EX-99.1

EX-99.1 2 d617680dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO


FOR IMMEDIATE RELEASE		Contact: Mark Kochvar
October 29, 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 Third Quarter

Earnings and Declares an Increased Dividend

Indiana, Pennsylvania – October 29, 2013 – S&T Bancorp, Inc. (S&T) (NASDAQ: STBA) has announced its third quarter earnings. Net income for the third quarter of 2013 was $12.2 million, or $0.41 per diluted share, compared to the second quarter of 2013 net income of $14.1 million, or $0.47 per diluted share, and the third quarter of 2012 net income of $12.6 million, or $0.43 per diluted share.

Third Quarter Highlights

•

Total average loans increased $57.5 million, or 1.7%, from the prior quarter.

•

Net interest income increased $0.7 million and net interest margin (FTE) was stable at 3.50%.

•

Asset quality continued to improve with a decrease in nonperforming assets (NPAs) of $1.4 million, or 3.7%, from the prior quarter and $30.7 million, or 45%, from the third quarter of 2012.

•

S&T’s Board of Directors approved a 6.7% increase in the quarterly cash dividend to $0.16 per share.

“Our quarterly results reflect another strong quarter of performance with solid loan growth, continued asset quality improvement and an increase in net interest income,” said Todd Brice, president and chief executive officer of S&T. “We are also pleased to announce the increase in our quarterly cash dividend which is a reflection of S&T’s strong earnings and capital position.”

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S&T Earnings Release –2

S&T Bancorp, Inc. Announces Third Quarter

Earnings and Declares an Increased Dividend

(continued)

Net Interest Income

Net interest income increased $0.7 million, or 2.0%, to $35.3 million compared to $34.6 million in the prior quarter. Net interest margin on a fully taxable equivalent basis (FTE) decreased one basis point to 3.50% compared to 3.51% in the second quarter of 2013. Both net interest income and net interest margin (FTE) were positively impacted by an improvement in funding costs during the third quarter of 2013. The improvement in funding costs was primarily due to the repayment of $45.0 million of subordinated debt late in the second quarter of 2013 which was replaced with lower costing short-term borrowings. Additionally, maturities of higher costing certificates of deposits shifted to lower costing deposits. Interest income remained unchanged as the positive impact from a $50.8 million increase in average earning assets was offset by a decrease in the earning asset rate of 7 basis points to 3.82% compared to 3.89% in the prior quarter.

Asset Quality

Asset quality continues to improve. Total nonperforming loans (NPLs) were $36.4 million, or 1.04%, of total loans at September 30, 2013, which represents a 3.9% decrease from $37.9 million, or 1.10%, of total loans at June 30, 2013. Special mention and substandard loans also decreased $46.4 million, or 17%, to $222.3 million from $268.7 million at June 30, 2013. Net charge-offs for the third quarter of 2013 were $1.5 million compared to net charge-offs of $0.9 million in the second quarter of 2013. The provision for loan losses was $3.4 million in the third quarter of 2013 compared to $1.0 million in the second quarter of 2013 primarily due to an increase of $3.1 million in specific reserves. The allowance for loan losses (ALL) increased slightly to $48.0 million, or 1.37% of total loans, compared to $46.1 million, or 1.34% of total loans, at June 30, 2013.

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S&T Earnings Release –3

S&T Bancorp, Inc. Announces Third Quarter

Earnings and Declares an Increased Dividend

(continued)

Noninterest Income and Expense

Noninterest income decreased $0.4 million to $12.5 million compared to $12.9 million in the second quarter of 2013. Mortgage banking income decreased $0.6 million primarily due to the increase in interest rates that occurred in the second quarter of 2013. Debit and credit card fees decreased $0.4 million due to a decrease in merchant revenue. Service charges on deposit accounts increased $0.3 million due to changes in certain deposits fees implemented late in the second quarter of 2013. Other income increased $0.4 million primarily related to interest rate swap fees from our commercial customers.

Noninterest expense decreased $0.4 million, or 1.6%, to $27.9 million compared to $28.4 million in the second quarter of 2013. There were no significant changes to expense categories from the prior quarter. The third quarter results reflect the benefit of expense control initiatives implemented in the first half of 2013.

Financial Condition

Total assets increased to $4.6 billion at September 30, 2013 compared to $4.5 billion at June 30, 2013 and $4.4 billion at September 30, 2012. Loan growth was strong during the quarter with an increase of $68.1 million, or 2.0%, in total portfolio loans. Commercial loans grew $52.3 million, or 2.1%, during the quarter, due to strong growth in the commercial real estate portfolio. Consumer loans increased $15.8 million during the quarter with the majority of the growth in residential mortgages of $13.7 million, or 3.0%. Total deposit balances increased $45.6 million, or 1.2%, compared to June 30, 2013. The deposit mix improved with an increase in demand deposit accounts of $53.8 million, or 4.3%, from June 30, 2013. S&T’s risk-based capital ratios are down slightly this quarter as loan and commitment growth outpaced increased capital from retained earnings. All capital ratios remain significantly above the well-capitalized thresholds of federal bank regulatory agencies.

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S&T Earnings Release –4

S&T Bancorp, Inc. Announces Third Quarter

Earnings and Declares an Increased Dividend

(continued)

Dividend

The Board of Directors of S&T declared a $0.16 per share cash dividend at its regular meeting held October 28, 2013, representing a 6.7% increase over the prior quarter cash dividend of $0.15 per share. The dividend is payable on November 29, 2013 to shareholders of record on November 15, 2013.

Conference Call

S&T will host its third quarter 2013 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, October 29, 2013. To access the webcast, go to S&T’s webpage at www.stbancorp.com and click on “Events & Presentations.” Select “3rd 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 northeast Ohio. With assets of $4.6 billion, S&T stock trades on the NASDAQ Global Select Market System under the symbol STBA. For more information, visit www.stbancorp.com.

This information may contain forward-looking statements regarding future financial performance which are not historical facts and which involve risks and uncertainties. Actual results and performance could differ materially from those anticipated by these forward-looking statements. Factors that could cause such a difference include, but are not limited to, general economic conditions, change in interest rates, deposit flows, loan demand, and asset quality, including real estate and other collateral values and competition. In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), S&T management uses and this press release contains or references, certain non-GAAP financial measures, such as net interest income on a fully taxable equivalent basis. S&T believes these non-GAAP financial measures provide information useful to investors in understanding our underlying operational performance and our business and performance trends as they facilitate comparisons with the performance of others in the financial services industry. Although S&T believes that these non-GAAP financial measures enhance investors’ understanding of S&T’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. A reconciliation of these non-GAAP

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S&T Earnings Release –5

S&T Bancorp, Inc. Announces Third Quarter

Earnings and Declares an Increased Dividend

(continued)

financial measures is presented in the attached selected financial data spreadsheet. This information should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K for S&T Bancorp, Inc. and subsidiaries.

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S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

S&T Earnings Release –6


	2013			2013			2012
(in thousands, except per share data)	Third Quarter			Second Quarter			Third Quarter
INTEREST INCOME
Loans, including fees	$	35,733		$	35,765		$	36,121
Investment securities:
Taxable		1,889			1,879			1,829
Tax-exempt		865			815			788
Dividends		94			94			82

Total Interest Income		38,581			38,553			38,820


INTEREST EXPENSE
Deposits		2,717			2,951			3,958
Borrowings and junior subordinated debt securities		590			1,006			1,067

Total Interest Expense		3,307			3,957			5,025


NET INTEREST INCOME		35,274			34,596			33,795
Provision for loan losses		3,419			1,023			2,305

Net interest income after provision for loan losses		31,855			33,573			31,490


NONINTEREST INCOME
Securities gains, net		3			—			2,170
Service charges on deposit accounts		2,801			2,495			2,567
Debit and credit card fees		2,764			3,150			2,966
Wealth management fees		2,747			2,820			2,397
Insurance fees		1,738			1,643			1,731
Mortgage banking		265			911			797
Other		2,224			1,848			2,118

