EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

LOGO

 

FOR IMMEDIATE RELEASE          Contact: Mark Kochvar
October 25, 2010          Chief Financial Officer
            724-465-4826

S&T Bancorp, Inc. Announces Improved Third Quarter Earnings

Indiana, Pennsylvania – S&T Bancorp, Inc. (NASDAQ: STBA), a full-service financial institution with office locations in 10 Pennsylvania counties, has announced its third quarter earnings.

Todd D. Brice, president and chief executive officer of S&T Bancorp, Inc., offered the following highlights:

 

  •  

Third quarter earnings were $10.9 million, an increase of 39% from the prior quarter, with diluted earnings per common share of $0.39 compared to $0.28 in the second quarter of 2010 and $0.28 in the third quarter of 2009.

 

  •  

Mortgage banking activities resulted in net revenue of $1.6 million in the third quarter of 2010 compared to $0.2 million in the second quarter of 2010.

 

  •  

Nonperforming assets remain stable at 2.45% of total loans plus OREO compared to 2.41% in the second quarter of 2010 and down from 2.64% in the third quarter of 2009.

 

  •  

Net interest margin increased to 4.09%, an improvement of four basis points from the prior quarter and 15 basis points from the third quarter of 2009.

 

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S&T Earnings Release - 2

S&T Bancorp, Inc. Announces Improved Third Quarter Earnings (cont.)

 

 

“We are extremely pleased to deliver a positive quarter with improved results to our shareholders,” said Brice. “Overall, the business performed very well for the quarter, including a strong performance from our mortgage banking business. We continue to see signs of stabilization in our loan portfolio as evidenced by improving asset quality metrics. At the same time, we remain focused on the challenges that lie ahead as we move forward in these unprecedented times.”

Net Interest Income

Net interest income on a fully taxable equivalent basis for the third quarter of 2010 was $38.1 million compared to $37.8 million in the second quarter of 2010 and $38.1 million in the third quarter of 2009. The net interest margin on a fully taxable equivalent basis increased to 4.09% in the third quarter compared to 4.05% in the second quarter of 2010 and 3.94% in the third quarter of 2009. Net interest income remains strong despite declines in average loans of $24.8 million and average securities of $27.0 million from the second quarter of 2010. The increase in net interest margin is a result of lower deposit costs and an increase in interest collected on nonperforming loans.

Noninterest Income

Noninterest income increased to $12.3 million compared to $11.4 million in the second quarter of 2010 and $10.3 million in the third quarter of 2009. The increase is primarily a result of mortgage banking activities including net derivative gains and higher loan sales. Net gains on our mortgage derivatives of $0.7 million were reported in the third quarter compared to a loss in the second quarter of $0.1 million. Gains on loan sales increased to $0.5 million from the prior quarter gains of $0.2 million due to a higher volume of loan activity and an improvement on the pricing of mortgage sales. Mortgage banking gains were offset by a decrease in NSF fees of $0.2 million and a decrease in letter of credit fees of $0.3 million from the second quarter of 2010.

 

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S&T Earnings Release - 3

S&T Bancorp, Inc. Announces Improved Third Quarter Earnings (cont.)

 

 

Asset Quality

Nonperforming assets remain stable at $82.7 million or 2.45% of total loans plus other real estate owned (“OREO”) compared to $82.0 million or 2.41% in the second quarter of 2010 and down from $91.2 million or 2.64% in the third quarter of 2009. Included in nonperforming assets were troubled debt restructurings (TDRs) of $14.6 million. These TDRs are a result of our efforts to work directly with our customers in these challenging times. Delinquency improved for the third quarter with total portfolio delinquency at 2.69% compared to 3.10% in the second quarter of 2010 and 3.57% in the third quarter of 2009. Further, criticized and classified assets decreased $31.8 million or 8.7% from the second quarter of 2010.

“We are encouraged by the improving asset quality metrics that we experienced in the third quarter. Our focus remains on resolving these problem credits and moving them out of the portfolio as quickly and favorably as possible,” Brice said.

The provision for loan losses was $8.3 million for the third quarter compared to $9.1 million for the second quarter of 2010 and $8.4 million in the third quarter of 2009. Net charge-offs were $6.0 million for the third quarter compared to $18.2 million in the second quarter and $5.4 million in the third quarter of 2009.

