Sun National Bank (merged into OceanFirst Bank)
Sun National Bank reported total assets of $2.1 bn at Q4 2017, its last Call Report before it merged into OceanFirst Bank. The CET1 capital ratio at Sun National Bank was 18.93%, and the uninsured share of Sun National Bank was 18.70%. Source: FDIC Call Reports.
What sets Sun National Bank apart
Nothing in the latest data sets Sun National Bank apart from banks of its size: no ratio in the top or bottom tenth of its size group, no large rank move or year change, and no acquisition in the FDIC history since 2016. This page is kept out of search results until that changes.
How large is Sun National Bank?
The balance sheet of Sun National Bank at : assets $2.1 bn, deposits $1.7 bn, net loans $1.6 bn (loans equal to 93.98% of deposits). Securities make up 12.1% of total assets at Sun National Bank. Since , when Sun National Bank held $2.2 bn, its assets shrank 1.1%. In the year to , deposits at Sun National Bank fell 6.1% while its total assets fell 5.2%. At , Sun National Bank employed 303 full-time equivalent staff across 31 offices, about $7.1 mn of assets per employee and $53.6 mn of deposits per office.
How much funding at Sun National Bank is uninsured?
At Sun National Bank, uninsured deposits (above the FDIC limit) made up 18.70% of domestic deposits at (-2.30 pp on a year earlier). In dollars, Sun National Bank estimated $310.6 mn of uninsured deposits.
Key facts, Q4 2017
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $1.7 bn | $1.8 bn (Q4 2016) | |
| Net loans and leases | $1.6 bn | $1.6 bn (Q4 2016) | |
| Loan-to-deposit ratio | 93.98% | 90.16% (Q4 2016) | |
| Tier 1 leverage ratio | 14.55% | 14.50% (Q4 2016) | |
| Total risk-based capital ratio | 19.84% | 19.85% (Q4 2016) | |
| Net interest margin | 3.30% | 3.11% (Q4 2016) | |
| Return on assets (ROA) | 0.63% | 2.86% (Q4 2016) | |
| Efficiency ratio | 84.02% | 87.34% (Q4 2016) | |
| Unrealized gain/loss on available-for-sale securities | Loss of $4.6 mn | Widened by $263,000 | |
| Noncurrent loans to total loans | 0.23% | 0.19% (Q4 2016) | |
| Net charge-offs to average loans | 0.00% | 0.05% (Q4 2016) |
US rank of Sun National Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
Sun National Bank: assets, deposits and loans
- Total assets $2.1bn
- Deposits $1.7bn
- Net loans $1.6bn
Capital and securities
The CET1 ratio of Sun National Bank stood at 18.93% in , +0.07 pp year on year. Low and high at Sun National Bank since : 17.70% () to 18.93% (). Equity capital of Sun National Bank at : $378.8 mn, or 17.7% of total assets. Sun National Bank also reported a total capital ratio of 19.84% for , and a tier 1 leverage ratio of 14.55%.
The available-for-sale portfolio of Sun National Bank showed an unrealized loss of $4.6 mn at ; the loss widened by $263,000 over the year.
Sun National Bank: capital ratios
- Total capital 20%
- CET1 19%
- Tier 1 leverage 15%
Sun National Bank: unrealized securities gains and losses
- Available for sale -$5mn
- Held to maturity $0
Profitability and loan quality
For the year to , Sun National Bank earned a return on equity of 3.76%; return on assets: 0.63%. Net interest margin at Sun National Bank: 3.30%, +0.19 pp in a year. Sun National Bank net income: $13.9 mn, down 77.8% year on year. The efficiency ratio of Sun National Bank was 84.02%: about 84 cents cost per revenue dollar, against 60 cents at the median peer.
At , noncurrent loans were 0.23% of total loans at Sun National Bank; net charge-offs: 0.00% of average loans. Gross loans and leases at Sun National Bank: $1.6 bn at , against $1.6 bn at .
Sun National Bank: profitability
- Return on equity 3.8%
- Net interest margin 3.3%
- Return on assets 0.6%
Peer group of Sun National Bank
The peer group of Sun National Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 2 share the charter type of Sun National Bank (national bank) and 0 have head offices in New Jersey. Against them, Sun National Bank shows CET1 ratio 18.93% against a peer median of 11.49%, return on equity 3.76% against a peer median of 8.96% and uninsured deposit share 18.70% against a peer median of 15.92%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Independence Bank of Kentucky | State member bank | KY | $2.2 bn | 10.94% | 20.65% | 15.13% | |
| Peoples Security Bank and Trust Company | State nonmember bank | PA | $2.2 bn | 11.53% | 7.24% | 14.48% | |
| Bear State Bank | State member bank | AR | $2.2 bn | 11.88% | 9.62% | 16.71% | |
| Sun National Bank | National bank | NJ | $2.1 bn | 18.93% | 3.76% | 18.70% | |
| The Farmers National Bank of Canfield | National bank | OH | $2.1 bn | 11.45% | 10.36% | 22.29% | |
| Alerus Financial | National bank | ND | $2.1 bn | 11.01% | 8.30% | 43.74% | |
| Summit Community Bank, Inc | State nonmember bank | WV | $2.1 bn | 11.72% | 6.43% | 13.86% | |
. FDIC Call Reports.
Last eight quarters
Two years at Sun National Bank, to : assets $2.2 bn to $2.1 bn, deposits $1.7 bn to $1.7 bn, equity $318.4 mn to $378.8 mn. Staff 368 to 303; offices 33 to 31.
| Metric | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $2.2 bn | $2.2 bn | $2.2 bn | $2.3 bn | $2.3 bn | $2.2 bn | $2.2 bn | $2.1 bn |
| Total deposits | $1.7 bn | $1.7 bn | $1.7 bn | $1.8 bn | $1.8 bn | $1.7 bn | $1.7 bn | $1.7 bn |
| Bank equity capital | $318.4 mn | $322.8 mn | $325.9 mn | $379.8 mn | $362.8 mn | $365.6 mn | $369.8 mn | $378.8 mn |
| CET1 ratio | 17.70% | 18.04% | 18.29% | 18.86% | 17.81% | 18.30% | 18.66% | 18.93% |
| Return on equity (ROE) | 1.79% | 2.74% | 3.01% | 18.92% | 2.02% | 2.04% | 2.55% | 3.76% |
| Uninsured share of domestic deposits | 20.48% | 20.43% | 19.97% | 21.00% | 20.85% | 20.48% | 20.09% | 18.70% |
| Full-time equivalent employees | 368 | 348 | 341 | 332 | 330 | 326 | 315 | 303 |
| Number of offices | 33 | 33 | 31 | 31 | 31 | 31 | 31 | 31 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Sun National Bank, oldest first; figures before and after each event are not like for like.
- . Merged into OceanFirst Bank, National Association (FDIC certificate 28359).
Questions and identifiers
What were the total assets of Sun National Bank?
Sun National Bank reported $2.1 bn at in its Call Report.
Is Sun National Bank the same as its holding company?
No. This page covers Sun National Bank, FDIC certificate 26240; SUN BCORP INC (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Sun National Bank profitable?
Sun National Bank reported net income of $13.9 mn for the year to ; annualized return on equity: 3.76%. So yes: Sun National Bank made a profit over these months.
When is data for Sun National Bank next updated?
Sun National Bank no longer files Call Reports; its data ends at .
Where can I check the figures for Sun National Bank?
In the FDIC BankFind Suite record for certificate 26240, and in the Call Reports of Sun National Bank (RSSD ID 925710) at the FFIEC Central Data Repository.