INDIANA, Pa., Oct. 28, 2014 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA) has announced its third quarter 2014 earnings. Net income was $14.7 million with diluted earnings per share of $0.49 compared to the second quarter of 2014 net income of $14.7 million and diluted earnings per share of $0.49. Both net income and diluted earnings per share increased 20% compared to the third quarter of 2013 net income of $12.2 million and diluted earnings per share of $0.41.
Third Quarter Highlights:
- Solid loan growth continued with an increase of $76.1 million in total portfolio loans compared to June 30, 2014, representing an 8.1% annualized growth rate.
- Net interest income increased $2.2 million, or 6.4%, to $37.5 million compared to $35.3 million in the third quarter of 2013.
- Return on average assets was 1.21% and return on average equity was 9.68%.
- S&T's Board of Directors approved a 5.9% increase in the quarterly cash dividend to $0.18 per share.
"We are pleased to report quality earnings for the third quarter driven by strong loan growth, disciplined expense control and continued positive trends in our asset quality metrics," said Todd Brice, president and chief executive officer of S&T. "Our success in 2014 is a reflection of a dedicated staff across the organization committed to growing S&T Bank."
Net Interest Income
Net interest income increased $0.7 million, or 1.8%, to $37.5 million compared to $36.8 million in the second quarter of 2014. The higher net interest income is due to an increase in average loans of $105.8 million and an improvement in the mix of earning assets. Net interest margin (FTE) was 3.50% in the third quarter of 2014 compared to 3.56% in the second quarter of 2014 and 3.50% in the third quarter of 2013.
Asset Quality
Asset quality remains excellent. Net charge-offs were $0.7 million compared to net recoveries of $1.1 million in the second quarter of 2014. Total nonperforming loans decreased $1.4 million to only $13.5 million at September 30, 2014 compared to $14.9 million at June 30, 2014. The provision for loan losses was $1.5 million compared to ($1.1) million in the second quarter of 2014. The allowance for loan losses was $47.3 million, representing 1.24% of total loans at September 30, 2014 compared to $46.6 million and 1.25% of total loans at June 30, 2014.
Noninterest Income and Expense
Noninterest income was relatively unchanged at $11.9 million compared to $11.8 million in the second quarter of 2014. Increases in debit and credit card fees, service charges on deposit accounts and insurance fees were partially offset by a decrease in other income, which was related to lower letter of credit fees. Noninterest expense was well controlled for the quarter with a decrease of $1.7 million to $28.4 million compared to $30.1 million in the second quarter of 2014. The decrease primarily related to lower salaries and employee benefits expense which is due to lower incentives and some timing items, and a decrease in the provision for unfunded commitments.
Financial Condition
Total assets increased $118.7 million to $4.9 billion at September 30, 2014 compared to $4.8 billion at June 30, 2014. Commercial loans grew at an 11% annualized rate and accounted for $74.6 million of the $76.1 million of total portfolio loan growth for the quarter. This was the ninth consecutive quarter of organic loan growth and represents over $607 million of aggregate loan growth since the second quarter of 2012. Total deposits remained unchanged at $3.9 billion at both September 30, 2014 and June 30, 2014. S&T's capital ratios were relatively unchanged from the prior quarter as earnings retention kept pace with asset growth. All capital ratios remain significantly above the well-capitalized thresholds of federal bank regulatory agencies.
Dividend
The Board of Directors of S&T declared an $0.18 per share cash dividend at its regular meeting held October 27, 2014, representing a 5.9% increase over the prior quarter cash dividend of $0.17 per share and a 12.5% increase over the quarterly dividend a year ago. The dividend is payable November 28, 2014 to shareholders of record on November 13, 2014.
Conference Call
S&T will host its third quarter 2014 earnings conference call live over the internet at 1:00 p.m. Eastern Time on Tuesday, October 28, 2014. To access the webcast, go to S&T's webpage at www.stbancorp.com and click on "Events & Presentations." Select "3rd Quarter 2014 Conference Call" and follow the instructions.
About S&T Bancorp, Inc.
Headquartered in Indiana, PA, S&T Bancorp, Inc. operates offices within Allegheny, Armstrong, Blair, Butler, Cambria, Centre, Clarion, Clearfield, Indiana, Jefferson, Washington and Westmoreland counties, as well as loan production offices in northeast and central Ohio. With assets of $4.9 billion, S&T Bancorp, Inc. stock trades on the NASDAQ Global Select Market under the symbol STBA. For more information, visit http://www.stbancorp.com.
