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) October 18, 2004
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 2.02 - Results of Operations and Financial Condition

     On October 19, 2004, S&T Bancorp, Inc. announced by press release its earnings for the quarter ended September 30, 2004. A copy of the press release is attached hereto as Exhibit 99.1. The information contained in this Report on form 8-K is furnished pursuant to Item 2.02 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Exchange Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 - Financial Statements and Exhibits (c) Exhibits (99.1) 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.
October 18, 2004	S&T Bancorp, Inc. /s/ Robert E. Rout                             Robert E. Rout Executive Vice President, Chief Financial Officer and Secretary

EX-99

Contact: Robert E. Rout

Executive Vice President,

Chief Financial Officer

and Secretary

724-465-1487

TO BE RELEASED:

Tuesday, October 19, 2004

8:30 a.m.

S&T Bancorp, Inc. Announces Earnings

Indiana, Pennsylvania - S&T Bancorp, Inc. (NASDAQ:STBA) today announced earnings for the quarter and year-to-date 2004. Diluted earnings per share were $0.50 in the third quarter of 2004 and 2003. Net income was $13.3 million in the third quarter of 2004 and 2003. Return on average assets and return on average equity was 1.76 percent and 15.84 percent for the three months ended September 30, 2004, compared to 1.82 percent and 16.46 percent for the three months ended September 30, 2003.

For the nine months ended September 30, 2004, net income totaled $39.8 million, and diluted earnings per share were $1.49, compared to $38.6 million of net income and $1.45 diluted earnings per share for the nine months ended September 30, 2003. Annualized return on average assets and return on average equity for the nine months ended September 30, 2004 were 1.79 percent and 15.86 percent, respectively, compared to 1.81 percent and 16.35 percent for the same period in 2003.

James C. Miller, chairman and chief executive officer commented, "I am pleased with the continued progress core banking activities are making through our relationship banking strategies. Particularly notable is the success in our commercial lending area, which is providing opportunities to broaden those relationships with other S&T financial services such as wealth management, insurance, cash management and retail related products. Offsetting this quarter's core banking performance was approximately $1.1 million of charges related to mortgage servicing rights valuation, impairment charges for an equity investment and increased medical plan expenses."

Earning assets have increased $148.0 million over the past 12 months, primarily driven by a $272.0 million or 19 percent increase in commercial lending. Partially offsetting this growth was a $35.0 million decline in consumer and residential mortgage loans primarily as a result of lower origination volumes and actively participating in the sale of residential mortgages into the secondary market. Investment securities declined $89.0 million during the same period to partially provide funding for the commercial loan growth. Deposits increased $142.0 million or 7 percent; demand deposits, a particularly favorable source of funding, increased $45.0 million or 12 percent over the same period through strategic initiatives and products such as free checking, on-line banking and corporate cash management. Miller noted, "Growth in demand deposits along with other core deposits will be important factors in our continuing success."

Net interest income, on a fully taxable equivalent basis, increased approximately $1.7 million or 7 percent for the quarter and $1.8 million or 2 percent for the nine months as compared to the same periods of 2003. Net interest margin on a fully taxable equivalent basis for 2004 was 3.96 percent, 3.97 percent and 3.97 percent for the third quarter, second quarter and year-to-date. For the same periods of 2003, the net margin was 3.87 percent, 4.08 percent and 4.05 percent.

Noninterest revenue, excluding investment security gains, was relatively flat at $21.2 million for the nine-month period ended September 30, 2004, as compared to the year ago period. The primary reason for this performance was a $0.7 million decline in mortgage banking revenues. During third quarter 2004, decreases in long and intermediate term interest rates increased the prepayment speeds in the $171.5 million serviced loan portfolio, resulting in an increase to the valuation allowance for residential mortgage servicing rights of $0.3 million, as compared to a $0.6 million reduction in the valuation allowance for third quarter 2003. Traditional fees from deposit services, insurance and wealth management increased $0.8 million or 6 percent year-to-date 2004 as compared to 2003.

Realized equity security gains for the third quarter and year-to-date 2004 were $1.1 million and $4.4 million, respectively. Included in realized equity security gains for third quarter 2004 is a $0.4 million charge for an other than temporary impairment on one equity investment. Realized security gains for the three-and-nine months ended September 30, 2003 were $1.1 million and $3.3 million. Market value and unrealized gains in the equity securities portfolios at September 30, 2004 were $66.6 million and $24.8 million, respectively, as compared to $72.6 million and $30.5 million at December 31, 2003.

