S & T Bancorp Inc - STBA STOCK NEWS

S&T Bank (NASDAQ: STBA) has been recognized as a 2025 USA Today Top Workplace, marking its second time receiving this prestigious award since 2023. The recognition is based on anonymous employee feedback collected through an Energage survey, highlighting the bank's outstanding workplace culture.

Chief Executive Officer Chris McComish emphasized that this recognition validates their commitment to providing a positive work environment, while Chief Human Resources Officer Susan Nicholson noted that employee feedback reflects a culture promoting collaboration and professional growth.

To qualify for this recognition, organizations must maintain a minimum workforce of 150 employees and achieve at least a 35% survey response rate.

S&T Bank (NASDAQ: STBA) has been named to the Forbes America's Best Banks list for the second consecutive year, ranking 46th and emerging as the top-ranked bank headquartered in Pennsylvania for 2025. The recognition is based on Forbes' evaluation of the 200 largest publicly traded banks and thrifts by assets, from which the top 100 are ranked.

The evaluation process examined ten equally weighted metrics measuring growth, credit quality, and profitability for the 12 months ending September 30, 2024, along with stock performance through January 10, 2025. The rankings were independently conducted by Forbes, utilizing data from S&P Global Market Intelligence.

CEO Chris McComish attributed the achievement to the bank's people-forward approach, which delivered strong results for stakeholders in 2024 and is fostering optimism for continued growth in 2025.

S&T Bancorp (NASDAQ: STBA) reported Q4 2024 net income of $33.1 million ($0.86 per diluted share), compared to $32.6 million ($0.85) in Q3 2024 and $37.0 million ($0.96) in Q4 2023. Full-year 2024 net income was $131.3 million ($3.41 per share), down from $144.8 million ($3.74) in 2023.

Q4 2024 highlights include strong return metrics with ROA of 1.37%, ROE of 9.57%, and portfolio loans increasing by $53.9 million. Total deposits grew by $128.3 million, including $78.3 million in customer deposits. Asset quality improved with negative provision for credit losses of $2.5 million and net recoveries of $0.1 million.

The bank's net interest margin was 3.77% in Q4 2024, slightly down from 3.82% in Q3. The Board approved a quarterly cash dividend of $0.34 per share, representing a 3.03% increase year-over-year.

S&T Bancorp (NASDAQ: STBA) has announced its board of directors approved a $0.34 per share cash dividend on January 29, 2025. This represents a 3.03% increase from the $0.33 dividend paid in the same period last year. Based on the January 28, 2025 closing price of $38.16, the dividend yields an annualized return of 3.56%. Shareholders of record as of February 13, 2025, will receive the dividend payment on February 27, 2025.

S&T Bancorp (NASDAQ: STBA) has scheduled its fourth quarter and full year 2024 earnings conference call for January 30, 2025, at 1:00 p.m. ET. The earnings results will be released before market opens on the same day. CEO Christopher J. McComish, President David G. Antolik, and CFO Mark Kochvar will lead the presentation.

The webcast will be accessible through S&T Bank's Investor Relations webpage and will remain archived on stbancorp.com for 12 months after the live presentation. Participants can submit questions via email to investor.relations@stbank.com before the webcast or directly through the webpage starting at 12:45 p.m. ET until the presentation ends.

S&T Bank (NASDAQ: STBA) has been named one of the 2024 American Banker Best Banks to Work For. This first-time recognition highlights the bank's commitment to providing competitive benefits and maintaining a welcoming work environment. The selection process involved a management questionnaire about policies and an extensive employee survey conducted by the Best Companies Group. To qualify, banks needed a minimum of 50 U.S. employees.

Chief Human Resources Officer Susie Nicholson expressed pride in receiving this employee-validated distinction, while CEO Chris McComish acknowledged the recognition as confirmation of their successful efforts in creating an excellent workplace environment.

S&T Bank CEO Chris McComish has been named a 2024 Pittsburgh Business Times C-Suite award winner, recognizing outstanding executive leadership. McComish, who joined S&T in August 2021, led the bank to record earnings per share and net income in both 2022 and 2023. Under his leadership, the bank underwent a strategic redirection in 2022, implementing a people-forward purpose with shared values to drive growth. McComish brings over 37 years of financial service experience to his role.

S&T Bancorp (NASDAQ: STBA) has announced an increase in its quarterly cash dividend to $0.34 per share, representing a 3.03% increase from the previous year's $0.33 per share. Based on the October 22, 2024 closing price of $38.75, this translates to an annualized yield of 3.51%. The dividend will be payable on November 21, 2024, to shareholders of record as of November 7, 2024.

S&T Bancorp reported net income of $32.6 million, or $0.85 per diluted share, for the third quarter of 2024. Key highlights include:

- Return on average assets (ROA) of 1.35%
- Return on average equity (ROE) of 9.58%
- Net interest margin (NIM) remained strong at 3.82%
- Customer deposit growth of $100.5 million, or 5.42% annualized
- Allowance for credit losses to total portfolio loans was 1.36%

Net interest income increased to $84.5 million. The provision for credit losses improved with a negative $0.5 million provision. Noninterest income decreased to $11.9 million, while noninterest expense increased to $55.4 million. Total assets remained at $9.6 billion, with total portfolio loans at $7.7 billion and total deposits at $7.7 billion.