Business
S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2019 Results
INDIANA, Pa., Jan. 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., Jan. 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 fourth quarter and full year 2019 earnings. Net income was $22.3 million, or $0.62 per diluted share, for the fourth quarter compared to net income of $26.9 million, or $0.79 per diluted share, for the third quarter of 2019, and $26.9 million, or $0.77 per diluted share, for the fourth quarter of 2018. The merger with DNB Financial Corporation (DNB) closed on November 30, 2019 and the fourth quarter of 2019 results included merger related expenses of $10.2 million, or $0.23 per diluted share.\n\n \n \n\n \nNet income was $98.2 million, or $2.82 per diluted share, for the year ended December 31, 2019 compared to net income of $105.3 million, or $3.01 per diluted share, for 2018. The full year 2019 results included $11.4 million, or $0.27 per diluted share, of merger related expenses.\nFourth Quarter of 2019 Highlights:\nS&T expands further into eastern Pennsylvania with the closing of the DNB merger. S&T now has $8.8 billion in assets and a market capitalization of approximately $1.6 billion at December 31, 2019. Return on average assets (ROA) was 1.11%, return on average equity (ROE) was 8.30% and return on average tangible equity (ROTE) was 12.04% (non-GAAP). Excluding $10.2 million of merger related expenses ROA was 1.53% (non-GAAP), ROE was 11.38% (non-GAAP) and ROTE was 16.46% (non-GAAP). S&T's Board of Directors declared a $0.28 per share dividend which is an increase of 3.7% compared to a $0.27 dividend in the same period last year.Full Year 2019 Highlights:\nIn addition to the acquisition of DNB in eastern Pennsylvania, S&T expanded its presence in Ohio with the opening of new branches in central Ohio (Hilliard) and northeast Ohio (Cuyahoga Falls) and loan production offices in Upstate NY (Buffalo) and eastern Pennsylvania (Greater Berks). Portfolio loans increased $291 million, or 5%, excluding the DNB merger. Deposits increased $372 million, or 6.6%, excluding the DNB merger. ROA was 1.32%, ROE was 9.98% and ROTE was 14.41% (non-GAAP). Excluding $11.4 million of merger related expenses ROA was 1.45% (non-GAAP), ROE was 10.92% (non-GAAP) and ROTE was 15.76...