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Click on individual bank names in the table below to access American Banker's coverage of each company's earnings report. Links to relevant coverage, filings, releases, and bank benchmark profile data can be found in the Related Links area of each article.
October 28
Losses at Sun Bancorp Inc. in Vineland, N.J., swelled in the third quarter, to $75.3 million, from $6.5 million a year earlier.
The $3.6 billion-asset company said Thursday that the results reflected continued weak economic conditions, especially in the commercial real estate and development sectors.
Nonperforming assets rose 64.4%, to $208.8 million, or 7.7% of total assets.
The company charged off $41.6 million and took a $42.4 million provision for loan losses, a 203.5% increase from the second quarter. It said the higher provision resulted from the migration of loans to higher-risk categories and bigger writedowns on commercial real estate collateral deficiencies.
Sun also wrote down $50 million of deferred tax assets, a further hit to its third-quarter results.
A bright spot was the completion of a $106.7 million capital-raising effort, spearheaded by the private-equity firm W.L. Ross & Co.
That boosted Sun's tangible common equity ratio by 70 basis points, to 7.13%, as of Sept. 30.
