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CONTACT : Mark Kochvar Chief Financial Officer 724.465.4826 mark.kochvar@stbank.com stbancorp.com S & TE Bancorp Inc. FOR IMMEDIATE RELEASE - S & T Bancorp , Inc. Announces Record First Quarter 2021 Net Income Indiana , Pa . – April 22 , 2021 – S & T Bancorp , Inc. ( S & T ) ( NASDAQ : STBA ) , the holding company for S & T Bank , with operations in five markets including Western Pennsylvania , Eastern Pennsylvania , Northeast Ohio , Central Ohio and Upstate New York , announced record net income of $ 31.9 million , or $ 0.81 per diluted share , for the first quarter of 2021 compared to net income of $ 24.2 million , or $ 0.62 per diluted share , for the fourth quarter of 2020 , and net income of $ 13.2 million , or $ 0.34 per diluted share , for the first quarter of 2020 . First Quarter of 2021 Highlights : • Record net income of $ 31.9 million . • Return metrics were strong with return on average assets ( ROA ) of 1.42 % , return on average equity ( ROE ) of 11.15 % , return on average tangible equity ( ROTE ) ( non - GAAP ) of 16.78 % and pre - tax pre - provision income to average assets ( PTPP ) ( non - GAAP ) of 1.89 % . • Net interest margin ( FTE ) ( non - GAAP ) increased 9 basis points to 3.47 % compared to 3.38 % for the fourth quarter of 2020 . • Portfolio loans decreased $ 42.7 million to $ 7.2 billion at March 31 , 2021 compared to December 31 , 2020 . • • Deposits increased $ 455.5 million to $ 7.9 billion at March 31 , 2021 compared to December 31 , 2020 . Mortgage banking revenue increased $ 1.2 million to $ 4.3 million for the first quarter of 2021 compared to the fourth quarter of 2020 . • The allowance for credit losses to total portfolio loans was 1.60 % at March 31 , 2021 compared to 1.63 % at December 31 , 2020 . • S & T's Board of Directors declared a $ 0.28 per share dividend which was consistent with the $ 0.28 per share dividend declared in the same period in the prior year . " We are pleased to start the year with record quarterly net income and results that reflect what our company is capable of delivering , " said David Antolik , president and interim chief executive officer . " We are optimistic about where S & T is headed in 2021 , even with the challenging environment , and are well positioned to take advantage of the growth opportunities that will arise . " - more -