PR Newswire: news distribution, targeting and monitoring
2014
See more news releases in Banking & Financial Services  | Earnings

S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2012 Results

Share with Twitter Share with LinkedIn

INDIANA, Pa., Jan. 29, 2013 /PRNewswire/ -- S&T Bancorp, Inc. (NASDAQ: STBA), a full-service financial institution with office locations in 11 Pennsylvania counties, has announced its fourth quarter and full year earnings for 2012. 

(Logo: http://photos.prnewswire.com/prnh/20070917/NEM099LOGO )

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

  • Fourth quarter earnings were $9.5 million compared to $12.6 million in the third quarter of 2012.  Diluted earnings per common share were $0.32 compared to $0.43 in the third quarter of 2012.
  • Net interest margin (FTE) increased in the fourth quarter compared to the third quarter of 2012 both in rate, up 1 basis point to 3.51%, and dollars, up $0.5 million to $35.4 million.
  • Average loans increased $59.8 million in the fourth quarter compared to the third quarter of 2012.
  • Asset quality generally improved in the fourth quarter compared to the third quarter of 2012.  Non-performing assets decreased by $11.7 million.
  • Full year 2012 earnings were $34.2 million or $1.18 diluted earnings per common share compared to 2011 earnings of $39.7 million or $1.41 diluted earnings per common share.

"The fourth quarter demonstrated improvement across a number of fronts," said Todd Brice, president and chief executive officer of S&T Bancorp, Inc.  "With our loan pipeline building over the past two quarters, we were able to book a significant amount of new loans in the fourth quarter, resulting in solid loan growth.  This loan growth improved our asset mix and kept the net interest margin stable.  In addition, we saw improvement on the asset quality front with the resolution of a number of problem credits."

Net Interest Income (FTE)
Net interest income improved this quarter by $0.5 million to $35.4 million compared to the third quarter of 2012. Our net interest margin rate increased by one basis point to 3.51% due in part to the improvement in asset mix that came with higher average balances in loans and securities, and a decline in average interest-bearing deposits with banks.  Our cost of interest-bearing liabilities decreased by six basis points primarily due to repricing of core deposits and certificates of deposit.

Asset Quality
Asset quality metrics improved in many areas from the prior quarter, including decreases in non-performing loans (NPLs), OREO, and substandard loans.  We resolved a number of problem credits during the quarter and experienced less than $6 million in new NPLs for the second quarter in a row.  Net charge-offs of $4.0 million and provision for loan losses of $4.2 million for the fourth quarter of 2012 kept the allowance for loan losses essentially unchanged at $46.5 million or 1.38% of total loans at December 31, 2012. 

Noninterest Income and Expense
Noninterest income decreased from the prior quarter by $1.0 million to $11.6 million, primarily due to normal seasonal fluctuations in insurance and merchant processing, and some non-recurring items.  We also recognized $0.5 million of interest rate swap fees as our customers opted to lock in low rates for longer term loans.  Noninterest expense decreased $1.3 million from the prior quarter to $29.7 million, primarily due to a decrease in the provision for unfunded commitments of $1.2 million, as a result of a large increase in construction related loan commitments in the third quarter of 2012. 

Financial Condition
Assets increased from the prior quarter by $0.1 billion to $4.5 billion at December 31, 2012, primarily driven by loan growth.  S&T's capital ratios are generally down slightly this quarter as loan growth outpaced increased capital from retained earnings.  All capital ratios remain significantly above the well-capitalized thresholds of federal bank regulatory agencies.

2012 Full Year
Full year 2012 earnings decreased by $5.5 million to $34.2 million and diluted earnings per common share decreased $0.23 to $1.18 compared to full year 2011.  We completed two mergers during 2012, acquiring Mainline Bancorp Inc. in March and Gateway Bank of Pennsylvania (Gateway) in August.  Average loans were flat comparing 2012 and 2011 despite the additional loans from the acquisitions.  The low interest rate environment was a challenge to our net interest income, as earning asset rates reset faster than our ability to offset those decreases on the funding side.  Net interest income (FTE) declined by $1.8 million compared to 2011 despite adding earning asset balances from the mergers.

