S&T Bank reports year-end earnings
S&T Bancorp Inc. has announced its earnings for the fourth quarter and for 2013.
Fourth-quarter earnings were $11.9 million, or 40 cents per diluted share, compared to third-quarter earnings of $12.2 million, or 41 cents per diluted share.
Earnings for the fourth quarter of 2012 were $9.5 million, or 32 cents per diluted share.
Full-year 2013 earnings increased 48 percent to $50.5 million, or $1.70 per diluted share, compared to 2012 earnings of $34.2 million, or $1.18 per diluted share.
Total average loans increased $60.5 million, or 1.7 percent, from the third quarter of 2013.
Net interest income increased $400,000 from the third quarter of 2013, and net interest margin was stable, increasing two basis points to 3.52 percent.
Asset quality improved significantly with a decrease in nonperforming assets of $14 million, or 38 percent, from the third quarter of 2013 and $33 million, or 59 percent, from the fourth quarter of 2012.
S&T declared a dividend of 16 cents per share for the fourth quarter.
“The fourth quarter was a strong finish to our much-improved performance in 2013,” Todd Brice, president and CEO of S&T, said in a release.
“The investment we made in expanding our sales team has paid off with a return to solid loan growth in 2013, and our focus on managing problem loans has resulted in a sizeable decrease in nonperforming assets.”