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Mar 31, 2022
S&T Bancorp Q1 2022 Earnings Report
S&T Bancorp reported net income for Q1 2022, driven by improvements in credit quality and strong consumer loan growth.
Key Takeaways
S&T Bancorp, Inc. announced a net income of $29.1 million, or $0.74 per diluted share, for the first quarter of 2022. The company saw improvements in credit quality, strong growth in its consumer loan portfolio, and a better net interest margin.
Return on average assets (ROA) of 1.25%, return on average equity (ROE) of 9.88% and return on average tangible equity (ROTE) (non-GAAP) of 14.61%.
Strong consumer loan growth of $38.6 million, or 9.8% annualized.
Nonperforming assets decreased $20.1 million, or 25%, compared to December 31, 2021.
Net loan recoveries of $2.0 million drove a negative provision for credit losses of $0.5 million for the first quarter of 2022.