8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 22, 2002

S&T Bancorp, Inc.
______________________________________________________________________

(Exact Name of Registrant as Specified in its Charter)

Pennsylvania____________________
(State or Other Jurisdiction of Incorporation) 0-12508____________________
(Commission File Number) 25-1434426____________________
(IRS Employer Identification No.)

43 South Ninth Street, Indiana, PA
____________________________________________
(Address of Principal Executive Offices) 15701
___________________
Zip Code

Registrant's telephone number, including area code (800) 325-2265
____________________

Item 5 - Other Events

S&T Bancorp, Inc. announces earnings for the fourth quarter and the year ending December 31, 2001. Diluted earning per share increased 2 percent in the fourth quarter to $0.44 per share from $0.43 per share in 2000. Net income also increased 2 percent to $11.9 million from $11.6 million in the year ago period. For the year ending December 31, 2001, diluted earnings per share, inclusive of a one-time extraordinary charge of $.07 per share, increased 5 percent to $1.75 from $1.66 in 2000. Net income increased 5 percent to $47.3 million ($49.2 million before the one-time extraordinary charge) from $45.0 million in 2000.

Item 7 - Financial Statements, Proforma Financial Information and Exhibits

(c) Exhibits

(99) Press Release

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned thereunto duly authorized.

January 22, 2002 S&T Bancorp, Inc. /s/ Robert E. Rout
Robert E. Rout
Executive Vice President,
Chief Financial Officer and Secretary

EX-99

Contact: James C. Miller

724-465-1487

TO BE RELEASED:

Tuesday, January 22, 2002

at 8:00 a.m.

S&T Bancorp, Inc. Announces Record Earnings

Indiana, Pennsylvania (Nasdaq:STBA) - S&T Bancorp today announced earnings for the fourth quarter and the year ending December 31, 2001. Diluted earnings per share increased two percent in the fourth quarter to $0.44 per share from $0.43 per share in 2000. Net income also increased two percent to $11.9 million from $11.6 million in the year ago period.

For the year ending December 31, 2001, diluted earnings per share, inclusive of a one-time extraordinary charge of $.07 per share, increased five percent to $1.75 from $1.66 in 2000. Net income increased five percent to $47.3 million ($49.2 million before the one-time extraordinary charge) from $45.0 million in 2000.

Return on assets and return on equity for 2001 was 2.03% and 16.19%, respectively. Excluding the effects of unrealized gains in the investment portfolios, return on equity was 18.42%.

"I am pleased with our record earnings per share this year, even though the level of earnings growth was below our historical trends, and below our own expectations," commented James C. Miller, president and chief executive officer. "The unprecedented drop in short-term interest rates, along with the effects of a slowing economy on delinquencies and loan demand, caused net interest income to be essentially flat on a year-to-year comparison basis. In addition, a one-time pretax extraordinary loss of $2.9 million ($1.9 million after-tax, or $.07 per share) was incurred on the early repayment of $50.0 million of long-term debt. The compression in net interest income, and the extraordinary loss, were mitigated to some extent by strong noninterest income performance."

Net interest income on a fully taxable equivalent basis decreased $0.8 million in the fourth quarter of 2001 as compared to the fourth quarter of 2000. For the year, net interest income on a fully taxable equivalent basis was $92.9 million in 2001 and $93.1 million in 2000. The net interest margin decreased by 11 basis points to 4.29% in 2001. Contributing to this slowing of net interest income was a $0.4 million increase to delinquent interest.

Miller added, "Performance in our net interest income has been highly influenced by the unprecedented reduction in short-term interest rates during the year. Part of our strategy to modify this sensitivity was the early repayment of some callable long-term debt in the third quarter of 2001, which required a large prepayment penalty. This prepayment penalty was offset by gains on the sale of callable securities in our bond portfolio."

Noninterest income increased $6.1 million or 28 percent (excluding the $2.9 million of bond gains to offset the debt prepayment penalty) in 2001 as compared to 2000. Equity security gains for 2001 were $6.8 million. S&T Investment Company continues to be a stable earnings contributor despite the volatility in the stock markets. It currently has an equity portfolio with a market value of $112.3 million that includes $42.3 million of unrealized gains. Other fees increased $2.6 million or 14 percent, with particularly strong performances in mortgage banking, equity call, debit/credit card and letters of credit fees.

Total assets approximated $2.4 billion at December 31, 2001, a slight increase from December 31, 2000. Loans increased $37.7 million or two percent for the year, despite a $6.3 million contraction in loan volume during the second half of 2001 as the economy and demand slowed significantly. Deposit growth was very strong throughout 2001, increasing $86.0 million or six percent over the last 12 months.

Asset quality measurements for 2001 reflected the recessionary economic environment. Nonperforming assets totaled $10.0 million or 0.42 percent of total assets at December 31, 2001 as compared to $3.4 million or 0.15 percent for the same period last year. Loan net charge-offs for 2001 were $5.5 million or 0.33 percent of average loans. Included in the net charge-offs is an additional $1.8 million write-down during the fourth quarter 2001 for two manufacturing loans that were placed into nonperforming status and partially charged-off during the third quarter. The additional charge was made to reflect the fair market value decline of the collateral during this period of economic recession. Provision for loan losses was $5.0 million in 2001 and $4.0 million in 2000. The allowance for loan losses at December 31, 2001 was $26.9 million or 1.64 percent of total loans as compared to $27.4 million or 1.71 percent at December 31, 2000.

S&T Bancorp, Inc. increased its common stock quarterly dividend to $0.24 per share on December 17, 2001. This dividend is payable on January 25, 2002 to shareholders of record as of December 31, 2001. This represents a nine percent increase over the $0.22 per share quarterly dividend declared a year ago. The book value per share was $11.01 on December 31, 2001, and the market price closed at $24.28. The S&T Bancorp, Inc. Board of Directors also authorized a stock buyback program for 2002 of 1 million shares, or approximately four percent of shares outstanding.

Miller added, "There are still many uncertainties regarding the economy and interest rates as we enter 2002. I believe, however, that S&T is well positioned for change in both the economy and interest rates, regardless of the timing or direction of those changes this year. As we prepare to celebrate our 100th anniversary in 2002, we remain committed to providing superior long-term returns to our shareholders. Our balance sheet, capital, liquidity and operations infrastructure are well positioned to take advantage of internal or acquisition growth opportunities in 2002. We are anticipating net loan growth of about four to six percent and deposit growth of two to four percent for the year. We are also anticipating that our net interest margin will remain relatively stable at 4.29% for the year. Fee income is projected to increase seven to ten percent in 2002. The $112.3 million of equity securities in our S&T Investment Company should allow us to recognize $5.0 -$7.0 million of equity securit y gains in 2002. Asset quality statistics are expected to stabilize with provision expense and net charge-offs both approximating $5.0 million. We believe the combination of these factors, along with anticipated increases in non-interest expense of five to six percent, will allow us to grow our earnings per share by five to seven percent in 2002 to a range of $1.83 to $1.87."

Headquartered in Indiana, PA, S&T Bancorp, Inc. operates 40 offices within Allegheny, Armstrong, Clarion, Clearfield, Indiana, Jefferson and Westmoreland counties. With assets of $2.4 billion, S&T Bancorp, Inc. stock trades on the Nasdaq National Market System under the symbol STBA.

This information contains forward-looking statements regarding future financial performance which are not historical facts and which involve risks and uncertainties. Actual results and performance could differ materially from those anticipated by these forward-looking statements. Factors that could cause such a difference include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, asset quality, including real estate and other collateral values, and competition. This information should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K for S&T Bancorp, Inc. and subsidiaries.

EX-99

S&T Bancorp, Inc. Consolidated Selected Financial Data December 31, 2001 (Dollars in thousands except per share data)										Page 1 of 3
	2000				2001				Year-to-date
	March	June	September	December	March	June	September	December	December	December
For the period:	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	2001	2000
Interest Income (FTE)	$42,665	$43,979	$46,117	$46,527	$44,911	$43,735	$41,792	$39,202	$169,640	$179,287
Interest Expense	19,866	21,043	22,442	22,790	21,560	20,272	18,640	16,241	76,713	86,139
Net Interest Income (FTE)	22,799	22,936	23,675	23,737	23,351	23,463	23,152	22,961	92,927	93,148
Provisions For Loan Losses	1,000	1,000	1,000	1,000	1,000	2,000	850	1,150	5,000	4,000
Net Interest Income
After Provisions (FTE)	21,799	21,936	22,675	22,737	22,351	21,463	22,302	21,811	87,927	89,148
Securities Gains, Net	895	569	961	836	1,424	2,499	4,268	1,499	9,690	3,260
Service Charges and Fees	1,490	1,710	1,787	1,823	1,715	1,765	1,888	1,932	7,300	6,810
Wealth Management	1,087	1,174	1,074	1,195	1,299	1,268	1,128	1,249	4,944	4,531
Other	1,784	2,025	1,895	1,850	2,010	2,256	2,432	2,598	9,296	7,553
Total Other Income	4,361	4,910	4,756	4,868	5,024	5,289	5,448	5,779	21,540	18,894
Salaries and Employee Benefits	5,997	5,862	5,967	5,640	6,436	6,129	6,251	6,282	25,098	23,466
Occupancy and Equip. Expense, Net	1,422	1,366	1,419	1,489	1,512	1,578	1,544	1,418	6,052	5,696
Data Processing Expense	620	647	572	634	641	677	677	638	2,632	2,473
FDIC Expense	74	73	74	73	72	71	72	72	287	294
Other	3,199	3,228	3,698	3,602	3,029	3,337	3,236	3,300	12,903	13,730
Total Other Expense	11,312	11,177	11,730	11,438	11,690	11,792	11,780	11,710	46,972	45,659
Income Before Taxes and Extraordinary Item	15,743	16,237	16,662	17,003	17,109	17,459	20,238	17,379	72,185	65,643
Taxable Equivalent Adjustment	766	764	790	787	734	738	730	736	2,938	3,104
Applicable Income Taxes	4,190	4,331	4,459	4,586	4,725	4,799	5,763	4,775	20,062	17,566
Net Income before Extraordinary Item	10,787	11,143	11,413	11,630	11,650	11,922	13,745	11,868	49,185	44,973
Extraordinary Item (after-tax)	0	0	0	0	0	0	1,887	0	1,887	0
Net Income	$10,787	$11,143	$11,413	$11,630	$11,650	$11,922	$11,858	$11,868	$47,298	$44,973
Per Common Share Data:
Shares Outstanding	27,000,042	26,985,902	26,985,512	26,947,412	26,960,118	26,893,489	26,776,579	26,646,179	26,646,179	26,947,412
Average Shares Outstanding - Diluted	27,092,954	27,070,613	27,071,143	27,061,281	27,120,228	27,092,674	27,080,643	26,912,388	27,051,060	27,073,945
Net Income - Diluted before Extraordinary Item	$0.40	$0.41	$0.42	$0.43	$0.43	$0.44	$0.51	$0.44	$1.82	$1.66
Net Income - Diluted after Extraordinary Item	$0.40	$0.41	$0.42	$0.43	$0.43	$0.44	$0.44	$0.44	$1.75	$1.66
Dividends Declared	$0.20	$0.21	$0.21	$0.22	$0.22	$0.23	$0.23	$0.24	$0.92	$0.84
Book Value	$8.96	$9.19	$9.81	$10.28	$10.56	$10.82	$10.88	$11.01	$11.01	$10.28
Market Value	$17.13	$18.25	$19.00	$21.63	$23.14	$25.11	$23.40	$24.28	$24.28	$21.63

