S&T Bancorp, Inc. Announces Third Quarter 2015 Results and Declares Increased Quarterly Dividend
INDIANA, Pa., Oct. 20, 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 third quarter of 2015 earnings. Third quarter earnings were $18.6 million, or $0.54 per diluted share, compared to second quarter of 2015 earnings of $18.2 million, or $0.52 per diluted share, and third quarter of 2014 earnings of $14.7 million, or $0.49 per diluted share.
Highlights:
- Diluted earnings per share increased 10.2% for the third quarter of 2015 compared to the third quarter of 2014.
- Return on average assets was 1.20% and return on average equity was 9.51% for the third quarter of 2015.
- Portfolio loans increased $128 million from June 30, 2015, representing a 10.6% annualized rate.
- Net loan charge-offs to average loans remained low at 0.17% annualized for the third quarter of 2015.
- S&T's Board of Directors approved a 5.6% increase in the quarterly cash dividend to $0.19 per share.
"We are pleased to announce another quarter with solid profitability metrics," said Todd Brice, president and chief executive officer of S&T. "Our continued excellent performance is driven by the efforts of our team at every level of the organization. This has resulted in strong consumer and commercial loan growth and improved efficiency across all lines of business."
Net Interest Income
Net interest income increased $0.8 million to $49.6 million compared to $48.8 million for the second quarter of 2015. The increase in net interest income was primarily due to an increase in average loans and one additional day in the third quarter compared to the second quarter. Average loans increased $105 million for the third quarter compared to the second quarter of 2015 due to strong organic loan growth. Net interest income and net interest margin on a fully taxable equivalent basis (FTE) were impacted by $2.2 million of accretion from purchase accounting adjustments during the third quarter compared to $2.7 million in the second quarter. Net interest margin (FTE) decreased 6 basis points to 3.61% compared to 3.67% for the second quarter of 2015, primarily due to the decrease in accretion of the purchase accounting adjustments and lower rates and fees on loans.
Asset Quality
Total nonperforming assets increased $4.4 million to $24.3 million, or 0.49% of total loans plus OREO, at September 30, 2015 from $19.9 million, or 0.41% of total loans plus OREO, at June 30, 2015. Net charge-offs for the third quarter of 2015 increased $0.8 million to $2.1 million compared to net charge-offs of $1.3 million in the second quarter of 2015. The provision for loan losses was $3.2 million for the third quarter of 2015 compared to $2.1 million for the second quarter of 2015. The allowance for loan losses for originated loans was $49.9 million, or 1.20% of total originated loans, compared to $48.8 million, or 1.23% of total originated loans, at June 30, 2015.
Noninterest Income and Expense
Noninterest income decreased $0.9 million to $12.5 million compared to $13.4 million for the second quarter of 2015. The decrease in noninterest income was primarily due to a decrease in other income related to lower letter of credit and commercial loan swap fees compared to the second quarter of 2015. Noninterest expense decreased $1.6 million to $33.8 million compared to $35.4 million in the second quarter of 2015. The decrease was mainly due to $0.9 million of merger related expense in the second quarter of 2015, lower salaries and employee benefits expense related to a reduction in incentive expense and payroll taxes, lower marketing expense and lower shares tax compared to the second quarter of 2015.
Financial Condition
Total assets increased $81.6 million to $6.2 billion at September 30, 2015 compared to $6.1 billion at June 30, 2015. Loan growth was strong for the quarter with an increase in total portfolio loans of $128 million, or a 10.6% annualized rate. Commercial loans increased $94.5 million during the quarter, or a 10.3% annualized rate, primarily due to growth in the commercial real estate and commercial construction portfolios. Consumer loans increased $32.9 million, or an 11.3% annualized rate, primarily due to growth in residential mortgages and home equity loans. Total deposits remained unchanged at $4.9 billion at both September 30, 2015 and June 30, 2015. S&T's capital ratios increased this quarter as earnings retention outpaced asset growth. All capital ratios remain above the well-capitalized thresholds of federal bank regulatory agencies.
