S&T Bancorp Inc. in Indiana, Pa., said Tuesday that its second-quarter net income increased 24% from the year earlier, to $13.9 million.
Earnings per share rose 30%, to 56 cents. Related Links
The $3.4 billion-asset company cited a stabilized net interest margin, a 2% increase in the volume of earning assets, deposit growth, and improved credit performance compared to a year earlier.
Its net interest margin of 3.86% was up 4 basis points from a year before and 2 basis points from the preceding quarter.
Earning assets totaled $3 billion, up $62 million from a year earlier, primarily due to a 4% increase in commercial lending and an 8% increase in consumer lending. Deposits grew 5%, to $2.5 billion.
Nonperforming assets dropped to $15.6 million, or 0.46% of total assets, from $24.5 million, or 0.74% of the total.
"Positive loan and core deposit growth were particularly important contributors to our performance," said James C. Miller, the company's chairman and chief executive officer. "Our staff is also doing a very good job of working through the credit problems we encountered last year."
