0001193125-14-384300.txt : 20141028 0001193125-14-384300.hdr.sgml : 20141028 20141028093031 ACCESSION NUMBER: 0001193125-14-384300 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20141027 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141028 DATE AS OF CHANGE: 20141028 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: 141175938 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 d812463d8k.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 27, 2014

 

 

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 28, 2014, S&T Bancorp, Inc. announced by press release its earnings for the three and nine months ended September 30, 2014. 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 $0.18 per share cash dividend at its regular meeting held October 27, 2014. The dividend is payable November 28, 2014 to shareholders of record on November 13, 2014. This dividend compares to a common stock dividend of $0.17 per share for the second quarter of 2014.

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.
October 28, 2014    

/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 d812463dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

 

LOGO

 

FOR IMMEDIATE RELEASE      Contact: Mark Kochvar
October 28, 2014      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 2014 Results

and Declares Increased Dividend

Indiana, Pennsylvania – October 28, 2014 – S&T Bancorp, Inc. (S&T) (NASDAQ: STBA) has announced its third quarter 2014 earnings. Net income was $14.7 million with diluted earnings per share of $0.49 compared to the second quarter of 2014 net income of $14.7 million and diluted earnings per share of $0.49. Both net income and diluted earnings per share increased 20% compared to the third quarter of 2013 net income of $12.2 million and diluted earnings per share of $0.41.

Third Quarter Highlights:

 

  •   Solid loan growth continued with an increase of $76.1 million in total portfolio loans compared to June 30, 2014, representing an 8.1% annualized growth rate.

 

  •   Net interest income increased $2.2 million, or 6.4%, to $37.5 million compared to $35.3 million in the third quarter of 2013.

 

  •   Return on average assets was 1.21% and return on average equity was 9.68%.

 

  •   S&T’s Board of Directors approved a 5.9% increase in the quarterly cash dividend to $0.18 per share.

“We are pleased to report quality earnings for the third quarter driven by strong loan growth, disciplined expense control and continued positive trends in our asset quality metrics,” said Todd Brice, president and chief executive officer of S&T. “Our success in 2014 is a reflection of a dedicated staff across the organization committed to growing S&T Bank.”

- more -

S&T Earnings Release –2

S&T Bancorp, Inc. Announces Third Quarter 2014 Results

and Declares Increased Dividend (continued)

 

Net Interest Income

Net interest income increased $0.7 million, or 1.8%, to $37.5 million compared to $36.8 million in the second quarter of 2014. The higher net interest income is due to an increase in average loans of $105.8 million and an improvement in the mix of earning assets. Net interest margin (FTE) was 3.50% in the third quarter of 2014 compared to 3.56% in the second quarter of 2014 and 3.50% in the third quarter of 2013.

Asset Quality

Asset quality remains excellent. Net charge-offs were $0.7 million compared to net recoveries of $1.1 million in the second quarter of 2014. Total nonperforming loans decreased $1.4 million to only $13.5 million at September 30, 2014 compared to $14.9 million at June 30, 2014. The provision for loan losses was $1.5 million compared to ($1.1) million in the second quarter of 2014. The allowance for loan losses was $47.3 million, representing 1.24% of total loans at September 30, 2014 compared to $46.6 million and 1.25% of total loans at June 30, 2014.

Noninterest Income and Expense

Noninterest income was relatively unchanged at $11.9 million compared to $11.8 million in the second quarter of 2014. Increases in debit and credit card fees, service charges on deposit accounts and insurance fees were partially offset by a decrease in other income, which was related to lower letter of credit fees. Noninterest expense was well controlled for the quarter with a decrease of $1.7 million to $28.4 million compared to $30.1 million in the second quarter of 2014. The decrease primarily related to lower salaries and employee benefits expense which is due to lower incentives and some timing items, and a decrease in the provision for unfunded commitments.