Dividend
The Board of Directors of S&T declared a $0.19 per share cash dividend at its regular meeting held October 19, 2015, representing a 5.6% increase over the prior quarter cash dividend. The dividend is payable on November 19, 2015 to shareholders of record on November 5, 2015.
Conference Call
S&T will host its third quarter 2015 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, October 20, 2015. To access the webcast, go to S&T's webpage at www.stbancorp.com and click on "Events & Presentations." Select "3rd Quarter 2015 Conference Call" and follow the instructions.
About S&T Bancorp, Inc. and S&T Bank:
S&T Bancorp, Inc. is a $6.2 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 |
|||||
| Third |
Second |
Third |
|||||
| (dollars in thousands, except per share data) |
Quarter |
Quarter |
Quarter |
||||
| INTEREST INCOME |
|||||||
| Loans, including fees |
$49,578 |
$48,933 |
$37,233 |
||||
| Investment securities: |
|||||||
| Taxable |
2,522 |
2,394 |
2,313 |
||||
| Tax-exempt |
988 |
998 |
964 |
||||
| Dividends |
581 |
286 |
95 |
||||
| Total Interest Income |
53,669 |
52,611 |
40,605 |
||||
| INTEREST EXPENSE |
|||||||
| Deposits |
3,275 |
3,051 |
2,480 |
||||
| Borrowings and junior subordinated debt securities |
798 |
749 |
596 |
||||
| Total Interest Expense |
4,073 |
3,800 |
3,076 |
||||
| NET INTEREST INCOME |
49,596 |
48,811 |
37,529 |
||||
| Provision for loan losses |
3,206 |
2,059 |
1,454 |
||||
| Net Interest Income After Provision for Loan Losses |
46,390 |
46,752 |
36,075 |
||||
| NONINTEREST INCOME |
|||||||
| Securities (losses) gains, net |
0 |
(34) |
0 |
||||
| Service charges on deposit accounts |
3,069 |
2,877 |
2,799 |
||||
| Debit and credit card fees |
2,996 |
3,020 |
2,909 |
||||
| Wealth management fees |
2,814 |
2,930 |
2,756 |
||||
| Insurance fees |
1,332 |
1,391 |
1,722 |
||||
| Mortgage banking |
698 |
782 |
270 |
||||
| Other |
1,572 |
2,417 |
1,475 |
||||
| Total Noninterest Income |
12,481 |
13,383 |
11,931 |
||||
| NONINTEREST EXPENSE |
|||||||
| Salaries and employee benefits |
16,789 |
17,455 |
14,823 |
||||
| Net occupancy |
2,744 |
2,682 |
2,004 |
||||
| Data processing |
2,454 |
2,555 |
2,152 |
||||
| Furniture and equipment |
1,653 |
1,582 |
1,308 |
||||
| FDIC insurance |
990 |
808 |
607 |
||||
| Professional services and legal |
946 |
801 |
950 |
||||
| Marketing |
895 |
1,193 |
757 |
||||
| Other taxes |
719 |
1,159 |
839 |
||||
| Merger related expenses |
0 |
866 |
0 |
||||
| Other |
6,639 |
6,348 |
5,000 |
||||
| Total Noninterest Expense |
33,829 |
35,449 |
28,440 |
||||
| Income Before Taxes |
25,042 |
24,686 |
19,566 |
||||
| Provision for income taxes |
6,407 |
6,498 |
4,906 |
||||
| Net Income |
$18,635 |
$18,188 |
$14,660 |
||||
| Per Share Data: |
|||||||
| Shares outstanding at end of period |
34,811,636 |
34,812,723 |
29,796,397 |
||||
| Average shares outstanding - diluted |
34,692,991 |
34,681,180 |
29,714,612 |
||||
| Average shares outstanding - two-class method |
34,811,979 |
34,804,031 |
29,796,397 |
||||
| Diluted earnings per share (1) |
$0.54 |
$0.52 |
$0.49 |
||||