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, and 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 selected 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
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2014
|
|
2013
|
|
Third
|
|
Second
|
|
Third
|
|
(dollars in thousands, except per share data)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
INTEREST INCOME
|
|
|
|
|
|
|
Loans, including fees
|
$ 37,233
|
|
$ 36,614
|
|
$ 35,733
|
|
Investment securities:
|
|
|
|
|
|
|
Taxable
|
2,313
|
|
2,184
|
|
1,889
|
|
Tax-exempt
|
964
|
|
979
|
|
865
|
|
Dividends
|
95
|
|
95
|
|
94
|
|
Total Interest Income
|
40,605
|
|
39,872
|
|
38,581
|
|
|
|
|
|
|
|
INTEREST EXPENSE
|
|
|
|
|
|
|
Deposits
|
2,480
|
|
2,476
|
|
2,717
|
|
Borrowings and junior subordinated debt securities
|
596
|
|
541
|
|
590
|
|
Total Interest Expense
|
3,076
|
|
3,017
|
|
3,307
|
|
|
|
|
|
|
|
NET INTEREST INCOME
|
37,529
|
|
36,855
|
|
35,274
|
|
Provision for loan losses
|
1,454
|
|
(1,134)
|
|
3,419
|
|
Net Interest Income After Provision for Loan Losses
|
36,075
|
|
37,989
|
|
31,855
|
|
|
|
|
|
|
|
NONINTEREST INCOME
|
|
|
|
|
|
|
Securities gains, net
|
-
|
|
40
|
|
3
|
|
Debit and credit card fees
|
2,909
|
|
2,724
|
|
2,764
|
|
Service charges on deposit accounts
|
2,799
|
|
2,574
|
|
2,801
|
|
Wealth management fees
|
2,756
|
|
2,837
|
|
2,747
|
|
Insurance fees
|
1,722
|
|
1,425
|
|
1,738
|
|
Mortgage banking
|
270
|
|
264
|
|
265
|
|
Other
|
1,475
|
|
1,907
|
|
2,224
|
|
Total Noninterest Income
|
11,931
|
|
11,771
|
|
12,542
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
|
Salaries and employee benefits
|
14,823
|
|
15,772
|
|
14,910
|
|
Data processing
|
2,152
|
|
2,219
|
|
2,137
|
|
Net occupancy
|
2,004
|
|
1,984
|
|
1,910
|
|
Furniture and equipment
|
1,308
|
|
1,277
|
|
1,084
|
|
Professional services and legal
|
950
|
|
875
|
|
996
|
|
Other taxes
|
839
|
|
893
|
|
1,039
|
|
Marketing
|
757
|
|
960
|
|
607
|
|
FDIC insurance
|
607
|
|
579
|
|
629
|
|
Other
|
5,000
|
|
5,606
|
|
4,631
|
|
Total Noninterest Expense
|
28,440
|
|
30,165
|
|
27,943
|
|
|
|
|
|
|
|
Income Before Taxes
|
19,566
|
|
19,595
|
|
16,454
|
|
Provision for income taxes
|
4,906
|
|
4,875
|
|
4,207
|
|
|
|
|
|
|
|
Net Income
|
$ 14,660
|
|
$ 14,720
|
|
$ 12,247
|
|
|
|
|
|
|
|
Per Share Data:
|
|
|
|
|
|
|
Shares outstanding at end of period
|
29,796,397
|
|
29,797,204
|
|
29,738,305
|
|
Average shares outstanding - diluted
|
29,714,612
|
|
29,701,194
|
|
29,685,600
|
|
Average shares outstanding - two-class method
|
29,796,397
|
|
29,743,273
|
|
29,738,305
|
|
Diluted earnings per share(1)
|
$0.49
|
|
$0.49
|
|
$0.41
|
|
Dividends declared per share
|
$0.17
|
|
$0.17
|
|
$0.15
|
|
Dividend yield (annualized)
|
2.90%
|
|
2.74%
|
|
2.48%
|
|
Dividends paid to net income
|
34.43%
|
|
34.32%
|
|
36.42%
|
|
Book value
|
$20.33
|
|
$20.04
|
|
$18.68
|
|
Tangible book value(3)
|
$14.37
|
|
$14.07
|
|
$12.67
|
|
Market value
|
$23.46
|
|
$24.85
|
|
$24.22
|
|
|
|
|
|
|
|
Profitability Ratios (Annualized)
|
|
|
|
|
|
|
Return on average assets
|
1.21%
|
|
1.26%
|
|
1.07%
|
|
Return on average tangible assets(4)
|
1.26%
|
|
1.33%
|
|
1.14%
|
|
Return on average shareholders' equity
|
9.68%
|
|
9.99%
|
|
8.86%
|
|
Return on average tangible shareholders' equity(5)
|
13.90%
|
|
14.48%
|
|
13.40%
|
|
|
|
|
|
|
|
Efficiency ratio (FTE)(2)
|
55.95%
|
|
60.36%
|
|
56.97%
|
|
S&T Bancorp, Inc.
