8-K

SECURITES 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 20, 2003

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 today announced record earnings for the fourth quarter and the year ending December 31, 2002. Diluted earnings per share increased 9 percent in the fourth quarter to $0.48 per share from $0.44 per share in 2001. Net income also increased 9 percent to $12.9 million from $11.9 million in the year ago period. For the year ending December 31, 2002, diluted earnings per share increased 3 percent to $1.81 from $1.75 in 2001. Net income increased 3 percent to $48.6 million from $47.3 million in 2001.

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 20, 2003 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

724-465-1487

TO BE RELEASED:

Tuesday, January 21, 2003

at 8:00 a.m.

S&T Bancorp, Inc. Announces Record Earnings

Indiana, Pennsylvania (Nasdaq:STBA) - S&T Bancorp today announced record earnings for the fourth quarter and the year ending December 31, 2002. Diluted earnings per share increased 9 percent in the fourth quarter to $0.48 per share from $0.44 per share in 2001. Net income also increased 9 percent to $12.9 million from $11.9 million in the year ago period.

For the year ending December 31, 2002, diluted earnings per share increased 3 percent to $1.81 from $1.75 in 2001. Net income increased 3 percent to $48.6 million from $47.3 million in 2001. Return on average assets and return on average equity for 2002 was 1.94 percent and 16.15 percent, respectively. Excluding the effects of unrealized gains in the investment portfolios, return on average equity was 17.88 percent.

James C. Miller, president and chief executive officer stated, "I am extremely pleased with the success of several 2002 strategic initiatives which included the acquisitions of Peoples Financial Corporation and Evergreen Insurance. The integration of both acquisitions went very smoothly, and early financial results from these acquisitions are meeting or exceeding expectations. The positive impact of the acquisitions, combined with a resurgence of loan activity in the second half of the year, provided an encouraging trend in earnings the past two quarters, following relatively flat performances in the first half of this year."

Peoples Financial Corporation was a $330 million community bank with seven offices in Armstrong, Butler, Clarion and Indiana Counties. Evergreen Insurance is a full-service agency with offices located in Ebensburg and Greensburg, Pennsylvania. Both mergers were completed in the third quarter of 2002.

Net interest income on a fully taxable equivalent basis increased $4.3 million or 19 percent in the fourth quarter of 2002, as compared to the fourth quarter of 2001. For the year, net interest income on a fully taxable equivalent basis was $97.8 million in 2002 and $92.9 million in 2001. The net interest margin remained relatively stable at 4.21 percent in 2002, as compared to 4.29 percent in 2001. Contributing to the improvement in net interest income was a $186.6 million of non-merger related growth in commercial loans, a $0.5 million decrease to delinquent interest and the acquisition of Peoples Financial Corporation.

Also affecting year to year comparisons is a one-time pre-tax extraordinary loss of $2.9 million ($1.9 million after tax, or $.07 per share) that was incurred in the third quarter of 2001 for early prepayment of some callable long-term debt. This strategy was implemented in order to mitigate sensitivity to falling interest rates and also contributed to the improvement in 2002 net interest income.

Noninterest income for the fourth quarter of 2002, excluding gains on the sale of investment securities, increased $1.6 million, or 27 percent, as compared to the same period last year. Year to date noninterest income increased $4.1 million or 19 percent. Mortgage banking, insurance, cash management, retail banking and letters of credit all had record performances.

Investment security gains for the fourth quarter 2002 were $1.4 million, a slight decrease from the same period of 2001. For the full year 2002, investment security gains were $7.1 million, or $2.6 million less than 2001, as a result of reduced market opportunities for the equity portfolio of S&T. The equity portfolio has a combined market value of $71.8 million and unrealized gains of $21.6 million.

Noninterest expense increases for the fourth quarter and for the full year reflect the increased organizational size following the Peoples Financial Corporation and Evergreen Insurance mergers, higher medical and pension plan costs, as well as normal increases due to the expansion of business activities. The efficiency ratio, which measures noninterest expense to core revenue, was 42 percent in 2002, as compared to 41 percent in 2001, including $0.6 million of one-time merger related expense in 2002.

