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Sun Bancorp Q4 net income increases

Net interest margin for Q4 08 was 3.26% compared to 3.47% for Q4 07

Sun Bancorp has reported a net income of $4.3 million, or $0.19 per share, for the fourth quarter ended December 31, 2008, an increase as compared a net income of $3.9 million, or $0.16 per share, for the fourth quarter of 2007.

Net interest income for the quarter was $25.9 million, compared to $25.9 million, for the comparable quarter in 2007. The net interest margin for the quarter was 3.26%, compared to 3.47%, for the same quarter of 2007.

Net income for the year ended December 31, 2008 was $14.9 million, or $0.65 per share, compared to net income of $19.4 million, or $0.82 per share, for the year 2007.

For the year 2008, net interest income improved to $99.66 million from $98.84 million, reported in the year 2007. Net interest margin for the year ended December 31, 2008 was 3.30%, compared to 3.37% for the year 2007.

Total assets were $3.622 billion at December 31, 2008, compared to $3.34 billion at December 31, 2007. Total deposits were $2.9 billion at December 31, 2008, an increase of $197.3 million, or 7.3%, over deposits at December 31, 2007.