S&T announces earnings, declares dividends
S&T Bancorp Inc., headquartered in Indiana, released its second-quarter earnings following a meeting of the board of directors Monday.
Net income for the second quarter of 2013 increased to $14.1 million, or 47 cents per diluted share, compared to the first quarter of 2013 net income of $12.3 million, or 41 cents per diluted share, and the second quarter of 2012 net income of $8.6 million, or 30 cents per diluted share.
Also Monday, the board declared a 15-cent per share cash dividend for the second quarter. The dividend is payable Aug. 23 to shareholders of record on Aug. 8.
Other highlights of the quarter ending June 30:
• Loan growth was strong with average quarter-to-date loans increasing $61.3 million, or 1.8 percent, from the previous quarter.
• Net interest income increased $900,000 and net interest margin increased 2 basis points to 3.51 percent from the previous quarter.
• Asset quality continued to improve with a decrease in nonperforming assets of $8.6 million, or 18 percent, from the previous quarter and $33.7 million, or 47 percent, from the second quarter of 2012.
• S&T declared a 15 cents per share dividend for the second quarter.
“We are pleased to report such positive results for the second quarter of 2013,” said Todd Brice, president and chief executive officer of S&T, in a press release. “The investments that we have made in expanding our sales teams are paying off as we are experiencing solid loan growth in both our commercial and consumer businesses as well as increases in our wealth management and retail banking revenues. The second quarter also reflects the benefit of merger synergies and expense control initiatives.”
S&T currently operates offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson, Washington and Westmoreland counties as well as a loan production office in Akron, Ohio. With assets of $4.5 billion, S&T stock trades on the NASDAQ Global Select Market System under the symbol STBA. For more information, visit www.stbancorp.com.