Sun Bancorp, Inc (SNBC) has reported 3,756.75 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $56 million, or $2.94 a share in the quarter, compared with $1.45 million, or $0.08 a share for the same period last year. Revenue during the quarter went down marginally by 0.95 percent to $18.14 million from $18.32 million in the previous year period. Non-interest income for the quarter rose 3.34 percent over the last year period to $3.31 million.
Net interest margin improved 12 basis points to 2.93 percent in the quarter from 2.81 percent in the last year period. Efficiency ratio for the quarter improved to 85 percent from 92 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“We are pleased to announce our second consecutive year of positive earnings as the Company has reported net income of $17.9 million over the last two years in addition to the deferred tax asset benefit of $53.7 million,” stated President & Chief executove officer Thomas M. O’Brien. “This quarter further demonstrates our ability to generate operating earnings as we execute against our business plan. Commercial loan origination capacity continues to grow, however achieving revenue growth remains challenging due to legacy portfolio runoff. Therefore, we have continued our focus on expense control and asset quality diligence. In addition to reporting $2.3 million of earnings exclusive of the valuation allowance reversal, the Company also declared its third consecutive quarterly dividend.”
Assets, liabilities remain almost stableT
otal assets stood at $2,262.26 million as on Dec. 31, 2016, up 2.34 percent compared with $2,210.58 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,942.55 million as on Dec. 31, 2016, down 0.60 percent from $1,954.20 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,594.38 million as on Dec. 31, 2016, up 4.17 percent compared with $1,530.50 million on Dec. 31, 2015. Deposits stood at $1,741.36 million as on Dec. 31, 2016, down 0.27 percent compared with $1,746.10 million on Dec. 31, 2015.
Investments stood at $295.94 million as on Dec. 31, 2016, up 4.52 percent or $12.81 million from year-ago. Shareholders equity stood at $319.71 million as on Dec. 31, 2016, up 24.70 percent or $63.32 million from year-ago.
Return on average assets moved up 990 basis points to 10.20 percent in the quarter from 0.30 percent in the last year period. At the same time, return on average equity increased 8140 basis points to 83.70 percent in the quarter from 2.30 percent in the last year period.
Nonperforming assets moved down 8.74 percent or $0.30 million to $3.10 million on Dec. 31, 2016 from $3.40 million on Dec. 31, 2015.
Book value per share was $16.90 for the quarter, up 23.18 percent or $3.18 compared to $13.72 for the same period last year.
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