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S&T BANCORP ANNOUNCES FIRST QUARTER EARNINGS

 INDIANA, Pa., April 20 /PRNewswire/ -- S&T Bancorp (NASDAQ-NMS: STBA) reported today first quarter 1993 net income of $3.9 million or $0.70 per share compared with $2.9 million or $0.53 per share for the 1992 first quarter.
 This 32 percent increase in earnings per share resulted primarily from a 20 percent increase in net interest income.
 "We are very pleased with the outstanding results achieved during the first quarter as all key profitability ratios improved," Robert D. Duggan, chairman and chief executive officer of S&T Bancorp, said. S&T's return on average assets improved to 1.44 percent for the first quarter of 1993 vs. 1.13 percent in the first quarter of last year and 1.36 percent in the fourth quarter of 1992. Return on average equity improved to 14.42 percent from 11.96 percent and 13.96 percent in the first and fourth quarters of 1992, respectively. Non-interest income increased 8.7 percent and non-interest expenses increased only 4.2 percent year over year. This contributed to an improvement in the efficiency ratio to 51.6 percent from 58.0 percent in 1992's first quarter.
 Total assets at March 31, 1993, exceeded $1.1 billion, representing a 5.3 percent increase as compared to the March 31, 1992, balances. Earning assets increased 6.2 percent, and this increase, combined with an improvement in the net interest margin from 4.37 percent to 4.97 percent, resulted in the 20 percent rise in net interest income. While total deposits decreased approximately 4 percent due to the sale of two branches and the lower interest rate environment, the increase in earning assets was supported by higher levels of securities sold under repurchase agreements as well as long-term borrowings from the Federal Home Loan Bank. These borrowings are an attractive source of funds because they are not subject to the FDIC assessment.
 Duggan added, "While the economy has been slow to rebound in most of our market areas, S&T's loan portfolio has grown 13 percent since the first quarter of 1992. This loan growth resulted primarily from increases in commercial loans and residential mortgages. I am proud of our lending staff as most of these loans were the result of increased business development efforts and increased market share rather than economic expansion in our markets."
 Asset quality measurements continued to be strong although nonperforming loans increased slightly to $4.0 million or 0.56 percent of total loans compared with $3.6 million or 0.52 percent of total loans as of Dec. 31, 1992. Total nonperforming assets increased from $4.7 million on Dec. 31, 1992, to $5.7 million as of March 31, 1993. S&T's allowance for loan losses totaled $12.7 million or 1.78 percent of total loans as of March 31, 1993.
 At March 31, 1993, the corporation had approximately $112 million of equity capital, resulting in an equity/asset ratio of 10.0 percent and total risk-based capital ratio of 16.6 percent. Book value per share increased to $19.95 at March 31, 1993. S&T Bancorp's wholly owned subsidiary, S&T Investment Company, had pre-tax unrealized appreciation in its marketable equity portfolio of $17.5 million, which adds additional strength to the corporation's balance sheet. Duggan added "Our conservative philosophy has allowed us to prosper in tough economic times, and our financial strength will allow us to take advantage of banking opportunities in our markets in the future."
 S&T Bank, the principal subsidiary of S&T Bancorp, operates 33 offices in Allegheny, Armstrong, Clearfield, Jefferson, Indiana and Westmoreland counties. S&T Bancorp stock trades on the NASDAQ National Market System under the symbol STBA.
 -0- 4/20/93
 /CONTACT: James Barone of S&T Bancorp, 412-465-1417/
 (STBA)


CO: S&T Bancorp ST: Pennsylvania IN: FIN SU: ERN

DM-DD -- PG003 -- 7794 04/20/93 08:40 EDT
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Date:Apr 20, 1993
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