Business
S&T BANCORP, INC. ANNOUNCES THIRD QUARTER 2023 NET INCOME
INDIANA, Pa., Oct. 19, 2023 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, announced net income of $33.5 million,
About this update from S&t Bancorp, Inc.
[{"type":"text","content":"INDIANA, Pa., Oct. 19, 2023 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, announced net income of $33.5 million, or $0.87 per diluted share, for the third quarter of 2023 compared to net income of $34.5 million, or $0.89 per diluted share, for the second quarter of 2023 and net income of $37.2 million, or $0.95 per diluted share, for the third quarter of 2022.\n\n \n \n \n \n \n \n\n \nThird Quarter of 2023 Highlights:\nSolid return metrics with return on average assets (ROA) of 1.42%, return on average equity (ROE) of 10.84% and return on average tangible equity (ROTE) (non-GAAP) of 15.78% compared to ROA of 1.51%, ROE of 11.23% and ROTE (non-GAAP) of 16.32% for the second quarter of 2023.Pre-provision net revenue to average assets (PPNR) (non-GAAP) was 1.99% compared to 2.30% for the second quarter of 2023.Net interest margin (NIM) (FTE) (non-GAAP) remains strong at 4.09% compared to 4.22% in the second quarter of 2023.Total portfolio loans increased $196.3 million, or 10.6% annualized, compared to June 30, 2023.Total deposits of $7.2 billion remain relatively unchanged compared to June 30, 2023.Nonperforming assets decreased $1.6 million to $16.4 million, or 0.22% of total loans plus other real estate owned, or OREO, compared to 0.25% at June 30, 2023.Net charge-offs of $3.7 million, or 0.20% of average loans (annualized), compared to net charge-offs of $11.0 million, or 0.60% of average loans (annualized), in the second quarter of 2023.\"Our third quarter performance was strong with solid return metrics,\" said Chris McComish, chief executive officer. \"While recognizing there are challenges across the industry, we are very proud of the core earnings growth we have had in this rising interest rate environment. Our net interest margin remains strong at 4.09%. Deposit balances stabilized during the quarter and the shift in the mix of our deposits slowed considerably compared to earlier in the year. We believe our team's efforts around our customer-focused initiatives are paying off in this competitive environment.\"\nNet Interest Income\nNet interest income was $87.4 million for the third quarter of 2023 compared to $88.1 million for the second 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...