Form 8-K

0001193125-12-431055.txt : 20121023 0001193125-12-431055.hdr.sgml : 20121023 20121023105940 ACCESSION NUMBER: 0001193125-12-431055 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20121022 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121023 DATE AS OF CHANGE: 20121023 FILER: COMPANY DATA: COMPANY CONFORMED NAME: S&T BANCORP INC CENTRAL INDEX KEY: 0000719220 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 251434426 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12508 FILM NUMBER: 121155907 BUSINESS ADDRESS: STREET 1: 800 PHILADELPHIA STREET STREET 2: PO BOX 190 CITY: INDIANA STATE: PA ZIP: 15701 BUSINESS PHONE: 724-427-2347 MAIL ADDRESS: STREET 1: 800 PHILADELPHIA STREET STREET 2: PO BOX 190 CITY: INDIANA STATE: PA ZIP: 15701 8-K 1 d427485d8k.htm FORM 8-K Form 8-K

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): October 22, 2012

S&T Bancorp, Inc.

(Exact Name of Registrant as Specified in its Charter)


Pennsylvania	0-12508	25-1434426
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

800 Philadelphia Street, Indiana, PA		15701
(Address of Principal Executive Offices)		Zip Code

Registrant’s telephone number, including area code (800) 325-2265

Former name or address, if changed since last report Not Applicable

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:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 – Results of Operations and Financial Condition

On October 23, 2012, S&T Bancorp, Inc. announced by press release its earnings for the three months and nine months ended September 30, 2012. A copy of the press release is attached hereto as Exhibit 99.1. The information contained in this Report on Form 8-K furnished pursuant to Item 2.02 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 8.01 – Other Events

The Board of Directors of S&T Bancorp, Inc. declared a $0.15 per share cash dividend at its regular meeting held October 22, 2012. The dividend is payable November 23, 2012 to shareholders of record on November 8, 2012. This dividend compares to a common stock dividend of $0.15 per share for the second quarter of 2012 and represents a 3.6 percent annualized yield using the October 22, 2012 closing price of a share of S&T common stock of $16.63. A copy of the press release regarding this dividend declaration is attached hereto as Exhibit 99.2.

Item 9.01 – Financial Statements and Exhibits

(d) Exhibits. The exhibit listed on the Exhibit Index accompanying this Form 8-K is filed herewith.

(99.1) Press Release

(99.2) 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.


		S&T Bancorp, Inc.

October 23, 2012		/s/ Mark Kochvar

		Mark Kochvar
		Senior Executive Vice President,
		Chief Financial Officer

Exhibit Index


Number	Description	Method of Filing

99.1	Press Release	Filed herewith

99.2	Press Release	Filed herewith

EX-99.1 2 d427485dex991.htm PRESS RELEASE - THIRD QUARTER 2012 RESULTS Press Release - Third Quarter 2012 Results

Exhibit 99.1

Contact:

Mark Kochvar

Chief Financial Officer

800 Philadelphia Street

Indiana, PA 15701

724-465-4826

mark.kochvar@stbank.net

www.stbancorp.com

FOR IMMEDIATE RELEASE

October 23, 2012

S&T Bancorp, Inc. Announces Third Quarter 2012 Results

Indiana, Pennsylvania – October 23, 2012 – S&T Bancorp, Inc. (NASDAQ: STBA), a full-service financial institution with office locations in 11 Pennsylvania counties, has announced its third quarter 2012 results.

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

•

Third quarter earnings improved to $12.6 million compared to $8.6 million in the second quarter of 2012 and $12.2 million in the third quarter of 2011. Diluted earnings per common share of $0.43 compared to $0.30 in the second quarter of 2012 and $0.44 in the third quarter of 2011.

•

The merger with Gateway Bank of Pennsylvania was completed on August 13, 2012 adding $100 million of loans and $105 million of deposits.