|
|
|
|
|
|
|
|
Consolidated Selected Financial Data
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30,
|
|
(in thousands, except per share data)
|
|
|
2014
|
|
2013
|
|
|
INTEREST INCOME
|
|
|
|
|
|
|
|
Loans, including fees
|
|
|
$ 109,496
|
|
$ 106,543
|
|
|
Investment securities:
|
|
|
|
|
|
|
|
Taxable
|
|
|
6,480
|
|
5,631
|
|
|
Tax-exempt
|
|
|
2,872
|
|
2,513
|
|
|
Dividends
|
|
|
294
|
|
290
|
|
|
Total Interest Income
|
|
|
119,142
|
|
114,977
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
Deposits
|
|
|
7,466
|
|
8,870
|
|
|
Borrowings and junior subordinated debt securities
|
|
|
1,701
|
|
2,568
|
|
|
Total Interest Expense
|
|
|
9,167
|
|
11,438
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
|
|
|
109,975
|
|
103,539
|
|
|
Provision for loan losses
|
|
|
608
|
|
6,749
|
|
|
Net interest income after provision for loan losses
|
|
|
109,367
|
|
96,790
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME
|
|
|
|
|
|
|
|
Securities gains, net
|
|
|
41
|
|
5
|
|
|
Debit and credit card fees
|
|
|
8,135
|
|
8,365
|
|
|
Service charges on deposit accounts
|
|
|
7,882
|
|
7,744
|
|
|
Wealth management fees
|
|
|
8,548
|
|
8,143
|
|
|
Insurance fees
|
|
|
4,824
|
|
5,156
|
|
|
Mortgage banking
|
|
|
666
|
|
1,658
|
|
|
Gain on sale of merchant card servicing business
|
|
|
-
|
|
3,093
|
|
|
Other
|
|
|
5,022
|
|
6,051
|
|
|
Total Noninterest Income
|
|
|
35,118
|
|
40,215
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
45,971
|
|
45,701
|
|
|
Data processing
|
|
|
6,466
|
|
6,938
|
|
|
Net occupancy
|
|
|
6,218
|
|
6,037
|
|
|
Furniture and equipment
|
|
|
3,856
|
|
3,623
|
|
|
Professional services and legal
|
|
|
2,488
|
|
3,141
|
|
|
Other Taxes
|
|
|
2,363
|
|
2,953
|
|
|
Marketing
|
|
|
2,335
|
|
2,088
|
|
|
FDIC assessment
|
|
|
1,817
|
|
2,112
|
|
|
Other
|
|
|
16,005
|
|
15,352
|
|
|
Total Noninterest Expense
|
|
|
87,519
|
|
87,945
|
|
|
|
|
|
|
|
|
|
Income Before Taxes
|
|
|
56,966
|
|
49,060
|
|
|
Provision for income taxes
|
|
|
13,552
|
|
10,380
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
$ 43,414
|
|
$ 38,680
|
|
|
|
|
|
|
|
|
|
Per Share Data:
|
|
|
|
|
|
|
|
Average shares outstanding - diluted
|
|
|
29,705,355
|
|
29,679,778
|
|
|
Average shares outstanding - two-class method
|
|
|
29,758,458
|
|
29,732,371
|
|
|
Diluted earnings per share(1)
|
|
|
$1.46
|
|
$1.30
|
|
|
Dividends declared per share
|
|
|
$0.50
|
|
$0.45
|
|
|
Dividends paid to net income
|
|
|
34.22%
|
|
34.59%
|
|
|
|
|
|
|
|
|
|
Profitability Ratios (Annualized)
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
1.23%
|
|
1.15%
|
|
|
Return on average tangible assets(8)
|
|
|
1.30%
|
|
1.22%
|
|
|
Return on average shareholders' equity
|
|
|
9.83%
|
|
9.49%
|
|
|
Return on average tangible shareholders' equity(9)
|
|
|
14.26%
|
|
14.39%
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (FTE)(2)
|
|
|
58.68%
|
|
59.69%
|
|
|
S&T Bancorp, Inc.
