S&T Bancorp(STBA) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2025 was $33.4 million, or$ 0.87 per diluted share, compared to $33.1 million, or$ 0.86 per diluted share in Q4 2024[1] - Net income for Q1 2025 was $33,401,000, representing a slight increase of 1.0% from$ 33,065,000 in Q4 2024[16] - Diluted earnings per share for Q1 2025 rose to $0.87, up from$ 0.86 in Q4 2024, indicating a growth of 1.2%[16] Asset and Loan Growth - Total portfolio loans increased by $93.4 million, or 4.89% annualized, compared to December 31, 2024[3] - Total assets increased to$ 9,718,276,000 in Q1 2025, compared to $9,657,972,000 in Q4 2024, marking a growth of 0.6%[17] - Total deposits rose by$ 109.8 million, or 5.72% annualized, with customer deposit growth of $134.7 million, or 7.23% annualized[7] - Total deposits reached$ 7,892,933,000 in Q1 2025, an increase of 1.4% from $7,783,117,000 in Q4 2024[17] - Average interest-earning assets rose to$ 8,899,485 thousand in Q1 2025, compared to $8,860,338 thousand in Q4 2024[22] Profitability Ratios - Return on average assets (ROA) was 1.41%, return on average equity (ROE) was 9.67%, and return on average tangible equity (ROTE) was 13.29%, showing slight improvements from Q4 2024[3] - The return on average assets for Q1 2025 was 1.41%, up from 1.37% in Q4 2024, reflecting improved asset efficiency[16] - Return on average tangible shareholders' equity (non-GAAP) was 13.29% in Q1 2025, slightly up from 13.25% in Q4 2024[20] Nonperforming Assets and Credit Quality - Nonperforming assets decreased by$ 5.5 million to $22.4 million, or 0.29% of total loans plus other real estate owned (OREO)[3] - Total nonperforming assets decreased to$ 22,368 thousand in Q1 2025 from $27,945 thousand in Q4 2024, a reduction of 20.1%[19] - Total nonaccrual loans decreased to$ 22,339 thousand in Q1 2025 from $27,937 thousand in Q4 2024, representing a decline of 20.5%[19] - The allowance for credit losses (ACL) was$ 99.0 million, or 1.26% of total portfolio loans, down from 1.31% at the end of Q4 2024[5] - Allowance for credit losses to total portfolio loans was 1.26% in Q1 2025, down from 1.31% in Q4 2024[19] - Net loan charge-offs were ( $27) thousand in Q1 2025, a significant improvement compared to ($ 58) thousand in Q4 2024[19] Income and Expense Analysis - Total interest and dividend income for Q1 2025 was $124,848,000, a decrease of 2.4% from Q4 2024's$ 127,879,000[16] - Net interest income after provision for credit losses increased to $86,363,000 in Q1 2025, compared to$ 85,720,000 in Q4 2024, reflecting a growth of 0.8%[16] - Total noninterest income decreased to $10,429,000 in Q1 2025, down 6.0% from$ 11,071,000 in Q4 2024[16] - Noninterest income decreased by $0.7 million to$ 10.4 million due to seasonally slower customer activity[6] Capital Position - The company maintains a strong regulatory capital position with all capital ratios above the well-capitalized thresholds[8] - Shareholders' equity as a percentage of total assets improved to 14.59% in Q1 2025, compared to 14.29% in Q4 2024, demonstrating stronger capital position[17] Efficiency Metrics - The efficiency ratio (FTE) for Q1 2025 was 56.99%, slightly higher than 56.93% in Q4 2024, indicating a marginal increase in operational costs relative to income[16] - Efficiency ratio (non-GAAP) was 56.99% in Q1 2025, slightly higher than 56.93% in Q4 2024[20] Interest Margin - Net interest margin (NIM) on a fully taxable equivalent basis increased by 4 basis points to 3.81% compared to 3.77% in Q4 2024[4] - Net interest margin (FTE) improved to 3.81% in Q1 2025 compared to 3.77% in Q4 2024[22] Tangible Book Value - Tangible book value increased to $27.24 in Q1 2025, up from$ 26.25 in Q4 2024, reflecting a growth of 3.8%[20]