•

Asset quality metrics showed improvement from the prior quarter, including significantly reduced net loan charge-offs of $2.7 million compared to $8.2 million in the second quarter of 2012 and $8.0 million in the third quarter of 2011.

“Our third-quarter results show continued stabilization in our loan portfolio, both in terms of growth and asset quality. We have seen a lift in organic lending activity which should help us to offset the pressures that we have experienced from payoffs in our loan portfolio,” said Todd Brice, president and chief executive officer of S&T Bancorp, Inc. “We are also excited about our partnership with Gateway Bank which closed this quarter as it extends our footprint into a vibrant Washington County market. In addition, we are adding some very experienced bankers to our team who will benefit by having access to an expanded mix of products and services as well as increased lending limits.”

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S&T Earnings Release – 2

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

Merger Activity

On August 13, 2012, Gateway Bank of Pennsylvania, now Gateway Bank, was acquired by S&T Bancorp, Inc. Gateway Bank has a branch in McMurray and a branch in Cranberry Township, adding approximately $100 million of loans and $105 million of deposits. Gateway Bank will merge into S&T Bank in the first quarter of 2013. The third quarter of 2012 results included one-time merger related expenses of $0.6 million, or $0.01 per share.

Year-to-date merger expenses approximate $5.3 million, or $0.12 per share, as a result of both the Mainline and Gateway Bank mergers. Combined, these two mergers have added approximately $230 million of loans and $310 million of deposits and expanded our branch network by 10 locations.

Net Interest Income (FTE)

Net interest income was unchanged at $34.9 million for both the second and third quarters of 2012 and the third quarter of 2011. Our net interest margin continues to be impacted by the low interest rate environment, declining to 3.50% as compared to 3.57% in the prior quarter and 3.76% in the third quarter of 2011. Total average interest-earning assets increased this quarter by $39.8 million, primarily the result of the Gateway acquisition. The decline in net interest margin this quarter is due to the yield on loans decreasing 15 basis points from the second quarter of 2012 to 4.52% as the rates on new loans are lower than the rates on loans being replaced from early payoffs and normal amortization. The decline in our cost of funds this quarter to 0.70% from 0.77% in the second quarter was not sufficient to offset the decline in loans. The improvement in our cost of funds was primarily due to lower offered rates on maturing certificates of deposit and an improved deposit mix.

Asset Quality

Asset quality metrics improved from the prior quarter, with nonperforming assets (NPAs) of $67.6 million or 2.06% of total loans plus OREO compared to $72.0 million or 2.25%

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S&T Earnings Release – 3

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

in the second quarter of 2012. NPAs were $65.2 million or 2.08% of total loans plus OREO in the same period a year ago. Net charge-offs for the third quarter of 2012 were $2.7 million, compared to $8.2 million in the second quarter of 2012 and $8.0 million in the third quarter of 2011. The provision for loan losses decreased to $2.3 million this quarter compared to $7.0 million in the second quarter of 2012 and increased from $1.5 million in the third quarter of 2011. The allowance for loan losses (ALL) remains relatively unchanged from the prior quarter at $46.3 million or 1.41% compared to $46.7 million or 1.46% at June 30, 2012 and $51.5 million or 1.64% at September 30, 2011.

Noninterest Income and Expense

Security gains of $2.2 million were recognized in the third quarter of 2012 compared to nominal gains in both the second quarter of 2012 and third quarter of 2011. The gains were the result of a sale of one equity position in a financial institution after a recent merger announcement. Year-to-date gains were $3.0 million including a gain in the first quarter of $0.8 million related to another sale of an equity position in a recently acquired financial institution.

