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

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 8/31/2026

1. PCG
2. NVDA
3. ALNY
4. AVGO
5. APO
6. ATTO
7. BRVE
8. SPY
9. EIX
10. OKE

- EPS Increased 10% From Third Quarter 2016 -

October 19, 2017 7:30 AM EDT

INDIANA, Pa., Oct. 19, 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 third quarter 2017 earnings. Third quarter net income was $22.7 million, or $0.65 diluted earnings per share (EPS), compared to second quarter of 2017 net income of $22.8 million, or $0.65 diluted  EPS, and third quarter of 2016 net income of $20.6 million, or $0.59 diluted EPS.

S&T Bancorp, Inc.

Third Quarter of 2017 Highlights:

  • EPS increased 12% compared to the second quarter of 2017, excluding securities gains of $3.6 million in the second quarter of 2017 (non-GAAP), and improved by 10% from the third quarter of 2016.
  • Annualized performance metrics for the third quarter of 2017 were strong, with return on average assets of 1.27%, return on average equity of 10.23% and return on tangible equity of 15.47% (non-GAAP).
  • Net interest margin (FTE) (non-GAAP) improved 2 basis points to 3.59% and net interest income increased $0.9 million to $57.5 million compared to the second quarter of 2017.
  • Asset quality metrics improved with a decrease in nonperforming loans of $7.2 million, or 20%, compared to the second quarter of 2017.
  • Expenses continue to be well controlled with an efficiency ratio of 50.16% (non-GAAP).
  • S&T's Board of Directors approved a 10%, or $0.02 per share, increase in the quarterly cash dividend to $0.22 per share.

"We are very pleased with our solid performance in the third quarter," said Todd Brice, president and chief executive officer of S&T. "Continued revenue growth, well managed expenses and improvement in our asset quality metrics drove strong EPS growth over the prior and year ago quarters."

Net Interest Income

Net interest income increased $0.9 million, or 1.6%, to $57.5 million for the third quarter of 2017 compared to $56.6 million in the second quarter of 2017. Net interest margin on a fully taxable equivalent basis (FTE) (non-GAAP) increased 2 basis points to 3.59% compared to 3.57% in the second quarter of 2017. The increases in net interest income and net interest margin (FTE) (non-GAAP) were primarily driven by higher short-term rates and one additional day in the third quarter compared to the second quarter of 2017.

Asset Quality

Asset quality trends were favorable during the third quarter across all key metrics. Nonperforming loans decreased $7.2 million, or 20%, compared to the second quarter of 2017. Net loan charge-offs decreased to $1.5 million, or 0.10% of average loans on an annualized basis in the third quarter of 2017, compared to $5.3 million , or 0.37% of average loans on an annualized basis, in the second quarter of 2017.  As a result of improving asset quality, the provision for loan loss decreased to $2.9 million compared to $4.9 million in the second quarter of 2017. The allowance for loan losses to total loans was 0.97% at September 30, 2017 compared to 0.96% at June 30, 2017.

Noninterest Income and Expense

Noninterest income decreased $2.7 million to $13.6 million for the third quarter of 2017 compared to $16.3 million for the second quarter of 2017. The decrease primarily related to securities gains of $3.6 million in the second quarter of 2017. Bank owned life insurance income increased $0.7 million compared to the second quarter of 2017 due to a claim during the third quarter. Expenses remain well controlled at $36.6 million which is consistent with the second quarter of 2017. The efficiency ratio (non-GAAP) improved to 50.16% compared to 51.48% in the second quarter and 51.65% in the third quarter of 2016 due to expense control and higher revenue.