| Dividends declared per share |
$0.18 |
$0.18 |
$0.17 |
||||
| Dividend yield (annualized) |
2.21 % |
2.43 % |
2.90 % |
||||
| Dividends paid to net income |
33.56 % |
34.37 % |
34.43 % |
||||
| Book value |
$22.63 |
$22.15 |
$20.33 |
||||
| Tangible book value (3) |
$14.12 |
$13.65 |
$14.37 |
||||
| Market value |
$32.62 |
$29.59 |
$23.46 |
||||
| Profitability Ratios (annualized) |
|||||||
| Return on average assets |
1.20 % |
1.21 % |
1.21 % |
||||
| Return on average tangible assets (4) |
1.28 % |
1.29 % |
1.26 % |
||||
| Return on average shareholders' equity |
9.51 % |
9.52 % |
9.68 % |
||||
| Return on average tangible shareholders' equity (5) |
15.61 % |
15.79 % |
13.90 % |
||||
| Efficiency ratio (FTE) (2) |
53.12 % |
55.63 % |
55.95 % |
||||
| S&T Bancorp, Inc. |
||||||
| Consolidated Selected Financial Data |
||||||
| Unaudited |
||||||
| For the Nine Months Ended September 30, |
||||||
| (dollars in thousands, except per share data) |
2015 |
2014 |
||||
| INTEREST INCOME |
||||||
| Loans, including fees |
$138,438 |
$109,496 |
||||
| Investment securities: |
||||||
| Taxable |
7,298 |
6,480 |
||||
| Tax-exempt |
3,006 |
2,872 |
||||
| Dividends |
1,453 |
294 |
||||
| Total Interest Income |
150,195 |
119,142 |
||||
| INTEREST EXPENSE |
||||||
| Deposits |
9,333 |
7,466 |
||||
| Borrowings and junior subordinated debt securities |
2,196 |
1,701 |
||||
| Total Interest Expense |
11,529 |
9,167 |
||||
| NET INTEREST INCOME |
138,666 |
109,975 |
||||
| Provision for loan losses |
6,473 |
608 |
||||
| Net Interest Income After Provision for Loan Losses |
132,193 |
109,367 |
||||
| NONINTEREST INCOME |
||||||
| Securities (losses) gains, net |
(34) |
41 |
||||
| Service charges on deposit accounts |
8,529 |
7,882 |
||||
| Debit and credit card fees |
8,732 |
8,135 |
||||
| Wealth management fees |
8,667 |
8,548 |
||||
| Insurance fees |
4,374 |
4,824 |
||||
| Mortgage banking |
2,006 |
666 |
||||
| Other |
5,674 |
5,022 |
||||
| Total Noninterest Income |
37,948 |
35,118 |
||||
| NONINTEREST EXPENSE |
||||||
| Salaries and employee benefits |
51,024 |
45,971 |
||||
| Net occupancy |
8,014 |
6,218 |
||||
| Data processing |
7,329 |
6,466 |
||||
| Furniture and equipment |
4,461 |
3,856 |
||||
| FDIC insurance |
2,493 |
1,817 |
||||
| Professional services and legal |
2,270 |
2,488 |
||||
| Marketing |
2,905 |
2,335 |
||||
| Other taxes |
2,721 |
2,363 |
||||
| Merger related expenses |
3,167 |
0 |
||||
| Other |
18,515 |
16,005 |
||||
| Total Noninterest Expense |
102,899 |
87,519 |
||||
| Income Before Taxes |
67,242 |
56,966 |
||||
| Provision for income taxes |
17,584 |
13,552 |
||||
| Net Income |
$49,658 |
$43,414 |
||||
| Per Share Data: |
||||||
| Average shares outstanding - diluted |
33,561,529 |
29,705,355 |
||||
| Average shares outstanding - two-class method |
33,665,990 |
29,758,458 |
||||
| Diluted earnings per share (1) |
$1.48 |
$1.46 |
||||
| Dividends declared per share |
$0.54 |
$0.50 |
||||
| Dividends paid to net income |
35.97 % |
34.22 % |
||||
| Profitability Ratios (annualized) |
||||||
| Return on average assets |
