Business
S&T BANCORP, INC. ANNOUNCES SECOND QUARTER 2022 NET INCOME
INDIANA, Pa., July 21, 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., July 21, 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 net income of $28.9 million, or $0.74 per diluted share, for the second quarter of 2022 compared to net income of $29.1 million, or $0.74 per diluted share, for the first quarter of 2022 and net income of $28.4 million, or $0.72 per diluted share, for the second quarter of 2021.\n\n \n \n \n \n \n \n\n \nSecond Quarter of 2022 Highlights:Return on average assets (ROA) of 1.25%, return on average equity (ROE) of 9.83% and return on average tangible equity (ROTE) (non-GAAP) of 14.63%.Pre-provision net revenue to average assets (PPNR) (non-GAAP) of 1.71%.Net interest income increased $7.5 million, or 11%, and NIM (FTE) (Non-GAAP) increased 40 basis points compared to the first quarter of 2022.Strong consumer loan growth of $111.7 million, or 27.5% annualized, compared to March 31, 2022.Nonperforming assets decreased $20.7 million, or 34.8%, compared to March 31, 2022.S&T's Board of Directors approved a $0.30 per share dividend compared to $0.28 per share in the same period last year.\"Our performance was strong this quarter with significant growth in net interest income and net interest margin. We also saw significant improvement in our nonperforming assets with a decline of nearly 35% from the first quarter and a 66% decline from a year ago,\" said Chris McComish, chief executive officer. \"We are extremely proud to be recently named by Forbes as a Best-In-State Bank especially on the heels of our recognition by J.D. Power as the highest in overall customer satisfaction with retail banking in the Pennsylvania region. Both awards are an honor and a true reflection of our dedicated employees and the trust our customers have placed in us to help meet their financial needs.\"\nNet Interest IncomeNet interest income increased $7.5 million, or 11%, to $75.2 million for the second quarter of 2022 compared to $67.7 million for the first quarter of 2022. The increase in net interest income was primarily due to higher interest rates in the second quarter. The yield on total average loans increased 34 basis points compared to the first quarter of 2022 while the cost of total intere...