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S&T BANCORP ANNOUNCES SECOND QUARTER EARNINGS

 INDIANA, Pa., July 20 /PRNewswire/ -- S&T Bancorp (NASDAQ-NMS: STBA) reported today second quarter 1993 net income of $4.1 million or $0.72 per share, compared with $3.7 million or $0.66 per share in the second quarter of 1992.
 This 9 percent increase in net income was due primarily to stronger net interest income.
 Net income for the six months ending June 30, 1993, increased 20 percent to approximately $8.0 million vs. $6.7 million in 1992. Earnings per share increased 19 percent to $1.42 from $1.19 in the first half of 1992.
 Robert D. Duggan, chairman and chief executive officer of S&T Bancorp, commented, "We are very pleased that the strong earnings trend at S&T continued in the second quarter. Loans have increased approximately $35 million since year end for an annualized increase of 10 percent. This increase, combined with the prudent management of investment portfolio, has allowed us to leverage our strong capital position and generate additional net interest income. In the second quarter of 1992, S&T benefited from a $1.1 million settlement for Pennsylvania Shares Taxes and a $355,000 gain from the sale of two branches. In this year's second quarter, we recognized somewhat larger than normal security gains of $381,000. In addition, we decided to expense approximately $400,000 in expected costs which are associated with our planned conversion to Marshall and Ilsley's data processing systems."
 Total assets rose approximately 2 percent during the quarter to $1.136 billion as of June 30, 1993. Shareholders' equity increased to $114.7 million or 10.1 percent of assets. Book value per share as of June 30, 1993, was $20.44 and adjusted book value per share for the after-tax unrealized appreciation in equities in the S&T Investment Company was $22.52.
 Duggan added, "Our two key measurements of financial performance are also on track toward achieving our long-term targets. Return on assets was 1.43 percent for the quarter and return on equity was 14.25 percent. While both measures were down slightly from the first quarter, they are up significantly from the 1992 results, and we are closing in on our longer term goals of 1.5 percent return on assets and 15 percent return on equity."
 The net interest margin was 4.84 percent on a fully taxable equivalent basis (FTE) for the second quarter, compared with 4.97 percent (FTE) in the first quarter of 1993. Net interest income, however, increased 1.2 percent over the first quarter due to a 2.9 percent increase in earning assets.
 Asset quality measurements continued to be excellent. Nonperforming loans totaled $4.8 million at June 30, 1993, compared with $4.6 million and $4.0 million at June 30, 1992, and March 31, 1993, respectively. The allowance for loan losses amounted to $13.2 million at June 30, 1993, providing coverage of nonperforming loans of 276 percent.
 On June 21, 1993, the board of directors of S&T Bancorp, Inc. increased the quarterly dividend 14 percent to $0.25 per share from $0.22 per share.
 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- 7/20/93
 /CONTACT: James Barone of S&T Bancorp, 412-465-1417/
 (STBA)


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

DM-CC -- PG002 -- 6571 07/20/93 08:40 EDT
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Date:Jul 20, 1993
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