Home equity


217,768



219,926



224,517



230,098



234,688

Second mortgage


36,429



38,815



41,470



45,030



47,920

Residential real estate


153,373



109,807



100,438



82,967



75,546

Other


42,486



36,952



46,671



49,077



52,825

Total gross loans held-for-investment


2,244,886



2,225,554



2,291,122



2,306,403



2,316,607

Allowance for loan losses


(51,394)



(52,127)



(41,667)



(55,227)



(58,328)

Net loans held-for-investment


2,193,492



2,173,427



2,249,455



2,251,176



2,258,279

Loans held-for-sale


24,672



25,034



23,192



20,868



20,514

Goodwill


38,188



38,188



38,188



38,188



38,188

Intangible assets


5,104



6,025



6,947



7,868



8,789

Total assets


3,133,487



3,113,269



3,183,916



3,236,219



3,213,790

Total deposits


2,608,034



2,631,652



2,667,977



2,727,650



2,723,676

Securities sold under agreements to repurchase- customers


5,454



5,870



5,668



6,026



6,743

Advances from FHLBNY


2,080



2,408



2,733



3,054



3,372

Securities sold under agreements to repurchase- FHLBNY


35,000



15,000



15,000



15,000



15,000

Obligations under capital lease


7,740



7,805



7,868



7,930



7,991

Junior subordinated debentures


92,786



92,786



92,786



92,786



92,786

Total shareholders' equity


284,768



283,163



309,083



308,055



298,819

Quarterly average balance sheet:















Loans(1):















Commercial and industrial

$

1,815,704


$

1,849,216


$

1,910,635


$

1,901,394


$

1,936,621

Home equity


218,910



220,411



226,345



232,458



234,451

Second mortgage


38,545



41,346



44,600



47,844



50,257

Residential real estate


155,479



123,567



111,514



89,010



76,816

Other


34,765



41,733



46,248



49,361



52,831

Total gross loans


2,263,403



2,276,273



2,339,342



2,320,067



2,350,976

Securities and other interest-earning assets


583,788



580,349



602,485



616,679



643,808

Total interest-earning assets


2,847,191



2,856,622



2,941,827



2,936,746



2,994,784

Total assets


3,116,627



3,154,984



3,229,699



3,234,551



3,287,485

Non-interest-bearing demand deposits


493,707



487,088



536,558



528,505



491,235

Total deposits


2,604,083



2,621,736



2,706,772



2,716,542



2,774,767

Total interest-bearing liabilities


2,259,370



2,265,830



2,294,786



2,313,896



2,409,629

Total shareholders' equity


285,667



312,281



310,786



308,025



299,427

Capital and credit quality measures:















Total capital (to risk-weighted assets) (2):















Sun Bancorp, Inc.


14.48%



14.49%



15.22%



14.85%



14.51%

Sun National Bank


13.76%



13.77%



13.39%



13.07%



12.97%

Tier 1 capital (to risk-weighted assets) (2):















Sun Bancorp, Inc.


12.88%



12.86%



13.96%



13.59%



13.14%

Sun National Bank


12.50%



12.51%



12.13%



11.81%



11.71%

Leverage ratio:















Sun Bancorp, Inc.


10.45%



10.21%



11.09%



11.08%



10.47%

Sun National Bank


10.11%



9.93%



9.64%



9.64%



9.35%
















Average equity to average assets


9.17%



9.91%



9.62%



9.52%



9.11%

Allowance for loan losses to total gross loans held-for-investment


2.29%



2.34%



1.82%



2.39%



2.52%

Non-performing assets to gross loans held-for-investment, loans held-for-sale and real estate owned


4.84%



5.27%



4.86%



6.04%



6.13%

Allowance for loan losses to non-performing loans held-for-investment


49.44%



45.52%



38.69%



42.23%



45.25%
















Other data:















Net charge-offs


(1,243)



(20,223)



(20,386)



(5,809)



(5,006)

Non-performing assets:















Non-accrual loans

$

79,696


$

87,847


$

89,656


$

107,665


$

113,806

Non-accrual loans held-for-sale


-



-



-



5,186



11,296

Troubled debt restructurings, non-accrual


24,256



26,674



17,875



22,353



15,090

Loans past due 90 days and accruing


-



74



154



744



-

Real estate owned, net


6,116



4,165



5,020



4,893



3,306

Total non-performing assets


110,068



118,760



112,705



140,841



143,498

(1) Average balances include non-accrual loans and loans held-for-sale

(2) June 30, 2012 capital ratios are estimated, subject to regulatory filings.