1.14 % |
1.23 % |
||||
| Return on average tangible assets (8) |
1.22 % |
1.30 % |
||||
| Return on average shareholders' equity |
9.02 % |
9.83 % |
||||
| Return on average tangible shareholders' equity (9) |
14.46 % |
14.26 % |
||||
| Efficiency ratio (FTE) (2) |
56.81 % |
58.68 % |
||||
| S&T Bancorp, Inc. |
||||||||
| Consolidated Selected Financial Data |
||||||||
| Unaudited |
||||||||
| 2015 |
2015 |
2014 |
||||||
| Third |
Second |
Third |
||||||
| Quarter |
Quarter |
Quarter |
||||||
| ASSETS |
||||||||
| Cash and due from banks, including interest-bearing deposits |
$115,347 |
$146,582 |
$143,831 |
|||||
| Securities available-for-sale, at fair value |
660,046 |
666,624 |
615,657 |
|||||
| Loans held for sale |
13,794 |
13,634 |
3,126 |
|||||
| Commercial loans: |
||||||||
| Commercial real estate |
2,111,585 |
2,054,935 |
1,691,649 |
|||||
| Commercial and industrial |
1,237,915 |
1,239,382 |
946,366 |
|||||
| Commercial construction |
384,328 |
344,983 |
183,509 |
|||||
| Total Commercial Loans |
3,733,828 |
3,639,300 |
2,821,524 |
|||||
| Consumer loans: |
||||||||
| Residential mortgage |
625,251 |
599,502 |
491,404 |
|||||
| Home equity |
467,698 |
457,813 |
418,659 |
|||||
| Installment and other consumer |
91,122 |
94,437 |
66,607 |
|||||
| Consumer construction |
8,064 |
7,446 |
2,995 |
|||||
| Total Consumer Loans |
1,192,135 |
1,159,198 |
979,665 |
|||||
| Total portfolio loans |
4,925,963 |
4,798,498 |
3,801,189 |
|||||
| Allowance for loan losses |
(49,907) |
(48,814) |
(47,316) |
|||||
| Total portfolio loans, net |
4,876,056 |
4,749,684 |
3,753,873 |
|||||
| Goodwill |
291,683 |
291,204 |
175,820 |
|||||
| Other assets |
258,412 |
266,000 |
214,437 |
|||||
| Total Assets |
$6,215,338 |
$6,133,728 |
$4,906,744 |
|||||
| LIABILITIES |
||||||||
| Deposits: |
||||||||
| Noninterest-bearing demand |
$1,188,331 |
$1,182,124 |
$1,077,505 |
|||||
| Interest-bearing demand |
704,348 |
703,797 |
336,720 |
|||||
| Money market |
593,643 |
633,175 |
295,559 |
|||||
| Savings |
1,088,217 |
1,093,057 |
1,048,175 |
|||||
| Certificates of deposit |
1,302,870 |
1,247,262 |
1,143,142 |
|||||
| Total Deposits |
4,877,409 |
4,859,415 |
3,901,101 |
|||||
| Securities sold under repurchase agreements |
42,971 |
46,235 |
23,084 |
|||||
| Short-term borrowings |
280,000 |
230,975 |
265,000 |
|||||
| Long-term borrowings |
117,613 |
118,228 |
20,042 |
|||||
| Junior subordinated debt securities |
45,619 |
45,619 |
45,619 |
|||||
| Other liabilities |
63,923 |
62,027 |
46,001 |
|||||
| Total Liabilities |
5,427,535 |
5,362,499 |
4,300,847 |
|||||
| SHAREHOLDERS' EQUITY |
||||||||
| Total Shareholders' Equity |
787,803 |
771,229 |
605,897 |
|||||
| Total Liabilities and Shareholders' Equity |
$6,215,338 |
$6,133,728 |
$4,906,744 |
|||||
| Capitalization Ratios |
||||||||
| Shareholders' equity / assets |
12.68 % |
12.57 % |
12.35 % |
|||||
| Tangible common equity / tangible assets (6) |
8.30 % |
8.14 % |
9.05 % |
|||||
| Tier 1 leverage ratio |
8.94 % |
8.92 % |
9.88 % |
|||||
| Common equity tier 1 capital |
9.69 % |
9.59 % |
11.81 % |
|||||
