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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) July 20, 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 15701 Registrant's telephone number, including area code (800) 325-2265 Former name or address, if changed since last report Not Applicable
____________________________________________________________
_________________
_________________
_________________
__________________________________________
(Address of Principal Executive Offices)
___________________
Zip Code
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:
Item 2.02 - Results of Operations and Financial Condition |
On July 20, 2009, S&T Bancorp, Inc. announced by press release its earnings for the three and six months ended June 30, 2009. 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 (99.1) Press Release |
SIGNATURES |
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|
|
|
S&T Bancorp, Inc. |
/s/ Robert E. Rout |
|
Robert E. Rout |
Exhibit Index |
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Number |
Description |
Method of Filing |
99.1 |
Press Release |
Filed herewith |
Contact: Robert E. Rout
Chief Administrative and
Chief Financial Officer
TO BE RELEASED:
9:00 a.m., Monday, July 20, 2009
S&T Bancorp, Inc. Announces Results
Indiana, Pennsylvania - S&T Bancorp, Inc. (NASDAQ: STBA) today announced a net loss of $10.2 million or ($0.37) diluted earnings per share for the quarter ended June 30, 2009 compared to net income of $13.9 million or $0.54 diluted earnings per share for the quarter ended June 30, 2008. For the six months ending June 30, 2009, the net loss was $13.3 million or ($0.48) diluted earnings per share. The decrease in net income and earnings per share for the second quarter 2009 is primarily due to higher provision for loan losses, increased Federal Deposit Insurance Corporation (FDIC) premiums and other-than-temporary impairments.
Todd D. Brice, president and chief executive officer, commented, "We are certainly disappointed in our second quarter earnings performance but believe the increases to provision expense and net loan charge-offs are prudent. We continue to address the credit stress in our commercial loan portfolio and are confident that these aggressive actions and our strong capital position will allow us to successfully work through this difficult period."
During the second quarter of 2009, net charged-off loans were $34.2 million. The most significant charged-off loans were:
The provision for loan losses was $32.2 million, $21.4 million and $5.6 million for the quarters ending June 30, 2009, March 31, 2009 and December 31, 2008, respectively. The allowance for loan losses to total loans for the same periods was 1.67 percent, 1.70 percent and 1.20 percent, respectively. Included in the $57.9 million allowance for loan losses is $15.0 million of specific reserves for nonperforming and other troubled loans as of June 30, 2009. In addition, the reserve for unfunded commitments, classified separately from the allowance for loan losses, was increased $3.3 million to $4.6 million during the first half of 2009. Also during the first six months of 2009, net charge-offs were $38.4 million or 2.20 percent of average loans on an annualized basis. For the same period of 2008, net charge-offs were $2.1 million or 0.15 percent of average loans on an annualized basis.
Nonperforming loans totaled $71.4 million at June 30, 2009 compared to $92.0 million and $42.5 million as of March 31, 2009 and December 31, 2008, respectively. The nonperforming loans to total loans for the same periods were 2.06 percent, 2.62 percent and 1.19 percent, respectively. The most significant components of nonperforming loans at June 30, 2009 included:
Brice commented, "Addressing troubled commercial credits quickly and conservatively has always been, and will continue to be, our credit philosophy. While we have been dealing with some stresses in our commercial loan portfolio, it is noteworthy that our residential mortgage and home equity portfolios continue to perform well as a result of traditionally conservative underwriting and the avoidance of any subprime loan products."
Net interest income on a fully taxable equivalent basis increased by $3.0 million, or 9 percent, to $37.9 million for the second quarter of 2009, as compared to the same period of 2008. For the six months ending June 30, 2009 and 2008, respectively, net interest income on a fully taxable equivalent basis increased $8.8 million or 13 percent. Net interest income was positively affected by the IBT acquisition in the second quarter of 2008, and partially offset by higher delinquent interest. The net interest margin on a fully taxable equivalent basis was 3.86 percent, 3.82 percent and 4.08 percent for the quarters ending June 30, 2009, March 31, 2009 and June 30, 2008, respectively.
Earning assets have decreased $176.2 million over the past six months, primarily due to decreased commercial loan demand and balance sheet deleveraging activities that allow maturing investment securities to reduce borrowings. Residential mortgage and home equity loan applications have achieved record levels during the first six months of 2009 as consumers took advantage of lower interest rates. $59.4 million of residential mortgage loans and $80.2 million of home equity loans were originated during the year-to-date period ending June 30, 2009. Most of the new residential mortgage loans are sold to FNMA in order to minimize the interest rate risk associated with long-term mortgages in loan portfolios.
