Sun Bancorp (SNBC) Tops Q4 EPS by 2c

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Go back to Sun Bancorp (SNBC) Tops Q4 EPS by 2c

Sun Bancorp, Inc. Announces $53.7 Million Reversal of Deferred Tax Asset Valuation Allowance; Fourth Quarter Net Income of $2.3 Million, or $0.12 per Diluted Share and Full Year 2016 Net Income of $7.

January 31, 2017 7:45 AM EST

MOUNT LAUREL, N.J., Jan. 31, 2017 /PRNewswire/ --

Fourth Quarter Highlights:

Partial deferred tax asset valuation allowance reversal of $53.7 million recorded in the fourth quarter. Quarterly net income of $2.3 million, or $0.12 per diluted share, excluding the valuation allowance reversal. Further reduced quarterly operating expenses to $15.4 million in the fourth quarter as compared to $15.9 million in the prior linked quarter and $16.6 million in the year ago quarter. During the fourth quarter, average commercial loans grew by 8% annualized while average... More