Form 8-K

0001193125-13-298838.txt : 20130723 0001193125-13-298838.hdr.sgml : 20130723 20130723160436 ACCESSION NUMBER: 0001193125-13-298838 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130722 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130723 DATE AS OF CHANGE: 20130723 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: 13981457 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 d571934d8k.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): July 22, 2013

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 July 23, 2013, S&T Bancorp, Inc. announced by press release its earnings for the three and six months ended June 30, 2013. 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 July 22, 2013. The dividend is payable August 23, 2013 to shareholders of record on August 8, 2013. This dividend compares to a common stock dividend of $0.15 per share for the first quarter of 2013.

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

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.

July 23, 2013		/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

EX-99.1 2 d571934dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

FOR IMMEDIATE RELEASE

Contact: Mark Kochvar

July 23, 2013

Chief Financial Officer

800 Philadelphia Street

Indiana, PA 15701

724-465-4826

mark.kochvar@stbank.net

www.stbancorp.com

S&T Bancorp, Inc. Announces Second Quarter Earnings and Declares Second Quarter Dividend

Indiana, Pennsylvania – July 23, 2013 – S&T Bancorp, Inc. (S&T) (NASDAQ: STBA) has announced its second quarter earnings. Net income for the second quarter of 2013 increased to $14.1 million, or $0.47 per diluted share, compared to the first quarter of 2013 net income of $12.3 million, or $0.41 per diluted share, and the second quarter of 2012 net income of $8.6 million, or $0.30 per diluted share.

Second Quarter Highlights

•

Loan growth was strong with average quarter-to-date loans increasing $61.3 million, or 1.8%, from the prior quarter.

•

Net interest income increased $0.9 million and net interest margin increased 2 basis points to 3.51% from the prior quarter.

•

Asset quality continued to improve with a decrease in nonperforming assets (NPAs) of $8.6 million, or 18%, from the prior quarter and $33.7 million, or 47%, from the second quarter of 2012.

•

S&T declared a $0.15 per share dividend for the second quarter.

“We are pleased to report such positive results for the second quarter of 2013,” said Todd Brice, president and chief executive officer of S&T. “The investments that we have made in expanding our sales teams are paying off as we are experiencing solid loan growth in

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S&T Earnings Release – 2

S&T Bancorp, Inc. Announces Second Quarter Earnings and Declares Second Quarter Dividend (continued)

both our commercial and consumer businesses as well as increases in our wealth management and retail banking revenues. The second quarter also reflects the benefit of merger synergies and expense control initiatives.”

Net Interest Income

Net interest income increased $0.9 million to $34.6 million compared to $33.7 million and net interest margin on a fully taxable equivalent basis (FTE) increased 2 basis points to 3.51% compared to 3.49% in the first quarter of 2013. Net interest income and net interest margin were positively impacted by $0.4 million, or 4 basis points, due to a $0.5 million interest recovery on a previously charged-off loan partially offset by $0.1 million of expenses related to the redemption of subordinated debt during the second quarter. The remaining $0.5 million increase in net interest income was driven by an increase of $61.3 million in average loans and lower funding costs during the second quarter.

Asset Quality

Asset quality trends continue to improve. Total nonperforming loans (NPLs) were $37.9 million, or 1.10% of total loans at June 30, 2013, which represents an 18% decrease from $46.3 million, or 1.37% of total loans, at March 31, 2013. Substandard and special mention loans also decreased $20.6 million, or 7%, to $268.7 million from $289.3 million at March 31, 2013. Net charge-offs for the second quarter of 2013 were $0.9 million compared to net charge-offs of $2.9 million in the first quarter of 2013. As a result of these improved asset quality metrics, the provision for loan losses was $1.0 million in the second quarter compared to $2.3 million in the first quarter of 2013. The allowance for loan losses (ALL) remained relatively unchanged at $46.1 million, or 1.34% of total loans, compared to $45.9 million, or 1.36% of total loans, at March 31, 2013.

