S&T BANCORP, INC. ANNOUNCES SECOND QUARTER 2022 NET INCOME

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July 21, 2022 7:30 AM EDT

INDIANA, Pa., July 21, 2022 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, with operations in five markets including Western Pennsylvania, Eastern Pennsylvania, Northeast Ohio, Central Ohio and Upstate New York, announced net income of $28.9 million, or $0.74 per diluted share, for the second quarter of 2022 compared to net income of $29.1 million, or $0.74 per diluted share, for the first quarter of 2022 and net income of $28.4 million, or $0.72 per diluted share, for the second quarter of 2021.

Second Quarter of 2022 Highlights:
  • Return on average assets (ROA) of 1.25%, return on average equity (ROE) of 9.83% and return on average tangible equity (ROTE) (non-GAAP) of 14.63%.
  • Pre-provision net revenue to average assets (PPNR) (non-GAAP) of 1.71%.
  • Net interest income increased $7.5 million, or 11%, and NIM (FTE) (Non-GAAP) increased 40 basis points compared to the first quarter of 2022.
  • Strong consumer loan growth of $111.7 million, or 27.5% annualized, compared to March 31, 2022.
  • Nonperforming assets decreased $20.7 million, or 34.8%, compared to March 31, 2022.
  • S&T's Board of Directors approved a $0.30 per share dividend compared to $0.28 per share in the same period last year.

"Our performance was strong this quarter with significant growth in net interest income and net interest margin. We also saw significant improvement in our nonperforming assets with a decline of nearly 35% from the first quarter and a 66% decline from a year ago," said Chris McComish, chief executive officer. "We are extremely proud to be recently named by Forbes as a Best-In-State Bank especially on the heels of our recognition by J.D. Power as the highest in overall customer satisfaction with retail banking in the Pennsylvania region. Both awards are an honor and a true reflection of our dedicated employees and the trust our customers have placed in us to help meet their financial needs."

Net Interest Income

Net interest income increased $7.5 million, or 11%, to $75.2 million for the second quarter of 2022 compared to $67.7 million for the first quarter of 2022. The increase in net interest income was primarily due to higher interest rates in the second quarter. The yield on total average loans increased 34 basis points compared to the first quarter of 2022 while the cost of total interest-bearing deposits remained unchanged at 0.14%. Net interest margin on a fully taxable equivalent basis (NIM) (FTE) (non-GAAP) increased 40 basis points to 3.56% compared to 3.16% in the prior quarter.

Asset Quality

Total nonperforming assets decreased $20.7 million, or 34.8%, to $38.8 million at June 30, 2022. The decrease primarily related to the resolution of a $9.9 million commercial and industrial, or C&I, relationship and additional loan pay-offs. Significant progress has been made in reducing nonperforming assets over the past year with a reduction of $74.9 million, or 65.9%, since June 30, 2021. Nonperforming assets to total loans plus other real estate owned, or OREO, decreased 30 basis points to 0.55% at June 30, 2022 compared to 0.85% at March 31, 2022 and 1.62% at June 30, 2021. Net loan charge-offs were $3.0 million for the second quarter of 2022 compared to net loan recoveries of $2.0 million in the first quarter of 2022. Gross loan charge-offs of $7.7 million were offset by recoveries of $4.7 million during the second quarter of 2022. The C&I relationship previously mentioned resulted in a $5.5 million charge-off which was offset by a $3.9 million C&I recovery from a relationship that was charged off in 2019. The provision for credit losses was $3.2 million for the second quarter of 2022 compared to negative $0.5 million in the first quarter of 2022. The negative provision in the first quarter of 2022 was mainly due to the net recovery of $2.0 million. The allowance for credit losses was 1.39% of total portfolio loans as of June 30, 2022 compared to 1.43% at March 31, 2022.

Noninterest Income and Expense

Noninterest income decreased $2.6 million to $12.6 million in the second quarter of 2022 compared to $15.2 million in the first quarter of 2022. Other income decreased $1.9 million primarily related to the decline in the fair value of the assets in a nonqualified benefit plan and a $0.5 million gain on sale of OREO in the first quarter of 2022. Mortgage banking income decreased $0.5 million due to a shift in the volume of loans sold to loans held in the portfolio. Noninterest expense increased $1.0 million to $48.4 million for the second quarter of 2022 compared to $47.4 million in the first quarter of 2022 mainly due to an increase of $1.1 million in salaries and employee benefits related to higher incentives and medical expense offset by a decline in the fair value of the liability in a nonqualified benefit plan. Professional services and legal increased $0.4 million related to various consulting engagements during the second quarter of 2022.

