S&T Bancorp, Inc. Announces Second Quarter 2017 Results

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-S&T Reports Solid EPS Growth-

July 20, 2017 7:30 AM EDT

INDIANA, Pa., July 20, 2017 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank with locations in Pennsylvania, Ohio and New York, announced today its second quarter 2017 earnings. Second quarter net income was $22.8 million, or $0.65 diluted earnings per share (EPS), compared to first quarter of 2017 net income of $18.2 million, or $0.52 diluted EPS, and second quarter of 2016 net income of $17.1 million, or $0.49 diluted EPS.

Second Quarter of 2017 Highlights:

  • Excluding securities gains of $0.07 in the second quarter and $0.01 in the first quarter of 2017, EPS grew 14% compared to the first quarter of 2017 and 18% compared to the second quarter of 2016 (Non-GAAP).  
  • Net interest margin (FTE) (Non-GAAP) improved 7 basis points to 3.57% and net interest income increased $2.7 million, or 5.0%, to $56.6 million compared to the first quarter of 2017.   
  • Return on average assets was 1.29% and return on average equity was 10.55% compared to 1.06% and 8.68% for the first quarter of 2017.  
  • Expenses were well controlled during the quarter with an efficiency ratio of 51.48% (Non-GAAP).  
  • Nonperforming loans decreased $9.3 million, or 20%, compared to the first quarter of 2017.  
  • S&T declared a $0.20 per share dividend versus $0.19 in the same period a year ago, an increase of 5.3%.

"We are extremely pleased with our second quarter results," said Todd Brice, president and chief executive officer of S&T." Net interest income growth drove solid core operating performance during the quarter. Our net interest income is 14% higher than it was in the second quarter of last year due to strong loan growth and the benefit of rising short term rates."

Net Interest Income

Net interest income increased $2.7 million, or 5.0%, to $56.6 million for the second quarter of 2017 compared to $53.9 million in the first quarter of 2017. Net interest margin on a fully taxable equivalent basis (FTE) (Non-GAAP) increased 7 basis points to 3.57% compared to 3.50% in the first quarter of 2017. The increases in net interest income and net interest margin (FTE) (Non-GAAP) were driven by average portfolio loan growth of $125 million, or 8.9% annualized, and the increase in short term rates. Loan yields increased 12 basis points to 4.30% compared to 4.18% in the first quarter, while the cost of total interest-bearing liabilities increased 8 basis points to 0.69% compared to 0.61%.

Asset Quality

Nonperforming loans showed notable improvement with a $9.3 million, or 20%, decline compared to the first quarter of 2017. Two impaired loan relationships were positively resolved resulting in a decrease of $2.2 million in specific reserves during the second quarter of 2017. Net loan charge-offs were $5.3 million compared to $2.1 million in the first quarter of 2017. The provision for loan loss was $4.9 million compared to $5.2 million in the first quarter of 2017. The allowance for loan losses to total loans was 0.96% at June 30, 2017 compared to 0.97% at March 31, 2017.

Noninterest Income and Expense

Noninterest income increased $3.3 million to $16.3 million for the second quarter of 2017 compared to $13.0 million for the first quarter of 2017. The increase primarily related to higher securities gains of $3.2 million with $3.6 million in the second quarter compared to $0.4 million in the first quarter. Noninterest expense was well controlled with a decrease of $0.2 million to $36.6 million compared to $36.8 million for the first quarter of 2017. The efficiency ratio (Non-GAAP) improved to 51.48% compared to 53.83% in the first quarter and 54.37% in the second quarter of 2016 due to expense control and higher net interest income.

Financial Condition

Total assets were unchanged at $7.1 billion as of June 30, 2017 and March 31, 2017. Total portfolio loans remained relatively unchanged compared to March 31, 2017. Total deposits remained stable with a slight decrease mainly due to a decline in brokered deposits. Risk-based capital ratios increased this quarter due to earnings retention and a reduction in risk weighted assets. All capital ratios remain above the well-capitalized thresholds of federal bank regulatory agencies.

