S&T Bancorp, Inc (STBA) has reported 13.02 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $18.19 million, or $0.52 a share in the quarter, compared with $16.09 million, or $0.46 a share for the same period last year. Revenue during the quarter went up marginally by 2.07 percent to $61.69 million from $60.44 million in the previous year period. Net interest income for the quarter rose 8.54 percent over the prior year period to $53.88 million. Non-interest income for the quarter fell 17.84 percent over the last year period to $13 million.
S&T Bancorp, Inc has made provision of $5.18 million for loan losses during the quarter, up 3.37 percent from $5.01 million in the same period last year.
Net interest margin contracted 3 basis points to 3.50 percent in the quarter from 3.53 percent in the last year period. Efficiency ratio for the quarter improved to 53.83 percent from 57.19 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“We are pleased to announce another quarter of solid earnings driven by strong loan growth,” said Todd Brice, president and chief executive officer of S&T. “Our ability to grow organically combined with recent increases in short term rates positively impacted our earnings with higher net interest income and expansion of our net interest margin.”
Deposits stood at $5,435.32 million as on Mar. 31, 2017, up 8.32 percent compared with $5,017.92 million on Mar. 31, 2016.
Investments stood at $713.20 million as on Mar. 31, 2017, up 5.31 percent or $35.98 million from year-ago. Shareholders equity was at $855.18 million as on Mar. 31, 2017.
Return on average assets moved up 5 basis points to 1.06 percent in the quarter from 1.01 percent in the last year period. At the same time, return on average equity increased 62 basis points to 8.68 percent in the quarter from 8.06 percent in the last year period.
Credit quality improves
S&T Bancorp, Inc recorded an improvement in credit quality during the quarter. Nonperforming assets moved down 10.10 percent or $5.27 million to $46.86 million on Mar. 31, 2017 from $52.13 million on Mar. 31, 2016. Nonperforming assets to total loans was 0.81 percent in the quarter, down from 1 percent in the last year period. Tier-1 leverage ratio stood at 8.92 percent for the quarter, down from 8.98 percent for the previous year quarter. Book value per share was $24.45 for the quarter, up 5.25 percent or $1.22 compared to $23.23 for the same period last year.
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