S&T Bancorp, Inc. is a $9.7 billion bank holding company that is headquartered in Indiana, Pennsylvania and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was established in 1902 and operates in Pennsylvania and Ohio. For more information, visit stbancorp.com or stbank.com. Follow us on Facebook, Instagram and LinkedIn. To Ask Questions: Prior to the webcast, please email questions to [email protected]. Also, participants who log into the webcast will ha ...

Financial Performance - Total interest and dividend income for 2024 was $515,872,000, an increase of 7.9% from $477,901,000 in 2023[164]. - Net income for 2024 was $131.3 million, a decrease of 9.3% from $144.8 million in 2023, with diluted earnings per share (EPS) at $3.41 compared to $3.74 in 2023[170]. - Noninterest income fell by $8.5 million to $49.1 million in 2024, primarily due to $7.9 million in realized losses from the repositioning of securities[173]. - Total noninterest expense increased by $8.6 million to $218.9 million in 2024, with salaries and employee benefits rising by $10.5 million due to merit increases and new talent acquisition[174]. - The efficiency ratio (non-GAAP) for 2024 was 55.99%, compared to 51.35% in 2023, indicating a decline in operational efficiency[174]. - Comprehensive income for 2024 was $145,174,000, down from $166,005,000 in 2023[272]. Interest Income and Expense - Net interest income on an FTE basis for 2024 was $337,512,000, a decrease of 4.1% from $351,960,000 in 2023[164]. - The total interest expense for 2024 was $181,066,000, compared to $128,491,000 in 2023, reflecting a significant increase[164]. - Interest income on an FTE basis increased by $38.1 million to $518.6 million in 2024 compared to $480.5 million in 2023, primarily due to higher interest rates on interest-earning assets[181]. - The net interest margin on an FTE basis for 2024 was 3.82%, down from 4.13% in 2023[164]. - Net interest income decreased by $14.6 million, or 4.18%, to $334.8 million in 2024, with a net interest margin (NIM) on a fully taxable equivalent (FTE) basis of 3.82%, down 31 basis points from 4.13% in 2023[171]. Credit Quality and Losses - The allowance for credit losses (ACL) is subject to significant estimation uncertainty, with a potential increase of approximately 75% under a severely adverse economic scenario[155]. - The provision for credit losses significantly decreased to $0.1 million in 2024 from $17.9 million in 2023, reflecting improved asset quality[172]. - Net loan charge-offs for 2024 were $8.3 million, or 0.11% of average loans, down from $13.2 million, or 0.18%, in 2023[186]. - The Allowance for Credit Losses (ACL) was $101.5 million, or 1.31% of total portfolio loans, at December 31, 2024, down from $108.0 million, or 1.41% in 2023, reflecting a $6.5 million decrease due to improved asset quality[230]. Assets and Liabilities - Total assets increased to $9.57 billion in 2024 from $9.28 billion in 2023[180]. - Average shareholders' equity increased to $1.33 billion in 2024 from $1.23 billion in 2023, reflecting growth in the company's capital base[170]. - Total deposits increased to $7,783,117 thousand in 2024, up from $7,521,769 thousand in 2023, representing a growth of approximately 3.5%[270]. - Customer deposits increased by $411.7 million, or 5.8%, to $7.6 billion at December 31, 2024, while brokered deposits decreased by $150.4 million, or 40.0%[193]. - Total borrowings decreased by $253.3 million, from $503.6 million in 2023 to $250.3 million in 2024[239]. Strategic Focus and Future Outlook - The company aims to focus on growing its deposit franchise, core profitability, asset quality, and talent engagement in its strategic priorities for 2025 and beyond[168]. - The bank's management continuously monitors the loan portfolio for potential and emerging risks related to inflation and interest rate changes[257]. - The company plans to monitor its loan strategy and may revert to selling more residential mortgages in the future[215]. Regulatory and Compliance - The leverage ratio stood at 11.98%, significantly above the regulatory guideline of 5.00%[251]. - Common Equity Tier 1 ratio was 14.58%, exceeding the regulatory guideline of 6.50%[251]. - The effective tax rate increased to 20.4% in 2024 from 19.0% in 2023, primarily due to the adoption of new accounting standards[175]. Impairment and Goodwill - Goodwill was tested for impairment as of October 1, 2024, and was concluded to be not impaired[160]. - The company did not recognize any impairment charges on the securities portfolio in 2024, 2023, or 2022, indicating stable credit quality[198].