Financial Condition

Total assets increased $0.1 billion to $7.2 billion as of September 30, 2017 compared to $7.1 billion as of June 30, 2017.  At September 30, 2017, $43.3 million of loans and $39.0 million of deposits were held for sale due to a branch sale that is expected to close in the fourth quarter of 2017.  Portfolio loans increased $62.9 million compared to June 30, 2017. Commercial loans increased $68.7 million, which was primarily due to growth in commercial and industrial of $45.5 million, or 12.9% on an annualized basis. Total deposits increased $33.4 million with the most significant growth in money market accounts. All capital ratios increased this quarter due to strong retained earnings. All capital ratios remain above the well-capitalized thresholds of federal bank regulatory agencies.

Dividend

The Board of Directors of S&T declared a 10% increase in the quarterly cash dividend at its regular meeting held October 16, 2017. The dividend increased to $0.22 per share compared to $0.20 per share declared in the same period in the prior year. The dividend is payable November 16, 2017 to shareholders of record on November 2, 2017.

Conference Call

S&T will host its third quarter 2017 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, October 19, 2017. To access the webcast, go to S&T's webpage at www.stbancorp.com and click on "Events & Presentations." Select "3rd 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 October 26, 2017, by dialing 1.877.481.4010; the Conference ID # is 20495.

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

S&T Bancorp, Inc. is a $7.2 billion bank holding company that is headquartered in Indiana, Pa. and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was established in 1902, and operates 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

Third

Second

Third

(dollars in thousands, except per share data)

Quarter

Quarter

Quarter

INTEREST INCOME

Loans, including fees

$62,450

$60,558

$53,956

Investment securities:

Taxable

2,988

2,947

2,570

Tax-exempt

896

928

907

Dividends

389

481

375

Total Interest Income

66,723

64,914

57,808

INTEREST EXPENSE

Deposits

6,748

5,976

5,119

Borrowings and junior subordinated debt securities

2,519

2,368

1,234

Total Interest Expense

9,267

8,344

6,353

NET INTEREST INCOME

57,456

56,570

51,455

Provision for loan losses

2,850

4,869

2,516

Net Interest Income After Provision for Loan Losses

54,606

51,701

48,939

NONINTEREST INCOME

Securities gains (losses), net

—

3,617

—

Service charges on deposit accounts

3,207

2,997

3,208

Debit and credit card fees

3,067

3,042

3,163

Wealth management fees

2,406

2,428

2,565

Insurance fees

1,333

1,461

1,208

Bank owned life insurance

1,209

547

532

Mortgage banking

872

675

1,077

Other

1,457

1,498

1,695

Total Noninterest Income

13,551

16,265

13,448

NONINTEREST EXPENSE

Salaries and employee benefits

20,325

19,903

19,011

Net occupancy

2,692

2,751

2,776

Data processing

2,284

2,135

2,128

Furniture and equipment

1,890

1,810

1,932

Other taxes

1,208

1,083

1,080

FDIC insurance

1,152

1,185

1,005

Professional services and legal

870

958

817

Marketing

766

948

896

Other

5,366

5,824

4,794

Total Noninterest Expense

36,553

36,597

34,439

Income Before Taxes

31,604

31,369

27,948

Provision for income taxes

8,883

8,604

7,367

Net Income

$22,721

$22,765

$20,581

Per Share Data

Shares outstanding at end of period

34,979,192

34,980,280

34,913,023

Average shares outstanding - diluted

34,960,139

34,906,496

34,768,505

Diluted earnings per share

$0.65

$0.65

$0.59

Dividends declared per share

$0.20

$0.20

$0.19

Dividend yield (annualized)

2.02%

2.23%

2.62%

Dividends paid to net income

30.69%

30.60%

32.13%

Book value

$25.37

$24.90

$24.02

Tangible book value (1)

$16.96

$16.49

$15.57

Market value

$39.58

$35.86

$28.99

Profitability Ratios (annualized)

Return on average assets

1.27%

1.29%

1.23%

Return on average shareholders' equity

10.23%

10.55%

9.85%

Return on average tangible shareholders' equity (2)

15.47%

16.15%

15.46%

Efficiency ratio (FTE) (3)

50.16%

51.48%

51.65%

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

Nine Months Ended September 30,

(dollars in thousands, except per share data)

