S & T Bancorp Inc Stock Price, News & Analysis

S&T Bancorp has appointed James Michie as the new chief credit officer, effective June 13, 2022. Michie brings over 20 years of experience from financial institutions such as First Horizon Bank and Bank of America. He will oversee all credit administration functions and support the strategic goals of S&T Bank. This leadership change follows the retirement of former interim chief credit officer MaryAnn Dornetto. S&T Bancorp operates in five markets and is valued at $9.4 billion.

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.