S&T Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 25, 2018 at 12:01 pm EST
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S&T Bancorp, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest income was $67,855,000 against $59,096,000 a year ago. Net interest income after provision for loan losses was $56,846,000 against $46,872,000 a year ago. Income before taxes was $31,549,000 against $24,169,000 a year ago. Net income was $9,294,000 against $17,659,000 a year ago. Tangible book value per share was $16.87 against $15.67 a year ago. Return on average assets was 0.52% against 1.04% a year ago. Return on average shareholders' equity was 4.14% against 8.36% a year ago. Net interest income increased $0.3 million to $57.8 million compared to $57.5 million in the third quarter of 2017. Net interest margin on a fully taxable equivalent basis (FTE) (non-GAAP) declined one basis point to 3.58% compared to 3.59% in the prior quarter. The increase in net interest income is due to an increase in average loans of $49.6 million and higher short-term rates. Diluted earnings per share were $0.27 against $0.51 a year ago.
For the full year, the company reported total interest income was $260,642,000 against $227,774,000 a year ago. Net interest income after provision for loan losses was $211,850,000 against $185,294,000 a year ago. Income before taxes was $119,405,000 against $96,697,000 a year ago. Net income was $72,968,000 against $71,392,000 a year ago. Return on average assets was 1.03% against 1.08% a year ago. Return on average shareholders' equity was 8.37% against 8.67% a year ago. Diluted earnings per share were $2.09 against $2.05 a year ago. Net interest income increased $22.5 million, or 11%, in 2017 due to average loan growth of $438 million, or 8.2%, and higher short-term rates. Net interest margin (FTE) (non-GAAP) increased to 3.56% compared to 3.47% for 2016.
S&T Bancorp, Inc. is a bank holding company. The Companyâs segments include Commercial Real Estate (CRE), Commercial and Industrial (C&I), Commercial Construction, Business Banking, Consumer Real Estate and Other Consumer. The CRE segment includes loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes such as hotels, retail, multifamily and healthcare. The C&I segment includes loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory, or equipment financing. The Commercial Construction segment includes loans made to finance the construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. The Business Banking segment includes commercial loans made to small businesses. Consumer Real Estate segment includes loans secured by first and second liens.