Total Noninterest Income		12,542			12,867			14,746


NONINTEREST EXPENSE
Salaries and employee benefits		14,910			14,725			14,819
Data processing		2,137			2,137			2,012
Net occupancy		1,910			1,958			1,978
Furniture and equipment		1,084			1,230			1,414
Other taxes		1,039			915			982
Professional services and legal		996			1,171			1,440
FDIC assessment		629			707			838
Marketing		607			793			759
Other		4,631			4,750			6,776

Total Noninterest Expense		27,943			28,386			31,018


Income Before Taxes		16,454			18,054			15,218
Provision for income taxes		4,207			3,951			2,623


Net Income	$	12,247		$	14,103		$	12,595

Per Share Data:
Shares outstanding at end of period		29,738,305			29,738,305			29,733,592
Average shares outstanding - diluted		29,685,600			29,677,876			29,277,232
Average shares outstanding - two-class method		29,738,305			29,729,012			29,360,990
Diluted earnings per share⁽¹⁾	$	0.41		$	0.47		$	0.43
Dividends declared per share	$	0.15		$	0.15		$	0.15
Dividend yield (annualized)		2.48	%		3.06	%		3.41	%
Dividends paid to net income		36.42	%		31.61	%		34.47	%
Book value	$	18.68		$	18.39		$	17.97
Tangible book value⁽²⁾	$	12.63		$	12.33		$	11.86
Market value	$	24.22		$	19.60		$	17.61

Profitability Ratios (Annualized)
Return on average assets		1.07	%		1.26	%		1.15	%
Return on average tangible assets⁽³⁾		1.12	%		1.31	%		1.19	%
Return on average shareholders’ equity		8.86	%		10.36	%		9.56	%
Return on average tangible shareholders’ equity⁽⁴⁾		13.19	%		15.47	%		14.52	%
Efficiency ratio (FTE)⁽⁵⁾		56.97	%		58.37	%		65.31	%

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

S&T Earnings Release –7


	For the Nine Months Ended September 30,
(in thousands, except per share data)	2013			2012
INTEREST INCOME
Loans, including fees	$	106,543		$	109,054
Investment securities:
Taxable		5,631			5,660
Tax-exempt		2,513			2,319
Dividends		290			297

Total Interest Income		114,977			117,330


INTEREST EXPENSE
Deposits		8,870			13,184
Borrowings and junior subordinated debt securities		2,568			3,211

Total Interest Expense		11,438			16,395


NET INTEREST INCOME		103,539			100,935
Provision for loan losses		6,749			18,600

Net interest income after provision for loan losses		96,790			82,335


NONINTEREST INCOME
Securities gains, net		5			3,016
Debit and credit card fees		8,365			8,472
Wealth management fees		8,143			7,393
Service charges on deposit accounts		7,744			7,407
Insurance fees		5,156			4,941
Mortgage banking		1,658			2,174
Gain on sale of merchant card servicing business		3,093			—
Other		6,051			6,944

Total Noninterest Income		40,215			40,347


NONINTEREST EXPENSE
Salaries and employee benefits		45,701			45,933
Data processing		6,938			7,448
Net occupancy		6,037			5,594
Furniture and equipment		3,623			3,861
Professional services and legal		3,141			4,548
Other taxes		2,953			2,533
FDIC assessment		2,112			2,164
Marketing		2,088			2,156
Other		15,352			18,909

Total Noninterest Expense		87,945			93,146


Income Before Taxes		49,060			29,536
Provision for income taxes		10,380			4,861


Net Income	$	38,680		$	24,675


Per Share Data:
Average shares outstanding - diluted		29,679,778			28,774,196
Average shares outstanding - two-class method		29,732,371			28,865,822
Diluted earnings per share⁽¹⁾	$	1.30		$	0.85
Dividends declared per share	$	0.45		$	0.45
Dividends paid to net income		34.59	%		52.27	%

Profitability Ratios (Annualized)
Return on average assets		1.15	%		0.77	%
Return on average tangible assets⁽³⁾		1.20	%		0.80	%
Return on average shareholders’ equity		9.49	%		6.46	%
Return on average tangible shareholders’ equity⁽⁴⁾		14.19	%		9.88	%
Efficiency ratio (FTE)⁽⁵⁾		59.69	%		65.76	%