Noninterest income increased $4.7 million, primarily due to increases in wealth management, mortgage banking and interest rate swap fees.  Security gains also added $3.1 million more in 2012 than 2011.  Non-interest expenses were $19.0 million higher in 2012 than in 2011.  The merger transactions resulted in $6.1 million of one-time merger related expenses and approximately $5.0 million in additional normal ongoing expenses.  Other significant expense increases included $2.0 million additional in pension expense and a $3.3 million increase in the provision for unfunded loan commitments.

We experienced asset quality challenges in the first half of 2012, which resulted in $7.2 million more in provision for loan losses in 2012 as compared to 2011.  Also in 2012, we had no preferred dividend payments due to the redemption of $108.7 million of preferred stock from the U.S. Department of Treasury's Capital Purchase Program in December of 2011.

Merger Activity
On February 8, 2013, S&T anticipates the closing of the bank level merger of S&T Bank and Gateway.  S&T Bancorp previously acquired Gateway on August 13, 2012.  With the systems conversion to take place over the weekend of February 9-10, the two former Gateway offices in McMurray and Cranberry Township, PA will open on February 11, 2013 as full service offices of S&T Bank.

Conference Call
S&T Bancorp, Inc. will host its fourth quarter 2012 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, January 29, 2013.  To access the webcast, go to S&T Bancorp's webpage at www.stbancorp.com and click on "Events & Presentations."  Select "4th 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 $4.5 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.

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.

S&T Bancorp, Inc.







Consolidated Selected Financial Data







Unaudited







(in thousands, except per share data)
















For the Twelve Months Ended December 31,




2012


2011









Income Statements







Interest Income



$156,251


$165,079


Interest Expense



21,024


27,733


          Net Interest Income



135,227


137,346


          Taxable Equivalent Adjustment



4,471


4,155


          Net Interest Income (FTE) (3)



139,698


141,501









Provision for Loan Losses



22,815


15,609









          Net Interest Income After Provision (FTE)



116,883


125,892









Security Gains (Losses), Net



3,016


(124)









Wealth Management



9,808


8,180


Service Charges and Fees



9,992


9,978


Insurance



8,448


8,314


Other



20,648


17,709









          Total Noninterest Income



48,896


44,181









Salaries and Employee Benefits



60,256


51,078


Occupancy and Equipment Expense, Net



12,867


11,884


Data Processing Expense



9,620


6,853


FDIC Expense



2,926


3,570


Other



37,194


30,523









          Total Noninterest Expense



122,863


103,908









Income Before Taxes



45,932


66,041


Taxable Equivalent Adjustment



4,471


4,155


Applicable Income Taxes



7,261


14,622









           Net Income 



34,200


47,264


Preferred Stock Dividends and Discount Amortization



-


7,611









Net Income Available to Common Shareholders



$34,200


$39,653









Per Common Share Data: 














Average Shares Outstanding - Diluted



29,008,880


27,990,150


Diluted Earnings Per Common Share*



$1.18


$1.41


Dividends Declared 



$0.60


$0.60









* 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 Bancorp, Inc.







Consolidated Selected Financial Data







Unaudited







(in thousands, except per share data)















2012


2012


2011



Fourth


Third


Fourth



Quarter


Quarter


Quarter









Income Statements







Interest Income

$38,920


$38,820


$40,258


Interest Expense

4,629


5,025


6,192


    Net Interest Income

34,291


33,795


34,066


    Taxable Equivalent Adjustment

1,094


1,119


1,101


    Net Interest Income (FTE) (2)

35,385


34,914


35,167









Provision for Loan Losses

4,215


2,305


2,336









    Net Interest Income After Provision (FTE)

31,170


32,609


32,831









Security Gains (Losses) , Net

-


2,170


-









Wealth Management

2,415


2,397


2,622


Service Charges and Fees

2,585


2,567


2,021


Insurance

1,722


2,402


1,809


Other

4,843


5,210


5,122









    Total Noninterest Income

11,565


12,576


11,574









Salaries and Employee Benefits

14,323


14,819


13,446


Occupancy and Equipment Expense, Net

3,412


3,392


2,831


Data Processing Expense

2,172


2,012


1,925


FDIC Expense

762


838


678


Other

9,048


9,957


7,792









    Total Noninterest Expense

29,717


31,018


26,672









Income Before Taxes

13,018


16,337


17,733


Taxable Equivalent Adjustment

1,094


1,119


1,101


Applicable Income Taxes

2,400


2,623


4,376









    Net Income

9,524


12,595


12,256


Preferred Stock Dividends and Discount Amortization

-


-


2,939









Net Income Available to Common Shareholders

$9,524


$12,595


$9,317









Per Common Share Data:














