Sun Bancorp, Inc. Reports First Quarter Earnings and Declares Quarterly Dividend
Apr 20, 2001, 01:00 ET from Sun Bancorp, Inc.
SELINSGROVE, Pa., April 20 /PRNewswire Interactive News Release/ --
SUN BANCORP, INC. (Nasdaq: SUBI), the holding company for SunBank, today
reported unaudited consolidated net income of $1,773,000 (or $0.27 per share
basic) for the first quarter of 2001 (ended March 31), as compared to
$1,808,000 (or $0.27 per share basic) for the first quarter of 2000.
The Board of Directors announced that at its regular meeting held on
April 19, 2001, it declared a quarterly cash dividend of $0.15 per share. The
dividend will be payable June 8, 2001 to shareholders of record May 25, 2001.
Sun's credit quality demonstrated continued improvement during the first
quarter. Net charge-offs ($59m) were the lowest in five years, and noncurrent
loans (30 days and over) reached an all-time low (1.18%).
During the first quarter, Sun announced the acquisition of Guaranty Bank.
Guaranty Bank's Wilkes-Barre/Luzerne County market is larger and more diverse
than Sun's existing markets and presents opportunity for continued franchise
expansion. Sun also announced acquisitions of three Mellon Bank branches,
which bring stable core deposits and attractive markets in Lewisburg, Lock
Haven, and Mill Hall, PA. Sun also opened a second Lewisburg branch during
the first quarter, which enables Sun to better serve its customers and build
market share.
Sun also announced a new retail investment sales program to offer mutual
funds, annuities, and other services through investment representatives in the
branch network. The program provides Sun with new tools to add value,
strengthen customer relationships, and increase noninterest income.
The first quarter results reflect non-recurring expenses related to
consolidating four bank trade names under the SunBank brand and expenses
related to pending bank and branch acquisitions. In addition, first quarter
net income includes $798,000 in securities gains. Those gains resulted from
management actions to reduce market and interest rate risk exposure within the
investment portfolio.
Financial Highlights:
($ amounts in 000s) 3/31/2001 3/31/2000 % Change
Total Assets $827,194 $715,746 +16%
Total Loans (net of ALLL) $417,405 $392,503 +6%
Total Deposits $444,566 $405,278 +10%
Net Interest Income
(gross, first quarter) $5,237 $5,524 -6%
Net Income (first quarter) $1,773 $1,808 -2%
Shareholders' Equity $65,200 $57,763 +13%
Loan Delinquency Ratio
(over 30 days past due) 1.18% 1.74% -32%
ALLL to Total Loans Ratio 1.26% 1.03% +22%
Sun Bancorp, Inc. serves Pennsylvania through 18 banking offices and
34 automated teller machines in six counties. Sun's stock is traded on the
Nasdaq National Market System under the symbol "SUBI".
The management of Sun Bancorp, Inc. has made forward-looking statements in
this presentation. Shareholders and investors should note that many factors
could affect the future investment performance and financial results of Sun
Bancorp, Inc. and could cause those results to differ materially from those
expressed in the forward-looking statements contained in this presentation.
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SOURCE Sun Bancorp, Inc.
SELINSGROVE, Pa., April 20 /PRNewswire Interactive News Release/ --
SUN BANCORP, INC. (Nasdaq: SUBI), the holding company for SunBank, today
reported unaudited consolidated net income of $1,773,000 (or $0.27 per share
basic) for the first quarter of 2001 (ended March 31), as compared to
$1,808,000 (or $0.27 per share basic) for the first quarter of 2000.
The Board of Directors announced that at its regular meeting held on
April 19, 2001, it declared a quarterly cash dividend of $0.15 per share. The
dividend will be payable June 8, 2001 to shareholders of record May 25, 2001.
Sun's credit quality demonstrated continued improvement during the first
quarter. Net charge-offs ($59m) were the lowest in five years, and noncurrent
loans (30 days and over) reached an all-time low (1.18%).
During the first quarter, Sun announced the acquisition of Guaranty Bank.
Guaranty Bank's Wilkes-Barre/Luzerne County market is larger and more diverse
than Sun's existing markets and presents opportunity for continued franchise
expansion. Sun also announced acquisitions of three Mellon Bank branches,
which bring stable core deposits and attractive markets in Lewisburg, Lock
Haven, and Mill Hall, PA. Sun also opened a second Lewisburg branch during
the first quarter, which enables Sun to better serve its customers and build
market share.
Sun also announced a new retail investment sales program to offer mutual
funds, annuities, and other services through investment representatives in the
branch network. The program provides Sun with new tools to add value,
strengthen customer relationships, and increase noninterest income.
The first quarter results reflect non-recurring expenses related to
consolidating four bank trade names under the SunBank brand and expenses
related to pending bank and branch acquisitions. In addition, first quarter
net income includes $798,000 in securities gains. Those gains resulted from
management actions to reduce market and interest rate risk exposure within the
investment portfolio.
Financial Highlights:
($ amounts in 000s) 3/31/2001 3/31/2000 % Change
Total Assets $827,194 $715,746 +16%
Total Loans (net of ALLL) $417,405 $392,503 +6%
Total Deposits $444,566 $405,278 +10%
Net Interest Income
(gross, first quarter) $5,237 $5,524 -6%
Net Income (first quarter) $1,773 $1,808 -2%
Shareholders' Equity $65,200 $57,763 +13%
Loan Delinquency Ratio
(over 30 days past due) 1.18% 1.74% -32%
ALLL to Total Loans Ratio 1.26% 1.03% +22%
Sun Bancorp, Inc. serves Pennsylvania through 18 banking offices and
34 automated teller machines in six counties. Sun's stock is traded on the
Nasdaq National Market System under the symbol "SUBI".
The management of Sun Bancorp, Inc. has made forward-looking statements in
this presentation. Shareholders and investors should note that many factors
could affect the future investment performance and financial results of Sun
Bancorp, Inc. and could cause those results to differ materially from those
expressed in the forward-looking statements contained in this presentation.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X13536828
SOURCE Sun Bancorp, Inc.
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