Business
S&T BANCORP, INC. ANNOUNCES RECORD QUARTERLY EPS AND NET INCOME
INDIANA, Pa., Oct. 20, 2022 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, announced net income of $37.2 million,
About this update from S&t Bancorp, Inc.
[{"type":"text","content":"INDIANA, Pa., Oct. 20, 2022 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, announced net income of $37.2 million, or $0.95 per diluted share, for the third quarter of 2022 compared to net income of $28.9 million, or $0.74 per diluted share, for the second quarter of 2022 and net income of $27.6 million, or $0.70 per diluted share, for the third quarter of 2021.\n\n \n \n \n \n \n \n\n \nThird Quarter of 2022 Highlights:\nRecord EPS and net income for the third quarter of 2022.EPS and net income increased more than 28% compared to the second quarter of 2022 and by approximately 35% compared to the third quarter of 2021.Solid return metrics with return on average assets (ROA) of 1.64%, return on average equity (ROE) of 12.47% and return on average tangible equity (ROTE) (non-GAAP) of 18.46%.Pre-provision net revenue to average assets (PPNR) (non-GAAP) of 2.15%.Net interest margin (NIM) (FTE) (Non-GAAP) expanded 48 basis points to 4.04% for the third quarter.Net interest income increased $8.6 million, or 11.4%, compared to the second quarter.Loans, excluding PPP, increased $63.1 million, or 3.6% annualized, with strong consumer loan growth of $113.5 million.Nonperforming assets decreased $10.0 million, or 25.8%, resulting in a nonperforming assets to total loans plus other real estate owned, or OREO, ratio of 0.41% compared to 0.55% at June 30, 2022.S&T's Board of Directors approved a $0.01 per share, or 3.3%, increase in the quarterly cash dividend to $0.31 per share compared to the prior quarter.\"We are excited to share an exceptionally strong quarter with record EPS and net income. Our balance sheet is well-positioned in this rising interest rate environment resulting in significant net interest income growth and net interest margin expansion,\" said Chris McComish, chief executive officer. \"Our financial performance, driven by our award-winning customer experience and employee engagement give us great optimism as we move through the current economic environment.\"\nNet Interest Income\nNet interest income increased $8.6 million, or 11.4%, to $83.8 million for the third quarter of 2022 compared to $75.2 million for the second quarter of 2022. The increase in net interest income was primarily due to higher interest rates in the third quarter. The yield on total average loans increased ...