Net income for the twelve months ended December 31, 2010 was $524,000 compared to net income of $493,000 for the twelve months ended December 31, 2009. Net interest income increased by $382,000 to $8.2 million for the twelve months ended December 31, 2010 from $7.8 million for the twelve months ended December 31, 2009, noninterest income increased $537,000 and income tax expense decreased by $55,000. In contrast, noninterest expense increased by $173,000 and our provision for loan losses increased by $770,000 during 2010.Net interest income increased by $91,000, or 4.4%, to $2.2 million for the quarter ended December 31, 2010 from $2.1 million for the quarter ended December 31, 2009, as our net interest-earning assets increased to $28.2 million from $16.4 million. Partially offsetting the increase in net interest-earning assets was a 5 basis point decrease in our net interest rate spread to 3.68% from 3.73%, and a 3 basis point decrease in our net interest margin to 3.80% from 3.83%.
SP Bancorp, Inc. Announces Increased Earnings For The 4th Quarter And Year Of 2010
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