Deposits decreased $72.6 million during the six-month period primarily due to lower deposit pricings as a result of reduced funding demands for loan growth. However, a $29.7 million increase in demand deposits is especially encouraging since this has been an area of strategic focus in order to deepen our relationship banking philosophy with both commercial and retail customers.
Noninterest income, excluding investment security losses, increased $2.0 million, or 20 percent, for the second quarter of 2009 as compared to the second quarter of 2008. For the six-month period ending June 30, 2009 as compared to the same period in 2008, noninterest income, excluding investment security losses, increased $3.3 million, or 18 percent. The increases are primarily due to record performances in mortgage banking activities, strong debit/credit card revenues and higher deposit fees. Positively affecting debit/credit card and deposit fees was the increased customer base resulting from the IBT merger in the second quarter 2008, as well as organic expansion of demand deposit accounts.
Net investment security losses for the second quarter of 2009 were $1.3 million. The investment security losses for the second quarter of 2009 are primarily due to an other-than-temporary impairment charge for one equity holding. The equity securities portfolio has a market value of $12.5 million and net unrealized losses of $2.7 million as of June 30, 2009, as compared to $13.2 million and $4.0 million of unrealized losses at March 31, 2009.
Noninterest expense increased $10.4 million, or 46 percent, for the second quarter of 2009, as compared to the second quarter 2008 period. For the six-month period ending June 30, 2009 as compared to the same period in 2008, noninterest expense increased $17.9 million, or 44 percent. Significant factors contributing to these increases are higher staff levels, infrastructure costs and core deposit intangible amortization related to the IBT merger, FDIC insurance premiums and surcharges, pension expense, reserve for unfunded loan commitments, other-than-temporary impairment charges for affordable housing partnerships and legal and consulting costs for troubled loans.
On January 16, 2009, S&T received $108.7 million of funds from the U.S. Treasury's Capital Purchase Program through the issuance of preferred stock and warrants for common stock. The purpose of the government program was to promote lending by healthy banks to individuals and businesses in order to stimulate the economy. Expenses associated with this preferred stock were $2.8 million for the six-month period ending June 30, 2009. Brice commented, "Participation in the Capital Purchase Program was a difficult decision for S&T since we were already designated as "well capitalized" by regulatory guidelines. While the additional capital is comforting during these times, our intention is to obtain regulatory approval for returning these funds once a positive direction in the economy becomes more clear." S&T's capital ratios for leverage, Total, Tier I and tangible common capital to tangible assets at June 30, 2009 were 9.56 percent, 14.60 percent, 11.33 percent and 6.23 percent, respectively.
S&T Bancorp, Inc. declared a common stock quarterly dividend of $0.15 per share on June 15, 2009 which is payable on July 24, 2009 to shareholders of record as of June 30, 2009. This dividend represents a 5 percent projected annual yield utilizing the June 30, 2009 closing market price of $12.16.
