| Countrywide: $1.2B loss now, but profit soon
Countrywide Financial, the nation's leading mortgage lender, reported a staggering $1.2 billion third-quarter loss Friday that was much larger than Wall Street expected, but predicted it would quickly return to profitability. Countrywide's net loss came to $2.85 a share, or $2.12 a share excluding certain items. Analysts surveyed by earnings tracker Thomson First Call had forecast a loss of $1.28 a share, compared to the net income of $648 million, or $1.03 a share, it reported a year earlier. .
Sun Bancorp Reports Nine-Month Net Income Up 20.8%: Third Quarter Net Income Advances 21.2%
VINELAND, N.J., Oct. 15 /PRNewswire-FirstCall/ -- Sun Bancorp, (Nachrichten) Inc. today reported net income of $5.9 million, or $.26 per share, up 21.2% for the quarter ended September 30, 2007, compared to net income of $4.9 million, or $.22 per share, for the third quarter 2006. The current quarter includes charges of approximately $435,000 (pre-tax), or $.01 per share. The charges represent approximately $250,000 to write-off unamortized issuance costs relating to the call of Sun Trust IV trust preferred securities and $185,000 related to several branch consolidations during the quarter. For the nine months ended September 30, 2007, the Company reported net income of $15.5 million, or $.68 per share, compared to $12.8 million, or $.58 per share, in the prior period -- an increase of 20.8%.
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