SUN BANCORP, INC. AND SUBSIDIARIES



HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA(Unaudited)



(Dollars in thousands, except share and per share amounts)




2012


2012


2011


2011


2011




Q2


Q1


Q4


Q3


Q2



Profitability for the quarter:












Tax-equivalent interest income

$

29,619


$

29,641


$

31,087


$

31,802


$

32,673



Interest expense


4,519



4,758



5,087



5,329



5,813



Tax-equivalent net interest income


25,098



24,883



26,000



26,473



26,860



Tax-equivalent adjustment


217



233



271



292



368



Provision for loan losses


510



30,683



6,826



2,321



4,836



Non-interest income (loss) excluding net impairment losses on available for sale securities


7,527



5,519



6,804



5,770



4,993



Non-interest expense excluding amortization of intangible assets


29,666



26,643



26,305



26,051



27,323



Amortization of intangible assets


921



921



921



922



921



Income (loss) before income taxes


1,313



(28,078)



(1,519)



2,657



(1,595)



Income tax (benefit) expense


-



-



-



(23)



4



Net income (loss)


1,313



(28,078)



(1,519)



2,680



(1,599)



Net income (loss) available to common shareholders

$

1,313


$

(28,078)


$

(1,519)


$

2,680


$

(1,599)



Financial ratios:

















Return on average assets (1)


0.17%



(3.56)%



(0.19)%



0.33%



(0.19)%





Return on average equity (1)


1.84%



(35.97)%



(1.96)%



3.48%



(2.14)%





Return on average tangible equity (1),(2)


2.17%



(41.97)%



(2.29)%



4.10%



(2.54)%





Net interest margin (1)


3.53%



3.48%



3.54%



3.61%



3.59%





Efficiency ratio


94.38%



91.37%



83.69%



84.42%



89.71%





Per share data:



















Income (loss) per common share:



















Basic

$

0.02


$

(0.34)


$

(0.02)


$

0.03


$

(0.02)





Diluted

$

0.02


$

(0.34)


$

(0.02)


$

0.03


$

(0.02)





Book value

$

3.31


$

3.30


$

3.61


$

3.60


$

3.60





Tangible book value

$

2.81


$

2.78


$

3.08


$

3.06


$

3.03





Average basic shares

85,884,671


85,776,858


85,587,878


84,429,644


82,585,859





Average diluted shares

85,916,426


85,776,858


85,587,878


84,538,449


82,585,859





Operating non-interest income (loss):



















Service charges on deposit accounts

$

2,730


$

2,668


$

2,799


$

2,838


$

2,702





Other service charges


80



73



71



85



88





Gain on sale of loans


1,865



716



906



708



708





Net gain on sale of available for sale securities


430



-



280



-



2,421





Investment products income


748



432



453



562



1,010





BOLI income


492



516



1,309



549



560





Derivative credit valuation adjustment


(13)



(314)



(214)



(309)



(3,624)





Other income


1,195



1,428



1,200



1,337



1,128





Total non-interest income

$

7,527


$

5,519


$

6,804



5,770


$

4,993





Operating non-interest expense:



















Salaries and employee benefits

$

15,756


$

14,771


$

13,011


$

13,619


$

12,885





Occupancy expense


3,271



3,049



3,643



3,021



3,305





Equipment expense


1,763



1,765



1,858



1,899



1,903





Data processing expense


1,106



1,056



1,118



1,058



1,111



Amortization of intangible assets


921



921



921



922



921



Insurance expense


1,464



1,479



1,433



1,479



1,261



Professional fees


757



479



412



879



1,215



Advertising expense


1,008



297



664



395



1,322



Problem loan costs


1,274



1,477



1,866



1,506



1,863



Real estate owned expense (income),net


490



81



108



448



635



Office supplies expense


328



319



323



315



324



Other expense


2,449



1,870



1,869



1,432



1,499



Total non-interest expense

$

30,587


$

27,564


$

27,226


$

26,973


$

28,244



(1) Amounts are annualized.

