S&T Bancorp ( (STBA) ) has released its Q4 earnings. Here is a breakdown of the information S&T Bancorp presented to its investors.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
S&T Bancorp, Inc., a bank holding company based in Indiana, Pennsylvania, operates S&T Bank, providing a range of financial services in the banking sector across Pennsylvania and Ohio.
In its latest earnings report, S&T Bancorp announced a net income of $33.1 million for the fourth quarter of 2024, slightly up from the previous quarter but down from the same quarter last year. The company reported full-year 2024 net income of $131.3 million, a decrease from 2023, which was a record year due to the positive impact of rising interest rates.
Key financial highlights for the fourth quarter of 2024 include a stable net interest margin of 3.77% and total portfolio loans increasing by $53.9 million. The company also saw an improvement in asset quality, as evidenced by a negative provision for credit losses of $2.5 million and net recoveries of $0.1 million. For the full year, S&T experienced a slight dip in net interest income and noninterest income, influenced by higher interest rates and realized losses from securities repositioning.
Looking ahead, S&T Bancorp’s management remains optimistic about the company’s growth prospects as it enters 2025, buoyed by consistent deposit growth and improved asset quality. The firm continues to maintain robust capital levels, positioning it well for future expansion.
