The provision for loan losses was $2.7 million in the fourth quarter of 2010, representing a decline of $20.3 million versus the comparable 2009 period. The provision for loan losses recorded during the fourth quarter of 2009 resulted primarily from the strategic execution of several sales of lower-quality higher-risk loans, including a significant portion of the Company's non-accrual loans. The fourth quarter 2010 provision for loan losses exceeded net charge-offs resulting in a $590 thousand increase in the allowance for loan losses primarily due to several additions to the Company's watch list and net risk rating changes that required higher allocated reserves.Income from bank owned life insurance increased by $641 thousand, including a $701 thousand receivable for an insurance benefit payment at December 31, 2010. Net gains on sales of securities were $5 thousand in the fourth quarter of 2010 compared to net losses of $174 thousand for the same period last year and net gains of $733 thousand in the third quarter of 2010.
State Bancorp, Inc. Reports Fourth Quarter And Full Year 2010 Profits
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