S&T Bancorp. (NASDAQ:STBA) shares dropped on Monday despite the company posting a 7 percent increase in fourth quarter net income. The company said that the increased profits were in part due to fewer loans going unpaid.
The bank posted a net income of $9.3 million, or 33 cents per share for the three months which ended on December 31st. Thats up compared to last years same quarter net income of $8.7 million, or 31 cents per share but lower than the 36 cents per share that analysts on average had predicted.
S&T Bancorp said that net interest income dropped from last year $37.4 million to $35.2 million, in part due to a shift from loans to low yielding securities. Non-interest income fell to $11.6 million from $12 million.
Due to fewer loans going unpaid the bank did not have to set aside as much money to guard against potential loan losses. The company set aside $2.3 million compared to $7.7 million last year.
For the full year the bank seen a 6 percent increase in profit to $39.7 million, or $1.41 per share. In 2010 the company earned $37.3 million, or $1.34 per share.
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