Shares Outstanding at End of Period

29,732,209


29,733,592


28,131,249


Average Shares Outstanding - Diluted

29,659,999


29,277,232


28,068,064


Diluted Earnings Per Common Share *

$0.32


$0.43


$0.33


Dividends Declared

$0.15


$0.15


$0.15


Common Book Value

$18.08


$17.97


$17.44


Tangible Common Book Value (1)

$11.98


$11.86


$11.36


Market Value

$18.07


$17.61


$19.55









* 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 Bancorp, Inc.







Consolidated Selected Financial Data







Unaudited







(in thousands)
















For the Twelve Months Ended December 31,




2012


2011









Net Interest Margin (FTE) (YTD Averages)(3)







Assets







  Loans



$3,213,018

4.59%

$3,216,857

4.88%

  Interest-bearing Deposits with Banks



289,947

0.25%

123,714

0.24%

  Securities



404,810

3.01%

356,017

3.39%

     Total Interest-earning Assets



3,907,775

4.10%

3,696,588

4.58%

  Noninterest-earning Assets



404,763


376,020


Total Assets



$4,312,538


$4,072,608









Liabilities and Shareholders' Equity







  NOW/Money Market/Savings



$1,518,602

0.20%

$1,297,360

0.15%

  Certificates of Deposit



1,104,262

1.24%

1,181,822

1.77%

  Borrowed Funds < 1 Year



97,600

0.21%

42,135

0.13%

  Borrowed Funds > 1 Year



124,460

3.22%

122,270

3.87%

     Total Interest-bearing Liabilities



2,844,924

0.74%

2,643,587

1.05%








Noninterest-bearing Liabilities







  Demand Deposits



877,056


792,911


  Shareholders' Equity/Other



590,558


636,110


     Total Noninterest-bearing Liabilities



1,467,614


1,429,021


Total Liabilities and Shareholders' Equity



$4,312,538


$4,072,608









Net Interest Margin




3.57%


3.83%









2012


2012


2011



Fourth


Third


Fourth



Quarter


Quarter


Quarter









Net Interest Margin (FTE) (QTD Averages)(2)







Assets







  Loans

$3,286,039

4.44%

$3,226,219

4.52%

$3,126,126

4.83%

  Interest-bearing Deposits with Banks

267,719

0.29%

329,985

0.28%

189,726

0.28%

  Securities

445,059

2.76%

404,881

2.89%

372,815

3.36%

     Total Interest-earning Assets

3,998,817

3.97%

3,961,085

4.00%

3,688,667

4.45%

  Noninterest-earning Assets

411,078


411,528


381,191


Total Assets

$4,409,895


$4,372,613


$4,069,858









Liabilities and Shareholders' Equity







  NOW/Money Market/Savings

$1,614,444

0.19%

$1,567,005

0.21%

$1,338,276

0.14%

  Certificates of Deposit

1,058,308

1.06%

1,079,894

1.15%

1,135,517

1.64%

  Borrowed Funds < 1 Year

61,588

0.16%

94,789

0.23%

41,261

0.11%

  Borrowed Funds > 1 Year

124,947

3.15%

125,511

3.20%

122,660

3.21%

     Total Interest-bearing Liabilities

2,859,287

0.64%

2,867,199

0.70%

2,637,714

0.93%








Noninterest-bearing Liabilities







  Demand Deposits

929,575


903,949


800,188


  Shareholders' Equity/Other

621,033


601,465


631,956


     Total Noninterest-bearing Liabilities

1,550,608


1,505,414


1,432,144


Total Liabilities and Shareholders' Equity

$4,409,895


$4,372,613


$4,069,858









Net Interest Margin


3.51%


3.50%


3.79%

 

S&T Bancorp, Inc.







