S&T Bancorp, Inc. Announces Second Quarter 2015 Results and Declares Quarterly Dividend

Jul 21, 2015, 07:30 ET from S&T Bancorp, Inc.

INDIANA, Pa., July 21, 2015 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank with branch locations in 16 southwestern and southcentral Pennsylvania counties, and loan production offices in northeast and central Ohio, and western New York, announced today its second quarter 2015 earnings. Second quarter earnings were $18.2 million, or $0.52 per diluted share, compared to first quarter of 2015 earnings of $12.8 million, or $0.41 per diluted share, and second quarter of 2014 earnings of $14.7 million, or $0.49 per diluted share.

Highlights:

  • Return on average assets was 1.21% and return on average equity was 9.52% for the second quarter of 2015.
  • Portfolio loans increased $115 million from March 31, 2015, representing a 9.8% annualized rate.
  • Results for the second quarter included merger integration costs of $0.9 million, which primarily related to the systems conversion.
  • Net loan charge-offs to average loans remained low at 0.11% for the second quarter of 2015 compared to 0.10% for the first quarter of 2015.
  • S&T declared an $0.18 per share dividend compared to $0.17 in the same period a year ago.

"The growth initiatives that we have implemented over the past two years through our expansion into central Pennsylvania, Ohio, and western New York and our efforts in our core markets are making a big impact on our overall financial performance," said Todd Brice, president and chief executive officer of S&T.  "Our team members are successfully expanding opportunities with existing clients and developing new relationships. We are excited about how we are positioned moving forward."

Net Interest Income

Net interest income increased $8.6 million to $48.8 million compared to $40.2 million for the first quarter of 2015. The increase in net interest income was primarily due to the merger with Integrity Bancshares (the Merger) that occurred on March 4, 2015.  Average loans increased by $642.2 million for the second quarter compared to the first quarter of 2015 due to the Merger and organic loan growth. Net interest income and net interest margin (NIM) on a fully taxable equivalent basis (FTE) were favorably impacted by $2.7 million of accretion from purchase accounting adjustments during the quarter. NIM increased to 3.67% compared to 3.48% for the first quarter of 2015, primarily due to the accretion of the purchase accounting adjustments. 

Asset Quality

Overall asset quality remains well controlled. Total nonperforming assets were relatively unchanged at $19.9 million, or 0.32% of total assets, at June 30, 2015 and $19.4 million, or 0.33% of total assets, at March 31, 2015. Net charge-offs for the second quarter of 2015 were $1.3 million compared to net charge-offs of $1.0 million in the first quarter of 2015. The provision for loan losses was $2.1 million for the second quarter of 2015 compared to $1.2 million for the first quarter of 2015. The allowance for loan losses for originated loans was $48.8 million, or 1.23% of total originated loans, compared to $48.1 million, or 1.27% of total originated loans, at March 31, 2015. 

Noninterest Income and Expense

Noninterest income increased $1.3 million to $13.4 million compared to $12.1 million for the first quarter of 2015. The increase in noninterest income was primarily due to the Merger and higher loan related fees. Noninterest expense increased $1.8 million to $35.4 million compared to $33.6 million in the first quarter of 2015.  The increase was mainly due to higher operating expenses resulting from the Merger offset by a decrease of $1.4 million of integration costs related to the Merger.   

Financial Condition

Total assets increased $163 million to $6.1 billion at June 30, 2015 compared to $6.0 billion at March 31, 2015. Loan growth was strong for the quarter with an increase in total portfolio loans of $115 million, or a 9.8% annualized rate.  Commercial loans increased $101 million during the quarter, or an 11.4% annualized rate, primarily due to growth in the commercial real estate and commercial and industrial portfolios. In the consumer portfolio, home equity loans increased by $19 million, or a 17% annualized rate.  Total deposits increased $31 million to $4.9 billion at June 30, 2015. S&T's risk based capital ratios decreased this quarter due to loan and commitment growth outpacing retained earnings. All capital ratios remain 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 on July 20, 2015.  The dividend is payable on August 20, 2015 to shareholders of record on August 6, 2015.

Conference Call

S&T will host its second quarter 2015 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, July 21, 2015. To access the webcast, go to S&T's webpage at www.stbancorp.com and click on "Events & Presentations." Select "2nd Quarter 2015 Conference Call" and follow the instructions. 

About S&T Bancorp, Inc. and S&T Bank:

S&T Bancorp, Inc. is a $6.1 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 in 16 counties across southwestern and southcentral Pennsylvania, with loan production offices in northeast and central Ohio, and western New York. For more information visit www.stbancorp.com  or www.stbank.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.