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S&T Earnings Release – 3

S&T Bancorp, Inc. Announces Second Quarter Earnings and Declares Second Quarter Dividend (continued)

Noninterest Income and Expense

Noninterest income decreased $1.9 million to $12.9 million compared to $14.8 million in the first quarter of 2013. The decrease was primarily due to a $3.1 million gain on the sale of the merchant card servicing business recognized in the first quarter. Debit and credit card fees increased $0.7 million from the prior quarter due to a $0.2 million increase in debit card fees and a $0.5 million increase related to the new merchant servicing agreement. Mortgage banking income increased $0.4 million in the second quarter due to the impact of increased interest rates on the valuation of mortgage servicing rights and mortgage commitments. Wealth Management fees increased $0.2 million from the prior quarter due to increased brokerage activity and higher assets under management.

Noninterest expense decreased $3.2 million to $28.4 million compared to $31.6 million in the first quarter of 2013 due to one-time expenses and seasonal items in the first quarter as well as expense control initiatives implemented in 2013. During the first quarter of 2013, total one-time expenses of $1.1 million were recognized that included merger integration costs of $0.8 million and branch closure costs of $0.3 million. Salaries and employee benefits decreased $1.3 million in part due to higher seasonal items in the first quarter, but also due to the benefits of branch consolidations and merger synergies. The decrease in other noninterest expense of $1.2 million related to a decrease in the reserve for unfunded commitments from the prior quarter.

Financial Condition

Assets were $4.5 billion at both June 30, 2013 and March 31, 2013. Loan growth was strong during the second quarter of 2013 with an increase of $61.3 million, or 1.8%, in total portfolio loans. Commercial loans grew $44.5 million during the quarter with an increase in the commercial real estate (CRE) portfolio of $21.7 million, an increase of $20.5 million in the commercial and industrial (C&I) portfolio and an increase of $2.3 million in the commercial construction portfolio. The residential mortgage portfolio

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S&T Earnings Release – 4

S&T Bancorp, Inc. Announces Second Quarter Earnings and Declares Second Quarter Dividend (continued)

had a solid quarter with loan growth of $20.7 million. Total deposit balances remained relatively unchanged at $3.6 billion at both June 30, 2013 and March 31, 2013.

The total risk-based capital ratio decreased by 130 basis points to 14.30% at June 30, 2013 from 15.60% at March 31, 2013. The decrease was due to the repayment of $45.0 million of subordinated debt during the second quarter. Tangible common equity to tangible assets (TCE ratio) decreased 3 basis points to 8.43% at June 30, 2013 compared to 8.46% at March 31, 2013. The TCE ratio was impacted by 17 basis points due to a decline in unrealized gains in the bond portfolio resulting from the increase in interest rates during the second quarter. All capital ratios are significantly above the well-capitalized thresholds of federal bank regulatory agencies.

Dividend

The Board of Directors of S&T declared a $0.15 per share cash dividend at its regular meeting held July 22, 2013. The dividend is payable August 23, 2013 to shareholders of record on August 8, 2013. This compares to a dividend of $0.15 per share for the first quarter of 2013.

Conference Call

S&T will host its second quarter 2013 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, July 23, 2013. To access the webcast, go to S&T’s webpage at www.stbancorp.com and click on “Events & Presentations.” Select “2nd Quarter 2013 Conference Call” and follow the instructions.

About S&T Bancorp, Inc.

Headquartered in Indiana, PA, S&T operates offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson, Washington and Westmoreland counties as well as a loan production office in Akron, Ohio. With assets of $4.5 billion, S&T 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 Second Quarter Earnings and Declares Second Quarter Dividend (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, 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 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


	2013			2013			2012
(in thousands, except per share data)	Second Quarter			First Quarter			Second Quarter
INTEREST INCOME
Loans, including fees	$	35,765		$	35,045		$	36,596
Investment securities:
Taxable		1,879			1,863			1,887
Tax-exempt		815			833			778
Dividends		94			102			109

Total Interest Income		38,553			37,843			39,370


INTEREST EXPENSE
Deposits		2,951			3,202			4,475
Borrowings and junior subordinated debt securities		1,006			972			1,076

Total Interest Expense		3,957			4,174			5,551


NET INTEREST INCOME		34,596			33,669			33,819
Provision for loan losses		1,023			2,307			7,023