Consolidated Selected Financial Data






Unaudited







(in thousands)















2012


2012


2011



Fourth


Third


Fourth



Quarter


Quarter


Quarter


Balance Sheets (Period-End)







Assets







  Cash

$80,595


$62,457


$61,672


  Interest-bearing Deposits with Banks

257,116


284,619


208,854


  Securities

467,581


432,057


375,812


  Loans, Net

3,322,638


3,236,066


3,083,768


  Other Assets

398,772


407,059


389,888


Total Assets

$4,526,702


$4,422,258


$4,119,994









Liabilities and Shareholders' Equity







  Noninterest-bearing Demand Deposits

$960,980


$928,000


$818,686


  Interest-bearing Deposits

2,677,448


2,666,406


2,517,173


  Short-term Borrowings

137,582


80,268


105,370


  Long-term Debt 

124,720


125,281


122,493


  Other Liabilities

88,550


88,061


65,746


  Shareholders' Equity

537,422


534,242


490,526


Total Liabilities and Shareholders' Equity

$4,526,702


$4,422,258


$4,119,994










2012


2012


2011



Fourth


Third


Fourth



Quarter


Quarter


Quarter


Loans (Period-End)







Consumer







     Home Equity

$431,335


$447,123


$411,404


     Residential Mortgage

427,303


409,967


358,846


     Installment & Other Consumer

73,875


75,157


67,131


     Construction

2,437


2,098


2,440


          Total Consumer Loans

934,950


934,345


839,821


Commercial







     Commercial Real Estate

1,452,133


1,438,526


1,415,333


     Commercial & Industrial

791,396


748,569


685,753


     Construction

168,143


157,717


188,852


          Total Commercial Loans

2,411,672


2,344,812


2,289,938


Total Portfolio Loans

3,346,622


3,279,157


3,129,759


     Loans Held for Sale

22,499


3,188


2,850


Total Loans

$3,369,121


$3,282,345


$3,132,609









Nonperforming Loans (NPL)







Consumer


% NPL


% NPL


% NPL

     Home Equity

$3,653

0.85%

$3,994

0.89%

$2,936

0.71%

     Residential Mortgage

7,278

1.70%

7,584

1.85%

7,228

2.01%

     Installment & Other Consumer

40

0.05%

49

0.07%

4

0.01%

     Construction

218

8.95%

399

19.02%

181

7.42%

          Total Consumer Loans

11,189

1.20%

12,026

1.29%

10,349

1.23%

Commercial







     Commercial Real Estate

30,556

2.10%

32,828

2.28%

31,648

2.24%

     Commercial & Industrial

6,435

0.81%

6,851

0.92%

7,571

1.10%

     Construction

6,778

4.03%

14,411

9.14%

6,547

3.47%

          Total Commercial Loans

43,769

1.81%

54,090

2.31%

45,766

2.00%

Total Nonperforming Loans

$54,958

1.64%

$66,116

2.02%

$56,115

1.79%

 

S&T Bancorp, Inc.







Consolidated Selected Financial Data






Unaudited







(in thousands)








2012


2012


2011



Fourth


Third


Fourth



Quarter


Quarter


Quarter


Construction and Commercial Real Estate (CRE)







