S&T Bancorp Inc. in Indiana, Pa., reported that its second-quarter earnings rose 58.5% from a year earlier, to $14.9 million, due largely to improved asset quality and the resolution of several nonperforming loans.
The $4.1 billion-asset company said Monday that nonperforming assets fell 14.8% from a year earlier, to $69.9 million. The company's loan-loss provision fell 88% from a year earlier, to $1.1 million.
For the quarter, net income of 48 cents a share beating the average analysts' estimates by 20 cents, according to Thomson Reuters.
Todd Brice, the company's president and chief executive, said in a press release that the natural gas industry, centered on the Marcellus Shale geologic formation, had a positive effect on the economy of western Pennsylvania.
Noninterest income fell 2.2% from a year earlier, to $11.2 million. Net interest income slid 5.7% from a year earlier, to $34.5 million, which S&T attributed to a shift in asset.