Dividend

The Board of Directors of S&T declared a $0.20 per share cash dividend at its regular meeting held July 17, 2017. This is an increase of 5.3% compared to a common stock dividend of $0.19 per share declared in the same period in the prior year. The dividend is payable August 17, 2017 to shareholders of record on August 3, 2017.

Conference Call

S&T will host its second quarter 2017 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, July 20, 2017. To access the webcast, go to S&T's webpage at www.stbancorp.com and click on "Events & Presentations." Select "2nd Quarter 2017 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 27, 2017, by dialing 1.877.481.4010; the Conference ID # is 16035.

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

S&T Bancorp, Inc. is a $7.1 billion bank holding company that is headquartered in Indiana, Pa. and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was established in 1902, and operates locations in Pennsylvania, Ohio and New York. For more information visit www.stbancorp.com or www.stbank.com.

This information contains certain 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", "believe", "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, cyber-security concerns; rapid technological developments and changes; 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; regulatory supervision and oversight; 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; general economic or business conditions; 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; 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 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

2017

2017

2016

Second

First

Second

(dollars in thousands, except per share data)

Quarter

Quarter

Quarter

INTEREST INCOME

Loans, including fees

$60,558

$56,900

$52,019

Investment securities:

Taxable

2,947

2,848

2,580

Tax-exempt

928

920

915

Dividends

481

482

336

Total Interest Income

64,914

61,150

55,850

INTEREST EXPENSE

Deposits

5,976

5,379

5,029

Borrowings and junior subordinated debt securities

2,368

1,893

1,113

Total Interest Expense

8,344

7,272

6,142

NET INTEREST INCOME

56,570

53,878

49,708

Provision for loan losses

4,869

5,183

4,848

Net Interest Income After Provision for Loan Losses

51,701

48,695

44,860

NONINTEREST INCOME

Securities gains (losses), net

3,617

370

—

Debit and credit card fees

3,042

2,843

2,869

Service charges on deposit accounts

2,997

3,014

3,065

Wealth management fees

2,428

2,403

2,630

Insurance fees

1,461

1,464

1,205

Mortgage banking

675

733

578

Other

2,045

2,169

2,101

Total Noninterest Income

16,265

12,996

12,448

NONINTEREST EXPENSE

Salaries and employee benefits

19,903

20,541

17,626

Net occupancy

2,751

2,815

2,688

Data processing

2,135

2,251

2,518

Furniture and equipment

1,810

2,047

1,719

FDIC insurance

1,185

1,123

994

Other taxes

1,083

976

896

Professional services and legal

958

1,043

988

Marketing

948

754

1,075

Other

5,824

5,258

6,249

Total Noninterest Expense

36,597

36,808

34,753

Income Before Taxes

31,369

24,883

22,555

Provision for income taxes

8,604

6,695

5,496

Net Income

$22,765

$18,188

$17,059

Per Share Data

Shares outstanding at end of period

34,980,280

34,980,556

34,916,358

Average shares outstanding - diluted

34,906,496

34,912,261

34,764,565

Diluted earnings per share

$0.65

$0.52

$0.49

Dividends declared per share

$0.20

$0.20

$0.19

Dividend yield (annualized)

2.23%

2.31%

3.11%

Dividends paid to net income

30.60%

38.27%

38.75%

Book value

$24.90

$24.45

$23.63

Tangible book value (1)

$16.49

$16.02

$15.17

Market value

$35.86

$34.60

$24.45

Profitability Ratios (annualized)

Return on average assets

1.29%

1.06%

1.05%

Return on average shareholders' equity

10.55%

8.68%

8.37%

Return on average tangible shareholders' equity (2)

16.15%

13.45%

13.30%

Efficiency ratio (FTE) (3)

51.48%

53.83%

54.37%

 

 

S&T  Bancorp, Inc. Consolidated Selected Financial Data Unaudited

For the Six Months Ended June 30,

(dollars in thousands, except per share data)