The allowance for loan losses at September 30, 2010 was $56.3 million or 1.67% of total loans, as compared to $54.0 million or 1.59% at June 30, 2010 and $60.9 million or 1.77% at September 30, 2009. The allowance to nonperforming loans was 75% at September 30, 2010, 70% at June 30, 2010 and 70% at September 30, 2009. Included in the allowance is $10.5 million of specific reserves compared to $8.0 million in the second quarter of 2010 and $17.9 million in the third quarter of 2009.

 

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S&T Earnings Release - 4

S&T Bancorp, Inc. Announces Improved Third Quarter Earnings (cont.)

 

 

Noninterest Expense

Noninterest expense for the third quarter was $25.0 million compared to $25.7 million for the second quarter of 2010 and $24.8 million for the third quarter of 2009. The decrease from the second quarter of 2010 primarily relates to a reduction in the reserve for unfunded loan commitments of $0.9 million compared to a reduction recorded in the second quarter of $0.4 million. The reduction in the reserve is a result of a decrease in volume in unfunded commitments. Additionally, there was a $0.5 million reduction in legal expenses due to onetime legal costs incurred in the second quarter of 2010. These decreases were offset by a write-off of an uncollectible receivable related to excess expenses of $0.9 million for a mutual fund advised by an affiliate, compared to a write-off in the second quarter of 2010 of $0.4 million. The entire remaining receivable was written off in this quarter.

Financial Condition

Total assets were $4.1 billion at September 30, 2010 and June 30, 2010 compared to $4.2 billion at September 30, 2009. The decrease from September 30, 2009 is attributable to lower loan balances due to pay-offs and charge-offs outpacing customer demand and also lower investment balances. Total loans remain at $3.4 billion at September 30, 2010, June 30, 2010 and September 30, 2009. Total commercial loans are down $24.2 million from the previous quarter and $54.7 million from September 30, 2009.

Total deposits were $3.3 billion at September 30, 2010, June 30, 2010 and September 30, 2009. Demand deposits remain strong at $743.5 million as of September 30, 2010 compared to $732.6 million at June 30, 2010 and $673.9 million at September 30, 2009. Total borrowings decreased to $168.7 million at September 30, 2010 from $227.2 million at June 30, 2010 and have decreased from $330.8 million at September 30, 2009. Stable deposits and declines in earning assets have resulted in reductions in borrowings.

 

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S&T Earnings Release - 5

S&T Bancorp, Inc. Announces Improved Third Quarter Earnings (cont.)

 

 

S&T’s capital ratios continue to improve and exceed the “well-capitalized” thresholds of federal bank regulatory agencies with a tier 1 leverage capital ratio of 10.92%, tier 1 risk-based capital ratio of 12.97% and total risk-based capital ratio of 16.35%. The increase in capital ratios is attributable to earnings retention and a reduction in risk-weighted assets. S&T’s tangible common equity ratio increased to 7.53% compared to 7.23% for the second quarter of 2010 and 6.48% for the third quarter of 2009.

About S&T Bancorp, Inc.

Headquartered in Indiana, PA, S&T Bancorp, Inc. operates 53 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.

 

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S&T Earnings Release - 6

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(Dollars in thousands, except per share data)

 

     2010      2010      2009  
     Third      Second      Third  
     Quarter      Quarter      Quarter  

Income Statements

         

Interest Income

    $ 45,325       $ 45,561       $ 48,310   

Interest Expense

      8,352         8,936         11,477   
                          

Net Interest Income

      36,973         36,625         36,833   

Taxable Equivalent Adjustment

      1,137         1,194         1,284   
                          

Net Interest Income (FTE)

      38,110         37,819         38,117   

Provision For Loan Losses

      8,278         9,127         8,382   
                          

Net Interest Income After Provisions (FTE)

      29,832         28,692         29,735   
                          

Security Gains (Losses), Net

      6         103         (2,059 ) 

