S&T Bancorp Q2 net income falls to $31.9 mln

Overview

• S&T Bancorp Q2 net income declines to $31.9 mln from $33.4 mln in Q1

• Net interest income rises 3.90% driven by margin expansion and loan growth

• Asset quality remains strong; nonperforming assets decrease to $21.3 mln

Outlook

• Company remains confident in strategy and future growth opportunities

Result Drivers

• NET INTEREST INCOME - Growth driven by margin expansion and solid loan growth, per CEO Chris McComish

• ASSET QUALITY - Nonperforming assets decreased, indicating strong asset quality

• NONINTEREST INCOME - Increase attributed to seasonal factors and previous securities repositioning loss

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for S&T Bancorp Inc is $40.50, about 4.6% above its July 23 closing price of $38.62

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 12 three months ago

Press Release: ID:nPn7vqpQDa