Loading...
•
Jun 30, 2024
S&T Bancorp Q2 2024 Earnings Report
S&T Bancorp reported net income for the second quarter of 2024, demonstrating solid return metrics and a strong net interest margin.
Key Takeaways
S&T Bancorp announced a net income of $34.4 million, or $0.89 per diluted share, for the second quarter of 2024. The company saw improvements in return on average assets, return on average equity, and pre-provision net revenue to average assets. Net interest margin also increased, driven by customer deposit growth.
Return on average assets (ROA) was 1.45%, return on average equity (ROE) was 10.61%, and return on average tangible equity (ROTE) (non-GAAP) was 15.01%.
Pre-provision net revenue to average assets (PPNR) (non-GAAP) was 1.82%.
Net interest margin (NIM) (FTE) (non-GAAP) increased to 3.85%.
Customer deposits grew by $155.1 million, resulting in a total deposit growth of $80.0 million.
S&T Bancorp
S&T Bancorp
Forward Guidance
S&T Bancorp remains focused on deepening their customer deposit franchise, strengthening asset quality and maintaining solid core profitability.