S&T Bancorp, Inc. (STBA) Tops Q1 EPS by 8c

S&T Bancorp, Inc. (NASDAQ: STBA) reported Q1 EPS of $0.47, $0.08 better than the analyst estimate of $0.39.

First Quarter Highlights:

• Loan growth was strong with a $61.7 million, or 7.0% annualized, increase in portfolio loans compared to December 31, 2013.
• Market expansion continues with the opening of a loan production office in Central Ohio and the hiring of two community bankers in State College, Pennsylvania.
• Asset quality was excellent with a net recovery for the first quarter of 2014 and a decrease in nonperforming assets.
• Expenses remain well controlled due to various efficiency initiatives implemented in 2013.
• S&T's Board of Directors approved a 6.3% increase in the quarterly cash dividend to $0.17 per share, the second increase in the quarterly dividend over the past year.

"Our financial performance this quarter is a continuation of the focused execution of our strategic initiatives by our team members. Solid organic loan growth, expense discipline and improvement in our asset quality metrics will continue to be a focus in 2014," said Todd Brice, president and chief executive officer of S&T. "In addition, we are excited to announce our expansion into two key markets, Central Ohio and State College, Pennsylvania, where we have recruited bankers with long tenures and deep ties to these markets."

For earnings history and earnings-related data on S&T Bancorp, Inc. (STBA) click here.

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