Financial Condition

Total assets were $9.1 billion at June 30, 2022 compared to $9.4 billion at March 31, 2022. The decrease in total assets related to a $479.1 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, or PPP, increased by $107.2 million, or 6.2% annualized, compared to March 31, 2022. The consumer loan portfolio grew $111.7 million, or 27.5% annualized, with strong growth in both residential mortgages and home equity compared to March 31, 2022. Noninterest-bearing demand deposits were stable at $2.7 billion compared to March 31, 2022.  Interest-bearing deposits declined $344.7 million compared to March 31, 2022. The decline in interest-bearing deposits was concentrated in higher balance, rate sensitive customer accounts.During the second quarter of 2022, 151,220 common shares were repurchased at a total cost of $4.2 million, or an average of $27.46 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 $0.30 per share cash dividend on July 18, 2022. This dividend compares to a $0.28 per share dividend declared in the same period in the prior year. The dividend is payable August 18, 2022 to shareholders of record on August 4, 2022.

Conference Call

S&T will host its second quarter 2022 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, July 21, 2022. To access the webcast, go to S&T's webpage at www.stbancorp.com and click on "Events & Presentations." Select "2nd 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 July 28, 2022, by dialing 1.877.481.4010; the Conference ID is 45770.

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

S&T Bancorp, Inc. is a $9.1 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 five markets including Western Pennsylvania, Eastern Pennsylvania, Northeast Ohio, Central Ohio and Upstate 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*. For more information visit stbancorp.com or stbank.com. Follow us on Facebook, Instagram and LinkedIn.

*S&T Bank received the highest score in Pennsylvania in the J.D. Power 2022 U.S. Retail Banking Satisfaction Study of customers' satisfaction with their primary bank. Visit jdpower.com/awards for more details.

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 Data

Unaudited

2022

2022

2021

Second

First

Second

(dollars in thousands, except per share data)

Quarter

Quarter

Quarter

INTEREST AND DIVIDEND INCOME

Loans, including fees

$71,018

$64,593

$66,942

Investment Securities:

Taxable

5,995

4,936

3,793

Tax-exempt

484

482

690

Dividends

102

98

152

Total Interest and Dividend Income

77,599

70,109

71,577

INTEREST EXPENSE

Deposits

1,790

1,853

2,652

Borrowings and junior subordinated debt securities

615

523

621

Total Interest Expense

2,405

2,376

3,273

NET INTEREST INCOME

75,194

67,733

68,304

Provision for credit losses

3,204

(512)

2,561

Net Interest Income After Provision for Credit Losses

71,990

68,245

65,743

NONINTEREST INCOME

Net gain on sale of securities

—

—

29

Debit and credit card

4,756

5,063

4,744

Service charges on deposit accounts

4,181

3,974

3,642

Wealth management

3,247

3,242

3,167

Mortgage banking

466

1,015

1,734

Other

(20)

1,932

2,108

Total Noninterest Income

12,630

15,226

15,424

NONINTEREST EXPENSE

Salaries and employee benefits

24,811

23,712

24,515

Data processing and information technology

4,104

4,435

3,787

Occupancy

3,634

3,882

3,434

Furniture, equipment and software

2,939

2,777

2,402

Professional services and legal

2,380

1,949

1,637

Other taxes

1,682

1,537

1,832

Marketing

1,524

1,361

996

FDIC insurance

882

937

924

Other

6,468

6,824

6,302

Total Noninterest Expense

48,424

47,414

45,829

Income Before Taxes

36,196

36,057

35,338

Income tax expense

7,338

6,914

6,971

Net Income

$28,858

$29,143

$28,367

Per Share Data

Shares outstanding at end of period

39,148,999

39,351,688

39,345,719

Average shares outstanding - diluted

39,099,631

39,089,933

39,048,971

Diluted earnings per share

$0.74

$0.74

$0.72

Dividends declared per share

$0.30

$0.29

$0.28

Dividend yield (annualized)

