S&T BANCORP, INC. ANNOUNCES RECORD QUARTERLY EPS AND NET INCOME

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October 20, 2022 7:30 AM EDT

INDIANA, Pa., Oct. 20, 2022 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, announced net income of $37.2 million, or $0.95 per diluted share, for the third quarter of 2022 compared to net income of $28.9 million, or $0.74 per diluted share, for the second quarter of 2022 and net income of $27.6 million, or $0.70 per diluted share, for the third quarter of 2021.

Third Quarter of 2022 Highlights:

  • Record EPS and net income for the third quarter of 2022.
  • EPS and net income increased more than 28% compared to the second quarter of 2022 and by approximately 35% compared to the third quarter of 2021.
  • Solid return metrics with return on average assets (ROA) of 1.64%, return on average equity (ROE) of 12.47% and return on average tangible equity (ROTE) (non-GAAP) of 18.46%.
  • Pre-provision net revenue to average assets (PPNR) (non-GAAP) of 2.15%.
  • Net interest margin (NIM) (FTE) (Non-GAAP) expanded 48 basis points to 4.04% for the third quarter.
  • Net interest income increased $8.6 million, or 11.4%, compared to the second quarter.
  • Loans, excluding PPP, increased $63.1 million, or 3.6% annualized, with strong consumer loan growth of $113.5 million.
  • Nonperforming assets decreased $10.0 million, or 25.8%, resulting in a nonperforming assets to total loans plus other real estate owned, or OREO, ratio of 0.41% compared to 0.55% at June 30, 2022.
  • S&T's Board of Directors approved a $0.01 per share, or 3.3%, increase in the quarterly cash dividend to $0.31 per share compared to the prior quarter.

"We are excited to share an exceptionally strong quarter with record EPS and net income. Our balance sheet is well-positioned in this rising interest rate environment resulting in significant net interest income growth and net interest margin expansion," said Chris McComish, chief executive officer. "Our financial performance, driven by our award-winning customer experience and employee engagement give us great optimism as we move through the current economic environment."

Net Interest Income

Net interest income increased $8.6 million, or 11.4%, to $83.8 million for the third quarter of 2022 compared to $75.2 million for the second quarter of 2022. The increase in net interest income was primarily due to higher interest rates in the third quarter. The yield on total average loans increased 58 basis points to 4.69% compared to 4.11% in the second quarter of 2022. Total interest-bearing deposit costs increased 29 basis points to 0.43% compared to 0.14% in the second quarter of 2022. Net interest margin on a fully taxable equivalent basis (NIM) (FTE) (non-GAAP) expanded 48 basis points to 4.04% compared to 3.56% in the prior quarter. The increase in NIM (FTE) (non-GAAP) was due to higher yields on loans and a better earning asset mix only partially offset by a higher cost of deposits.

Asset Quality

Total nonperforming assets decreased $10.0 million, or 25.8%, to $28.8 million at September 30, 2022 compared to $38.8 million at June 30, 2022. Nonperforming assets to total loans plus OREO, decreased 14 basis points to 0.41% at September 30, 2022 compared to 0.55% at June 30, 2022. Net loan charge-offs were $0.7 million for the third quarter of 2022 compared to $3.0 million in the second quarter of 2022. The provision for credit losses was $2.5 million for the third quarter of 2022 compared to $3.2 million in the second quarter of 2022. The allowance for credit losses was 1.40% of total portfolio loans as of September 30, 2022 compared to 1.39% at June 30, 2022. The increase in the allowance for credit losses was related to additional uncertainty in the macroeconomic environment.

"We continue to execute on our strategic initiative to improve our asset quality which drove nonperforming assets down twenty-five percent this quarter. Improving asset quality will remain a strategic priority for us especially given the evolving macroeconomic outlook," said Chris McComish, chief executive officer.

Noninterest Income and Expense

Noninterest income increased $2.2 million to $14.8 million in the third quarter of 2022 compared to $12.6 million in the second quarter of 2022. Other income increased $1.8 million in the third quarter primarily related to a lower unfavorable decline in the fair value of the assets in a nonqualified benefit plan and a gain on sale of OREO of $0.6 million. Noninterest expense increased $1.2 million to $49.6 million for the third quarter of 2022 compared to $48.4 million in the second quarter of 2022 mainly due to an increase of $1.9 million in salaries and employee benefits related to a lower decline in the fair value of the liability in a nonqualified benefit plan and higher pension expense. Professional services and legal decreased $0.5 million related to various consulting engagements during the second quarter of 2022.

