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

Jan 29, 2013, 07:30 ET from S&T Bancorp, Inc.

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.



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