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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.
On April 26, 2023, S&T Bancorp (NASDAQ: STBA) announced a cash dividend of $0.32 per share, marking a 6.7% increase from the prior year's dividend of $0.30. This dividend is based on the closing price of $26.62 on April 25, 2023, yielding 4.8% annually. The dividend is payable on May 25, 2023 to shareholders recorded as of May 11, 2023.
S&T Bancorp, a $9.2 billion bank holding company headquartered in Indiana, Pennsylvania, operates primarily through its subsidiary, S&T Bank, which has been recognized by Forbes as a 2022 Best-in-State Bank.
S&T Bancorp reported net income of $39.8 million for Q1 2023, down from $40.3 million in Q4 2022. Earnings per diluted share were $1.02, reflecting solid return metrics with a return on average assets (ROA) of 1.77% and a return on average equity (ROE) of 13.38%. Total portfolio loans increased by $67.1 million (3.8% annualized), while deposits decreased by $66.9 million (3.8% annualized). Net interest income was $88.8 million, a slight decrease due to higher funding costs. Noninterest income fell by $2.4 million, mainly due to a decline in other income. Total assets grew to $9.2 billion, with a stable capital position, maintaining all regulatory capital ratios above required thresholds.
S&T Bancorp, Inc. (NASDAQ: STBA) announced it will release its first quarter 2023 earnings before the market opens on April 20, 2023. A conference call to discuss the earnings will occur live at 1:00 p.m. ET on the same day, featuring key executives including CEO Christopher J. McComish, President David G. Antolik, and CFO Mark Kochvar. Investors can access the conference call via S&T Bancorp's Investor Relations webpage. Following the live presentation, the webcast will be archived for 12 months.
S&T Bancorp is a $9.1 billion holding company headquartered in Indiana, Pennsylvania, and operates primarily through S&T Bank.
S&T Bank (NASDAQ: STBA) has announced the elimination of non-sufficient funds (NSF) fees for consumer and business deposit account customers, effective April 3, 2023. Additionally, the bank is introducing the S&T $10 Cushion™, which waives overdraft fees for accounts overdrawn by $10 or less. S&T Bank will also eliminate various fees associated with ACH return items, deposited return items, and transferring funds to cover overdrawn accounts. These changes reflect the bank's commitment to enhancing customer financial wellness and building trust in financial relationships.
S&T Bancorp (NASDAQ: STBA) reported record net income of $40.3 million ($1.03 per diluted share) for Q4 2022, up from $37.2 million ($0.95 per diluted share) in Q3 2022 and significantly higher than $22.5 million ($0.57 per diluted share) in Q4 2021. Full year 2022 net income reached $135.5 million ($3.46 per diluted share), compared to $110.3 million ($2.81 per diluted share) in 2021. Key metrics included a ROA of 1.78%, ROE of 13.68%, and a NIM (FTE) of 4.33%. Nonperforming assets decreased by 23.2% in Q4 2022. A quarterly dividend of $0.32 was approved, marking a 10.3% increase year-over-year.
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