| Risk-based capital - tier 1 |
10.08 % |
9.97 % |
12.35 % |
|||||
| Risk-based capital - total |
11.58 % |
11.48 % |
14.29 % |
|||||
| S&T Bancorp, Inc. |
|||||||||
| Consolidated Selected Financial Data |
|||||||||
| Unaudited |
|||||||||
| 2015 |
2015 |
2014 |
|||||||
| Third |
Second |
Third |
|||||||
| (dollars in thousands) |
Quarter |
Quarter |
Quarter |
||||||
| Net Interest Margin (FTE) (QTD Averages) |
|||||||||
| ASSETS |
|||||||||
| Loans |
$4,869,914 |
4.12 % |
$4,764,852 |
4.20 % |
$3,755,862 |
4.02 % |
|||
| Taxable investment securities |
523,890 |
1.99 % |
513,639 |
1.94 % |
457,674 |
2.00 % |
|||
| Tax-exempt investment securities |
138,514 |
4.39 % |
136,824 |
4.49 % |
129,400 |
4.58 % |
|||
| Federal Home Loan Bank and other restricted stock |
20,184 |
9.60 % |
22,166 |
3.42 % |
15,740 |
3.02 % |
|||
| Interest-bearing deposits with banks |
76,246 |
0.24 % |
65,246 |
0.25 % |
58,737 |
0.23 % |
|||
| Total Interest-earning Assets |
5,628,748 |
3.90 % |
5,502,727 |
3.94 % |
4,417,413 |
3.77 % |
|||
| Noninterest-earning assets |
537,373 |
537,348 |
379,290 |
||||||
| Total Assets |
$6,166,121 |
$6,040,075 |
$4,796,703 |
||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||||
| Interest-bearing demand |
$663,834 |
0.14 % |
$660,058 |
0.15 % |
$326,711 |
0.02 % |
|||
| Money market |
385,520 |
0.18 % |
427,354 |
0.19 % |
308,166 |
0.17 % |
|||
| Savings |
1,091,482 |
0.16 % |
1,073,360 |
0.16 % |
1,035,281 |
0.15 % |
|||
| Certificates of deposit |
1,113,858 |
0.74 % |
1,120,256 |
0.68 % |
888,163 |
0.76 % |
|||
| CDARS and brokered deposits |
394,415 |
0.34 % |
347,013 |
0.32 % |
249,659 |
0.36 % |
|||
| Securities sold under repurchase agreements |
42,937 |
0.01 % |
45,017 |
0.01 % |
21,243 |
0.01 % |
|||
| Short-term borrowings |
270,968 |
0.37 % |
228,505 |
0.33 % |
172,228 |
0.31 % |
|||
| Long-term borrowings |
117,864 |
0.77 % |
78,912 |
0.98 % |
20,282 |
2.97 % |
|||
| Junior subordinated debt securities |
45,619 |
2.75 % |
49,905 |
2.93 % |
45,619 |
2.68 % |
|||
| Total Interest-bearing Liabilities |
4,126,497 |
0.39 % |
4,030,380 |
0.38 % |
3,067,352 |
0.40 % |
|||
| Noninterest-bearing demand |
1,196,200 |
1,175,620 |
1,074,564 |
||||||
| Other liabilities |
65,873 |
67,500 |
53,860 |
||||||
| Shareholders' equity |
777,551 |
766,575 |
600,927 |
||||||
| Total Liabilities and Shareholders' Equity |
$6,166,121 |
$6,040,075 |
$4,796,703 |
||||||
| Net Interest Margin (7) |
3.61 % |
3.67 % |
3.50 % |
||||||
| For the Nine Months Ended September 30, |
||||||||
| (dollars in thousands) |
2015 |
2014 |
||||||
| Net Interest Margin (FTE) (YTD Averages) |
||||||||
| ASSETS |
||||||||
| Loans |
$4,588,536 |
4.11 % |
$3,661,456 |
4.09 % |
||||
| Taxable investment securities |
514,195 |
1.96 % |
427,091 |
1.99 % |
||||
| Tax-exempt investment securities |
139,171 |
4.43 % |
126,867 |
4.64 % |
||||
| Federal Home Loan Bank and other restricted stock |
19,276 |
8.04 % |
13,970 |
3.18 % |
||||
| Interest-bearing deposits with banks |
69,062 |
0.24 % |
98,306 |
0.25 % |
||||
| Total Interest-earning Assets |
5,330,240 |
3.88 % |
