S&T Bancorp, Inc. Announces Second Quarter 2016 Results and Declares Second Quarter Dividend

Noninterest Income and Expense

Noninterest income decreased $3.4 million to $12.4 million for the second quarter of 2016 compared to $15.8 million in the first quarter of 2016. During the first quarter of 2016 approximately $3.1 million of gains were recognized including a $2.1 million gain for the sale of the credit card portfolio and a $1.0 million curtailment gain related to the freezing of our qualified and nonqualified defined benefit pension plans. Insurance fees decreased $0.6 million primarily due to annual profit sharing received from insurance carriers during the first quarter of 2016.

Noninterest expense decreased $3.6 million to $34.8 million compared to $38.4 million for the first quarter of 2016 primarily due to a decrease in salaries and employee benefits of $3.3 million. Approximately $2.8 million of the decrease related to reductions in benefit accruals and employee incentive plans. Additionally, $0.5 million of the decrease related to pension expense from freezing our qualified and nonqualified defined benefit pension plans at the end of the first quarter of 2016. Other expense decreased $0.7 million primarily due to the timing of charitable contributions. The increase in data processing of $0.6 million related to the timing of projects.

Financial Condition

Total assets increased $195 million to $6.7 billion at June 30, 2016 compared to $6.5 billion at March 31, 2016. Commercial loans grew $199 million during the quarter, or a 20.1% annualized rate, with growth in all commercial categories. Consumer loans grew $12.5 million, or a 4.2% annualized rate, with growth in residential mortgage and home equity loans. Total deposits increased $102 million, or an 8.2% annualized rate, to over $5.1 billion at June 30, 2016 as a result of our strategic focus to increase customer deposits. S&T's risk-based capital ratios decreased slightly this quarter due to strong risk weighted asset growth. All capital ratios remain above the well-capitalized thresholds of federal bank regulatory agencies.

Dividend

The Board of Directors of S&T declared a $0.19 per share cash dividend at its regular meeting held July 18, 2016. The dividend is payable August 18, 2016 to shareholders of record on August 4, 2016. Dividends declared in the second quarter of 2016 increased to $0.19, or 5.6%, compared to $0.18 for the second quarter of 2015.

Conference Call

S&T will host its second quarter 2016 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, July 21, 2016. To access the webcast, go to S&T's webpage at www.stbancorp.com and click on "Events & Presentations." Select "2nd Quarter 2016 Conference Call" and follow the instructions.

About S&T Bancorp, Inc. and S&T Bank

S&T Bancorp, Inc. is a $6.7 billion bank holding company that is headquartered in Indiana, Pa. and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was established in 1902, and operates locations in Pennsylvania, Ohio and New York. For more information visit www.stbancorp.com or www.stbank.com.

This information may contain forward-looking statements regarding future financial performance which are not historical facts and which involve risks and uncertainties. Actual results and performance could differ materially from those anticipated by these forward-looking statements. Factors that could cause such a difference include, but are not limited to, general economic conditions, change in interest rates, deposit flows, loan demand, and asset quality, including real estate and other collateral values and competition. In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), S&T management uses and this press release contains or references, certain non-GAAP financial measures, such as net interest income on a fully taxable equivalent basis. S&T believes these non-GAAP financial measures provide information useful to investors in understanding our underlying operational performance and our business and performance trends as they facilitate comparisons with the performance of others in the financial services industry. Although S&T believes that these non-GAAP financial measures enhance investors' understanding of S&T's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. A reconciliation of these non-GAAP financial measures is presented in the attached selected financial data spreadsheet. This information should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K for S&T Bancorp, Inc. and subsidiaries.

S&T  Bancorp, Inc. Consolidated Selected Financial Data Unaudited
		2016			2016			2015
		Second			First			Second
(dollars in thousands, except per share data)		Quarter			Quarter			Quarter
INTEREST INCOME
Loans, including fees		$52,019			$51,158			$48,933
Investment securities:
Taxable		2,580			2,553			2,394
Tax-exempt		915			942			998
Dividends		336			366			286
Total Interest Income		55,850			55,019			52,611
INTEREST EXPENSE
Deposits		5,029			4,254			3,051
Borrowings and junior subordinated debt securities		1,113			1,128			749
Total Interest Expense		6,142			5,382			3,800
NET INTEREST INCOME		49,708			49,637			48,811
Provision for loan losses		4,848			5,014			2,059
Net Interest Income After Provision for Loan Losses		44,860			44,623			46,752
NONINTEREST INCOME
Securities (losses) gains, net		—			—			(34)
Service charges on deposit accounts		3,065			2,999			2,877
Debit and credit card fees		2,869			2,786			3,020
Wealth management fees		2,630			2,752			2,930
Insurance fees		1,205			1,774 Werbung Mehr Nachrichten zur S&T Bancorp Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 11:45 - PR Newswire Invesco Bond Income Plus Ltd - Issue of Equity 11:31 - PR Newswire Oxford Instruments Plc - Holding(s) in Company 10:59 - PR Newswire BlackRock Income and Growth Investment Trust Plc - Transaction in Own Shares Solarboom 2024:    5 Gründe die für diese Aktie sprechen… weiterlesen» Anzeige wo-site-teaser-box-16746_site-teaser-box_2024-04-24_08%253A00%253A00_2024-04-25_09%253A00%253A59