State Bancorp, Inc. Reports Third Quarter Net Income of $3.2 million

State Bancorp, Inc. STBC today reported net income of $3.2 million, or $0.17 per diluted common share, for the third quarter of 2010 compared with net income of $1.9 million, or $0.10 per diluted common share, a year ago. The 65.4% increase in 2010 third quarter earnings resulted from several factors, most notably a $785 thousand reduction in operating expenses, a $500 thousand reduction in the provision for loan losses, a $422 thousand increase in net interest income as a result of an improved interest margin and a $247 thousand increase in net gains on sales of securities. For the nine month period ended September 30, 2010, the Company recorded net income of $7.9 million, or $0.39 per diluted common share, compared with a net loss of $2.1 million, or $0.25 per diluted common share, in the September 2009 year-to-date period.