The increase in net interest income was due to a 37 basis point widening of the Company's net interest margin to 4.33% in 2010 from 3.96% a year ago. The decrease in the provision for loan losses in 2010 versus the comparable 2009 period was due to several factors, most notably a significant reduction in non-accrual loans in 2010.The growth in non-interest income in 2010 resulted principally from a $2.1 million increase in net gains on sales of securities coupled with a $4.0 million decrease in non-cash other-than-temporary impairment ("OTTI") charges. Deposit service charge income declined by $281 thousand in 2010 principally due to lower return item fees.
State Bancorp, Inc. Reports Second Quarter 2010 Results
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