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S&T Bancorp(STBA) - 2024 Q2 - Quarterly Results
STBAS&T Bancorp(STBA)2024-07-18 11:30

Financial Performance - Net income for Q2 2024 was 34.4million,or34.4 million, or 0.89 per diluted share, compared to 31.2million,or31.2 million, or 0.81 per diluted share in Q1 2024[18]. - Net income for Q2 2024 was 138,239thousand,anincreasefrom138,239 thousand, an increase from 125,643 thousand in Q1 2024, representing a growth of 10.7%[40]. - Net Income for Q2 2024 was 34,371,comparedto34,371, compared to 34,467 in Q2 2023, showing a slight decrease of 0.3%[50]. - Diluted earnings per share for Q2 2024 were 0.89,unchangedfromQ22023[50].RevenueandIncome−Pre−provisionnetrevenuetoaverageassets(PPNR)was1.820.89, unchanged from Q2 2023[50]. Revenue and Income - Pre-provision net revenue to average assets (PPNR) was 1.82% in Q2 2024, up from 1.76% in Q1 2024[1]. - Noninterest income increased by 0.5 million to 13.3millioninQ22024comparedto13.3 million in Q2 2024 compared to 12.8 million in Q1 2024[7]. - Noninterest income increased to 13,305thousandinQ22024from13,305 thousand in Q2 2024 from 12,830 thousand in Q1 2024[40]. - Total Interest and Dividend Income for Q2 2024 was 128,765,anincreaseof9.7128,765, an increase of 9.7% from 117,333 in Q2 2023[50]. - Net Interest Income After Provision for Credit Losses rose to 83,172inQ22024,comparedto83,172 in Q2 2024, compared to 77,594 in Q2 2023, reflecting a growth of 7.3%[50]. Asset and Loan Growth - Total portfolio loans increased by 57.5million,or3.0257.5 million, or 3.02% annualized, to 7.7 billion compared to Q1 2024[26]. - Total loans increased to 7.67billioninthefirsthalfof2024,upfrom7.67 billion in the first half of 2024, up from 7.24 billion in the same period of 2023, representing a growth of approximately 6.0%[36]. - Total assets were 9.6billionatJune30,2024,comparedto9.6 billion at June 30, 2024, compared to 9.5 billion at March 31, 2024[26]. - Total assets increased to 9,635,462thousandinQ22024,upfrom9,635,462 thousand in Q2 2024, up from 9,252,922 thousand in Q2 2023, representing a growth of 4.14%[52]. - Total portfolio loans reached 7,713,570thousandinQ22024,upfrom7,713,570 thousand in Q2 2024, up from 7,319,611 thousand in Q2 2023, reflecting a growth of 5.39%[52]. Deposits and Funding - Customer deposits grew by 155.1million,or8.63155.1 million, or 8.63% annualized, resulting in total deposit growth of 80.0 million for Q2 2024[20]. - Total interest-bearing deposits increased to 5.39billion,upfrom5.39 billion, up from 4.68 billion year-over-year, reflecting a growth of approximately 15.2%[36]. - Total deposits rose to 7,680,336thousandinQ22024,comparedto7,680,336 thousand in Q2 2024, compared to 7,141,210 thousand in Q2 2023, marking an increase of 7.54%[52]. Efficiency and Expenses - Total noninterest expense decreased by 0.9millionto0.9 million to 53.6 million compared to 54.5millioninQ12024[25].−Efficiencyratiodecreasedto54.9454.5 million in Q1 2024[25]. - Efficiency ratio decreased to 54.94% in Q2 2024 from 56.21% in Q1 2024, indicating improved operational efficiency[40]. - Total Noninterest Expense increased to 53,608 in Q2 2024, up from 49,633inQ22023,representinganincreaseof8.449,633 in Q2 2023, representing an increase of 8.4%[50]. Credit Quality - Nonperforming assets remained low at 35.0 million, or 0.45% of total loans plus other real estate owned, compared to 0.44% in Q1 2024[2]. - The allowance for credit losses was 106.2million,or1.38106.2 million, or 1.38% of total portfolio loans, as of June 30, 2024[6]. - Nonaccrual loans totaled 34.86 million, representing 0.45% of total loans, compared to 0.20% in the second quarter of 2023[39]. - The net loan charge-offs were 388thousandinQ22024,adecreasefrom388 thousand in Q2 2024, a decrease from 10,967 thousand in Q2 2023, indicating improved loan performance[55]. Shareholder Equity - The company reported a total of 1.30billioninshareholders′equityasofJune30,2024,comparedto1.30 billion in shareholders' equity as of June 30, 2024, compared to 1.22 billion a year earlier, marking an increase of about 6.1%[36]. - Total shareholders' equity increased to 1,321,443thousandinQ22024,upfrom1,321,443 thousand in Q2 2024, up from 1,212,853 thousand in Q2 2023, a rise of 8.95%[52]. - Tangible common equity increased to 1,321,443thousandinQ22024from1,321,443 thousand in Q2 2024 from 1,212,853 thousand in Q2 2023, representing a growth of 8.95%[61]. Interest Margin - Net interest margin (NIM) increased to 3.85% in Q2 2024 from 3.84% in Q1 2024[1]. - The net interest margin (FTE) for the first six months of 2024 was 3.84%, down from 4.27% in the same period of 2023[36]. - Net interest margin rate (FTE) for Q2 2024 was 338,956thousandannualized,comparedto338,956 thousand annualized, compared to 356,022 thousand in Q2 2023, a decline of 4.78%[61].