Service Charges and Fees

      2,974         3,166         3,305   

Wealth Management

      1,861         1,916         1,920   

Insurance

      2,125         1,964         2,020   

Other

      5,369         4,380         3,038   
                          

Total Noninterest Income

      12,329         11,426         10,283   

Salaries and Employee Benefits

      11,887         11,811         12,284   

Occupancy and Equipment Expense, Net

      2,863         2,987         2,882   

Data Processing Expense

      1,547         1,451         1,565   

FDIC Expense

      1,359         1,398         1,526   

Other

      7,292         8,088         6,582   
                          

Total Noninterest Expense

      24,948         25,735         24,839   
                          

Income Before Taxes

      17,219         14,486         13,120   

Taxable Equivalent Adjustment

      1,137         1,194         1,284   

Applicable Income Taxes

      3,600         3,888         2,578   
                          

Net Income

      12,482         9,404         9,258   

Preferred Stock Dividends

      1,551         1,549         1,543   
                          

Net Income Available to Common Shareholders

    $ 10,931       $ 7,855       $ 7,715   
                          

Per Common Share Data:

         

Shares Outstanding at End of Period

      27,849,171         27,819,757         27,684,807   

Average Shares Outstanding - Diluted

      27,812,637         27,797,206         27,695,205   

Diluted Earnings Per Share

    $ 0.39       $ 0.28       $ 0.28   

Dividends Declared

    $ 0.15       $ 0.15       $ 0.15   

Common Book Value

    $ 16.83       $ 16.55       $ 15.77   

Tangible Common Book Value (1)

    $ 10.61       $ 10.31       $ 9.44   

Market Value

    $ 17.42       $ 19.76       $ 12.96   

 

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S&T Earnings Release - 7

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(Dollars in thousands, except per share data)

 

     For the Nine Months Ended September 30,  
     2010      2009  

Income Statements

      

Interest Income

    $ 136,209       $ 147,961   

Interest Expense

      26,697         38,434   
                 

Net Interest Income

      109,512         109,527   

Taxable Equivalent Adjustment

      3,552         3,929   
                 

Net Interest Income (FTE)

      113,064         113,456   

Provision For Loan Losses

      21,835         61,954   
                 

Net Interest Income After Provisions (FTE)

      91,229         51,502   
                 

Security Gains (Losses), Net

      263         (4,601 ) 

Service Charges and Fees

      9,111         9,593   

Wealth Management

      5,761         5,575   

Insurance

      6,457         5,867   

Other

      13,616         11,263   
                 

Total Noninterest Income

      34,945         32,298   

Salaries and Employee Benefits

      36,263         36,637   

Occupancy and Equipment Expense, Net

      8,923         8,987   

Data Processing Expense

      4,601         4,575   

FDIC Expense

      4,059         6,914   

Other

      24,769         25,927   
                 

Total Noninterest Expense

      78,615         83,040   
                 

Income (Loss) Before Taxes

      47,822         (3,841 ) 

Taxable Equivalent Adjustment

      3,552         3,929   

Applicable Income Taxes

      11,080         (6,530 ) 
                 

Net Income (Loss)

      33,190         (1,240 ) 

Preferred Stock Dividends

      4,648         4,368   
                 

Net Income (Loss) Available to Common Shareholders

    $ 28,542       ($ 5,608 ) 
                 

Per Common Share Data:

      

Average Shares Outstanding - Diluted

      27,789,910         27,654,570   

Diluted Earnings (Loss) Per Share

    $ 1.03       ($ 0.20 ) 

Dividends Declared

    $ 0.45       $ 0.61   

 

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S&T Earnings Release - 8

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(Dollars in thousands)

 

     2010            2010            2009         
     Third            Second            Third         
     Quarter            Quarter            Quarter         

Balance Sheet (Period-End)

                

Assets

                

Cash

    $ 88,157         $ 71,150         $ 68,111      

Securities

      301,260           339,737           389,980      

Loans, Net

      3,314,702           3,342,761           3,385,466      

Other Assets

      393,989           385,590           364,667      
                                 

Total Assets

    $ 4,098,108         $ 4,139,238         $ 4,208,224      
                                 

Liabilities and Shareholders’ Equity

                

Noninterest-bearing Deposits

    $ 743,453         $ 732,618         $ 673,863      

Interest-bearing Deposits

      2,561,117           2,564,578           2,605,921      

Short-term Borrowings

      48,189           96,246           143,980      

Long-term Debt

      120,468           130,947           186,772      

Other Liabilities

      50,374           48,646           56,006      

Shareholders’ Equity

      574,507           566,203           541,682      
                                 

Total Liabilities and Shareholders’ Equity

    $ 4,098,108         $ 4,139,238         $ 4,208,224      
                                 

Net Interest Margin (Quarterly Averages)

                

Assets

                

Loans - FTE

    $ 3,377,607         5.10 %    $ 3,402,494         5.12 %    $ 3,439,700         5.25 % 

