During the quarter, the Company realized some gains on the portion of its securities portfolio which was beginning to experience faster prepayment speeds on bonds with market prices in the 106 to 108 range. Management determined that this unusually attractive pricing was not sustainable as the underlying bonds were prepaying at par and consequently it was appropriate to capture the profit before it evaporated.Quality loan demand remains modest in our markets. During the quarter we originated approximately $41 million in new loans; unfortunately these new loans were essentially negated by an almost equal amount of prepayments, sales and regular amortization. The Company has ample capital and liquidity to lend and continues to actively seek new credit opportunities of an acceptable quality.
State Bancorp, Inc. Reports Second Quarter 2010 Results
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