S&T Bancorp Q2 Profit Surges

(RTTNews) - S&T Bancorp, Inc.(STBA), said its second quarter net income increased to $14.1 million or $0.47 per share from $8.6 million or $0.30 per share during the same quarter last year. The result, reflect a significant reduction in provision for loan losses.

On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income increased $0.9 million to $34.6 million compared with prior year's $33.7 million. Provision for loan losses reduced to $1.02 million from $7.02 million in the previous year. After the provision for loan losses, net interest income was $33.57 million, in comparison with $26.79 million a year ago.

Total interest income decreased to $38.5 million from $39.3 million reported during the corresponding quarter last year. Non-interest income increased slightly to $12.8 million from $12.5 million during the prior year.

The Board declared a $0.15 per share cash dividend payable on August 23 to shareholders of record on August 8.