2017

2016

INTEREST INCOME

Loans, including fees

$179,908

$157,133

Investment securities:

Taxable

8,783

7,704

Tax-exempt

2,744

2,764

Dividends

1,352

1,077

Total Interest Income

192,787

168,678

INTEREST EXPENSE

Deposits

18,103

14,403

Borrowings and junior subordinated debt securities

6,779

3,474

Total Interest Expense

24,882

17,877

NET INTEREST INCOME

167,905

150,801

Provision for loan losses

12,901

12,379

Net Interest Income After Provision for Loan Losses

155,004

138,422

NONINTEREST INCOME

Securities gains (losses), net

3,987

—

Service charges on deposit accounts

9,218

9,272

Debit and credit card fees

8,952

8,818

Wealth management fees

7,237

7,947

Insurance fees

4,258

4,187

Bank owned life insurance

2,249

1,569

Mortgage banking

2,280

2,185

Gain on sale of credit card portfolio

—

2,066

Other

4,631

5,669

Total Noninterest Income

42,812

41,713

NONINTEREST EXPENSE

Salaries and employee benefits

60,770

57,539

Net occupancy

8,258

8,413

Data processing

6,670

6,758

Furniture and equipment

5,746

5,580

Other taxes

3,268

3,076

FDIC insurance

3,461

2,938

Professional services and legal

2,871

2,545

Marketing

2,468

2,872

Other

16,448

17,886

Total Noninterest Expense

109,960

107,607

Income Before Taxes

87,856

72,528

Provision for income taxes

24,182

18,795

Net Income

$63,674

$53,733

Per Share Data:

Average shares outstanding - diluted

34,930,509

34,747,177

Diluted earnings per share

$1.82

$1.54

Dividends declared per share

$0.60

$0.57

Dividends paid to net income

32.82%

36.89%

Profitability Ratios (annualized)

Return on average assets

1.21%

1.10%

Return on average shareholders' equity

9.83%

8.78%

Return on average tangible shareholders' equity (6)

15.05%

13.95%

Efficiency ratio (FTE) (7)

51.78%

54.41%

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

2017

2017

2016

Third

Second

Third

(dollars in thousands)

Quarter

Quarter

Quarter

ASSETS

Cash and due from banks, including interest-bearing deposits

$114,440

$125,863

$125,163

Securities available-for-sale, at fair value

697,954

689,388

671,128

Loans held for sale

47,936

23,120

11,694

Commercial loans:

Commercial real estate

2,681,693

2,664,642

2,427,164

Commercial and industrial

1,446,811

1,401,283

1,344,297

Commercial construction

432,887

426,754

402,124

Total Commercial Loans

4,561,391

4,492,679

4,173,585

Consumer loans:

Residential mortgage

697,367

706,143

692,574

Home equity

487,806

484,960

483,935

Installment and other consumer

69,644

70,068

62,288

Consumer construction

4,550

3,969

5,852

Total Consumer Loans

1,259,367

1,265,140

1,244,649

Total portfolio loans

5,820,758

5,757,819

5,418,234

Allowance for loan losses

(56,712)

(55,351)

(53,793)

Total portfolio loans, net

5,764,046

5,702,468

5,364,441

Federal Home Loan Bank and other restricted stock, at cost

33,120

33,417

28,331

Goodwill

291,670

291,670

291,670

Other assets

221,013

220,240

225,778

Total Assets

$7,170,179

$7,086,166

$6,718,205

LIABILITIES

Deposits:

Noninterest-bearing demand

$1,348,939

$1,335,768

$1,232,469

Interest-bearing demand

646,195

636,904

657,326

Money market

1,036,726

950,619

764,125

Savings

940,989

1,010,348

1,026,234

Certificates of deposit

1,431,431

1,476,223

1,465,277

Deposits held for sale

38,960

—

—

Total Deposits

5,443,240

5,409,862

5,145,431

Borrowings:

Securities sold under repurchase agreements

39,923

46,489

40,949

Short-term borrowings

685,000

645,000

565,000

Long-term borrowings

12,911

13,518

15,303

Junior subordinated debt securities

45,619

45,619

45,619

Total Borrowings

783,453

750,626

666,871

Other liabilities

55,910

54,616

67,196

Total Liabilities

6,282,603

6,215,104

5,879,498

SHAREHOLDERS' EQUITY

Total Shareholders' Equity

887,576

871,062

838,707

Total Liabilities and Shareholders' Equity

$7,170,179

$7,086,166

$6,718,205

Capitalization Ratios

Shareholders' equity / assets

12.38%

12.29%

12.48%

Tangible common equity / tangible assets (4)

8.63%

8.49%

8.46%

Tier 1 leverage ratio

9.25%

9.01%

9.02%

Common equity tier 1 capital

10.70%

10.53%

10.01%

Risk-based capital - tier 1

11.05%

10.89%

10.37%

Risk-based capital - total

12.54%

12.37%

11.87%

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

2017

2017

2016

Third

Second

Third

(dollars in thousands)

Quarter

Quarter

Quarter

Net Interest Margin (FTE) (QTD Averages)

ASSETS

Interest-bearing deposits with banks

$53,794

1.25%

$48,547

0.91%

$37,852

0.52%

Securities available-for-sale, at fair value

690,986

2.46%

709,208

2.48%

678,910

2.39%

Loans held for sale

15,789

3.88%

5,053

2.61%

9,443

4.20%

Commercial real estate

2,678,835

4.38%

2,664,696

4.30%

2,411,533

4.12%

Commercial and industrial

1,404,047

4.45%

1,430,080

4.30%

1,344,071

4.04%

Commercial construction

425,228

4.27%

421,456

4.09%

389,019

3.64%

Total Commercial Loans

4,508,110

4.39%

4,516,232

4.28%

4,144,623

4.05%

Residential mortgage

702,702

4.10%

700,406

4.14%

681,925

4.14%

Home equity

485,501

4.37%

481,039

4.38%

480,527

3.94%

Installment and other consumer

70,118

6.57%

69,899

6.46%

60,052

6.52%

Consumer construction

4,486

4.49%

4,572

4.93%

5,946

3.86%

Total Consumer Loans

1,262,807

4.34%

1,255,916

4.36%

1,228,450

4.18%

Total portfolio loans

5,770,917

4.38%

5,772,148

4.30%

5,373,073

4.08%

Total loans

5,786,706

4.38%

5,777,201

4.30%

5,382,516

4.08%

Federal Home Loan Bank and other restricted stock

30,184

4.61%

33,082

4.60%

24,454

4.52%

Total Interest-earning Assets

6,561,670

4.15%

6,568,038

4.08%

6,123,732

3.87%

Noninterest-earning assets

510,681

507,425

519,011

Total Assets

$7,072,351

$7,075,463

$6,642,743

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing demand

$647,442

0.25%

$649,440

0.22%

$670,807

0.17%

Money market

999,892

0.87%

937,272

0.72%

732,820

0.46%

Savings

979,767

0.21%

1,019,220

0.21%

1,034,018

0.20%

Certificates of deposit

1,457,649

0.98%

1,457,107

0.93%

1,490,106

0.92%

Total interest-bearing deposits

4,084,750

0.66%

4,063,039

0.59%

3,927,751

0.52%

Securities sold under repurchase agreements

45,158

0.16%

50,082

0.06%

44,927

0.01%

Short-term borrowings

600,893

1.30%

682,584

1.09%

459,043

0.66%

Long-term borrowings

13,162

3.01%

13,765

2.96%

15,545

2.85%

Junior subordinated debt securities

45,619

3.71%

45,619

3.60%

45,619

3.15%

Total borrowings

704,832

1.42%

792,050

1.20%

565,134

0.87%

Total interest-bearing liabilities

4,789,582

0.77%

4,855,089

0.69%

4,492,885

0.56%

Noninterest-bearing liabilities

1,401,755

1,354,711

1,318,683

Shareholders' equity

881,014

865,663

831,175

Total Liabilities and Shareholders' Equity

$7,072,351

$7,075,463

$6,642,743

Net Interest Margin (5)

