S&T Bancorp reports earnings
S&T Bancorp has announced its first quarter earnings. Net income for the first quarter of 2013 was $12.3 million, or 41 cents per diluted share, compared to net income in the fourth quarter of 2012 of $9.5 million, or 32 cents per diluted share, and the first quarter of 2012 net income of $3.5 million, or 12 cents per diluted share.
Highlights from the first quarter:
- S&T declared a per-share dividend of 15 cents for the first quarter.
- Loan demand improved with average loans increasing $72.1 million, or 2 percent, from the previous quarter.
- Nonperforming assets decreased $9 million, or 16 percent, from the previous quarter and $21 million, or 31 percent, from the first quarter of 2012.
- A $3.1 million gain was recognized related to the sale of the merchant card servicing business.
- Results for the first quarter included approximately $800,000 of one-time merger integ