Business
S&T Bancorp, Inc. Announces First Quarter 2019 Results
INDIANA, Pa., April 18, 2019 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, with operations in five
About this update from S&t Bancorp, Inc.
[{"type":"text","content":"INDIANA, Pa., April 18, 2019 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, with operations in five markets including Western Pennsylvania, Central Pennsylvania, Northeast Ohio, Central Ohio, and Upstate New York, announced its first quarter 2019 earnings. First quarter net income was $22.9 million, or $0.66 diluted earnings per share (EPS), compared to fourth quarter of 2018 net income of $26.9 million, or $0.77 diluted EPS, and first quarter of 2018 net income of $26.2 million, or $0.75 diluted EPS.\n\n \nFirst Quarter of 2019 Highlights:\nReturn on average assets (ROA) was 1.29%, return on average equity (ROE) was 9.84% and return on average tangible equity (ROTE) (non-GAAP) was 14.27%. Net interest margin (FTE) (non-GAAP) increased 6 basis points to 3.71% and net interest income increased $0.5 million to $60.3 million compared to the fourth quarter of 2018. Average loan balances increased $75.3 million compared to the fourth quarter of 2018. Deposits increased $159.5 million, or 11.4% annualized, compared to the fourth quarter of 2018. S&T's Board of Directors declared a $0.27 per share dividend, which is an increase of 8% compared to a $0.25 dividend in the same period last year. Recognized as a World's Best Bank by Forbes receiving the #3 ranking in the United States out of 60 institutions.\"Relationship banking has been the foundation of our business for over 115 years and we are thrilled that our customers recognized us through the Forbes World's Best Bank award,\" said Todd Brice, chief executive officer of S&T. \"We are pleased with our deposit growth and new customer acquisition during the quarter. While our performance did not meet our expectations this quarter, we are encouraged by the level of new business activity across our markets which will support future growth.\"\nNet Interest Income\nNet interest income increased $0.5 million to $60.3 million for the first quarter of 2019 compared to $59.8 million for the fourth quarter of 2018. Net interest margin on a fully taxable equivalent basis (FTE) (non-GAAP) increased 6 basis points to 3.71% from 3.65% in the fourth quarter of 2018. Higher interest adjustments and prepayment fees increased the net interest margin by 4 basis points compared to the fourth quarter of 2018. Average loan balances increased $7...