3.59%

3.57%

3.46%

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

Nine Months Ended September 30,

(dollars in thousands)

2017

2016

Net Interest Margin (FTE) (YTD Averages)

ASSETS

Interest-bearing deposits with banks

$56,126

0.99%

$41,402

0.51%

Securities available-for-sale, at fair value

699,150

2.46%

675,690

2.41%

Loans held for sale

7,734

3.63%

16,033

5.97%

Commercial real estate

2,623,360

4.31%

2,305,795

4.13%

Commercial and industrial

1,415,941

4.30%

1,340,629

3.95%

Commercial construction

433,748

4.02%

392,520

3.70%

Total Commercial Loans

4,473,049

4.28%

4,038,944

4.03%

Residential mortgage

700,996

4.10%

659,942

4.14%

Home equity

482,336

4.30%

474,293

4.07%

Installment and other consumer

69,401

6.51%

65,217

6.33%

Consumer construction

4,807

4.33%

7,200

4.09%

Total Consumer Loans

1,257,540

4.31%

1,206,652

4.23%

Total portfolio loans

5,730,589

4.29%

5,245,596

4.08%

Total loans

5,738,323

4.29%

5,261,629

4.08%

Federal Home Loan Bank and other restricted stock

31,977

4.63%

23,027

4.52%

Total Interest-earning Assets

6,525,576

4.06%

6,001,748

3.87%

Noninterest-earning assets

509,750

519,913

Total Assets

$7,035,326

$6,521,661

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing demand

$643,423

0.21%

$649,515

0.16%

Money market

958,619

0.74%

677,891

0.40%

Savings

1,013,318

0.21%

1,041,802

0.19%

Certificates of deposit

1,439,715

0.94%

1,488,732

0.90%

Total interest-bearing deposits

4,055,075

0.60%

3,857,940

0.50%

Securities sold under repurchase agreements

48,031

0.07%

53,858

0.01%

Short-term borrowings

651,494

1.07%

385,394

0.64%

Long-term borrowings

13,759

2.96%

62,109

1.21%

Junior subordinated debt securities

45,619

3.59%

45,619

3.08%

Total borrowings

758,903

1.19%

546,980

0.85%

Total Interest-bearing Liabilities

4,813,978

0.69%

4,404,920

0.54%

Noninterest-bearing liabilities

1,355,636

1,298,847

Shareholders' equity

865,712

817,894

Total Liabilities and Shareholders' Equity

$7,035,326

$6,521,661

Net Interest Margin (8)

3.55%

3.47%

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

2017

2017

2016

Third

Second

Third

(dollars in thousands)

Quarter

Quarter

Quarter

Nonperforming Loans (NPL)

Commercial loans:

% NPL

% NPL

% NPL

Commercial real estate

$6,571

0.25%

$7,199

0.27%

$7,551

0.31%

Commercial and industrial

7,349

0.51%

17,418

1.24%

11,890

0.88%

Commercial construction

4,068

0.94%

2,313

0.54%

6,653

1.65%

Total Nonperforming Commercial Loans

17,988

0.39%

26,930

0.60%

26,094

0.63%

Consumer loans:

Residential mortgage

7,782

1.11%

7,056

0.99%

11,400

1.63%

Home equity

3,675

0.75%

2,642

0.54%

2,955

0.61%

Installment and other consumer

48

0.07%

41

0.06%

44

0.07%

Total Nonperforming Consumer Loans

11,505

0.91%

9,739

0.76%

14,399

1.16%

Total Nonperforming Loans

$29,493

0.50%

$36,669

0.63%

$40,493

0.75%

2017

2017

2016

Third

Second

Third

(dollars in thousands)