Total assets approximated $2.8 billion at December 31, 2002 resulting in a 20 percent increase from $2.4 billion at December 31, 2001. During 2002, loans increased $356.1 million and deposits increased $314.8 million. Included in those increases are the acquired loans and deposits of Peoples Financial Corporation of $237.4 million and $292.7 million, respectively. Without the effects of loans acquired via the merger, S&T generated $118.7 million of internal net loan growth primarily in commercial loans, offset by a decrease in residential mortgage balances as borrowers refinanced portfolio mortgages into the secondary mortgage market. Deposit growth was more modest, but included a significant shift from certificates of deposit to lower cost checking, savings and money market accounts, benefiting net interest income.

Asset quality measurements for 2002 remained relatively stable, despite the recessionary economic environment. Nonperforming assets totaled $8.0 million or 0.28 percent of total assets at December 31, 2002, as compared to $10.0 million or 0.42 percent for the same period last year. Loan net charge-offs for 2002 were $6.0 million or 0.34 percent of average loans. Included in the net charge-offs is $1.7 million incurred during the fourth quarter 2002 for a commercial real estate loan and $0.5 million for a loan that was previously placed into nonperforming status and partially charged-off. The additional charge was made to reflect the fair market value decline of the collateral during this period of economic recession. Provision expense for loan losses was $7.8 million in 2002 and $5.0 million in 2001. The allowance for loan losses at December 31, 2002 was $30.1 million or 1.51 percent of total loans as compared to $26.9 million or 1.64 percent at December 31, 2001. The decrease in the allowance for loan losses as a percent of total loans is a result of internal loan growth and acquiring a $237.4 million loan portfolio in the Peoples Financial Corporation merger. The acquired portfolio was primarily 1-4 family residential and consumer installment loans with a lower credit risk profile and allowance coverage of 0.60 percent.

S&T Bancorp, Inc. increased its common stock quarterly dividend to $.25 per share on December 16, 2002 and is payable on January 24, 2003 to shareholders of record as of December 31, 2002. This dividend represents a 4 percent increase over the $.24 per share quarterly dividend declared a year ago and a 4 percent projected yield utilizing the December 31, 2002 closing market price of $25.05. The S&T Bancorp, Inc. Board of Directors also authorized a stock buyback program for 2003 of 1 million shares, or approximately 4 percent of shares outstanding.

Headquartered in Indiana, PA, S&T Bancorp, Inc. operates 46 offices within Allegheny, Armstrong, Butler, Clarion, Clearfield, Indiana, Jefferson and Westmoreland counties. With assets of $2.8 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.

