Business
S&T BANCORP, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 RESULTS
INDIANA, Pa., Jan. 25, 2024 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, announced fourth quarter and full year
About this update from S&t Bancorp, Inc.
[{"type":"text","content":"INDIANA, Pa., Jan. 25, 2024 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, announced fourth quarter and full year 2023 earnings. Net income of $37.0 million, or $0.96 per diluted share, for the fourth quarter of 2023 compared to net income of $33.5 million, or $0.87 per diluted share, for the third quarter of 2023 and net income of $40.3 million, or $1.03 per diluted share, for the fourth quarter of 2022.\n\n \n \n \n \n \n \n\n \nNet income increased 6.83% to a record $144.8 million for 2023 compared to net income of $135.5 million for 2022. Earnings per diluted share, or EPS, increased 8.09% to a record $3.74 compared to $3.46 per diluted share in 2022.\nFourth Quarter of 2023 Highlights:\nStrong return metrics with return on average assets (ROA) of 1.55%, return on average equity (ROE) of 11.79% and return on average tangible equity (ROTE) (non-GAAP) of 17.00% compared to ROA of 1.42%, ROE of 10.84% and ROTE (non-GAAP) of 15.78% for the third quarter of 2023.Pre-provision net revenue to average assets (PPNR) (non-GAAP) was 1.97% compared to 1.99% for the third quarter of 2023.Net interest margin (NIM) (FTE) (non-GAAP) was solid at 3.92% compared to 4.09% in the third quarter of 2023.Total portfolio loans increased $137.4 million, or 7.25% annualized, compared to September 30, 2023.Total deposits increased $298.9 million with $98.2 million of growth in customer deposits and $200.7 million of brokered deposits compared to September 30, 2023.Net charge-offs of $3.6 million, or 0.19% of average loans (annualized), compared to net charge-offs of $3.7 million, or 0.20% of average loans (annualized), in the third quarter of 2023.Full Year 2023 Highlights:\nRecord EPS and net income for the second consecutive full year.Net income increased 6.83% to $144.8 million and EPS increased 8.09% to $3.74 per share compared to 2022.Strong return metrics with ROA of 1.56%, ROE of 11.80% and ROTE (non-GAAP) of 17.15% compared to ROA of 1.48%, ROE of 11.47% and ROTE (non-GAAP) of 17.02% for the prior year.PPNR (non-GAAP) was 2.12% compared to 1.93% in the prior year.Strong NIM (FTE) (non-GAAP) of 4.13% compared to 3.76% for the prior year.Net interest income increased $33.6 million, or 10.65%, compared to 2022.Total portfolio loans increased $469.4 million, or 6.53%, compared to December 31, 2022.Nonperf...