Noninterest income was little changed from the prior quarter at $12.6 million compared to $12.5 million in the second quarter of 2012 and up from $10.4 million in the third quarter of 2011. The increased fee income from the third quarter of 2011 is due to strong performance in our mortgage banking and wealth management businesses. Noninterest expense increased $1.7 million to $31.0 million from prior quarter of $29.3 million. Approximately $0.6 million of the increase related to one-time merger related expenses, including $0.4 million for legal and consulting fees and $0.2 million for change in control, severance and other employee costs. Operating expenses increased by $0.5 million during the quarter due to the addition of two Gateway branches. The reserve for unfunded commitments increased by $0.4 million from the second quarter of 2012, primarily due to an increase in construction commitments.

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S&T Earnings Release – 4

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

Financial Condition

Assets increased to $4.4 billion at September 30, 2012 compared to $4.3 billion at June 30, 2012 and $4.1 billion at September 30, 2011. The increase is a result of the Mainline and Gateway acquisitions which added $368 million in total assets.

S&T’s capital ratios improved from the prior quarter but are down from the year ago quarter due to the redemption of preferred stock from the U.S. Department of Treasury’s Capital Purchase Program in the fourth quarter of 2011. All capital ratios remain significantly above the well-capitalized thresholds of federal bank regulatory agencies with a tier 1 leverage capital ratio of 9.27%, tier 1 risk-based capital ratio of 12.01% and total risk-based capital ratio of 15.45%.

Conference Call

S&T Bancorp, Inc. will host its third quarter 2012 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, October 23, 2012. To access the webcast, go to S&T Bancorp’s webpage at www.stbancorp.com and click on “Events & Presentations.” Select “3rd Quarter 2012 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, Clarion, Clearfield, Indiana, Jefferson, Washington and Westmoreland counties. With assets of $4.4 billion, S&T Bancorp, Inc. stock trades on the NASDAQ Global Select Market System under the symbol STBA. For more information, visit www.stbancorp.com.

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S&T Earnings Release – 5

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

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

(in thousands, except per share data)


	2012		2012		2011
	Third Quarter		Second Quarter		Third Quarter

Income Statements
Interest Income	$	38,820	$	39,370	$	40,845
Interest Expense		5,025		5,551		6,976

Net Interest Income		33,795		33,819		33,869
Taxable Equivalent Adjustment		1,119		1,129		1,002

Net Interest Income (FTE) ⁽²⁾		34,914		34,948		34,871

Provision for Loan Losses		2,305		7,023		1,535


Net Interest Income After Provision (FTE)		32,609		27,925		33,336


Security Gains (Losses), Net		2,170		6		(81	)

Wealth Management		2,397		2,577		1,965
Service Charges and Fees		2,567		2,432		2,683
Insurance		2,402		2,111		2,192
Other		5,210		5,405		3,584


Total Noninterest Income		12,576		12,525		10,424

Salaries and Employee Benefits		14,819		14,641		11,741
Occupancy and Equipment Expense, Net		3,392		3,041		2,916
Data Processing Expense		2,012		2,195		1,743
FDIC Expense		838		719		749
Other		9,957		8,748		7,044


Total Noninterest Expense		31,018		29,344		24,193


Income Before Taxes		16,337		11,112		19,486
Taxable Equivalent Adjustment		1,119		1,129		1,002
Applicable Income Taxes		2,623		1,383		4,681


Net Income		12,595		8,600		13,803
Preferred Stock Dividends and Discount Amortization		—		—		1,559


Net Income Available to Common Shareholders	$	12,595	$	8,600	$	12,244


Per Common Share Data:

Shares Outstanding at End of Period		29,733,592		28,935,689		28,106,451
Average Shares Outstanding - Diluted		29,277,232		28,810,754		28,025,419
Diluted Earnings Per Common Share *	$	0.43	$	0.30	$	0.44
Dividends Declared	$	0.15	$	0.15	$	0.15
Common Book Value	$	17.97	$	17.65	$	17.68
Tangible Common Book Value ⁽¹⁾	$	11.86	$	11.52	$	11.58
Market Value	$	17.61	$	18.47	$	16.16

*	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.