EX-99

S&T Bancorp, Inc.									Page 1 of 3
Consolidated Selected Financial Data
December 31, 2002
(Dollars in thousands, except per share data)
	2001				2002
	March	June	September	December	March	June	September	December	December	December
For the period:	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	2002	2001
Interest Income (FTE)	$44,911	$43,735	$41,792	$39,202	$36,992	$37,423	$38,607	$41,114	$154,136	$169,640
Interest Expense	21,560	20,272	18,640	16,241	14,473	14,147	13,826	13,854	56,300	76,713
Net Interest Income (FTE)	23,351	23,463	23,152	22,961	22,519	23,276	24,781	27,260	97,836	92,927
Provisions For Loan Losses	1,000	2,000	850	1,150	1,000	1,500	2,300	3,000	7,800	5,000
Net Interest Income
After Provisions (FTE)	22,351	21,463	22,302	21,811	21,519	21,776	22,481	24,260	90,036	87,927
Securities Gains, Net	1,424	2,499	4,268	1,499	1,752	1,722	2,168	1,428	7,070	9,690
Service Charges and Fees	1,715	1,765	1,888	1,932	1,772	1,909	2,238	2,482	8,401	7,300
Wealth Management	1,299	1,268	1,128	1,246	1,248	1,433	1,340	1,349	5,372	4,941
Other	2,010	2,256	2,432	2,598	2,508	2,591	3,203	3,535	11,837	9,295
Total Other Income	5,024	5,289	5,448	5,776	5,528	5,933	6,781	7,366	25,610	21,536
Salaries and Employee Benefits	6,436	6,129	6,251	6,282	6,994	6,299	6,700	7,375	27,368	25,098
Occupancy and Equip. Expense, Net	1,512	1,578	1,544	1,418	1,632	1,470	1,627	1,788	6,517	6,052
Data Processing Expense	641	677	677	638	697	695	921	726	3,039	2,632
FDIC Expense	72	71	72	72	71	70	68	80	289	287
Other	3,029	3,337	3,236	3,297	3,084	3,449	3,945	4,073	14,553	12,899
Total Other Expense	11,690	11,792	11,780	11,707	12,478	11,983	13,261	14,042	51,766	46,968
Income Before Taxes and Extraordinary Item	17,109	17,459	20,238	17,379	16,321	17,448	18,169	19,012	70,950	72,185
Taxable Equivalent Adjustment	734	738	730	736	741	751	764	720	2,976	2,938
Applicable Income Taxes	4,725	4,799	5,763	4,775	4,107	4,871	4,988	5,404	19,370	20,062
Net Income before Extraordinary Item	11,650	11,922	13,745	11,868	11,473	11,826	12,417	12,888	48,604	49,185
Extraordinary Item (after-tax)	0	0	1,887	0	0	0	0	0	0	1,887
Net Income	$11,650	$11,922	$11,858	$11,868	$11,473	$11,826	$12,417	$12,888	$48,604	$47,298
Per Common Share Data:
Shares Outstanding	26,960,118	26,893,489	26,776,579	26,646,179	26,520,979	26,639,003	26,510,409	26,584,609	26,584,609	26,646,179
Average Shares Outstanding - Diluted	27,120,228	27,092,674	27,080,643	26,912,388	26,742,806	26,826,265	26,808,027	26,759,655	26,784,198	27,051,060
Net Income - Diluted before Extraordinary Item	$0.43	$0.44	$0.51	$0.44	$0.43	$0.44	$0.46	$0.48	$1.81	$1.82
Net Income - Diluted after Extraordinary Item	$0.43	$0.44	$0.44	$0.44	$0.43	$0.44	$0.46	$0.48	$1.81	$1.75
Dividends Declared	$0.22	$0.23	$0.23	$0.24	$0.24	$0.24	$0.24	$0.25	$0.97	$0.92
Book Value	$10.56	$10.82	$10.88	$11.01	$11.03	$11.25	$11.26	$11.51	$11.51	$11.01
Market Value	$23.14	$25.11	$23.40	$24.28	$25.45	$27.00	$25.18	$25.05	$25.05	$24.28
S&T Bancorp, Inc.								Page 2 of 3
Consolidated Selected Financial Data
December 31, 2002
(Dollars in thousands)
	2001				2002
	March	June	September	December	March	June	September	December
Asset Quality Data:	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q
Nonaccrual Loans/Nonperforming Loans	$3,691	$7,840	$11,603	$8,253	$7,653	$6,248	$9,075	$5,831
Assets acquired through foreclosure
Or repossession	546	541	443	1,711	2,166	2,431	365	2,188
Nonperforming Assets	4,237	8,381	12,046	9,964	9,819	8,679	9,440	8,019
Loan Loss Reserve	27,993	28,451	28,764	26,926	27,853	28,389	29,498	30,138
Nonperforming Loans / Loans	0.23%	0.48%	0.71%	0.50%	0.47%	0.37%	0.46%	0.29%