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

2015

2015

2014

Second

First

Second

(dollars in thousands, except per share data)

Quarter

Quarter

Quarter

INTEREST INCOME

Loans, including fees

$       48,933

$         39,927

$       36,614

Investment securities:

Taxable

2,394

2,383

2,060

Tax-exempt

998

1,020

979

Dividends

286

586

219

Total Interest Income

52,611

43,916

39,872

INTEREST EXPENSE

Deposits

3,051

3,007

2,476

Borrowings and junior subordinated debt securities

749

650

541

Total Interest Expense

3,800

3,657

3,017

NET INTEREST INCOME

48,811

40,259

36,855

Provision for loan losses

2,059

1,207

(1,134)

Net Interest Income After Provision for Loan Losses

46,752

39,052

37,989

NONINTEREST INCOME

Securities (losses) gains, net

(34)

-

40

Debit and credit card fees

3,020

2,715

2,724

Wealth management fees

2,930

2,923

2,837

Service charges on deposit accounts

2,877

2,583

2,574

Insurance fees

1,391

1,651

1,425

Mortgage banking

782

525

264

Other

2,417

1,687

1,907

Total Noninterest Income

13,383

12,084

11,771

NONINTEREST EXPENSE

Salaries and employee benefits

17,455

16,780

15,772

Net occupancy

2,682

2,588

1,984

Data processing

2,555

2,320

2,219

Furniture and equipment

1,582

1,226

1,277

Marketing

1,193

816

960

Other taxes

1,159

842

893

Merger related expenses

866

2,301

-

FDIC insurance

808

695

579

Professional services and legal

801

523

875

Other

6,348

5,530

5,606

Total Noninterest Expense

35,449

33,621

30,165

Income Before Taxes

24,686

17,515

19,595

Provision for income taxes

6,498

4,680

4,875

Net Income

$       18,188

$         12,835

$       14,720

Per Share Data: 

Shares outstanding at end of period

34,812,723

34,797,526

29,797,204

Average shares outstanding - diluted

34,681,180

31,260,948

29,701,195

Average shares outstanding - two-class method

34,804,031

31,343,849

29,743,273

Diluted earnings per share(1)

$0.52

$0.41

$0.49

Dividends declared per share

$0.18

$0.18

$0.17

Dividend yield (annualized)

2.43%

2.54%

2.74%

Dividends paid to net income

34.37%

41.74%

34.32%

Book value 

$22.15

$21.91

$20.04

Tangible book value(3)

$13.65

$13.40

$14.07

Market value

$29.59

$28.38

$24.85

Profitability Ratios (annualized)

Return on average assets

1.21%

0.99%

1.26%

Return on average tangible assets(4)

1.29%

1.05%

1.33%

Return on average shareholders' equity 

9.52%

7.85%

9.99%

Return on average tangible shareholders' equity(5)

15.79%

11.80%

14.48%

Efficiency ratio (FTE)(2)

55.63%

62.57%

60.36%

 

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

For the Six Months Ended June 30,

(dollars in thousands, except per share data)

2015

2014

INTEREST INCOME

Loans, including fees

$         88,859

$       72,263

Investment securities:

Taxable

4,777

3,960

Tax-exempt

2,018

1,908

Dividends

872

406

Total Interest Income

96,526

78,537

INTEREST EXPENSE

Deposits

6,058

4,986

Borrowings and junior subordinated debt securities

1,398

1,105

Total Interest Expense

7,456

6,091

NET INTEREST INCOME

89,070

72,446

Provision for loan losses

3,266

(845)

Net Interest Income After Provision for Loan Losses

85,804

73,291

NONINTEREST INCOME

Securities (losses) gains, net

(34)

41

Wealth management fees

5,853

5,792

Debit and credit card fees

5,736

5,226

Service charges on deposit accounts

5,459

5,083

Insurance fees

3,041

3,102

Mortgage banking

1,308

396

Other

4,104

3,547

Total Noninterest Income

25,467

23,187

NONINTEREST EXPENSE

Salaries and employee benefits

34,235

31,148

Net occupancy

5,270

4,214

Data processing

4,876

4,314

Furniture and equipment

2,808

2,548

Professional services and legal

1,324

1,538

Other taxes

2,002

1,524

Marketing

2,009

1,578

FDIC insurance

1,503

1,210

Merger related expenses

3,167

-

Other

11,876

11,005

Total Noninterest Expense

69,070

59,079

Income Before Taxes

42,201

37,399

Provision for income taxes

11,178

8,646

Net Income

$         31,023

$       28,753

Per Share Data: 

Average shares outstanding - diluted

32,988,295

29,700,170

Average shares outstanding - two-class method

33,083,499

29,739,174

Diluted earnings per share(1)

$0.94

$0.97

Dividends declared per share

$0.36

$0.33

Dividends paid to net income

37.42%

34.12%

Profitability Ratios (annualized)

Return on average assets

1.11%

1.25%

Return on average tangible assets(8)

1.18%

1.31%

Return on average shareholders' equity 

8.75%

9.91%

Return on average tangible shareholders' equity(9)

13.85%

14.45%

Efficiency ratio (FTE)(2)

58.80%

60.10%

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

2015

2015

2014

Second

First

Second

(dollars in thousands)

Quarter

Quarter

Quarter

ASSETS

Cash and due from banks, including interest-bearing deposits

$     146,582

$       124,737

$     130,235

Securities available-for-sale, at fair value

666,624

655,829

588,488

Loans held for sale

13,634

6,126

3,102

Commercial loans:

Commercial real estate

2,054,935

2,006,131

1,636,383

Commercial and industrial

1,239,382

1,199,115

922,191

Commercial construction

344,983

333,177

188,311

Total Commercial Loans

3,639,300

3,538,423

2,746,885

Consumer loans:

Residential mortgage

599,502

603,536

492,589

Home equity

457,813

439,282

416,226

Installment and other consumer

94,437

97,284

65,838

Consumer construction

7,446

5,173

3,541

Total Consumer Loans

1,159,198

1,145,275

978,194

Total portfolio loans

4,798,498

4,683,698

3,725,079

Allowance for loan losses

(48,814)

(48,106)

(46,580)

Total portfolio loans, net

4,749,684

4,635,592

3,678,499

Goodwill

291,204

290,617

175,820

Other assets

266,000

258,392

211,886

Total Assets

$  6,133,728

$    5,971,293

$  4,788,030

LIABILITIES

Deposits:

Noninterest-bearing demand

$  1,182,124

$    1,177,623

$  1,089,999

Interest-bearing demand

703,797

686,546

307,897

Money market

633,175

617,609

301,719

Savings

1,093,057

1,073,755

1,024,050

Certificates of deposit

1,247,262

1,272,998

1,141,581

Total Deposits

4,859,415

4,828,531

3,865,246

Securities sold under repurchase agreements

46,235

46,721

25,269

Short-term borrowings

230,975

199,573

185,000

Long-term borrowings

118,228

18,838

20,636

Junior subordinated debt securities

45,619

50,619

45,619

Other liabilities

62,027

64,753

49,073

Total Liabilities

5,362,499

5,209,035

4,190,843

SHAREHOLDERS' EQUITY

Total Shareholders' Equity

771,229

762,258

597,187

Total Liabilities and Shareholders' Equity

$  6,133,728

$    5,971,293

$  4,788,030

Capitalization Ratios

Shareholders' equity / assets

12.57%

12.77%

12.47%

Tangible common equity / tangible assets(6)

8.14%

8.22%

9.10%

Tier 1 leverage ratio

8.92%

10.06%

9.91%

Common equity tier 1 capital

9.59%

9.82%

11.75%

Risk-based capital - tier 1

9.97%

10.22%

12.30%

Risk-based capital - total

11.48%

11.86%

14.26%

 

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

2015

2015

2014

(dollars in thousands)

Second

First

Second

Net Interest Margin (FTE) (QTD Averages)