INDIANA, Pa., Feb. 11, 2025 /PRNewswire/ -- S&T Bank, the wholly owned subsidiary of S&T Bancorp Inc. (NASDAQ: STBA), is proud to announce being named to the Forbes America's Best Banks list for the second consecutive year. Each year, Forbes evaluates the 200 largest publicly traded banks and thrifts by assets and ranks the top 100. "We are incredibly proud to again be recognized among the top performing banks in the country by Forbes," said Chris McComish, chief executive officer of S&T Bank. "By remaining ...

Full Year and Fourth Quarter 2024 Earnings Supplement Forward Looking Statements and Risk Factors This information contains or incorporates statements that we believe are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial ...

Core Insights - S&T Bancorp reported revenue of $94.33 million for Q4 2024, marking an 8.6% year-over-year decline and a surprise of -2.95% compared to the Zacks Consensus Estimate of $97.2 million [1] - The EPS for the quarter was $0.86, down from $0.96 a year ago, but exceeded the consensus estimate of $0.78 by 10.26% [1] Financial Performance Metrics - The Efficiency Ratio (FTE) was reported at 56.9%, slightly above the estimated 56.7% [4] - The Net Interest Margin (FTE) (non-GAAP) remained stable at 3.8%, matching the analyst estimate [4] - Average interest-earning assets totaled $8.86 billion, slightly below the estimated $8.87 billion [4] - Net loan charge-offs were reported at 0%, better than the 0.2% average estimate [4] - Net interest income (FTE) (non-GAAP) was $83.92 million, exceeding the average estimate of $83.65 million [4] - Total Noninterest income was $11.07 million, significantly lower than the estimated $13.95 million [4] Stock Performance - Over the past month, S&T Bancorp shares returned -0.5%, while the Zacks S&P 500 composite increased by 1.2% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