Financial Condition

Total assets were $8.9 billion at September 30, 2022 compared to $9.1 billion at June 30, 2022. The decrease in total assets related to a $209.8 million decline in cash balances which was mainly due to a decrease in total deposits and an increase in loans. Total portfolio loans excluding Paycheck Protection Program increased by $63.1 million, or 3.6% annualized, compared to June 30, 2022. The consumer loan portfolio grew $113.5 million with strong growth across all consumer loan categories compared to June 30, 2022. Total deposits decreased $201.7 million to $7.4 billion at September 30, 2022 compared to $7.6 billion at June 30, 2022. The decline in deposits was due to the competitive market driven by rising interest rates.

During the third quarter of 2022, 117,283 common shares were repurchased at a total cost of $3.5 million, or an average of $29.71 per share. S&T continues to maintain a strong regulatory capital position with all capital ratios above the well-capitalized thresholds of federal bank regulatory agencies.

Dividend

S&T's Board of Directors approved a $0.31 per share cash dividend on October 17, 2022. This dividend compares to a $0.29 per share cash dividend declared in the same period in the prior year. The dividend is payable November 17, 2022 to shareholders of record on November 3, 2022.

Conference Call

S&T will host its third quarter 2022 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, October 20, 2022. To access the webcast, go to S&T's webpage at  www.stbancorp.com and click on "Events & Presentations." Select "3rd Quarter 2022 Earnings Conference Call" and follow the instructions. After the live presentation, the webcast will be archived on this website for at least 90 days. A replay of the call will also be available until October 27, 2022, by dialing 1.877.481.4010; the Conference ID is 46631.

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

S&T Bancorp, Inc. is a $8.9 billion bank holding company that is headquartered in Indiana, Pennsylvania 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 Pennsylvania, Ohio and New York. S&T Bank was recently named by Forbes as a 2022 Best-in-State Bank. S&T Bank also received the highest ranking in customer satisfaction for retail banking in the Pennsylvania region by J.D. Power in 2022. For more information visit stbancorp.com or stbank.com. Follow us on Facebook, Instagram and LinkedIn.

This information contains or incorporates statements that we believe are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial position and other matters regarding or affecting S&T and its future business and operations. Forward-looking statements are typically identified by words or phrases such as "will likely result," "expect," "anticipate," "estimate," "forecast," "project," "intend," "believe," "assume," "strategy," "trend," "plan," "outlook," "outcome," "continue," "remain," "potential," "opportunity," "comfortable," "current," "position," "maintain," "sustain," "seek," "achieve," and variations of such words and similar expressions, or future or conditional verbs such as will, would, should, could or may. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to: credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses; cyber-security concerns; rapid technological developments and changes; operational risks or risk management failures by us or critical third parties, including fraud risk; our ability to manage our reputational risks; sensitivity to the interest rate environment including a prolonged period of low interest rates, a rapid increase in interest rates or a change in the shape of the yield curve; a change in spreads on interest-earning assets and interest-bearing liabilities; the transition from LIBOR as a reference rate; regulatory supervision and oversight, including changes in regulatory capital requirements and our ability to address those requirements; unanticipated changes in our liquidity position; changes in accounting policies, practices or guidance; legislation affecting the financial services industry as a whole, and S&T, in particular; the outcome of pending and future litigation and governmental proceedings; increasing price and product/service competition; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; managing our internal growth and acquisitions; the possibility that the anticipated benefits from acquisitions, cannot be fully realized in a timely manner or at all, or that integrating the acquired operations will be more difficult, disruptive or costly than anticipated; containing costs and expenses; reliance on significant customer relationships; an interruption or cessation of an important service by a third-party provider; our ability to attract and retain talented executives and employees; our ability to successfully manage our CEO transition; general economic or business conditions, including the strength of regional economic conditions in our market area; the duration and severity of the coronavirus ("COVID-19") pandemic, both in our principal area of operations and nationally, including the ultimate impact of the pandemic on the economy generally and on our operations; our participation in the Paycheck Protection Program; deterioration of the housing market and reduced demand for mortgages; deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge to net income; the stability of our core deposit base and access to contingency funding; re-emergence of turbulence in significant portions of the global financial and real estate markets that could impact our performance, both directly, by affecting our revenues and the value of our assets and liabilities, and indirectly, by affecting the economy generally and access to capital in the amounts, at the times and on the terms required to support our future businesses.