Quarter

Quarter

Quarter

ASSETS

Loans

$  4,764,852

4.20%

$    4,122,631

4.01%

$  3,650,050

4.11%

Taxable investment securities

513,639

1.94%

504,867

1.97%

427,976

1.99%

Tax-exempt investment securities

136,824

4.49%

142,194

4.41%

129,687

4.65%

Federal Home Loan Bank and other restricted stock

22,166

3.42%

15,427

12.66%

12,752

3.89%

Interest-bearing deposits with banks

65,246

0.25%

65,575

0.22%

88,706

0.28%

Total Interest-earning Assets

5,502,727

3.94%

4,850,694

3.78%

4,309,171

3.84%

Noninterest-earning assets

537,348

421,132

372,445

Total Assets

$  6,040,075

$    5,271,826

$  4,681,616

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing demand

$     660,058

0.15%

$       432,009

0.08%

$     311,719

0.03%

Money market

427,354

0.19%

362,939

0.18%

327,666

0.15%

Savings

1,073,360

0.16%

1,052,347

0.16%

1,035,691

0.16%

Certificates of deposit

1,120,256

0.68%

991,542

0.87%

899,086

0.78%

CDARS and brokered deposits

347,013

0.32%

260,555

0.34%

230,036

0.32%

Securities sold under repurchase agreements

45,017

0.01%

40,039

0.01%

30,718

0.01%

Short-term borrowings

228,505

0.33%

236,440

0.32%

108,640

0.30%

Long-term borrowings

78,912

0.98%

19,086

3.01%

20,873

3.01%

Junior subordinated debt securities

49,905

2.93%

47,175

2.77%

45,619

2.66%

Total Interest-bearing Liabilities

4,030,380

0.38%

3,442,132

0.43%

3,010,048

0.40%

Noninterest-bearing demand

1,175,620

1,101,795

1,028,997

Other liabilities

67,500

64,643

51,390

Shareholders' equity

766,575

663,256

591,181

Total Liabilities and Shareholders' Equity

$  6,040,075

$    5,271,826

$  4,681,616

Net Interest Margin (7)

3.67%

3.48%

3.56%

For the Six Months Ended June 30,

(dollars in thousands)

2015

2014

Net Interest Margin (FTE) (YTD Averages)

ASSETS

Loans

$    4,445,515

4.11%

$  3,613,470

4.12%

Taxable investment securities

509,271

1.95%

411,535

1.98%

Tax-exempt investment securities

139,501

4.45%

125,591

4.68%

Federal Home Loan Bank and other restricted stock

18,815

7.20%

13,070

3.28%

Interest-bearing deposits with banks

65,410

0.23%

118,419

0.25%

Total Interest-earning Assets

5,178,512

3.87%

4,282,085

3.82%

Noninterest-earning assets

479,561

374,940

Total Assets

$    5,658,073

$  4,657,025

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing demand

$       546,663

0.12%

$     312,565

0.02%

Money market

395,324

0.19%

338,928

0.15%

Savings

1,062,911

0.16%

1,025,007

0.16%

Certificates of deposit

1,056,254

0.77%

904,869

0.79%

CDARS and brokered deposits

304,023

0.33%

210,426

0.33%

Securities sold under repurchase agreements

42,542

0.01%

33,641

0.01%

Short-term borrowings

232,451

0.33%

118,156

0.30%

Long-term borrowings

49,165

1.37%

21,168

3.04%

Junior subordinated debt securities

48,547

2.85%

45,619

2.68%

Total Interest-bearing Liabilities

3,737,880

0.40%

3,010,379

0.41%

Noninterest-bearing demand

1,138,912

1,009,506

Other liabilities

66,080

52,116

Shareholders' equity

715,201

585,024

Total Liabilities and Shareholders' Equity

$    5,658,073

$  4,657,025

Net Interest Margin (10)

3.58%

3.54%

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

2015

2015

2014

Second

First

Second

(dollars in thousands)

Quarter

Quarter

Quarter

Nonperforming Loans (NPL)

Commercial loans:

% NPL

% NPL

% NPL

Commercial real estate

$         7,309

0.36%

$           8,386

0.42%

$         5,658

0.35%

Commercial and industrial

3,143

0.25%

3,550

0.30%

3,837

0.42%

Commercial construction

4,472

1.30%

1,973

0.59%

1,870

0.99%

Total Nonperforming Commercial Loans

14,924

0.41%

13,909

0.39%

11,365

0.41%

Consumer loans:

Residential mortgage

2,010

0.34%

2,226

0.37%

2,118

0.43%

Home equity

2,026

0.44%

1,986

0.45%

1,431

0.34%

Installment and other consumer

179

0.19%

13

0.01%

26

0.04%

Consumer construction

-

-

-

-

-

-

Total Nonperforming Consumer Loans

4,215

0.36%

4,225

0.37%

3,575

0.37%

Total Nonperforming Loans

$       19,139

0.40%

$         18,134

0.39%

$       14,940

0.40%

2015

2015

2014

Second

First

Second

Quarter

Quarter

Quarter

Asset Quality Data

Nonperforming loans

$       19,139

$         18,134

$       14,940

Assets acquired through foreclosure or repossession

750

1,294

431

Nonperforming assets

19,889

19,428

15,371

Troubled debt restructurings (nonaccruing)

8,927

9,916

5,241

Troubled debt restructurings (accruing)

32,560

36,423

37,120

Total troubled debt restructurings

41,487

46,339

42,361

Nonperforming loans / loans

0.40%

0.39%

0.40%

Nonperforming assets / loans plus OREO

0.41%

0.41%

0.41%

Allowance for loan losses / originated loans

1.23%

1.27%

1.29%

Allowance for loan losses / total loans

1.02%

1.03%

1.25%

Allowance for loan losses / nonperforming loans

255%

265%

312%

Net loan charge-offs (recoveries)