|
|
|
|
|
|
|
Consolidated Selected Financial Data
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2014
|
|
2013
|
|
Third
|
|
Second
|
|
Third
|
|
(dollars in thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
ASSETS
|
|
|
|
|
|
|
Cash and due from banks, including interest-bearing deposits
|
$ 143,831
|
|
$ 130,235
|
|
$ 234,928
|
|
Securities available-for-sale, at fair value
|
615,657
|
|
588,488
|
|
488,162
|
|
Loans held for sale
|
3,126
|
|
3,102
|
|
3,695
|
|
Commercial loans:
|
|
|
|
|
|
|
Commercial real estate
|
1,691,649
|
|
1,636,383
|
|
1,567,814
|
|
Commercial and industrial
|
946,366
|
|
922,191
|
|
827,699
|
|
Commercial construction
|
183,509
|
|
188,311
|
|
152,206
|
|
Total Commercial Loans
|
2,821,524
|
|
2,746,885
|
|
2,547,719
|
|
Consumer loans:
|
|
|
|
|
|
|
Residential mortgage
|
491,404
|
|
492,589
|
|
477,141
|
|
Home equity
|
418,659
|
|
416,226
|
|
413,097
|
|
Installment and other consumer
|
66,607
|
|
65,838
|
|
69,043
|
|
Consumer construction
|
2,995
|
|
3,541
|
|
4,335
|
|
Total Consumer Loans
|
979,665
|
|
978,194
|
|
963,616
|
|
Total portfolio loans
|
3,801,189
|
|
3,725,079
|
|
3,511,335
|
|
Allowance for loan losses
|
(47,316)
|
|
(46,580)
|
|
(47,983)
|
|
Total portfolio loans, net
|
3,753,873
|
|
3,678,499
|
|
3,463,352
|
|
Goodwill
|
175,820
|
|
175,820
|
|
175,820
|
|
Other assets
|
214,437
|
|
211,886
|
|
222,171
|
|
Total Assets
|
$ 4,906,744
|
|
$ 4,788,030
|
|
$ 4,588,128
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Noninterest-bearing demand
|
$ 1,077,505
|
|
$ 1,089,999
|
|
$ 974,262
|
|
Interest-bearing demand
|
336,720
|
|
307,897
|
|
324,291
|
|
Money market
|
295,559
|
|
301,719
|
|
308,445
|
|
Savings
|
1,048,175
|
|
1,024,050
|
|
1,039,115
|
|
Certificates of deposit
|
1,143,142
|
|
1,141,581
|
|
1,048,090
|
|
Total Deposits
|
3,901,101
|
|
3,865,246
|
|
3,694,203
|
|
|
|
|
|
|
|
Securities sold under repurchase agreements
|
23,084
|
|
25,269
|
|
33,290
|
|
Short-term borrowings
|
265,000
|
|
185,000
|
|
175,000
|
|
Long-term borrowings
|
20,042
|
|
20,636
|
|
22,390
|
|
Junior subordinated debt securities
|
45,619
|
|
45,619
|
|
45,619
|
|
Other liabilities
|
46,001
|
|
49,073
|
|
62,198
|
|
Total Liabilities
|
4,300,847
|
|
4,190,843
|
|
4,032,700
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Total Shareholders' Equity
|
605,897
|
|
597,187
|
|
555,428
|
|
Total Liabilities and Shareholders' Equity
|
$ 4,906,744
|
|
$ 4,788,030
|
|
$ 4,588,128
|
|
|
|
|
|
|
|
Capitalization Ratios
|
|
|
|
|
|
|
Shareholders' equity / assets
|
12.35%
|
|
12.47%
|
|
12.11%
|
|
Tangible common equity / tangible assets(6)
|
9.05%
|
|
9.10%
|
|
8.55%
|
|
Tier 1 leverage ratio
|
9.88%
|
|
9.91%
|
|
9.61%
|
|
Risk-based capital - tier 1
|
12.35%
|
|
12.30%
|
|
12.26%
|
|
Risk-based capital - total
|
14.29%
|
|
14.26%
|
|
14.27%
|
|
S&T Bancorp, Inc.
