This Day On The Street
Continue to site
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

Despite the increase in non-accrual loans at December 31, 2010, the classified loan portfolio has been reasonably stable throughout most of 2010 and we do not appear to be seeing significant net migration into classified status. That said, we remain cautious as the economy appears to be stabilizing with signs of modest growth re-appearing for the first time in several years. Meaningful loan growth continues to be a struggle but as previously reported, we are seeing better quality relationship opportunities than at any time in the past few years.

The Allowance for Loan Losses amounted to $33.1 million at December 31, 2010 representing almost 3% of total loans and 223% of total non-performing loans. In these difficult economic periods with uncertainty still high, this loan loss allowance enables us to maintain our aggressive credit remediation posture.

At State Bancorp, we have tried to be forthright and transparent in addressing problems of the past and ultimately we believe our shareholders, employees and clients have been better served by our strategic initiatives. In the context of a severe recession that job has been more complicated than any of us would have liked but, in my opinion, we have built a management team today that is shareholder aligned and fully capable to deliver long-term growth to our investors. We are supported by a Board of Directors that is both invested in the Company's success and diligent in providing oversight and direction.

As we look forward to 2011 with a slowly improving economy, we are optimistic about continued and growing profitability for the Company. Inevitably, there will also be accelerated banking consolidation in our markets as the need for scale and the increasing burden of regulatory costs drive M&A activity with renewed vigor. In that context, we remain disciplined in considering various growth opportunities. While we remain in a period of elevated risks and high charge-offs, the opportunities that lie ahead are finally becoming exciting. In my opinion, we are building a banking franchise that is uniquely positioned in our market to provide value to our investors and the superior level of client satisfaction that should continue to burnish our reputation in the metropolitan New York market."

2 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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 0.00%
FB $118.57 0.00%
GOOG $698.21 0.00%
TSLA $241.80 0.00%
YHOO $36.53 0.00%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs