The following is a summary of the S&T Bancorp, Inc. (STBA) Q2 2024 Earnings Call Transcript:

Financial Performance:

• S&T Bancorp reported Q2 2024 net income of $34 million, equating to an earnings per share of $0.89, up from $0.81 in Q1.

• Return on Tangible Common Equity (ROTCE) was strong at 15%, with a pre-provision net revenue (PPNR) of 1.82% and an efficiency ratio of 54.92%.

• Net interest margin (NIM) improved to 3.85%, reflecting solid customer deposit growth and a moderating cost of funds.

• Credit quality remains stable to improving, with Net loan charge-offs (recoveries) being a net recovery of $400,000.

Business Progress:

• S&T Bancorp experienced meaningful customer deposit growth, adding more than $150 million in Q2, following $75 million in Q1 growth. This led to an annualized deposit growth rate of over 8.5%.

• Loan growth was in line with previous guidance, buoyed by growing pipelines, particularly in commercial and business banking expected to enhance growth in Q4.

Opportunities:

• Loan growth in Q3 is projected in the low single digits, primarily driven by consumer and retail mortgage activities, pointing towards increased growth in Q4.

• S&T Bancorp's multifamily and office CRE portfolios are performing well, with positive outlooks particularly in multifamily segment.

Risks:

• There remains risk of competitive pricing for deposits though this has stabilized.

More details: S&T Bancorp IR

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