S&T Bancorp(US:STBA)2024-07-18 11:30Financial Performance - Net income for Q2 2024 was $34.4 million, or $0.89 per diluted share, compared to $31.2 million, or $0.81 per diluted share in Q1 2024[18]. - Net income for Q2 2024 was $138,239 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, 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, 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 $13.3 million in Q2 2024 compared to $12.8 million in Q1 2024[7]. - Noninterest income increased to $13,305 thousand in Q2 2024 from $12,830 thousand in Q1 2024[40]. - Total Interest and Dividend Income for Q2 2024 was $128,765, an increase of 9.7% from $117,333 in Q2 2023[50]. - Net Interest Income After Provision for Credit Losses rose to $83,172 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 $57.5 million, or 3.02% annualized, to $7.7 billion compared to Q1 2024[26]. - Total loans increased to $7.67 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 $9.6 billion at June 30, 2024, compared to $9.5 billion at March 31, 2024[26]. - Total assets increased to $9,635,462 thousand in Q2 2024, up from $9,252,922 thousand in Q2 2023, representing a growth of 4.14%[52]. - Total portfolio loans reached $7,713,570 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 $155.1 million, or 8.63% annualized, resulting in total deposit growth of $80.0 million for Q2 2024[20]. - Total interest-bearing deposits increased to $5.39 billion, up from $4.68 billion year-over-year, reflecting a growth of approximately 15.2%[36]. - Total deposits rose to $7,680,336 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 $0.9 million to $53.6 million compared to $54.5 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 $49,633 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 $106.2 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 $388 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 $1.30 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 $1,321,443 thousand in Q2 2024, up from $1,212,853 thousand in Q2 2023, a rise of 8.95%[52]. - Tangible common equity increased to $1,321,443 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 $338,956 thousand annualized, compared to $356,022 thousand in Q2 2023, a decline of 4.78%[61].