This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

State Bancorp, Inc. Reports Fourth Quarter And Full Year 2010 Profits

  • Quarterly Net Income of $3.6 Million and Full Year Net Income of $11.4 Million
  • Quarterly Net Interest Margin of 4.04%
  • Tangible Common Equity Ratio of 7.39%
  • Operating Efficiency Ratio Improves to 60% for Year

JERICHO, N.Y., Jan. 24, 2011 (GLOBE NEWSWIRE) -- State Bancorp, Inc. (the "Company") (Nasdaq:STBC), parent company of State Bank of Long Island (the "Bank"), today reported fourth quarter 2010 net income of $3.6 million, or $0.18 per diluted common share, compared to a net loss of $12.7 million, or $0.89 per diluted common share, a year ago. Full year 2010 net income was $11.4 million, or $0.57 per diluted common share, compared to a net loss of $14.8 million, or $1.16 per diluted common share, in 2009.

The increase in 2010 fourth quarter earnings resulted from several factors; most notably a $20.3 million reduction in the provision for loan losses, a $6.2 million reduction in operating expenses and an $815 thousand increase in non-interest income. Partially offsetting the foregoing improvements was a $385 thousand reduction in net interest income in 2010 versus 2009.

Commenting on the fourth quarter 2010 results, President and CEO Thomas M. O'Brien stated, "The Company's Fourth Quarter and Full Year 2010 results further support the wisdom of the many strategic repositioning initiatives that we have undertaken over the past few years. In the year just ended, the Company was profitable in each quarter culminating in a $3.6 million net profit for the Fourth Quarter. While there was some anticipated profit turbulence during the course of the year, the progress realized is meaningful and exceeded our expectations in almost every category.

We have continued to reduce our operating costs, maintain strong net interest margins and kept our aggressive posture on problem credit remediation. Non-accrual loans while higher, at $14.9 million, are within a range as a percentage of total loans that ranks well below our current local peer group average as per the September 30, 2010 FDIC Bank Call Report data, the latest data available. Troubled Debt Restructurings have increased as we work with certain borrowers experiencing cash flow difficulties who, in each case, have substantial equity and/or collateral supporting the Bank's debt and are actively and cooperatively working to navigate through a difficult economy. Each of these credits had been previously classified and appropriate reserves had been calculated in prior periods.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs