S&T Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Reports Net Loan Charge-Offs for the Third Quarter Ended September 30, 2017; Provides Tax Rate Guidance for the Full Year of 2017
October 19, 2017 at 07:30 am
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S&T Bancorp, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, total interest income was $66,723,000 against $57,808,000 a year ago. Net interest income was $57,456,000 against $51,455,000 a year ago. Income before taxes was $31,604,000 against $27,948,000 a year ago. Net income was $22,721,000 against $20,581,000 a year ago. Diluted earnings per share were $0.65 against $0.59 a year ago. Book value per share as at September 30, 2017 was $25.37 against $24.02 a year ago. Tangible book value per share as at September 30, 2017 was $16.96 against $15.57 a year ago. Return on average assets was 1.27% against 1.23% a year ago. Return on average shareholders' equity was 10.23% against 9.85% a year ago. Return on average tangible shareholders' equity was 15.47% against 15.46% a year ago.
For nine months, total interest income was $192,787,000 against $168,678,000 a year ago. Net interest income was $167,905,000 against $150,801,000 a year ago. Income before taxes was $87,856,000 against $72,528,000 a year ago. Net income was $63,674,000 against $53,733,000 a year ago. Diluted earnings per share were $1.82 against $1.54 a year ago. Return on average assets was 1.1% against 1.10% a year ago. Return on average shareholders' equity was 9.83% against 8.78% a year ago. Return on average tangible shareholders' equity was 15.05% against 13.95% a year ago.
For the quarter, the company reported net loan charge-offs of $1,489,000 against $936,000 a year ago.
The company provided earnings guidance for the full year of 2017. The company expects tax rate to be in the 27.5% area.
S&T Bancorp, Inc. is a bank holding company. The Companyâs segments include Commercial Real Estate (CRE), Commercial and Industrial (C&I), Commercial Construction, Business Banking, Consumer Real Estate and Other Consumer. The CRE segment includes loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes such as hotels, retail, multifamily and healthcare. The C&I segment includes loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory, or equipment financing. The Commercial Construction segment includes loans made to finance the construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. The Business Banking segment includes commercial loans made to small businesses. Consumer Real Estate segment includes loans secured by first and second liens.
S&T Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Reports Net Loan Charge-Offs for the Third Quarter Ended September 30, 2017; Provides Tax Rate Guidance for the Full Year of 2017