Sun Bancorp Inc. in Vineland, N.J., narrowed the size of its loss in the fourth quarter after moving more nonperforming assets off its books.
The loss of $1.5 million, or 2 cents a share, compared to a loss of $28.2 million a year earlier, the $3.2 billion-asset company said late Wednesday. Nonperforming assets fell 20% from the third quarter and 37% from a year earlier, to $112.7 million.
Since selling a 25% stake to private equity firm WL Ross & Co. in 2010, the company has been unloading problem loans. Sun, as have other private equity-backed community banks, has taken losses on the sale of loans for less than their original face value.