Noninterest expense increases of $1.6 million or 4 percent for the first nine months of 2004, as compared to 2003, reflect the personnel and infrastructure increases necessary to accommodate organizational growth related to increased business activity. Included in this increase is an additional expense of $0.4 million for employee healthcare due to the impact of adverse claim experience in S&T's self-funded plan and overall medical cost inflation. S&T's efficiency ratio, which measures recurring noninterest expense as a percentage of recurring noninterest income plus recurring net interest income on a fully-taxable equivalent basis was 43 percent and 42 percent for the nine months ending September 30, 2004 and September 30, 2003, respectively.

Asset quality measurements for 2004 were within acceptable levels. Nonperforming assets totaled $18.7 million or 0.62 percent of total assets at September 30, 2004 as compared to $14.0 million or 0.47 percent at June 30, 2004 and $11.5 million or 0.40 percent at December 31, 2003. The majority of the increase in nonperforming assets relates to a $7.7 million credit for a hotel. The borrower has experienced reduced cash flows associated with the declines in hotel occupancy and is within an industry that has suffered from pricing pressures, over-capacity and declining performance in recent years. The credit is secured by real estate and a personal guarantee of the principal, and the collateral is scheduled for auction in the fourth quarter of 2004. S&T's previous and continued exposure related to this relationship had been appropriately considered in determining the adequacy of its allowance for loan losses in prior periods. S&T recorded a $2.5 million charge-off in the third quarter 2004 related to this credit.

The other significant component of nonperforming assets is another hotel that bears an 80 percent United States Department of Agriculture guarantee. The property has been sold, with no remaining exposure to S&T, and we are anticipating fourth quarter proceeds to resolve this $2.5 million nonperforming asset.

Net loan charge-offs for the first nine months of 2004 were $4.3 million or 0.26 percent of average loans on an annualized basis compared to $4.2 million or 0.28 percent for the first nine months of 2003. The provision for loan losses was $4.9 million in the first nine months of 2004 and $5.8 million in the same period last year. The allowance for loan losses at September 30, 2004 was $32.1 million or 1.40 percent of total loans as compared to $31.5 million or 1.50 percent at December 31, 2003.

Miller added, "Asset quality is a cardinal commitment at S&T, and we continue to be very aggressive in dealing with potential problem loans. This is especially important in dealing with potential problems in our commercial loan portfolio since these loans tend to be larger and by their nature may take longer to resolve."

S&T Bancorp, Inc. declared a common stock quarterly dividend of $0.27 per share on September 20, 2004 which is payable on October 25, 2004 to shareholders of record as of October 1, 2004. This dividend represents a 4 percent increase over the $0.26 per share quarterly dividend declared a year ago and a 3 percent projected annual yield utilizing the September 30, 2004 closing market price of $35.71. The S&T Bancorp, Inc. Board of Directors also authorized a stock buyback program for 2004 of up to one million shares, or approximately 4 percent of shares outstanding. During 2004, S&T has repurchased 542,600 shares under this program at an average cost of $29.43 per share.

Headquartered in Indiana, PA, S&T Bancorp, Inc. operates 49 offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson and Westmoreland counties. With assets of $3.0 billion, S&T Bancorp, Inc. stock trades on the NASDAQ National Market System under the symbol STBA.

This information may contain 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.