Securities/Other - FTE

      315,823         3.82 %      342,813         3.89 %      397,106         4.11 % 
                                 

Total Interest-earning Assets

      3,693,430         4.99 %      3,745,307         5.01 %      3,836,806         5.13 % 

Noninterest-earning Assets

      412,247           390,075           371,160      
                                 

Total Assets

    $ 4,105,677         $ 4,135,382         $ 4,207,966      
                                 

Liabilities and Shareholders’ Equity

                

Now/Money Market/Savings

    $ 1,250,278         0.24 %    $ 1,280,421         0.28 %    $ 1,190,637         0.39 % 

Certificates of Deposits

      1,309,880         1.89 %      1,308,614         2.01 %      1,413,302         2.20 % 

Borrowed funds < 1 year

      62,011         0.24 %      74,779         0.36 %      162,450         0.34 % 

Borrowed funds > 1 year

      121,218         4.26 %      135,906         4.13 %      199,945         4.63 % 
                                 

Total Interest-bearing Liabilities

      2,743,387         1.21 %      2,799,720         1.28 %      2,966,334         1.54 % 

Noninterest-bearing Liabilities:

                

Demand Deposits

      743,265           728,517           647,325      

Shareholders’ Equity/Other

      619,025           607,145           594,307      
                                 

Total Noninterest-bearing Liabilities

      1,362,290           1,335,662           1,241,632      
                                 

Total Liabilities and Shareholders’ Equity

    $ 4,105,677         $ 4,135,382         $ 4,207,966      
                                 

Net Yield on Interest-Earning Assets

         4.09 %         4.05 %         3.94 % 

 

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S&T Earnings Release - 9

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(Dollars in thousands)

 

     2010            2010            2009         
     Third            Second            Third         
     Quarter            Quarter            Quarter         

Loans (Period-End)

                

Consumer

                

Home Equity

    $ 451,275         $ 451,274         $ 459,190      

Residential Mortgage

      365,390           363,660           367,743      

Consumer Installment

      76,148           76,755           81,454      

Construction

      6,946           9,624           12,029      
                                 

Total Consumer Loans

      899,759           901,313           920,416      

Commercial

                

Commercial Real Estate

      1,436,971           1,424,212           1,425,552      

Commercial & Industrial

      728,091           734,077           747,656      

Construction

      306,162           337,127           352,723      
                                 

Total Commercial Loans

      2,471,224           2,495,416           2,525,931      
                                 

Total Loans

    $ 3,370,983         $ 3,396,729         $ 3,446,347      
                                 
            % NPL            % NPL            % NPL  

Nonperforming Loans (NPL)

                                        

Consumer

                

Home Equity

    $ 1,700         0.38 %    $ 1,777         0.39 %    $ 2,190         0.48 % 

Residential Mortgage

      5,159         1.41 %      7,398         2.03 %      5,302         1.44 % 

Consumer Installment

      89         0.12 %      93         0.12 %      46         0.06 % 

Construction

      530         7.63 %      —           —          —           —     
                                 

Total Consumer Loans

      7,478         0.83 %      9,268         1.03 %    $ 7,538         0.82 % 

Commercial

                

Commercial Real Estate

      51,792         3.60 %      51,070         3.59 %      38,734         2.72 % 

Commercial & Industrial

      8,469         1.16 %      2,265         0.31 %      12,595         1.68 % 

Construction

      7,600         2.48 %      14,686         4.36 %      27,587         7.82 % 
                                 

Total Commercial Loans

      67,861         2.75 %      68,021         2.73 %      78,916         3.12 % 
                                 

Total Nonperforming Loans

    $ 75,339         2.23 %    $ 77,289         2.28 %    $ 86,454         2.51 % 
                                 

Construction and Commercial Real Estate (CRE) by Location

                

Pennsylvania

    $ 1,382,894         $ 1,404,508         $ 1,450,293      

New York

      102,315           101,741           90,006      

Ohio

      70,363           78,244           74,451      

West Virginia

      21,852           15,994           11,834      

Tennessee

      20,379           17,917           12,647      

Southeast Region

      54,802           49,442           48,530      

Southwest Region

      30,547           32,735           30,061      

Midwest Region

      23,417           26,141           24,035      

Western Region

      13,170           13,207           12,645      

Mid-Atlantic Region

      12,327           11,925           12,296      

New England

      11,067           9,485           11,477      
                                 

Total Construction and CRE by Location

    $ 1,743,133         $ 1,761,339         $ 1,778,275      
                                 

 