Net interest income after provision for loan losses		33,573			31,362			26,796


NONINTEREST INCOME
Securities gains, net		—			2			6
Debit and credit card fees		3,150			2,451			2,839
Wealth management fees		2,820			2,576			2,577
Service charges on deposit accounts		2,495			2,448			2,432
Insurance fees		1,643			1,775			1,519
Mortgage banking		911			482			705
Gain on sale of merchant card servicing business		—			3,093			—
Other		1,848			1,979			2,453

Total Noninterest Income		12,867			14,806			12,531


NONINTEREST EXPENSE
Salaries and employee benefits		14,725			16,067			14,641
Data processing		2,137			2,664			2,195
Net occupancy		1,958			2,169			1,832
Furniture and equipment		1,230			1,308			1,209
Professional services and legal		1,171			974			1,208
Other taxes		915			999			777
Marketing		793			689			655
FDIC assessment		707			776			719
Other		4,750			5,970			6,108

Total Noninterest Expense		28,386			31,616			29,344


Income Before Taxes		18,054			14,552			9,983
Provision for income taxes		3,951			2,222			1,383


Net Income	$	14,103		$	12,330		$	8,600


Per Share Data:
Shares outstanding at end of period		29,738,305			29,724,721			28,935,689
Average shares outstanding - diluted		29,677,876			29,674,406			28,810,754
Average shares outstanding - two-class method		29,729,012			29,729,702			28,914,729
Diluted earnings per share⁽¹⁾	$	0.47		$	0.41		$	0.30
Dividends declared per share	$	0.15		$	0.15		$	0.15
Dividend yield (annualized)		3.06	%		3.24	%		3.25	%
Dividends paid to net income		31.61	%		36.17	%		50.43	%
Book value	$	18.39		$	18.32		$	17.65
Tangible book value⁽²⁾	$	12.33		$	12.24		$	11.52
Market value	$	19.60		$	18.54		$	18.47

Profitability Ratios (Annualized)
Return on average assets		1.26	%		1.12	%		0.80	%
Return on average tangible assets⁽³⁾		1.31	%		1.17	%		0.83	%
Return on average shareholders’ equity		10.36	%		9.25	%		6.80	%
Return on average tangible shareholders’ equity⁽⁴⁾		15.47	%		13.91	%		10.44	%
Efficiency ratio (FTE)⁽⁵⁾		58.37	%		63.68	%		61.81	%

S&T Earnings Release – 7

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited


	For the Six Months Ended June 30,
(in thousands, except per share data)	2013			2012
INTEREST INCOME
Loans, including fees	$	70,810		$	72,933
Investment securities:
Taxable		3,742			3,831
Tax-exempt		1,648			1,531
Dividends		196			215

Total Interest Income		76,396			78,510


INTEREST EXPENSE
Deposits		6,153			9,226
Borrowings and junior subordinated debt securities		1,978			2,144

Total Interest Expense		8,131			11,370


NET INTEREST INCOME		68,265			67,140
Provision for loan losses		3,330			16,296

Net interest income after provision for loan losses		64,935			50,844


NONINTEREST INCOME
Securities gains, net		2			846
Debit and credit card fees		5,601			5,506
Wealth management fees		5,396			4,996
Service charges on deposit accounts		4,943			4,841
Insurance fees		3,418			3,210
Mortgage banking		1,393			1,376
Gain on sale of merchant card servicing business		3,093			—
Other		3,827			4,826

Total Noninterest Income		27,673			25,601


NONINTEREST EXPENSE
Salaries and employee benefits		30,792			31,113
Data processing		4,801			5,436
Net occupancy		4,127			3,616
Furniture and equipment		2,538			2,447
Professional services and legal		2,145			3,108
Other taxes		1,914			1,551
Marketing		1,482			1,397
FDIC assessment		1,483			1,327
Other		10,720			12,132

Total Noninterest Expense		60,002			62,127


Income Before Taxes		32,606			14,318
Provision for income taxes		6,173			2,238


Net Income	$	26,433		$	12,080


Per Share Data:
Average shares outstanding - diluted		29,679,144			28,515,803
Average shares outstanding - two-class method		29,729,355			28,615,517
Diluted earnings per share⁽¹⁾	$	0.89		$	0.42
Dividends declared per share	$	0.30		$	0.30
Dividends paid to net income		33.74	%		70.83	%