Many of these factors, as well as other factors, are described in our Annual Report on Form 10-K for the year ended December 31, 2021, including Part I, Item 1A-"Risk Factors" and any of our subsequent filings with the SEC. Forward-looking statements are based on beliefs and assumptions using information available at the time the statements are made. We caution you not to unduly rely on forward-looking statements because the assumptions, beliefs, expectations and projections about future events may, and often do, differ materially from actual results. Any forward-looking statement speaks only as to the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made.

 

S&T Bancorp, Inc.Consolidated Selected Financial DataUnaudited

2022

2022

2021

Third

Second

Third

(dollars in thousands, except per share data)

Quarter

Quarter

Quarter

INTEREST AND DIVIDEND INCOME

Loans, including fees

$83,035

$71,018

$66,914

Investment Securities:

Taxable

6,305

5,995

4,176

Tax-exempt

380

484

595

Dividends

115

102

84

Total Interest and Dividend Income

89,835

77,599

71,769

INTEREST EXPENSE

Deposits

5,197

1,790

2,439

Borrowings and junior subordinated debt securities

840

615

619

Total Interest Expense

6,037

2,405

3,058

NET INTEREST INCOME

83,798

75,194

68,711

Provision for credit losses

2,498

3,204

3,388

Net Interest Income After Provision for Credit Losses

81,300

71,990

65,323

NONINTEREST INCOME

Net gain on sale of securities

198

—

—

Debit and credit card

4,768

4,756

4,579

Service charges on deposit accounts

4,333

4,181

3,923

Wealth management

3,212

3,247

3,464

Mortgage banking

425

466

2,162

Other

1,824

(20)

1,718

Total Noninterest Income

14,760

12,630

15,846

NONINTEREST EXPENSE

Salaries and employee benefits

26,700

24,811

25,228

Data processing and information technology

4,220

4,104

4,001

Occupancy

3,490

3,634

3,660

Furniture, equipment and software

2,915

2,939

2,745

Professional services and legal

1,851

2,380

1,550

Other taxes

1,559

1,682

1,830

Marketing

1,367

1,524

890

FDIC insurance

598

882

1,210

Other

6,933

6,468

6,127

Total Noninterest Expense

49,633

48,424

47,241

Income Before Taxes

46,427

36,196

33,928

Income tax expense

9,178

7,338

6,330

Net Income

$37,249

$28,858

$27,598

Per Share Data

Shares outstanding at end of period

39,012,773

39,148,999

39,367,847

Average shares outstanding - diluted

38,975,145

39,099,631

39,062,080

Diluted earnings per share

$0.95

$0.74

$0.70

Dividends declared per share

$0.30

$0.30

$0.28

Dividend yield (annualized)

4.09 %

4.37 %

3.80 %

Dividends paid to net income

31.39 %

40.86 %

39.83 %

Book value

$29.56

$30.10

$30.52

Tangible book value (1)

$19.87

$20.44

$20.89

Market value

$29.31

$27.43

$29.47

Profitability Ratios (Annualized)

Return on average assets

1.64 %

1.25 %

1.15 %

Return on average shareholders' equity

12.47 %

9.83 %

9.13 %

Return on average tangible shareholders' equity(2)

18.46 %

14.63 %

13.53 %

Pre-provision net revenue / average assets(3)

2.15 %

1.71 %

1.56 %

Efficiency ratio (FTE)(4)

50.19 %

54.82 %

55.50 %

 

S&T Bancorp, Inc.Consolidated Selected Financial DataUnaudited

Nine Months Ended September 30,

(dollars in thousands, except per share data)

2022

2021

INTEREST AND DIVIDEND INCOME

Loans, including fees

$218,646

$204,088

Investment Securities:

Taxable

17,236

11,532

Tax-exempt

1,346

2,098

Dividends

315

409

Total Interest and Dividend Income

237,543

218,127

INTEREST EXPENSE

Deposits

8,840

8,572

Borrowings and junior subordinated debt securities

1,978

1,881

Total Interest Expense

10,818

10,453

NET INTEREST INCOME

226,725

207,674

Provision for credit losses

5,190

9,087

Net Interest Income After Provision for Credit Losses

221,535

198,587

NONINTEREST INCOME

Net gain on sale of securities

198

29

Debit and credit card

14,587

13,486

Service charges on deposit accounts

12,488

11,039

Wealth management

9,701

9,576

Mortgage banking

1,906

8,206

Other

3,736

6,257

Total Noninterest Income

42,616

48,593

NONINTEREST EXPENSE

Salaries and employee benefits

75,223

73,070

Data processing and information technology

12,759

12,012

Occupancy

11,006

10,921

Furniture, equipment and software

8,631

7,787

Professional services and legal

6,180

4,718

Other taxes

4,778

5,098

Marketing

4,252

3,208

FDIC insurance

2,417

3,180

Other

20,225

18,742

Total Noninterest Expense

145,471

138,736

Income Before Taxes

118,680

108,444

Income tax expense

23,430

20,578

Net Income

$95,250

$87,866

Per Share Data

Average shares outstanding - diluted

39,049,151

39,044,870

Diluted earnings per share

$2.43

$2.24

Dividends declared per share

$0.89

$0.84

Dividends paid to net income

36.61 %

37.50 %

Profitability Ratios (annualized)

Return on average assets

1.38 %

1.26 %

Return on average shareholders' equity

10.73 %

9.96 %

Return on average tangible shareholders' equity(5)

15.91 %

14.87 %

Pre-provision net revenue / average assets(6)

1.79 %

1.68 %

Efficiency ratio (FTE)(7)

53.75 %

53.75 %

 

S&T Bancorp, Inc.Consolidated Selected Financial DataUnaudited

2022

2022

2021

Third

Second

Third

(dollars in thousands)

Quarter

Quarter

Quarter

ASSETS

Cash and due from banks, including interest-bearing deposits

$134,903

$344,694

$934,377

Securities, at fair value

997,428

1,068,576

870,121

Loans held for sale

1,039

1,311

4,303

Commercial loans:

Commercial real estate

3,134,841

3,191,670

3,225,863

Commercial and industrial

1,714,714

1,695,031

1,698,784

Commercial construction

390,093

410,425

499,317

Total Commercial Loans

5,239,648

5,297,126

5,423,964

Consumer loans:

Residential mortgage

1,043,973

975,108

887,937

Home equity

642,937

611,893

548,396

Installment and other consumer

126,629

119,938

97,606

Consumer construction

43,729

36,829

12,184

Total Consumer Loans

1,857,268

1,743,768

1,546,123

Total Portfolio Loans

7,096,916

7,040,894

6,970,087

Allowance for credit losses

(99,694)

(98,095)

(108,348)

Total Portfolio Loans, Net

6,997,222

6,942,799

6,861,739

Federal Home Loan Bank and other restricted stock, at cost

10,900

7,949

9,893

Goodwill

373,424

373,424

373,424

Other assets

421,053

365,061

382,197

Total Assets

$8,935,969

$9,103,814

$9,436,054

LIABILITIES

Deposits:

Noninterest-bearing demand

$2,663,176

$2,736,849

$2,652,314

Interest-bearing demand

847,825

880,432

971,321

Money market

1,818,642

1,888,506

2,045,320

Savings

1,128,169

1,125,344

1,074,896

Certificates of deposit

952,785

981,116

1,201,268

Total Deposits

7,410,597

7,612,247

7,945,119

Borrowings:

Securities sold under repurchase agreements

—

39,259

72,586

Short-term borrowings

35,000

—

—

Long-term borrowings

14,853

21,988

22,693

Junior subordinated debt securities

54,438

54,423

64,128

Total Borrowings

104,291

115,670

159,407

Other liabilities

267,900

197,539

129,847

Total Liabilities

7,782,788

7,925,456

8,234,373

SHAREHOLDERS' EQUITY

Total Shareholders' Equity

1,153,181

1,178,358

1,201,681

Total Liabilities and Shareholders' Equity

$8,935,969

$9,103,814

$9,436,054

Capitalization Ratios

Shareholders' equity / assets

12.90 %

12.94 %

12.73 %

Tangible common equity / tangible assets(9)

