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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 Bancorp (NASDAQ: STBA) reported net income of $34.4 million, or $0.89 per diluted share, for Q2 2024. Key highlights include:
- ROA of 1.45%, ROE of 10.61%, and ROTE of 15.01%
- Net interest margin increased to 3.85%
- Customer deposit growth of $155.1 million (8.63% annualized)
- Nonperforming assets at 0.45% of total loans plus OREO
- Total portfolio loans increased by $57.5 million (3.02% annualized)
- Total deposits grew by $80.0 million (4.23% annualized)
The bank maintained strong regulatory capital ratios and saw improvements in key financial metrics compared to Q1 2024.
S&T Bank, a wholly owned subsidiary of S&T Bancorp (NASDAQ: STBA), announced on July 11, 2024, that it has been named a 2024 Financial Services Industry Top Workplace Winner. This prestigious award reflects the bank's commitment to fostering a people-first workplace culture. CEO Chris McComish expressed gratitude toward employees for their engagement and feedback, which were important in achieving this recognition. The Energage 2024 Employee Survey, which gathers anonymous feedback from employees in the financial services industry, played a key role in the award process. S&T’s Chief Human Resources Officer, Susan Nicholson, highlighted the high participation rate and the importance of continuous employee insights to maintain and improve their workplace environment.
On July 1, 2024, S&T Bancorp (NASDAQ: STBA) announced it will host a conference call to discuss its second quarter 2024 earnings. The call is scheduled for 1:00 p.m. ET on Thursday, July 18, 2024, and will be conducted by CEO Christopher J. McComish, President David G. Antolik, and CFO Mark Kochvar. The earnings release will be available before the market opens on the same day. The public can access the live webcast and a replay via the company's Investor Relations webpage. Questions can be submitted prior to and during the webcast via email.
S&T Bank, a subsidiary of S&T Bancorp (NASDAQ: STBA), has announced the launch of its second annual Lemonade Days fundraising campaign. Scheduled from June 1 to June 8, 2024, the event will benefit Alex's Lemonade Stand Foundation (ALSF), the largest independent childhood cancer charity in the U.S. During the campaign, visitors to S&T Bank branches can donate to ALSF and receive complementary lemonade and treats. CEO Chris McComish emphasized the bank's commitment to community support, noting that last year's campaign raised over $30,000. This year, the campaign will expand across all S&T Bank markets, aiming to contribute even more to ALSF's mission of funding childhood cancer research and supporting affected families.
S&T Bancorp Inc. (NASDAQ: STBA) has been named one of America's Best Banks by Forbes, ranking at number 39 on the prestigious list. The company's inclusion is based on key financial metrics and stock performance, reflecting its strong financial position and performance.
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