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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, Inc. has extended its $50 million share repurchase plan until March 31, 2024. As of the announcement on January 25, 2023, the plan has $29.8 million remaining for repurchase. The company intends to buy back shares via open market and privately negotiated transactions, with discretion over timing and volume based on market conditions and financial performance. Repurchases will be funded from cash on hand and internally generated funds, emphasizing the company's commitment to enhancing shareholder value.
S&T Bancorp, Inc. (NASDAQ: STBA) announced a quarterly cash dividend of $0.32 per share, marking a 10.3% increase from last year's $0.29. The dividend, yielding 4.0% based on the January 24, 2023 closing price of $32.37, is set for payment on February 23, 2023 to shareholders recorded by February 10, 2023. This reflects the company's commitment to returning value to shareholders amid maintaining a strong financial position.
S&T Bancorp, Inc. (NASDAQ: STBA) announced a conference call to discuss its fourth quarter and full year 2022 earnings, scheduled for January 26, 2023, at 1:00 p.m. ET. The live presentation will be hosted by CEO Christopher J. McComish, President David G. Antolik, and CFO Mark Kochvar. The earnings release will precede the call, available before market open on the same day. Interested participants can access the webcast via the company's Investor Relations webpage, which will also archive the presentation for 12 months.
S&T Bancorp reported a record net income of $37.2 million, or $0.95 per diluted share, for Q3 2022, marking a year-over-year increase of 35% compared to Q3 2021. This represents a growth of over 28% compared to the previous quarter. Key highlights include a 48 basis points expansion in net interest margin to 4.04% and a 3.6% increase in loans. Nonperforming assets decreased significantly by 25.8%. The Board declared a quarterly dividend of $0.31 per share, reflecting a 3.3% increase. The financial position remains strong with adequate capital ratios.
The Board of Directors of S&T Bancorp, Inc. has approved a $0.31 per share cash dividend, reflecting a 3.3% increase from the previous quarter's $0.30 dividend. This marks a 6.9% increase compared to the same period last year. The annualized yield based on the closing price of $32.08 on October 17, 2022, is 3.9%. The dividend is payable on November 17, 2022, to shareholders of record on November 3, 2022.
S&T Bancorp, Inc. (NASDAQ: STBA) will host a conference call on October 20, 2022, at 1:00 p.m. ET to discuss its third quarter 2022 earnings. The earnings release will occur before market open on the same day. The call will be led by CEO Christopher J. McComish, President David G. Antolik, and CFO Mark Kochvar. Participants can access the call via S&T Bank's Investor Relations webpage and ask questions live. A replay will be available until October 27, 2022. S&T Bancorp is a $9.1 billion bank holding company operating in Pennsylvania, Ohio, and New York.
S&T Bancorp, Inc. (NASDAQ: STBA) announced the appointment of Rachel Smydo as the new general counsel, effective August 22, 2022. She succeeds George Basara, who will retire on August 31, 2022. Smydo brings over 20 years of experience, having served as deputy general counsel at the Federal Home Loan Bank of Pittsburgh and senior counsel at The PNC Financial Services Group. CEO Chris McComish expressed enthusiasm for her joining the executive leadership team, emphasizing her legal expertise and leadership skills to guide the bank's strategic goals.
S&T Bancorp reported net income of $28.9 million for Q2 2022, with earnings per share steady at $0.74. Compared to Q1 2022, net interest income rose by 11% to $75.2 million, driven by higher interest rates. Nonperforming assets fell 34.8%, reflecting improved asset quality. The company declared a $0.30 dividend, up from $0.28 last year. Total assets decreased to $9.1 billion, with significant consumer loan growth reported at 27.5% annualized. The board's focus on maintaining capital ratios above regulatory thresholds highlights its stable financial position.
The Board of Directors of S&T Bancorp, Inc. (NASDAQ: STBA) announced a cash dividend of $0.30 per share, marking a 7.1% increase from the $0.28 per share dividend declared last year. This dividend will be payable on August 18, 2022, to shareholders of record by August 4, 2022. Based on the closing price of $27.94 on July 18, 2022, the annualized yield stands at 4.3%. S&T Bancorp operates in five key markets, including Pennsylvania and Ohio, and has been recognized for customer satisfaction.
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