PA vs. Out-of-State







Pennsylvania

$1,319,127


$1,312,646


$1,301,211


Out-of-State

301,149


283,597


302,974


Total Construction and CRE PA vs. Out-of-State

$1,620,276


$1,596,243


$1,604,185









Construction and CRE - NPL PA vs. Out-of-State


% NPL


% NPL


% NPL

Pennsylvania

$34,217

2.59%

$41,009

3.12%

$33,665

2.59%

Out-of-State

3,117

1.04%

6,230

2.20%

4,530

1.50%

Total Construction and CRE - NPL PA vs. Out-of-State

$37,334

2.30%

$47,239

2.96%

$38,195

2.38%









2012


2012


2011



Fourth


Third


Fourth



Quarter


Quarter


Quarter


Construction and CRE by Type







Retail/Strip Malls

$280,047


$275,566


$288,453


Offices

198,818


199,286


218,619


Residential Rental Properties

185,354


171,891


198,011


Hotels

176,862


193,460


193,833


Real Estate/Land Development - Commercial

146,216


129,738


102,623


Healthcare/Education

111,152


99,018


105,642


Manufacturing/Industrial/Warehouse

106,589


99,315


95,883


Flex/Mixed Use

91,576


96,403


97,766


Recreational

38,013


39,267


43,152


Convenience Stores

36,569


28,451


29,489


Restaurant

30,391


30,173


29,921


Real Estate Development - Residential

23,333


29,142


60,808


Miscellaneous *

195,356


204,533


139,985


Total Construction and CRE by Type

$1,620,276


$1,596,243


$1,604,185










2012


2012


2011



Fourth


Third


Fourth



Quarter


Quarter


Quarter


Construction and CRE - NPL by Type


% NPL


% NPL


% NPL

Retail/Strip Malls

$7,332

2.62%

$7,617

2.76%

$5,285

1.83%

Offices

3,488

1.75%

4,529

2.27%

3,973

1.82%

Residential Rental Properties

2,864

1.55%

3,488

2.03%

2,851

1.44%

Hotels

-

-

-

-

700

0.36%

Real Estate/Land Development - Commercial

3,503

2.40%

7,879

6.07%

771

0.75%

Healthcare/Education

267

0.24%

581

0.59%

311

0.29%

Manufacturing/Industrial/Warehouse

3,985

3.74%

4,227

4.26%

4,638

4.84%

Flex/Mixed Use

771

0.84%

51

0.05%

-

-

Recreational

7,824

20.58%

7,956

20.26%

9,365

21.70%

Convenience Stores

-

-

73

0.26%

-

-

Restaurant

1,329

4.37%

1,583

5.25%

940

3.14%

Real Estate Development - Residential

3,275

14.03%

6,532

22.41%

6,284

10.33%

Miscellaneous

2,696

1.38%

2,723

1.33%

3,077

2.20%

Total Construction and CRE - NPL by Type

$37,334

2.30%

$47,239

2.96%

$38,195

2.38%



* 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 $38.6 million.  Detail by type was not available.


 

S&T Bancorp, Inc.







Consolidated Selected Financial Data







Unaudited







(in thousands)















2012


2012


2011



Fourth


Third


Fourth



Quarter


Quarter


Quarter


Commercial Credit Exposure







Pass







Commercial Real Estate

$1,265,811


$1,251,422


$1,229,005


Commercial & Industrial

718,070


674,819


600,895


Construction

118,841


105,684


136,270


Total Pass

$2,102,722


$2,031,925


$1,966,170









Special Mention







Commercial Real Estate

$96,156


$92,544


$84,400


Commercial & Industrial

42,016


32,952


33,135


Construction

30,748


23,043


17,106


Total Special Mention

$168,920


$148,539


$134,641









Substandard







Commercial Real Estate

$90,167


$94,560


$101,928


Commercial & Industrial

31,310


40,798


51,723


Construction

18,554


28,990


35,476


Total Substandard

$140,031


$164,348


$189,127









 

S&T Bancorp, Inc.







Consolidated Selected Financial Data







Unaudited







(in thousands)















2012


2012


2011



Fourth


Third


Fourth



Quarter


Quarter


Quarter


Asset Quality Data







Nonperforming Loans

$54,958


$66,116


$56,115


Assets Acquired through Foreclosure or Repossession

911


1,468


3,967


Nonperforming Assets

55,869


67,584


60,082


Troubled Debt Restructurings (Nonaccrual)

18,940


23,414


18,184


Troubled Debt Restructurings (Accruing)

41,521


37,110


49,716


Total Troubled Debt Restructurings

60,461


60,524


67,900


Allowance for Loan Losses

46,484


46,279


48,841


Nonperforming Loans / Loans

1.63%


2.01%


1.79%


Nonperforming Assets / Loans plus OREO

1.66%


2.06%


1.92%


Allowance for Loan Losses / Loans

1.38%


1.41%


1.56%


Allowance for Loan Losses / Nonperforming Loans

85%


70%


87%


Net Loan Charge-offs (Recoveries)

4,011


2,714


5,028


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

0.49%


0.33%


0.64%









Profitability Ratios (Annualized)







Common Return on Average Assets

0.86%


1.15%


0.91%


Common Return on Average Tangible Assets(4)

0.90%


1.19%


0.95%


Common Return on Average Equity 

7.05%


9.56%


6.41%


Common Return on Average Tangible Common Equity (5)

10.65%


14.52%


11.29%


Efficiency Ratio (FTE) (6)

63.29%


65.31%


57.06%









Capitalization Ratios







Dividends Paid to Net Income

46.83%


34.47%


45.25%


Common Equity / Assets

11.87%


12.08%


11.91%


Tier 1 Leverage Ratio

9.31%


9.27%


9.17%


Risk-based Capital - Tier 1

11.98%


12.01%


11.63%


Risk-based Capital - Total

15.39%


15.45%


15.20%


Tangible Common Equity / Tangible Assets(7)