4.37 %

3.92 %

3.58 %

Dividends paid to net income

40.86 %

39.06 %

38.74 %

Book value

$30.10

$30.11

$30.21

Tangible book value (1)

$20.44

$20.49

$20.57

Market value

$27.43

$29.58

$31.30

Profitability Ratios (Annualized)

Return on average assets

1.25 %

1.25 %

1.21 %

Return on average shareholders' equity

9.83 %

9.88 %

9.65 %

Return on average tangible shareholders' equity(2)

14.63 %

14.61 %

14.41 %

Pre-provision net revenue/ average assets(3)

1.71 %

1.52 %

1.61 %

Efficiency ratio (FTE)(4)

54.82 %

56.82 %

54.37 %

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

Six Months Ended June 30,

(dollars in thousands, except per share data)

2022

2021

INTEREST AND DIVIDEND INCOME

Loans, including fees

$135,611

$137,174

Investment Securities:

Taxable

10,931

7,356

Tax-exempt

966

1,503

Dividends

200

325

Total Interest and Dividend Income

147,708

146,358

INTEREST EXPENSE

Deposits

3,643

6,133

Borrowings and junior subordinated debt securities

1,138

1,263

Total Interest Expense

4,781

7,396

NET INTEREST INCOME

142,927

138,962

Provision for credit losses

2,692

5,699

Net Interest Income After Provision for Credit Losses

140,235

133,263

NONINTEREST INCOME

Net gain on sale of securities

—

29

Debit and credit card

9,819

8,906

Service charges on deposit accounts

8,155

7,116

Wealth management

6,489

6,111

Mortgage banking

1,481

6,044

Other

1,912

4,541

Total Noninterest Income

27,856

32,747

NONINTEREST EXPENSE

Salaries and employee benefits

48,523

47,842

Data processing and information technology

8,539

8,012

Occupancy

7,516

7,261

Furniture, equipment and software

5,716

5,042

Professional services and legal

4,329

3,168

Other taxes

3,219

3,268

Marketing

2,885

2,318

FDIC insurance

1,819

1,970

Other

13,292

12,614

Total Noninterest Expense

95,838

91,495

Income Before Taxes

72,253

74,515

Income tax expense

14,252

14,247

Net Income

$58,001

$60,268

Per Share Data

Average shares outstanding - diluted

39,095,716

39,039,007

Diluted earnings per share

$1.48

$1.54

Dividends declared per share

$0.59

$0.56

Dividends paid to net income

39.96 %

36.44 %

Profitability Ratios (annualized)

Return on average assets

1.25 %

1.31 %

Return on average shareholders' equity

9.85 %

10.39 %

Return on average tangible shareholders' equity(5)

14.62 %

15.57 %

Pre-provision net revenue / average assets(6)

1.62 %

1.75 %

Efficiency ratio (FTE)(7)

55.79 %

52.89 %

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

2022

2022

2021

Second

First

Second

(dollars in thousands)

Quarter

Quarter

Quarter

ASSETS

Cash and due from banks, including interest-bearing deposits

$344,694

$823,757

$985,278

Securities, at fair value

1,068,576

1,028,218

840,375

Loans held for sale

1,311

1,346

7,648

Commercial loans:

Commercial real estate

3,191,669

3,257,955

3,246,533

Commercial and industrial

1,695,031

1,675,316

1,774,358

Commercial construction

410,425

398,592

478,153

Total Commercial Loans

5,297,125

5,331,863

5,499,044

Consumer loans:

Residential mortgage

975,109

912,531

859,329

Home equity

611,893

581,821

547,658

Installment and other consumer

119,938

112,297

88,210

Consumer construction

36,829

25,399

13,110

Total Consumer Loans

1,743,769

1,632,048

1,508,307

Total Portfolio Loans

7,040,894

6,963,911

7,007,351

Allowance for credit losses

(98,095)

(99,915)

(109,636)

