Welcome to our dedicated page for S&T Bancorp news (Ticker: STBA), a resource for investors and traders seeking the latest updates and insights on S&T Bancorp stock.
S&T Bancorp Inc. (NASDAQ: STBA) is a $9.5 billion bank holding company headquartered in Indiana, Pennsylvania. The principal subsidiary, S&T Bank, was founded in 1902, offering a comprehensive range of financial services including retail and commercial banking products, cash management, trust, and brokerage services. With a mission rooted in building enduring relationships through mutual confidence, trust, and performance, S&T Bancorp has grown to serve numerous counties in Pennsylvania and operates loan production offices in Northeast and Central Ohio.
Operations and Markets:
- S&T Bancorp operates in key markets like Western and Eastern Pennsylvania, Northeast and Central Ohio, and Upstate New York through its Community Banking unit.
- It generates revenue from interest on loans and securities and fees for various financial services.
Recent Achievements and Financial Performance:
- For the second quarter of 2023, S&T Bancorp reported net income of $34.5 million, a testament to strong net interest income and controlled expenses.
- The company's net interest margin remains robust at 4.22%, despite a slight decrease from the previous quarter due to higher funding costs.
- In asset quality, nonperforming assets decreased significantly to $18.0 million at June 30, 2023, showcasing robust loan quality management.
- S&T Bancorp maintains a strong regulatory capital position, with all capital ratios above federal thresholds.
Leadership and Strategic Initiatives:
- Michael Golden joined as Executive Vice President and Chief Operating Officer in July 2023, bringing a wealth of experience in digital and business technology from PNC Bank.
- Under the leadership of CEO Chris McComish, S&T Bancorp continues to focus on customer-forward initiatives and employee engagement, leading to recognition on Forbes’ Best-In-State Banks list for the second consecutive year.
Community and Customer Commitment:
- S&T Bancorp prides itself as a trusted resource for families and businesses, aiming to be a community asset and a source of civic pride.
- Emphasizing strong customer service, the bank aims to forge long-lasting partnerships with its clients.
For more information, visit stbancorp.com or stbank.com. Follow S&T Bancorp on Facebook, Instagram, and LinkedIn.
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.
S&T Bancorp (NASDAQ: STBA) has announced its upcoming third quarter 2024 earnings conference call and webcast, scheduled for Thursday, October 17, 2024, at 1:00 p.m. ET. The company plans to release its earnings report before the market opens on the same day. Christopher J. McComish (CEO), David G. Antolik (President), and Mark Kochvar (CFO) will lead the call.
Investors and the public can access the live webcast through S&T Bank's Investor Relations webpage. The webcast will be archived for 12 months after the presentation. Participants can submit questions via email before the call or during the webcast starting at 12:45 p.m. ET. The earnings press release will be available on the company's website on the day of the call.
S&T Bank, a subsidiary of S&T Bancorp Inc. (NASDAQ: STBA), has donated $20,000 to UPMC Children's Hospital of Pittsburgh for the second consecutive year. The donation was part of the WDVE iHeartMedia Pittsburgh fundraiser. During August, S&T pledged to donate money as customers opened Smart Start Banking accounts, designed for individuals aged 14-24 to build financial skills.
CEO Chris McComish emphasized that this donation aligns with S&T Bank's people-forward purpose, helping young people develop healthy money habits and financial confidence. Tim Mcaleer, iHeartMedia Pittsburgh Market President, highlighted how such contributions support essential programs and equipment for children's care at the hospital.
S&T Bank, a subsidiary of S&T Bancorp Inc. (NASDAQ: STBA), has been named a 2024 Pittsburgh Post-Gazette Top Workplaces Winner, ranking 6th among 99 area employers. This recognition is based on voluntary employee feedback collected through the Energage 2024 Employee Survey.
CEO Chris McComish expressed pride in the award, stating it reflects the bank's commitment to prioritizing and valuing its employees. The survey, which covered ten counties in the Pittsburgh area, is designed to identify organizational strengths and distinguish companies from competitors.
This achievement underscores S&T Bank's focus on employee engagement and its 'people-forward purpose'. The full listing of 2024 Pittsburgh Post-Gazette Top Workplaces can be viewed at topworkplaces.com/award/post-gazette/.
KBRA has assigned ratings to S&T Bancorp, Inc. (NASDAQ: STBA), including a BBB+ senior unsecured debt rating, BBB subordinated debt rating, and K2 short-term debt rating. The company's subsidiary, S&T Bank, received A- deposit and senior unsecured debt ratings, BBB+ subordinated debt rating, and K2 short-term deposit and debt ratings. All long-term ratings have a Stable outlook.
Key factors supporting the ratings include STBA's strong core deposit franchise, respectable market share in Pennsylvania, and favorable deposit mix. The company's strong earnings profile, with a 5-year average ROA of 1.22%, and diversified loan portfolio also contribute to the positive assessment. However, KBRA notes the company's inconsistent credit performance in the past, although recent improvements have been observed.
S&T Bancorp (NASDAQ: STBA) has announced the addition of Peter G. Gurt to its board of directors. Gurt, with over 35 years of experience in academic leadership and community engagement, brings strategic competency to S&T's board. He has served as president of Milton Hershey School since 2014, growing its enrollment to over 2,200 students. Since 2020, Gurt has also been president of Catherine Hershey Schools for Early Learning.
Chris McComish, CEO of S&T, and Christine Toretti, board chairperson, expressed enthusiasm about Gurt's appointment, highlighting his alignment with the bank's people-forward purpose and community focus. Gurt holds a master's degree in education from Penn State and a bachelor's in business administration from Temple University.
S&T Bancorp, Inc. (NASDAQ: STBA), the holding company for S&T Bank, has declared a cash dividend of $0.33 per share. This represents a 3.13% increase from the previous year's dividend of $0.32. The dividend will be payable on August 22, 2024, to shareholders of record as of August 8, 2024. Based on the closing price of $42.80 on July 23, 2024, the annualized dividend yield is 3.08%. This decision, approved by the board of directors on July 24, 2024, demonstrates S&T Bancorp's commitment to delivering value to its shareholders.
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