S&T Bancorp Inc. in Indiana, Pa., said loan losses caused its second-quarter profits to drop 28% from a year earlier, to $11.2 million.
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The $3.3 billion-asset company said Tuesday that earnings per share fell 26%, to 43 cents.
James C. Miller, S&T's chairman and chief executive officer, blamed the disappointing results on a $5.7 million charge it took to cover three commercial loans that went bad.
The loan-loss provision jumped to $7.2 million, from $500,000 a year earlier. S&T also recorded a $700,000 expense to charge down the value of a commercial property it bought through foreclosure during the fourth quarter.
S&T shares fell 0.66%, to $31.54.
