Less cash to cover bad loans boosts profit at S&T Bancorp

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Indiana, Pa.-based S&T Bancorp's second-quarter profit rose 64 percent from a year ago as the bank set aside less money to cover bad loans.

Before markets opened this morning, the bank reported profit of $14.1 million, or 47 cents per diluted share, for the three months ending June 30, up from the same quarter in 2012 of $8.6 million, or 30 cents per share.

Average quarter-to-date loans increased by $61.3 million, or 1.8 percent.

The bank's provision for loan losses fell to $1 million, down from $7 million in the second quarter of 2012.

Next quarter, the bank is expected to complete its acquisition of Gateway Bank of Pennsylvania, which has branches in McMurray and Cranberry. The $22-million stock and cash deal will bring about $120 million of assets to S&T, which has assets of $4.5 billion.

Top S&T executives will discuss results in a conference call with analysts this afternoon.

The bank's shares opened at $22.81 this morning.

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Daniel Sisgoreo: dsisgoreo@post-gazette.com, 412-263-1410 and on Twitter: @DanielSisgoreo.


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