8-K

United States

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 30, 2009
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.)
800 Philadelphia Street, Indiana, PA __________________________________________ (Address of Principal Executive Offices)			15701 ___________________ Zip Code
Registrant's telephone number, including area code			(800) 325-2265
Former name or address, if changed since last report			Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

• Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
• Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
• Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
• Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 - Results of Operations and Financial Condition

On January 30, 2009, S&T Bancorp, Inc. announced by press release its earnings for the three and twelve months ended December 31, 2008. 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

(d) Exhibits. The exhibit listed on the Exhibit Index accompanying this Form 8-K is filed herewith.

(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.
January 30, 2009	S&T Bancorp, Inc.
	/s/ Robert E. Rout
	Robert E. Rout Senior Executive Vice President, Chief Financial Officer, Chief Administrative Officer and Secretary

Exhibit Index
Number	Description	Method of Filing
99.1	Press Release	Filed herewith

EX-99

Contact: Robert E. Rout

Chief Administrative and Chief Financial Officer

724-465-1487

TO BE RELEASED

9:00 a.m., Friday, January 30, 2009

S&T Bancorp, Inc. Announces Earnings

Indiana, Pennsylvania - S&T Bancorp, Inc. (NASDAQ: STBA) today announced earnings for the fourth quarter and the year ended December 31, 2008. Diluted earnings per share for the fourth quarter of 2008 increased 6 percent to $0.57 per share compared to $0.54 per share in the fourth quarter of 2007. Net income for the fourth quarter of 2008 increased 19 percent to $15.8 million as compared to $13.3 million in the comparable period one year ago.

For the year ended December 31, 2008, diluted earnings per share increased 1 percent to $2.28 from $2.26 in 2007, and net income increased 7 percent to $60.2 million from $56.1 million in 2007. Return on average assets and return on average equity for 2008 were 1.52 percent and 14.77 percent, respectively, compared to 1.68 percent and 16.97 percent in 2007.

The differences between percentage changes for net income and earnings per share is primarily due to the 2.8 million shares issued as partial payment for the IBT acquisition in the second quarter of 2008.

Todd D. Brice, president and chief executive officer, commented, "Our markets continue to present unique challenges, as well as opportunities, for banks like us in this ongoing economic crisis. I am extremely proud how well our folks have recognized and have taken advantage of the opportunities, as evidenced by our record loan growth and earnings performance in 2008."

Net interest income, on a fully taxable equivalent basis, increased approximately $10.8 million or 35 percent for the quarter ending December 31, 2008, and increased $27.9 million or 23 percent for the 12 months of 2008, as compared to the same periods of 2007. Net interest margin on a fully taxable equivalent basis was 4.07 percent, 4.13 percent and 4.07 percent for the third quarter, fourth quarter and full year of 2008, respectively. For the same periods of 2007, the net margin on a fully taxable equivalent basis was 3.86 percent, 3.94 percent and 3.87 percent, respectively.

Earning assets have increased $875.4 million over the past 12 months, primarily driven by $752.0 million acquired in the IBT merger, a $253.0 million or 12 percent organic increase in commercial lending and a $27.6 million or 4 percent organic increase in consumer lending. Investment securities increased over the 12-month period by $103.6 million, primarily due to the IBT merger, offset by $125.3 million of matured investment securities that were not replaced during the period and the sale of $130.6 million of securities from the restructuring of the IBT bond portfolio in the second quarter of 2008. Brice added, "The growth that we have experienced in our commercial and retail lines of business are a direct result of our relationship banking focus. Furthermore, the current environment has provided opportunities to develop new relationships, as well as to enhance our pricing and credit structure on new business. The IBT acquisition, which was consummated in the second quarter of 2008, has enabled us to exp and our presence in Westmoreland and Allegheny Counties and is contributing to our organic growth. This in-market expansion will strengthen our strategic positioning in these markets."

Overall deposits increased $33.0 million during the past 12 months, excluding $573.6 million of deposits that were acquired with the IBT merger. Brice added, "While core deposits are our most stable and lowest cost of funds overall, from time to time, we may experience periods like we are in today where borrowings have a slight pricing advantage. We are willing to accept slightly less robust deposit growth in the short run to take advantage of these unique circumstances. We know that we have excellent and very competitive deposit products, especially our cash management services and electronic delivery channels which we believe will continue to keep us competitive and serve our customers' needs well into the future. Particularly encouraging is the $78.9 million or 13 percent organic growth in our demand deposit accounts."

Noninterest income, excluding investment security gains, increased $2.3 million for the 12-month period ended December 31, 2008, as compared to 2007, primarily due to increases of $2.2 million for deposit fees, $1.2 million of debit/credit card activities, $0.9 million of commercial swap revenue, $0.8 million of insurance revenues, $0.6 million of brokerage commissions and a $0.4 million non-recurring gain from the VISA initial public offering in the first quarter of 2008. Deposit fees and debit/credit card revenues were favorably affected by the recent IBT merger. These increases were partially offset by the reclassification of investment securities held in the deferred compensation plan trust to a trading classification from available-for-sale classification. The reclassification generated a one-time favorable adjustment to other noninterest income of $1.2 million or approximately $0.03 earnings per share in the third quarter of 2007. Also reducing noninterest income by $1.6 million is the current year market adjustment for the deferred compensation plans with an offsetting reduction to salaries and employee benefit expenses, and decreases in mortgage banking and letters of credit fees of $1.0 million and $0.3 million, respectively.

Investment security losses for 2008 were $1.7 million, a $5.5 million decrease from the $3.8 million of gains realized during 2007. Included in the 2008 results is $0.7 million of realized losses from restructuring the IBT bond portfolio in the second quarter 2008, and $4.3 million of other-than-temporary impairment charges on seven bank equity holdings. Two of these charges totaling $0.4 million occurred in the fourth quarter 2008. Partially offsetting the realized losses and impairments were $3.3 million of realized equity security gains for 2008. The equity securities portfolio currently has a market value of $14.9 million at December 31, 2008, as compared to $41.3 million at December 31, 2007. During the past two years, S&T has implemented a strategy to methodically sell holdings in this portfolio and only retain strategic positions in bank holding companies within our market area.

Noninterest expense increased $10.3 million or 14 percent for the full year 2008 as compared to the 2007 period. Salaries and employee benefits increased $2.3 million primarily due to the addition of 93 average full-time equivalent staff, mostly due to the IBT acquisition, and normal merit increases that occur each year-end. Salaries and employee benefits were also positively affected by the aforementioned current year market adjustment for the deferred compensation plans. Other significant factors contributing to the increase include $1.1 million of nonrecurring merger expenses, a $1.4 million other-than-temporary impairment charge for affordable housing limited partnerships and $1.4 million increased reserves for unfunded loan commitments and letters of credit, most of which occurred in the second quarter of 2008. Occupancy, equipment and data processing costs increased during the last 12 months, primarily through the net acquisition of eight new branches with the IBT merger, and one denova branch openi ng by S&T.

The efficiency ratio, which measures noninterest expense to noninterest income, excluding net security gains, plus net interest income on a fully taxable equivalent basis, was 45 percent and 47 percent for the twelve-month periods ended December 31, 2008 and 2007, respectively.

Nonperforming assets totaled $43.3 million or 0.98 percent of total assets at December 31, 2008 as compared to $33.9 million or 0.76 percent at September 30, 2008 and $17.3 million or 0.51 percent at December 31, 2007. During the fourth quarter of 2008, three significant relationships were placed into non-performing status, including a $3.5 million commercial mixed use loan and a $4.0 million retail strip center; at this time, collateral for both loans appears to be sufficient to satisfy the outstanding loan balance. As previously disclosed, on January 14, 2009 we discovered that a commercial customer with loans outstanding of $6.7 million was misappropriating construction funds. An investigation was conducted to determine our current collateral position. As a result of our investigation, we have recognized a $4.6 million charge-off in the fourth quarter of 2008. The residual amount of $2.1 million appears to be adequately collateralized and is classified as nonperforming pending foreclosure or sale. Net loan charge-offs for the full year were $10.0 million or 0.31 percent of average loans compared to $4.7 million or 0.17 percent for 2007.

The allowance for loan losses at December 31, 2008 was $42.7 million or 1.20 percent of total loans as compared to $34.3 million or 1.23 percent at December 31, 2007. In the fourth quarter of 2008, S&T recorded a provision for loan loss of $5.6 million, including $4.6 million related to the commercial loan fraud, as compared to $1.2 million in the fourth quarter of 2007. For the 12 months ended December 31, 2008, the provision for loan loss was $12.9 million as compared to $5.8 million for the 12 months ended December 31, 2007. The provision for loan losses is based upon management's detailed quarterly analysis of the adequacy of the allowance for loan losses. Brice added, "2008 was certainly an unprecedented period of economic uncertainty for businesses and consumers. Asset quality is one of the biggest risks that we manage, and we are emphasizing its importance throughout our organization in 2009. We will not be immune to the overall decline in the economy, but I do believe that our conservative und erwriting practices will serve us well during this challenging period."

On December 23, 2008, S&T Bancorp, Inc. announced that the U.S. Treasury approved S&T for participation in the Capital Purchase Program. The goal of this new legislation is to promote lending by healthy banks to individuals and businesses in order to stimulate the economy. S&T received $108.6 million under this program on January 16, 2009. Brice commented, "I am pleased that S&T was among selected banks approved by the U.S. Treasury to participate in this program. The additional funds will strengthen our already well capitalized balance sheet and enable us to continue to meet the credit needs of our customers."

S&T Bancorp, Inc. declared a common stock quarterly dividend of $0.31 per share on December 15, 2008 which was payable on January 23, 2009 to shareholders of record as of December 31, 2008. This dividend represents a 3.5 percent projected annual yield utilizing the December 31, 2008 closing market price of $35.50.

Headquartered in Indiana, PA, S&T Bancorp, Inc. operates 55 offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson and Westmoreland counties. With assets of $4.4 billion, S&T Bancorp stock trades on the NASDAQ Global Select Market 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.

EX-99

S&T Bancorp, Inc. Consolidated Selected Financial Data December 31, 2008 (Dollars in thousands, except per share data)										Page 1 of 3
	2007				2008				Year-to-date
	March 1Q	June 2Q	September 3Q	December 4Q	March 1Q	June 2Q	September 3Q	December 4Q	December 2008	December 2007
For the period:
Interest Income	$52,934	$54,274	$54,761	$53,637	$50,458	$50,433	$57,416	$57,811	$216,118	$215,605
Interest Expense	24,725	25,321	25,485	23,636	19,909	16,791	18,245	17,226	72,171	99,167
Net Interest Income	28,209	28,953	29,276	30,001	30,549	33,642	39,171	40,585	143,947	116,438
Taxable Equivalent Adjustment	1,186	1,216	1,170	1,156	1,148	1,227	1,385	1,388	5,147	4,727
Net Interest Income (FTE)	29,395	30,169	30,446	31,157	31,697	34,869	40,556	41,973	149,094	121,165
Provision For Loan Losses	2,178	1,305	1,142	1,187	1,279	(118)	6,156	5,561	12,878	5,812
Net Interest Income After Provisions (FTE)	27,217	28,864	29,304	29,970	30,418	34,987	34,400	36,412	136,216	115,353
Security Gains and Losses, Net	1,656	481	1,129	579	611	(1,829)	(341)	(92)	(1,651)	3,844
Service Charges and Fees	2,343	2,529	2,605	2,647	2,402	2,754	3,599	3,567	12,322	10,124
Wealth Management	1,855	1,978	1,751	1,886	1,862	1,907	2,118	2,081	7,967	7,470
Insurance	1,894	1,792	1,874	1,726	1,997	2,042	2,073	1,984	8,096	7,285
Other	2,424	2,744	4,270	2,443	2,638	3,100	2,811	2,168	10,718	11,882
Total Noninterest Income	8,516	9,043	10,500	8,702	8,899	9,803	10,601	9,800	39,103	36,761
Salaries and Employee Benefits	9,934	10,073	9,910	10,470	10,060	10,514	11,725	10,409	42,708	40,387
Occupancy and Equip. Expense, Net	2,261	2,447	2,423	2,452	2,660	2,636	2,761	2,838	10,895	9,583
Data Processing Expense	1,234	1,301	1,179	1,166	1,071	1,668	1,365	1,384	5,488	4,880
FDIC Expense	76	77	74	75	75	74	131	129	409	302
Other	4,084	4,163	4,543	5,518	4,089	7,492	6,358	6,363	24,301	18,308
Total Noninterest Expense	17,589	18,061	18,129	19,681	17,955	22,384	22,340	21,123	83,801	73,460
Income Before Taxes	19,800	20,327	22,804	19,570	21,973	20,577	22,320	24,997	89,867	82,498
Taxable Equivalent Adjustment	1,186	1,216	1,170	1,156	1,148	1,227	1,385	1,388	5,147	4,727
Applicable Income Taxes	5,316	5,235	5,973	5,103	5,969	5,489	5,249	7,809	24,517	21,627
Net Income	$13,298	$13,876	$15,661	$13,311	$14,856	$13,861	$15,686	$15,800	$60,203	$56,144
Per Common Share Data:
Shares Outstanding at End of Period	24,897,787	24,468,671	24,543,177	24,551,087	24,615,136	27,408,633	27,588,510	27,632,928	27,632,928	24,551,087
Average Shares Outstanding - Diluted	25,389,584	24,847,410	24,690,735	24,677,720	24,680,484	25,503,920	27,602,216	27,722,550	26,384,309	24,888,574
Net Income - Diluted	$0.52	$0.56	$0.63	$0.54	$0.60	$0.54	$0.57	$0.57	$2.28	$2.26
Dividends Declared	$0.30	$0.30	$0.30	$0.31	$0.31	$0.31	$0.31	$0.31	$1.24	$1.21
Book Value	$13.16	$12.98	$13.36	$13.75	$14.18	$16.00	$16.34	$16.24	$16.24	$13.75
Market Value	$33.04	$32.90	$32.09	$27.64	$32.17	$29.06	$36.83	$35.50	$35.50	$27.64

S&T Bancorp, Inc. Consolidated Selected Financial Data December 31, 2008 (Dollars in thousands)								Page 2 of 3
	2007				2008
	March 1Q	June 2Q	September 3Q	December 4Q	March 1Q	June 2Q	September 3Q	December 4Q
Asset Quality Data
Nonaccrual Loans and Nonperforming Loans	$19,854	$14,944	$14,445	$16,798	$23,212	$15,959	$32,793	$42,466
Assets acquired through foreclosure or     repossession	606	610	869	488	630	1,884	1,111	851
Nonperforming Assets	20,460	15,554	15,314	17,286	23,842	17,843	33,904	43,317
Allowance for Loan Losses	35,319	35,808	34,144	34,345	35,717	38,796	43,235	42,689
Nonperforming Loans / Loans	0.73%	0.54%	0.52%	0.60%	0.81%	0.46%	0.92%	1.19%
Allowance for Loan Losses / Loans	1.29%	1.31%	1.24%	1.23%	1.25%	1.12%	1.21%	1.20%
Allowance for Loan Losses / Nonperforming     Loans	178%	240%	236%	204%	154%	243%	132%	101%
Net Loan Charge-offs (Recoveries)	78	817	2,806	986	(94)	2,224	1,717	6,107
Net Loan Charge-offs (Recoveries)     (annualized)/ Average Loans	0.01%	0.12%	0.41%	0.14%	-0.01%	0.29%	0.20%	0.68%
Balance Sheet (Period-End)
Assets	$3,361,963	$3,368,761	$3,348,096	$3,407,621	$3,463,806	$4,353,568	$4,461,085	$4,438,368
Earning Assets	3,146,934	3,141,844	3,126,714	3,169,594	3,212,919	3,934,187	4,075,431	4,044,970
Securities	412,384	398,612	375,151	372,655	362,053	466,524	496,844	476,255
Loans, Gross	2,734,550	2,743,232	2,751,564	2,796,939	2,850,866	3,467,663	3,578,587	3,568,716
Total Deposits	2,576,887	2,624,495	2,620,176	2,621,825	2,605,187	3,114,560	3,131,882	3,228,416
Non-Interest Bearing Deposits	444,525	446,455	451,196	459,708	471,040	593,339	600,246	600,282
NOW, Money Market & Savings	1,204,833	1,230,290	1,233,969	1,243,061	1,203,833	1,325,755	1,280,816	1,334,324
CD's $100,000 and over	259,390	258,311	250,011	249,643	250,489	329,087	353,167	377,748
Other Time Deposits	668,139	689,439	685,000	669,413	679,825	866,379	897,653	916,062
Short-term borrowings	169,552	144,342	125,809	180,258	211,391	472,045	552,505	421,894
Long-term Debt	246,715	246,487	236,255	226,021	246,403	281,163	280,921	270,950
Shareholders' Equity	327,559	317,707	327,863	337,560	349,073	438,499	450,717	448,694
Balance Sheet (Daily Averages)
Assets	$3,312,784	$3,344,544	$3,339,979	$3,346,685	$3,407,665	$3,701,389	$4,346,481	$4,419,465
Earning Assets	3,108,328	3,134,253	3,127,103	3,137,967	3,198,279	3,434,268	3,961,327	4,042,118
Securities	420,645	403,351	384,405	370,100	369,400	386,243	472,293	490,754
Loans, Gross	2,687,564	2,730,618	2,740,458	2,767,615	2,828,762	3,048,024	3,488,843	3,551,179
Deposits	2,550,819	2,578,878	2,623,770	2,620,448	2,579,321	2,712,198	3,086,428	3,205,711
Shareholders' Equity	339,168	325,966	324,124	333,880	345,939	377,160	447,941	458,600

S&T Bancorp, Inc. Consolidated Selected Financial Data December 31, 2008 (Dollars in thousands, except per share data)										Page 3 of 3
	2007				2008				Year-to-date
	March 1Q	June 2Q	September 3Q	December 4Q	March 1Q	June 2Q	September 3Q	December 4Q	December 2008	December 2007
Profitability Ratios (annualized)
Return on Average Assets	1.63%	1.66%	1.86%	1.58%	1.75%	1.51%	1.44%	1.42%	1.52%	1.68%
Return on Average Shareholders' Equity	15.90%	17.07%	19.17%	15.82%	17.27%	14.78%	13.93%	13.71%	14.77%	16.97%
Yield on Earning Assets (FTE)	7.06%	7.10%	7.10%	6.93%	6.49%	6.05%	5.92%	5.83%	6.05%	7.05%
Cost of Interest Bearing Funds	4.00%	4.01%	3.99%	3.70%	3.10%	2.43%	2.23%	2.06%	2.41%	3.92%
Net Interest Margin (FTE)(4)	3.84%	3.86%	3.86%	3.94%	3.99%	4.08%	4.07%	4.13%	4.07%	3.87%
Efficiency Ratio (FTE)(1)	46.40%	46.06%	44.28%	49.38%	44.23%	50.11%	43.67%	40.80%	44.53%	46.52%
Capitalization Ratios
Dividends Paid to Net Income	57.21%	53.92%	46.86%	55.31%	51.23%	55.05%	54.17%	54.13%
Shareholders' Equity to Assets (Period End)	9.74%	9.43%	9.79%	9.91%	10.08%	10.07%	10.10%	10.11%
Leverage Ratio (2)	8.38%	8.06%	8.38%	8.57%	9.28%	8.05%	7.15%	7.30%
Risk Based Capital - Tier I (3)	9.23%	8.94%	9.35%	9.50%	10.29%	7.99%	8.23%	8.65%
Risk Based Capital - Tier II (3)	11.45%	11.15%	11.50%	11.64%	12.46%	11.12%	11.40%	11.82%
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.