S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2024 Results

Core Insights - S&T Bancorp, Inc. reported a net income of $33.1 million for Q4 2024, an increase from $32.6 million in Q3 2024 but a decrease from $37.0 million in Q4 2023 [1][2] - For the full year 2024, net income was $131.3 million, down from $144.8 million in 2023, with earnings per diluted share (EPS) at $3.41 compared to $3.74 in 2023 [2][13] Fourth Quarter 2024 Highlights - Net interest income for Q4 2024 was $83.3 million, a slight decrease from $84.5 million in Q3 2024, attributed to lower interest income on loans due to declining interest rates [6] - The net interest margin (NIM) on a fully taxable equivalent basis (FTE) was 3.77%, down from 3.82% in the previous quarter [7] - Total portfolio loans increased by $53.9 million, or 2.79% annualized, while total deposits rose by $128.3 million [7][11] - Nonperforming assets remained low at $27.9 million, or 0.36% of total loans plus other real estate owned (OREO) [9] Full Year 2024 Highlights - Total interest income for 2024 was $515.9 million, while total interest expense increased to $181.1 million, resulting in a net interest income of $334.8 million [14][29] - Noninterest income decreased to $49.1 million from $57.6 million in 2023, primarily due to realized losses from repositioning securities [15] - Noninterest expense increased to $218.9 million, driven by higher salaries and employee benefits [16][29] - The provision for credit losses was only $0.1 million compared to $17.9 million in 2023, indicating significant improvement in asset quality [18] Financial Condition - Total assets as of December 31, 2024, were $9.7 billion, up from $9.6 billion at the end of Q3 2024 [11] - The allowance for credit losses was $101.5 million, or 1.31% of total portfolio loans, down from 1.41% at the end of 2023 [18][30] - S&T maintained a strong regulatory capital position with all capital ratios above the well-capitalized thresholds [12] Dividend Information - The Board of Directors approved a cash dividend of $0.34 per share, an increase of 3.03% from the previous year [19]