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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. (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.
S&T Bancorp, Inc. (NASDAQ: STBA) has been recognized as one of the Best-In-State Banks for 2022 by Forbes and Statista. This accolade, announced on June 21, 2022, reflects positive feedback from approximately 26,000 US consumers who rated their banking experiences. The recognition highlights S&T Bank's commitment to exceptional customer service and community partnership, boasting over 120 years in operation. S&T Bancorp, with assets of $9.4 billion, operates in five markets including Western and Eastern Pennsylvania, Northeast and Central Ohio, and Upstate New York.
S&T Bancorp, Inc. (NASDAQ: STBA) will hold a conference call on July 21, 2022, at 1:00 p.m. ET to discuss its second-quarter earnings, which will be released before market open the same day. The call will feature CEO Christopher J. McComish, President David G. Antolik, and CFO Mark Kochvar. Interested participants can access the call via S&T Bank's Investor Relations webpage, where the call will be archived for 90 days. S&T Bancorp operates in five markets and is a $9.4 billion bank holding company headquartered in Indiana, Pennsylvania.
S&T Bancorp has appointed James Michie as the new chief credit officer, effective June 13, 2022. Michie brings over 20 years of experience from financial institutions such as First Horizon Bank and Bank of America. He will oversee all credit administration functions and support the strategic goals of S&T Bank. This leadership change follows the retirement of former interim chief credit officer MaryAnn Dornetto. S&T Bancorp operates in five markets and is valued at $9.4 billion.
S&T Bank (NASDAQ: STBA) has partnered with iHeartMedia Pittsburgh to become the first exclusive regional presenting sponsor of the NFL Podcast Network, enhancing its outreach through Pittsburgh NFL podcasts. This collaboration aims to leverage the growing podcast audience, as iHeartMedia is the leading podcast publisher globally. The partnership will also feature S&T sponsorship of iHeartMedia's CEO's You Should Know program and participation in community initiatives. This strategic alignment underscores S&T's commitment to engaging customers through innovative channels.
S&T Bancorp reported a net income of $29.1 million for Q1 2022, up from $22.5 million in Q4 2021 and down from $31.9 million in Q1 2021. Key metrics include a return on average assets of 1.25% and a solid consumer loan growth of $38.6 million, reflecting a 9.8% annualized increase. Nonperforming assets decreased by 25%, and net loan recoveries helped achieve a negative provision for credit losses of $0.5 million. The Board approved a 3.4% dividend increase to $0.30 per share. However, net interest income saw a slight decline to $67.7 million, impacted by lower PPP loan income.
S&T Bancorp, Inc. (NASDAQ: STBA) declared a $0.30 cash dividend per share on April 18, 2022, marking a 3.4% increase from the previous quarter's $0.29 dividend. This represents a 7.1% rise compared to the same period last year. The annualized yield, based on the April 18, 2022 closing price of $28.07, is 4.3%. The dividend is payable on May 19, 2022, to shareholders of record on May 5, 2022.
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