INDIANA, Pa. - S&T Bancorp, Inc. (NASDAQ: STBA), the parent company of S&T Bank, has announced the appointment of Peter Gurt as a member of its board of directors. Gurt, who has an extensive background in academic leadership and community service, joins the board with immediate effect.
Gurt's career spans over three decades, with notable achievements in the field of education. Since 2014, he has been at the helm of Milton Hershey School, overseeing its growth to a record enrollment of over 2,200 students. Additionally, Gurt has been leading Catherine Hershey Schools for Early Learning since October 2020, which offers educational programs to young children across Pennsylvania.
His educational credentials include a master's degree in education from The Pennsylvania State University in Harrisburg and a bachelor's degree in business administration from Temple University. Gurt's contributions to education were recognized in 2023 with an honorary doctorate degree from Elizabethtown College.
Chris McComish, CEO of S&T, expressed his enthusiasm for Gurt's appointment, citing his alignment with the company's values and mission. Christine Toretti, S&T board chairperson, also welcomed Gurt, highlighting his commitment to childhood education and community service as assets that will support S&T's strategic goals.
S&T Bancorp, Inc., with a history dating back to 1902, operates primarily in Pennsylvania and Ohio and is valued at $9.6 billion. This addition to the board is expected to bolster the company's community engagement and strategic development initiatives. The information for this article is based on a press release statement.
In other recent news, S&T Bancorp has reported notable growth in their Q2 financial results of 2024. The company's net income rose to $34 million or $0.89 per share, showing an increase from the previous quarter. Key financial indicators such as return on tangible common equity (ROTCE) and net interest margin (NIM) have shown positive trends. The company also highlighted a robust loan pipeline and plans to reduce certain types of deposits.
S&T Bancorp anticipates net interest margin to stabilize with minimal compression and sees opportunities for deposit growth within the existing customer base. They expect low single-digit growth in Q3 and Q4, with a focus on commercial growth. The company has also expressed openness to inorganic growth opportunities, particularly in contiguous states.
Despite the overall stable NIM, the company anticipates some cost of funds pressure. They also acknowledge challenges in construction costs affecting commercial real estate underwriting. However, loan portfolio yields remain strong with 39% of loans at a floating rate yielding 8%. Asset quality improvements are evident with a decrease in criticized and classified levels. These are recent developments in the company's financial landscape.
InvestingPro Insights
As S&T Bancorp, Inc. (NASDAQ: STBA) welcomes Peter Gurt to its board of directors, the company's financial metrics and market performance provide a broader context to his appointment. With a market capitalization of $1.72 billion and a P/E ratio standing at 12.79, S&T Bancorp showcases a blend of stability and value in the current market. A closer look at the company's performance reveals a notable 1-week price total return of 10.22%, reflecting recent positive investor sentiment.
InvestingPro Tips suggest that S&T Bancorp's commitment to shareholder returns remains strong, as evidenced by its impressive record of raising dividends for 11 consecutive years, and maintaining dividend payments for 36 consecutive years. This consistency in dividend growth, with the latest yield at 3.03%, underscores the company's financial health and dedication to its shareholders. Additionally, analysts have recently revised their earnings upwards for the upcoming period, signaling confidence in the company's future performance.
Investors interested in gaining deeper insights into S&T Bancorp can explore additional InvestingPro Tips by visiting https://www.investing.com/pro/STBA. For those looking to subscribe, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, where even more tips are available to inform your investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.