Higher net interest income helped boost S&T Bancorp Inc.'s first-quarter profit 12% from a year earlier, to $14.9 million.
Earnings per share increased 15%, to 60 cents, the $3.4 billion-asset Indiana, Pa., company said Monday.
Its net interest margin climbed 15 basis points, to 3.99%, propelling net interest income up 8%, to $31.7 million.
Nonperforming assets rose 16%, to $23.8 million, or 0.69% of total assets. S&T said that two commercial loans worth $8.9 million were put on nonperforming status during the quarter, and that it set aside specific reserves of $1.2 million for them.
Still, the overall provision for loan losses shrank 41%, to $1.28 million.
A $400,000 gain from Visa Inc.'s initial public offering helped offset two charges to noninterest income: a $200,000 mortgage servicing impairment charge and a $400,000 fair-value adjustment to investments held in trust for deferred compensation plans.
