S&T Bancorp reports lower earnings, higher dividend in quarterly report

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S&T Bancorp this morning reported earnings for the third quarter slipped 3 percent, to $12.2 million from $12.6 million in the same three months last year, as the Indiana, Pa.-based bank saw non-interest income fall and set aside more money to cover bad loans.

Per-share earnings fell 5 percent to 41 cents from 43 cents.

Net interest income, essentially profit on loans, rose 4 percent to $35.3 million from $33.8 million. Non-interest income declined 15 percent to $12.5 million from $14.7 million.

The provision for loan losses was $3.4 million, up from $2.3 million a year earlier.

The bank also announced a 7 percent increase in the quarterly dividend to 16 cents per share, up from 15 cents, payable Nov. 29 to shareholders of record Nov. 15.

The dividend increase “is a reflection of S&T’s strong earnings and capital position,” CEO Todd Brice said in a statement.

Top executives are set to discuss financial results in a conference call with analysts live over the Internet at 1 p.m.

Patricia Sabatini: psabatini@post-gazette.com or 412-263-3066.

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