Business
S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2021 Results
INDIANA, Pa., Jan. 27, 2022 /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. 27, 2022 /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 2021 earnings. Net income was $22.5 million, or $0.57 per diluted share, for the fourth quarter compared to net income of $27.6 million, or $0.70 per diluted share, for the third quarter of 2021, and $24.2 million, or $0.62 per diluted share, for the fourth quarter of 2020. \n\n \n \n \n \n \n \n\n \nNet income was $110.3 million, or $2.81 per diluted share, for the year ended December 31, 2021 compared to net income of $21.0 million, or $0.53 per diluted share, for 2020. Net income for 2020 was impacted by a customer fraud that reduced net income by $46.3 million, or $1.19 per diluted share.\nFourth Quarter of 2021 Highlights:\nReturn on average assets (ROA) was 0.94%, return on average equity (ROE) was 7.39% and return on average tangible equity (ROTE) (non-GAAP) was 10.95%. Pre-tax pre-provision to average assets (PTPP) (non-GAAP) was 1.44%. Net interest income, excluding Paycheck Protection Program (PPP), increased by $0.8 million compared to the third quarter of 2021. Net interest margin (FTE) (non-GAAP) was relatively unchanged at 3.12% compared to 3.14% for the third quarter of 2021. Total portfolio loans, excluding PPP, increased $122.6 million, or 7.2% annualized, compared to September 30, 2021. Broad-based loan growth across nearly all loan categories. Commercial loans, excluding PPP, increased $75.3 million, or 5.7% annualized and consumer loans increased $47.3 million, or 12.1% annualized, compared to September 30, 2021. Total deposit growth of $51.4 million with an improved deposit mix and strong noninterest-bearing demand growth compared to September 30, 2021. The allowance for credit losses to total portfolio loans was 1.41% at December 31, 2021 compared to 1.55% at September 30, 2021. S&T's Board of Directors declared a $0.29 per share dividend compared to $0.28 per share in the same period last year.Full Year 2021 Highlights:\nRecord net income of $110.3 million. ROA was 1.18%, ROE was 9.30% and ROTE (non-GAAP) was 13.85%. PTPP (non-GAAP) was 1.62%. Total portfolio loans, excluding PPP, increased $150.8 million, or 2.2...