Loan Loss Reserve / Loans	1.71%	1.73%	1.75%	1.64%	1.72%	1.68%	1.49%	1.51%
Loan Loss Reserve /
Nonperforming Loans	758%	363%	248%	326%	364%	454%	325%	517%
Net Loan Charge-offs	402	1,542	537	2,988	73	964	2,612	2,360
Net Loan Charge-offs
(annualized) /Average Loans	0.10%	0.38%	0.13%	0.72%	0.02%	0.23%	0.59%	0.47%
Balance Sheet (Period-End):
Assets	$2,354,398	$2,363,970	$2,294,868	$2,357,874	$2,362,616	$2,425,854	$2,776,968	$2,823,867
Earning Assets (1)	2,185,844	2,195,954	2,131,929	2,176,629	2,203,077	2,258,635	2,547,907	2,599,205
Securities (1)	493,835	512,338	489,766	533,861	585,317	568,947	566,850	600,312
Loans, Gross	1,638,184	1,649,041	1,642,163	1,642,768	1,617,759	1,689,688	1,981,057	1,998,893
Total Deposits	1,567,006	1,595,572	1,596,400	1,611,317	1,602,308	1,636,266	1,931,458	1,926,119
Non-Interest Bearing Deposits	228,958	236,340	240,157	257,694	261,622	273,317	327,659	330,160
NOW, Money Market & Savings	598,199	604,690	583,849	604,872	608,743	619,661	768,447	768,395
CD's $100,000 and over	132,198	127,162	132,309	116,523	114,774	130,260	172,364	170,862
Other Time Deposits	607,651	627,380	640,085	632,227	617,169	613,028	662,988	656,702
Short-term borrowings	66,670	70,058	76,630	152,282	168,436	189,452	252,551	319,388
Long-term Debt	378,227	353,456	281,256	251,225	251,224	256,225	211,663	211,656
Shareholders' Equity	284,627	290,906	291,349	293,327	292,597	299,709	298,605	306,114
Balance Sheet (Daily Averages):
Assets	$2,311,571	$2,355,230	$2,336,508	$2,325,582	$2,330,748	$2,396,788	$2,510,549	$2,770,040
Earning Assets (1)	2,148,007	2,188,529	2,171,864	2,164,272	2,169,852	2,234,485	2,339,213	2,558,760
Securities (1)	500,196	492,951	492,956	515,276	548,725	580,738	568,953	571,288
Loans, Gross	1,620,031	1,648,775	1,643,499	1,647,140	1,620,521	1,653,663	1,770,260	1,987,472
Deposits	1,531,354	1,578,771	1,597,007	1,598,356	1,598,061	1,624,978	1,711,484	1,919,195
Shareholders' Equity	285,041	291,984	294,918	296,085	294,636	299,290	302,809	306,368
(1) Excludes unrealized gains related to securities available for sale.
S&T Bancorp, Inc.									Page 3 of 3
Consolidated Selected Financial Data
December 31, 2002
(Dollars in thousands, except per share data)
	2001				2002				Year-to-date
	March	June	September	December	March	June	September	December	December	December
Profitability Ratios (annualized):	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	2002	2001
Return on Average Assets	2.04%	2.03%	2.01%	2.02%	2.00%	1.98%	1.96%	1.85%	1.94%	2.03%
Return on Average Shareholders' Equity	16.58%	16.38%	15.95%	15.90%	15.79%	15.85%	16.27%	16.69%	16.15%	16.19%
Yield on Earning Assets (FTE)	8.48%	8.02%	7.63%	7.19%	6.91%	6.72%	6.55%	6.40%	6.64%	7.82%
Cost of Interest Bearing Funds	4.98%	4.56%	4.22%	3.70%	3.37%	3.18%	2.95%	2.68%	3.02%	4.36%
Net Interest Margin (FTE)	4.41%	4.30%	4.23%	4.21%	4.21%	4.18%	4.20%	4.23%	4.21%	4.29%
Efficiency Ratio (FTE)(1)	41.20%	41.01%	41.19%	40.74%	44.49%	41.03%	42.02%	40.55%	41.94%	41.04%
Capitalization Ratios:
Dividends Paid to Net Income	50.89%	49.77%	52.16%	51.89%	55.89%	53.82%	51.48%	49.37%
Shareholders' Equity to Assets (Period End)	12.09%	12.31%	12.70%	12.44%	12.38%	12.35%	10.75%	10.84%
Leverage Ratio (2)	10.62%	10.61%	10.83%	10.98%	11.03%	11.18%	8.87%	8.42%
Risk Based Capital - Tier I (3)	12.28%	12.34%	12.78%	12.69%	12.78%	12.93%	9.77%	9.89%
Risk Based Capital - Tier II (3)	14.52%	14.69%	14.92%	14.89%	14.98%	14.92%	11.45%	11.57%
Other Data:
Shareholders of Record	3,174	3,171	3,174	3,193	3,147	3,127	3,129	3,103
Number of Banking Offices	39	39	40	40	40	40	47	46
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.