Total Portfolio Loans, Net

6,942,799

6,863,996

6,897,715

Federal Home Loan Bank and other restricted stock, at cost

7,949

9,349

10,106

Goodwill

373,424

373,424

373,424

Other assets

365,061

332,191

381,286

Total Assets

$9,103,814

$9,432,281

$9,495,832

LIABILITIES

Deposits:

Noninterest-bearing demand

$2,736,849

$2,740,315

$2,668,833

Interest-bearing demand

880,432

1,070,656

979,300

Money market

1,888,506

1,992,916

2,047,254

Savings

1,125,344

1,117,985

1,050,256

Certificates of deposit

981,116

1,038,586

1,269,621

Total Deposits

7,612,247

7,960,458

8,015,264

Borrowings:

Securities sold under repurchase agreements

39,259

70,112

68,587

Long-term borrowings

21,988

22,171

22,969

Junior subordinated debt securities

54,423

54,408

64,113

Total Borrowings

115,670

146,691

155,669

Other liabilities

197,539

140,182

136,166

Total Liabilities

7,925,456

8,247,331

8,307,099

SHAREHOLDERS' EQUITY

Total Shareholders' Equity

1,178,358

1,184,950

1,188,733

Total Liabilities and Shareholders' Equity

$9,103,814

$9,432,281

$9,495,832

Capitalization Ratios

Shareholders' equity / assets

12.94 %

12.56 %

12.52 %

Tangible common equity / tangible assets(9)

9.17 %

8.91 %

8.88 %

Tier 1 leverage ratio

10.25 %

9.85 %

9.52 %

Common equity tier 1 capital

12.34 %

12.26 %

11.98 %

Risk-based capital - tier 1

12.74 %

12.67 %

12.40 %

Risk-based capital - total

14.23 %

14.18 %

14.00 %

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

2022

2022

2021

Second

First

Second

(dollars in thousands)

Quarter

Quarter

Quarter

Net Interest Margin (FTE) (QTD Averages)