8.20%


8.32%


8.09%











For the Twelve Months Ended December 31,




2012


2011


Asset Quality Data







Net Loan Charge-offs (Recoveries)



25,173


18,155


Net Loan Charge-offs (Recoveries) / Average Loans



0.78%


0.56%









Profitability Ratios (Annualized)







Common Return on Average Assets



0.79%


0.97%


Common Return on Average Tangible Common Assets (8)



0.83%


1.02%


Common Return on Average Shareholders' Equity 



6.62%


6.78%


Common Return on Average Tangible Common Equity (9)



10.07%


12.62%


Efficiency Ratio (FTE) (6)



65.15%


55.96%









Capitalization Ratios







Dividends Paid to Net Income 



50.75%


42.44%









 

S&T Bancorp, Inc.







Consolidated Selected Financial Data







Unaudited















2012


2012


2011



Fourth


Third


Fourth



Quarter


Quarter


Quarter


Definitions and Reconciliation of GAAP to







      Non-GAAP Financial Measures:














(1)  Tangible Common Book Value







     Common Book Value (GAAP Basis)

$18.08


$17.97


$17.44


     Effect of Excluding Intangible Assets

(6.10)


(6.11)


(6.08)


     Tangible Common Book Value

$11.98


$11.86


$11.36









(2) Interest Income on a Fully Taxable Equivalent Basis







     Interest Income (GAAP Basis)

$38,920


$38,820


$40,258


     Taxable Equivalent Adjustment to Interest Income (Non-GAAP)

1,094


1,119


1,101


     Interest Income on a Fully Taxable Equivalent Basis(Non-GAAP)

40,014


39,939


41,359


     Interest Expense (GAAP Basis)

4,629


5,025


6,192


     Net Interest Income on a Fully Taxable Equivalent Basis(Non-GAAP)

$35,385


$34,914


$35,167









(4)  Common Return on Average Tangible Assets







     Common Return on Average Assets (GAAP Basis)

0.86%


1.15%


0.91%


     Effect of Excluding Intangible Assets

0.04%


0.04%


0.04%


     Common Return on Average Tangible Assets

0.90%


1.19%


0.95%









(5)  Common Return on Average Tangible Common Equity







     Common Return on Average Common Equity (GAAP Basis)

7.05%


9.56%


6.41%


     Effect of Excluding Intangible Assets

3.60%


4.96%


2.17%


     Effect of Excluding Preferred Stock

-


-


2.71%


     Common Return on Average Tangible Common Equity

10.65%


14.52%


11.29%









(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)

11.87%


12.08%


11.91%


     Effect of Excluding Intangible Assets

-3.67%


-3.76%


-3.82%


     Tangible Common Equity / Tangible Assets

8.20%


8.32%


8.09%











For the Twelve Months Ended December 31,




2012


2011


(3) Interest Income on a Fully Taxable Equivalent Basis







     Interest Income (GAAP Basis)



$156,251


$165,079


     Taxable Equivalent Adjustment to Interest Income



4,471


4,155


     Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP)



160,722


169,234


     Interest Expense (GAAP Basis)



21,024


27,733


     Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP)



$139,698


$141,501









(8)  Common Return on Average Tangible Common Assets







     Common Return on Average Assets (GAAP Basis)



0.79%


0.97%


     Effect of Excluding Intangible Assets



0.04%


0.05%


     Common Return on Average Tangible Common Assets



0.83%


1.02%









(9) Common Return on Average Tangible Common Equity







     Common Return on Average Shareholders' Equity (GAAP Basis)



6.62%


6.78%


     Effect of Excluding Intangible Assets



3.45%


3.03%


     Effect of Excluding Preferred Stock



-


2.81%


     Common Return on Average Tangible Common Equity



10.07%


12.62%


 

SOURCE S&T Bancorp, Inc.



RELATED LINKS
http://www.stbank.com

Featured Video

Journalists and Bloggers

Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.

View and download archived video content distributed by MultiVu on The Digital Center.

Share with Twitter Share with LinkedIn
 

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

 
 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

 
 

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

 
Area to test

Online Member Center

Not a Member?
Click Here to Join
Login
Search News Releases
Advanced Search
Search
  1. PR Newswire Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
  5. Send a News Release