|
|
|
|
|
|
|
|
Consolidated Selected Financial Data
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2014
|
|
2013
|
|
|
(dollars in thousands)
|
Third
|
|
Second
|
|
Third
|
|
|
Net Interest Margin (FTE) (QTD Averages)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Loans
|
$ 3,755,862
|
4.02%
|
$ 3,650,050
|
4.11%
|
$ 3,476,914
|
4.16%
|
|
Taxable investment securities
|
458,378
|
2.00%
|
428,618
|
1.99%
|
378,678
|
1.98%
|
|
Tax-exempt investment securities
|
129,400
|
4.58%
|
129,687
|
4.65%
|
108,982
|
4.88%
|
|
Federal Home Loan Bank and other restricted stock
|
15,740
|
3.02%
|
12,752
|
3.89%
|
13,910
|
0.83%
|
|
Interest-bearing deposits with banks
|
58,033
|
0.23%
|
88,064
|
0.28%
|
162,381
|
0.27%
|
|
Total Interest-earning Assets
|
4,417,413
|
3.77%
|
4,309,171
|
3.84%
|
4,140,865
|
3.82%
|
|
|
|
|
|
|
|
|
Noninterest-earning assets
|
379,290
|
|
372,445
|
|
391,001
|
|
|
Total Assets
|
$ 4,796,703
|
|
$ 4,681,616
|
|
$ 4,531,866
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Interest-bearing demand
|
$ 326,711
|
0.02%
|
$ 311,719
|
0.03%
|
$ 311,369
|
0.02%
|
|
Money market
|
308,166
|
0.17%
|
327,666
|
0.15%
|
323,671
|
0.14%
|
|
Savings
|
1,035,281
|
0.15%
|
1,035,691
|
0.16%
|
1,019,647
|
0.15%
|
|
Certificates of deposit
|
888,163
|
0.76%
|
899,086
|
0.78%
|
962,492
|
0.88%
|
|
CDARs and brokered deposits
|
249,659
|
0.36%
|
230,036
|
0.32%
|
88,462
|
0.28%
|
|
Securities sold under repurchase agreements
|
21,243
|
0.01%
|
30,718
|
0.01%
|
59,390
|
0.09%
|
|
Short-term borrowings
|
172,228
|
0.31%
|
108,640
|
0.30%
|
127,174
|
0.28%
|
|
Long-term borrowings
|
20,282
|
2.97%
|
20,873
|
3.01%
|
22,625
|
3.01%
|
|
Junior subordinated debt securities
|
45,619
|
2.68%
|
45,619
|
2.66%
|
45,619
|
2.72%
|
|
Total Interest-bearing Liabilities
|
3,067,352
|
0.40%
|
3,010,048
|
0.40%
|
2,960,449
|
0.44%
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
|
1,074,564
|
|
1,028,997
|
|
955,337
|
|
|
Other liabilities
|
53,860
|
|
51,390
|
|
67,639
|
|
|
Shareholders' equity
|
600,927
|
|
591,181
|
|
548,441
|
|
|
Total Liabilities and Shareholders' Equity
|
$ 4,796,703
|
|
$ 4,681,616
|
|
$ 4,531,866
|
|
|
|
|
|
|
|
|
|
Net Interest Margin (7)
|
|
3.50%
|
|
3.56%
|
|
3.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30,
|
|
Net Interest Margin (FTE) (YTD Averages)
|
|
|
2014
|
|
2013
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Loans
|
|
|
$ 3,661,456
|
4.09%
|
$ 3,418,571
|
4.25%
|
|
Taxable investment securities
|
|
|
427,731
|
1.99%
|
366,025
|
2.04%
|
|
Tax-exempt investment securities
|
|
|
126,867
|
4.64%
|
108,556
|
4.75%
|
|
Federal Home Loan Bank and other restricted stock
|
|
|
13,970
|
3.18%
|
13,582
|
0.56%
|
|
Interest-bearing deposits with banks
|
|
|
97,666
|
0.25%
|
186,248
|
0.26%
|
|
Total Interest-earning Assets
|
|
|
4,327,690
|
3.81%
|
4,092,982
|
3.87%
|
|
|
|
|
|
|
|
|
Noninterest-earning assets
|
|
|
376,406
|
|
397,563
|
|
|
Total Assets
|
|
|
$ 4,704,096
|
|
$ 4,490,545
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Interest-bearing demand
|
|
|
$ 317,333
|
0.02%
|
$ 308,335
|
0.02%
|
|
Money market
|
|
|
328,561
|
0.16%
|
329,830
|
0.14%
|
|
Savings
|
|
|
1,028,469
|
0.16%
|
998,410
|
0.18%
|
|
Certificates of deposit
|
|
|
899,240
|
0.78%
|
986,060
|
0.95%
|
|