ASSETS

Interest-bearing deposits with banks

$528,413

0.78 %

$756,141

0.16 %

$785,465

0.09 %

Securities, at fair value

1,024,106

2.19 %

1,002,212

2.10 %

826,861

2.19 %

Loans held for sale

1,406

3.95 %

1,545

3.51 %

4,353

3.01 %

Commercial real estate

3,197,406

4.14 %

3,257,238

3.65 %

3,251,894

3.69 %

Commercial and industrial

1,685,728

4.31 %

1,712,865

3.98 %

1,890,538

3.90 %

Commercial construction

404,856

3.78 %

409,264

3.30 %

462,928

3.34 %

Total Commercial Loans

5,287,990

4.16 %

5,379,367

3.73 %

5,605,359

3.73 %

Residential mortgage

939,756

3.98 %

896,268

4.02 %

863,254

4.17 %

Home equity

594,529

3.56 %

570,781

3.43 %

535,933

3.50 %

Installment and other consumer

119,041

5.36 %

109,972

5.44 %

84,259

6.05 %

Consumer construction

31,204

3.36 %

21,833

3.37 %

13,264

6.39 %

Total Consumer Loans

1,684,530

3.92 %

1,598,854

3.90 %

1,496,710

4.06 %

Total Portfolio Loans

6,972,520

4.11 %

6,978,221

3.77 %

7,102,069

3.80 %

Total Loans

6,973,926

4.11 %

6,979,765

3.77 %

7,106,422

3.80 %

Federal Home Loan Bank and other restricted stock

8,939

3.69 %

9,280

3.40 %

10,529

4.51 %

Total Interest-earning Assets

8,535,384

3.67 %

8,747,398

3.27 %

8,729,277

3.31 %

Noninterest-earning assets

690,207

709,246

704,635

Total Assets

$9,225,591

$9,456,644

$9,433,911

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing demand

$979,514

0.07 %

$986,639

0.08 %

$998,134

0.09 %

Money market

1,930,852

0.15 %

2,055,857

0.15 %

2,037,976

0.18 %

Savings

1,118,346

0.05 %

1,109,048

0.03 %

1,044,899

0.03 %

Certificates of deposit

1,001,775

0.31 %

1,070,189

0.32 %

1,291,194

0.45 %

Total Interest-bearing Deposits

5,030,487

0.14 %

5,221,733

0.14 %

5,372,203

0.20 %

Securities sold under repurchase agreements

50,037

0.10 %

81,790

0.10 %

67,838

0.10 %

Long-term borrowings

22,072

2.01 %

22,310

1.95 %

23,113

2.01 %

Junior subordinated debt securities

54,413

3.62 %

54,398

2.95 %

64,103

3.06 %

Total Borrowings

126,522

1.95 %

158,498

1.34 %

155,054

1.61 %

Total Interest-bearing Liabilities

5,157,009

0.19 %

5,380,231

0.18 %

5,527,256

0.24 %

Noninterest-bearing liabilities

2,891,032

2,879,718

2,727,653

Shareholders' equity

1,177,550

1,196,694

1,179,002

Total Liabilities and Shareholders' Equity

$9,225,591

$9,456,644

$9,433,911

Net Interest Margin(10)

3.56 %

3.16 %

3.16 %

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

Six Months Ended June 30,

(dollars in thousands)

2022

2021

Net Interest Margin (FTE) (YTD Averages)

ASSETS

Interest-bearing deposits with banks

$641,648

0.42 %

$545,177

0.09 %

Securities, at fair value

1,013,219

2.14 %

804,613

2.26 %

Loans held for sale

1,475

3.72 %

5,351

2.90 %

Commercial real estate

3,227,156

3.89 %

3,252,763

3.72 %

Commercial and industrial

1,699,222

4.15 %

1,923,813

4.10 %

Commercial construction

407,048

3.54 %

474,037

3.36 %

Total Commercial Loans

5,333,426

3.95 %

5,650,613

3.82 %

Residential mortgage

918,132

4.00 %

880,246

4.20 %

Home equity

582,721

3.50 %

534,329

3.58 %

Installment and other consumer

114,531

5.40 %

82,095

6.19 %

Consumer construction

26,544

3.36 %

14,578

5.52 %

Total Consumer Loans

1,641,928

3.91 %

1,511,249

4.10 %

Total Portfolio Loans

6,975,354

3.94 %

7,161,862

3.88 %

Total Loans

6,976,829

3.94 %

7,167,213

3.88 %

 Federal Home Loan Bank and other restricted stock

9,108

3.54 %

10,884

4.73 %

Total Interest-earning Assets

8,640,804

3.47 %

8,527,887

3.49 %

Noninterest-earning assets

699,097

730,117

Total Assets

$9,339,901

$9,258,003

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing demand

$983,057

0.07 %

$947,295

0.10 %

Money market

1,993,009

0.15 %

2,003,569

0.18 %

Savings

1,113,723

0.04 %

1,020,201

0.04 %

Certificates of deposit

1,035,793

0.32 %

1,317,751

0.55 %

Total Interest-bearing deposits

5,125,582

0.14 %

5,288,816

0.23 %

Securities sold under repurchase agreements

65,826

0.10 %

66,254

0.13 %

Short-term borrowings

—

— %

12,707

0.19 %

Long-term borrowings

22,190

1.98 %

23,291

2.01 %

Junior subordinated debt securities

54,406

3.29 %

64,095

3.07 %

Total Borrowings

142,422

1.61 %

166,348

1.53 %

Total Interest-bearing Liabilities

5,268,004

0.18 %

5,455,164

0.27 %

Noninterest-bearing liabilities

2,884,828

2,633,219

Shareholders' equity

1,187,069

1,169,620

Total Liabilities and Shareholders' Equity

$9,339,901

$9,258,003

Net Interest Margin(8)

3.35 %

3.31 %

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

2022

2022

2021

Second

First

Second

(dollars in thousands)

Quarter

Quarter

Quarter

Nonperforming Loans (NPL)

Commercial loans:

% NPL

% NPL

% NPL

Commercial real estate

$15,783

0.49 %

$26,699

0.82 %

$82,050

2.53 %

Commercial and industrial

4,454

0.26 %

14,673

0.90 %

16,997

0.96 %

Commercial construction

864

0.21 %

864

0.22 %

384

0.08 %

Total Nonperforming Commercial Loans

21,101

0.40 %

42,236

0.79 %

99,431

1.81 %

Consumer loans:

Residential mortgage

8,137

0.83 %

7,450

0.82 %

9,917

1.15 %

Home equity

2,281

0.37 %

2,713

0.47 %

3,150

0.58 %

Installment and other consumer

256

0.21 %

125

0.11 %

121

0.14 %

Total Nonperforming Consumer Loans

10,674

0.61 %

10,287

0.63 %

13,188

0.87 %

Total Nonperforming Loans

$31,775

0.45 %

$52,524

0.75 %

$112,619

1.61 %

 

2022

2022

2021

Second

First

Second

(dollars in thousands)

Quarter

Quarter

Quarter

Loan Charge-offs (Recoveries)

Charge-offs

$7,678

$982

$8,737

Recoveries

(4,666)

(3,019)

(1,264)

Net Loan Charge-offs (Recoveries)

$3,012

($2,037)

$7,473

Net Loan Charge-offs (Recoveries)

Commercial loans:

Commercial real estate

($125)

$178

$6,595

Commercial and industrial

2,712

(2,507)

795

Commercial construction

—

(1)

(2)

Total Commercial Loan Charge-offs (Recoveries)

2,587

(2,330)

7,388

Consumer loans:

Residential mortgage

13

81

(57)

Home equity

6

(20)

10

Installment and other consumer

406

232

132

Total Consumer Loan Charge-offs

425

293

85

Total Net Loan Charge-offs (Recoveries)

$3,012

($2,037)

$7,473

 

Six Months Ended June 30,

(dollars in thousands)

2022

2021

Loan Charge-offs (Recoveries)

Charge-offs

$8,661

$15,270

Recoveries

(7,685)

(1,985)

Net Loan Charge-offs

$976

$13,285

Net Loan Charge-offs

Commercial loans:

Commercial real estate

$52

$7,293

Commercial and industrial

205

5,708

Commercial construction

(1)

(3)

Total Commercial Loan Charge-offs

256

12,998

Consumer loans:

Residential mortgage

94

15

Home equity

(14)

242

Installment and other consumer

640

30

Total Consumer Loan Charge-offs

720

287

Total Net Loan Charge-offs

$976

$13,285

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

2022

2022

2021

Second

First

Second

(dollars in thousands)

Quarter

Quarter

Quarter

Asset Quality Data

Nonperforming loans

$31,775

$52,524

$112,619

OREO

7,046

7,028

1,145

Total nonperforming assets

38,821

59,552

113,764

Troubled debt restructurings (nonaccruing)

4,010

15,389

20,650

Troubled debt restructurings (accruing)

9,338

10,739

14,321

Total troubled debt restructurings

13,348

26,128

34,971

Nonperforming loans / total loans

0.45 %

0.75 %

1.61 %

Nonperforming assets / total loans plus OREO

0.55 %

0.85 %

1.62 %

Allowance for credit losses / total portfolio loans

1.39 %

1.43 %

1.56 %

Allowance for credit losses / total portfolio loans excluding PPP

1.40 %

1.44 %

1.64 %

Allowance for credit losses / nonperforming loans

309 %

190 %

97 %

Net loan charge-offs (recoveries)

$3,012

($2,037)

$7,473

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

0.17 %

(0.12 %)

0.43 %

 

Six Months Ended June 30,

(dollars in thousands)

2022

2021

Asset Quality Data

Net loan charge-offs

$976

$13,285

Net loan charge-offs (annualized) / average loans

0.03 %

0.37 %

 

 

S&T  Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

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

2022

2022

2021

Second

First

Second

(dollars in thousands)

Quarter

Quarter

Quarter

(1) Tangible Book Value (non-GAAP)

Total shareholders' equity

$1,178,358

$1,184,950

$1,188,733

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

(378,259)

(378,557)

(379,563)

Tangible common equity (non-GAAP)

$800,099

$806,393

$809,170

Common shares outstanding

39,149

39,352

39,346

Tangible book value (non-GAAP)

$20.44

$20.49

$20.57

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

Net income (annualized)

$115,750

$118,192

$113,778

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

1,197

1,276

1,395

Net income before amortization of intangibles (annualized)

$116,947

$119,468

$115,173

Average total shareholders' equity

$1,177,550

$1,196,694

$1,179,002

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

(378,453)

(378,761)

(379,784)

Average tangible equity (non-GAAP)

