S&T Bancorp Announces Revised 2010 EPS, Sterne Agee Maintains Neutral Rating

Sterne Agee has published a research report on S&T Bancorp STBA after the company announced revised 4Q and 2010 EPS.

In the report, Sterne Agee writes "On March 15, 2011, S&T announced a revision to its previously announced 4Q10 EPS. Subsequent to the earnings announcement, S&T determined that a modification of a participation loan had not been properly recorded in 2Q10. Consequently, the company recorded additional provision for loan losses in 4Q10. Management also identified a material weakness in S&T's internal controls related to approval and recording of loan charge-offs. The company stated that it is taking appropriate actions to address the material weakness."

Sterne Agee maintains its Neutral rating on S&T Bancorp, which closed yesterday at $21.11.