2017

2016

INTEREST INCOME

Loans, including fees

$117,458

$103,177

Investment securities:

Taxable

5,796

5,134

Tax-exempt

1,848

1,857

Dividends

963

702

Total Interest Income

126,065

110,870

INTEREST EXPENSE

Deposits

11,355

9,284

Borrowings and junior subordinated debt securities

4,261

2,240

Total Interest Expense

15,616

11,524

NET INTEREST INCOME

110,449

99,346

Provision for loan losses

10,052

9,863

Net Interest Income After Provision for Loan Losses

100,397

89,483

NONINTEREST INCOME

Securities (losses) gains, net

3,987

—

Debit and credit card fees

5,885

5,655

Service charges on deposit accounts

6,012

6,064

Wealth management fees

4,831

5,382

Insurance fees

2,924

2,979

Mortgage banking

1,408

1,107

Gain on sale of credit card portfolio

—

2,066

Other

4,214

5,012

Total Noninterest Income

29,261

28,265

NONINTEREST EXPENSE

Salaries and employee benefits

40,444

38,528

Net occupancy

5,566

5,638

Data processing

4,386

4,630

Furniture and equipment

3,857

3,648

FDIC insurance

2,308

1,934

Other taxes

2,060

1,995

Professional services and legal

2,001

1,728

Marketing

1,702

1,976

Other

11,082

13,092

Total Noninterest Expense

73,406

73,169

Income Before Taxes

56,252

44,579

Provision for income taxes

15,299

11,427

Net Income

$40,953

$33,152

Per Share Data:

Average shares outstanding - diluted

34,907,377

34,747,663

Diluted earnings per share

$1.17

$0.95

Dividends declared per share

$0.40

$0.38

Dividends paid to net income

34.01%

39.85%

Profitability Ratios (annualized)

Return on average assets

1.18%

1.03%

Return on average shareholders' equity

9.63%

8.22%

Return on average tangible shareholders' equity (6)

14.83%

13.15%

Efficiency ratio (FTE) (7)

52.63%

55.81%

 

 

S&T  Bancorp, Inc. Consolidated Selected Financial Data Unaudited

2017

2017

2016

Second

First

Second

(dollars in thousands)

Quarter

Quarter

Quarter

ASSETS

Cash and due from banks, including interest-bearing deposits

$125,863

$104,705

$94,991

Securities available-for-sale, at fair value

689,388

713,198

683,479

Loans held for sale

23,120

14,355

11,999

Commercial loans:

Commercial real estate

2,664,642

2,614,724

2,388,786

Commercial and industrial

1,401,283

1,422,297

1,385,746

Commercial construction

426,754

455,211

398,122

Total Commercial Loans

4,492,679

4,492,232

4,172,654

Consumer loans:

Residential mortgage

706,143

700,610

671,665

Home equity

484,960

479,402

480,204

Installment and other consumer

70,068

70,219

58,139

Consumer construction

3,969

4,363

5,602

Total Consumer Loans

1,265,140

1,254,594

1,215,610

Total portfolio loans

5,757,819

5,746,826

5,388,264

Allowance for loan losses

(55,351)

(55,816)

(52,213)

Total portfolio loans, net

5,702,468

5,691,010

5,336,051

Federal Home Loan Bank and other restricted stock, at cost

33,417

29,739

23,337

Goodwill

291,670

291,670

291,670

Other assets

220,240

220,421

232,678

Total Assets

$7,086,166

$7,065,098

$6,674,205

LIABILITIES

Deposits:

Noninterest-bearing demand

$1,335,768

$1,300,707

$1,220,568

Interest-bearing demand

636,904

631,652

662,509

Money market

950,619

985,723

700,219

Savings

1,010,348

1,032,864

1,033,077

Certificates of deposit

1,476,223

1,484,379

1,503,945

Total Deposits

5,409,862

5,435,325

5,120,318

Borrowings:

