Net gains on sales of securities were $733 thousand in the third quarter of 2010 compared to $486 thousand for the same period last year and $2.5 million in the second quarter of 2010.Third quarter 2010 total operating expenses decreased by $785 thousand or 6.9% to $10.6 million compared to the third quarter of 2009. This decline was primarily due to a $1.2 million reduction in other operating expenses resulting principally from a $1.0 million charge recorded in the third quarter of 2009 to write-down the carrying value of loans held for sale to their estimated fair value. Partially offsetting the foregoing expense reduction was a $377 thousand increase in marketing and advertising costs in the third quarter of 2010 versus 2009 as the result of enhanced corporate branding efforts.
State Bancorp, Inc. Reports Third Quarter 2010 Results
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