Sun Bancorp (SNBC) Tops Q1 EPS by 14c
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Sun Bancorp, Inc. Announces 1Q 2015 Earnings: Reports Net Income of $2.8 Million; Continued Strong Improvement in Asset Quality and Expense Management
April 27, 2015 8:45 AM EDTMOUNT LAUREL, N.J., April 27, 2015 /PRNewswire/ --
First Quarter Highlights
Net income of $2.8 million for the quarter ended March 31, 2015. Significant progress on branch efficiency improvement with the eventual 39% reduction in locations by the end of 2015 since June 2014, an expected 20% increase in the average branch deposit size and an estimated $10 million annualized reduction in operating expenses. Completed previously announced sale of seven Cape May area branch locations for a net gain of $9.2 million. Recorded $3.3 million in restructuring charges associated with the recently announced consolidation of nine... More