S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2015 Results and Declares Fourth Quarter Dividend

Jan 26, 2016, 07:30 ET from S&T Bancorp, Inc.

INDIANA, Pa., Jan. 26, 2016 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank with locations in Pennsylvania, Ohio and New York, announced today its fourth quarter and full year 2015 earnings. Fourth quarter earnings were $17.4 million, or $0.50 per diluted share, compared to third quarter of 2015 earnings of $18.6 million, or $0.54 per diluted share, and fourth quarter of 2014 earnings of $14.5 million, or $0.49 per diluted share. Full year 2015 earnings increased to $67.1 million, or $1.98 per diluted share, compared to 2014 earnings of $57.9 million, or $1.95 per diluted share.

Fourth Quarter of 2015 Highlights:

  • Return on average assets was 1.10% and return on average equity was 8.74% for the fourth quarter of 2015.
  • Earnings were positively impacted by $0.9 million, or $0.02 per share, due to the strategic repositioning of our credit card product.
  • Total loans increased $123 million, or 9.9% annualized, compared to the third quarter of 2015, representing the third consecutive quarter of growth greater than $100 million.
  • S&T declared a $0.19 per share dividend compared to $0.18 in the same period a year ago, an increase of 5.6%.

Full Year 2015 Highlights:

  • Full year 2015 net income improved to a record $67.1 million, an increase of 15.8% compared to 2014.
  • Return on average assets was 1.13% and return on average equity was 8.94% for 2015.
  • S&T extended its footprint through acquisition and expansion resulting in total loan growth of $1.2 billion, including $370 million through organic growth and $789 million through acquisition.
  • Net loan charge-offs remained historically low at 0.22% of average loans for 2015.

"We are extremely pleased with our performance in the fourth quarter and for the full year of 2015." said Todd Brice, president and chief executive officer of S&T. "During 2015, we grew our bank substantially through both acquisition and expansion into new markets, while also growing organically in our existing markets. Our assets now exceed $6.3 billion and we are well positioned for continued growth in 2016."

Fourth Quarter of 2015 Results

Net Interest Income

Net interest income decreased $0.7 million to $48.9 million for the fourth quarter of 2015 compared to $49.6 million in the prior quarter. Net interest margin on a fully taxable equivalent basis (FTE) decreased 11 basis points to 3.50% compared to 3.61% in the prior quarter. Net interest income and net interest margin (FTE) were impacted by $1.3 million of accretion from purchase accounting adjustments during the fourth quarter compared to $2.2 million in the third quarter. The decrease in both net interest income and net interest margin (FTE) was primarily due to the decrease in purchase accounting adjustments and slightly higher funding costs. Net interest income was positively impacted by an increase in average loans of $131 million during the quarter due to strong organic growth.

Asset Quality

Total nonperforming loans increased to $30.7 million, or 0.61% of total loans at December 31, 2015 compared to $23.8 million, or 0.48% of total loans at September 30, 2015. The increase in nonperforming loans was primarily related to acquired loans from the merger with Integrity Bancshares, Inc., or Integrity. Net charge-offs for the fourth quarter of 2015 were $5.7 million compared to net charge-offs of $2.1 million in the third quarter of 2015. Included in net charge-offs for the fourth quarter of 2015 was a $1.2 million specific reserve that was recorded in the third quarter of 2015. The provision for loan losses was $3.9 million in the fourth quarter of 2015 compared to $3.2 million in the third quarter of 2015. The provision for loan losses was favorable impacted by $0.3 million due to the classification of credit card loans as held-for-sale. The allowance for loan losses for originated loans was $48.1 million, or 1.10% of total originated loans at December 31, 2015, compared to $49.9 million, or 1.20% of total originated loans, at September 30, 2015.

Noninterest Income and Expense

Noninterest income increased $0.6 million to $13.1 million for the fourth quarter of 2015 compared to $12.5 million in the third quarter of 2015. The increase in noninterest income was primarily due to higher debit and credit card fees and other income. Debit and credit card fees increased due to the reversal of a customer rewards program liability related to the strategic repositioning of the credit card product. Other income increased due to the change in the mark-to-market adjustment of a deferred compensation plan. Noninterest expense remained well controlled at $33.8 million for both the fourth and third quarters of 2015. The fourth quarter had higher salaries and employee benefits cost due to an increase in payroll incentives and higher marketing expense due to the timing of marketing campaigns. These increases were offset by lower other expense related to a decrease in the reserve for unfunded loan commitments due to the strategic repositioning of the credit card product and lower OREO expenses.