Profitability Ratios (Annualized)
Return on average assets		1.19	%		0.57	%
Return on average tangible assets⁽³⁾		1.24	%		0.60	%
Return on average shareholders’ equity		9.81	%		4.83	%
Return on average tangible shareholders’ equity⁽⁴⁾		14.70	%		7.41	%
Efficiency ratio (FTE)⁽⁵⁾		61.05	%		65.99	%

S&T Earnings Release – 8

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)


	2013			2013			2012
	Second Quarter			First Quarter			Second Quarter
ASSETS
Cash and due from banks, including interest-bearing deposits	$	247,432		$	261,124		$	403,244
Securities available-for-sale, at fair value		479,821			469,418			368,486
Loans held for sale		3,185			2,580			2,275
Consumer loans:
Residential mortgage		463,446			442,705			398,412
Home equity		413,585			416,524			434,329
Installment and other consumer		67,983			68,773			78,768
Construction		2,807			3,105			2,208

Total consumer loans		947,821			931,107			913,717
Commercial loans:
Commercial real estate		1,501,491			1,479,796			1,401,751
Commercial and industrial		826,696			806,205			717,107
Construction		167,225			164,874			162,872

Total commercial loans		2,495,412			2,450,875			2,281,730

Total portfolio loans		3,443,233			3,381,982			3,195,447
Allowance for loan losses		(46,105	)		(45,936	)		(46,689	)

Total portfolio loans, net		3,397,128			3,336,046			3,148,758
Goodwill		175,820			175,820			171,457
Other assets		225,373			234,875			253,172

Total Assets	$	4,528,759		$	4,479,863		$	4,347,392


LIABILITIES
Deposits:
Noninterest-bearing demand	$	947,747		$	951,050		$	887,442
Interest-bearing demand		297,028			304,667			314,519
Money market		329,065			326,489			305,523
Savings		1,003,705			993,472			911,963
Certificates of deposit		1,071,083			1,062,886			1,098,526

Total Deposits		3,648,628			3,638,564			3,517,973

Securities sold under repurchase agreements		74,151			64,358			46,740
Short-term borrowings		125,000			50,000			75,000
Long-term borrowings		22,965			23,535			35,218
Junior subordinated debt securities		45,619			90,619			90,619
Other liabilities		65,544			68,173			71,266

Total Liabilities		3,981,907			3,935,249			3,836,816

SHAREHOLDERS’ EQUITY
Total Shareholders’ Equity		546,852			544,614			510,576

Total Liabilities and Shareholders’ Equity	$	4,528,759		$	4,479,863		$	4,347,392


Capitalization Ratios
Shareholders’ equity / assets		12.08	%		12.16	%		11.74	%
Tangible common equity / tangible assets⁽⁶⁾		8.43	%		8.46	%		7.99	%
Tier 1 leverage ratio		9.54	%		9.42	%		8.94	%
Risk-based capital - tier 1		12.28	%		12.20	%		11.82	%
Risk-based capital - total		14.30	%		15.60	%		15.33	%

S&T Earnings Release – 9

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)


	2013				2013				2012
	Second Quarter				First Quarter				Second Quarter
Net Interest Margin (FTE) (QTD Averages)⁽⁷⁾
ASSETS
Loans	$	3,419,393	4.28	%	$	3,358,099	4.32	%	$	3,203,349	4.67	%
Taxable investment securities		365,799	2.04	%		353,390	2.11	%		277,677	2.66	%
Tax-exempt investment securities		106,194	4.73	%		110,438	4.64	%		90,625	5.28	%
Federal Home Loan Bank and other restricted stock		12,420	0.31	%		14,420	0.52	%		19,003	0.10	%
Interest-bearing deposits with banks		186,265	0.28	%		210,628	0.23	%		330,647	0.22	%

Total Interest-earning Assets		4,090,071	3.89	%		4,046,975	3.91	%		3,921,301	4.14	%
Noninterest-earning assets		400,592				401,396				404,124