 

- more -

S&T Earnings Release –3

S&T Bancorp, Inc. Announces Third Quarter 2014 Results

and Declares Increased Dividend (continued)

 

Financial Condition

Total assets increased $118.7 million to $4.9 billion at September 30, 2014 compared to $4.8 billion at June 30, 2014. Commercial loans grew at an 11% annualized rate and accounted for $74.6 million of the $76.1 million of total portfolio loan growth for the quarter. This was the ninth consecutive quarter of organic loan growth and represents over $607 million of aggregate loan growth since the second quarter of 2012. Total deposits remained unchanged at $3.9 billion at both September 30, 2014 and June 30, 2014. S&T’s capital ratios were relatively unchanged from the prior quarter as earnings retention kept pace with asset growth. All capital ratios remain significantly above the well-capitalized thresholds of federal bank regulatory agencies.

Dividend

The Board of Directors of S&T declared an $0.18 per share cash dividend at its regular meeting held October 27, 2014, representing a 5.9% increase over the prior quarter cash dividend of $0.17 per share and a 12.5% increase over the quarterly dividend a year ago. The dividend is payable November 28, 2014 to shareholders of record on November 13, 2014.

Conference Call

S&T will host its third quarter 2014 earnings conference call live over the internet at 1:00 p.m. Eastern Time on Tuesday, October 28, 2014. To access the webcast, go to S&T’s webpage at www.stbancorp.com and click on “Events & Presentations.” Select “3rd Quarter 2014 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, Centre, Clarion, Clearfield, Indiana, Jefferson, Washington and Westmoreland counties, as well as loan production offices in northeast

 

- more -

S&T Earnings Release –4

S&T Bancorp, Inc. Announces Third Quarter 2014 Results

and Declares Increased Dividend (continued)

 

and central Ohio. With assets of $4.9 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.

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 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.

 

- more -

S&T Bancorp, Inc.   S&T Earnings Release –5
Consolidated Selected Financial Data  
Unaudited  

 

     2014     2014     2013  
(dollars in thousands, except per share data)    Third
Quarter		     Second
Quarter		     Third
Quarter		  

INTEREST INCOME

       

Loans, including fees

    $ 37,233      $ 36,614      $ 35,733   

Investment securities:

       

Taxable

      2,313        2,184        1,889   

Tax-exempt

      964        979        865   

Dividends

      95        95        94   
  

 

 

    

 

 

    

 

 

  

Total Interest Income

      40,605        39,872        38,581   
  

 

 

    

 

 

    

 

 

  

INTEREST EXPENSE

       

Deposits

      2,480        2,476        2,717   

Borrowings and junior subordinated debt securities

      596        541        590   
  

 

 

    

 

 

    

 

 

  

Total Interest Expense

      3,076        3,017        3,307   
  

 

 

    

 

 

    

 

 

  

NET INTEREST INCOME

      37,529        36,855        35,274   

Provision for loan losses

      1,454        (1,134 )      3,419   
  

 

 

    

 

 

    

 

 

  

Net Interest Income After Provision for Loan Losses

      36,075        37,989        31,855   
  

 

 

    

 

 

    

 

 

  

NONINTEREST INCOME

       

Securities gains, net

      —          40        3   

Debit and credit card fees

      2,909        2,724        2,764   

Service charges on deposit accounts

      2,799        2,574        2,801   

Wealth management fees

      2,756        2,837        2,747   

Insurance fees

      1,722        1,425        1,738   

Mortgage banking

      270        264        265   

Other

      1,475        1,907        2,224   
  

 

 

    

 

 

    

 

 

  

Total Noninterest Income

      11,931        11,771        12,542   
  

 

 

    

 

 

    

 

 

  

NONINTEREST EXPENSE

       

Salaries and employee benefits

      14,823        15,772        14,910   

Data processing

      2,152        2,219        2,137   

Net occupancy

      2,004        1,984        1,910   

Furniture and equipment

      1,308        1,277        1,084   

Professional services and legal

      950        875        996   

Other taxes

      839        893        1,039   

Marketing

      757        960        607   

FDIC insurance

      607        579        629   

Other

      5,000        5,606        4,631   
  

 

