Sun Bancorp Inc. in Vineland, N.J., reported a second-quarter loss of $81.2 million, which it attributed primarily to a goodwill impairment charge of $89.7 million.
For last year's second quarter the $3.5 billion-asset company posted a loss of $8.7 million.
The most recent quarterly loss also reflected a provision for loan losses of nearly $14 million, twice what Sun set aside for problem credits a year earlier.
Only $3.5 million of the provision in the second quarter went toward chargeoffs.
Credit problems rose sharply compared with the first quarter, with nonperforming assets swelling by 41% from the first quarter, to $127 million.
Sun announced in early July that it was set to receive $100 million of equity from the private-equity firm W.L. Ross & Co. and the Brown family, the company's founders.