$799,097

$817,932

$799,218

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

14.63 %

14.61 %

14.41 %

(3) PPNR / Average Assets (non-GAAP)

Income before taxes

$36,196

$36,057

$35,338

Plus: Provision for credit losses

3,204

(512)

2,561

Total

$39,400

$35,545

$37,899

Total (annualized) (non-GAAP)

$158,034

$144,155

$152,012

Average assets

$9,225,591

$9,456,644

$9,433,911

PPNR / Average Assets (non-GAAP)

1.71 %

1.52 %

1.61 %

(4) Efficiency Ratio (non-GAAP)

Noninterest expense

$48,424

$47,414

$45,829

Net interest income per consolidated statements of net income

75,194

67,733

68,304

Plus: taxable equivalent adjustment

506

493

585

Net interest income (FTE) (non-GAAP)

$75,700

$68,226

$68,889

Noninterest income

12,630

15,226

15,424

Less: net gains on sale of securities

—

—

(29)

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

$88,330

$83,452

$84,284

Efficiency ratio (non-GAAP)

54.82 %

56.82 %

54.37 %

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

Six Months Ended June 30,

(dollars in thousands)

2022

2021

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

Net income (annualized)

$116,964

$121,535

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

1,236

1,429

Net income before amortization of intangibles (annualized)

$118,200

$122,964

Average total shareholders' equity

$1,187,069

$1,169,620

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

(378,606)

(379,963)

Average tangible equity (non-GAAP)

$808,463

$789,657

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

14.62 %

15.57 %

(6) PPNR / Average Assets (non-GAAP)

Income before taxes

$72,253

$74,515

Plus: Provision for credit losses

2,692

5,699

Total

$74,945

$80,214

Total (annualized) (non-GAAP)

$151,132

$161,758

Average assets

$9,339,901

$9,258,003

PPNR / Average Assets (non-GAAP)

1.62 %

1.75 %

(7) Efficiency Ratio (non-GAAP)

Noninterest expense

$95,838

$91,495

Net interest income per consolidated statements of net income

142,927

138,962

Plus: taxable equivalent adjustment

999

1,249

Net interest income (FTE) (non-GAAP)

$143,926

$140,211

Noninterest income

27,856

32,747

Less: net gains on sale of securities

—

(29)

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

$171,782

$172,929

Efficiency ratio (non-GAAP)

55.79 %

52.91 %

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

Interest income and dividend income

$147,708

$146,358

Less: interest expense

(4,781)

(7,396)

Net interest income per consolidated statements of net income

$142,927

$138,962

Plus: taxable equivalent adjustment

999

1,249

Net interest income (FTE) (non-GAAP)

$143,926

$140,211

Net interest income (FTE) (annualized)

$290,236

$282,746

Average interest-earning assets

$8,640,804

$8,527,887

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

3.35 %

3.31 %

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

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

2022

2022

2021

Second

First

Second

(dollars in thousands)

Quarter

Quarter

Quarter

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

Total shareholders' equity

$1,178,358

$1,184,950

$1,188,733

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

(378,259)

(378,557)

(379,563)

Tangible common equity (non-GAAP)

$800,099

$806,393

$809,170

Total assets

$9,103,814

$9,432,281

$9,495,832

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

(378,259)

(378,557)

(379,563)

Tangible assets (non-GAAP)

$8,725,556

$9,053,724

$9,116,268

Tangible common equity to tangible assets (non-GAAP)

9.17 %

8.91 %

8.88 %

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

Interest income and dividend income

$77,599

$70,109

$71,577

Less: interest expense

(2,405)

(2,376)

(3,273)

Net interest income per consolidated statements of net income

$75,194

$67,733

$68,304

Plus: taxable equivalent adjustment

506

493

585

Net interest income (FTE) (non-GAAP)

$75,700

$68,226

$68,889

Net interest income (FTE) (annualized)

$303,633

$276,694

$276,313

Average interest- earning assets

$8,535,384

$8,747,398

$8,729,277

Net interest margin (FTE) (non-GAAP)

3.56 %

3.16 %

3.16 %

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/st-bancorp-inc-announces-second-quarter-2022-net-income-301590601.html

SOURCE S&T Bancorp, Inc.


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