S&T Bancorp, Inc. Consolidated Selected Financial Data December 31, 2001 (Dollars in thousands)								Page 2 of 3
	2000				2001
	March	June	September	December	March	June	September	December
Asset Quality Data:	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q
Nonaccrual Loans/Nonperforming Loans	$8,283	$12,437	$7,848	$2,897	$3,691	$7,840	$11,603	$8,253
Assets acquired through foreclosure
or repossession	360	403	339	548	546	541	443	1,711
Nonperforming Assets	8,643	12,840	8,187	3,445	4,237	8,381	12,046	9,964
Loan Loss Reserve	29,410	29,892	30,030	27,395	27,993	28,451	28,764	26,926
Nonperforming Loans / Loans	0.55%	0.80%	0.49%	0.18%	0.23%	0.48%	0.71%	0.50%
Loan Loss Reserve / Loans	1.95%	1.92%	1.88%	1.71%	1.71%	1.73%	1.75%	1.64%
Loan Loss Reserve /
Nonperforming Loans	355%	240%	383%	946%	758%	363%	248%	326%
Net Loan Charge-offs (Recoveries)	(1,276)	517	863	3,635	402	1,542	537	2,988
Net Loan Charge-offs (Recoveries)
(annualized) /Average Loans	-0.34%	0.14%	0.22%	0.90%	0.10%	0.38%	0.13%	0.72%
Balance Sheet (Period-End):
Assets	$2,233,108	$2,290,409	$2,296,267	$2,310,290	$2,354,398	$2,363,970	$2,294,868	$2,357,874
Earning Assets (1)	2,105,152	2,160,577	2,146,881	2,142,587	2,185,844	2,195,954	2,131,929	2,176,629
Securities (1)	547,690	555,625	552,545	530,909	493,835	512,338	489,766	533,861
Loans, Gross	1,509,096	1,558,892	1,594,336	1,605,023	1,638,184	1,649,041	1,642,163	1,642,768
Total Deposits	1,471,893	1,484,229	1,494,064	1,525,332	1,567,006	1,595,572	1,596,400	1,611,317
Non-Interest Bearing Deposits	224,295	228,651	234,519	232,625	228,958	236,340	240,157	257,694
NOW, Money Market & Savings	580,990	572,001	569,174	576,361	598,199	604,690	583,849	604,872
CD's $100,000 and over	103,643	105,863	114,026	123,299	132,198	127,162	132,309	116,523
Other Time Deposits	562,965	577,714	576,345	593,047	607,651	627,380	640,085	632,227
Short-term borrowings	87,895	91,389	106,933	80,686	66,670	70,058	76,630	152,282
Long-term Debt	389,109	427,139	384,868	377,997	378,227	353,456	281,256	251,225
Shareholder's Equity	241,929	247,915	264,807	277,097	284,627	290,906	291,349	293,327
Balance Sheet (Daily Averages):
Assets	$2,192,311	$2,239,178	$2,276,239	$2,300,826	$2,311,571	$2,355,230	$2,336,508	$2,325,582
Earning Assets (1)	2,070,061	2,113,351	2,140,779	2,152,056	2,148,007	2,188,529	2,171,864	2,164,272
Securities (1)	549,814	550,513	551,750	543,332	500,196	492,951	492,956	515,276
Loans, Gross	1,504,126	1,530,954	1,560,713	1,599,305	1,620,031	1,648,775	1,643,499	1,647,140
Deposits	1,444,314	1,477,065	1,482,129	1,500,831	1,531,354	1,578,771	1,597,007	1,598,356
Shareholder's Equity	239,833	248,510	260,323	273,805	285,041	291,984	294,918	296,085
(1)  Excludes unrealized gains related to securities available for sale.

S&T Bancorp, Inc. Consolidated Selected Financial Data December 31, 2001 (Dollars in thousands except per share data)										Page 3 of 3
	2000				2001				Year-to-date
	March	June	September	December	March	June	September	December	December	December
Profitability Ratios (annualized):	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	2001	2000
Return on Average Assets	1.98%	2.00%	1.99%	2.01%	2.04%	2.03%	2.01%	2.02%	2.03%	2.00%
Return on Average Shareholder's Equity	18.09%	18.03%	17.44%	16.90%	16.58%	16.38%	15.95%	15.90%	16.19%	17.70%
Yield on Earning Assets (FTE)	8.29%	8.37%	8.57%	8.60%	8.48%	8.02%	7.63%	7.19%	7.82%	8.46%
Cost of Interest Bearing Funds	4.68%	4.89%	5.09%	5.15%	4.98%	4.56%	4.22%	3.70%	4.36%	4.95%
Net Interest Margin (FTE)	4.43%	4.37%	4.40%	4.39%	4.41%	4.30%	4.23%	4.21%	4.29%	4.40%
Efficiency Ratio (FTE)(1)	41.65%	40.14%	41.26%	39.99%	41.20%	41.01%	41.19%	40.74%	41.04%	40.75%
Capitalization Ratios:
Dividends Paid to Net Income	50.02%	48.46%	49.66%	50.97%	50.89%	49.77%	52.16%	51.89%
Shareholder's Equity to Assets (Period End)	10.83%	10.82%	11.53%	11.99%	12.09%	12.31%	12.70%	12.44%
Leverage Ratio (2)	10.18%	10.21%	10.30%	10.41%	10.62%	10.61%	10.83%	10.98%
Risk Based Capital - Tier I (3)	12.24%	12.19%	12.23%	12.28%	12.28%	12.34%	12.78%	12.69%
Risk Based Capital - Tier II (3)	14.28%	14.22%	14.53%	14.61%	14.52%	14.69%	14.92%	14.89%
Other Data:
Shareholders of Record	3,189	3,202	3,179	3,183	3,174	3,171	3,174	3,193
Number of Banking Offices	38	38	39	39	39	39	40	40
Definitions:
(1)  Recurring non-interest expense divided by recurring non-interest income plus net interest income, on a fully taxable equivalent basis. (2)  Equity less goodwill to total assets and allowance for loan losses. (3)  Effective October 1, 1998, banking regulators require financial institutions to include 45% of the pretax net unrealized holding gains on      available for sale equity securities in Tier 2 capital.