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S&T Earnings Release - 10

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(Dollars in thousands)

 

     2010            2010            2009         
     Third            Second            Third         
     Quarter            Quarter            Quarter         
            % NPL            % NPL            % NPL  

Construction and Commercial Real Estate - NPL by Location

                

Pennsylvania

    $ 45,760         3.31 %    $ 50,100         3.57 %    $ 43,342         2.99 % 

New York

      1,815         1.77 %      3,253         3.20 %      10,560         11.73 % 

Ohio

      —           —          —           —          —           —     

West Virginia

      —           —          —           —          —           —     

Tennessee

      —           —          —           —          —           —     

Southeast Region

      2,457         4.48 %      2,534         5.13 %      1,836         3.78 % 

Southwest Region

      1,406         4.60 %      3,522         10.76 %      2,318         7.71 % 

Midwest Region

      —           —          —           —          —           —     

Western Region

      —           —          —           —          —           —     

Mid-Atlantic Region

      —           —          —           —          —           —     

New England

      7,954         71.87 %      6,347         66.92 %      8,265         72.01 % 
                                 

Total Construction and CRE - NPL by Location

    $ 59,392         3.41 %    $ 65,756         3.73 %    $ 66,321         3.73 % 
                                 

Construction and Commercial Real Estate by Type

                

Retail/Strip Malls

    $ 298,956         $ 297,864         $ 311,885      

Offices

      227,663           224,011           242,321      

Residential Rental Properties

      218,436           285,705           261,573      

Hotels

      195,841           192,416           153,065      

Manufacturing/Industrial/Warehouse

      128,820           137,427           126,222      

Flex/Mixed Use

      112,081           102,616           101,811      

Real Estate Development - Commercial

      103,110           104,927           104,476      

Real Estate Development - Residential

      92,855           74,799           96,716      

Healthcare/Education

      91,755           94,648           95,977      

Miscellaneous

      273,616           246,926           284,229      
                                 

Total Construction and CRE by Type

    $ 1,743,133         $ 1,761,339         $ 1,778,275      
                                 
            % NPL            % NPL            % NPL  

Construction and Commercial Real Estate - NPL by Type

                

Retail/Strip Malls

    $ 3,866         1.29 %    $ 5,463         1.83 %    $ 6,568         2.11 % 

Offices

      3,036         1.33 %      1,868         0.83 %      1,195         0.49 % 

Residential Rental Properties

      12,653         5.79 %      15,706         5.50 %      4,524         1.73 % 

Hotels

      2,562         1.31 %      3,562         1.85 %      2,095         1.37 % 

Manufacturing/Industrial/Warehouse

      555         0.43 %      3,634         2.64 %      —           —     

Flex/Mixed Use

      3,182         2.84 %      2,375         2.31 %      1,655         1.63 % 

Real Estate Development - Commercial

      9,181         8.90 %      7,449         7.10 %      12,165         11.64 % 

Real Estate Development - Residential

      4,965         5.35 %      5,079         6.79 %      14,445         14.94 % 

Healthcare/Education

      3,951         4.31 %      3,423         3.62 %      3,939         4.10 % 

Miscellaneous

      15,440         5.64 %      17,197         6.96 %      19,735         6.94 % 
                                 

Total Construction and CRE - NPL by Type

    $ 59,391         3.41 %    $ 65,756         3.73 %    $ 66,321         3.73 % 
                                 

 

- more -

 

S&T Earnings Release - 11

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(Dollars in thousands, except per share data)

 

     2010     2010     2009  
     Third     Second     Third  
     Quarter     Quarter     Quarter  

Asset Quality Data

       

Nonaccrual Loans and Nonperforming Loans

    $ 75,339      $ 77,289      $ 86,454   

Assets Acquired through Foreclosure or Repossession

      7,367        4,737        4,745   

Nonperforming Assets

      82,706        82,026        91,199   

Allowance for Loan Losses

      56,281        53,968        60,880   

Nonperforming Loans / Loans

      2.23 %      2.28 %      2.51 % 

Nonperforming Assets / Loans plus OREO

      2.45 %      2.41 %      2.64 % 

Allowance for Loan Losses / Loans

      1.67 %      1.59 %      1.77 % 

Allowance for Loan Losses / Nonperforming Loans

      75 %      70 %      70 % 

Net Loan Charge-offs (Recoveries)