9.06 %

9.17 %

9.08 %

Tier 1 leverage ratio

10.75 %

10.25 %

9.65 %

Common equity tier 1 capital

12.53 %

12.34 %

12.07 %

Risk-based capital - tier 1

12.93 %

12.74 %

12.48 %

Risk-based capital - total

14.43 %

14.23 %

14.06 %

 

S&T Bancorp, Inc.Consolidated Selected Financial DataUnaudited

2022

2022

2021

Third

Second

Third

(dollars in thousands)

Quarter

Quarter

Quarter

Net Interest Margin (FTE) (QTD Averages)

ASSETS

Interest-bearing deposits with banks

$158,700

2.05 %

$528,413

0.78 %

$914,370

0.16 %

Securities, at fair value

1,051,534

2.28 %

1,024,106

2.19 %

836,019

2.19 %

Loans held for sale

1,032

5.36 %

1,406

3.95 %

3,656

3.35 %

Commercial real estate

3,159,543

4.63 %

3,197,406

4.14 %

3,239,867

3.68 %

Commercial and industrial

1,704,271

5.10 %

1,685,728

4.31 %

1,744,684

4.17 %

Commercial construction

405,460

5.05 %

404,856

3.78 %

490,940

3.20 %

Total Commercial Loans

5,269,274

4.81 %

5,287,990

4.16 %

5,475,491

3.80 %

Residential mortgage

1,005,139

4.12 %

939,756

3.98 %

875,684

4.00 %

Home equity

629,827

4.34 %

594,529

3.56 %

547,984

3.34 %

Installment and other consumer

123,010

6.10 %

119,041

5.36 %

92,615

5.85 %

Consumer construction

40,975

3.47 %

31,204

3.36 %

13,626

3.66 %

Total Consumer Loans

1,798,951

4.31 %

1,684,530

3.92 %

1,529,909

3.87 %

Total Portfolio Loans

7,068,225

4.69 %

6,972,520

4.11 %

7,005,400

3.81 %

Total Loans

7,069,257

4.69 %

6,973,926

4.11 %

7,009,056

3.81 %

Federal Home Loan Bank and other restricted stock

8,398

4.55 %

8,939

3.69 %

9,981

2.62 %

Total Interest-earning Assets

8,287,889

4.33 %

8,535,384

3.67 %

8,769,425

3.28 %

Noninterest-earning assets

721,480

690,207

724,759

Total Assets

$9,009,369

$9,225,591

$9,494,184

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing demand

$872,302

0.07 %

$979,514

0.07 %

$962,139

0.08 %

Money market

1,861,389

0.69 %

1,930,852

0.15 %

2,062,958

0.18 %

Savings

1,131,575

0.10 %

1,118,346

0.05 %

1,059,904

0.03 %

Certificates of deposit

962,898

0.61 %

1,001,775

0.31 %

1,240,345

0.41 %

Total Interest-bearing Deposits

4,828,164

0.43 %

5,030,487

0.14 %

5,325,346

0.18 %

Securities sold under repurchase agreements

12,668

0.10 %

50,037

0.10 %

71,054

0.10 %

Short-term borrowings

10,379

3.16 %

—

— %

—

— %

Long-term borrowings

17,278

2.25 %

22,072

2.01 %

22,841

1.99 %

Junior subordinated debt securities

54,428

4.78 %

54,413

3.62 %

64,118

3.01 %

Total Borrowings

94,753

3.52 %

126,522

1.95 %

158,012

1.56 %

Total Interest-bearing Liabilities

4,922,917

0.49 %

5,157,009

0.19 %

5,483,358

0.22 %

Noninterest-bearing liabilities

2,901,290

2,891,032

2,812,185

Shareholders' equity

1,185,162

1,177,550

1,198,641

Total Liabilities and Shareholders' Equity

$9,009,369

$9,225,591

$9,494,184

Net Interest Margin(10)