(2) Return on average tangible equity is computed by dividing annualized net income for the period by average tangible equity. Average tangible equity equals average equity less average identifiable intangible assets and goodwill.






SUN BANCORP, INC. AND SUBSIDIARIES



AVERAGE BALANCE SHEETS(Unaudited)


(Dollars in thousands)








For the Three Months Ended June 30,




2012



2011




Average


Income/


Yield/



Average


Income/


Yield/




Balance


Expense


Cost



Balance


Expense


Cost



Interest-earning assets:















Loans receivable (1),(2):















Commercial and industrial

$

1,815,704


$

21,123



4.65

%


$

1,936,621


$

23,385



4.83

%


Home equity


218,910



2,297



4.20




234,451



2,458



4.19



Second mortgage


38,545



550



5.71




50,257



734



5.84



Residential real estate


155,479



1,608



4.14




76,816



1,042



5.43



Other


34,765



624



7.18




52,831



919



6.96



Total loans receivable


2,263,403



26,202



4.63




2,350,976



28,538



4.86



Investment securities(3)


558,708



3,402



2.44




501,959



4,049



3.23



Interest-earning bank balances


25,080



15



0.24




141,849



86



0.24



Total interest-earning assets


2,847,191



29,619



4.16




2,994,784



32,673



4.36



Non-interest earning assets:





















Cash and due from banks


72,472










75,200









Bank properties and equipment, net


53,164










54,065









Goodwill and intangible assets, net


43,745










47,431









Other assets


100,055










116,005









Total non-interest-earning assets


269,436










292,701









Total assets

$

3,116,627









$

3,287,485






























Interest-bearing liabilities:





















Interest-bearing deposit accounts:





















Interest-bearing demand deposits

$

1,208,250


$

1,146



0.38

%


$

1,321,341


$

1,822



0.55

%


Savings deposits


262,947



217



0.33




275,315



379



0.55



Time deposits


639,179



2,084



1.30




686,876



2,607



1.52



Total interest-bearing deposit accounts


2,110,376



3,447



0.65




2,283,532



4,808



0.84



Short-term borrowings:





















Federal funds purchased


8,956



9



0.40




-



-



-



Securities sold under agreements to repurchase- customers


5,807



2



0.14




6,813



2



0.12



Long-term borrowings:





















FHLBNY advances (4)


33,675



229



2.72




18,479



224



4.85



Obligations under capital lease


7,770



129



6.64




8,019



130



6.48



Junior subordinated debentures


92,786



703



3.04




92,786



649



2.80



Total borrowings


148,994



1,072



2.88




126,097



1,005



3.19



Total interest-bearing liabilities


2,259,370



4,521



0.80




2,409,629



5,813



0.96



Non-interest bearing liabilities:





















Non-interest-bearing demand deposits


493,707










491,235









Other liabilities


77,883










87,194









Total non-interest bearing liabilities


571,590










578,429









Total liabilities


2,830,960










2,988,058









Shareholders' equity


285,667










299,427









Total liabilities and shareholders' equity

$

3,116,627









$

3,287,485






























Net interest income




$

25,098









$

26,860






Interest rate spread (5)








3.36

%









3.40

%


Net interest margin (6)








3.53

%









3.59

%


Ratio of average interest-earning assets to average interest-bearing liabilities








126.02

%









124.28

%





(1) Average balances include non-accrual loans and loans held-for-sale.



(2) Loan fees are included in interest income and the amount is not material for this analysis.



(3) Interest earned on non-taxable investment securities is shown on a tax-equivalent basis assuming a 35% marginal federal tax rate for all periods. The fully taxable equivalent adjustments for the three months ended June 30, 2012 and 2011 were $217 thousand and $368 thousand, respectively.



