S&T Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company's earnings were $17.7 million, or $0.51 per diluted share, compared to third quarter of 2016 earnings of $20.6 million, or $0.59 per diluted share, and fourth quarter of 2015 earnings of $17.4 million, or $0.50 per diluted share. Net interest income increased $1.0 million, or 1.9%, to $52.5 million compared to $51.5 million in the third quarter of 2016. Net interest income was positively impacted by an increase in average loans of $131 million, or 2.4%, compared to the prior quarter. Income before taxes was $24.169 million compared to $24.237 million reported a year ago. Return on average tangible assets was 1.10% compared to 1.18% reported a year ago. Return on average tangible shareholders' equity was 13.05% compared to 14.21% reported a year ago. Return on average assets was 1.04% compared to 1.10% reported a year ago. Return on average shareholders' equity was 8.36% compared to 8.74% reported a year ago. Book value per share was $24.12 as at December 31, 2016 compared to $22.76 as at December 31, 2015. Tangible book value per share was $15.67 as at December 31, 2016 compared to $14.26 as at December 31, 2015.

For the year, the company's net income was a record $71.4 million, an increase of 6.4% over net income of $67.1 million for 2015. Diluted earnings per share was $2.05, an increase of 3.5% from $1.98 in 2015. Net interest income increased by $15.7 million, or 8.4%, in 2016 due to the excellent organic loan growth. The provision for loan losses increased $7.6 million to $18.0 million in 2016 compared to $10.4 million in 2015 primarily due to higher loan charge-offs and loan growth. Income before taxes was $96.697 million compared to $91.479 million reported a year ago. Return on average tangible assets was 115% compared to 1.20% reported a year ago. Return on average assets was 1.08% compared to 1.13% reported a year ago. Return on average shareholders' equity was 8.67% compared to 8.94% reported a year ago. Return on average tangible shareholders' equity was 13.71% compared to 14.39% reported a year ago.

The company's net charge-offs for the fourth quarter of 2016 were $6.6 million compared to net charge-offs of $0.9 million in the third quarter of 2016. Included in net charge-offs for the fourth quarter of 2016 was a $1.5 million specific reserve that was previously recorded in the first quarter of 2016.