S&T Bancorp Q3 Profit Down But Beats Estimates

(RTTNews) - S&T Bancorp, Inc. (STBA) Thursday reported net income of $32.6 million, or $0.85 per share, for the third quarter, lower than $33.5 million, or $0.87 per share in the same quarter a year ago.

On average, 5 analysts expected the company to report earnings of $0.81 per share. Analysts' estimates typically exclude special items.

Net interest income before provision for credit losses declined to $84.48 million from $87.39 million last year.

Provision for credit losses was a negative $0.5 million compared with $5.49 million in the previous year. The decrease was mainly attributed to a lower level of allowance for credit losses, or ACL, primarily related to a decrease in qualitative reserve due to improvement in asset quality.