Total Assets	$	4,490,663			$	4,448,371			$	4,325,425


LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing demand	$	303,461	0.02	%	$	310,161	0.02	%	$	303,535	0.07	%
Money market		327,733	0.14	%		338,246	0.15	%		297,555	0.18	%
Savings		1,001,258	0.18	%		973,822	0.21	%		888,434	0.28	%
Certificates of deposit		1,047,868	0.91	%		1,043,147	1.00	%		1,146,931	1.28	%
Securities sold under repurchase agreements		67,461	0.13	%		63,338	0.17	%		50,353	0.16	%
Short-term borrowings		71,429	0.25	%		61,111	0.22	%		71,154	0.26	%
Long-term borrowings		23,196	3.05	%		29,485	3.18	%		34,534	3.25	%
Junior subordinated debt securities		82,817	3.70	%		90,619	3.05	%		90,619	3.23	%

Total Interest-bearing Liabilities		2,925,223	0.54	%		2,909,929	0.58	%		2,883,115	0.77	%
Noninterest-bearing demand		946,862				925,301				864,437
Other liabilities		72,370				72,714				69,167
Shareholders’ equity		546,208				540,427				508,706

Total Liabilities and Shareholders’ Equity	$	4,490,663			$	4,448,371			$	4,325,425

Net Yield on Interest-earning Assets			3.51	%			3.49	%			3.57	%

					For the Six Months Ended June 30,
					2013				2012
Net Interest Margin (FTE) (YTD Averages)⁽⁷⁾
ASSETS
Loans					$	3,388,915	4.30	%	$	3,169,433	4.70	%
Taxable investment securities						359,622	2.07	%		276,360	2.76	%
Tax-exempt investment securities						108,310	4.68	%		89,057	5.29	%
Federal Home Loan Bank and other restricted stock						13,415	0.42	%		19,011	0.15	%
Interest-bearing deposits with banks						198,379	0.25	%		280,944	0.21	%

Total Interest-earning Assets						4,068,641	3.90	%		3,834,805	4.22	%
Noninterest-earning assets						400,901				399,850

Total Assets					$	4,469,542			$	4,234,655


LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing demand					$	306,792	0.02	%	$	298,261	0.06	%
Money market						332,961	0.14	%		288,086	0.17	%
Savings						987,616	0.19	%		859,339	0.25	%
Certificates of deposit						1,045,521	0.95	%		1,139,809	1.37	%
Securities sold under repurchase agreements						65,411	0.15	%		43,983	0.15	%
Short-term borrowings						66,298	0.24	%		73,242	0.25	%
Long-term borrowings						26,323	3.12	%		33,065	3.34	%
Junior subordinated debt securities						86,696	3.36	%		90,619	3.25	%

Total Interest-bearing Liabilities						2,917,618	0.56	%		2,826,404	0.81	%
Noninterest-bearing demand						936,141				836,950
Other liabilities						72,450				68,496
Shareholders’ equity						543,333				502,805

Total Liabilities and Shareholders’ Equity					$	4,469,542			$	4,234,655

Net Yield on Interest-earning Assets							3.50	%			3.63	%

S&T Earnings Release – 10

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)



	2013						2013						2012
	Second Quarter						First Quarter						Second Quarter
				% NPL						% NPL						% NPL
Nonaccrual Loans (NPL)
Consumer loans:
Residential mortgage	$	3,465			0.75	%	$	5,643			1.27	%	$	8,964			2.25	%
Home equity		3,674			0.89	%		4,022			0.97	%		3,397			0.78	%
Installment and other consumer		33			0.05	%		21			0.03	%		41			0.05	%
Construction		—			0.00	%		218			7.02	%		399			18.07	%

Total Nonaccrual Consumer Loans		7,172			0.76	%		9,904			1.06	%		12,801			1.40	%

Commercial loans:
Commercial real estate		20,732			1.38	%		25,836			1.75	%		35,916			2.56	%
Commercial and industrial		5,204			0.63	%		5,380			0.67	%		6,750			0.94	%
Construction		4,775			2.86	%		5,170			3.14	%		13,646			8.38	%

Total Nonaccrual Commercial Loans		30,711			1.23	%		36,386			1.48	%		56,312			2.47	%

