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Sep 30, 2023
S&T Bancorp Q3 2023 Earnings Report
S&T Bancorp reported strong third quarter performance with solid return metrics.
Key Takeaways
S&T Bancorp, Inc. announced net income of $33.5 million, or $0.87 per diluted share, for the third quarter of 2023. The company's net interest margin remains strong at 4.09%. Deposit balances stabilized during the quarter, and the shift in the mix of deposits slowed considerably.
Return on average assets (ROA) of 1.42%, return on average equity (ROE) of 10.84% and return on average tangible equity (ROTE) (non-GAAP) of 15.78%.
Pre-provision net revenue to average assets (PPNR) (non-GAAP) was 1.99%.
Net interest margin (NIM) (FTE) (non-GAAP) remains strong at 4.09%.
Total portfolio loans increased $196.3 million, or 10.6% annualized.