S & T Bancorp Inc Stock Price, News & Analysis

S&T Bancorp reported net income of $32.6 million, or $0.85 per diluted share, for the third quarter of 2024. Key highlights include:

- Return on average assets (ROA) of 1.35%
- Return on average equity (ROE) of 9.58%
- Net interest margin (NIM) remained strong at 3.82%
- Customer deposit growth of $100.5 million, or 5.42% annualized
- Allowance for credit losses to total portfolio loans was 1.36%

Net interest income increased to $84.5 million. The provision for credit losses improved with a negative $0.5 million provision. Noninterest income decreased to $11.9 million, while noninterest expense increased to $55.4 million. Total assets remained at $9.6 billion, with total portfolio loans at $7.7 billion and total deposits at $7.7 billion.

S&T Bancorp (NASDAQ: STBA) has announced its upcoming third quarter 2024 earnings conference call and webcast, scheduled for Thursday, October 17, 2024, at 1:00 p.m. ET. The company plans to release its earnings report before the market opens on the same day. Christopher J. McComish (CEO), David G. Antolik (President), and Mark Kochvar (CFO) will lead the call.

Investors and the public can access the live webcast through S&T Bank's Investor Relations webpage. The webcast will be archived for 12 months after the presentation. Participants can submit questions via email before the call or during the webcast starting at 12:45 p.m. ET. The earnings press release will be available on the company's website on the day of the call.

S&T Bank, a subsidiary of S&T Bancorp Inc. (NASDAQ: STBA), has donated $20,000 to UPMC Children's Hospital of Pittsburgh for the second consecutive year. The donation was part of the WDVE iHeartMedia Pittsburgh fundraiser. During August, S&T pledged to donate money as customers opened Smart Start Banking accounts, designed for individuals aged 14-24 to build financial skills.

CEO Chris McComish emphasized that this donation aligns with S&T Bank's people-forward purpose, helping young people develop healthy money habits and financial confidence. Tim Mcaleer, iHeartMedia Pittsburgh Market President, highlighted how such contributions support essential programs and equipment for children's care at the hospital.

S&T Bank, a subsidiary of S&T Bancorp Inc. (NASDAQ: STBA), has been named a 2024 Pittsburgh Post-Gazette Top Workplaces Winner, ranking 6th among 99 area employers. This recognition is based on voluntary employee feedback collected through the Energage 2024 Employee Survey.

CEO Chris McComish expressed pride in the award, stating it reflects the bank's commitment to prioritizing and valuing its employees. The survey, which covered ten counties in the Pittsburgh area, is designed to identify organizational strengths and distinguish companies from competitors.

This achievement underscores S&T Bank's focus on employee engagement and its 'people-forward purpose'. The full listing of 2024 Pittsburgh Post-Gazette Top Workplaces can be viewed at topworkplaces.com/award/post-gazette/.

KBRA has assigned ratings to S&T Bancorp, Inc. (NASDAQ: STBA), including a BBB+ senior unsecured debt rating, BBB subordinated debt rating, and K2 short-term debt rating. The company's subsidiary, S&T Bank, received A- deposit and senior unsecured debt ratings, BBB+ subordinated debt rating, and K2 short-term deposit and debt ratings. All long-term ratings have a Stable outlook.

Key factors supporting the ratings include STBA's strong core deposit franchise, respectable market share in Pennsylvania, and favorable deposit mix. The company's strong earnings profile, with a 5-year average ROA of 1.22%, and diversified loan portfolio also contribute to the positive assessment. However, KBRA notes the company's inconsistent credit performance in the past, although recent improvements have been observed.

S&T Bancorp (NASDAQ: STBA) has announced the addition of Peter G. Gurt to its board of directors. Gurt, with over 35 years of experience in academic leadership and community engagement, brings strategic competency to S&T's board. He has served as president of Milton Hershey School since 2014, growing its enrollment to over 2,200 students. Since 2020, Gurt has also been president of Catherine Hershey Schools for Early Learning.

Chris McComish, CEO of S&T, and Christine Toretti, board chairperson, expressed enthusiasm about Gurt's appointment, highlighting his alignment with the bank's people-forward purpose and community focus. Gurt holds a master's degree in education from Penn State and a bachelor's in business administration from Temple University.

S&T Bancorp, Inc. (NASDAQ: STBA), the holding company for S&T Bank, has declared a cash dividend of $0.33 per share. This represents a 3.13% increase from the previous year's dividend of $0.32. The dividend will be payable on August 22, 2024, to shareholders of record as of August 8, 2024. Based on the closing price of $42.80 on July 23, 2024, the annualized dividend yield is 3.08%. This decision, approved by the board of directors on July 24, 2024, demonstrates S&T Bancorp's commitment to delivering value to its shareholders.

S&T Bancorp (NASDAQ: STBA) reported net income of $34.4 million, or $0.89 per diluted share, for Q2 2024. Key highlights include:

- ROA of 1.45%, ROE of 10.61%, and ROTE of 15.01%
- Net interest margin increased to 3.85%
- Customer deposit growth of $155.1 million (8.63% annualized)
- Nonperforming assets at 0.45% of total loans plus OREO
- Total portfolio loans increased by $57.5 million (3.02% annualized)
- Total deposits grew by $80.0 million (4.23% annualized)

The bank maintained strong regulatory capital ratios and saw improvements in key financial metrics compared to Q1 2024.

S&T Bank, a wholly owned subsidiary of S&T Bancorp (NASDAQ: STBA), announced on July 11, 2024, that it has been named a 2024 Financial Services Industry Top Workplace Winner. This prestigious award reflects the bank's commitment to fostering a people-first workplace culture. CEO Chris McComish expressed gratitude toward employees for their engagement and feedback, which were important in achieving this recognition. The Energage 2024 Employee Survey, which gathers anonymous feedback from employees in the financial services industry, played a key role in the award process. S&T’s Chief Human Resources Officer, Susan Nicholson, highlighted the high participation rate and the importance of continuous employee insights to maintain and improve their workplace environment.