S&T Bancorp this morning reported double-digit earnings gains for the fourth quarter and full year as the Indiana, Pa.-based bank set aside less money to cover bad loans.
For the three months ended Dec. 31, net income was $11.9 million, or 40 cents per share, up 25 percent from $9.5 million, or 32 cents, in the same period a year earlier.
For all of 2013, net income shot up 48 percent to $50.5 million from $34.2 million in 2012, while per-share profit jumped 44 percent to $1.70 from $1.18.
The provision for loan losses fell to $8.3 million last year, down from $22.8 million in 2012.
“The fourth quarter was a strong finish to our much-improved performance in 2013,” CEO Todd Brice said in a statement. “The investment we made in expanding our sales team has paid off with a return to solid loan growth in 2013.”
He said the $4.5 billion asset bank would focus on boosting fee revenue and controlling expenses this year.
Top executives were set to discuss the results in a conference call with Wall Street analysts at 1 p.m. For access to the webcast visit www.stbancorp.com.
Patricia Sabatini: email@example.com or 412-263-3066.