Securities sold under repurchase agreements

46,489

46,987

48,479

Short-term borrowings

645,000

610,000

550,000

Long-term borrowings

13,518

14,118

15,888

Junior subordinated debt securities

45,619

45,619

45,619

Total Borrowings

750,626

716,724

659,986

Other liabilities

54,616

57,869

68,851

Total Liabilities

6,215,104

6,209,918

5,849,155

SHAREHOLDERS' EQUITY

Total Shareholders' Equity

871,062

855,180

825,050

Total Liabilities and Shareholders' Equity

$7,086,166

$7,065,098

$6,674,205

Capitalization Ratios

Shareholders' equity / assets

12.29%

12.10%

12.36%

Tangible common equity / tangible assets (4)

8.49%

8.28%

8.30%

Tier 1 leverage ratio

9.01%

8.92%

8.92%

Common equity tier 1 capital

10.53%

10.16%

9.70%

Risk-based capital - tier 1

10.89%

10.52%

10.06%

Risk-based capital - total

12.37%

12.02%

11.52%

 

 

S&T  Bancorp, Inc. Consolidated Selected Financial Data Unaudited

2017

2017

2016

Second

First

Second

(dollars in thousands)

Quarter

Quarter

Quarter

Net Interest Margin (FTE) (QTD Averages)

ASSETS

Interest-bearing deposits with banks

$48,547

0.91%

$66,173

0.85%

$38,233

0.47%

Securities available-for-sale, at fair value

709,208

2.48%

697,327

2.44%

681,409

2.39%

Loans held for sale

5,053

2.61%

2,211

4.44%

11,243

4.15%

Commercial real estate

2,664,696

4.30%

2,524,859

4.25%

2,309,310

4.12%

Commercial and industrial

1,430,080

4.30%

1,413,801

4.16%

1,370,427

3.89%

Commercial construction

421,456

4.09%

454,886

3.70%

391,569

3.69%

Total Commercial Loans

4,516,232

4.28%

4,393,546

4.16%

4,071,306

4.00%

Residential mortgage

700,406

4.14%

699,849

4.05%

658,298

4.13%

Home equity

481,039

4.38%

480,411

4.14%

473,452

4.10%

Installment and other consumer

69,899

6.46%

68,164

6.49%

60,278

6.46%

Consumer construction

4,572

4.93%

5,374

3.67%

7,192

4.13%

Total Consumer Loans

1,255,916

4.36%

1,253,798

4.22%

1,199,220

4.24%

Total portfolio loans

5,772,148

4.30%

5,647,344

4.18%

5,270,526

4.05%

Total loans

5,777,201

4.30%

5,649,555

4.18%

5,281,769

4.05%

Federal Home Loan Bank and other restricted stock

33,082

4.60%

32,690

4.68%

22,017

4.32%

Total Interest-earning Assets

6,568,038

4.08%

6,445,745

3.96%

6,023,428

3.85%

Noninterest-earning assets

507,425

511,125

520,720

Total Assets

$7,075,463

$6,956,870

$6,544,148

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing demand

$649,440

0.22%

$633,232

0.18%

$651,009

0.17%

Money market

937,272

0.72%

938,014

0.61%

672,097

0.41%

Savings

1,019,220

0.21%

1,041,647

0.21%

1,030,357

0.19%

Certificates of deposit

1,457,107

0.93%

1,403,796

0.91%

1,550,936

0.93%

Total interest-bearing deposits

4,063,039

0.59%

4,016,689

0.54%

3,904,399

0.52%

Securities sold under repurchase agreements

50,082

0.06%

48,896

0.01%

52,443

0.01%

Short-term borrowings

682,584

1.09%

671,784

0.84%

366,942

0.64%

Long-term borrowings

13,765

2.96%

14,362

2.91%

54,588

1.30%

Junior subordinated debt securities

45,619

3.60%

45,619

3.45%

45,619

3.10%

Total borrowings

792,050

1.20%

780,661

0.98%

519,592

0.86%

Total interest-bearing liabilities

4,855,089

0.69%

4,797,350

0.61%

4,423,991

0.56%

Noninterest-bearing liabilities

1,354,711

1,309,401

1,300,621

Shareholders' equity

865,663

850,119

819,536

Total Liabilities and Shareholders' Equity

$7,075,463

$6,956,870

$6,544,148

Net Interest Margin (5)

3.57%

3.50%

3.44%

 

 

S&T  Bancorp, Inc. Consolidated Selected Financial Data Unaudited

For the Six Months Ended June 30,

(dollars in thousands)

2017

2016

Net Interest Margin (FTE) (YTD Averages)

ASSETS

Interest-bearing deposits with banks

$57,311

0.87%

$43,196

0.51%

Securities available-for-sale, at fair value

703,300

2.46%

674,064

2.42%

Loans held for sale

3,639

3.16%

19,364

6.40%

Commercial real estate

2,595,163

4.27%

2,252,345

4.14%

Commercial and industrial

1,421,986

4.23%

1,338,890

3.91%

Commercial construction

438,079

3.89%

394,290

3.73%

Total Commercial Loans

4,455,228

4.22%

3,985,525

4.02%

Residential mortgage

700,129

4.10%

648,830

4.14%

Home equity

480,727

4.26%

471,142

4.13%

Installment and other consumer

69,036

6.47%

67,828

6.25%

Consumer construction

4,971

4.25%

7,833

4.18%

Total Consumer Loans

1,254,863

4.29%

1,195,633

4.26%

Total portfolio loans

5,710,091

4.24%

5,181,158

4.07%

Total loans

5,713,730

4.24%

5,200,522

4.08%

Federal Home Loan Bank and other restricted stock

32,888

4.64%

22,305

4.52%

Total Interest-earning Assets

6,507,229

4.02%

5,940,087

3.87%

Noninterest-earning assets

509,265

520,368

Total Assets

$7,016,494

$6,460,455

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing demand

$641,381

0.20%

$638,751

0.16%

Money market

937,641

0.67%

650,126

0.37%

Savings

1,030,371

0.21%

1,045,737

0.19%

Certificates of deposit

1,430,599

0.92%

1,488,037

0.89%

Total interest-bearing deposits

4,039,992

0.57%

3,822,651

0.49%

Securities sold under repurchase agreements

49,492

0.03%

58,373

0.01%

Short-term borrowings

677,214

0.97%

348,165

0.63%

Long-term borrowings

14,062

2.94%

85,647

1.06%

Junior subordinated debt securities

45,619

3.53%

45,619

3.05%

Total borrowings

786,387

1.09%

537,804

0.84%

Total Interest-bearing Liabilities

4,826,379

0.65%

4,360,455

0.53%

Noninterest-bearing liabilities

1,332,181

1,288,820

Shareholders' equity

857,934

811,180

Total Liabilities and Shareholders' Equity

$7,016,494

$6,460,455

Net Interest Margin (8)

3.53%

3.48%

 

 

S&T  Bancorp, Inc. Consolidated Selected Financial Data Unaudited

2017

2017

2016

Second

First

Second

(dollars in thousands)

Quarter

Quarter

Quarter

Nonperforming Loans (NPL)

Commercial loans:

% NPL

% NPL

% NPL

Commercial real estate

$7,199

0.27%

$8,617

0.33%

$10,887

0.46%

Commercial and industrial

17,418

1.24%

21,879

1.54%

11,342

0.82%

Commercial construction

2,313

0.54%

3,758

0.83%

8,182

2.06%

Total Nonperforming Commercial Loans

26,930

0.60%

34,254

0.76%

30,411

0.73%

Consumer loans:

Residential mortgage

7,056

0.99%

8,218

1.17%

9,283

1.38%

Home equity

2,642

0.54%

3,484

0.73%

3,168

0.66%

Installment and other consumer

41

0.06%

36

0.05%

43

0.07%

Total Nonperforming Consumer Loans

9,739

0.76%

11,738

0.93%

12,494

1.03%

Total Nonperforming Loans

$36,669

0.63%

$45,992

0.80%

$42,905

0.79%

2017

2017

2016

Second

First

Second

(dollars in thousands)