4,327,690 |
3.81 % |
||||
| Noninterest-earning assets |
499,043 |
376,406 |
||||||
| Total Assets |
$5,829,283 |
$4,704,096 |
||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
| Interest-bearing demand |
$586,149 |
0.13 % |
$317,333 |
0.02 % |
||||
| Money market |
392,021 |
0.18 % |
328,561 |
0.16 % |
||||
| Savings |
1,072,539 |
0.16 % |
1,028,469 |
0.16 % |
||||
| Certificates of deposit |
1,075,666 |
0.76 % |
899,240 |
0.78 % |
||||
| CDARS and brokered deposits |
334,485 |
0.33 % |
223,647 |
0.34 % |
||||
| Securities sold under repurchase agreements |
42,675 |
0.01 % |
29,463 |
0.01 % |
||||
| Short-term borrowings |
245,431 |
0.34 % |
136,378 |
0.31 % |
||||
| Long-term borrowings |
72,316 |
1.04 % |
20,869 |
3.01 % |
||||
| Junior subordinated debt securities |
47,561 |
2.82 % |
45,619 |
2.68 % |
||||
| Total Interest-bearing Liabilities |
3,868,843 |
0.40 % |
3,029,579 |
0.40 % |
||||
| Noninterest-bearing demand |
1,158,217 |
1,031,430 |
||||||
| Other liabilities |
66,009 |
52,704 |
||||||
| Shareholders' equity |
736,214 |
590,383 |
||||||
| Total Liabilities and Shareholders' Equity |
$5,829,283 |
$4,704,096 |
||||||
| Net Interest Margin (10) |
3.59 % |
3.52 % |
||||||
| S&T Bancorp, Inc. |
|||||||||
| Consolidated Selected Financial Data |
|||||||||
| Unaudited |
|||||||||
| 2015 |
2015 |
2014 |
|||||||
| Third |
Second |
Third |
|||||||
| (dollars in thousands) |
Quarter |
Quarter |
Quarter |
||||||
| Nonperforming Loans (NPL) |
|||||||||
| Commercial loans: |
% NPL |
% NPL |
% NPL |
||||||
| Commercial real estate |
$7,919 |
0.38 % |
$7,309 |
0.36 % |
$5,174 |
0.31 % |
|||
| Commercial and industrial |
5,370 |
0.43 % |
3,143 |
0.25 % |
2,426 |
0.26 % |
|||
| Commercial construction |
5,008 |
1.30 % |
4,472 |
1.30 % |
1,889 |
1.03 % |
|||
| Total Nonperforming Commercial Loans |
18,297 |
0.49 % |
14,924 |
0.41 % |
9,489 |
0.34 % |
|||
| Consumer loans: |
|||||||||
| Residential mortgage |
3,242 |
0.52 % |
2,010 |
0.34 % |
2,248 |
0.46 % |
|||
| Home equity |
2,147 |
0.46 % |
2,026 |
0.44 % |
1,735 |
0.41 % |
|||
| Installment and other consumer |
122 |
0.13 % |
179 |
0.19 % |
30 |
0.05 % |
|||
| Consumer construction |
0 |
— |
0 |
— % |
0 |
— % |
|||
| Total Nonperforming Consumer Loans |
5,511 |
0.46 % |
4,215 |
0.36 % |
4,013 |
0.41 % |
|||
| Total Nonperforming Loans |
$23,808 |
0.48 % |
$19,139 |
0.40 % |
$13,502 |
0.35 % |
|||
| 2015 |
2015 |
2014 |
||||
| Third |
Second |
Third |
||||
| Quarter |
Quarter |
Quarter |
||||
| Asset Quality Data |
||||||
| Nonperforming loans |
$23,808 |
$19,139 |
$13,502 |
|||
| Assets acquired through foreclosure or repossession |
472 |
750 |
200 |
|||
| Nonperforming assets |
24,280 |
19,889 |
13,702 |
|||
| Troubled debt restructurings (nonaccruing) |
8,092 |
8,927 |
4,929 |
|||
| Troubled debt restructurings (accruing) |
26,049 |
32,560 |
37,273 |
|||
| Total troubled debt restructurings |
34,141 |
41,487 |
42,202 |
|||
| Nonperforming loans / loans |
0.48 % |
0.40 % |
0.35 % |
|||
| Nonperforming assets / loans plus OREO |
0.49 % |
0.41 % |
0.36 % |
|||
| Allowance for loan losses / originated loans |