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

S&T Earnings Release –8


	2013			2013			2012
(in thousands)	Third Quarter			Second Quarter			Third Quarter
ASSETS
Cash and due from banks, including interest-bearing deposits	$	234,928		$	247,432		$	347,076
Securities available-for-sale, at fair value		488,162			479,821			414,644
Loans held for sale		3,695			3,185			3,188
Commercial loans:
Commercial real estate		1,567,814			1,501,491			1,438,526
Commercial and industrial		827,699			826,696			748,569
Construction		152,206			167,225			157,717

Total commercial loans		2,547,719			2,495,412			2,344,812
Consumer loans:
Residential mortgage		477,141			463,446			409,967
Home equity		413,097			413,585			447,123
Installment and other consumer		69,043			67,983			75,157
Construction		4,335			2,807			2,098

Total consumer loans		963,616			947,821			934,345

Total portfolio loans		3,511,335			3,443,233			3,279,157
Allowance for loan losses		(47,983	)		(46,105	)		(46,279	)

Total portfolio loans, net		3,463,352			3,397,128			3,232,878
Goodwill		175,820			175,820			175,733
Other assets		222,171			225,373			248,739

Total Assets	$	4,588,128		$	4,528,759		$	4,422,258


LIABILITIES
Deposits:
Noninterest-bearing demand	$	974,262		$	947,747		$	928,000
Interest-bearing demand		324,291			297,028			321,785
Money market		308,445			329,065			316,673
Savings		1,039,115			1,003,705			949,521
Certificates of deposit		1,048,090			1,071,083			1,078,427

Total Deposits		3,694,203			3,648,628			3,594,406

Securities sold under repurchase agreements		33,290			74,151			49,261
Short-term borrowings		175,000			125,000			25,000
Long-term borrowings		22,390			22,965			40,669
Junior subordinated debt securities		45,619			45,619			90,619
Other liabilities		62,198			65,544			88,061

Total Liabilities		4,032,700			3,981,907			3,888,016

SHAREHOLDERS’ EQUITY
Total Shareholders’ Equity		555,428			546,852			534,242

Total Liabilities and Shareholders’ Equity	$	4,588,128		$	4,528,759		$	4,422,258


Capitalization Ratios
Shareholders’ equity / assets		12.11	%		12.08	%		12.08	%
Tangible common equity / tangible assets⁽⁶⁾		8.52	%		8.43	%		8.32	%
Tier 1 leverage ratio		9.61	%		9.54	%		9.27	%
Risk-based capital - tier 1		12.26	%		12.28	%		12.01	%
Risk-based capital - total		14.27	%		14.30	%		15.45	%

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

S&T Earnings Release –9


	2013				2013				2012
(in thousands) Net Interest Margin (FTE) (QTD Averages)⁽⁷⁾	Third Quarter				Second Quarter				Third Quarter
ASSETS
Loans	$	3,476,914	4.16	%	$	3,419,393	4.28	%	$	3,226,219	4.52	%
Taxable investment securities		378,678	1.98	%		365,799	2.04	%		289,519	2.36	%
Tax-exempt investment securities		108,982	4.88	%		106,194	4.73	%		97,624	4.97	%
Federal Home Loan Bank and other restricted stock		13,910	0.83	%		12,420	0.31	%		17,738	0.10	%
Interest-bearing deposits with banks		162,381	0.27	%		186,265	0.28	%		329,985	0.28	%

Total Interest-earning Assets		4,140,865	3.82	%		4,090,071	3.89	%		3,961,085	4.00	%

