State Bancorp, Inc. Reports Third Quarter 2010 Results
- Posts Net Income of $3.2 million - up 65% versus 2009
- Solid Quarterly Net Interest Margin of 4.16%
- Tangible Common Equity Ratio of 7.11%
- Non-Performing Loans at 0.8% of Total Loans
JERICHO, N.Y., Oct. 18, 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 $3.2 million, or $0.17 per diluted common share, for the third quarter of 2010 compared with net income of $1.9 million, or $0.10 per diluted common share, a year ago. The 65.4% increase in 2010 third quarter earnings resulted from several factors, most notably a $785 thousand reduction in operating expenses, a $500 thousand reduction in the provision for loan losses, a $422 thousand increase in net interest income as a result of an improved interest margin and a $247 thousand increase in net gains on sales of securities. For the nine month period ended September 30, 2010, the Company recorded net income of $7.9 million, or $0.39 per diluted common share, compared with a net loss of $2.1 million, or $0.25 per diluted common share, in the September 2009 year-to-date period.
Commenting on the third quarter 2010 results, President and CEO Thomas M. O'Brien stated, "There are several very encouraging trends evident in our third quarter results. Most importantly, credit quality has remained fairly steady over the past few quarters. We continue to manage credit aggressively and proactively. While economic conditions seemed to slow noticeably in the quarter, the Company's loan quality indicators have been generally stable. The economy appears to be walking a fine line between retreating and modest growth.
"Even in the face of historically low interest rates, the Company's third quarter 2010 net interest margin remained very impressive at 4.16%. Operating expenses also continue to be a significant focus, declining by almost 7% from 2009 and 6% from the second quarter 2010. Additionally, our balance sheet liquidity is strong and all of the Company's capital ratios are significantly in excess of the regulatory definition of a "well capitalized" institution. In my opinion, the rewards from the aggressive strategies that we have employed have begun to materialize.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV