S&T Bancorp (STBA) 8-K Results of Operations and Financial Condition

Exhibit 99.1

FOR RELEASE	Contact: Mark Kochvar
March 15, 2011	Chief Financial Officer
	724-465-4826

S&T Bancorp, Inc. Revises Full Year 2010 and

Fourth Quarter Earnings

Indiana, Pennsylvania – S&T Bancorp, Inc. (NASDAQ:STBA) (S&T) today announced a revision to its previously reported full year 2010 and fourth quarter earnings. Subsequent to the earnings release on January 31, 2011, S&T determined that a modification of a participation loan had not been properly recorded in the second quarter of 2010. As a result, additional provision for loan losses was recorded in the fourth quarter of 2010. The table below summarizes the changes from the previously reported results:

	Fourth Quarter 2010				For the 12 Months Ended December 31, 2010
	As Revised		As Previously Reported		As Revised		As Previously Reported
(in thousands, except per share data)
Net Income Available to Common Shareholders	$	8,737	$	11,449	$	37,279	$	39,991
Diluted Earnings per Common Share	$	0.31	$	0.41	$	1.34	$	1.44
Provision for Loan Losses	$	7,676	$	3,503	$	29,511	$	25,338

As a result of an evaluation, management identified a material weakness in S&T’s internal control over financial reporting related to the approval and recording of loan charge-offs as of December 31, 2010. Management is taking the necessary steps to remediate this material weakness.

The following pages provide a complete update to the previously reported results. Full financial results will be available as part of S&T Bancorp’s Form 10-K filing, which is expected to be filed on March 15, 2011.

- more -

S&T Bancorp Revises Full Year 2010 and

Fourth Quarter Earnings (cont.)

About S&T Bancorp, Inc.

Headquartered in Indiana, PA, S&T Bancorp, Inc. operates 51 offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson and Westmoreland counties. With assets of $4.1 billion, S&T Bancorp, Inc. stock trades on the NASDAQ Global Select 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, change in interest rates, deposit flows, loan demand, asset quality, including real estate and other collateral values and competition. In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), S&T management uses and this press release contains or references, certain non-GAAP financial measures, such as net interest income on a fully taxable equivalent basis. S&T believes these non-GAAP financial measures provide information useful to investors in understanding our underlying operational performance and our business and performance trends as they facilitate comparisons with the performance of others in the financial services industry. Although S&T believes that these non-GAAP financial measures enhance investors’ understanding of S&T’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. A reconciliation of these non-GAAP financial measures is presented in the attached financial data spreadsheet. 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.

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(Dollars in thousands, except per share data)

	For the 12 Months Ended December 31,
	2010		2009
Income Statements
Interest Income	$	180,419	$	195,087
Interest Expense		34,573		49,105
Net Interest Income		145,846		145,982
Taxable Equivalent Adjustment		4,627		5,202
Net Interest Income (FTE)		150,473		151,184
Provision For Loan Losses		29,511		72,354
Net Interest Income After Provisions (FTE)		120,962		78,830
Security Gains (Losses), Net		274		(5,088	)
Service Charges and Fees		11,713		12,942
Wealth Management		7,808		7,500
Insurance		8,312		7,751
Other		19,103		15,475
Total Noninterest Income		46,936		43,668
Salaries and Employee Benefits		48,715		48,848
Occupancy and Equipment Expense, Net		12,046		11,886
Data Processing Expense		6,145		6,048
FDIC Expense		5,426		8,388
Other		33,301		32,956
Total Noninterest Expense		105,633		108,126
Income Before Taxes		62,539		9,284
Taxable Equivalent Adjustment		4,627		5,202
Applicable Income Taxes		14,432		(3,869	)
Net Income		43,480		7,951
Preferred Stock Dividends		6,201		5,913
Net Income Available to Common Shareholders	$	37,279	$	2,038
Per Common Share Data:
Average Shares Outstanding - Diluted		27,813,406		27,658,861
Diluted Earnings Per Share	$	1.34	$	0.07
Dividends Declared	$	0.60	$	0.61

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(Dollars in thousands, except per share data)

	2010		2010		2009
	Fourth Quarter		Third Quarter		Fourth Quarter
Income Statements
Interest Income	$	44,210	$	45,325	$	47,126
Interest Expense		7,876		8,352		10,671
Net Interest Income		36,334		36,973		36,455
Taxable Equivalent Adjustment		1,075		1,137		1,274
Net Interest Income (FTE)		37,409		38,110		37,729
Provision For Loan Losses		7,676		8,278		10,399
Net Interest Income After Provisions (FTE)		29,733		29,832		27,330
Security Gains (Losses), Net		11		6		(487	)
Service Charges and Fees		2,602		2,974		3,349
Wealth Management		2,047		1,861		1,924
Insurance		1,855		2,125		1,884
Other		5,487		5,369		4,213
Total Noninterest Income		11,991		12,329		11,370
Salaries and Employee Benefits		12,452		11,887		12,211
Occupancy and Equipment Expense, Net		3,123		2,863		2,898
Data Processing Expense		1,544		1,547		1,473
FDIC Expense		1,367		1,359		1,475
Other		8,532		7,292		7,031
Total Noninterest Expense		27,018		24,948		25,088
Income Before Taxes		14,717		17,219		13,125
Taxable Equivalent Adjustment		1,075		1,137		1,274
Applicable Income Taxes		3,352		3,600		2,660
Net Income		10,290		12,482		9,191
Preferred Stock Dividends		1,553		1,551		1,545
Net Income Available to Common Shareholders	$	8,737	$	10,931	$	7,646
Per Common Share Data:
Shares Outstanding at End of Period		27,951,689		27,849,171		27,746,554
Average Shares Outstanding - Diluted		27,883,109		27,812,637		27,701,846
Diluted Earnings Per Share	$	0.31	$	0.39	$	0.28
Dividends Declared	$	0.15	$	0.15	$	0.00
Common Book Value	$	16.91	$	16.83	$	16.14
Tangible Common Book Value(1)	$	10.73	$	10.61	$	9.85
Market Value	$	22.59	$	17.42	$	17.01

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(Dollars in thousands, except per share data)

	For the 12 Months Ended December 31,
	2010				2009
Net Interest Margin (Yearly Averages)
Assets
Loans - FTE	$	3,386,103	5.09	%	$	3,473,169	5.26	%
Securities/Other - FTE		326,757	3.90	%		413,927	4.23	%
Total Interest-earning Assets		3,712,860	4.98	%		3,887,096	5.15	%
Noninterest-earning Assets		410,595				372,192
Total Assets	$	4,123,455			$	4,259,288
Liabilities and Shareholders’ Equity
Now/Money Market/Savings	$	1,267,708	0.26	%	$	1,243,958	0.41	%
Certificates of Deposits		1,300,803	1.95	%		1,367,372	2.44	%
Borrowed funds < 1 year		78,963	0.27	%		190,948	0.36	%
Borrowed funds > 1 year		133,539	4.23	%		217,664	4.59	%
Total Interest-bearing Liabilities		2,781,013	1.24	%		3,019,942	1.63	%
Noninterest-bearing Liabilities:
Demand Deposits		728,708				637,434
Shareholders’ Equity/Other		613,734				601,912
Total Noninterest-bearing Liabilities		1,342,442				1,239,346
Total Liabilities and Shareholders’ Equity	$	4,123,455			$	4,259,288
Net Yield on Interest-earning Assets			4.05	%			3.89	%

	2010				2010				2009
	Fourth Quarter				Third Quarter				Fourth Quarter
Net Interest Margin (Quarterly Averages)
Assets
Loans - FTE	$	3,360,786	5.02	%	$	3,377,607	5.10	%	$	3,412,510	5.17	%
Securities/Other - FTE		296,270	3.77	%		315,823	3.82	%		385,966	4.09	%
Total Interest-earning Assets		3,657,056	4.92	%		3,693,430	4.99	%		3,798,476	5.06	%
Noninterest-earning Assets		460,073				412,247				368,819
Total Assets	$	4,117,129			$	4,105,677			$	4,167,295
Liabilities and Shareholders’ Equity
Now/Money Market/Savings	$	1,289,946	0.25	%	$	1,250,278	0.24	%	$	1,249,343	0.41	%
Certificates of Deposits		1,268,473	1.82	%		1,309,880	1.89	%		1,339,761	2.15	%
Borrowed funds < 1 year		48,121	0.11	%		62,011	0.24	%		114,129	0.27	%
Borrowed funds > 1 year		120,192	4.16	%		121,218	4.26	%		183,165	4.45	%
Total Interest-bearing Liabilities		2,726,732	1.15	%		2,743,387	1.21	%		2,886,398	1.47	%
Noninterest-bearing Liabilities:
Demand Deposits		757,857				743,265				682,095
Shareholders’ Equity/Other		632,540				619,025				598,802
Total Noninterest-bearing Liabilities		1,390,397				1,362,290				1,280,897
Total Liabilities and Shareholders’ Equity	$	4,117,129			$	4,105,677			$	4,167,295
Net Yield on Interest-earning Assets			4.06	%			4.09	%			3.94	%

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(Dollars in thousands, except per share data)

	2010		2010		2009
	Fourth Quarter		Third Quarter		Fourth Quarter
Balance Sheet (Period-End)
Assets
Cash	$	108,196	$	88,157	$	69,201
Securities		310,390		301,260		378,402
Loans, Net		3,312,540		3,314,702		3,344,827
Other Assets		383,213		393,989		378,045
Total Assets	$	4,114,339	$	4,098,108	$	4,170,475
Liabilities and Shareholders’ Equity
Noninterest-bearing Deposits	$	765,812	$	743,453	$	712,120
Interest-bearing Deposits		2,551,712		2,561,117		2,592,421
Short-term Borrowings		40,653		48,189		96,235
Long-term Debt		119,984		120,468		176,513
Other Liabilities		57,513		50,374		39,868
Shareholders’ Equity		578,665		574,507		553,318
Total Liabilities and Shareholders’ Equity	$	4,114,339	$	4,098,108	$	4,170,475
	2010		2010		2009
	Fourth Quarter		Third Quarter		Fourth Quarter
Loans (Period-End)
Consumer
Home Equity	$	441,096	$	451,275	$	458,643
Residential Mortgage		367,873		365,390		363,466
Consumer		74,780		76,148		81,141
Construction		4,019		6,946		11,836
Total Consumer Loans		887,768		899,759		915,086
Commercial
Commercial Real Estate		1,494,202		1,436,971		1,428,329
Commercial & Industrial		722,359		728,091		701,650
Construction		259,598		306,162		359,342
Total Commercial Loans		2,476,159		2,471,224		2,489,321
Total Loans	$	3,363,927	$	3,370,983	$	3,404,407

	2010					2010					2009
	Fourth Quarter					Third Quarter					Fourth Quarter
			% NPL					% NPL					% NPL
Nonperforming Loans (NPL)
Consumer
Home Equity	$	1,432		0.32	%	$	1,700		0.38	%	$	2,252		0.49	%
Residential Mortgage		5,996		1.63	%		5,159		1.41	%		5,583		1.54	%
Consumer		65		0.09	%		89		0.12	%		20		0.02	%
Construction		526		13.09	%		530		7.63	%		—		—
Total Consumer Loans		8,019		0.90	%		7,478		0.83	%	$	7,855		0.86	%
Commercial
Commercial Real Estate		44,310		2.97	%		51,792		3.60	%		53,789		3.77	%
Commercial & Industrial		3,567		0.49	%		8,469		1.16	%		7,489		1.07	%
Construction		7,987		3.08	%		7,600		2.48	%		21,674		6.03	%
Total Commercial Loans		55,864		2.26	%		67,861		2.75	%		82,952		3.33	%
Total Nonperforming Loans		63,883		1.90	%	$	75,339		2.23	%	$	90,807		2.67	%

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(Dollars in thousands, except per share data)

	2010		2010		2009
	Fourth Quarter		Third Quarter		Fourth Quarter
Construction and Commercial Real Estate (CRE) by Location
Pennsylvania	$	1,390,635	$	1,382,894	$	1,427,794
New York		106,580		102,315		104,111
Ohio		74,330		70,363		75,641
West Virginia		21,195		21,852		14,341
Tennessee		17,037		20,379		15,253
Southeast Region		49,903		54,802		54,255
Southwest Region		29,807		30,547		31,521
Midwest Region		29,740		23,417		25,998
Mid-Atlantic Region		13,705		12,327		14,875
Western Region		13,009		13,170		13,223
New England		7,859		11,067		10,659
Total Construction and CRE by Location	$	1,753,800	$	1,743,133	$	1,787,671

			% NPL					% NPL					% NPL
Construction and Commercial Real Estate - NPL by Location
Pennsylvania	$	43,515		3.13	%	$	45,760		3.31	%	$	55,413		3.88	%
New York		1,533		1.44	%		1,815		1.77	%		5,847		5.62	%
Ohio		—		—			—		—			—		—
West Virginia		—		—			—		—			—		—
Tennessee		—		—			—		—			—		—
Southeast Region		1,716		3.44	%		2,457		4.48	%		3,019		5.56	%
Southwest Region		760		2.55	%		1,406		4.60	%		3,712		11.78	%
Midwest Region		—		—			—		—			—		—
Mid-Atlantic Region		—		—			—		—			—		—
Western Region		—		—			—		—			—		—
New England		4,773		60.73	%		7,954		71.87	%		7,472		70.10	%
Total Construction and CRE - NPL by Location	$	52,297		2.98	%	$	59,392		3.41	%	$	75,463		4.22	%

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(Dollars in thousands)

	2010		2010		2009
	Fourth Quarter		Third Quarter		Fourth Quarter
Construction and Commercial Real Estate by Type
Retail/Strip Malls	$	304,324	$	298,956	$	278,840
Residential Rental Properties		242,756		218,436		268,818
Offices		232,655		227,663		247,098
Hotels		192,954		195,841		165,953
Manufacturing/Industrial/Warehouse		118,791		128,820		121,928
Flex/Mixed Use		118,610		112,081		107,324
Healthcare/Education		95,029		91,755		101,500
Real Estate Development - Commercial		90,136		103,110		106,762
Real Estate Development - Residential		88,487		92,855		83,352
Miscellaneous		270,058		273,616		306,096
Total Construction and CRE by Type	$	1,753,800	$	1,743,133	$	1,787,671

	2010					2010					2009
	Fourth Quarter					Third Quarter					Fourth Quarter
			% NPL					% NPL					% NPL
Construction and Commercial Real Estate - NPL by Type
Retail/Strip Malls	$	3,176		1.04	%	$	3,866		1.29	%	$	4,999		1.79	%
Residential Rental Properties		11,087		4.57	%		12,653		5.79	%		5,254		1.95	%
Offices		2,720		1.17	%		3,036		1.33	%		1,426		0.58	%
Hotels		1,465		0.76	%		2,562		1.31	%		2,095		1.26	%
Manufacturing/Industrial/Warehouse		1,944		1.64	%		555		0.43	%		3,632		2.98	%
Flex/Mixed Use		2,740		2.31	%		3,182		2.84	%		6,113		5.70	%
Healthcare/Education		1,509		1.59	%		3,951		4.31	%		3,566		3.51	%
Real Estate Development - Commercial		5,525		6.13	%		9,181		8.90	%		10,493		9.83	%
Real Estate Development - Residential		6,693		7.56	%		4,965		5.35	%		9,362		11.23	%
Miscellaneous		15,438		5.72	%		15,441		5.64	%		28,523		9.32	%
Total Construction and CRE - NPL by Type	$	52,297		2.98	%	$	59,392		3.41	%	$	75,463		4.22	%

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(Dollars in thousands, except per share data)

	2010			2010			2009
	Fourth Quarter			Third Quarter			Fourth Quarter
Asset Quality Data
Nonaccrual Loans and Nonperforming Loans	$	63,883		$	75,339		$	90,807
Assets Acquired through Foreclosure or Repossession		5,820			7,367			4,607
Nonperforming Assets		69,703			82,706			95,414
Restructured Loans (nonaccrual)		32,779			14,618			1,409
Restructured Loans (accruing)		2,139			1,268			—
Total Restructured Loans		34,918			15,886			1,409
Allowance for Loan Losses		51,387			56,281			59,580
Nonperforming Loans / Loans		1.90	%		2.23	%		2.67	%
Nonperforming Assets / Loans plus OREO		2.07	%		2.45	%		2.80	%
Allowance for Loan Losses / Loans		1.53	%		1.67	%		1.75	%
Allowance for Loan Losses / Nonperforming Loans		80	%		75	%		66	%
Net Loan Charge-offs (Recoveries)		12,570			5,965			11,699
Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans		1.48	%		0.70	%		1.36	%
Profitability Ratios (Annualized)
Common Return on Average Assets		0.84	%		1.06	%		0.73	%
Common Return on Average Tangible Assets (2)		0.88	%		1.10	%		0.76	%
Common Return on Average Equity		6.00	%		7.61	%		5.56	%
Common Return on Average Tangible Common Equity(3)		11.59	%		14.93	%		11.42	%
Efficiency Ratio (FTE)(4)		54.69	%		49.46	%		51.10	%
Capitalization Ratios
Dividends Paid to Net Income		47.82	%		38.18	%		54.31	%
Common Equity / Assets		11.48	%		11.43	%		10.74	%
Leverage Ratio		11.07	%		10.92	%		10.26	%
Risk Based Capital - Tier I		13.28	%		12.97	%		12.10	%
Risk Based Capital - Total		16.68	%		16.35	%		15.43	%
Tangible Common Equity / Tangible Assets (5)		7.61	%		7.53	%		6.84	%

	For the 12 Months Ended December 31,
	2010			2009
Asset Quality Data
Net Loan Charge-offs (Recoveries)	$	37,704		$	55,463
Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans		1.11	%		1.60	%
Profitability Ratios
Common Return on Average Assets		0.90	%		0.05	%
Common Return on Average Tangible Assets(6)		0.94	%		0.05	%
Common Return on Average Equity		6.58	%		0.37	%
Common Return on Average Tangible Common Equity(7)		12.98	%		0.76	%
Efficiency Ratio (FTE)(4)		53.51	%		55.49	%
Capitalization Ratios
Dividends Paid to Net Income		44.75	%		1247.64	%

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(Dollars in thousands, except per share data)

	2010			2010			2009
	Fourth Quarter			Third Quarter			Fourth Quarter
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
(1) Tangible Common Book Value
Common Book Value (GAAP Basis)	$	16.91		$	16.83		$	16.14
Effect of Excluding Intangible Assets		(6.18	)		(6.22	)		(6.29	)
Tangible Common Book Value	$	10.73		$	10.61		$	9.85
(2) Common Return on Average Tangible Assets
Common Return on Average Assets (GAAP Basis)		0.84	%		1.06	%		0.73	%
Effect of Excluding Intangible Assets		0.04	%		0.04	%		0.03	%
Common Return on Average Tangible Assets		0.88	%		1.10	%		0.76	%
(3) Common Return on Average Tangible Common Equity
Common Return on Average Common Equity (GAAP Basis)		6.00	%		7.61	%		5.56	%
Effect of Excluding Intangible Assets		3.03	%		3.99	%		3.24	%
Effect of Excluding Preferred Stock		2.56	%		3.33	%		2.62	%
Common Return on Average Tangible Common Equity		11.59	%		14.93	%		11.42	%
(4) Recurring noninterest expense divided by recurring noninterest income plus net interest income, on a fully taxable equivalent basis.
(5) Tangible Common Equity / Tangible Assets
Common Equity / Assets (GAAP Basis)		11.48	%		11.43	%		10.74	%
Effect of Excluding Intangible Assets		-3.87	%		-3.90	%		-3.90	%
Tangible Common Equity / Tangible Assets		7.61	%		7.53	%		6.84	%

	For the 12 Months Ended December 31,
	2010			2009
(6) Common Return on Average Tangible Assets
Common Return on Average Assets (GAAP Basis)		0.90	%		0.05	%
Effect of Excluding Intangible Assets		0.04	%		0.00	%
Common Return on Average Tangible Assets		0.94	%		0.05	%
(7)Common Return on Average Tangible Common Equity
Common Return on Average Equity (GAAP Basis)		6.58	%		0.37	%
Effect of Excluding Intangible Assets		3.49	%		0.21	%
Effect of Excluding Preferred Stock		2.91	%		0.18	%
Common Return on Average Tangible Common Equity		12.98	%		0.76	%