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S&T Bancorp (STBA) in Indiana, Pa., saw its first-quarter profits rise 14% from the same period last year, to $14 million, due to organic loan growth, and improved expense control and asset quality.
May 1 -
United Community Financial (UCFC) in Youngstown, Ohio, has hired an outside executive to become its next president and chief executive.
March 18 -
S&T Bank (STBA) has opened a new branch in State College, Pa., and hired two local community bankers to expand its presence in the region.
March 3
S&T Bancorp in Indiana, Pa., reported higher quarterly profit that benefited from loan growth and improved asset quality.
The $4.9 billion-asset company's third-quarter earnings rose 20% from a year earlier, to $14.7 million. Earnings per share of 49 cents beat the average estimate of analysts polled by Bloomberg by 2 cents.
Net interest income jumped 6%, to $37.5 million, after the loan book increased by 8%, to $3.8 billion. The company said its commercial and consumer loans rose by 11% and 2%, respectively. The third quarter was the ninth straight quarter where S&T had organic loan growth. The net interest margin held steady, at 3.50%.
The company's asset quality remains strong. Nonperforming loans fell 63%, to $13.5 million. Net chargeoffs were $700,000 in the third quarter compared to $1.5 million a year earlier.
Noninterest expenses rose 2%, to $28.4 million.
