S&T announces earnings
S&T Bancorp Inc. has announced its third-quarter earnings.
Net income for the third quarter of 2013 was $12.2 million, or 41 cents per diluted share, compared to the second-quarter of 2013 net income of $14.1 million, or 47 cents per diluted share, and the third-quarter of 2012 net income of $12.6 million, or 43 cents per diluted share.
Total average loans increased $57.5 million, or 1.7 percent, from the prior quarter.
Net interest income increased $700,000 and net interest margin was stable at 3.50 percent.
Asset quality continued to improve with a decrease in nonperforming assets of $1.4 million, or 3.7 percent, from the prior quarter and $30.7 million, or 45 percent, from the third quarter of 2012.
Net interest income increased $700,000 or 2 percent, to $35.3 million compared to $34.6 million in the prior quarter.
S&T’s board of directors approved a 6.7 percent increase in the quarterly cash dividend to 16 cents per share.
“Our quarterly results reflect another strong quarter of performance with solid loan growth, continued asset quality improvement and an increase in net interest income,” Todd Brice, president and CEO of S&T, said in a release.
“We are also pleased to announce the increase in our quarterly cash dividend, which is a reflection of S&T’s strong earnings and capital position.”
S&T is headquartered in Indiana.