4.04 %

3.56 %

3.14 %

 

S&T Bancorp, Inc.Consolidated Selected Financial DataUnaudited

Nine Months Ended September 30,

(dollars in thousands)

2022

2021

Net Interest Margin (FTE) (YTD Averages)

ASSETS

Interest-bearing deposits with banks

$478,896

0.60 %

$669,593

0.12 %

Securities, at fair value

1,026,131

2.19 %

815,197

2.24 %

Loans held for sale

1,326

4.15 %

4,780

3.02 %

Commercial real estate

3,204,371

4.14 %

3,248,417

3.71 %

Commercial and industrial

1,700,923

4.47 %

1,863,447

4.13 %

Commercial construction

406,513

4.05 %

479,733

3.30 %

Total Commercial Loans

5,311,807

4.24 %

5,591,597

3.81 %

Residential mortgage

947,454

4.04 %

878,709

4.13 %

Home equity

598,595

3.80 %

538,931

3.49 %

Installment and other consumer

117,388

5.64 %

85,640

6.06 %

Consumer construction

31,407

3.41 %

14,257

4.92 %

Total Consumer Loans

1,694,844

4.05 %

1,517,538

4.02 %

Total Portfolio Loans

7,006,651

4.19 %

7,109,135

3.86 %

Total Loans

7,007,977

4.19 %

7,113,915

3.86 %

Federal Home Loan Bank and other restricted stock

8,869

3.86 %

10,579

4.07 %

Total Interest-earning Assets

8,521,873

3.75 %

8,609,284

3.41 %

Noninterest-earning assets

706,640

728,314

Total Assets

$9,228,513

$9,337,598

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing demand

$945,733

0.07 %

$952,297

0.09 %

Money market

1,948,653

0.32 %

2,023,583

0.18 %

Savings

1,119,739

0.06 %

1,033,581

0.04 %

Certificates of deposit

1,011,228

0.41 %

1,291,666

0.51 %

Total Interest-bearing deposits

5,025,353

0.24 %

5,301,126

0.22 %

Securities sold under repurchase agreements

47,912

0.10 %

67,872

0.12 %

Short-term borrowings

3,498

3.16 %

8,425

0.19 %

Long-term borrowings

20,535

2.06 %

23,139

2.00 %

Junior subordinated debt securities

54,413

3.79 %

64,103

3.05 %

Total Borrowings

126,358

2.09 %

163,539

1.54 %

Total Interest-bearing Liabilities

5,151,711

0.28 %

5,464,665

0.26 %

Noninterest-bearing liabilities

2,890,375

2,693,530

Shareholders' equity

1,186,427

1,179,403

Total Liabilities and Shareholders' Equity

$9,228,513

$9,337,598

Net Interest Margin(8)

3.58 %

3.25 %

 

S&T Bancorp, Inc.Consolidated Selected Financial DataUnaudited

2022

2022

2021

Third

Second

Third

(dollars in thousands)

Quarter

Quarter

Quarter

Nonperforming Loans (NPL)

Commercial loans:

% NPL

% NPL

% NPL

Commercial real estate

$8,556

0.27 %

$15,783

0.49 %

$56,400

1.71 %

Commercial and industrial

3,847

0.22 %

4,454

0.26 %

38,581

2.27 %

Commercial construction

384

0.10 %

864

0.21 %

4,053

0.75 %

Total Nonperforming Commercial Loans

12,787

0.24 %

21,101

0.40 %

99,034

1.83 %

Consumer loans:

Residential mortgage

7,357

0.70 %

8,137

0.83 %

9,172

1.03 %

Home equity

2,216

0.34 %

2,281

0.37 %

2,917

0.53 %

Installment and other consumer

417

0.33 %

256

0.21 %

189

0.19 %

Total Nonperforming Consumer Loans

9,990

0.54 %

10,674

0.61 %

12,278

0.79 %

Total Nonperforming Loans

$22,777

0.32 %

$31,775

0.45 %

$111,312

1.60 %

 

2022

2022

2021

Third

Second

Third

(dollars in thousands)

Quarter

Quarter

Quarter

Loan Charge-offs (Recoveries)