Noninterest-earning assets		391,001				400,592				411,528

Total Assets	$	4,531,866			$	4,490,663			$	4,372,613


LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing demand	$	311,369	0.02	%	$	303,461	0.02	%	$	314,013	0.04	%
Money market		323,671	0.14	%		327,733	0.14	%		321,312	0.17	%
Savings		1,019,647	0.15	%		1,001,258	0.18	%		931,680	0.28	%
Certificates of deposit		1,050,954	0.83	%		1,047,868	0.91	%		1,079,894	1.15	%
Securities sold under repurchase agreements		59,390	0.09	%		67,461	0.13	%		54,090	0.18	%
Short-term borrowings		127,174	0.28	%		71,429	0.25	%		40,699	0.29	%
Long-term borrowings		22,625	3.01	%		23,196	3.05	%		34,892	3.18	%
Junior subordinated debt securities		45,619	2.72	%		82,817	3.70	%		90,619	3.20	%

Total Interest-bearing Liabilities		2,960,449	0.44	%		2,925,223	0.54	%		2,867,199	0.70	%

Noninterest-bearing demand		955,337				946,862				903,949
Other liabilities		67,639				72,370				77,354
Shareholders’ equity		548,441				546,208				524,111

Total Liabilities and Shareholders’ Equity	$	4,531,866			$	4,490,663			$	4,372,613


Net Interest Margin			3.50	%			3.51	%			3.50	%



	For the Nine Months Ended September 30,
Net Interest Margin (FTE) (YTD Averages)⁽⁷⁾	2013				2012
ASSETS
Loans	$	3,418,571	4.25	%	$	3,188,500	4.64	%
Taxable investment securities		366,025	2.04	%		280,781	2.62	%
Tax-exempt investment securities		108,556	4.75	%		91,930	5.18	%
Federal Home Loan Bank and other restricted stock		13,582	0.56	%		18,584	0.14	%
Interest-bearing deposits with banks		186,248	0.26	%		297,410	0.24	%

Total Interest-earning Assets		4,092,982	3.87	%		3,877,205	4.15	%

Noninterest-earning assets		397,563				403,034

Total Assets	$	4,490,545			$	4,280,239


LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing demand	$	308,335	0.02	%	$	303,550	0.05	%
Money market		329,830	0.14	%		299,242	0.17	%
Savings		998,410	0.18	%		883,629	0.26	%
Certificates of deposit		1,047,351	0.91	%		1,119,692	1.30	%
Securities sold under repurchase agreements		63,382	0.13	%		47,377	0.16	%
Short-term borrowings		86,813	0.26	%		62,315	0.26	%
Long-term borrowings		25,077	3.09	%		33,678	3.28	%
Junior subordinated debt securities		72,853	3.23	%		90,619	3.24	%

Total Interest-bearing Liabilities		2,932,051	0.52	%		2,840,102	0.77	%

Noninterest-bearing demand		942,610				859,446
Other liabilities		70,829				70,732
Shareholders’ equity		545,055				509,959

Total Liabilities and Shareholders’ Equity	$	4,490,545			$	4,280,239


Net Interest Margin			3.50	%			3.58	%

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

S&T Earnings Release –10


	2013				2013				2012
(in thousands)	Third Quarter				Second Quarter				Third Quarter
Nonaccrual Loans (NPL)
Commercial loans:			% NPL				% NPL				% NPL

Commercial real estate	$	16,479	1.05	%	$	20,732	1.38	%	$	32,828	2.28	%
Commercial and industrial		3,897	0.47	%		5,204	0.63	%		6,851	0.92	%
Construction		9,684	6.36	%		4,775	2.86	%		14,411	9.14	%

Total Nonaccrual Commercial Loans		30,060	1.18	%		30,711	1.23	%		54,090	2.31	%
Consumer loans:
Residential mortgage		3,021	0.63	%		3,465	0.75	%		7,584	1.85	%
Home equity		3,291	0.80	%		3,674	0.89	%		3,994	0.89	%
Installment and other consumer		27	0.04	%		33	0.05	%		49	0.07	%
Construction		—	—			—	—			399	19.02	%