Financial Condition

Total assets increased $103 million to $6.3 billion at December 31, 2015 compared to $6.2 billion at September 30, 2015. Commercial loans grew $103 million during the quarter, or an 11% annualized rate, with growth in all of the commercial portfolios. Residential mortgage loans increased $14.1 million, or 9.0% annualized. As of December 31, 2015, $23.3 million of credit card loans were classified as held-for-sale with the strategic repositioning of this product expected to occur in the first quarter of 2016.  Total deposits were unchanged at $4.9 billion for both December 31, 2015 and September 30, 2015. S&T's risk-based capital ratios increased slightly this quarter as earnings retention outpaced risk-weighted asset growth. All capital ratios remain significantly above the well-capitalized thresholds of federal bank regulatory agencies.

Full Year 2015 Results

S&T's growth strategy continued successfully in 2015 with the acquisition of Integrity in southcentral Pennsylvania and through the opening of a loan production office in western New York. Loan growth was strong in both the new and core markets throughout 2015.

Full year 2015 earnings increased $9.2 million, or 15.8%, to a record $67.1 million, or $1.98 per diluted share, compared to $57.9 million, or $1.95 per diluted share for 2014. The merger between S&T and Integrity closed on March 4, 2015 with Integrity's results included in the consolidated financial statements since that date. Included in 2015 earnings was $3.2 million, or $0.06 per share, of merger related expense compared to $0.7 million, or $0.02 per share, in 2014. Positive operating leverage occurred in 2015 with total revenue growth of $44.2 million, or 23%, while operating expenses increased $19.5 million, or 17% compared to 2014. The provision for loan losses was $10.4 million in 2015 compared to only $1.7 million in 2014. Net loan charge-offs were only $0.1 million in 2014 due to unusually high recoveries.

Dividend

The Board of Directors of S&T declared a $0.19 per share cash dividend at its regular meeting held January 25, 2016. This is an increase of 5.6% compared to a common stock dividend of $0.18 per share declared in the same period in the prior year. The dividend is payable February 25, 2016 to shareholders of record on February 11, 2016. Dividends declared in 2015 increased $0.05, or 7.4%, to $0.73 compared to $0.68 for 2014.

Conference Call

S&T will host its fourth quarter 2015 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, January 26, 2016. To access the webcast, go to S&T's webpage at www.stbancorp.com and click on "Events & Presentations." Select "4th Quarter 2015 Conference Call" and follow the instructions.

About S&T Bancorp, Inc.

S&T Bancorp, Inc. is a $6.3 billion bank holding company that is headquartered in Indiana, Pa. and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was established in 1902, and operates locations in Pennsylvania, Ohio and New York. For more information visit www.stbancorp.com, www.stbank.com, or call 800.325.2265.

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.

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

2015

2015

2014

Fourth

Third

Fourth

(dollars in thousands, except per share data)

Quarter

Quarter

Quarter

INTEREST INCOME

Loans, including fees

$49,574

$49,578

$37,797

Investment securities:

Taxable

2,493

2,522

2,503

Tax-exempt

948

988

985

Dividends

338

581

96

Total Interest Income

53,353

53,669

41,381

INTEREST EXPENSE

Deposits

3,611

3,275

2,662

Borrowings and junior subordinated debt securities

857

798

653

Total Interest Expense

4,468

4,073

3,315

NET INTEREST INCOME

48,885

49,596

38,066

Provision for loan losses

3,915

3,206

1,106

Net Interest Income After Provision for Loan Losses

44,970

46,390

36,960

NONINTEREST INCOME

Securities (losses) gains, net

Debit and credit card fees

3,381

2,996

2,645

Service charges on deposit accounts

3,113

3,069

2,677

Wealth management fees

2,777

2,814

2,795

Insurance fees

1,126

1,332

1,132

Mortgage banking

549

698

251

Other

2,138

1,572

1,720

Total Noninterest Income

13,084

12,481

11,220

NONINTEREST EXPENSE

Salaries and employee benefits

17,228

16,789

14,471

Net occupancy

2,639

2,744

1,993

Data processing

2,348

2,454

2,271

Furniture and equipment

1,632

1,653

1,460

Marketing

1,319

895

981

Professional services and legal

1,095

946

1,229

FDIC insurance

923

990

618

Other taxes

895

719

543

Merger related expenses

689

Other

5,738

6,639

5,465

Total Noninterest Expense

33,817

33,829

29,720

Income Before Taxes

24,237

25,042

18,460

Provision for income taxes

6,814

6,407

3,963

Net Income

$17,423

$18,635

$14,497

Per Share Data:

Shares outstanding at end of period

34,810,374

34,811,636

29,796,397

Average shares outstanding - diluted

34,715,899

34,692,991

29,718,321

Average shares outstanding - two-class method

34,810,813

34,811,979

29,796,397

Diluted earnings per share (1)

$0.50

$0.54

$0.49

Dividends declared per share

$0.19

$0.18

$0.18

Dividend yield (annualized)

2.47%

2.21%

2.42%

Dividends paid to net income

37.89%

33.56%

36.87%

Book value

$22.76

$22.63

$20.42

Tangible book value (3)

$14.26

$14.12

$14.46

Market value

$30.82

$32.62

$29.81

Profitability Ratios (annualized)

Return on average assets

1.10%

1.20%

1.17%

Return on average tangible assets (4)

1.18%

1.28%

1.22%

Return on average shareholders' equity

8.74%

9.51%

9.38%

Return on average tangible shareholders' equity (5)

14.21%

15.61%

13.35%

Efficiency ratio (FTE) (2)

53.17%

53.12%

58.67%

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

For the Twelve Months Ended December 31,

(dollars in thousands, except per share data)

2015

2014

INTEREST INCOME

Loans, including fees

$188,012

$147,293

Investment securities:

Taxable

9,792

8,983

Tax-exempt

3,954

3,857

Dividends

1,790

390

Total Interest Income

203,548

160,523

INTEREST EXPENSE

Deposits

12,944

10,128

Borrowings and junior subordinated debt securities

3,053

2,353

Total Interest Expense

15,997

12,481

NET INTEREST INCOME

187,551

148,042

Provision for loan losses

10,388

1,715

Net Interest Income After Provision for Loan Losses

177,163

146,327

NONINTEREST INCOME

Securities (losses) gains, net

(34)

41

Debit and credit card fees

12,113

10,781

Service charges on deposit accounts

11,642

10,559

Wealth management fees

11,444

11,343

Insurance fees

5,500

5,955

Mortgage banking

2,554

917

Other

7,814

6,742

Total Noninterest Income

51,033

46,338

NONINTEREST EXPENSE

Salaries and employee benefits

68,252

60,442

Net occupancy

10,652

8,211

Data processing

9,677

8,737

Furniture and equipment

6,093

5,317

Marketing

4,224

3,316

Professional services and legal

3,365

3,717

FDIC insurance

3,416

2,436

Other taxes

3,616

2,905

Merger related expenses

3,167

689

Other

24,255

21,470

Total Noninterest Expense

136,717

117,240

Income Before Taxes

91,479

75,425

Provision for income taxes

24,398

17,515

Net Income

$67,081

$57,910

Per Share Data:

Average shares outstanding - diluted

33,848,082

29,708,724

Average shares outstanding - two-class method

33,954,548

29,768,021

Diluted earnings per share (1)

$1.98

$1.95

Dividends declared per share

$0.73

$0.68

Dividends paid to net income

36.47%

34.89%

Profitability Ratios

Return on average assets

1.13%

1.22%

Return on average tangible assets (8)

1.20%

1.28%

Return on average shareholders' equity

8.94%

9.71%

Return on average tangible shareholders' equity (9)

14.39%

14.02%

Efficiency ratio (FTE) (2)

55.86%

58.67%

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

2015

2015

2014

Fourth

Third

Fourth

(dollars in thousands)

Quarter

Quarter

Quarter

ASSETS

Cash and due from banks, including interest-bearing deposits

$99,399

$115,347

$109,580

Securities available-for-sale, at fair value

660,963

660,046

640,273

Loans held for sale

35,321

13,794

2,970

Commercial loans:

Commercial real estate

2,166,603

2,111,585

1,682,236

Commercial and industrial

1,256,830

1,237,915

994,138

Commercial construction

413,444

384,328

216,148

     Total Commercial Loans

3,836,877

3,733,828

2,892,522

Consumer loans:

Residential mortgage

639,372

625,251

489,586

Home equity

470,845

467,698

418,563

Installment and other consumer

73,939

91,122

65,567

Consumer construction

6,579

8,064

2,508

     Total Consumer Loans

1,190,735

1,192,135

976,224

Total portfolio loans

5,027,612

4,925,963

3,868,746

Allowance for loan losses

(48,147)

(49,907)

(47,911)

Total portfolio loans, net

4,979,465

4,876,056

3,820,835

Goodwill

291,764

291,683

175,820

Other assets

251,442

258,412

215,208

Total Assets

$6,318,354

$6,215,338

$4,964,686

LIABILITIES

Deposits:

Noninterest-bearing demand

1,227,766

1,188,331

1,083,919

Interest-bearing demand

616,188

704,348

335,099

Money market

605,184

593,643

376,612

Savings

1,061,265

1,088,217

1,027,095

Certificates of deposit

1,366,208

1,302,870

1,086,117

Total Deposits

4,876,611

4,877,409

3,908,842

Securities sold under repurchase agreements

62,086

42,971

30,605

Short-term borrowings

356,000

280,000

290,000

Long-term borrowings

117,043

117,613

19,442

Junior subordinated debt securities

45,619

45,619

45,619

Other liabilities

68,758

63,923

61,789

Total Liabilities

5,526,117

5,427,535

4,356,297

SHAREHOLDERS' EQUITY

Total Shareholders' Equity

792,237

787,803

608,389

Total Liabilities and Shareholders' Equity

$6,318,354

$6,215,338

$4,964,686

Capitalization Ratios

Shareholders' equity / assets

12.54%

12.68%

12.25%

Tangible common equity / tangible assets (6)

8.24%

8.30%

9.00%

Tier 1 leverage ratio

8.96%

8.94%

9.80%

Common equity tier 1 capital

9.77%

9.69%

11.81%

Risk-based capital - tier 1

10.15%

10.08%

12.34%

Risk-based capital - total

11.60%

11.58%

14.27%

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

2015

2015

2014

Fourth

Third

Fourth

(dollars in thousands)

Quarter

Quarter

Quarter

Net Interest Margin (FTE) (QTD Averages)

ASSETS

Loans

$5,000,736

4.02%

$4,869,914

4.12%

$3,845,351

3.98%

Taxable investment securities

522,679

1.98%

523,890

1.99%

488,257

1.99%

Tax-exempt investment securities

135,803

4.30%

138,514

4.39%

134,355

4.51%

Federal Home Loan Bank and other restricted stock

20,848

4.59%

20,184

9.60%

14,420

4.17%

Interest-bearing deposits with banks

57,317

0.30%

76,246

0.24%

79,814

0.27%

Total Interest-earning Assets

5,737,383

3.80%

5,628,748

3.90%

4,562,197

3.72%

Noninterest-earning assets

539,482

537,373

373,068

Total Assets

$6,276,865

$6,166,121

$4,935,265

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing demand

610,553

0.13%

663,834

0.14%

335,479

0.02%

Money market

376,752

0.20%

385,520

0.18%

299,732

0.17%

Savings

1,073,111

0.16%

1,091,482

0.16%

1,048,359

0.16%

Certificates of deposit

1,146,674

0.80%

1,113,858

0.74%

923,468

0.81%

CDARS and brokered deposits

499,569

0.37%

394,415

0.34%

233,650

0.36%

Securities sold under repurchase agreements

49,493

0.01%

42,937

0.01%

25,137

0.01%

Short-term borrowings

291,793

0.41%

270,968

0.37%

249,185

0.32%

Long-term borrowings

117,275

0.77%

117,864

0.77%

19,685

2.96%

Junior subordinated debt securities

45,619

2.82%

45,619

2.75%

45,619

2.67%

Total Interest-bearing Liabilities

4,210,839

0.42%

4,126,497

0.39%

3,180,314

0.41%

Noninterest-bearing demand

1,205,009

1,196,200

1,091,638

Other liabilities

69,834

65,873

50,033

Shareholders' equity

791,183

777,551

613,280

Total Liabilities and Shareholders' Equity

$6,276,865

$6,166,121

$4,935,265

Net Interest Margin (7)

3.50%

3.61%

3.43%

 

 

For the Twelve Months Ended December 31,

(dollars in thousands)

2015

2014

Net Interest Margin (FTE) (YTD Averages)

ASSETS

Loans

$4,692,433

4.09%

$3,707,807

4.06%

Taxable investment securities

516,335

1.97%

442,514

1.99%

Tax-exempt investment securities

138,321

4.40%

128,750

4.61%

Federal Home Loan Bank and other restricted stock

19,672

7.12%

14,083

3.43%

Interest-bearing deposits with banks

66,101

0.25%

93,645

0.25%

Total Interest-earning Assets

5,432,862

3.86%

4,386,799

3.78%

Noninterest-earning assets

509,236

375,564

Total Assets

$5,942,098

$4,762,363

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing demand

592,301

0.13%

321,907

0.02%

Money market

388,172

0.19%

321,294

0.16%

Savings

1,072,683

0.16%

1,033,482

0.16%

Certificates of deposit

1,093,564

0.77%

905,346

0.79%

CDARS and brokered deposits

376,095

0.35%

226,169

0.34%

Securities sold under repurchase agreements

44,394

0.01%

28,372

0.01%

Short-term borrowings

257,117

0.36%

164,811

0.31%

Long-term borrowings

83,648

0.94%

20,571

3.00%

Junior subordinated debt securities

47,071

2.82%

45,619

2.68%

Total Interest-bearing Liabilities

3,955,045

0.40%

3,067,571

0.41%

Noninterest-bearing demand

1,170,011

1,046,606

Other liabilities

66,973

52,031

Shareholders' equity

750,069

596,155

Total Liabilities and Shareholders' Equity

$5,942,098

$4,762,363

Net Interest Margin (10)

3.56%

3.50%

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

2015

2015

2014

Fourth

Third

Fourth

(dollars in thousands)

Quarter

Quarter

Quarter

Nonperforming Loans (NPL)

Commercial loans:

% NPL

% NPL

% NPL

Commercial real estate

$8,719

0.40%

$7,919

0.38%

$4,434

0.26%

Commercial and industrial

4,591

0.37%

5,370

0.43%

1,622

0.16%

Commercial construction

8,753

2.12%

5,008

1.30%

1,974

0.91%

Total Nonperforming Commercial Loans

22,063

0.58%

18,297

0.49%

8,030

0.28%

Consumer loans:

Residential mortgage

5,629

0.88%

3,242

0.52%

2,336

0.48%

Home equity

2,902

0.62%

2,147

0.46%

2,060

0.49%

Installment and other consumer

100

0.14%

122

0.13%

31

0.05%

Consumer construction

— %

— %

— %

Total Nonperforming Consumer Loans

8,631

0.72%

5,511

0.46%

4,427

0.45%

Total Nonperforming Loans

$30,694

0.61%

$23,808

0.48%

$12,457

0.32%

 

 

2015

2015

2014

Fourth

Third

Fourth

Quarter

Quarter

Quarter

Asset Quality Data

Nonperforming loans

$30,694

$23,808

$12,457

Assets acquired through foreclosure or repossession

354

472

166

Nonperforming assets

31,048

24,280

12,623

Troubled debt restructurings (nonaccruing)

7,659

8,092

5,436

Troubled debt restructurings (accruing)

23,955

26,049

36,983

Total troubled debt restructurings

31,614

34,141

42,419

Nonperforming loans / loans

0.61%

0.48%

0.32%

Nonperforming assets / loans plus OREO

0.61%

0.49%

0.33%

Allowance for loan losses / originated loans

1.10%

1.20%

1.24%

Allowance for loan losses / total portfolio loans

0.96%

1.01%

1.24%

Allowance for loan losses / nonperforming loans

157%

210%

385%

Net loan charge-offs (recoveries)

5,675

2,113

511

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

0.45%

0.17%

0.05%

For the Twelve Months Ended December 31,

(dollars in thousands)

2015

2014

Asset Quality Data

Net loan charge-offs (recoveries)

$10,152

$58

Net loan charge-offs (recoveries) / average loans

0.22%

0.00%

 

 

S&T Bancorp, Inc.