Charge-offs

$1,239

$7,678

$4,207

Recoveries

(529)

(4,666)

(616)

Net Loan Charge-offs

$710

$3,012

$3,591

Net Loan Charge-offs (Recoveries)

Commercial loans:

Commercial real estate

$304

($125)

$3,652

Commercial and industrial

80

2,712

(277)

Commercial construction

—

—

54

Total Commercial Loan Charge-offs

384

2,587

3,429

Consumer loans:

Residential mortgage

41

13

2

Home equity

111

6

37

Installment and other consumer

174

406

123

Total Consumer Loan Charge-offs

326

425

162

Total Net Loan Charge-offs

$710

$3,012

$3,591

 

S&T Bancorp, Inc.Consolidated Selected Financial DataUnaudited

Nine Months Ended September 30,

(dollars in thousands)

2022

2021

Loan Charge-offs (Recoveries)

Charge-offs

$9,899

$19,477

Recoveries

(8,213)

(2,601)

Net Loan Charge-offs

$1,686

$16,876

Net Loan Charge-offs

Commercial loans:

Commercial real estate

$356

$10,945

Commercial and industrial

285

5,431

Commercial construction

(1)

51

Total Commercial Loan Charge-offs

640

16,427

Consumer loans:

Residential mortgage

135

17

Home equity

97

279

Installment and other consumer

814

153

Total Consumer Loan Charge-offs

1,046

449

Total Net Loan Charge-offs

$1,686

$16,876

 

2022

2022

2021

Third

Second

Third

(dollars in thousands)

Quarter

Quarter

Quarter

Asset Quality Data

Nonperforming loans

$22,777

$31,775

$111,312

OREO

6,022

7,046

13,370

Total nonperforming assets

28,799

38,821

124,682

Troubled debt restructurings (nonaccruing)

3,860

4,010

14,033

Troubled debt restructurings (accruing)

8,925

9,338

13,782

Total troubled debt restructurings

12,785

13,348

27,815

Nonperforming loans / total loans

0.32 %

0.45 %

1.60 %

Nonperforming assets / total loans plus OREO

0.41 %

0.55 %

1.78 %

Allowance for credit losses / total portfolio loans

1.40 %

1.39 %

1.55 %

Allowance for credit losses / total portfolio loans excluding PPP

1.41 %

1.40 %

1.60 %

Allowance for credit losses / nonperforming loans

438 %

309 %

97 %

Net loan charge-offs (recoveries)

$710

$3,012

$3,590

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

0.04 %

0.17 %

0.21 %

 

Nine Months Ended September 30,

(dollars in thousands)

2022

2021

Asset Quality Data

Net loan charge-offs

$1,686

$16,875

Net loan charge-offs (annualized) / average loans

0.03 %

0.32 %

 

S&T Bancorp, Inc.Consolidated Selected Financial DataUnaudited

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

2022

2022

2021

Third

Second

Third

(dollars in thousands)

Quarter

Quarter

Quarter

(1) Tangible Book Value (non-GAAP)

Total shareholders' equity

$1,153,181

$1,178,358

$1,201,681

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

(377,961)

(378,259)

(379,218)

Tangible common equity (non-GAAP)

$775,220

$800,099

$822,463

Common shares outstanding

39,013

39,149

39,368

Tangible book value (non-GAAP)

$19.87

$20.44

$20.89

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

Net income (annualized)

$147,781

$115,750

$109,492

Plus: amortization of intangibles (annualized), net of tax

1,181

1,197

1,369

Net income before amortization of intangibles (annualized)

$148,962

$116,947

$110,861

Average total shareholders' equity

$1,185,162

$1,177,550

$1,198,641

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

(378,154)

(378,453)

(379,443)

Average tangible equity (non-GAAP)

$807,008

$799,097

$819,198

Return on average tangible shareholders' equity (non-GAAP)

18.46 %

14.63 %

13.53 %

(3) PPNR / Average Assets (non-GAAP)

Income before taxes

$46,427

$36,196

$33,928

Plus: Provision for credit losses

2,498

3,204

3,388

Total

$48,925

$39,400

$37,316

Total (annualized) (non-GAAP)

$194,106

$158,034

$148,051

Average assets

$9,009,369

$9,225,591

$9,494,184

PPNR / Average Assets (non-GAAP)

