S&T Bancorp, Inc. (S&T) has announced its financial results for the fourth quarter and full year of 2024, showcasing its performance and key metrics.
For the fourth quarter of 2024, net income was reported at $33.1 million, or $0.86 per diluted share, compared to the third quarter's net income of $32.6 million, or $0.85 per diluted share. This represents a slight increase from the previous quarter. However, when compared to the fourth quarter of 2023, there was a slight decrease in net income from $37.0 million to $33.1 million.
For the full year of 2024, net income was $131.3 million compared to $144.8 million for 2023, and earnings per diluted share (EPS) was $3.41 compared to $3.74 in 2023.
Return metrics for the fourth quarter of 2024 were reported as return on average assets (ROA) of 1.37%, return on average equity (ROE) of 9.57%, and return on average tangible equity (ROTE) of 13.25%, showing consistent performance compared to the third quarter of 2024.
In terms of the financial condition, total assets were reported at $9.7 billion at December 31, 2024, compared to $9.6 billion at September 30, 2024. Total portfolio loans increased by $53.9 million, or 2.79% annualized, compared to the previous quarter.
Asset quality also showed improvement, with a provision for credit losses of negative $2.5 million compared to negative $0.5 million in the third quarter of 2024.
Nonperforming assets remained low at $27.9 million, or 0.36% of total loans plus other real estate owned (OREO), compared to $31.9 million, or 0.41%, at September 30, 2024.
The company reported a decrease in net interest income, which was $83.3 million for the fourth quarter of 2024 compared to $84.5 million for the third quarter of 2024. Noninterest income decreased to $11.1 million in the fourth quarter from $11.9 million in the third quarter of 2024.
On the expense side, noninterest expense remained consistent at $55.4 million in both the fourth and third quarters of 2024, with salaries and benefits lower by $0.5 million due to a decrease in incentives.
Additionally, S&T's board of directors approved a $0.34 per share cash dividend on January 29, 2025, which is an increase of $0.01, or 3.03%, compared to the same period in the prior year.
Following these announcements, the company's shares moved 0.9%, and are now trading at a price of $38.38. For more information, read the company's full 8-K submission here.
