Welcome to our dedicated page for S & T Bancorp news (Ticker: STBA), a resource for investors and traders seeking the latest updates and insights on S & T Bancorp stock.
S&T Bancorp Inc. reports developments tied to its role as the bank holding company for S&T Bank, a banking subsidiary established in 1902 with operations in Pennsylvania and Ohio. Company updates commonly cover quarterly and annual earnings, net interest income, loan growth, deposit trends, credit-loss provisions, asset quality, regulatory capital levels and fee-based financial services.
News also includes board-approved cash dividends, share repurchases, branch network updates and other capital or operating actions. S&T Bank provides retail, commercial and small-business banking, cash management, trust, brokerage and private investment account services.
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.
S&T Bank (NASDAQ: STBA) has achieved the highest ranking in Customer Satisfaction with Consumer Banking in the Pennsylvania region, according to the J.D. Power 2022 U.S. Retail Banking Satisfaction Study. This recognition is based on the feedback from over 101,000 retail banking customers and highlights S&T Bank's excellence in account offerings, convenience banking, and customer trust. CEO Chris McComish attributes this success to the dedication of employees in building strong customer relationships.
S&T Bancorp, Inc. (STBA) will host a conference call on April 21, 2022, at 1:00 p.m. ET to discuss its first quarter 2022 earnings, which will be released before the market opens on the same day. The call will feature CEO Christopher J. McComish, President David G. Antolik, and CFO Mark Kochvar, with public access available via S&T Bank's Investor Relations webpage. Following the live call, a replay will be available until April 28, 2022. S&T Bancorp is a $9.5 billion bank holding company based in Indiana, Pennsylvania, operating in five markets.
S&T Bancorp, Inc. (NASDAQ: STBA) announced that Robert E. Kane will not seek re-election to the board, ending his term on May 16, 2022. Kane served since 2017 and was a significant member of various committees, contributing to the bank's strategic direction. Christine Toretti, board chair, commended his impact, while CEO Chris McComish acknowledged his leadership. S&T Bancorp, a $9.5 billion holding company, operates in five markets including Pennsylvania and Ohio, with a commitment to future growth.
S&T Bancorp has authorized an extension of its $50 million share repurchase plan, now effective through March 31, 2023. The plan allows for the repurchase of up to $37.4 million worth of shares remaining, which can occur through various means including open market transactions. This initiative aims to enhance shareholder value by potentially increasing earnings per share (EPS) through reduced outstanding shares. Repurchases will be funded from cash on hand and internally generated funds.
S&T Bancorp (STBA) announced its fourth quarter and full year 2021 earnings, reporting a net income of $22.5 million, or $0.57 per diluted share, down from $27.6 million in Q3 2021. For the year, net income reached a record $110.3 million, or $2.81 per diluted share, compared to $21.0 million in 2020. The fourth quarter saw a 7.2% annualized increase in total portfolio loans, with strong growth in commercial and consumer loans. The board declared a $0.29 per share dividend, up from $0.28 last year.
The Board of Directors of S&T Bancorp has announced a cash dividend of $0.29 per share, marking a 3.6% increase from last year's $0.28. The annualized yield based on the January 24, 2022 closing price of $32.74 is 3.5%. This dividend will be paid on February 24, 2022 to shareholders on record by February 10, 2022. S&T Bancorp, headquartered in Indiana, Pennsylvania, operates across several markets and is valued at $9.4 billion.
On January 24, 2022, S&T Bank announced key promotions of three executives to enhance its growth. Steve Drahnak was elevated to Chief Commercial Banking Officer, overseeing all commercial banking efforts. Heidi Williams became Senior Vice President and Community Market Executive, managing commercial real estate collaboration. Jonathan Kowalski was promoted to Senior Vice President and Metro Market Executive, leading commercial and industrial banking teams. These promotions reflect the bank's commitment to excellence and aim to strengthen customer service and employee development.