S&T Earnings Release – 7

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands, except per share data)


	For the Nine Months Ended September 30,
	2012		2011

Income Statements
Interest Income	$	117,330	$	124,820
Interest Expense		16,395		21,541

Net Interest Income		100,935		103,279
Taxable Equivalent Adjustment		3,378		3,054

Net Interest Income (FTE) ⁽³⁾		104,313		106,333

Provision for Loan Losses		18,600		13,272


Net Interest Income After Provision (FTE)		85,713		93,061


Security Gains (Losses), Net		3,016		(124	)

Wealth Management		7,393		6,159
Service Charges and Fees		7,407		7,356
Insurance		6,725		6,505
Other		15,806		12,587


Total Noninterest Income		37,331		32,607

Salaries and Employee Benefits		45,933		37,632
Occupancy and Equipment Expense, Net		9,455		9,053
Data Processing Expense		7,448		4,928
FDIC Expense		2,164		2,892
Other		28,146		22,731


Total Noninterest Expense		93,146		77,236


Income Before Taxes		32,914		48,308
Taxable Equivalent Adjustment		3,378		3,054
Applicable Income Taxes		4,861		10,246


Net Income		24,675		35,008
Preferred Stock Dividends and Discount Amortization		—		4,672


Net Income Available to Common Shareholders	$	24,675	$	30,336


Per Common Share Data:

Average Shares Outstanding - Diluted		28,774,196		27,971,837
Diluted Earnings Per Common Share*	$	0.85	$	1.08
Dividends Declared	$	0.45	$	0.45

*	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.

S&T Earnings Release – 8

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)


	2012				2012				2011
	Third Quarter				Second Quarter				Third Quarter

Net Interest Margin (FTE) (QTD Averages)⁽²⁾
Assets
Loans	$	3,226,219	4.52	%	$	3,203,349	4.67	%	$	3,171,379	4.85	%
Interest-bearing Deposits with Banks		329,985	0.28	%		330,647	0.22	%		150,833	0.21	%
Securities		404,881	2.89	%		387,305	3.15	%		359,742	3.31	%

Total Interest-earning Assets		3,961,085	4.00	%		3,921,301	4.14	%		3,681,954	4.51	%
Noninterest-earning Assets		411,528				404,124				376,077

Total Assets	$	4,372,613			$	4,325,425			$	4,058,031


Liabilities and Shareholders’ Equity
NOW/Money Market/Savings	$	1,567,005	0.21	%	$	1,489,524	0.22	%	$	1,287,489	0.14	%
Certificates of Deposit		1,079,894	1.15	%		1,146,931	1.28	%		1,159,557	1.81	%
Borrowed Funds < 1 Year		94,789	0.23	%		121,507	0.22	%		41,257	0.12	%
Borrowed Funds > 1 Year		125,511	3.20	%		125,153	3.23	%		123,103	3.93	%

Total Interest-bearing Liabilities		2,867,199	0.70	%		2,883,115	0.77	%		2,611,406	1.06	%

Noninterest-bearing Liabilities
Demand Deposits		903,949				864,437				799,247
Shareholders’ Equity/Other		601,465				577,873				647,378

Total Noninterest-bearing Liabilities		1,505,414				1,442,310				1,446,625

Total Liabilities and Shareholders’ Equity	$	4,372,613			$	4,325,425			$	4,058,031


Net Interest Margin			3.50	%			3.57	%			3.76	%


	For the Nine Months Ended September 30,
	2012				2011

Net Interest Margin (FTE) (YTD Averages)⁽³⁾
Assets
Loans	$	3,188,500	4.64	%	$	3,247,433	4.89	%
Interest-bearing Deposits with Banks		297,410	0.24	%		101,469	0.22	%
Securities		391,295	3.10	%		350,355	3.41	%

Total Interest-earning Assets		3,877,205	4.15	%		3,699,257	4.62	%
Noninterest-earning Assets		403,034				374,278

