Summary
Earnings for the three months ended Sept. 30 plunged 51 percent to $7.7 million at S&T Bancorp Inc., which was hurt by commercial real estate loans and other problem investments.
Based in Indiana, Pa., the bank said it set aside nearly $8.4 million for bad loans, compared with less than $5.6 million the year earlier. Current problem loans include $11.5 million for a mixed- use, redevelopment in Western Pennsylvania, and $16.9 million for commercial real estate projects in New York and Connecticut. The bank last quarter also charged off $5.4 million from several loans. The biggest was $2.9 million to develop two Florida lots.See the full content of this document
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S&T Bancorp Profits Fall 51 Percent
"Troubled comm...
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