Overview
S&T Bancorp Q2 net income declines to $31.9 mln from $33.4 mln in Q1
Net interest income rises 3.90% driven by margin expansion and loan growth
Asset quality remains strong; nonperforming assets decrease to $21.3 mln
Outlook
Company remains confident in strategy and future growth opportunities
Result Drivers
NET INTEREST INCOME - Growth driven by margin expansion and solid loan growth, per CEO Chris McComish
ASSET QUALITY - Nonperforming assets decreased, indicating strong asset quality
NONINTEREST INCOME - Increase attributed to seasonal factors and previous securities repositioning loss
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS | $0.83 | ||
Q2 Net Income | $31.90 mln | ||
Q2 Net Interest Income | $86.57 mln | ||
Q2 Credit Loss Provision | $1.97 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for S&T Bancorp Inc is $40.50, about 4.6% above its July 23 closing price of $38.62
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 12 three months ago
Press Release: ID:nPn7vqpQDa
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)