Core Insights - S&T Bancorp reported quarterly earnings of $0.86 per share, exceeding the Zacks Consensus Estimate of $0.78 per share, but down from $0.96 per share a year ago, indicating an earnings surprise of 10.26% [1] - The company posted revenues of $94.33 million for the quarter, missing the Zacks Consensus Estimate by 2.95% and down from $103.17 million year-over-year [2] - The stock has underperformed the market, losing about 0.5% since the beginning of the year compared to the S&P 500's gain of 2.7% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.77 on revenues of $95.9 million, and for the current fiscal year, it is $3.02 on revenues of $388.1 million [7] - The estimate revisions trend for S&T Bancorp is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Banks - Northeast industry, to which S&T Bancorp belongs, is currently in the top 6% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Performance - Net income for Q4 2024 was $33.1 million, or $0.86 per diluted share, compared to $32.6 million, or $0.85 per diluted share in Q3 2024, and $37.0 million, or $0.96 per diluted share in Q4 2023[1][2] - Full year 2024 net income was $131.3 million, down from $144.8 million in 2023, with EPS at $3.41 compared to $3.74 in 2023[2][12] - Net income for Q4 2024 was $33,065,000, down from $37,047,000 in Q4 2023, indicating a decrease of 10.7%[26] - Diluted earnings per share for Q4 2024 was $0.86, compared to $0.96 in Q4 2023, reflecting a decline of 10.4%[26] - Net income for the twelve months ended December 31, 2024, was $131,265,000, down from $144,781,000 in 2023, a decrease of 9.3%[27] Income and Revenue - Net interest income for Q4 2024 was $83.3 million, down from $84.5 million in Q3 2024, with a net interest margin (NIM) of 3.77%[7][10] - Noninterest income decreased by $0.8 million to $11.1 million in Q4 2024 compared to Q3 2024[9] - Total interest and dividend income for Q4 2024 was $127,879,000, a slight increase from $126,706,000 in Q4 2023[26] - Net interest income after provision for credit losses for Q4 2024 was $85,720,000, compared to $84,166,000 in Q4 2023, reflecting a year-over-year increase of 1.3%[26] - For the twelve months ended December 31, 2024, total interest and dividend income was $515,872,000, an increase of 7.9% from $477,901,000 in 2023[27] Assets and Loans - Total assets were $9.7 billion at December 31, 2024, compared to $9.6 billion at September 30, 2024[10] - Total portfolio loans increased by $53.9 million, or 2.79% annualized, compared to September 30, 2024[5][10] - Total portfolio loans reached $7,742,958 thousand in Q4 2024, a slight increase from $7,653,341 thousand in Q4 2023, reflecting a growth of 1.17%[28] - Total commercial loans totaled $5,281,300 thousand in Q4 2024, a decrease of 1.52% from $5,362,993 thousand in Q4 2023[28] - Consumer loans increased to $2,461,658 thousand in Q4 2024, up from $2,290,348 thousand in Q4 2023, reflecting a growth of 7.48%[28] Deposits and Equity - Total deposits increased by $128.3 million, including customer deposit growth of $78.3 million, or 4.15% annualized[5] - Total deposits rose to $7,783,117 thousand in Q4 2024, compared to $7,521,769 thousand in Q4 2023, marking an increase of 3.48%[28] - Total shareholders' equity increased to $1,380,294 thousand in Q4 2024, up from $1,283,445 thousand in Q4 2023, indicating a growth of 7.57%[28] - Average total shareholders' equity increased to $1,330,870 thousand in 2024 from $1,227,332 thousand in 2023[37] Efficiency and Ratios - The efficiency ratio (FTE) for Q4 2024 was 56.93%, compared to 54.12% in Q4 2023, indicating a decline in operational efficiency[26] - Return on average assets (ROA) for Q4 2024 was 1.37%, and return on average equity (ROE) was 9.57%[5] - Return on average assets for Q4 2024 was 1.37%, slightly down from 1.55% in Q4 2023[26] - Return on average tangible shareholders' equity (non-GAAP) was 13.25% in Q4 2024, down from 17.00% in Q4 2023[35] - The Tier 1 leverage ratio improved to 11.98% in Q4 2024, up from 11.21% in Q4 2023[28] Nonperforming Assets and Credit Losses - Nonperforming assets remained low at $27.9 million, or 0.36% of total loans plus other real estate owned (OREO), compared to 0.41% at September 30, 2024[5][8] - Total nonaccrual loans increased to $27,937 thousand in Q4 2024, representing 0.36% of total loans, compared to $31,889 thousand (0.41%) in Q3 2024 and $22,947 thousand (0.30%) in Q4 2023[33] - Net loan charge-offs for the twelve months ended December 31, 2024, were $8,280 thousand, a decrease from $13,182 thousand in 2023[34] - The allowance for credit losses decreased to $101,494 thousand in Q4 2024 from $107,966 thousand in Q4 2023, a reduction of 6.03%[28] Dividends - The Board of Directors approved a cash dividend of $0.34 per share, an increase of $0.01, or 3.03%, compared to the prior year[17] - The company declared dividends of $0.34 per share in Q4 2024, up from $0.33 in Q4 2023, reflecting a 3.0% increase[26]

Core Points - S&T Bancorp, Inc. has approved a cash dividend of $0.34 per share, marking an increase of $0.01 or 3.03% from the previous year's dividend of $0.33 [1] - The annualized yield based on the closing price of $38.16 on January 28, 2025, is 3.56% [1] - The dividend will be payable on February 27, 2025, to shareholders of record on February 13, 2025 [1] Company Overview - S&T Bancorp, Inc. is a bank holding company with total assets of $9.6 billion, headquartered in Indiana, Pennsylvania [2] - The company trades on the NASDAQ Global Select Market under the symbol STBA and its principal subsidiary, S&T Bank, was established in 1902 [2] - S&T Bank operates in Pennsylvania and Ohio [2]

