S&T Bancorp reported third-quarter 2026 net income of $38.6 million, up from $36.6 million in the second quarter and $35.0 million a year earlier.
Diluted earnings per share reached a record $1.09, rising 7 cents, or 6.9%, from $1.02 in the prior quarter and 18 cents, or 19.8%, from $0.91 in the third quarter of 2025. The company said the increase reflected higher net income and share repurchases equal to 8.3% of outstanding shares since Sept. 30, 2025.
Return on average assets improved to 1.55% from 1.49% in the second quarter. Return on average equity increased to 10.84% from 10.37%, while return on average tangible shareholders’ equity rose to 14.81% from 14.15%.
Pre-provision net revenue to average assets climbed 12 basis points to 2.01% from 1.89%, and net interest margin expanded 7 basis points to 4.06% from 3.99%.
Net interest income increased to $93.1 million from $90.4 million. The yield on average interest-earning assets rose 9 basis points to 5.73% from 5.64%, while the yield on average loans increased 6 basis points to 5.95% from 5.89%. Average total loans grew $61.2 million to $8.1 billion, and average interest-bearing deposits increased $31.8 million to $5.9 billion.
Interest-bearing liability costs moved up 3 basis points to 2.53% from 2.50%.
Net charge-offs increased to $2.1 million, or 0.10% of average loans, from $1.0 million, or 0.05%, in the second quarter. The provision for credit losses rose to $1.4 million from $1.1 million.
Nonperforming assets fell $3.7 million to $36.5 million, or 0.45% of total loans plus other real estate owned, from $40.2 million, or 0.50%, at June 30.
Noninterest income was $14.7 million, down slightly from $14.9 million. Noninterest expense declined $1.1 million to $57.6 million from $58.7 million, and the efficiency ratio improved to 53.23% from 55.52%.
Total assets were unchanged at $9.9 billion. Total portfolio loans slipped $4.4 million, with commercial loans down $11.9 million and consumer loans up $7.5 million. Within commercial loans, commercial and industrial balances fell $51.1 million and commercial construction dropped $25.6 million, while commercial real estate rose $64.8 million.
Deposits declined $22.2 million to $9.5 billion, led by a $32.6 million drop in noninterest-bearing deposits and an $8.3 million decline in savings deposits, partly offset by a $15.0 million increase in certificates of deposit.
Borrowings decreased $60.0 million to $215.3 million from $275.3 million.
Since share repurchases began in the fourth quarter of 2025, S&T has bought back 3,169,294 shares for $133.4 million at an average price of $42.09 per share. As a result of these announcements, the company's shares have moved -0.77% on the market, and are now trading at a price of $48.86. Check out the company's full 8-K submission here.
