Sun Bancorp Inc. in Vineland, N.J., said it expects to report first-quarter earnings of 20 to 21 cents a share, or 4 to 5 cents below analysts' estimates.
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The $3.1 billion-asset company said Monday that loan and deposit growth has been slower than expected, as a result of increased competition. It also said that noninterest income has been slow, but that it expects fee revenue to pick up in the second half.
Sun predicts that its total loans would increase 3.5% this quarter; it reported organic loan growth of 17% for the first quarter of last year.