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EX-99

S&T Bancorp, Inc.									Page 1 of 3
Consolidated Selected Financial Data
September 30, 2004
(Dollars in thousands except per share data)
	2003				2004
	March	June	September	December	March	June	September	September	September
For the period:	1Q	2Q	3Q	4Q	1Q	2Q	3Q	2004	2003
Interest Income	$39,318	$38,722	$36,909	$36,511	$35,596	$36,239	$37,728	$109,563	$114,949
Interest Expense	12,924	12,380	11,439	10,323	9,506	9,548	10,549	29,603	36,743
Net Interest Income	26,394	26,342	25,470	26,188	26,090	26,691	27,179	79,960	78,206
Taxable Equivalent Adjustment	999	829	915	930	920	924	927	2,769	2,743
Net Interest Income (FTE)	27,393	27,171	26,385	27,118	27,010	27,615	28,106	82,729	80,949
Provision For Loan Losses	2,400	1,900	1,500	1,500	1,500	1,900	1,500	4,900	5,800
Net Interest Income
After Provisions (FTE)	24,993	25,271	24,885	25,618	25,510	25,715	26,606	77,829	75,149
Security Gains, Net	1,005	1,206	1,099	4,748	1,520	1,708	1,144	4,372	3,310
Service Charges and Fees	2,192	2,268	2,335	2,457	2,232	2,359	2,316	6,906	6,795
Wealth Management	1,295	1,429	1,326	1,360	1,517	1,525	1,471	4,513	4,050
Insurance	1,059	1,017	1,071	1,130	1,076	1,115	1,219	3,410	3,147
Other	2,162	1,645	3,426	1,974	2,048	2,474	1,814	6,336	7,233
Total Other Income	6,708	6,359	8,158	6,921	6,873	7,473	6,820	21,165	21,225
Salaries and Employee Benefits	7,581	7,649	8,100	8,215	8,292	8,006	8,438	24,736	23,330
Occupancy and Equip. Expense, Net	1,837	1,754	1,556	1,660	1,720	1,710	1,752	5,181	5,147
Data Processing Expense	822	811	956	877	999	975	956	2,930	2,589
FDIC Expense	81	76	76	72	73	74	72	219	233
Other	3,861	3,698	4,011	6,965	3,653	4,047	3,680	11,379	11,570
Total Other Expense	14,182	13,988	14,699	17,789	14,737	14,812	14,898	44,445	42,869
Income Before Taxes	18,524	18,848	19,443	19,498	19,166	20,084	19,672	58,921	56,815
Taxable Equivalent Adjustment	999	829	915	930	920	924	927	2,769	2,743
Applicable Income Taxes	4,987	5,243	5,251	5,382	5,290	5,588	5,468	16,346	15,481
Net Income	$12,538	$12,776	$13,277	$13,186	$12,956	$13,572	$13,277	$39,806	$38,591
Per Common Share Data:
Shares Outstanding at End of Period	26,323,013	26,383,419	26,483,219	26,652,411	26,619,399	26,261,769	26,513,869	26,513,869	26,483,219
Average Shares Outstanding - Diluted	26,722,098	26,613,859	26,711,496	26,846,050	26,950,542	26,644,177	26,709,616	26,767,731	26,682,230
Net Income - Diluted	$0.47	$0.48	$0.50	$0.49	$0.48	$0.51	$0.50	$1.49	$1.45
Dividends Declared	$0.25	$0.25	$0.26	$0.26	$0.26	$0.27	$0.27	$0.80	$0.76
Book Value	$11.56	$12.10	$12.12	$12.48	$12.74	$12.25	$12.77	$12.77	$12.12
Market Value	$25.57	$27.44	$28.50	$29.80	$30.06	$31.98	$35.71	$35.71	$28.50

