S & T Bancorp Inc - STBA STOCK NEWS

S&T Bancorp, Inc. (STBA) reported its fourth quarter 2020 earnings with a net income of $24.2 million, or $0.62 per diluted share, up from $16.7 million in Q3 2020. However, full year net income dropped to $21.0 million from $98.2 million in 2019 due to a significant fraud loss of $58.7 million. Portfolio loans decreased by $169.0 million, and deposits fell by $213.3 million compared to September 30, 2020. Despite challenges, the company declared a consistent dividend of $0.28 per share. ROA stood at 0.23% and ROE at 1.80% for 2020, impacted by the pandemic and merger-related expenses.

The Board of Directors of S&T Bancorp declared a $0.28 per share cash dividend, consistent with the previous year's distribution. This dividend offers an annualized yield of 4.0% based on the January 25, 2021 closing price of $28.01. The dividend is payable on February 25, 2021 to shareholders of record as of February 11, 2021, indicating a stable return for investors.

S&T Bancorp, a $9.2 billion bank holding company, operates primarily within Pennsylvania and surrounding regions.

S&T Bancorp, Inc. (NASDAQ: STBA) will release its fourth quarter 2020 earnings on January 28, 2021, before market opening. A conference call led by CEO Todd D. Brice, President David G. Antolik, and CFO Mark Kochvar, will take place at 1:00 p.m. ET. Participants can access the call via S&T Bank's Investor Relations webpage. The call will focus on financial performance and future outlook, with a recording available for 90 days post-event. The company is a $9.2 billion bank holding entity operating in multiple markets, recognized for its customer service.

S&T Bank announced the retirement of Upstate New York Market President Patrick Tobin, effective December 31, 2020. The bank will close its Rochester loan office and consolidate operations to its Buffalo location. With assets of $9.2 billion, S&T Bank operates in five markets. Tobin, who joined in 2015, will be succeeded by Joe Brennan. The transition aims to ensure seamless service continuity for clients. S&T Bancorp was recently ranked #1 in customer satisfaction for retail banking in the Mid-Atlantic by J.D. Power.

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.