Total Assets	$	4,280,239			$	4,073,535


Liabilities and Shareholders’ Equity
NOW/Money Market/Savings	$	1,486,421	0.20	%	$	1,283,571	0.16	%
Certificates of Deposit		1,119,692	1.30	%		1,197,426	1.81	%
Borrowed Funds < 1 Year		109,692	0.22	%		42,430	0.14	%
Borrowed Funds > 1 Year		124,297	3.25	%		122,139	4.09	%

Total Interest-bearing Liabilities		2,840,102	0.77	%		2,645,566	1.09	%

Noninterest-bearing Liabilities
Demand Deposits		859,446				790,459
Shareholders’ Equity/Other		580,691				637,510

Total Noninterest-bearing Liabilities		1,440,137				1,427,969

Total Liabilities and Shareholders’ Equity	$	4,280,239			$	4,073,535


Net Interest Margin			3.58	%			3.84	%

S&T Earnings Release – 9

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)


	2012					2012					2011
	Third Quarter					Second Quarter					Third Quarter
Balance Sheets (Period-End)
Assets
Cash	$	62,457				$	60,057				$	58,508
Interest-bearing Deposits with Banks		284,619					343,187					203,898
Securities		432,057					387,110					359,298
Loans, Net		3,236,066					3,151,033					3,084,609
Other Assets		407,059					406,005					385,657

Total Assets	$	4,422,258				$	4,347,392				$	4,091,970


Liabilities and Shareholders’ Equity
Noninterest-bearing Demand Deposits	$	928,000				$	887,442				$	817,518
Interest-bearing Deposits		2,666,406					2,630,531					2,453,913
Short-term Borrowings		80,268					121,740					42,409
Long-term Debt		125,281					125,837					122,938
Other Liabilities		88,061					71,266					51,518
Shareholders’ Equity		534,242					510,576					603,674

Total Liabilities and Shareholders’ Equity	$	4,422,258				$	4,347,392				$	4,091,970


	2012					2012					2011
	Third Quarter					Second Quarter					Third Quarter
Loans (Period-End)
Consumer
Home Equity	$	447,123				$	434,329				$	423,166
Residential Mortgage		409,967					398,412					350,619
Installment & Other Consumer		75,157					78,768					68,049
Construction		2,098					2,208					3,111

Total Consumer Loans		934,345					913,717					844,945

Commercial
Commercial Real Estate		1,438,526					1,401,751					1,414,398
Commercial & Industrial		748,569					717,107					681,866
Construction		157,717					162,872					190,974

Total Commercial Loans		2,344,812					2,281,730					2,287,238

Total Portfolio Loans		3,279,157					3,195,447					3,132,183
Loans Held for Sale		3,188					2,275					3,959

Total Loans	$	3,282,345				$	3,197,722				$	3,136,142


Nonperforming Loans (NPL)

			% NPL					% NPL					% NPL
Consumer
Home Equity	$	3,994		0.89	%	$	3,397		0.78	%	$	3,095		0.73	%
Residential Mortgage		7,584		1.85	%		8,964		2.25	%		6,719		1.92	%
Installment & Other Consumer		49		0.07	%		41		0.05	%		15		0.02	%
Construction		399		19.02	%		399		18.07	%		181		5.82	%

Total Consumer Loans		12,026		1.29	%	$	12,801		1.40	%		10,010		1.18	%

Commercial
Commercial Real Estate		32,828		2.28	%		35,916		2.56	%		34,524		2.44	%
Commercial & Industrial		6,851		0.92	%		6,750		0.94	%		6,002		0.88	%
Construction		14,411		9.14	%		13,646		8.38	%		8,703		4.56	%

Total Commercial Loans		54,090		2.31	%		56,312		2.47	%		49,229		2.15	%

Total Nonperforming Loans	$	66,116		2.02	%	$	69,113		2.16	%	$	59,239		1.89	%

S&T Earnings Release – 10

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)