Total Nonaccrual Loans	$	37,883			1.10	%	$	46,290			1.37	%	$	69,113			2.16	%


	2013						2013						2012
	Second Quarter						First Quarter						Second Quarter
Asset Quality Data
Nonaccrual loans	$	37,883					$	46,290					$	69,113
Assets acquired through foreclosure or repossession		408						627						2,920
Nonperforming assets		38,291						46,917						72,033
Troubled debt restructurings (nonaccruing)		16,064						14,776						25,246
Troubled debt restructurings (accruing)		40,940						41,423						37,540
Total troubled debt restructurings		57,004						56,199						62,786
Nonaccrual loans / loans		1.10	%					1.37	%					2.16	%
Nonperforming assets / loans plus OREO		1.11	%					1.39	%					2.25	%
Allowance for loan losses / loans		1.34	%					1.36	%					1.46	%
Allowance for loan losses / nonaccrual loans		122	%					99	%					68	%
Net loan charge-offs		854						2,855						8,162
Net loan charge-offs (annualized) / average loans		0.10	%					0.34	%					1.02	%

							For the Six Months Ended June 30,
							2013						2012
Asset Quality Data
Net loan charge-offs								3,708						18,448
Net loan charge-offs (annualized) / average loans								0.22	%					1.17	%

S&T Earnings Release – 11

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited


	2013			2013			2012
	Second Quarter			First Quarter			Second Quarter
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⁾ Tangible Book Value
Book value (GAAP basis)	$	18.39		$	18.32		$	17.65
Effect of excluding intangible assets		(6.06	)		(6.08	)		(6.13	)

Tangible book value	$	12.33		$	12.24		$	11.52

⁽³⁾ Return on Average Tangible Assets
Return on average assets (GAAP basis)		1.26	%		1.12	%		0.80	%
Effect of excluding intangible assets		0.05	%		0.05	%		0.03	%

Return on average tangible assets		1.31	%		1.17	%		0.83	%

⁽⁴⁾ Return on Average Tangible Shareholders’ Equity
Return on average shareholders’ equity (GAAP basis)		10.36	%		9.25	%		6.80	%
Effect of excluding intangible assets		5.11	%		4.66	%		3.64	%

Return on average tangible shareholders’ equity		15.47	%		13.91	%		10.44	%

⁽⁵⁾ Noninterest expense divided by noninterest income plus net interest income, on a fully taxable equivalent (FTE) basis.

⁽⁶⁾ Tangible Common Equity / Tangible Assets
Shareholders’ equity / assets (GAAP basis)		12.08	%		12.16	%		11.74	%
Effect of excluding intangible assets		(3.65	)%		(3.70	)%		(3.75	)%

Tangible common equity / tangible assets		8.43	%		8.46	%		7.99	%

⁽⁷⁾ Net Interest Income Rate (FTE)
Net interest income (annualized) rate (GAAP basis)		3.78	%		3.79	%		4.02	%
Taxable equivalent adjustment		0.11	%		0.12	%		0.12	%

Net Interest Income Rate (FTE)		3.89	%		3.91	%		4.14	%

Net Interest Margin Rate (FTE)
Net interest margin rate (GAAP basis)		3.40	%		3.37	%		3.45	%
Taxable equivalent adjustment		0.11	%		0.12	%		0.12	%

Net Interest Margin Rate (FTE)		3.51	%		3.49	%		3.57	%

				For the Six Months Ended June 30,
				2013			2012
⁽³⁾ Return on Average Tangible Assets
Return on average assets (GAAP basis)					1.19	%		0.57	%
Effect of excluding intangible assets					0.05	%		0.03	%

Return on average tangible assets					1.24	%		0.60	%

⁽⁴⁾ Return on Average Tangible Shareholders’ Equity
Return on average shareholders’ equity (GAAP basis)					9.81	%		4.83	%
Effect of excluding intangible assets					4.89	%		2.58	%

Return on average tangible shareholders’ equity					14.70	%		7.41	%

⁽⁷⁾ Net Interest Income Rate (FTE)
Net interest income (annualized) rate (GAAP basis)					3.78	%		4.10	%
Taxable equivalent adjustment					0.12	%		0.12	%

Net Interest Income Rate (FTE)					3.90	%		4.22	%

Net Interest Margin Rate (FTE)
Net interest margin rate (GAAP basis)					3.38	%		3.51	%
Taxable equivalent adjustment					0.12	%		0.12	%

Net Interest Margin Rate (FTE)					3.50	%		3.63	%

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