"While I cautiously anticipate a few more quarters with a risk of higher charge-offs and credit uncertainty, we seem to be on the downward slope of this extended and painful credit cycle. While we cannot control the overall economy, we have consistently and forcefully addressed its impacts on our business. Our often stated goal is to be among the first to exit this economic calamity in the strongest possible condition. That remains a primary focus."Despite approximately $67 million in new loan originations this quarter, total loans outstanding remained essentially flat as loan growth was met with reductions of $54 million from loan prepayments, normal amortization and sales. Quality commercial loan demand remains difficult to identify. Nonetheless, the new business opportunities that we are seeing appear to be among the best that we have enjoyed in recent times. It is our expectation that commercial loan demand will remain tepid until improved sales activity led by end user demand picks up. Without meaningful private sector job creation, we believe economic expansion will remain a frustrating illusion and growth prospects will be constrained for an extended period marked by elevated disinflationary risks and high unemployment levels.
State Bancorp, Inc. Reports Third Quarter 2010 Results
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.