"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
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