	2012					2012					2011
	Third Quarter					Second Quarter					Third Quarter
Construction and Commercial Real Estate (CRE) PA vs. Out-of-State
Pennsylvania	$	1,312,646				$	1,271,669				$	1,295,367
Out-of-State		283,597					292,954					310,005

Total Construction and CRE PA vs. Out-of-State	$	1,596,243				$	1,564,623				$	1,605,372


			% NPL					% NPL					% NPL
Construction and CRE - NPL PA vs. Out-of-State
Pennsylvania	$	41,009		3.12	%	$	42,732		3.36	%	$	38,864		3.00	%
Out-of-State		6,230		2.20	%		6,830		2.33	%		4,363		1.41	%

Total Construction and CRE - NPL PA vs. Out-of-State	$	47,239		2.96	%	$	49,562		3.17	%	$	43,227		2.69	%


	2012					2012					2011
	Third Quarter					Second Quarter					Third Quarter
Construction and CRE by Type
Retail/Strip Malls	$	275,566				$	287,640				$	286,424
Offices		199,286					203,509					216,815
Hotels		193,460					198,075					186,342
Residential Rental Properties		171,891					170,828					198,422
Manufacturing/Industrial/Warehouse		99,315					107,890					99,382
Healthcare/Education		99,018					104,798					107,871
Flex/Mixed Use		96,403					90,870					95,578
Real Estate/Land Development - Commercial		129,738					101,665					98,196
Recreational		39,267					41,545					43,770
Restaurant		30,173					31,036					35,259
Real Estate Development - Residential		29,142					46,595					73,145
Convenience Stores		28,451					29,343					28,250
Miscellaneous *		204,533					150,829					135,918

Total Construction and CRE by Type	$	1,596,243				$	1,564,623				$	1,605,372


	2012					2012					2011
	Third Quarter					Second Quarter					Third Quarter
			% NPL					% NPL					% NPL
Construction and CRE - NPL by Type
Retail/Strip Malls	$	7,617		2.76	%	$	8,139		2.83	%	$	2,371		0.83	%
Offices		4,529		2.27	%		4,161		2.04	%		5,124		2.36	%
Hotels		0		0.00	%		700		0.35	%		1,100		0.59	%
Residential Rental Properties		3,488		2.03	%		3,423		2.00	%		3,381		1.70	%
Manufacturing/Industrial/Warehouse		4,227		4.26	%		4,306		3.99	%		5,183		5.22	%
Healthcare/Education		581		0.59	%		589		0.56	%		—		—
Flex/Mixed Use		51		0.05	%		58		0.06	%		—		—
Real Estate/Land Development - Commercial		7,879		6.07	%		6,558		6.45	%		1,660		1.69	%
Recreational		7,956		20.26	%		10,130		24.38	%		9,463		21.62	%
Restaurant		1,583		5.25	%		1,843		5.94	%		4,153		11.78	%
Real Estate Development - Residential		6,532		22.41	%		7,088		15.21	%		8,352		11.42	%
Convenience Stores		73		0.26	%		74		0.25	%		—		—
Miscellaneous		2,723		1.33	%		2,493		1.65	%		2,440		1.80	%

Total Construction and CRE - NPL by Type	$	47,239		2.96	%	$	49,562		3.17	%	$	43,227		2.69	%

*	Included in the miscellaneous category of Construction and CRE by type are loans from the recent acquisition of Gateway Bank on August 9, 2012 of $52.7 million Detail by type was not available.