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 $4.2 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 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 tax-equivalent basis and operating revenue. 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 wi th 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 are 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. |
Page 1 of 3 |
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2008 |
2009 |
Six Months Ended |
|||||||||||||
For the period: |
March |
|
June |
|
September |
|
December |
March |
June |
June |
|
June |
|||
Interest Income |
$50,458 |
$50,433 |
$57,416 |
$57,811 |
$50,424 |
$49,226 |
$99,650 |
$100,891 |
|||||||
Interest Expense |
19,909 |
16,791 |
18,245 |
17,226 |
14,279 |
12,677 |
26,956 |
36,700 |
|||||||
Net Interest Income |
30,549 |
33,642 |
39,171 |
40,585 |
36,145 |
36,549 |
72,694 |
64,191 |
|||||||
Taxable Equivalent Adjustment |
1,148 |
1,227 |
1,385 |
1,388 |
1,334 |
1,311 |
2,645 |
2,375 |
|||||||
Net Interest Income (FTE) |
31,697 |
34,869 |
40,556 |
41,973 |
37,479 |
37,860 |
75,339 |
66,566 |
|||||||
Provision For Loan Losses |
1,279 |
(118) |
6,156 |
5,561 |
21,389 |
32,184 |
53,573 |
1,161 |
|||||||
Net Interest Income After Provisions (FTE) |
30,418 |
34,987 |
34,400 |
36,412 |
16,090 |
5,676 |
21,766 |
65,405 |
|||||||
Security Gains and Losses, Net |
611 |
(1,829) |
(341) |
(92) |
(1,246) |
(1,296) |
(2,542) |
(1,218) |
|||||||
Service Charges and Fees |
2,402 |
2,754 |
3,599 |
3,567 |
3,056 |
3,232 |
6,288 |
5,156 |
|||||||
Wealth Management |
1,862 |
1,907 |
2,118 |
2,081 |
1,743 |
1,912 |
3,655 |
3,769 |
|||||||
Insurance |
1,997 |
2,042 |
2,073 |
1,984 |
1,862 |
1,985 |
3,847 |
4,039 |
|||||||
Other |
2,638 |
3,100 |
2,811 |
2,168 |
3,601 |
4,624 |
8,225 |
5,738 |
|||||||
Total Noninterest Income |
8,899 |
9,803 |
10,601 |
9,800 |
10,262 |
11,753 |
22,015 |
18,702 |
|||||||
Salaries and Employee Benefits |
10,060 |
10,514 |
11,725 |
10,409 |
11,655 |
12,698 |
24,353 |
20,574 |
|||||||
Occupancy and Equip. Expense, Net |
2,660 |
2,636 |
2,761 |
2,838 |
3,082 |
3,023 |
6,106 |
5,296 |
|||||||
Data Processing Expense |
1,071 |
1,668 |
1,365 |
1,384 |
1,468 |
1,542 |
3,010 |
2,739 |
|||||||
FDIC Expense |
75 |
74 |
131 |
129 |
1,941 |
3,447 |
5,388 |
149 |
|||||||
Other |
4,089 |
7,492 |
6,358 |
6,363 |
7,292 |
12,052 |
19,343 |
11,581 |
|||||||
Total Noninterest Expense |
17,955 |
22,384 |
22,340 |
21,123 |
25,438 |
32,762 |
58,200 |
40,339 |
|||||||
Income (Loss) Before Taxes |
21,973 |
20,577 |
22,320 |
24,997 |
(332) |
(16,629) |
(16,961) |
42,550 |
|||||||
Taxable Equivalent Adjustment |
1,148 |
1,227 |
1,385 |
1,388 |
1,334 |
1,311 |
2,645 |
2,375 |
|||||||
Applicable Income Taxes |
5,969 |
5,489 |
5,249 |
7,809 |
176 |
(9,284) |
(9,108) |
11,458 |
|||||||
Net Income (Loss) |
14,856 |
13,861 |
15,686 |
15,800 |
(1,842) |
(8,656) |
(10,498) |
28,717 |
|||||||
Preferred Stock Dividends |
- |
- |
- |
- |
1,283 |
1,541 |
2,824 |
- |
|||||||
Net Income (Loss) Available to Common Shareholders |
$14,856 |
$13,861 |
$15,686 |
$15,800 |
($3,125) |
($10,197) |
($13,322) |
$28,717 |
|||||||
Per Common Share Data: |
|||||||||||||||
Shares Outstanding at End of Period |
24,615,136 |
27,408,633 |
27,588,510 |
27,632,928 |
27,637,317 |
27,654,530 |
27,654,530 |
27,408,633 |
|||||||
Average Shares Outstanding - Diluted |
24,680,484 |
25,503,920 |
27,602,216 |
27,722,550 |
27,637,292 |
27,650,937 |
27,644,152 |
25,092,202 |
|||||||
Net Income (Loss) - Diluted |
$0.60 |
$0.54 |
$0.57 |
$0.57 |
($0.11) |
($0.37) |
($0.48) |
$1.14 |
|||||||
Dividends Declared |
$0.31 |
$0.31 |
$0.31 |
$0.31 |
$0.31 |
$0.15 |
$0.46 |
$0.62 |
|||||||
Common Book Value |
$14.18 |
$16.00 |
$16.34 |
$16.24 |
$16.01 |
$15.48 |
$15.48 |
$16.00 |
|||||||
Tangible Common Book Value (5) |
$12.04 |
$9.52 |
$9.97 |
$9.90 |
$9.68 |
$9.17 |
$9.17 |
$9.52 |
|||||||
Market Value |
$32.17 |
$29.06 |
$36.83 |
$35.50 |
$21.21 |
$12.16 |
$12.16 |
$29.06 |
S&T Bancorp, Inc. |
Page 2 of 3 |
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2008 |
2009 |
||||||||||||||
Asset Quality Data |
March |
June |
|
September |
|
December |
March 1Q |
June |
|||||||
Nonaccrual Loans and Nonperforming Loans |
$23,212 |
$15,959 |
$32,793 |
$42,466 |
$92,047 |
$71,433 |
|||||||||
Assets Acquired through Foreclosure or Repossession |
630 |
1,884 |
1,111 |
851 |
1,452 |
2,262 |
|||||||||
Nonperforming Assets |
23,842 |
17,843 |
33,904 |
43,317 |
93,499 |
73,695 |
|||||||||
Allowance for Loan Losses |
35,717 |
38,796 |
43,235 |
42,689 |
59,847 |
57,875 |
|||||||||
Nonperforming Loans / Loans |
0.81% |
0.46% |
0.92% |
1.19% |
2.62% |
2.06% |
|||||||||
Allowance for Loan Losses / Loans |
1.25% |
1.12% |
1.21% |
1.20% |
1.70% |
1.67% |
|||||||||
Allowance for Loan Losses / Nonperforming Loans |
154% |
243% |
132% |
101% |
65% |
81% |
|||||||||
Net Loan Charge-offs (Recoveries) |
(94) |
2,224 |
1,717 |
6,107 |
4,231 |
34,156 |
|||||||||
Net Loan Charge-offs (Recoveries) (annualized)/ Average Loans |
-0.01% |
0.29% |
0.20% |
0.68% |
0.49% |
3.91% |
|||||||||
Balance Sheet (Period-End) |
|||||||||||||||
Assets |
$3,463,806 |
$4,353,466 |
$4,461,085 |
$4,438,368 |
$4,314,540 |
$4,243,876 |
|||||||||
Earning Assets |
3,212,919 |
3,934,187 |
4,075,431 |
4,044,970 |
3,948,774 |
3,868,782 |
|||||||||
Securities |
362,053 |
466,524 |
496,844 |
476,255 |
429,919 |
409,011 |
|||||||||
Loans, Gross |
2,850,866 |
3,467,663 |
3,578,587 |
3,568,716 |
3,518,855 |
3,459,771 |
|||||||||
Total Deposits |
2,605,187 |
3,114,560 |
3,131,882 |
3,228,416 |
3,244,197 |
3,155,852 |
|||||||||
Non-Interest Bearing Deposits |
471,040 |
593,339 |
600,246 |
600,282 |
625,325 |
629,967 |
|||||||||
NOW, Money Market & Savings |
1,203,833 |
1,325,755 |
1,280,816 |
1,334,324 |
1,264,407 |
1,170,573 |
|||||||||
CD's $100,000 and over |
250,489 |
329,087 |
353,167 |
377,748 |
386,441 |
362,627 |
|||||||||
Other Time Deposits |
679,825 |
866,379 |
897,653 |
916,062 |
968,024 |
992,685 |
|||||||||
Short-term Borrowings |
211,391 |
472,045 |
552,505 |
421,894 |
225,898 |
291,763 |
|||||||||
Long-term Debt |
246,403 |
281,163 |
280,921 |
270,950 |
232,282 |
207,028 |
|||||||||
Shareholders' Equity |
349,073 |
438,499 |
450,717 |
448,694 |
547,276 |
533,094 |
|||||||||
Balance Sheet (Daily Averages) |
|||||||||||||||
Assets |
$3,407,665 |
$3,701,389 |
$4,346,481 |
$4,419,465 |
$4,360,166 |
$4,304,406 |
|||||||||
Earning Assets |
3,198,279 |
3,434,268 |
3,961,327 |
4,042,118 |
3,980,258 |
3,935,389 |
|||||||||
Securities |
369,400 |
386,243 |
472,293 |
490,754 |
445,150 |
427,285 |
|||||||||
Loans, Gross |
2,828,762 |
3,048,024 |
3,488,843 |
3,551,179 |
3,534,064 |
3,508,104 |
|||||||||
Deposits |
2,579,321 |
2,712,198 |
3,086,428 |
3,205,711 |
3,251,587 |
3,220,761 |
|||||||||
Shareholders' Equity |
345,939 |
377,160 |
447,941 |
458,600 |
542,240 |
549,968 |
S&T Bancorp, Inc. |
Page 3 of 3 |
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2008 |
2009 |
Year-to-date |
|||||||||||||
Profitability Ratios (annualized) |