(4) Amounts include Advances from FHLBNY and Securities sold under agreements to repurchase- FHLBNY.



(5) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.



(6) Net interest margin represents net interest income as a percentage of average interest-earning assets.



















































SUN BANCORP, INC. AND SUBSIDIARIES


AVERAGE BALANCE SHEETS(Unaudited)

(Dollars in thousands)







For the Six Months Ended June 30,



2012



2011



Average


Income/


Yield/



Average


Income/


Yield/



Balance


Expense


Cost



Balance


Expense


Cost


Interest-earning assets:














Loans receivable (1),(2):














Commercial and industrial

$

1,832,460


$

42,398



4.63

%


$

2,004,195


$

46,537



4.64

%

Home equity


219,661



4,542



4.41




235,203



5,008



4.26


Second mortgage


39,946



1,140



5.71




51,821



1,509



5.82


Residential real estate


139,523



2,984



4.28




75,247



2,048



5.44


Other


38,249



1,342



7.02




54,331



1,864



6.86


Total loans receivable


2,269,839



52,406



4.62




2,420,797



56,966



4.71


Investment securities (3)


554,603



6,821



2.46




486,366



7,983



3.28


Interest-earning bank balances


27,465



31



0.23




149,944



182



0.24


Total interest-earning assets


2,851,907



59,258



4.16




3,057,107



65,131



4.26


Non-interest earning assets:




















Cash and due from banks


72,111










71,592








Bank properties and equipment, net


53,751










53,803








Goodwill and intangible assets, net


44,206










47,889








Other assets


113,720










110,127








Total non-interest-earning assets


283,788










283,411








Total assets

$

3,135,695









$

3,340,518




























Interest-bearing liabilities:




















Interest-bearing deposit accounts:




















Interest-bearing demand deposits

$

1,229,970


$

2,406



0.39

%


$

1,357,063


$

4,000



0.59

%

Savings deposits


262,575



446



0.34




276,356



806



0.58


Time deposits


629,967



4,280



1.36




719,383



5,592



1.55


Total interest-bearing deposit accounts


2,122,512



7,132



0.67




2,352,802



10,398



0.88


Short-term borrowings:




















Federal funds purchased


7,665



14



0.37




-



-



-


Securities sold under agreements to repurchase- customers


6,238



4



0.13




6,938



5



0.14


Long-term borrowings:




















FHLBNY advances (4)


25,597



443



3.46




18,635



442



4.74


Obligations under capital lease


7,802



259



6.64




8,049



264



6.56


Junior subordinated debentures


92,786



1,426



3.07




92,786



1,627



3.51


Total borrowings


140,088



2,146



3.06




126,408



2,338



3.70


Total interest-bearing liabilities


2,262,600



9,278



0.82




2,479,210



12,736



1.03


Non-interest bearing liabilities:




















Non-interest-bearing demand deposits


490,398










486,446








Other liabilities


83,722










86,184








Total non-interest bearing liabilities


574,120










572,630








Total liabilities


2,836,720










3,051,840








Shareholders' equity


298,974










288,678








Total liabilities and shareholders' equity

$

3,135,694









$

3,340,518




























Net interest income




$

49,980









$

52,395





Interest rate spread (5)








3.34

%









3.23

%

Net interest margin (6)








3.51

%









3.43

%

Ratio of average interest-earning assets to average interest-bearing liabilities








126.05

%









123.31

%



(1) Average balances include non-accrual loans and loans held-for-sale.


(2) Loan fees are included in interest income and the amount is not material for this analysis.


(3) Interest earned on non-taxable investment securities is shown on a tax-equivalent basis assuming a 35% marginal federal tax rate for all periods. The fully taxable equivalent adjustments for the six months ended June 30, 2012 and 2011 were $449 thousand and $777 thousand, respectively.


(4) Amounts include Advances from FHLBNY and Securities sold under agreements to repurchase- FHLBNY.


(5) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.


(6) Net interest margin represents net interest income as a percentage of average interest-earning assets.



























