Exhibit 99

For Immediate Release

Contact:Mike Dinneen

Senior Vice President, Director of Marketing & Communications

(856) 552-5013

mdinneen@sunnb.com

Sun Bancorp, Inc. Announces Third Quarter Net Income of $2.7 Million, or $0.14 per Diluted Share; Board of Directors Declares Quarterly Dividend of $0.01

Mount Laurel, N.J. – October 26, 2017 –

Third Quarter Highlights:

Sun Bancorp, Inc. (NASDAQ: SNBC), (the “Company”), the holding company for Sun National Bank (the “Bank”), today reported net income of $2.7 million, or $0.14 per diluted share, for the quarter ended September 30, 2017, compared to net income of $1.5 million, or $0.08 per diluted share, for the quarter ended

June 30, 2017, and net income of $1.6 million, or $0.09 per diluted share, for the quarter ended September 30, 2016.

“Our successful efforts in the last three years towards strengthening capital, building profitability and controlling expenses continue to produce financial results of better quality and quantity. Several of our financial ratios are now at or well above peer levels,” stated President & CEO Thomas M. O’Brien.  “Entering 2017, the Company stated that it would continue to focus on improving net interest margin, the efficiency ratio and return on assets, and the third quarter demonstrated significant milestone achievements towards those goals.  Despite slowdowns in new business development, the underlying health and strength of the Company is further evidenced by the significant increase in our diluted earnings per share from $0.08 to $0.14.”

Discussion of Results:

Balance Sheet

Total assets decreased to $2.17 billion at September 30, 2017, as compared to $2.22 billion at June 30, 2017 and $2.26 billion at December 31, 2016. Cash and cash equivalents totaled $93.5 million at September 30, 2017, as compared to $127.8 million at June 30, 2017 and $134.2 million at December 31, 2016.  The decrease in cash and cash equivalents during the first nine months of 2017 was primarily due to a reduction in brokered and subscription deposits and the recent redemptions of approximately $40 million of trust preferred securities, partially offset by decreases in net loans receivable and investment securities since December 31, 2016.

Investment securities decreased by $11.6 million to $288.4 million at September 30, 2017 from $300.0 million at June 30, 2017 due to pay downs.  The Bank did not initiate new investment purchases in the current quarter as available cash flow was reinvested into commercial loans.

Net loans totaled $1.57 billion at each of September 30, 2017 and June 30, 2017 as compared to $1.59 billion at December 31, 2016.  The decrease of $19.9 million since year end was due to several factors.  As a result of the reduction in originations and refinancing activity, non-owner occupied commercial real estate (“CRE”) loans fell by $29.0 million in the nine months ended September 30, 2017.  Residential and home equity loans declined by $37.7 million over the same period as the Bank’s position in these portfolios continued to decline with no origination activity.  Offsetting these decreases was growth in the commercial and industrial (C&I) lending segment, which includes owner-occupied CRE loans and C&I loans, of $33.2 million and an increase in land and development loans of $12.6 million in the nine months ended September 30, 2017.

“In the past two quarters, we believe several of the Bank’s non-owner occupied CRE clients have scaled back on activity, due to potential U.S. tax reform legislative proposals that may have a material impact on the economics of real estate investments,” stated O’Brien.  “As projected, our C&I activity remained robust as the Bank continues to evaluate attractive relationship lending opportunities in this segment.”

Total deposits decreased to $1.68 billion at September 30, 2017, as compared to $1.71 billion at June 30, 2017 and $1.74 billion at December 31, 2016 due primarily to $66 million, or 68%, runoff in brokered and subscription deposits.  The cost of deposits decreased by one basis point to 39 basis points compared to the prior linked quarter and increased by five basis points as compared to the nine months ended September 30, 2016.

“The Bank’s slower loan originations as well as our liquidity position affords us the opportunity to continue to shed non-relationship brokered and subscription deposits and better focus on fee-generating relationship deposits,” stated O’Brien.  “As a result, we saw a small decrease in overall cost of deposits despite the increasing external competitive rate environment.”

Net Interest Income and Margin

Net interest income was $16.0 million for the three months ended September 30, 2017, compared to $14.9 million for the three months ended June 30, 2017, and $14.7 million for the three months ended September 30, 2016. The Company’s net interest margin was 3.25% for the three months ended September 30, 2017 as compared to 2.96% for three months ended June 30, 2017 and 2.94% for the three months ended September 30, 2016.  The increase in net interest margin in the third quarter of 2017 primarily reflects an increase in loan yields of 16 basis points from the linked prior quarter and the impact of the recent trust preferred redemptions while deposit cost of funds fell by one basis point.  During the second quarter, the Bank accelerated $415 thousand of deferred issuance costs related to two tranches of trust preferred securities, totaling $40 million, which were fully redeemed during June and July of 2017.  This acceleration of costs reduced net interest margin by nine basis points in the second quarter of 2017.  