 

    

 

 

    

 

 

  

Total Noninterest Expense

      28,440        30,165        27,943   
  

 

 

    

 

 

    

 

 

  

Income Before Taxes

      19,566        19,595        16,454   

Provision for income taxes

      4,906        4,875        4,207   
  

 

 

    

 

 

    

 

 

  

Net Income

    $ 14,660      $ 14,720      $ 12,247   
  

 

 

    

 

 

    

 

 

  

Per Share Data:

       

Shares outstanding at end of period

      29,796,397        29,797,204        29,738,305   

Average shares outstanding - diluted

      29,714,612        29,701,194        29,685,600   

Average shares outstanding - two-class method

      29,796,397        29,743,273        29,738,305   

Diluted earnings per share (1)

    $ 0.49      $ 0.49      $ 0.41   

Dividends declared per share

    $ 0.17      $ 0.17      $ 0.15   

Dividend yield (annualized)

      2.90 %      2.74 %      2.48 % 

Dividends paid to net income

      34.43 %      34.32 %      36.42 % 

Book value

    $ 20.33      $ 20.04      $ 18.68   

Tangible book value (3)

    $ 14.37      $ 14.07      $ 12.67   

Market value

    $ 23.46      $ 24.85      $ 24.22   

Profitability Ratios (Annualized)

       

Return on average assets

      1.21 %      1.26 %      1.07 % 

Return on average tangible assets (4)

      1.26 %      1.33 %      1.14 % 

Return on average shareholders’ equity

      9.68 %      9.99 %      8.86 % 

Return on average tangible shareholders’ equity (5)

      13.90 %      14.48 %      13.40 % 

Efficiency ratio (FTE) (2)

      55.95 %      60.36 %      56.97 % 

S&T Bancorp, Inc.   S&T Earnings Release –6
Consolidated Selected Financial Data  
Unaudited  

 

     For the Nine Months Ended September 30,  
(in thousands, except per share data)    2014     2013  

INTEREST INCOME

     

Loans, including fees

    $ 109,496      $ 106,543   

Investment securities:

     

Taxable

      6,480        5,631   

Tax-exempt

      2,872        2,513   

Dividends

      294        290   
  

 

 

    

 

 

  

Total Interest Income

      119,142        114,977   
  

 

 

    

 

 

  

INTEREST EXPENSE

     

Deposits

      7,466        8,870   

Borrowings and junior subordinated debt securities

      1,701        2,568   
  

 

 

    

 

 

  

Total Interest Expense

      9,167        11,438   
  

 

 

    

 

 

  

NET INTEREST INCOME

      109,975        103,539   

Provision for loan losses

      608        6,749   
  

 

 

    

 

 

  

Net interest income after provision for loan losses

      109,367        96,790   
  

 

 

    

 

 

  

NONINTEREST INCOME

     

Securities gains, net

      41        5   

Debit and credit card fees

      8,135        8,365   

Service charges on deposit accounts

      7,882        7,744   

Wealth management fees

      8,548        8,143   

Insurance fees

      4,824        5,156   

Mortgage banking

      666        1,658   

Gain on sale of merchant card servicing business

      —          3,093   

Other

      5,022        6,051   
  

 

 

    

 

 

  

Total Noninterest Income

      35,118        40,215   
  

 

 

    

 

 

  

NONINTEREST EXPENSE

     

Salaries and employee benefits

      45,971        45,701   

Data processing

      6,466        6,938   

Net occupancy

      6,218        6,037   

Furniture and equipment

      3,856        3,623   

Professional services and legal

      2,488        3,141   

Other Taxes

      2,363        2,953   

Marketing

      2,335        2,088   

FDIC assessment

      1,817        2,112   

Other

      16,005        15,352   
  

 

 

    