1.20 % |
1.23 % |
1.24 % |
|||
| Allowance for loan losses / total portfolio loans |
1.01 % |
1.02 % |
1.24 % |
|||
| Allowance for loan losses / nonperforming loans |
210 % |
255 % |
350 % |
|||
| Net loan charge-offs (recoveries) |
$2,113 |
$1,349 |
$718 |
|||
| Net loan charge-offs (recoveries)(annualized) / average loans |
0.17 % |
0.11 % |
0.08 % |
|||
| For the Nine Months Ended September 30, |
||||||
| (dollars in thousands) |
2015 |
2014 |
||||
| Asset Quality Data |
||||||
| Net loan charge-offs (recoveries) |
$4,477 |
$(453) |
||||
| Net loan charge-offs (recoveries)(annualized) / average loans |
0.13 % |
(0.02) % |
||||
| 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 |
|||||||||
| Third |
Second |
Third |
|||||||||
| Quarter |
Quarter |
Quarter |
|||||||||
| (3) |
Tangible Book Value (non-GAAP) |
||||||||||
| Total shareholders' equity |
$787,803 |
$771,229 |
$605,897 |
||||||||
| Less: goodwill and other intangible assets, net of deferred tax liability |
(296,233) |
(296,065) |
(177,696) |
||||||||
| Tangible common equity (non-GAAP) |
$491,570 |
$475,164 |
$428,201 |
||||||||
| Common shares outstanding |
34,812 |
34,813 |
29,796 |
||||||||
| Tangible book value (non-GAAP) |
$14.12 |
$13.65 |
$14.37 |
||||||||
| (4) |
Return on Average Tangible Assets (non-GAAP) |
||||||||||
| Net income (annualized) |
$73,931 |
$72,952 |
$58,162 |
||||||||
| Plus: amortization of intangibles net of tax (annualized) |
1,236 |
1,347 |
671 |
||||||||
| Net income before amortization of intangibles (annualized) |
75,167 |
74,299 |
58,833 |
||||||||
| Average total assets |
6,166,121 |
6,040,075 |
4,796,703 |
||||||||
| Less: average goodwill and other intangibles, net of deferred tax liability |
(295,998) |
(295,886) |
(177,783) |
||||||||
| Average tangible assets (non-GAAP) |
$5,870,123 |
$5,744,189 |
$4,618,920 |
||||||||
| Return on average tangible assets (non-GAAP) |
1.28 % |
1.29 % |
1.26 % |
||||||||
| (5) |
Return on Average Tangible Shareholders' Equity (non-GAAP) |
||||||||||
| Net income (annualized) |
$73,931 |
$72,952 |
$58,162 |
||||||||
| Plus: amortization of intangibles net of tax (annualized) |
1,236 |
1,347 |
671 |
||||||||
| Net income before amortization of intangibles (annualized) |
75,167 |
74,299 |
58,833 |
||||||||
| Average total shareholders' equity |
777,551 |
766,575 |
600,927 |
||||||||
| Less: average goodwill and other intangibles, net of deferred tax liability |
(295,998) |
(295,886) |
(177,783) |
||||||||
| Average tangible equity (non-GAAP) |
$481,553 |
$470,689 |
$423,144 |
||||||||
| Return on average tangible equity (non-GAAP) |
15.61 % |
15.79 % |
13.90 % |
||||||||
| (6) |
Tangible Common Equity / Tangible Assets (non-GAAP) |
||||||||||
| Total shareholders' equity |
$787,803 |
$771,229 |
$605,897 |
||||||||
| Less: goodwill and other intangible assets, net of deferred tax liability |
(296,233) |
(296,065) |
(177,696) |
||||||||
| Tangible common equity (non-GAAP) |
491,570 |
475,164 |
428,201 |
||||||||
| Total assets |
6,215,338 |
6,133,728 |
4,906,744 |
||||||||