“Coming into 2017, the Company had stated that its net interest margin target would be between 3.00% and 3.10%,” said O’Brien.  “In 2017, we effectively de-leveraged our balance sheet in order to redeem approximately $40 million of our trust preferred securities.  Coupled with the improved yield on our loan portfolio and stable deposit costs, the Company was able to expand its margin by 29 basis points to 3.25% for the third quarter of 2017 compared to the prior year quarter, which is now in line with peer levels.  Over the last three years, the Company has been mindful of the asset-sensitive nature of its balance sheet, which we believe has positioned us well in a rising rate environment.”

Non-Interest Income

Non-interest income was $2.8 million for the quarter ended September 30, 2017, as compared to $3.0 million and $3.1 million for the quarters ended June 30, 2017 and September 30, 2016, respectively.  The decrease in non-interest income from the quarter ended June 30, 2017 reflects declines in both deposit related fees and investment products income resulting from mild reductions in fee paying customers..

Non-Interest Expense

Non-interest expense for the third quarter of 2017 was $14.5 million as compared to $16.3 million for the three months ended June 30, 2017 and $15.9 million for the three months ended September 30, 2016.  The decrease in non-interest expense from the prior linked quarter is due primarily to decreases of $1.0 million in other expenses and $491 thousand in professional fees.  Other expenses included $588 thousand of recourse reserve reversals in the third quarter of 2017 and $166 thousand of lower appraisal fees compared to the linked prior quarter.  Professional fees declined primarily due to the linked prior quarter including $400 thousand of merger related expenses.  Non-interest expense for the third quarter of 2017 declined by $1.4 million compared to the third quarter of 2016, primarily due to the aforementioned recourse reserve reversals, a decrease of $233 thousand in equipment expense, a decrease of $132 thousand in occupancy expense, a decrease of $124 thousand in data processing expense, a $106 thousand decline in advertising expense and a $105 thousand decrease in professional fees.

“With our quarterly non-interest expenses now falling below $15 million, we continue to demonstrate our careful attention to cost management principles,” said O’Brien.  “Rationalization of occupancy costs, reduction of expenses as a result of diligent risk management, information technology platform enhancements and strong vendor management are all contributing factors that have allowed the Company to improve its operating efficiency.  At the beginning of 2017, we stated that improving the efficiency ratio would be a key objective.  Our efforts have led to a significant improvement in that metric.  The Company’s efficiency ratio, which had hovered above 90% in recent quarters, improved to 77% this quarter.”

Asset Quality

Non-performing loans decreased by $228 thousand to $4.2 million, or 0.26% of gross loans, at September 30, 2017 from $4.4 million, or 0.28% of gross loans, at June 30, 2017. During the third quarter of 2017, approximately $1.0 million of non-performing residential mortgage loans were sold.  This was offset by an increase in non-performing residential mortgage and commercial real estate loans of approximately $500 thousand and $300 thousand, respectively. Non-performing loans were $6.8 million, or 0.42% of gross loans, at September 30, 2016.

There was no provision for loan losses recorded in the three months ended September 30, 2017, June 30, 2017 and September 30, 2016.  The Bank’s credit portfolio has remained relatively steady with minimal charge-off activity.  While net charge-offs for the third quarter of 2017 were $250 thousand, in the first nine months of 2017 the Bank recorded net charge-offs of $16 thousand as compared to net charge-offs of $499 thousand in the first nine months of 2016.  The allowance for loan losses was $14.7 million, or 0.92% of gross loans, at September 30, 2017 as compared to $14.9 million, or 0.94% of gross loans, at June 30, 2017 and $15.8 million, or 1.01% of gross loans, at September 30, 2016.  The allowance for loan losses was 349% of non-performing loans at September 30, 2017 as compared to 337% of non-performing loans at June 30, 2017 and 238% of non-performing loans at September 30, 2016.

Capital

The Company’s capital ratios continue to remain very strong due to positive earnings and a slightly reduced balance sheet.  All capital ratios remain at robust levels and are sufficient to support the Company’s strategic plan.  At September 30, 2017, the Bank had a Tier 1 common equity risk-based capital ratio of 18.7%, total risk-based capital ratio of 19.6%, a Tier 1 risk-based capital ratio of 18.7% and a leverage capital ratio of 14.2%. At September 30, 2017, the Company’s Tier 1 common equity risk-based capital ratio, total risk-based capital ratio, Tier 1 risk-based capital ratio and leverage capital ratio were 16.5%, 20.2%, 19.2%, and 14.6%, respectively.  The Company’s tangible equity to tangible assets ratio was 13.6% at September 30, 2017, as compared to 13.2% at June 30, 2017 and 10.6% at September 30, 2016.  