Quarter

Quarter

Quarter

Loan Charge-offs

Charge-offs

$2,660

$5,822

$1,500

Recoveries

(1,171)

(488)

(564)

Net Loan Charge-offs

$1,489

$5,334

$936

Net Loan Charge-offs

Commercial loans:

Commercial real estate

($145)

$1,518

($171)

Commercial and industrial

401

2,613

245

Commercial construction

980

(113)

146

Total Commercial Loan Charge-offs

1,236

4,018

220

Consumer loans:

Residential mortgage

44

695

331

Home equity

10

354

(1)

Installment and other consumer

243

295

391

Consumer construction

(44)

(28)

(5)

Total Consumer Loan Charge-offs

253

1,316

716

Total Net Loan Charge-offs

$1,489

$5,334

$936

Nine Months Ended September 30,

(dollars in thousands)

2017

2016

Loan Charge-offs

Charge-offs

$11,423

$8,623

Recoveries

(2,459)

(1,890)

Net Loan Charge-offs

$8,964

$6,733

Net Loan Charge-offs

Commercial loans:

Commercial real estate

$1,685

$1,146

Commercial and industrial

3,542

2,655

Commercial construction

1,255

1,088

Total Commercial Loan Charge-offs

6,482

4,889

Consumer loans:

Residential mortgage

1,220

506

Home equity

546

158

Installment and other consumer

795

1,295

Consumer construction

(79)

(115)

Total Consumer Loan Charge-offs

2,482

1,844

Total Net Loan Charge-offs

$8,964

$6,733

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

2017

2017

2016

Third

Second

Third

(dollars in thousands)

Quarter

Quarter

Quarter

Asset Quality Data

Nonperforming loans

$29,493

$36,669

$40,493

Assets acquired through foreclosure or repossession

1,033

1,620

512

Nonperforming assets

30,526

38,289

41,005

Troubled debt restructurings (nonperforming)

10,203

10,105

15,095

Troubled debt restructurings (performing)

15,605

15,080

12,936

Total troubled debt restructurings

25,808

25,185

28,031

Nonperforming loans / loans

0.50%

0.63%

0.75%

Nonperforming assets / loans plus OREO

0.52%

0.66%

0.76%

Allowance for loan losses / total portfolio loans

0.97%

0.96%

0.99%

Allowance for loan losses / nonperforming loans

192%

151%

133%

Net loan charge-offs (recoveries)

$1,489

$5,334

$936

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

0.10%

0.37%

0.07%

Nine Months Ended September 30,

(dollars in thousands)

2017

2016

Asset Quality Data

Net loan charge-offs (recoveries)

$8,964

$6,733

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

0.21%

0.17%

 

 

S&T Bancorp, Inc. 

Consolidated Selected Financial Data 

Unaudited

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

2017

2017

2016

Third

Second

Third

Quarter

Quarter

Quarter

(1) Tangible Book Value (non-GAAP)

   Total shareholders' equity

$887,576

$871,062

$838,707

   Less: goodwill and other intangible assets

(295,627)

(295,861)

(296,953)

   Tax effect of other intangible assets

1,385

1,467

1,849

   Tangible common equity (non-GAAP)

$593,334

$576,668

$543,603

   Common shares outstanding

34,979

34,980

34,913

   Tangible book value (non-GAAP)

$16.96

$16.49

$15.57

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

    Net income (annualized)

$90,144

$91,309

$81,877

    Plus: amortization of intangibles (annualized)

930

1,449

1,490

    Tax effect of amortization of intangibles (annualized)

(326)

(507)

(521)

    Net income before amortization of intangibles (annualized)

$90,748

$92,251

$82,846

    Average total shareholders' equity

$881,014

$865,663

$831,175

    Less: average goodwill and other intangible assets

(295,775)

(296,074)

(297,154)