CDARs and brokered deposits
|
|
|
223,647
|
0.34%
|
61,291
|
0.26%
|
|
Securities sold under repurchase agreements
|
|
|
29,463
|
0.01%
|
63,382
|
0.13%
|
|
Short-term borrowings
|
|
|
136,378
|
0.31%
|
86,813
|
0.26%
|
|
Long-term borrowings
|
|
|
20,869
|
3.01%
|
25,077
|
3.09%
|
|
Junior subordinated debt securities
|
|
|
45,619
|
2.68%
|
72,853
|
3.23%
|
|
Total Interest-bearing Liabilities
|
|
|
3,029,579
|
0.40%
|
2,932,051
|
0.52%
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
|
|
|
1,031,430
|
|
942,610
|
|
|
Other liabilities
|
|
|
52,704
|
|
70,829
|
|
|
Shareholders' equity
|
|
|
590,383
|
|
545,055
|
|
|
Total Liabilities and Shareholders' Equity
|
|
|
$ 4,704,096
|
|
$ 4,490,545
|
|
|
|
|
|
|
|
|
|
Net Interest Margin (10)
|
|
|
|
3.52%
|
|
3.50%
|
|
S&T Bancorp, Inc.
|
|
|
|
|
|
|
|
Consolidated Selected Financial Data
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2014
|
|
2013
|
|
|
Third
|
|
Second
|
|
Third
|
|
|
(dollars in thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Nonperforming Loans (NPL)
|
|
|
|
|
|
|
|
Commercial loans:
|
|
% NPL
|
|
% NPL
|
|
% NPL
|
|
Commercial real estate
|
$ 5,174
|
0.31%
|
$ 5,658
|
0.35%
|
$ 16,479
|
1.05%
|
|
Commercial and industrial
|
2,426
|
0.26%
|
3,837
|
0.42%
|
3,897
|
0.47%
|
|
Commercial construction
|
1,889
|
1.03%
|
1,870
|
0.99%
|
9,684
|
6.36%
|
|
Total Nonperforming Commercial Loans
|
9,489
|
0.34%
|
11,365
|
0.41%
|
30,060
|
1.18%
|
|
Consumer loans:
|
|
|
|
|
|
|
|
Residential mortgage
|
2,248
|
0.46%
|
2,118
|
0.43%
|
3,021
|
0.63%
|
|
Home equity
|
1,735
|
0.41%
|
1,431
|
0.34%
|
3,291
|
0.80%
|
|
Installment and other consumer
|
30
|
0.05%
|
26
|
0.04%
|
27
|
0.04%
|
|
Consumer construction
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Total Nonperforming Consumer Loans
|
4,013
|
0.41%
|
3,575
|
0.37%
|
6,339
|
0.66%
|
|
Total Nonperforming Loans
|
$ 13,502
|
0.35%
|
$ 14,940
|
0.40%
|
$ 36,399
|
1.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2014
|
|
2013
|
|
|
Third
|
|
Second
|
|
Third
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Asset Quality Data
|
|
|
|
|
|
|
|
Nonperforming loans
|
$ 13,502
|
|
$ 14,940
|
|
$ 36,399
|
|
|
Assets acquired through foreclosure or repossession
|
200
|
|
431
|
|
460
|
|
|
Nonperforming assets
|
13,702
|
|
15,371
|
|
36,859
|
|
|
Troubled debt restructurings (nonaccruing)
|
4,929
|
|
5,241
|
|
20,394
|
|
|
Troubled debt restructurings (accruing)
|
37,273
|
|
37,120
|
|
35,624
|
|
|
Total troubled debt restructurings
|
42,202
|
|
42,361
|
|
56,018
|
|
|
Nonperforming loans / loans
|
0.35%
|
|
0.40%
|
|
1.04%
|
|
|
Nonperforming assets / loans plus OREO
|
0.36%
|
|
0.41%
|
|
1.05%
|
|
|
Allowance for loan losses / loans
|
1.24%
|
|
1.25%
|
|
1.37%
|
|
|
Allowance for loan losses / nonperforming loans
|
350%
|
|
312%
|
|
132%
|
|
|
Net loan charge-offs (recoveries)
|
$ 718
|
|
$ (1,099)
|
|
$ 1,541
|
|
|
Net loan charge-offs (recoveries) (annualized) / average loans
|
0.08%
|
|
(0.12%)
|
|
0.18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30,
|
|
|
|
2014
|
|
2013
|
|
|
Asset Quality Data
|
|
|
|
|
|
|
|
Net loan (recoveries) charge-offs
|
|
|
$ (453)
|
|
$ 5,250
|
|
|
Net loan (recoveries) charge-offs (annualized) / average loans
|
|
|
(0.02%)
|
|
0.21%
|
|
|
S&T Bancorp, Inc.