Total Nonaccrual Consumer Loans		6,339	0.66	%		7,172	0.76	%		12,026	1.29	%

Total Nonaccrual Loans	$	36,399	1.04	%	$	37,883	1.10	%	$	66,116	2.02	%


	2013			2013			2012
	Third Quarter			Second Quarter			Third Quarter
Asset Quality Data
Nonaccrual loans	$	36,399		$	37,883		$	66,116
Assets acquired through foreclosure or repossession		460			408			1,468
Nonperforming assets		36,859			38,291			67,584
Troubled debt restructurings (nonaccruing)		20,394			16,064			23,414
Troubled debt restructurings (accruing)		35,624			40,940			37,110
Total troubled debt restructurings		56,018			57,004			60,524
Nonaccrual loans / loans		1.04	%		1.10	%		2.01	%
Nonperforming assets / loans plus OREO		1.05	%		1.11	%		2.06	%
Allowance for loan losses / loans		1.37	%		1.34	%		1.41	%
Allowance for loan losses / nonaccrual loans		132	%		122	%		70	%
Net loan charge-offs		1,541			854			2,715
Net loan charge-offs (annualized) / average loans		0.18	%		0.10	%		0.33	%



	For the Nine Months Ended September 30,
	2013			2012
Asset Quality Data
Net loan charge-offs		5,250			21,162
Net loan charge-offs (annualized) / average loans		0.21	%		0.89	%

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

S&T Earnings Release –11


		2013			2013			2012
		Third Quarter			Second Quarter			Third 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)	$	18.68		$	18.39		$	17.97
	Effect of excluding intangible assets		(6.05	)		(6.06	)		(6.11	)

	Tangible book value	$	12.63		$	12.33		$	11.86

⁽³⁾	Return on Average Tangible Assets
	Return on average assets (GAAP basis)		1.07	%		1.26	%		1.15	%
	Effect of excluding intangible assets		0.05	%		0.05	%		0.04	%

	Return on average tangible assets		1.12	%		1.31	%		1.19	%

⁽⁴⁾	Return on Average Tangible Shareholders’ Equity
	Return on average shareholders’ equity (GAAP basis)		8.86	%		10.36	%		9.56	%
	Effect of excluding intangible assets		4.33	%		5.11	%		4.96	%

	Return on average tangible shareholders’ equity		13.19	%		15.47	%		14.52	%

⁽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)		12.11	%		12.08	%		12.08	%
	Effect of excluding intangible assets		(3.59	)%		(3.65	)%		(3.76	)%

	Tangible common equity / tangible assets		8.52	%		8.43	%		8.32	%

⁽⁷⁾	Interest Income Rate (FTE)
	Interest income (annualized) rate (GAAP basis)		3.70	%		3.78	%		3.89	%
	Taxable equivalent adjustment		0.12	%		0.11	%		0.11	%

	Interest income rate (FTE)		3.82	%		3.89	%		4.00	%

	Net Interest Margin Rate (FTE)
	Net interest margin rate (GAAP basis)		3.38	%		3.40	%		3.38	%
	Taxable equivalent adjustment		0.12	%		0.11	%		0.12	%

	Net interest margin rate (FTE)		3.50	%		3.51	%		3.50	%


		For the Nine Months Ended September 30,
		2013			2012
⁽³⁾	Return on Average Tangible Assets
	Return on average assets (GAAP basis)		1.15	%		0.77	%
	Effect of excluding intangible assets		0.05	%		0.03	%

	Return on average tangible assets		1.20	%		0.80	%

⁽⁴⁾	Return on Average Tangible Shareholders’ Equity
	Return on average shareholders’ equity (GAAP basis)		9.49	%		6.46	%
	Effect of excluding intangible assets		4.70	%		3.42	%

	Return on average tangible shareholders’ equity		14.19	%		9.88	%

⁽⁷⁾	Interest Income Rate (FTE)
	Interest income (annualized) rate (GAAP basis)		3.76	%		4.03	%
	Taxable equivalent adjustment		0.11	%		0.12	%

	Interest income rate (FTE)		3.87	%		4.15	%

	Net Interest Margin Rate (FTE)
	Net interest margin rate (GAAP basis)		3.38	%		3.47	%
	Taxable equivalent adjustment		0.12	%		0.11	%

	Net interest margin rate (FTE)		3.50	%		3.58	%