    Tax effect of average goodwill and other intangible assets

1,437

1,541

1,919

    Average tangible equity (non-GAAP)

$586,676

$571,130

$535,940

    Return on average tangible equity (non-GAAP)

15.47%

16.15%

15.46%

(3) Efficiency Ratio (non-GAAP)

   Noninterest expense

$36,553

$36,597

$34,439

  Net interest income per consolidated statements of net income

$57,456

$56,570

$51,455

  Less: securities (gains) losses, net

—

(3,617)

—

  Plus: taxable equivalent adjustment

1,867

1,877

1,771

  Net interest income (FTE) (non-GAAP)

59,323

54,830

53,226

  Noninterest income

13,551

16,265

13,448

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

$72,874

$71,095

$66,674

  Efficiency ratio (non-GAAP)

50.16%

51.48%

51.65%

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

   Total shareholders' equity

$887,576

$871,062

$838,707

   Less: goodwill and other intangible assets

(295,627)

(295,861)

(296,953)

   Tax effect of goodwill and other intangible assets

1,385

1,467

1,849

   Tangible common equity (non-GAAP)

$593,334

$576,668

$543,603

   Total assets

$7,170,179

$7,086,166

$6,718,205

   Less: goodwill and other intangible assets

(295,627)

(295,861)

(296,953)

   Tax effect of goodwill and other intangible assets

1,385

1,467

1,849

   Tangible assets (non-GAAP)

$6,875,937

$6,791,772

$6,423,101

   Tangible common equity to tangible assets (non-GAAP)

8.63%

8.49%

8.46%

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

   Interest income

$66,723

$64,914

$57,808

   Less: interest expense

(9,267)

(8,344)

(6,353)

   Net interest income per consolidated statements of net income

57,456

56,570

51,455

   Plus: taxable equivalent adjustment

1,867

1,877

1,771

   Net interest income (FTE) (non-GAAP)

59,323

58,447

53,226

   Net interest income (FTE) (annualized)

235,358

234,430

211,747

   Average earning assets

$6,561,670

$6,568,038

$6,123,731

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

3.59%

3.57%

3.46%

 

 

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

Nine months ended September 30,

2017

2016

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

   Net income (annualized)

$85,131

$71,775

   Plus: amortization of intangibles (annualized)

1,275

1,660

   Tax effect on amortization of intangibles (annualized)

(446)

(581)

   Net income before amortization of intangibles (annualized)

$85,960

$72,854

   Average total shareholders' equity

$865,712

$817,894

   Less: average goodwill and other intangible assets

(296,086)

(297,576)

   Tax effect on average goodwill and other intangible assets

1,546

2,060

   Average tangible equity (non-GAAP)

$571,172

$522,378

   Return on average tangible equity (non-GAAP)

15.05%

13.95%

(7) Efficiency Ratio (non-GAAP)

   Noninterest expense

$109,960

$107,607

  Net interest income per consolidated statements of net income

$167,905

$150,801

  Less: securities (gains) losses, net

(3,987)

—

  Plus: taxable equivalent adjustment

5,614

5,254

  Net interest income (FTE) (non-GAAP)

169,532

156,055

  Noninterest income

42,812

41,713

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

$212,344

$197,768

  Efficiency ratio (non-GAAP)

51.78%

54.41%

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

   Interest income

$192,787

$168,678

   Less: interest expense

(24,882)

(17,877)

   Net interest income per consolidated statements of net income

167,905

150,801

   Plus: taxable equivalent adjustment

5,614

5,254

   Net interest income (FTE) (non-GAAP)

173,519

156,055

   Net interest income (FTE) (annualized)

231,994

208,453

   Average earning assets

$6,525,576

$6,001,748

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

3.55%

3.47%

 

View original content with multimedia:http://www.prnewswire.com/news-releases/st-bancorp-inc-announces-third-quarter-2017-results-300539477.html

SOURCE S&T Bancorp, Inc.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Press Releases

Related Entities

Dividend, FDIC, Earnings