S&T Bancorp, Inc.							Page 2 of 3
Consolidated Selected Financial Data
September 30, 2004
(Dollars in thousands)
	2003				2004
	March	June	September	December	March	June	September
Asset Quality Data	1Q	2Q	3Q	4Q	1Q	2Q	3Q
Nonaccrual Loans and Nonperforming Loans	$10,828	$8,557	$9,656	$9,120	$12,465	$13,514	$15,895
Assets acquired through foreclosure
or repossession	2,362	2,327	2,420	2,363	2,287	521	2,822
Nonperforming Assets	13,190	10,884	12,076	11,483	14,752	14,035	18,717
Allowance for Loan Losses	29,837	31,483	31,714	31,478	32,658	32,792	32,127
Nonperforming Loans / Loans	0.53%	0.42%	0.47%	0.43%	0.57%	0.60%	0.69%
Allowance for Loan Losses / Loans	1.47%	1.55%	1.54%	1.50%	1.50%	1.46%	1.40%
Allowance for Loan Losses /
Nonperforming Loans	276%	368%	328%	345%	262%	243%	202%
Net Loan Charge-offs	2,701	254	1,269	1,736	320	1,765	2,166
Net Loan Charge-offs (annualized) /
Average Loans	0.55%	0.05%	0.25%	0.33%	0.06%	0.32%	0.38%
Balance Sheet (Period-End)
Assets	$2,855,658	$2,915,039	$2,858,678	$2,900,272	$2,956,404	$3,006,203	$3,009,776
Earning Assets	2,665,433	2,721,743	2,681,074	2,711,702	2,776,693	2,823,231	2,829,035
Securities	641,206	688,315	625,872	611,083	592,761	576,612	536,783
Loans, Gross	2,024,227	2,033,428	2,055,202	2,100,620	2,183,931	2,246,619	2,292,253
Total Deposits	1,947,249	1,927,035	1,937,201	1,962,253	1,977,330	1,976,340	2,079,182
Non-Interest Bearing Deposits	344,010	354,701	371,413	382,364	382,110	376,471	416,748
NOW, Money Market & Savings	781,690	786,225	778,985	766,031	756,965	742,582	772,783
CD's $100,000 and over	167,170	148,200	147,697	162,925	176,512	187,574	197,347
Other Time Deposits	654,380	637,909	639,106	650,933	661,743	669,713	692,304
Short-term borrowings	302,680	339,930	327,824	432,020	463,000	542,598	456,684
Long-term Debt	242,191	267,195	217,192	116,891	116,890	116,894	86,328
Shareholder's Equity	304,312	319,342	320,936	332,718	339,095	321,625	338,575
Balance Sheet (Daily Averages)
Assets	$2,823,664	$2,850,083	$2,888,415	$2,854,065	$2,908,794	$2,979,134	$3,002,225
Earning Assets	2,644,725	2,669,664	2,702,768	2,678,336	2,732,315	2,798,943	2,821,311
Securities	636,110	646,589	658,505	616,146	597,845	583,192	555,568
Loans, Gross	2,008,616	2,023,006	2,044,174	2,062,191	2,134,470	2,215,751	2,264,843
Deposits	1,916,768	1,921,525	1,927,257	1,925,773	1,955,025	1,982,751	2,040,251
Shareholder's Equity	310,165	316,613	320,116	328,821	341,835	330,474	333,545

S&T Bancorp, Inc.									Page 3 of 3
Consolidated Selected Financial Data
September 30, 2004
(Dollars in thousands except per share data)
	2003				2004
	March	June	September	December	March	June	September	September	September
Profitability Ratios (annualized)	1Q	2Q	3Q	4Q	1Q	2Q	3Q	2004	2003
Return on Average Assets	1.80%	1.80%	1.82%	1.83%	1.79%	1.83%	1.76%	1.79%	1.81%
Return on Average Shareholder's Equity	16.39%	16.18%	16.46%	15.91%	15.24%	16.52%	15.84%	15.86%	16.35%
Yield on Earning Assets (FTE)	6.20%	5.96%	5.57%	5.56%	5.39%	5.35%	5.46%	5.40%	5.91%
Cost of Interest Bearing Funds	2.49%	2.35%	2.14%	1.95%	1.79%	1.74%	1.90%	1.81%	2.32%
Net Interest Margin (FTE)(4)	4.20%	4.08%	3.87%	4.02%	3.98%	3.97%	3.96%	3.97%	4.05%
Efficiency Ratio (FTE)(1)	41.59%	41.72%	42.55%	52.26%	43.49%	42.22%	42.66%	42.78%	41.96%
Capitalization Ratios
Dividends Paid to Net Income	53.01%	51.65%	49.68%	52.22%	53.48%	51.06%	53.34%
Shareholder's Equity to Assets (Period End)	10.66%	10.95%	11.23%	11.47%	11.47%	10.70%	11.25%
Leverage Ratio (2)	8.13%	8.50%	8.67%	9.16%	9.15%	8.80%	9.15%
Risk Based Capital - Tier I (3)	9.90%	10.11%	10.46%	10.56%	10.55%	10.10%	10.44%
Risk Based Capital - Tier II (3)	11.56%	11.90%	12.25%	12.39%	12.31%	11.78%	12.13%
Other Data
Shareholders of Record	3,106	3,125	3,138	3,149	3,164	3,143	3,133
Number of Banking Offices	46	46	46	49	49	49	49
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.
(4) Net interest income, on a fully taxable equivalent basis, annualized divided by quarter to date average earning assets.