S&T Bancorp has reported net income of $14.9 million or $0.60 diluted earnings per share for the first quarter of 2008, compared to net income of $13.3 million or $0.52 diluted earnings per share for the first quarter of 2007.
Net interest income on a fully taxable equivalent basis increased by $2.3 million, or 8%, to $31.7 million for Q1 2008, as compared to the same period of 2007.
Non-interest income, excluding investment security gains, increased $0.4 million for the first quarter of 2008 as compared to the first quarter of 2007. The increase is primarily due to strong performances in debit and credit card activities, insurance, commercial loan swap fees and a $0.4 million gain on the Visa initial public offering.
James Miller, chairman and CEO of S&T Bancorp, said: We are very pleased with this quarter’s strong earnings performance. Despite the general economic concerns, market disruptions such as we have seen over the past year sometimes create opportunities for companies like S&T Bancorp that have not strayed from banking fundamentals. Our upcoming merger with IBT Bancorp scheduled for the second quarter of 2008 should allow us to further leverage those opportunities.