Business
S&T BANCORP, INC. ANNOUNCES RECORD FOURTH QUARTER AND FULL YEAR 2022 RESULTS
INDIANA, Pa., Jan. 25, 2023 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, with operations in Pennsylvania and Ohio
About this update from S&t Bancorp, Inc.
[{"type":"text","content":"INDIANA, Pa., Jan. 25, 2023 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, with operations in Pennsylvania and Ohio announced its fourth quarter and full year 2022 earnings. Net income was $40.3 million, or $1.03 per diluted share, for the fourth quarter compared to net income of $37.2 million, or $0.95 per diluted share, for the third quarter of 2022, and $22.5 million, or $0.57 per diluted share, for the fourth quarter of 2021.\n\n \n \n \n \n \n \n\n \nNet income was $135.5 million, or $3.46 per diluted share, for the year ended December 31, 2022 compared to net income of $110.3 million, or $2.81 per diluted share, for 2021.\nFourth Quarter of 2022 Highlights:\nRecord EPS and net income for the fourth quarter of 2022.Strong return metrics with return on average assets (ROA) of 1.78%, return on average equity (ROE) of 13.68% and return on average tangible equity (ROTE) (non-GAAP) of 20.36% compared to ROA of 1.64%, ROE of 12.47% and ROTE (non-GAAP) of 18.46% for the third quarter of 2022.Pre-provision net revenue to average assets (PPNR) (non-GAAP) of 2.36% compared to 2.15% for the third quarter of 2022.Net interest margin (NIM) (FTE) (non-GAAP) expanded 29 basis points to 4.33% compared to 4.04% for the third quarter of 2022.Net interest income increased by $5.3 million, or 6.3%, compared to the third quarter of 2022.Total portfolio loans increased $87.1 million, or 4.9% annualized, compared to September 30, 2022.Nonperforming assets decreased $6.7 million, or 23.2%, resulting in a nonperforming assets to total loans plus other real estate owned, or OREO, ratio of 0.31% compared to 0.41% at September 30, 2022.S&T's Board of Directors approved a $0.32 per share cash dividend, an increase of $0.01, or 3.2%, compared to the prior quarter. This is an increase of $0.03, or 10.3%, compared to the same period in the prior year.Full Year 2022 Highlights:\nRecord EPS and net income for the full year 2022.ROA of 1.48%, ROE of 11.47% and ROTE (non-GAAP) of 17.02% compared to ROA of 1.18%, ROE of 9.30% and ROTE (non-GAAP) of 13.85% in the prior year.PPNR (non-GAAP) of 1.93% compared to 1.62% in the prior year.Net interest margin (NIM) (FTE) (non-GAAP) expanded 54 basis points to 3.76% compared to 3.22% for the prior year.Net interest income increased by $39.7 million, or 14.4%, compared to 2021...