March |
June |
|
September |
|
December |
March |
|
June |
June |
|
June |
|||
|
|
||||||||||||||
Common Return on Average Assets |
1.75% |
1.51% |
1.44% |
1.42% |
-0.29% |
-0.95% |
-0.62% |
1.62% |
|||||||
Common Return on Average Tangible Common Assets (6) |
1.78% |
1.54% |
1.50% |
1.48% |
-0.30% |
-0.99% |
-0.65% |
1.66% |
|||||||
Common Return on Average Shareholders' Equity |
17.27% |
14.78% |
13.93% |
13.71% |
-2.34% |
-7.44% |
-4.92% |
15.97% |
|||||||
Common Return on Average Tangible Common Equity (7) |
20.37% |
19.17% |
22.95% |
22.19% |
-4.53% |
-15.13% |
-9.77% |
19.90% |
|||||||
Yield on Earning Assets (FTE) |
6.49% |
6.05% |
5.92% |
5.83% |
5.27% |
5.16% |
5.21% |
6.26% |
|||||||
Cost of Interest Bearing Funds |
3.10% |
2.43% |
2.23% |
2.06% |
1.82% |
1.65% |
1.73% |
2.75% |
|||||||
Net Interest Margin (FTE)(4) |
3.99% |
4.08% |
4.07% |
4.13% |
3.82% |
3.86% |
3.84% |
4.04% |
|||||||
Efficiency Ratio (FTE)(1) |
44.23% |
50.11% |
43.67% |
40.80% |
53.28% |
66.04% |
59.78% |
47.31% |
|||||||
Capitalization Ratios |
|||||||||||||||
Dividends Paid to Net Income |
51.23% |
55.05% |
54.17% |
54.13% |
-273.87% |
-84.02% |
|||||||||
Common Equity to Assets (8) |
10.08% |
10.07% |
10.10% |
10.11% |
10.26% |
10.09% |
|||||||||
Leverage Ratio (2) |
9.28% |
8.05% |
7.15% |
7.30% |
9.73% |
9.56% |
|||||||||
Risk Based Capital - Tier I (3) |
10.29% |
7.99% |
8.23% |
8.65% |
11.58% |
11.33% |
|||||||||
Risk Based Capital - Tier II (3) |
12.46% |
11.12% |
11.40% |
11.82% |
14.82% |
14.60% |
|||||||||
Tangible Common Equity/Tangible Assets (8) |
8.69% |
6.25% |
6.42% |
6.41% |
6.46% |
6.23% |
|||||||||
Definitions and reconciliation of GAAP to non-GAAP financial measures: |
|||||||||||||||
(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. |
|||||||||||||||
(5) Tangible Common Book Value |
|||||||||||||||
Common book value (GAAP basis) |
$14.18 |
$16.00 |
$16.34 |
$16.24 |
$16.01 |
$15.48 |
$15.48 |
$16.00 |
|||||||
Effect of excluding intangible assets |
(2.14) |
(6.48) |
(6.37) |
(6.34) |
(6.33) |
(6.31) |
(6.31) |
(6.48) |
|||||||
Tangible common book value |
$12.04 |
$9.52 |
$9.97 |
$9.90 |
$9.68 |
$9.17 |
$9.17 |
$9.52 |
|||||||
(6) Common Return on Average Tangible Common Assets |
|||||||||||||||
Common return on average assets (GAAP basis) |
1.75% |
1.51% |
1.44% |
1.42% |
-0.29% |
-0.95% |
-0.62% |
1.62% |
|||||||
Effect of excluding intangible assets |
0.03% |
0.03% |
0.06% |
0.06% |
-0.01% |
-0.04% |
-0.03% |
0.04% |
|||||||
Common return on average tangible common assets |
1.78% |
1.54% |
1.50% |
1.48% |
-0.30% |
-0.99% |
-0.65% |
1.66% |
|||||||
(7) Common Return on Average Tangible Common Equity |
|||||||||||||||
Common return on average equity (GAAP basis) |
17.27% |
14.78% |
13.93% |
13.71% |
-2.34% |
-7.44% |
-4.92% |
15.97% |
|||||||
Effect of excluding intangible assets |
3.10% |
4.39% |
9.02% |
8.48% |
-1.08% |
-4.23% |
-2.53% |
3.93% |
|||||||
Effect of excluding preferred stock |
- |
- |
- |
- |
-1.11% |
-3.46% |
-2.32% |
- |
|||||||
Common return on average tangible common equity |
20.37% |
19.17% |
22.95% |
22.19% |
-4.53% |
-15.13% |
-9.77% |
19.90% |
|||||||
(8) Tangible Common Equity / Tangible Assets |
|||||||||||||||
Common equity / Assets (GAAP basis) |
10.08% |
10.07% |
10.10% |
10.11% |
10.26% |
10.09% |
|||||||||
Effect of excluding intangible assets |
-1.39% |
-3.82% |
-3.68% |
-3.70% |
-3.80% |
-3.86% |
|||||||||
Tangible common equity / tangible assets |
8.69% |
6.25% |
6.42% |
6.41% |
6.46% |
6.23% |