Merger Update

On October 24, 2017, the Sun Bancorp, Inc. shareholders approved the previously announced merger of the Company with and into OceanFirst Financial Corp. (NASDAQ: OCFC) (“OceanFirst”) with OceanFirst as the surviving entity (the “Merger”). Regulatory approval of the Merger was received from the Federal Reserve Bank of Philadelphia on October 17, 2017. The regulatory application for the transaction remains under review by the Office of the Comptroller of the Currency (“OCC”).  Subject to receipt of OCC approval and other customary closing conditions, the Company expects to close the Merger in January 2018.

Dividend Declaration

On October 24, 2017, the Board of Directors of the Company declared a dividend of $0.01 per share to holders of record of the common stock of the Company as of November 21, 2017, payable on December 5, 2017.

“Our primary goal of delivering shareholder value remains steadfast,” stated O’Brien.  “The accomplishments of this quarter and the merger announcement of the previous quarter, further demonstrate that commitment.  We believe our Company has made tremendous progress in the last three years towards building profitability, pristine asset quality and a culture of regulatory excellence and delivering upon the

promise of solid relationship banking.  The additional progress we have achieved in the third quarter is a culmination of those efforts, and represents an impressive legacy for Sun and all of its various stakeholders.”  

About Sun Bancorp, Inc.

Sun Bancorp, Inc. (NASDAQ: SNBC) is a $2.17 billion asset bank holding company headquartered in Mount Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a community bank serving customers throughout New Jersey, and the metro New York region. Sun National Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnationalbank.com.

Cautionary Note Regarding Forward-Looking Statements

The foregoing material contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, which may be identified by the use of such words as “allow,” “anticipate,” “believe,” “continues,” “could,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,”   “potential,” “predict,” “project,” “reflects,” “should,” “typically,” “usually,” “view,” “will,” “would,” and similar terms and phrases, including references to assumptions.  Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of the Company and the Bank, the banking industry, the economy in general, expectations of the business environment in which the Company operates, projections of future performance and other statements contained herein that are not historical facts.  These remarks are based upon current management expectations, and may, therefore, involve risks and uncertainties that cannot be predicted or quantified and are beyond the Company’s control and are subject to a variety of uncertainties that could cause future results to vary materially from the Company’s historical performance, or from current expectations. Factors that could cause actual results to differ from those expressed or implied by such forward-looking statements include, but are not limited to: (i) delays in closing the Merger and the ability of the Company or OceanFirst to obtain regulatory approvals and meet other closing conditions to the Merger; (ii) the Company’s ability to attract and retain key management and staff; (iii) changes in business strategy or an inability to successfully execute strategy due to the occurrence of unanticipated events; (iv) the ability to attract deposits and other sources of liquidity; (v) changes in the financial performance and/or condition of the Bank’s borrowers; (vi) changes in consumer spending, borrowing and saving habits; (vii) the ability to increase market share and control expenses; (viii) changes in estimates of future loan loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (ix) local, regional and national economic conditions and events and the impact they may have on the Company and its customers; (x) volatility in the credit and equity markets and its effect on the general economy; (xi) the credit risks of lending activities, including changes in the level and trend of loan

delinquencies and write-offs; (xii) the overall quality of the composition of the Company’s loan and securities portfolios; (xiii) inflation, interest rate, securities market and monetary fluctuations; (xiv)legislative and regulatory changes, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and the implementing regulations, changes in banking, securities and tax laws and regulations and their application by regulators and changes in the scope and cost of the Federal Deposit Insurance Corporation insurance and other coverages; (xv) the effects of, and changes in, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; (xvi) competition among providers of financial services; and (xvii) other economic, competitive, governmental, regulatory and technological factors affecting our operations, pricing, products and services and the other risks detailed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Form 10-K for the fiscal year ended December 31, 2016 and in other filings made pursuant to the Securities Exchange Act of 1934, as amended. No undue reliance should be placed on any forward-looking statements. The Company does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any such forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Non-GAAP Financial Measures (Unaudited)

This news release references tangible book value per common share and return on average tangible equity, which are non-GAAP financial measures. Management believes that tangible book value per common share and return on average tangible equity are meaningful financial measures because they are two of the measures we use to assess capital adequacy.

Tangible book value per common share (dollars in thousands)

The following reconciles shareholders’ equity to tangible equity by reducing shareholders’ equity by the intangible asset balance at September 30, 2017, June 30, 2017, March 31, 2017, December 31, 2016 and September 30, 2016.

 Return on Average Tangible Equity (dollars in thousands)

The following provides the calculation of return on tangible equity for the three months ended September 30, 2017, June 30, 2017, March 31, 2017, December 31, 2016 and September 30, 2016.

SUN BANCORP, INC AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS (Unaudited)

(Dollars in thousands, except share and per share amounts)

SUN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)

(Dollars in thousands, except share and per share amounts)

SUN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Dollars in thousands, except share and per share amounts)

SUN BANCORP, INC. AND SUBSIDIARIES

HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)

(dollars in thousands)

SUN BANCORP, INC. AND SUBSIDIARIES

HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)

(dollars in thousands)