Business
S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2024 Results
INDIANA, Pa., Jan. 30, 2025 /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. 30, 2025 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, announced fourth quarter and full year 2024 earnings. Net income of $33.1 million, or $0.86 per diluted share, for the fourth quarter of 2024 compared to net income of $32.6 million, or $0.85 per diluted share, for the third quarter of 2024 and net income of $37.0 million, or $0.96 per diluted share, for the fourth quarter of 2023.\n\n \n \n \n \n \n \n\n \nNet income was $131.3 million for 2024 compared to net income of $144.8 million for 2023. Earnings per diluted share (EPS) was $3.41 for 2024 compared to $3.74 in 2023. S&T had record net income and EPS in 2023 related to the impact of rising interest rates on net interest income.\nFourth Quarter of 2024 Highlights:\nStrong return metrics with return on average assets (ROA) of 1.37%, return on average equity (ROE) of 9.57% and return on average tangible equity (ROTE) (non-GAAP) of 13.25% compared to ROA of 1.35%, ROE of 9.58% and ROTE (non-GAAP) of 13.35% for the third quarter of 2024.Pre-provision net revenue to average assets (PPNR) (non-GAAP) was 1.72% compared to 1.78% for the third quarter of 2024.Net interest margin on a fully taxable equivalent basis (NIM) (FTE) (non-GAAP) was solid at 3.77% compared to 3.82% in the third quarter of 2024.Total portfolio loans increased $53.9 million, or 2.79% annualized, compared to September 30, 2024.Total deposits increased $128.3 million, including customer deposit growth of $78.3 million, or 4.15% annualized, and higher brokered deposits of $50.0 million compared to the third quarter of 2024.Asset quality improvement drove a provision for credit losses of negative $2.5 million compared to negative $0.5 million in the third quarter of 2024.Net recoveries were $0.1 million compared to net charge-offs of $2.1 million in the third quarter of 2024.Nonperforming assets remained low at $27.9 million, or 0.36% of total loans plus other real estate owned (OREO), compared to $31.9 million, or 0.41%, at September 30, 2024.Full Year 2024 Highlights:\nFull year 2024 results remained strong after having record net income and EPS in 2023 related to the impact of rising interest rates.Net income was $131.3 million compared to $144.8 million for 2023 and EPS was $3.41 per diluted share compared to $3.74 in 2023.Strong return metrics...