      5,965        18,182        5,376   

Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans

      0.70 %      2.14 %      0.62 % 

Profitability Ratios (Annualized)

       

Common Return on Average Assets

      1.06 %      0.76 %      0.73 % 

Common Return on Average Tangible Assets (2)

      1.10 %      0.80 %      0.76 % 

Common Return on Average Common Equity

      7.61 %      5.60 %      5.67 % 

Common Return on Average Tangible Common Equity (3)

      14.93 %      11.12 %      11.75 % 

Efficiency Ratio (FTE) (4)

      49.46 %      52.26 %      51.32 % 

Capitalization Ratios

       

Dividends Paid to Net Income

      38.18 %      53.08 %      53.77 % 

Common Equity / Assets

      11.43 %      11.12 %      10.37 % 

Leverage Ratio

      10.92 %      10.64 %      9.92 % 

Risk Based Capital - Tier I

      12.97 %      12.52 %      11.57 % 

Risk Based Capital - Total

      16.35 %      15.87 %      14.86 % 

Tangible Common Equity / Tangible Assets (5)

      7.53 %      7.23 %      6.48 % 
           For the Nine Months Ended September 30,  
           2010     2009  

Asset Quality Data

       

Net Loan Charge-offs (Recoveries)

        25,134        43,763   

Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans

        0.99 %      1.67 % 

Profitability Ratios (Annualized)

       

Common Return on Average Assets

        0.92 %      -0.17 % 

Common Return on Average Tangible Assets (6)

        0.97 %      -0.18 % 

Common Return on Average Common Equity

        6.78 %      -1.38 % 

Common Return on Average Tangible Common Equity (7)

        13.47 %      -2.78 % 

Efficiency Ratio (FTE) (4)

        53.12 %      56.97 % 

Capitalization Ratios

       

Dividends Paid to Net Income (Loss)

        43.81 %      -379.37 % 

 

- more -

 

S&T Earnings Release - 12

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(Dollars in thousands, except per share data)

 

     2010     2010     2009  
     Third     Second     Third  
     Quarter     Quarter     Quarter  

Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:

       

(1) Tangible Common Book Value

       

Common Book Value (GAAP Basis)

    $ 16.83      $ 16.55      $ 15.77   

Effect of Excluding Intangible Assets

      (6.22 )      (6.24 )      (6.33 ) 
                        

Tangible Common Book Value

    $ 10.61      $ 10.31      $ 9.44   

(2) Common Return on Average Tangible Assets

       

Common Return on Average Assets (GAAP Basis)

      1.06 %      0.76 %      0.73 % 

Effect of Excluding Intangible Assets

      0.04 %      0.04 %      0.03 % 
                        

Common Return on Average Tangible Assets

      1.10 %      0.80 %      0.76 % 

(3) Common Return on Average Tangible Common Equity

       

Common Return on Average Common Equity (GAAP Basis)

      7.61 %      5.60 %      5.67 % 

Effect of Excluding Intangible Assets

      3.99 %      3.02 %      3.38 % 

Effect of Excluding Preferred Stock

      3.33 %      2.50 %      2.70 % 
                        

Common Return on Average Tangible Common Equity

      14.93 %      11.12 %      11.75 % 

(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)

      11.43 %      11.12 %      10.37 % 

Effect of Excluding Intangible Assets

      -3.90 %      -3.89 %      -3.89 % 
                        

Tangible Common Equity / Tangible Assets

      7.53 %      7.23 %      6.48 % 
           For the Nine Months Ended September 30,  
           2010     2009  

(6) Common Return on Average Tangible Assets

       

Common Return on Average Assets (GAAP Basis)

        0.92 %      -0.17 % 

Effect of Excluding Intangible Assets

        0.05 %      -0.01 % 
                  

Common Return on Average Tangible Assets

        0.97 %      -0.18 % 

(7) Common Return on Average Tangible Common Equity

       

Common Return on Average Common Equity (GAAP Basis)

        6.78 %      -1.38 % 

Effect of Excluding Intangible Assets

        3.66 %      -0.75 % 

Effect of Excluding Preferred Stock

        3.03 %      -0.65 % 
                  

Common Return on Average Tangible Common Equity

        13.47 %      -2.78 %