2.15 %

1.71 %

1.56 %

(4) Efficiency Ratio (non-GAAP)

Noninterest expense

$49,633

$48,424

$47,241

Net interest income per consolidated statements of net income

83,798

75,194

68,711

Plus: taxable equivalent adjustment

521

506

557

Net interest income (FTE) (non-GAAP)

$84,319

$75,700

$69,268

Noninterest income

14,760

12,630

15,846

Less: net gains on sale of securities

(198)

—

—

Net interest income (FTE) (non-GAAP) plus noninterest income

$98,881

$88,330

$85,114

Efficiency ratio (non-GAAP)

50.19 %

54.82 %

55.50 %

 

S&T Bancorp, Inc.Consolidated Selected Financial DataUnaudited

Nine Months Ended September 30,

(dollars in thousands)

2022

2021

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

Net income (annualized)

$127,350

$117,477

Plus: amortization of intangibles (annualized), net of tax

1,217

1,409

Net income before amortization of intangibles (annualized)

$128,567

$118,886

Average total shareholders' equity

$1,186,427

$1,179,403

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

(378,454)

(379,788)

Average tangible equity (non-GAAP)

$807,973

$799,615

Return on average tangible shareholders' equity (non-GAAP)

15.91 %

14.87 %

(6) PPNR / Average Assets (non-GAAP)

Income before taxes

$118,680

$108,444

Plus: Provision for credit losses

5,190

9,087

Total

$123,870

$117,531

Total (annualized) (non-GAAP)

$165,614

$157,139

Average assets

$9,228,513

$9,337,598

PPNR / Average Assets (non-GAAP)

1.79 %

1.68 %

(7) Efficiency Ratio (non-GAAP)

Noninterest expense

$145,471

$138,736

Net interest income per consolidated statements of net income

226,725

207,674

Plus: taxable equivalent adjustment

1,520

1,806

Net interest income (FTE) (non-GAAP)

$228,245

$209,480

Noninterest income

42,616

48,593

Less: net gains on sale of securities

(198)

(29)

Net interest income (FTE) (non-GAAP) plus noninterest income

$270,663

$258,044

Efficiency ratio (non-GAAP)

53.75 %

53.75 %

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

Interest income and dividend income

$237,543

$218,127

Less: interest expense

(10,818)

(10,453)

Net interest income per consolidated statements of net income

$226,725

$207,674

Plus: taxable equivalent adjustment

1,520

1,806

Net interest income (FTE) (non-GAAP)

$228,245

$209,480

Net interest income (FTE) (annualized)

$305,163

$280,074

Average interest-earning assets

$8,521,873

$8,609,284

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

3.58 %

3.25 %

 

 

S&T Bancorp, Inc.Consolidated Selected Financial DataUnaudited

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

2022

2022

2021

Third

Second

Third

(dollars in thousands)

Quarter

Quarter

Quarter

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

Total shareholders' equity

$1,153,181

$1,178,358

$1,201,681

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

(377,961)

(378,259)

(379,218)

Tangible common equity (non-GAAP)

$775,220

$800,099

$822,463

Total assets

$8,935,969

$9,103,814

$9,436,054

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

(377,961)

(378,259)

(379,218)

Tangible assets (non-GAAP)

$8,558,008

$8,725,555

$9,056,836

Tangible common equity to tangible assets (non-GAAP)

9.06 %

9.17 %

9.08 %

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

Interest income and dividend income

$89,835

$77,599

$71,769

Less: interest expense

(6,037)

(2,405)

(3,058)

Net interest income per consolidated statements of net income

$83,798

$75,194

$68,711

Plus: taxable equivalent adjustment

521

506

557

Net interest income (FTE) (non-GAAP)

$84,319

$75,700

$69,268

Net interest income (FTE) (annualized)

$334,526

$303,633

$274,812

Average interest-earning assets

$8,287,889

$8,535,384

$8,769,425

Net interest margin (FTE) (non-GAAP)

4.04 %

3.56 %

3.14 %

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/st-bancorp-inc-announces-record-quarterly-eps-and-net-income-301654297.html

SOURCE S&T Bancorp, Inc.


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