 

 

  

Total Noninterest Expense

      87,519        87,945   
  

 

 

    

 

 

  

Income Before Taxes

      56,966        49,060   

Provision for income taxes

      13,552        10,380   
  

 

 

    

 

 

  

Net Income

    $ 43,414      $ 38,680   
  

 

 

    

 

 

  

Per Share Data:

     

Average shares outstanding - diluted

      29,705,355        29,679,778   

Average shares outstanding - two-class method

      29,758,458        29,732,371   

Diluted earnings per share (1)

    $ 1.46      $ 1.30   

Dividends declared per share

    $ 0.50      $ 0.45   

Dividends paid to net income

      34.22 %      34.59 % 

Profitability Ratios (Annualized)

     

Return on average assets

      1.23 %      1.15 % 

Return on average tangible assets (8)

      1.30 %      1.22 % 

Return on average shareholders’ equity

      9.83 %      9.49 % 

Return on average tangible shareholders’ equity (9)

      14.26 %      14.39 % 

Efficiency ratio (FTE) (2)

      58.68 %      59.69 % 

S&T Bancorp, Inc.   S&T Earnings Release –7
Consolidated Selected Financial Data  
Unaudited  

 

     2014     2014     2013  
(dollars in thousands)    Third
Quarter		     Second
Quarter		     Third
Quarter		  

ASSETS

       

Cash and due from banks, including interest-bearing deposits

    $ 143,831      $ 130,235      $ 234,928   

Securities available-for-sale, at fair value

      615,657        588,488        488,162   

Loans held for sale

      3,126        3,102        3,695   

Commercial loans:

       

Commercial real estate

      1,691,649        1,636,383        1,567,814   

Commercial and industrial

      946,366        922,191        827,699   

Commercial construction

      183,509        188,311        152,206   
  

 

 

    

 

 

    

 

 

  

Total Commercial Loans

      2,821,524        2,746,885        2,547,719   

Consumer loans:

       

Residential mortgage

      491,404        492,589        477,141   

Home equity

      418,659        416,226        413,097   

Installment and other consumer

      66,607        65,838        69,043   

Consumer construction

      2,995        3,541        4,335   
  

 

 

    

 

 

    

 

 

  

Total Consumer Loans

      979,665        978,194        963,616   
  

 

 

    

 

 

    

 

 

  

Total portfolio loans

      3,801,189        3,725,079        3,511,335   

Allowance for loan losses

      (47,316 )      (46,580 )      (47,983 ) 
  

 

 

    

 

 

    

 

 

  

Total portfolio loans, net

      3,753,873        3,678,499        3,463,352   

Goodwill

      175,820        175,820        175,820   

Other assets

      214,437        211,886        222,171   
  

 

 

    

 

 

    

 

 

  

Total Assets

    $ 4,906,744      $ 4,788,030      $ 4,588,128   
  

 

 

    

 

 

    

 

 

  

LIABILITIES

       

Deposits:

       

Noninterest-bearing demand

    $ 1,077,505      $ 1,089,999      $ 974,262   

Interest-bearing demand

      336,720        307,897        324,291   

Money market

      295,559        301,719        308,445   

Savings

      1,048,175        1,024,050        1,039,115   

Certificates of deposit

      1,143,142        1,141,581        1,048,090   
  

 

 

    

 

 

    

 

 

  

Total Deposits

      3,901,101        3,865,246        3,694,203   

Securities sold under repurchase agreements

      23,084        25,269        33,290   

Short-term borrowings

      265,000        185,000        175,000   

Long-term borrowings

      20,042        20,636        22,390   

Junior subordinated debt securities

      45,619        45,619        45,619   

Other liabilities

      46,001        49,073        62,198   
  

 

 

    

 

 

    

 

 

  

Total Liabilities

      4,300,847        4,190,843        4,032,700   

SHAREHOLDERS’ EQUITY

       

Total Shareholders’ Equity

      605,897        597,187        555,428   
  

 