|
|
|
|
|
|
|
Consolidated Selected Financial Data
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
|
(1) Diluted earnings per share under the two-class method is determined on the net income reported on the income statement less earnings allocated to participating securities.
|
|
|
|
|
|
|
|
(2) Noninterest expense divided by noninterest income plus net interest income, on a fully taxable equivalent (FTE) basis.
|
|
|
|
|
|
|
|
2014
|
|
2014
|
|
2013
|
|
Third
|
|
Second
|
|
Third
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
|
|
|
|
(3) Tangible Book Value (non-GAAP)
|
|
|
|
|
|
|
Total shareholders' equity
|
$ 605,897
|
|
$ 597,187
|
|
$ 555,428
|
|
Less: goodwill and other intangible assets,
net of deferred tax liability
|
(177,696)
|
|
(177,866)
|
|
(178,503)
|
|
Tangible common equity (non-GAAP)
|
$ 428,201
|
|
$ 419,321
|
|
$ 376,925
|
|
Common shares outstanding
|
29,796
|
|
29,797
|
|
29,738
|
|
Tangible book value (non-GAAP)
|
$ 14.37
|
|
$ 14.07
|
|
$ 12.67
|
|
|
|
|
|
|
|
(4) Return on Average Tangible Assets (non-GAAP)
|
|
|
|
|
|
|
Net income (annualized)
|
$ 58,162
|
|
$ 59,042
|
|
$ 48,588
|
|
Plus: amortization of intangibles net of tax (annualized)
|
671
|
|
775
|
|
976
|
|
Net income before amortization of intangibles (annualized)
|
58,833
|
|
59,817
|
|
49,564
|
|
|
|
|
|
|
|
Average total assets
|
4,796,703
|
|
4,681,616
|
|
4,531,866
|
|
Less: average goodwill and other intangibles,
net of deferred tax liability
|
(177,783)
|
|
(177,963)
|
|
(178,622)
|
|
Average tangible assets (non-GAAP)
|
$ 4,618,920
|
|
$ 4,503,653
|
|
$ 4,353,244
|
|
Return on average tangible assets (non-GAAP)
|
1.26%
|
|
1.33%
|
|
1.14%
|
|
|
|
|
|
|
|
(5) Return on Average Tangible Shareholders' Equity (non-GAAP)
|
|
|
|
|
|
|
Net income (annualized)
|
$ 58,162
|
|
$ 59,042
|
|
$ 48,588
|
|
Plus: amortization of intangibles net of tax (annualized)
|
671
|
|
775
|
|
976
|
|
Net income before amortization of intangibles (annualized)
|
58,833
|
|
59,817
|
|
49,564
|
|
|
|
|
|
|
|
Average total shareholders' equity
|
600,927
|
|
591,181
|
|
548,441
|
|
Less: average goodwill and other intangibles,
net of deferred tax liability
|
(177,783)
|
|
(177,963)
|
|
(178,622)
|
|
Average tangible equity (non-GAAP)
|
$ 423,144
|
|
$ 413,218
|
|
$ 369,819
|
|
Return on average tangible equity (non-GAAP)
|
13.90%
|
|
14.48%
|
|
13.40%
|
|
|
|
|
|
|
|
(6) Tangible Common Equity / Tangible Assets (non-GAAP)
|
|
|
|
|
|
|
Total shareholders' equity
|
$ 605,897
|
|
$ 597,187
|
|
$ 555,428
|
|
Less: goodwill and other intangible assets, net of deferred tax liability
|
(177,696)
|
|
(177,866)
|
|
(178,503)
|
|
Tangible common equity (non-GAAP)
|
428,201
|
|
419,321
|
|
376,925
|
|
|
|
|
|
|
|
Total assets
|
4,906,744
|
|
4,788,030
|
|
4,588,128
|
|
Less: goodwill and other intangible assets,
net of deferred tax liability
|
(177,696)
|
|
(177,866)
|
|
(178,503)
|
|
Tangible assets (non-GAAP)
|
