Business
S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2020 Results
INDIANA, Pa., Jan. 28, 2021 /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. 28, 2021 /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 2020 earnings. Net income was $24.2 million, or $0.62 per diluted share, for the fourth quarter compared to net income of $16.7 million, or $0.43 per diluted share, for the third quarter of 2020, and $22.3 million, or $0.62 per diluted share, for the fourth quarter of 2019.\n\n \n \n \n \n \n \n\n \nNet income was $21.0 million, or $0.53 per diluted share, for the year ended December 31, 2020 compared to net income of $98.2 million, or $2.82 per diluted share, for 2019. A loss of $58.7 million was recognized during the second quarter of 2020 related to a customer fraud resulting from a check kiting scheme. This fraud loss reduced net income by $46.3 million, or $1.19 per diluted share, for the full year 2020.\nFourth Quarter of 2020 Highlights:\nReturn on average assets (ROA) was 1.05%, return on average equity (ROE) was 8.35% and return on average tangible equity (ROTE) (non-GAAP) was 12.71%. \nPre-tax pre-provision to average assets (PTPP) (non-GAAP) was 1.61%. Net interest margin (FTE) (non-GAAP) increased 9 basis points to 3.38% compared to 3.29% for the third quarter of 2020. Portfolio loans decreased $169.0 million compared to September 30, 2020. Deposits decreased $213.3 million compared to September 30, 2020. The allowance for credit losses to total portfolio loans was 1.63% at December 31, 2020 compared to 1.64% at September 30, 2020. S&T's Board of Directors declared a $0.28 per share dividend which is consistent with the same period last year.Full Year 2020 Highlights:\nROA was 0.23%, ROE was 1.80% and ROTE (non-GAAP) was 2.92%. Excluding the loss from the customer fraud ROA (non-GAAP) was 0.74%, ROE (non-GAAP) was 5.76% and ROTE (non-GAAP) was 8.80%. PTPP (non-GAAP) was 1.67%. Portfolio loans increased $88.7 million, or 1.2%, compared to December 31, 2019. Deposits increased $384.0 million, or 5.5%, compared to December 31, 2019. Mortgage banking income increased $8.4 million to $10.9 million compared to 2019 due to strong refinance activity. Full year 2020 dividends declared increased 2.8% to $1.12 compared to $1.09 in 201...