S&T Bancorp Inc. on Thursday reported fourth-quarter profit of $34 million. The Indiana, Pennsylvania-based bank said it had earnings of 89 cents per share. The results matched Wall Street expectations.

The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 89 cents per share. The holding company for S&T Bank posted revenue of $145.4 million in the period. Its revenue net of interest expense was $105.3 million, beating Street forecasts. For the year, the company reported profit of $134.2 million, or $3.49 per share. Revenue was reported as $402.1 million.

Trump sues JPMorgan CEO for $5 billion

President Donald Trump is suing JPMorgan Chase and its CEO Jamie Dimon for $5 billion. He alleges the bank closed his accounts for political reasons after he left office in January 2021.

The lawsuit, filed in Miami-Dade County court, claims JPMorgan abruptly closed multiple accounts in February 2021, giving 60 days’ notice without explanation. Trump says this cut him off from millions and disrupted his businesses. JPMorgan, in a statement, expressed regret over the lawsuit but denied political motives.

Paramount extends its deadline for tender offer

Skydance-owned Paramount is again extending the tender offer window in its $77.9 billion hostile takeover bid for Warner Bros. Discovery, while doubling down on a coming proxy fight. Warner stockholders now have until February 20 to sell shares for $30 each.

This marks the second extension since Paramount challenged Warner’s merger with Netflix and went hostile last month. As of late Wednesday, over 168.5 million Warner shares were tendered, still far below the 50% needed for control.

Consumer spending pushes US economy up

Powered by strong consumer spending, the U.S. economy grew at the fastest pace in two years from July through September, the government said Thursday in a slight upgrade from its first estimate.

The Commerce Department reported that America’s gross domestic product — the nation’s output of goods and services — rose at a 4.4% annual pace in the third quarter, up from 3.8% in the April-June quarter and from the 4.3% growth the department initially estimated. The economy hasn’t grown faster since third-quarter 2023.

Prices ticked up in November

The Federal Reserve’s preferred inflation gauge ticked up in November in the latest sign that price increases remain stubbornly elevated.

Consumer prices rose 2.8% in November from a year earlier, the Commerce Department said Thursday, up from a 2.7% annual pace in October. Excluding the volatile food and energy categories, core prices also increased 2.8% in November from a year ago, slightly higher than October’s 2.7%. Inflation has fallen sharply from a four-decade high in 2022 but has mostly leveled off in the past two years.

Supreme Court seems inclined to keep Cook

The Supreme Court seems inclined to keep Federal Reserve governor Lisa Cook in her job. The justices are casting doubt on President Donald Trump’s bid to wrest control of the nation’s central bank.

They heard arguments Wednesday over Trump’s effort to fire Cook based on allegations she committed mortgage fraud. She denies any wrongdoing. No president has ever fired a sitting governor. Trump’s critics say his true motivation for trying to oust Cook is the Republican president’s desire to exert control over interest rate policy.