S&T Bancorp(STBA) - 2024 Q4 - Annual Results

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]