As of September 30, 2010, the Company's allowance for loan losses amounted to $32 million or 2.9% of period-end loans outstanding. The allowance as a percentage of loans outstanding was 2.7% at September 30, 2009 and 2.8% at June 30, 2010.The Company recorded net loan charge-offs of $1.3 million in the third quarter of 2010 versus net charge-offs of $1.6 million in the third quarter of 2009 and net recoveries of $279 thousand in the second quarter of 2010. As a percentage of average total loans outstanding, these net amounts represented, on an annualized basis, 0.5% for the third quarter of 2010, 0.6% for the third quarter of 2009 and (0.1)% for the second quarter of 2010.
State Bancorp, Inc. Reports Third Quarter 2010 Results
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