Printer Friendly

S&T BANCORP POSTS RECORD EARNINGS

 INDIANA, Pa., Jan. 19 /PRNewswire/ -- S&T Bancorp, Inc. (NASDAQ-NMS: STBA) and its subsidiaries, S&T Bank and S&T Investment Company, Inc., today reported record earnings for 1992.
 For the year ended Dec. 31, S&T earned a record $14.3 million or $2.55 per share compared with $11.2 million or $2.00 per share the previous year. "This represents an increase of 28 percent over 1991's earnings and brings S&T's return on average assets to a healthy 1.32 percent," Robert D. Duggan, president and chief executive officer of S&T Bancorp, said. The increase in earnings can be attributed to a stronger net interest margin which produced a 20 percent increase in net interest income (FTE) as well as a 25 percent increase in non-interest income.
 For the three-month period ending Dec. 31, S&T earned $3.8 million. This exceeds the comparable 1991 period by $1 million or 35 percent. Earnings per share increased to $0.68 for the fourth quarter of 1992 compared to $0.51 for the fourth quarter of 1991. In addition, the board of directors approved a 10 percent increase in the dividend to $0.22 per share for the fourth quarter of 1992.
 At year end, S&T's total assets exceeded $1.1 billion, an increase of 4 percent from Dec. 31, 1991. Total loans were $692 million, which represented an increase of 12 percent from year end 1991. Duggan added, "While the economic recovery continues to be sluggish in our market areas, our commercial and residential mortgage loan demand was strong, particularly in our new markets of Allegheny and Westmoreland counties. S&T is gaining market share in those areas and benefiting from its ability to deliver more personalized loan products and services."
 Nonperforming loans at year end 1992 were $3.6 million or 0.52 percent of total loans outstanding, compared to 0.82 percent at year end 1991. "Our emphasis on maintaining a quality loan portfolio was a significant factor in achieving record profits in 1992. Asset quality, as measured in terms of nonperforming loans and other delinquent loans, measurably improved as a percentage of total loans throughout the course of the year," Duggan explained. In addition, the allowance for loan losses exceeded $12 million at Dec. 31, 1992, or 1.74 percent of total loans outstanding.
 Equity capital was $109 million at Dec. 31, which raised S&T's equity/assets ratio to 9.8 percent and total risk-based capital to 16.6 percent. Book value per share increased to $19.45 from $17.61 at the previous year end. Adjusted book value per share for the after-tax unrealized appreciation in equities in the S&T Investment Company was $21.18 at year end.
 S&T Bank, the principle subsidiary of S&T Bancorp, operates 33 offices in Allegheny, Armstrong, Clearfield, Jefferson, Indiana and Westmoreland counties. S&T Bancorp, Inc. stock trades on the NASDAQ National Market System under the symbol STBA.
 -0- 1/19/93
 /CONTACT: Jim Barone of S&T Bancorp, 412-465-1417/
 (STBA)


CO: S&T Bancorp, Inc.; S&T Bank; S&T Investment Company, Inc. ST: Pennsylvania IN: FIN SU: ERN

CD-MP -- PG002 -- 6147 01/19/93 08:47 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 19, 1993
Words:538
Previous Article:KIDS' SHOES STEP INTO SEARS KIDVANTAGE PROGRAM
Next Article:WESTON CAPTURES $22 MILLION FOR ONGOING ENVIRONMENTAL CLEANUP TASKS AT TWO U.S. AIR FORCE BASES
Topics:


Related Articles
SUBURBAN BANCORP SETS NEW EARNINGS RECORD
TRANS FINANCIAL ANNOUNCES RECORD EARNINGS
CITIZENS FIRST BANCORP, INC. REPORTS DRAMATIC INCREASE IN EARNINGS
STERLING BANCORP REPORTS STRONG THIRD QUARTER AND NINE MONTHS EARNINGS
SUBURBAN BANCORP ANNOUNCES RECORD 1992
REPUBLIC BANCORP REPORTS RECORD PROFITS
UNITED FEDERAL BANCORP RECORDS 34.2 PERCENT INCREASE IN FIRST QUARTER EARNINGS
FF BANCORP, INC. REPORTS INCREASED EARNINGS
CAPITAL BANCORP REPORTS 44% INCREASE IN EARNINGS DURING 1993
CAPITAL BANCORP REPORTS $3.3 MILLION SECOND-QUARTER EARNINGS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters