Q3 2024 S&T Bancorp Inc Earnings Call Transcript
Key Points
- S&T Bancorp Inc (STBA) reported strong customer deposit growth of over $100 million in the quarter, producing more than 5% growth annualized.
- The company demonstrated excellent return metrics with a 13.5% ROTE and 1.35% ROA.
- Asset quality continues to improve with a decline in non-performing assets and a reduction in criticized and classified loans.
- The company has built a significant amount of capital, providing optimism for future growth and stability.
- S&T Bancorp Inc (STBA) has a strong pipeline for loan growth in Q4, with an increase of over 50% quarter over quarter, particularly in commercial and consumer segments.
- Net income of $33 million, equating to $0.85 per share, was down slightly from the previous quarter.
- Net interest margin declined slightly to 3.82%, impacted by securities losses and a changing rate environment.
- Loan balances reduced by nearly $25 million, primarily due to reduced commercial loan balances and increased payoffs.
- Non-interest income declined by $1.4 million quarter-over-quarter, partly due to securities repositioning losses.
- The company anticipates further net interest margin compression of 10 to 12 basis points due to expected rate cuts.
Welcome to the S&T Bancorp third-quarter, 2024 conference call. After management's remarks, there will be a question-and-answer session.
Now, I would like to turn the call over to Chief Financial Officer, Mark Kochvar. Please go ahead.
Great. Thank you and good afternoon, everyone and thank you for participating in today's earnings call. Before beginning the presentation. I want to take time to refer you to our statement about forward-looking statements and risk factors.
The statement provides cautionary language required by the Securities and Exchange Commission for forward-looking statements that may be included in this presentation.
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