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 INDIANA, Pa., Oct. 19 /PRNewswire/ -- S&T Bancorp (NASDAQ-NMS: STBA) announced today net income of $4,172,000 for the three months ended Sept. 30, 1993, compared with net income of $3,808,000 for the same period in 1992.
 Earnings per share increased 9 percent to $0.74 for the quarter from $0.68 in the third quarter of 1992.
 Net income for the nine months ended Sept. 30, 1993, was $12,159,000, 16 percent higher than the $10,466,000 earned in the first nine months of 1992. Earnings per share increased 16 percent to $2.17 from $1.87 for the respective nine-month periods.
 The corporation's total assets at Sept. 30, 1993, were $1,154,567,000, which represented an increase of 4 percent over the Sept. 30, 1992, totals. Total loans were $746,146,000, an increase of $87,000,000 or 13 percent from Sept. 30, 1992.
 Commenting on the results, Robert D. Duggan, chairman and chief executive officer of S&T Bancorp, said, "We were able to continue our strong earnings performance this quarter by increasing our earning assets, reducing our credit costs and significantly increasing our non-interest income compared with the third quarter of 1992. We also absorbed approximately $630,000 in non-recurring expenses during the quarter which resulted from the establishment of an S&T Charitable Foundation."
 Return on average assets was 1.45 percent for the quarter and 1.44 percent for the nine months ending Sept. 30, 1993, compared with 1.38 percent and 1.30 percent for the respective periods in 1992. Return on average equity was 14.13 percent and 14.28 percent for the three- and nine-month periods of 1993, and 14.43 percent and 13.70 percent for the comparable periods in 1992.
 Asset quality continues to be excellent. The loan loss provision for the third quarter was $900,000, the same as the first and second quarters of 1993, but a decrease from the $1,400,000 in the third quarter of 1992. Net charge-offs were $336,000 and $1,007,000 for the three- and nine-month periods ended Sept. 30, 1993. As a result, the allowance for possible loan losses is $13,722,000 at Sept. 30, 1993, or 1.84 percent of total loans. Nonperforming loans decreased $1,758,000, from June 30, 1993 and totaled $3,015,000, at Sept. 30, 1993.
 The net interest margin was 4.83 percent for the third quarter of 1993, approximately flat with the second quarter margin of 4.84 percent. Net interest income on a fully tax equivalent basis increased 1 percent from the second quarter of 1993, and 5 percent over the third quarter of 1992. Both increases were due primarily to an increase in earning assets.
 Non-interest income increased 42 percent to $1,911,000 for the recent quarter from $1,348,000 a year earlier and $1,608,000 in the second quarter of 1993. Trust income, service charges on deposit accounts and security gains contributed to this increase.
 Total shareholders' equity increased 11 percent to $117,812,000 from $106,092,000 one year earlier. The equity to asset ratio was 10.20 percent at Sept. 30, 1993. Book value per share was $20.96 at quarter-end and the adjusted book value per share for the after-tax unrealized appreciation in equities in the S&T Investment Company was $23.13.
 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- 10/19/93
 /CONTACT: James Barone of S&T Bancorp, 412-465-1417/

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

CD-PT -- PG001 -- 3723 10/19/93 07:58 EDT
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Publication:PR Newswire
Date:Oct 19, 1993

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