Business
S&T Bancorp, Inc. Announces First Quarter 2020 Results and Declares First Quarter Dividend
INDIANA, Pa., April 30, 2020 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, with operations in five markets
About this update from S&t Bancorp, Inc.
[{"type":"text","content":"INDIANA, Pa., April 30, 2020 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, with operations in five markets including Western Pennsylvania, Eastern Pennsylvania, Northeast Ohio, Central Ohio, and Upstate New York, announced its first quarter 2020 earnings. Net income was $13.2 million, or $0.34 per diluted share, for the first quarter of 2020 compared to net income of $22.3 million, or $0.62 per diluted share, for the fourth quarter of 2019, and $22.9 million, or $0.66 per diluted share, for the first quarter of 2019. The first quarter of 2020 financial results included one-time expenses of $2.3 million, or $0.05 per diluted share, related to the DNB Financial Corporation (DNB) merger which closed on November 30, 2019, compared to $10.2 million, or $0.23 per diluted share in the fourth quarter of 2019.\n\n \n \n \n \n \n \n\n \nImpact and Response to the COVID-19 Pandemic:\nIn response to the COVID-19 pandemic numerous measures have been taken to promote the health and safety of our employees, and the customers and communities we serve. Preventive health measures including social distancing, wearing masks, remote work where feasible, extra cleaning and branch access restrictions have been implemented. Our ongoing Business Continuity teams were activated and have guided our efforts to respond to the rapidly developing situation.\nWe have made strong efforts to support our customers and communities through the potential financial hardships that have arisen through this crisis, including:\nConsumer and homeowner needs based loan assistance Commercial and Business needs based loan assistance Access to the SBA Paycheck Protection Program Extended Solution Center (call center) hours Promotion of Mobile and Online banking solutions $85,000 of donations to local food banks and hospitalsS&T is well positioned to be a source of strength and support during this crisis through our employees and customers supported by strong capital and liquidity.\nFirst Quarter of 2020 Highlights:\nPortfolio loans increased $109.6 million, or 6.2% annualized, compared to the fourth quarter of 2019. Net interest margin was 3.53% compared to 3.55% for the fourth quarter of 2019 and 3.71% for the same quarter a year ago. Return on average assets (ROA) was 0.61%, return on average equity (ROE) was 4.47% and return on a...