$ 4,729,048
|
|
$ 4,610,164
|
|
$ 4,409,625
|
|
Tangible common equity to tangible assets (non-GAAP)
|
9.05%
|
|
9.10%
|
|
8.55%
|
|
|
|
|
|
|
|
(7) Net Interest Margin Rate (FTE) (non-GAAP)
|
|
|
|
|
|
|
Interest income
|
$ 40,605
|
|
$ 39,872
|
|
$ 38,581
|
|
Less: interest expense
|
(3,076)
|
|
(3,017)
|
|
(3,307)
|
|
Net interest income per consolidated statements of Net Income
|
37,529
|
|
36,855
|
|
35,274
|
|
Plus: taxable equivalent adjustment
|
1,373
|
|
1,393
|
|
1,228
|
|
Net interest income (FTE) (non-GAAP)
|
38,902
|
|
38,248
|
|
36,502
|
|
Net interest income (FTE) (annualized)
|
154,339
|
|
153,412
|
|
144,818
|
|
Average earning assets
|
$ 4,417,413
|
|
$ 4,309,171
|
|
$ 4,140,865
|
|
Net interest margin (FTE) (non-GAAP)
|
3.50%
|
|
3.56%
|
|
3.50%
|
|
S&T Bancorp, Inc.
|
|
|
|
|
|
|
|
Consolidated Selected Financial Data
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
(8) Return on Average Tangible Assets (non-GAAP)
|
|
|
|
|
|
|
|
Net income (annualized)
|
|
|
$ 58,044
|
|
$ 51,715
|
|
|
Plus: amortization of intangibles net of tax (annualized)
|
|
|
759
|
|
994
|
|
|
Net income before amortization of intangibles (annualized)
|
|
|
58,803
|
|
52,709
|
|
|
|
|
|
|
|
|
|
Average total assets
|
|
|
4,704,096
|
|
4,490,545
|
|
|
Less: average goodwill and other intangibles,
net of deferred tax liability
|
|
|
(177,969)
|
|
(178,884)
|
|
|
Average tangible assets (non-GAAP)
|
|
|
$ 4,526,127
|
|
$ 4,311,661
|
|
|
Return on average tangible assets (non-GAAP)
|
|
|
1.30%
|
|
1.22%
|
|
|
|
|
|
|
|
|
|
(9) Return on Average Tangible Shareholders' Equity (non-GAAP)
|
|
|
|
|
|
|
|
Net income (annualized)
|
|
|
$ 58,044
|
|
$ 51,715
|
|
|
Plus: amortization of intangibles net of tax (annualized)
|
|
|
759
|
|
994
|
|
|
Net income before amortization of intangibles (annualized)
|
|
|
58,803
|
|
52,709
|
|
|
|
|
|
|
|
|
|
Average total shareholders' equity
|
|
|
590,383
|
|
545,055
|
|
|
Less: average goodwill and other intangibles,
net of deferred tax liability
|
|
|
(177,969)
|
|
(178,884)
|
|
|
Average tangible equity (non-GAAP)
|
|
|
$ 412,414
|
|
$ 366,171
|
|
|
Return on average tangible equity (non-GAAP)
|
|
|
14.26%
|
|
14.39%
|
|
|
|
|
|
|
|
|
|
(10) Net Interest Margin Rate (FTE) (non-GAAP)
|
|
|
|
|
|
|
|
Interest income
|
|
|
$ 119,142
|
|
$ 114,978
|
|
|
Less: interest expense
|
|
|
(9,167)
|
|
(11,438)
|
|
|
Net interest income
|
|
|
109,975
|
|
103,540
|
|
|
Plus: taxable equivalent adjustment
|
|
|
4,090
|
|
3,569
|
|
|
Net interest income (FTE) (non-GAAP)
|
|
|
114,065
|
|
107,109
|
|
|
Net interest income (FTE) (annualized)
|
|
|
152,504
|
|
143,204
|
|
|
Average earning assets
|
|
|
$ 4,327,690
|
|
$ 4,092,981
|
|
|
Net interest margin (FTE) (non-GAAP)
|
|
|
3.52%
|
|
3.50%
|
|
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/st-bancorp-inc-announces-third-quarter-2014-results-and-declares-increased-dividend-817706528.html
SOURCE S&T Bancorp, Inc.