Total operating expenses decreased by $304 thousand or 0.9% to $32.7 million in 2010, primarily due to 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 and a $918 thousand decrease in FDIC and NYS assessment expenses in 2010 resulting primarily from a $730 thousand FDIC special assessment recorded in the second quarter of 2009. These decreases were offset by a $1.3 million increase in salaries and other employee benefits expenses resulting from increases in performance-based compensation accruals. In addition, marketing and advertising expenses increased by $533 thousand in 2010 to $1.3 million due to an expanded corporate advertising and branding campaign.The Company recorded a $4.7 million income tax expense in the first nine months of 2010 versus a $914 thousand income tax benefit in the comparable 2009 period.
State Bancorp, Inc. Reports Third Quarter 2010 Results
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