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S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2024 Results
TBBKThe Bancorp(TBBK) Prnewswire·2025-01-30 12:30

Core Insights - S&T Bancorp, Inc. reported a net income of 33.1millionforQ42024,anincreasefrom33.1 million for Q4 2024, an increase from 32.6 million in Q3 2024 but a decrease from 37.0millioninQ42023[1][2]−Forthefullyear2024,netincomewas37.0 million in Q4 2023 [1][2] - For the full year 2024, net income was 131.3 million, down from 144.8millionin2023,withearningsperdilutedshare(EPS)at144.8 million in 2023, with earnings per diluted share (EPS) at 3.41 compared to 3.74in2023[2][13]FourthQuarter2024Highlights−NetinterestincomeforQ42024was3.74 in 2023 [2][13] Fourth Quarter 2024 Highlights - Net interest income for Q4 2024 was 83.3 million, a slight decrease from 84.5millioninQ32024,attributedtolowerinterestincomeonloansduetodeclininginterestrates[6]−Thenetinterestmargin(NIM)onafullytaxableequivalentbasis(FTE)was3.7784.5 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 128.3million[7][11]−Nonperformingassetsremainedlowat128.3 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 515.9million,whiletotalinterestexpenseincreasedto515.9 million, while total interest expense increased to 181.1 million, resulting in a net interest income of 334.8million[14][29]−Noninterestincomedecreasedto334.8 million [14][29] - Noninterest income decreased to 49.1 million from 57.6millionin2023,primarilyduetorealizedlossesfromrepositioningsecurities[15]−Noninterestexpenseincreasedto57.6 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 0.1millioncomparedto0.1 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 9.7billion,upfrom9.7 billion, up from 9.6 billion at the end of Q3 2024 [11] - The allowance for credit losses was 101.5million,or1.31101.5 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]