Business
S&T Bancorp, Inc. Announces Third Quarter 2021 Net Income
INDIANA, Pa., Oct. 21, 2021 /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., Oct. 21, 2021 /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 $27.6 million, or $0.70 per diluted share, for the third quarter of 2021 compared to net income of $28.4 million, or $0.72 per diluted share, for the second quarter of 2021, and net income of $16.7 million, or $0.43 per diluted share, for the third quarter of 2020. \n\n \n \n \n \n \n \n\n \n\"We are pleased to announce solid performance for this quarter,\" said Chris McComish, chief executive officer. \"Both earnings and loan growth are a direct reflection of our talented team and the impact we are having in our markets.\"\nThird Quarter of 2021 Highlights:\nReturn on average assets (ROA) of 1.15%, return on average equity (ROE) of 9.13%, return on average tangible equity (ROTE) (non-GAAP) of 13.53% and pre-tax pre-provision income to average assets (PTPP) (non-GAAP) of 1.56%. Total portfolio loans excluding PPP increased $117.8 million, or 7.0% annualized, compared to June 30, 2021. Solid C&I growth excluding PPP loans of $79.5 million, or 21.9% annualized, compared to June 30, 2021 driven by improved utilization and strong new customer activity. The allowance for credit losses to total portfolio loans was 1.55% at September 30, 2021 compared to 1.56% at June 30, 2021. S&T's Board of Directors approved a $0.01 per share, or 3.6%, increase in the quarterly cash dividend to $0.29 per share compared to $0.28 per share dividend declared in the same period in the prior year. \"It has been an exciting and productive first 60 days for me as the new CEO of S&T,\" said Chris McComish, \"I am impressed with our employee and marketplace engagement, both of which represent the foundation for future growth. My confidence is further reflected in our Board of Directors' recent approval of a 3.6% increase in our quarterly dividend.\"\nNet Interest Income\nNet interest income increased $0.4 million to $68.7 million for the third quarter of 2021 compared to $68.3 million for the second quarter of 2021. Net interest income related to PPP loans was relatively unchanged at $4.2 million for the third quarter of 2021 compared to $4.1 million in the second quarter of 2021. Ave...