Quarter

Quarter

Quarter

Loan Charge-offs

Charge-offs

$5,822

$2,942

$3,496

Recoveries

(488)

(800)

(514)

Net Loan Charge-offs

$5,334

$2,142

$2,982

Net Loan Charge-offs

Commercial loans:

Commercial real estate

$1,518

$312

$1,624

Commercial and industrial

2,613

528

(81)

Commercial construction

(113)

388

943

Total Commercial Loan Charge-offs

4,018

1,228

2,486

Consumer loans:

Residential mortgage

695

481

158

Home equity

354

183

37

Installment and other consumer

295

258

340

Consumer construction

(28)

(8)

(39)

Total Consumer Loan Charge-offs

1,316

914

496

Total Net Loan Charge-offs

$5,334

$2,142

$2,982

For the Six Months Ended June 30,

(dollars in thousands)

2017

2016

Loan Charge-offs

Charge-offs

$8,763

$7,123

Recoveries

(1,287)

(1,326)

Net Loan Charge-offs

$7,476

$5,797

Net Loan Charge-offs

Commercial loans:

Commercial real estate

$1,830

$1,317

Commercial and industrial

3,141

2,410

Commercial construction

275

942

Total Commercial Loan Charge-offs

5,246

4,669

Consumer loans:

Residential mortgage

1,176

176

Home equity

536

158

Installment and other consumer

553

904

Consumer construction

(35)

(110)

Total Consumer Loan Charge-offs

2,230

1,128

Total Net Loan Charge-offs

$7,476

$5,797

 

 

S&T  Bancorp, Inc. Consolidated Selected Financial Data Unaudited

2017

2017

2016

Second

First

Second

(dollars in thousands)

Quarter

Quarter

Quarter

Asset Quality Data

Nonperforming loans

$36,669

$45,992

$42,905

Assets acquired through foreclosure or repossession

1,620

873

328

Nonperforming assets

38,289

46,865

43,233

Troubled debt restructurings (nonperforming)

10,105

10,324

15,028

Troubled debt restructurings (performing)

15,080

13,086

20,598

Total troubled debt restructurings

25,185

23,410

35,626

Nonperforming loans / loans

0.63%

0.80%

0.79%

Nonperforming assets / loans plus OREO

0.66%

0.81%

0.80%

Allowance for loan losses / total portfolio loans

0.96%

0.97%

0.97%

Allowance for loan losses / nonperforming loans

151%

121%

122%

Net loan charge-offs (recoveries)

$5,334

$2,142

$2,982

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

0.37%

0.15%

0.23%

For the Six Months Ended June 30,

(dollars in thousands)

2017

2016

Asset Quality Data

Net loan charge-offs (recoveries)

$7,476

$5,797

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

0.26%

0.22%

 

 

S&T  Bancorp, Inc. Consolidated Selected Financial Data Unaudited

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

2017

2017

2016

Second

First

Second

Quarter

Quarter

Quarter

(1) Tangible Book Value (non-GAAP)

 Total shareholders' equity

$871,062

$855,180

$825,050

 Less: goodwill and other intangible assets

(295,861)

(296,222)

(297,327)

Tax effect of other intangible assets

1,467

1,593

1,980

 Tangible common equity (non-GAAP)

$576,668

$560,551

$529,703

 Common shares outstanding

34,980

34,981

34,916

 Tangible book value (non-GAAP)

$16.49

$16.02

$15.17

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

  Net income (annualized)

$91,309

$73,762

$68,612

  Plus: amortization of intangibles (annualized)

1,449

1,453

1,648

  Tax effect of amortization of intangibles (annualized)

(507)

(509)

(577)

  Net income before amortization of intangibles (annualized)

$92,251

$74,706

$69,683

  Average total shareholders' equity

$865,663

$850,119

$819,536

  Less: average goodwill and other intangible assets

(296,074)

(296,416)

(297,542)

  Tax effect of average goodwill and other intangible assets

1,541

1,661

2,055

  Average tangible equity (non-GAAP)

$571,130

$555,364

$524,049

  Return on average tangible equity (non-GAAP)

16.15%

13.45%

13.30%

(3) Efficiency Ratio (non-GAAP)

Noninterest expense

$36,597

$36,808

$34,753

Net interest income per consolidated statements of net income

$56,570

$53,878

$49,708

Less: securities (gains) losses, net

(3,617)

(370)

—

Plus: taxable equivalent adjustment

1,877

1,871

1,762

Net interest income (FTE) (non-GAAP)

54,830

55,379

51,470

Noninterest income

16,265

12,996

12,448

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

$71,095

$68,375

$63,918

Efficiency ratio (non-GAAP)

51.48%

53.83%

54.37%

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

 Total shareholders' equity

$871,062

$855,180

$825,050

 Less: goodwill and other intangible assets

(295,861)

(296,222)

(297,327)

 Tax effect of goodwill and other intangible assets

1,467

1,593

1,980

 Tangible common equity (non-GAAP)

$576,668

$560,551

$529,703

 Total assets

$7,086,166

$7,065,098

$6,674,205

 Less: goodwill and other intangible assets

(295,861)

(296,222)

(297,327)

 Tax effect of goodwill and other intangible assets

1,467

1,593

1,980

 Tangible assets (non-GAAP)

$6,791,772

$6,770,469

$6,378,858

 Tangible common equity to tangible assets (non-GAAP)

8.49%

8.28%

8.30%

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

 Interest income

$64,914

$61,150

$55,850

 Less: interest expense

(8,344)

(7,272)

(6,142)

 Net interest income per consolidated statements of net income

56,570

53,878

49,708

 Plus: taxable equivalent adjustment

1,877

1,871

1,762

 Net interest income (FTE) (non-GAAP)

58,447

55,749

51,470

 Net interest income (FTE) (annualized)

234,430

226,093

207,011

 Average earning assets

$6,568,038

$6,445,745

$6,023,428

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

3.57%

3.50%

3.44%

 

 

S&T  Bancorp, Inc. Consolidated Selected Financial Data Unaudited

For the Six Months Ended June 30,

2017

2016

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

  Net income (annualized)

$82,584

$66,668

  Plus: amortization of intangibles (annualized)

1,451

1,746

  Tax effect on amortization of intangibles (annualized)

(508)

(611)

  Net income before amortization of intangibles (annualized)

$83,527

$67,803

  Average total shareholders' equity

$857,934

$811,180

  Less: average goodwill and other intangible assets

(296,244)

(297,789)

  Tax effect on average goodwill and other intangible assets

1,601

2,131

  Average tangible equity (non-GAAP)

$563,291

$515,522

  Return on average tangible equity (non-GAAP)

14.83%

13.15%

(7) Efficiency Ratio (non-GAAP)

Noninterest expense

$73,406

$73,169

Net interest income per consolidated statements of net income

$110,449

$99,346

Less: securities (gains) losses, net

(3,987)

—

Plus: taxable equivalent adjustment

3,747

3,484

Net interest income (FTE) (non-GAAP)

110,209

102,830

Noninterest income

29,261

28,265

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

$139,470

$131,095

Efficiency ratio (non-GAAP)

52.63%

55.81%

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

 Interest income

$126,065

$110,870

 Less: interest expense

(15,616)

(11,524)

 Net interest income per consolidated statements of net income

110,449

99,346

 Plus: taxable equivalent adjustment

3,747

3,484

 Net interest income (FTE) (non-GAAP)

114,196

102,830

 Net interest income (FTE) (annualized)

230,285

206,790

 Average earning assets

$6,507,230

$5,940,087

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

3.53%

3.48%

 

 

View original content with multimedia:http://www.prnewswire.com/news-releases/st-bancorp-inc-announces-second-quarter-2017-results-300491282.html

SOURCE S&T Bancorp, Inc.


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