S&T Earnings Release – 11

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)


	2012		2012		2011
	Third Quarter		Second Quarter		Third Quarter
Commercial Credit Exposure
Pass
Commercial Real Estate	$	1,251,422	$	1,240,989	$	1,201,955
Commercial & Industrial		674,819		633,783		601,552
Construction		105,684		115,801		148,084

Total Pass	$	2,031,925	$	1,990,573	$	1,951,591


Special Mention
Commercial Real Estate	$	92,544	$	59,286	$	89,164
Commercial & Industrial		32,952		29,927		19,450
Construction		23,043		14,610		10,432

Total Special Mention	$	148,539	$	103,823	$	119,046


Substandard
Commercial Real Estate	$	94,560	$	101,476	$	123,279
Commercial & Industrial		40,798		53,397		60,864
Construction		28,990		32,461		32,458

Total Substandard	$	164,348	$	187,334	$	216,601

S&T Earnings Release – 12

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)


	2012			2012			2011
	Third Quarter			Second Quarter			Third Quarter
Asset Quality Data
Nonperforming Loans	$	66,116		$	69,113		$	59,239
Assets Acquired through Foreclosure or Repossession		1,468			2,920			5,992
Nonperforming Assets		67,584			72,033			65,231
Troubled Debt Restructurings (Nonaccrual)		23,414			25,246			22,124
Troubled Debt Restructurings (Accruing)		37,110			37,540			21,460
Total Troubled Debt Restructurings		60,524			62,786			43,584
Allowance for Loan Losses		46,279			46,689			51,533
Nonperforming Loans / Loans		2.01	%		2.16	%		1.89	%
Nonperforming Assets / Loans plus OREO		2.06	%		2.25	%		2.08	%
Allowance for Loan Losses / Loans		1.41	%		1.46	%		1.64	%
Allowance for Loan Losses / Nonperforming Loans		70	%		68	%		87	%
Net Loan Charge-offs (Recoveries)		2,714			8,162			8,006
Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans		0.33	%		1.02	%		1.00	%

Profitability Ratios (Annualized)
Common Return on Average Assets		1.15	%		0.80	%		1.20	%
Common Return on Average Tangible Assets⁽⁴⁾		1.19	%		0.83	%		1.25	%
Common Return on Average Equity		9.56	%		6.80	%		8.12	%
Common Return on Average Tangible Common Equity ⁽⁵⁾		14.52	%		10.44	%		15.20	%
Efficiency Ratio (FTE) ⁽⁶⁾		65.31	%		61.81	%		53.41	%

Capitalization Ratios
Dividends Paid to Net Income		34.47	%		50.43	%		34.40	%
Common Equity / Assets		12.08	%		11.74	%		12.14	%
Tier 1 Leverage Ratio		9.27	%		8.94	%		11.80	%
Risk-based Capital - Tier 1		12.01	%		11.82	%		14.95	%
Risk-based Capital - Total		15.45	%		15.33	%		18.51	%
Tangible Common Equity / Tangible Assets⁽⁷⁾		8.32	%		7.99	%		8.30	%

				For the Nine Months Ended September 30,
				2012			2011
Asset Quality Data
Net Loan Charge-offs (Recoveries)					21,162			13,126
Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans					0.89	%		0.54	%

Profitability Ratios (Annualized)
Common Return on Average Assets					0.77	%		1.00	%
Common Return on Average Tangible Common Assets ⁽⁸⁾					0.80	%		1.04	%
Common Return on Average Shareholders’ Equity					6.46	%		6.90	%
Common Return on Average Tangible Common Equity ⁽⁹⁾					9.88	%		13.10	%
Efficiency Ratio (FTE) ⁽⁶⁾					65.76	%		55.59	%

Capitalization Ratios
Dividends Paid to Net Income					52.27	%		41.58	%

S&T Earnings Release – 13

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited


		2012			2012			2011
		Third Quarter			Second Quarter			Third Quarter
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:

⁽¹⁾	Tangible Common Book Value
	Common Book Value (GAAP Basis)	$	17.97		$	17.65		$	17.68
	Effect of Excluding Intangible Assets		(6.11	)		(6.13	)		(6.10	)

	Tangible Common Book Value	$	11.86		$	11.52		$	11.58

⁽²⁾	Interest Income on a Fully Taxable Equivalent Basis
	Interest Income (GAAP Basis)	$	38,820		$	39,370		$	40,845
	Taxable Equivalent Adjustment to Interest Income		1,119			1,129			1,002