| Less: goodwill and other intangible assets, net of deferred tax liability |
(296,233) |
(296,065) |
(177,696) |
||||||||
| Tangible assets (non-GAAP) |
$5,919,105 |
$5,837,663 |
$4,729,048 |
||||||||
| Tangible common equity to tangible assets (non-GAAP) |
8.30 % |
8.14 % |
9.05 % |
||||||||
| (7) |
Net Interest Margin Rate (FTE) (non-GAAP) |
||||||||||
| Interest income |
$53,669 |
$52,611 |
$40,605 |
||||||||
| Less: interest expense |
(4,073) |
(3,800) |
(3,076) |
||||||||
| Net interest income per consolidated statements of net income |
49,596 |
48,811 |
37,529 |
||||||||
| Plus: taxable equivalent adjustment |
1,607 |
1,494 |
1,373 |
||||||||
| Net interest income (FTE) (non-GAAP) |
51,203 |
50,305 |
38,902 |
||||||||
| Net interest income (FTE) (annualized) |
203,142 |
201,773 |
154,339 |
||||||||
| Average earning assets |
$5,628,748 |
$5,502,727 |
$4,417,413 |
||||||||
| Net interest margin - (FTE) (non-GAAP) |
3.61 % |
3.67 % |
3.50 % |
||||||||
| S&T Bancorp, Inc. |
|||||||||
| Consolidated Selected Financial Data |
|||||||||
| Unaudited |
|||||||||
| For the Nine Months Ended September 30, |
|||||||||
| 2015 |
2014 |
||||||||
| (8) |
Return on Average Tangible Assets (non-GAAP) |
||||||||
| Net income (annualized) |
$66,392 |
$58,044 |
|||||||
| Plus: amortization of intangibles net of tax (annualized) |
1,168 |
759 |
|||||||
| Net income before amortization of intangibles (annualized) |
67,560 |
58,803 |
|||||||
| Average total assets |
5,829,283 |
4,704,096 |
|||||||
| Less: average goodwill and other intangibles, net of deferred tax liability |
(269,026) |
(177,969) |
|||||||
| Average tangible assets (non-GAAP) |
$5,560,257 |
$4,526,127 |
|||||||
| Return on average tangible assets (non-GAAP) |
1.22 % |
1.30 % |
|||||||
| (9) |
Return on Average Tangible Shareholders' Equity (non-GAAP) |
||||||||
| Net income (annualized) |
$66,392 |
$58,044 |
|||||||
| Plus: amortization of intangibles net of tax (annualized) |
1,168 |
759 |
|||||||
| Net income before amortization of intangibles (annualized) |
67,560 |
58,803 |
|||||||
| Average total shareholders' equity |
736,214 |
590,383 |
|||||||
| Less: average goodwill and other intangibles, net of deferred tax liability |
(269,026) |
(177,969) |
|||||||
| Average tangible equity (non-GAAP) |
$467,188 |
$412,414 |
|||||||
| Return on average tangible equity (non-GAAP) |
14.46 % |
14.26 % |
|||||||
| (10) |
Net Interest Margin Rate (FTE) (non-GAAP) |
||||||||
| Interest income |
$150,195 |
$119,142 |
|||||||
| Less: interest expense |
(11,529) |
(9,167) |
|||||||
| Net interest income per consolidated statements of net income |
138,666 |
109,975 |
|||||||
| Plus: taxable equivalent adjustment |
4,493 |
4,090 |
|||||||
| Net interest income (FTE) (non-GAAP) |
143,159 |
114,065 |
|||||||
| Net interest income (FTE) (annualized) |
191,403 |
152,504 |
|||||||
| Average earning assets |
$5,330,240 |
$4,327,690 |
|||||||
| Net interest margin - (FTE) (non-GAAP) |
3.59 % |
3.52 % |
|||||||
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SOURCE S&T Bancorp, Inc.
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