$         1,349

$           1,014

$        (1,099)

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

0.11%

0.10%

(0.12%)

For the Six Months Ended June 30,

(dollars in thousands)

2015

2014

Asset Quality Data

Net loan charge-offs (recoveries)

$           2,363

$        (1,171)

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

0.11%

(0.07%)

 

 

 

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

Second

First

Second

Quarter

Quarter

Quarter

(3)

Tangible Book Value (non-GAAP)

Total shareholders' equity

$     771,229

$       762,258

$     597,187

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

(296,065)

(295,814)

(177,866)

Tangible common equity (non-GAAP)

$     475,164

$       466,444

$     419,321

Common shares outstanding

34,813

34,798

29,797

Tangible book value (non-GAAP)

$         13.65

$           13.40

$         14.07

(4)

Return on Average Tangible Assets (non-GAAP)

Net income (annualized)

$       72,952

$         52,054

$       59,042

Plus: amortization of intangibles net of tax (annualized)

1,347

917

775

Net income before amortization of intangibles (annualized)

74,299

52,971

59,817

Average total assets

6,040,075

5,271,826

4,681,616

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

(295,886)

(214,299)

(177,963)

Average tangible assets (non-GAAP)

$  5,744,189

$    5,057,527

$  4,503,653

Return on average tangible assets (non-GAAP)

1.29%

1.05%

1.33%

(5)

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

Net income (annualized)

$       72,952

$         52,054

$       59,042

Plus: amortization of intangibles net of tax (annualized)

1,347

917

775

Net income before amortization of intangibles (annualized)

74,299

52,971

59,817

Average total shareholders' equity

766,575

663,256

591,181

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

(295,886)

(214,299)

(177,963)

Average tangible equity (non-GAAP)

$     470,689

$       448,957

$     413,218

Return on average tangible equity (non-GAAP)

15.79%

11.80%

14.48%

(6)

Tangible Common Equity / Tangible Assets (non-GAAP)

Total shareholders' equity

$     771,229

$       762,258

$     597,187

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

(296,065)

(295,814)

(177,866)

Tangible common equity (non-GAAP)

475,164

466,444

419,321

Total assets 

6,133,728

5,971,293

4,788,030

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

(296,065)

(295,814)

(177,866)

Tangible assets (non-GAAP)

$  5,837,663

$    5,675,479

$  4,610,164

Tangible common equity to tangible assets (non-GAAP)

8.14%

8.22%

9.10%

(7)

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

Interest income

$       52,611

$         43,916

$       39,872

Less: interest expense

(3,800)

(3,657)

(3,017)

Net interest income per consolidated statements of net income

48,811

40,259

36,855

Plus: taxable equivalent adjustment

1,494

1,392

1,393

Net interest income (FTE) (non-GAAP)

50,305

41,651

38,248

Net interest income (FTE) (annualized)

201,773

168,918

153,412

Average earning assets

$  5,502,727

$    4,850,694

$  4,309,171

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

3.67%

3.48%

3.56%

 

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

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

For the Six Months Ended June 30,

2015

2014

(8)

Return on Average Tangible Assets (non-GAAP)

Net income (annualized)

$         62,560

$       57,983

Plus: amortization of intangibles net of tax (annualized)

1,133

804

Net income before amortization of intangibles (annualized)

63,693

58,787

 Average total assets

5,658,073

4,657,025

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

(255,318)

(178,063)

 Average tangible assets (non-GAAP)

$    5,402,755

$  4,478,962

 Return on average tangible assets (non-GAAP)

1.18%

1.31%

(9)

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

Net income (annualized)

$         62,560

$       57,983

Plus: amortization of intangibles net of tax (annualized)

1,133

804

Net income before amortization of intangibles (annualized)

63,693

58,787

Average total shareholders' equity

715,201

585,024

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

(255,318)

(178,063)

Average tangible equity (non-GAAP)

$       459,883

$     406,961

Return on average tangible equity (non-GAAP)

13.85%

14.45%

(10)

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

Interest income

$         96,526

$       78,537

Less: interest expense

(7,456)

(6,091)

Net interest income per consolidated statements of net income

89,070

72,446

Plus: taxable equivalent adjustment

2,886

2,717

Net interest income (FTE) (non-GAAP)

91,956

75,163

Net interest income (FTE) (annualized)

185,435

151,572

Average earning assets

$    5,178,512

$  4,282,085

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

3.58%

3.54%

 

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SOURCE S&T Bancorp, Inc.



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