Thu, Aug 1, 9:27 PM (88 days ago)
S&T Bancorp, Inc. reported a net income of $34.4 million for Q2 2024, consistent with Q2 2023. Net interest income decreased by 5.14% to $83.6 million due to higher interest expenses. The provision for credit losses dropped significantly to $0.4 million from $10.5 million in Q2 2023, reflecting lower net charge-offs and improved loan quality. Noninterest income decreased slightly by 6.24%, impacted by a $3.2 million loss on securities sales. Noninterest expenses rose by 8.01%, driven by higher salaries and employee benefits. Total assets remained stable at $9.6 billion. Deposits grew by $158.6 million, while borrowings decreased by $140.2 million. The company maintains strong capital ratios, with a leverage ratio of 11.51%.