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 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.
On July 1, 2024, S&T Bancorp (NASDAQ: STBA) announced it will host a conference call to discuss its second quarter 2024 earnings. The call is scheduled for 1:00 p.m. ET on Thursday, July 18, 2024, and will be conducted by CEO Christopher J. McComish, President David G. Antolik, and CFO Mark Kochvar. The earnings release will be available before the market opens on the same day. The public can access the live webcast and a replay via the company's Investor Relations webpage. Questions can be submitted prior to and during the webcast via email.
S&T Bank, a subsidiary of S&T Bancorp (NASDAQ: STBA), has announced the launch of its second annual Lemonade Days fundraising campaign. Scheduled from June 1 to June 8, 2024, the event will benefit Alex's Lemonade Stand Foundation (ALSF), the largest independent childhood cancer charity in the U.S. During the campaign, visitors to S&T Bank branches can donate to ALSF and receive complementary lemonade and treats. CEO Chris McComish emphasized the bank's commitment to community support, noting that last year's campaign raised over $30,000. This year, the campaign will expand across all S&T Bank markets, aiming to contribute even more to ALSF's mission of funding childhood cancer research and supporting affected families.
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