 

    

 

 

    

 

 

  

Total Liabilities and Shareholders’ Equity

    $ 4,906,744      $ 4,788,030      $ 4,588,128   
  

 

 

    

 

 

    

 

 

  

Capitalization Ratios

       

Shareholders’ equity / assets

      12.35 %      12.47 %      12.11 % 

Tangible common equity / tangible assets (6)

      9.05 %      9.10 %      8.55 % 

Tier 1 leverage ratio

      9.88 %      9.91 %      9.61 % 

Risk-based capital - tier 1

      12.35 %      12.30 %      12.26 % 

Risk-based capital - total

      14.29 %      14.26 %      14.27 % 

S&T Bancorp, Inc.   S&T Earnings Release –8
Consolidated Selected Financial Data  
Unaudited  

 

     2014            2014            2013         
(dollars in thousands)    Third
Quarter		            Second
Quarter		            Third
Quarter		         

Net Interest Margin (FTE) (QTD Averages)

                

ASSETS

                

Loans

    $ 3,755,862         4.02 %    $ 3,650,050         4.11 %    $ 3,476,914         4.16 % 

Taxable investment securities

      458,378         2.00 %      428,618         1.99 %      378,678         1.98 % 

Tax-exempt investment securities

      129,400         4.58 %      129,687         4.65 %      108,982         4.88 % 

Federal Home Loan Bank and other restricted stock

      15,740         3.02 %      12,752         3.89 %      13,910         0.83 % 

Interest-bearing deposits with banks

      58,033         0.23 %      88,064         0.28 %      162,381         0.27 % 
  

 

 

       

 

 

       

 

 

     

Total Interest-earning Assets

      4,417,413         3.77 %      4,309,171         3.84 %      4,140,865         3.82 % 

Noninterest-earning assets

      379,290           372,445           391,001      
  

 

 

       

 

 

       

 

 

     

Total Assets

    $ 4,796,703         $ 4,681,616         $ 4,531,866      
  

 

 

       

 

 

       

 

 

     

LIABILITIES AND SHAREHOLDERS’ EQUITY

                

Interest-bearing demand

    $ 326,711         0.02 %    $ 311,719         0.03 %    $ 311,369         0.02 % 

Money market

      308,166         0.17 %      327,666         0.15 %      323,671         0.14 % 

Savings

      1,035,281         0.15 %      1,035,691         0.16 %      1,019,647         0.15 % 

Certificates of deposit

      888,163         0.76 %      899,086         0.78 %      962,492         0.88 % 

CDARs and brokered deposits

      249,659         0.36 %      230,036         0.32 %      88,462         0.28 % 

Securities sold under repurchase agreements

      21,243         0.01 %      30,718         0.01 %      59,390         0.09 % 

Short-term borrowings

      172,228         0.31 %      108,640         0.30 %      127,174         0.28 % 

Long-term borrowings

      20,282         2.97 %      20,873         3.01 %      22,625         3.01 % 

Junior subordinated debt securities

      45,619         2.68 %      45,619         2.66 %      45,619         2.72 % 
  

 

 

       

 

 

       

 

 

     

Total Interest-bearing Liabilities

      3,067,352         0.40 %      3,010,048         0.40 %      2,960,449         0.44 % 

Noninterest-bearing demand

      1,074,564           1,028,997           955,337      

Other liabilities

      53,860           51,390           67,639      

Shareholders’ equity

      600,927           591,181           548,441      
  

 

 

       

 

 

       

 

 

     

Total Liabilities and Shareholders’ Equity

    $ 4,796,703         $ 4,681,616         $ 4,531,866      
  

 

 

       

 

 

       

 

 

     

Net Interest Margin (7)

         3.50 %         3.56 %         3.50 % 

 

     For the Nine Months Ended September 30,         
     2014            2013         

Net Interest Margin (FTE) (YTD Averages)

           

ASSETS

           