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.

 

 

2015

2015

2014

Fourth

Third

Fourth

Quarter

Quarter

Quarter

(3) Tangible Book Value (non-GAAP)

Total shareholders' equity

$792,237

$787,803

$608,389

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

(296,005)

(296,233)

(177,530)

Tangible common equity (non-GAAP)

$496,232

$491,570

$430,859

Common shares outstanding

34,810

34,812

29,796

Tangible book value (non-GAAP)

$14.26

$14.12

$14.46

(4) Return on Average Tangible Assets (non-GAAP)

Net income (annualized)

$69,123

$73,931

$57,514

Plus: amortization of intangibles net of tax (annualized)

1,224

1,236

659

Net income before amortization of intangibles (annualized)

$70,347

$75,167

$58,173

Average total assets

$6,276,865

$6,166,121

$4,935,265

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

(296,088)

(295,998)

(177,619)

Average tangible assets (non-GAAP)

$5,980,777

$5,870,123

$4,757,646

Return on average tangible assets (non-GAAP)

1.18%

1.28%

1.22%

(5) Return on Average Tangible Shareholders' Equity (non-GAAP)

Net income (annualized)

$69,123

$73,931

$57,514

Plus: amortization of intangibles net of tax (annualized)

1,224

1,236

659

Net income before amortization of intangibles (annualized)

$70,347

$75,167

$58,173

Average total shareholders' equity

$791,183

$777,551

$613,280

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

(296,088)

(295,998)

(177,619)

Average tangible equity (non-GAAP)

$495,095

$481,553

$435,661

Return on average tangible equity (non-GAAP)

14.21%

15.61%

13.35%

(6) Tangible Common Equity / Tangible Assets (non-GAAP)

Total shareholders' equity

$792,237

$787,803

$608,389

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

(296,005)

(296,233)

(177,530)

Tangible common equity (non-GAAP)

$496,232

$491,570

$430,859

Total assets

$6,318,354

$6,215,338

$4,964,686

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

(296,005)

(296,233)

(177,530)

Tangible assets (non-GAAP)

$6,022,349

$5,919,105

$4,787,156

Tangible common equity to tangible assets (non-GAAP)

8.24%

8.30%

9.00%

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

Interest income

$53,353

$53,669

$41,381

Less: interest expense

(4,468)

(4,073)

(3,315)

Net interest income per consolidated statements of net income

$48,885

$49,596

$38,066

Plus: taxable equivalent adjustment

1,630

1,607

1,371

Net interest income (FTE) (non-GAAP)

$50,515

$51,203

$39,437

Net interest income (FTE) (annualized)

$200,413

$203,142

$156,462

Average earning assets

$5,737,383

$5,628,748

$4,562,197

Net interest margin - (FTE) (non-GAAP)

3.50%

3.61%

3.43%

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

For the Twelve Months Ended December 31,

2015

2014

(8) Return on Average Tangible Assets (non-GAAP)

Net income

$67,081

$57,910

Plus: amortization of intangibles net of tax

1,182

734

Net income before amortization of intangibles

$68,263

$58,644

Average total assets

$5,942,098

$4,762,363

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

(275,847)

(177,881)

Average tangible assets (non-GAAP)

$5,666,251

$4,584,482

Return on average tangible assets (non-GAAP)

1.20%

1.28%

(9) Return on Average Tangible Shareholders' Equity (non-GAAP)

Net income

$67,081

$57,910

Plus: amortization of intangibles net of tax

1,182

734

Net income before amortization of intangibles

$68,263

$58,644

Average total shareholders' equity

$750,069

$596,155

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

(275,847)

(177,881)

Average tangible equity (non-GAAP)

$474,222

$418,274

Return on average tangible equity (non-GAAP)

14.39%

14.02%

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

Interest income

$203,548

$160,523

Less: interest expense

(15,997)

(12,481)

Net interest income per consolidated statements of net income

$187,551

$148,042

Plus: taxable equivalent adjustment

6,123

5,461

Net interest income (FTE) (non-GAAP)

$193,674

$153,503

Average earning assets

$5,432,862

$4,386,799

Net interest margin - (FTE) (non-GAAP)

3.56%

3.50%

 

 

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SOURCE S&T Bancorp, Inc.



RELATED LINKS

http://www.stbancorp.com