Business
S&T BANCORP, INC. ANNOUNCES SECOND QUARTER 2023 NET INCOME
INDIANA, Pa., July 20, 2023 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, announced net income of $34.5 million,
About this update from S&t Bancorp, Inc.
[{"type":"text","content":"INDIANA, Pa., July 20, 2023 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, announced net income of $34.5 million, or $0.89 per diluted share, for the second quarter of 2023 compared to net income of $39.8 million, or $1.02 per diluted share, for the first quarter of 2023 and net income of $28.9 million, or $0.74 per diluted share, for the second quarter of 2022.\n\n \n \n \n \n \n \n\n \nSecond Quarter of 2023 Highlights:\nSolid return metrics with return on average assets (ROA) of 1.51%, return on average equity (ROE) of 11.23% and return on average tangible equity (ROTE) (non-GAAP) of 16.32% compared to ROA of 1.77%, ROE of 13.38% and ROTE (non-GAAP) of 19.61% for the first quarter of 2023.Pre-provision net revenue to average assets (PPNR) (non-GAAP) increased 7 basis points to 2.30% compared to 2.23% for the first quarter of 2023.Net interest margin (NIM) (FTE) (non-GAAP) remains strong at 4.22% compared to 4.32% in the first quarter of 2023.Expenses were well controlled with an efficiency ratio of 48.21% compared to 50.42% in the first quarter of 2023.Total portfolio loans increased $68.5 million, or 3.8% annualized, compared to March 31, 2023.Total deposits of $7.1 billion remain relatively unchanged compared to March 31, 2023.Nonperforming assets decreased $9.7 million to $18.0 million, or 0.25% of total loans plus OREO, compared to 0.38% at March 31, 2023.Net charge-offs of $11.0 million, or 0.60% of average loans (annualized), compared to net recoveries of $5.1 million, or 0.29% of average loans (annualized), in the first quarter of 2023.\"We delivered another quarter of solid core profitability driven by strong net interest income and well-controlled expenses,\" said Chris McComish, chief executive officer. \"In addition to our financial performance, I am extremely pleased with our employees' efforts to live out our People-forward purpose. This was exemplified by our recent recognition on Forbes Best-In-State Banks 2023 list for the second consecutive year.\"\nNet Interest Income\nNet interest income was $88.1 million for the second quarter of 2023 compared to $88.8 million for the first quarter of 2023. The decrease of $0.7 million in net interest income was driven by higher funding costs, partially offset by higher yields on interest-earning assets. Net interest margin on a f...