S&T Bancorp Inc - STBA STOCK NEWS

S&T Bank has appointed Jason Forman as executive vice president and director of consumer banking, aiming to enhance growth and transformation in retail banking and related services. With $9.2 billion in assets, S&T Bank operates in five markets across Pennsylvania and Ohio. Forman, previously at Huntington Bank, will focus on innovation and operational excellence to boost the bank's consumer business. The bank was recently ranked #1 in customer satisfaction in the Mid-Atlantic by J.D. Power.

S&T Bancorp reported a net income of $16.7 million for Q3 2020, recovering from a net loss of $33.1 million in Q2 2020, attributed to a $46.3 million fraud loss. Key performance metrics include a ROA of 0.72% and ROE of 5.80%. Net interest income slightly declined to $69.3 million, influenced by lower loan balances. Total assets decreased to $9.2 billion. A $0.28 per share dividend was declared, maintaining the same rate as the previous year. The allowance for credit losses rose to 1.64% of total portfolio loans due to increased reserves amid ongoing pandemic impacts.

The Board of Directors of S&T Bancorp declared a cash dividend of $0.28 per share during their meeting on October 19, 2020, consistent with the same dividend declared in the prior year. This equates to an annualized yield of 5.6% based on the closing price of $19.90 on the declaration date. The dividend will be payable on November 19, 2020 to shareholders of record as of November 5, 2020.

S&T Bank has announced the hiring of Jordyn Kemats as executive vice president of consumer sales, strategy, and transformation, and the promotion of Susan Nicholson to executive vice president of employee services. The bank, with assets of $9.5 billion, operates in five markets, including Western and Central Pennsylvania, Northeast and Central Ohio, and Upstate New York. Both executives bring crucial experience aimed at enhancing customer focus and employee development, critical for the bank's continued growth.

S&T Bancorp, Inc. (NASDAQ: STBA) announced the retirement of CEO Todd D. Brice, effective March 31, 2021, after over 35 years with the company. Brice will continue as a consultant for three years, aiding the transition to a new CEO. Under his leadership, S&T Bank has grown to $9.5 billion in assets, operating across five markets including Western and Eastern Pennsylvania, Northeast and Central Ohio, and Upstate New York. A search for Brice's successor has begun, with both internal and external candidates being considered.

S&T Bancorp, Inc. (NASDAQ: STBA) announced a conference call for its third quarter 2020 earnings on October 22, 2020, at 1:00 p.m. ET. The earnings release will be available before the market opens on the same day. S&T Bancorp operates in five markets across Pennsylvania and Ohio, and its subsidiary, S&T Bank, has been recognized for customer satisfaction in retail banking by J.D. Power.

S&T Bancorp, Inc. (NASDAQ: STBA) has launched a new mobile-first website and digital sales tool named Merlin to enhance customer experience amid the COVID-19 pandemic. With branch visits declining, this initiative aims to facilitate digital transition for customers, catering to their unique financial needs. According to J.D. Power's 2020 study, successful adaptation to online services is critical for banks. Merlin offers a quick financial assessment and directs users to appropriate products, reflecting S&T's commitment to improving digital banking services.

S&T Bancorp (NASDAQ: STBA) reported a net loss of $33.1 million, or $0.85 per share, in Q2 2020, reversing from a profit of $13.2 million in Q1 2020. This loss primarily stemmed from a $58.7 million fraud incident involving a check kiting scheme, impacting net income by $46.3 million. Despite challenges, the bank's deposits rose by $810 million to $7.9 billion, aided by PPP loans and stimulus payments. The Board declared a $0.28 dividend, a 3.7% increase from the previous year, payable on August 27, 2020.

The Board of Directors of S&T Bancorp declared a $0.28 per share cash dividend, reflecting a 3.7% increase from last year's $0.27 dividend. This annualized yield, based on the July 27, 2020 closing price of $22.93, stands at 4.9%. The dividend is payable on August 27, 2020, to shareholders of record as of August 13, 2020. S&T Bancorp, with a market capitalization of $9.0 billion, operates in five markets across Pennsylvania and Ohio and has been recognized for customer satisfaction in retail banking.