SUN BANCORP, INC. AND SUBSIDIARIES


AVERAGE BALANCE SHEETS(Unaudited)

(Dollars in thousands)







For the Three Months Ended



June 30, 2012



December 31, 2011



Average


Income/


Yield/



Average


Income/


Yield/



Balance


Expense


Cost



Balance


Expense


Cost


Interest-earning assets:














Loans receivable (1),(2):














Commercial and industrial

$

1,815,704


$

21,123



4.65

%


$

1,910,635


$

22,542



4.72

%

Home equity


218,910



2,297



4.20




226,345



2,348



4.15


Second mortgage


38,545



550



5.71




44,600



656



5.88


Residential real estate


155,479



1,608



4.14




111,514



1,338



4.80


Other


34,765



624



7.18




46,248



794



6.87


Total loans receivable


2,263,403



26,202



4.63




2,339,342



27,678



4.73


Investment securities (3)


558,708



3,402



2.44




548,355



3,375



2.46


Interest-earning bank balances


25,080



15



0.24




54,130



34



0.25


Total interest-earning assets


2,847,191



29,619



4.16




2,941,827



31,087



4.23


Non-interest earning assets:




















Cash and due from banks


72,472










73,863








Bank properties and equipment, net


53,164










55,264








Goodwill and intangible assets, net


43,745










45,586








Other assets


100,055










113,159








Total non-interest-earning assets


269,436










287,872








Total assets

$

3,116,627









$

3,229,699




























Interest-bearing liabilities:




















Interest-bearing deposit accounts:




















Interest-bearing demand deposits

$

1,208,250


$

1,146



0.38

%


$

1,271,991



1,435



0.45

%

Savings deposits


262,947



217



0.33




265,115



285



0.43


Time deposits


639,179



2,084



1.30




633,108



2,321



1.47


Total interest-bearing deposit accounts


2,110,376



3,447



0.65




2,170,214



4,041



0.74


Short-term borrowings:




















Federal funds purchased


8,956



9



0.40




141



-



-


Securities sold under agreements to repurchase- customers


5,807



2



0.14




5,906



1



0.07


Long-term borrowings:




















FHLBNY advances (4)


33,675



229



2.72




17,842



219



4.91


Obligations under capital lease


7,770



129



6.64




7,897



131



6.64


Junior subordinated debentures


92,786



703



3.04




92,786



695



3.00


Total borrowings


148,994



1,072



2.88




124,572



1,046



3.36


Total interest-bearing liabilities


2,259,370



4,521



0.80




2,294,786



5,087



0.89


Non-interest bearing liabilities:




















Non-interest-bearing demand deposits


493,707










536,558








Other liabilities


77,883










87,569








Total non-interest bearing liabilities


571,590










624,127








Total liabilities


2,830,960










2,918,913








Shareholders' equity


285,667










310,786








Total liabilities and shareholders' equity

$

3,116,627









$

3,229,699




























Net interest income




$

25,098









$

26,000





Interest rate spread (5)








3.36

%









3.34

%

Net interest margin (6)








3.53

%









3.54

%

Ratio of average interest-earning assets to average interest-bearing liabilities








126.02

%









128.20

%



(1) Average balances include non-accrual loans and loans held-for-sale.


(2) Loan fees are included in interest income and the amount is not material for this analysis.


(3) Interest earned on non-taxable investment securities is shown on a tax-equivalent basis assuming a 35% marginal federal tax rate for all periods. The fully taxable equivalent adjustments for the three months ended June 30, 2012 and December 31, 2011 were $217 thousand and $271 thousand, respectively.


(4) Amounts include Advances from FHLBNY and Securities sold under agreements to repurchase- FHLBNY.


(5) Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.


(6) Net interest margin represents net interest income as a percentage of average interest-earning assets.


SOURCE Sun Bancorp, Inc.

Großer Dividenden-Report 2024 von Dr. Dennis Riedl
Der kostenlose Dividenden-Report zeigt ganz genau, wo Sie in diesem Jahr zuschlagen können. Das sind die Favoriten von Börsenprofi Dr. Dennis Riedl
Jetzt hier klicken
© 2012 PR Newswire
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.