Loans

    $ 3,661,456         4.09 %    $ 3,418,571         4.25 % 

Taxable investment securities

      427,731         1.99 %      366,025         2.04 % 

Tax-exempt investment securities

      126,867         4.64 %      108,556         4.75 % 

Federal Home Loan Bank and other restricted stock

      13,970         3.18 %      13,582         0.56 % 

Interest-bearing deposits with banks

      97,666         0.25 %      186,248         0.26 % 
  

 

 

       

 

 

     

Total Interest-earning Assets

      4,327,690         3.81 %      4,092,982         3.87 % 

Noninterest-earning assets

      376,406           397,563      
  

 

 

       

 

 

     

Total Assets

    $ 4,704,096         $ 4,490,545      
  

 

 

       

 

 

     

LIABILITIES AND SHAREHOLDERS’ EQUITY

           

Interest-bearing demand

    $ 317,333         0.02 %    $ 308,335         0.02 % 

Money market

      328,561         0.16 %      329,830         0.14 % 

Savings

      1,028,469         0.16 %      998,410         0.18 % 

Certificates of deposit

      899,240         0.78 %      986,060         0.95 % 

CDARs and brokered deposits

      223,647         0.34 %      61,291         0.26 % 

Securities sold under repurchase agreements

      29,463         0.01 %      63,382         0.13 % 

Short-term borrowings

      136,378         0.31 %      86,813         0.26 % 

Long-term borrowings

      20,869         3.01 %      25,077         3.09 % 

Junior subordinated debt securities

      45,619         2.68 %      72,853         3.23 % 
  

 

 

       

 

 

     

Total Interest-bearing Liabilities

      3,029,579         0.40 %      2,932,051         0.52 % 

Noninterest-bearing demand

      1,031,430           942,610      

Other liabilities

      52,704           70,829      

Shareholders’ equity

      590,383           545,055      
  

 

 

       

 

 

     

Total Liabilities and Shareholders’ Equity

    $ 4,704,096         $ 4,490,545      
  

 

 

       

 

 

     

Net Interest Margin (10)

         3.52 %         3.50 % 

S&T Bancorp, Inc.   S&T Earnings Release –9
Consolidated Selected Financial Data  
Unaudited  

 

     2014           2014           2013        
(dollars in thousands)    Third
Quarter		           Second
Quarter		           Third
Quarter		        
           % NPL           % NPL           % NPL  

Nonperforming Loans (NPL)

             

Commercial loans:

             

Commercial real estate

    $ 5,174        0.31 %    $ 5,658        0.35 %    $ 16,479        1.05 % 

Commercial and industrial

      2,426        0.26 %      3,837        0.42 %      3,897        0.47 % 

Commercial construction

      1,889        1.03 %      1,870        0.99 %      9,684        6.36 % 
  

 

 

      

 

 

      

 

 

    

Total Nonperforming Commercial Loans

      9,489        0.34 %      11,365        0.41 %      30,060        1.18 % 

Consumer loans:

             

Residential mortgage

      2,248        0.46 %      2,118        0.43 %      3,021        0.63 % 

Home equity

      1,735        0.41 %      1,431        0.34 %      3,291        0.80 % 

Installment and other consumer

      30        0.05 %      26        0.04 %      27        0.04 % 

Consumer construction

      —          —          —          —          —          —     
  

 

 

      

 

 

      

 

 

    

Total Nonperforming Consumer Loans

      4,013        0.41 %      3,575        0.37 %      6,339        0.66 % 
  

 

 

      

 

 

      

 

 

    

Total Nonperforming Loans

    $ 13,502        0.35 %    $ 14,940        0.40 %    $ 36,399        1.04 % 
  

 

 

      

 

 

      

 

 

    
     2014           2014           2013        
     Third
Quarter		           Second
Quarter		           Third
Quarter		        

Asset Quality Data

             

