Net loans increased by $20.6 million, or 12.0%, to $191.1 million at December 31, 2010 from $170.5 million at December 31, 2009, as a result of funds provided by sale of our common stock and new customer deposits. Our one- to four-family residential mortgage loans increased $15.8 million to $140.3 million at December 31, 2010 from $124.5 million at December 31, 2009, due primarily to new loan originations. In addition, our commercial real estate portfolio increased $6.7 million to $29.3 million at December 31, 2010. In contrast, consumer loans decreased $2.1 million to $20.4 million at December 31, 2010 from $22.5 million at December 31, 2009.
Deposits increased by $15.6 million, or 9.1%, to $188.2 million at December 31, 2010 from $172.6 million at December 31, 2009. The increase resulted primarily from deposit inflows from existing customers, as well as commercial deposit growth.
Federal Home Loan Bank advances remained unchanged at $16.0 million at December 31, 2010.
Stockholders' equity was $32.1 million and $17.3 million at December 31, 2010 and 2009, respectively. For the twelve months ended December 31, 2010, we recorded net income of $524,000 and raised $14.5 million from our stock offering completed in October 2010, partially offset by accumulated other comprehensive losses of $172,000 during 2010.On October 29, 2010, Share Plus Federal Bank completed its conversion from a federal mutual savings bank to a capital stock savings bank. A new holding company, SP Bancorp, Inc., was established as part of the conversion. The public offering was consummated through the sale and issuance by SP Bancorp, Inc. of 1,725,000 shares of common stock at $10 per share. Net proceeds of $14.5 million were raised in the stock offering, after deduction of conversion costs of $1.9 million and excluding $828,000 which was loaned by the Company to a trust for the Employee Stock Ownership Plan (the "ESOP"). The Bank's ESOP is authorized to purchase up to 138,000 shares of common stock. The ESOP purchased 67,750 of those shares in the offering and 16,030 in the open market through December 31, 2010. The remaining 54,220 shares are expected to be purchased in the near term.