We recorded a provision for loan losses of $1.5 million for the twelve months ended December 31, 2010 and a provision for loan losses of $687,000 for the twelve months ended December 31, 2009. At December 31, 2010, nonperforming loans (including troubled debt restructurings not included in nonaccrual loans), totaled $5.4 million, or 2.8% of total loans, as compared to $3.4 million, or 2.0% of total loans, at December 31, 2009. The allowance for loan losses to total loans receivable increased to 1.11% at December 31, 2010 as compared to 0.55% at December 31, 2009.Noninterest income increased by $537,000, or 22.6%, to $2.9 million for the twelve months ended December 31, 2010 from $2.4 million for the twelve months ended December 31, 2009. The increase was primarily due to an increase in gains from the sale of securities and mortgage loans.
SP Bancorp, Inc. Announces Increased Earnings For The 4th Quarter And Year Of 2010
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