Nonperforming loans

    $ 13,502        $ 14,940        $ 36,399     

Assets acquired through foreclosure or repossession

      200          431          460     

Nonperforming assets

      13,702          15,371          36,859     

Troubled debt restructurings (nonaccruing)

      4,929          5,241          20,394     

Troubled debt restructurings (accruing)

      37,273          37,120          35,624     

Total troubled debt restructurings

      42,202          42,361          56,018     

Nonperforming loans / loans

      0.35 %        0.40 %        1.04 %   

Nonperforming assets / loans plus OREO

      0.36 %        0.41 %        1.05 %   

Allowance for loan losses / loans

      1.24 %        1.25 %        1.37 %   

Allowance for loan losses / nonperforming loans

      350 %        312 %        132 %   

Net loan charge-offs (recoveries)

    $ 718        $ (1,099 )      $ 1,541     

Net loan charge-offs (recoveries) (annualized) / average loans

      0.08 %        (0.12 %)        0.18 %   

 

     For the Nine Months Ended September 30,  
     2014     2013  

Asset Quality Data

     

Net loan (recoveries) charge-offs

    $ (453 )    $ 5,250   

Net loan (recoveries) charge-offs (annualized) / average loans

      (0.02 %)      0.21 % 

S&T Bancorp, Inc.   

S&T Earnings Release –10

Consolidated Selected Financial Data   
Unaudited   

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

 

          2014     2014     2013  
          Third
Quarter		     Second
Quarter		     Third
Quarter		  
(3)   

Tangible Book Value (non-GAAP)

       
  

Total shareholders’ equity

    $ 605,897      $ 597,187      $ 555,428   
  

Less: goodwill and other intangible assets, net of deferred tax liability

      (177,696 )      (177,866 )      (178,503 ) 
     

 

 

    

 

 

    

 

 

  
  

Tangible common equity (non-GAAP)

    $ 428,201      $ 419,321      $ 376,925   
  

Common shares outstanding

      29,796        29,797        29,738   
  

Tangible book value (non-GAAP)

    $ 14.37      $ 14.07      $ 12.67   
(4)   

Return on Average Tangible Assets (non-GAAP)

       
  

Net income (annualized)

    $ 58,162      $ 59,042      $ 48,588   
  

Plus: amortization of intangibles net of tax (annualized)

      671        775        976   
     

 

 

    

 

 

    

 

 

  
  

Net income before amortization of intangibles (annualized)

      58,833        59,817        49,564   
  

Average total assets

      4,796,703        4,681,616        4,531,866   
  

Less: average goodwill and other intangibles, net of deferred tax liability

      (177,783 )      (177,963 )      (178,622 ) 
     

 

 

    

 

 

    

 

 

  
  

Average tangible assets (non-GAAP)

    $ 4,618,920      $ 4,503,653      $ 4,353,244   
  

Return on average tangible assets (non-GAAP)

      1.26 %      1.33 %      1.14 % 
(5)   

Return on Average Tangible Shareholders’ Equity (non-GAAP)

       
  

Net income (annualized)

    $ 58,162      $ 59,042      $ 48,588   
  

Plus: amortization of intangibles net of tax (annualized)

      671        775        976   
     

 

 

    

 

 

    

 

 

  
  

Net income before amortization of intangibles (annualized)

      58,833        59,817        49,564   
  

Average total shareholders’ equity

      600,927        591,181        548,441   
  

Less: average goodwill and other intangibles, net of deferred tax liability

      (177,783 )      (177,963 )      (178,622 ) 
     

 

 

    

 

 

    

 

 

  
  

Average tangible equity (non-GAAP)

    $ 423,144      $ 413,218      $ 369,819   
  

Return on average tangible equity (non-GAAP)

      13.90 %      14.48 %      13.40 % 
(6)   

Tangible Common Equity / Tangible Assets (non-GAAP)

       
  

Total shareholders’ equity

    $ 605,897      $ 597,187      $ 555,428   
  

Less: goodwill and other intangible assets, net of deferred tax liability

      (177,696 )      (177,866 )      (178,503 ) 
     

