Net income for the nine months ended September 30, 2010 was $205,000 compared to net income of $331,000 for the nine months ended September 30, 2009. Net interest income increased $291,000 to $6.0 million from $5.8 million, noninterest income increased $195,000, noninterest expense decreased $77,000 and income tax expense decreased $117,000, which were more than offset by our provision for loan losses which increased by $806,000 during the 2010 period.Net interest income increased by $77,000, or 3.8%, to $2.1 million for the quarter ended September 30, 2010 from $2.0 million for the quarter ended September 30, 2009, as our net interest-earning assets increased to $16.3 million from $14.6 million. Partially offsetting the increase in net interest-earning assets was an 18 basis point decrease in our net interest rate spread to 3.76% from 3.94%, and a 22 basis point decrease in our net interest margin to 3.83% from 4.05%.
SP Bancorp, Inc. Announces Financial Results For The Third Quarter Of 2010
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