State Bancorp, Inc. Reports Second Quarter 2010 Results
- Posts Net Income of $1.7 million - up 54.8% versus 2009
- Solid Quarterly Net Interest Margin of 4.16%
- Strong Capital Levels with Tangible Common Equity Ratio at 7.2%
- Non-Performing Loans at 0.7% of Total Loans
JERICHO, N.Y., July 20, 2010 (GLOBE NEWSWIRE) -- State Bancorp, Inc. (the "Company") (Nasdaq:STBC), parent company of State Bank of Long Island (the "Bank"), today reported net income of $1.7 million, or $0.07 per diluted common share, for the second quarter of 2010 compared with net income of $1.1 million, or $0.04 per diluted common share, a year ago. The 54.8% increase in 2010 second quarter earnings was primarily attributable to a $2.1 million increase in net gains on sales of securities, an $869 thousand increase in net interest income as a result of an improved margin and a $353 thousand reduction in operating expenses. These improvements were offset, in part, by a $2.0 million increase in the provision for loan losses and a $238 thousand decline in non-interest income excluding net gains on sales of securities in the current year. For the six month period ended June 30, 2010, the Company recorded net income of $4.7 million, or $0.22 per diluted common share, compared with a net loss of $4.0 million, or $0.35 per diluted common share, in the June 2009 year-to-date period.
Commenting on the second quarter 2010 results, President and CEO Thomas M. O'Brien stated, "While the level of this quarter's loan loss provision is higher than previously anticipated, in large measure, it is the product of the uncertainty inherent in the current economic climate. The Company experienced net recoveries in the allowance for loan losses during the second quarter before giving effect to the quarterly loan loss provision. The allowance for loan losses is now over four times non-performing loans and 2.8% of total loans. Under these conditions, we are hopeful that the second half 2010 provision will be more modest than previously anticipated.
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