 

 

    

 

 

    

 

 

  
  

Tangible common equity (non-GAAP)

      428,201        419,321        376,925   
  

Total assets

      4,906,744        4,788,030        4,588,128   
  

Less: goodwill and other intangible assets, net of deferred tax liability

      (177,696 )      (177,866 )      (178,503 ) 
     

 

 

    

 

 

    

 

 

  
  

Tangible assets (non-GAAP)

    $ 4,729,048      $ 4,610,164      $ 4,409,625   
  

Tangible common equity to tangible assets (non-GAAP)

      9.05 %      9.10 %      8.55 % 
(7)   

Net Interest Margin Rate (FTE) (non-GAAP)

       
  

Interest income

    $ 40,605      $ 39,872      $ 38,581   
  

Less: interest expense

      (3,076 )      (3,017 )      (3,307 ) 
     

 

 

    

 

 

    

 

 

  
  

Net interest income per consolidated statements of Net Income

      37,529        36,855        35,274   
  

Plus: taxable equivalent adjustment

      1,373        1,393        1,228   
     

 

 

    

 

 

    

 

 

  
  

Net interest income (FTE) (non-GAAP)

      38,902        38,248        36,502   
  

Net interest income (FTE) (annualized)

      154,339        153,412        144,818   
  

Average earning assets

    $ 4,417,413      $ 4,309,171      $ 4,140,865   
  

Net interest margin (FTE) (non-GAAP)

      3.50 %      3.56 %      3.50 % 

S&T Bancorp, Inc.    S&T Earnings Release –11
Consolidated Selected Financial Data   
Unaudited   

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

 

         For the Nine Months Ended September 30,  
         2014     2013  
(8)  

Return on Average Tangible Assets (non-GAAP)

     
 

Net income (annualized)

    $ 58,044      $ 51,715   
 

Plus: amortization of intangibles net of tax (annualized)

      759        994   
    

 

 

    

 

 

  
 

Net income before amortization of intangibles (annualized)

      58,803        52,709   
 

Average total assets

      4,704,096        4,490,545   
 

Less: average goodwill and other intangibles, net of deferred tax liability

      (177,969 )      (178,884 ) 
    

 

 

    

 

 

  
 

Average tangible assets (non-GAAP)

    $ 4,526,127      $ 4,311,661   
 

Return on average tangible assets (non-GAAP)

      1.30 %      1.22 % 
(9)  

Return on Average Tangible Shareholders’ Equity (non-GAAP)

     
 

Net income (annualized)

    $ 58,044      $ 51,715   
 

Plus: amortization of intangibles net of tax (annualized)

      759        994   
    

 

 

    

 

 

  
 

Net income before amortization of intangibles (annualized)

      58,803        52,709   
 

Average total shareholders’ equity

      590,383        545,055   
 

Less: average goodwill and other intangibles, net of deferred tax liability

      (177,969 )      (178,884 ) 
    

 

 

    

 

 

  
 

Average tangible equity (non-GAAP)

    $ 412,414      $ 366,171   
 

Return on average tangible equity (non-GAAP)

      14.26 %      14.39 % 
(10)  

Net Interest Margin Rate (FTE) (non-GAAP)

     
 

Interest income

    $ 119,142      $ 114,978   
 

Less: interest expense

      (9,167 )      (11,438 ) 
    

 

 

    

 

 

  
 

Net interest income

      109,975        103,540   
 

Plus: taxable equivalent adjustment

      4,090        3,569   
    

 

 

    

 

 

  
 

Net interest income (FTE) (non-GAAP)

      114,065        107,109   
 

Net interest income (FTE) (annualized)

      152,504        143,204   
 

Average earning assets

    $ 4,327,690      $ 4,092,981   
 

Net interest margin (FTE) (non-GAAP)

      3.52 %      3.50 % 
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