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

The Company recorded a $6.6 million income tax expense in 2010 versus a $9.6 million income tax benefit in the comparable 2009 period.

Asset Quality

Non-accrual loans totaled $15 million or 1.3% of total loans outstanding at December 31, 2010 versus $7 million or 0.6% of total loans outstanding at December 31, 2009 and $9 million or 0.8% of total loans outstanding at September 30, 2010. The $8 million increase in non-accrual loans at December 31, 2010 compared to December 31, 2009 resulted primarily from several previously classified commercial and industrial loans that became 90 days or more delinquent and were placed on non-accrual status largely during the third and fourth quarters of 2010. The $6 million increase in non-accrual loans at December 31, 2010 compared with September 30, 2010 was primarily due to the addition to non-accrual status of the aforementioned commercial and industrial loans. The allowance for loan losses as a percentage of total non-accrual loans amounted to 223% at December 31, 2010 versus 474% at December 31, 2009 and 357% at September 30, 2010.

Total accruing loans delinquent 30 days or more declined to $26 million or 2.28% of loans outstanding at December 31, 2010 versus $42 million or 3.84% of loans outstanding at December 31, 2009 and $43 million or 3.90% at September 30, 2010.

Watch list loans (consisting of criticized loans, classified loans and those loans requiring special attention but not warranting categorization as either criticized or classified) totaled $167 million at December 31, 2010, $143 million at December 31, 2009 and $164 million at September 30, 2010. Classified loans were $70 million at December 31, 2010, $81 million at December 31, 2009 and $63 million at September 30, 2010. The allowance for loan losses as a percentage of total classified loans was 47%, 35% and 52%, respectively, at the same dates.

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