Financial Performance - For the three months ended September 30, 2024, total interest and dividend income was $131.474 million, compared to $122.959 million for the same period in 2023, representing a year-over-year increase of 10.3%[106] - Net interest income for the three months ended September 30, 2024, was $84.477 million, down from $87.387 million in the same period of 2023, reflecting a decrease of 2.1%[106] - Net income for the three months ended September 30, 2024, was $32.6 million, a decrease of 2.6% from $33.5 million in the same period in 2023[111] - Earnings per share (diluted) for the three months ended September 30, 2024, was $0.85, down from $0.87 in the same period in 2023[111] - Noninterest income decreased by $0.3 million, or 2.47%, for the three months ended September 30, 2024, compared to the same period in 2023[112] - Noninterest expense increased by $2.6 million, or 4.86%, for the three months ended September 30, 2024, compared to the same period in 2023[112] Asset and Liability Management - As of September 30, 2024, S&T Bancorp, Inc. has total assets of $9.6 billion[110] - Total assets increased to $9,573,413,000, while total liabilities and shareholders' equity also rose to $9,573,413,000[118] - Total loans increased to $7.67 billion for the three months ended September 30, 2024, compared to $7.41 billion in the same period in 2023[115] - Total deposits increased by $133.1 million to $7.65 billion at September 30, 2024, compared to December 31, 2023, representing a growth of 1.8%[142] - Customer deposits grew by $333.4 million, or 4.7%, compared to December 31, 2023, driven by a focus on expanding the deposit franchise[143] - Total borrowings decreased by $165.2 million to $338.4 million at September 30, 2024, primarily due to strong growth in customer deposits[144] Credit Quality - The provision for credit losses decreased to a negative $0.5 million for the three months ended September 30, 2024, compared to $5.5 million for the same period in 2023[112] - Net loan charge-offs were $2.1 million for the three months ended September 30, 2024, compared to $3.7 million for the same period in 2023[123] - Nonaccrual loans increased to $31.9 million at September 30, 2024, compared to $22.9 million at December 31, 2023, primarily due to a $16.3 million commercial real estate relationship[140] - The allowance for credit losses (ACL) decreased to $104.3 million, or 1.36% of total portfolio loans, down from $108.0 million or 1.41% at December 31, 2023[139] Strategic Focus - The company aims to focus on deposit franchise, core profitability, asset quality, and talent engagement as strategic priorities for 2024 and beyond[110] - The bank's asset-sensitive balance sheet implies that in a rising interest rate environment, net interest income and operating income are expected to increase[158] Regulatory Capital - The leverage ratio improved to 11.70% at September 30, 2024, compared to 11.21% at December 31, 2023, exceeding the well-capitalized regulatory guideline of 5.00%[151] - The risk-based Common Equity Tier 1 ratio increased to 14.37% at September 30, 2024, compared to 13.37% at December 31, 2023, also above the well-capitalized regulatory guideline of 6.50%[151] Interest Rate Sensitivity - The rate shock analysis indicated a 2.0% increase in pretax net interest income over 1-12 months with a 400 basis point increase in interest rates as of September 30, 2024[156] - The economic value of equity (EVE) showed a decline of 32.3% with a 400 basis point increase in interest rates over the 1-12 month period[156] - The percentage change in pretax net interest income in the rates down scenarios showed a decline due to changes in the bond portfolio mix and upcoming maturities[158] Market Risk Management - The bank's market risk stress tests include sensitivity analyses and simulations to identify the impact of interest rate changes on earnings and capital[158] - The company performs a market risk stress test at least annually, which includes sensitivity analyses and simulations[158]

Core Insights - S&T Bank CEO Chris McComish has been awarded the 2024 Pittsburgh Business Times C-Suite award, recognizing his leadership and contributions to the bank's success [1][3][4] Company Performance - Under McComish's leadership since August 2021, S&T Bank has redefined its strategic direction, resulting in record earnings per share and net income for both 2022 and 2023 [4][5] - S&T Bancorp, Inc. is a $9.6 billion bank holding company headquartered in Indiana, Pennsylvania, with its principal subsidiary, S&T Bank, established in 1902 [4] Leadership and Community Involvement - The C-Suite award honors executives for their business acumen, leadership, and community involvement, with nominees selected from C-level executives in the Pittsburgh metro area [3] - McComish emphasized the collective efforts of the S&T Bank team in achieving their goals and the importance of community recognition [5] Recognition and Future Outlook - The award reflects the hard work of the entire S&T Bank team and the bank's commitment to a people-forward purpose [5] - S&T Bank's Board of Directors Chairman praised McComish for his inspiring leadership and dedication to community service, highlighting the bank's two record years of financial performance [5]