	Interest Income on a Fully Taxable Equivalent Basis		39,939			40,499			41,847
	Interest Expense (GAAP Basis)		5,025			5,551			6,976

	Net Interest Income on a Fully Taxable Equivalent Basis	$	34,914		$	34,948		$	34,871

⁽⁴⁾	Common Return on Average Tangible Assets
	Common Return on Average Assets (GAAP Basis)		1.15	%		0.80	%		1.20	%
	Effect of Excluding Intangible Assets		0.04	%		0.03	%		0.05	%

	Common Return on Average Tangible Assets		1.19	%		0.83	%		1.25	%

⁽⁵⁾	Common Return on Average Tangible Common Equity
	Common Return on Average Common Equity (GAAP Basis)		9.56	%		6.80	%		8.12	%
	Effect of Excluding Intangible Assets		4.96	%		3.64	%		3.80	%
	Effect of Excluding Preferred Stock		—			—			3.28	%

	Common Return on Average Tangible Common Equity		14.52	%		10.44	%		15.20	%

⁽⁶⁾	Noninterest expense divided by noninterest income plus net interest income, on a fully taxable equivalent (FTE) basis.

⁽⁷⁾	Tangible Common Equity / Tangible Assets
	Common Equity / Assets (GAAP Basis)		12.08	%		11.74	%		12.14	%
	Effect of Excluding Intangible Assets		-3.76	%		-3.75	%		-3.84	%

	Tangible Common Equity / Tangible Assets		8.32	%		7.99	%		8.30	%

					For the Nine Months Ended September 30,
					2012			2011
⁽³⁾	Interest Income on a Fully Taxable Equivalent Basis
	Interest Income (GAAP Basis)				$	117,330		$	124,820
	Taxable Equivalent Adjustment to Interest Income					3,378			3,054

	Interest Income on a Fully Taxable Equivalent Basis					120,708			127,874
	Interest Expense (GAAP Basis)					16,395			21,541

	Net Interest Income on a Fully Taxable Equivalent Basis				$	104,313		$	106,333

⁽⁸⁾	Common Return on Average Tangible Common Assets
	Common Return on Average Assets (GAAP Basis)					0.77	%		1.00	%
	Effect of Excluding Intangible Assets					0.03	%		0.04	%

	Common Return on Average Tangible Common Assets					0.80	%		1.04	%

⁽⁹⁾	Common Return on Average Tangible Common Equity
	Common Return on Average Shareholders’ Equity (GAAP Basis)					6.46	%		6.90	%
	Effect of Excluding Intangible Assets					3.42	%		3.35	%
	Effect of Excluding Preferred Stock					—			2.85	%

	Common Return on Average Tangible Common Equity					9.88	%		13.10	%

EX-99.2 3 d427485dex992.htm PRESS RELEASE - QUARTERLY CASH DIVIDEND Press Release - Quarterly Cash Dividend

Exhibit 99.2

Contact: Rob Jorgenson

724-465-5448

TO BE RELEASED

Tuesday, October 23, 2012

S&T Bancorp Declares Quarterly Cash Dividend

Indiana, Pennsylvania – The Board of Directors of S&T Bancorp, Inc. (NASDAQ: STBA) declared a $0.15 per share cash dividend at its regular meeting held October 22, 2012. The dividend is payable November 23, 2012 to shareholders of record on November 8, 2012. This dividend compares to a common stock dividend of $0.15 per share for the second quarter of 2012 and represents a 3.6 percent annualized yield using the October 22, 2012 closing price of a share of S&T common stock of $16.63.

About S&T Bancorp, Inc.

Headquartered in Indiana, PA, S&T Bancorp, Inc. operates offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson, Washington and Westmoreland counties. With assets of $4.4 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.

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