S&T BANCORP, INC. INDIANA, Pa., Jan. 27, 2015 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA) has announced its fourth quarter and full year 2014 earnings. Fourth quarter earnings were $14.5 million, or $0.49 per diluted share, compared to third quarter of 2014 earnings of $14.7 million, or $0.49 per diluted share, and fourth quarter of 2013 earnings of $11.9 million, or $0.40 per diluted share. Full year 2014 earnings increased 15% to $57.9 million, or $1.95 per diluted share, compared to 2013 earnings of $50.5 million, or $1.70 per diluted share.
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Highlights:
-- Total average loans increased $89.5 million, or 2.4%, from the third
quarter of 2014 and $259 million, or 7.5%, for the year.
-- Total average deposits increased $123 million, or 4.6%, for the year.
-- Asset quality remained excellent with net charge-offs to average loans
of 0.05% for the fourth quarter of 2014 and 0.00% for the year. Net
charge-offs for 2014 were only $58 thousand.
-- Expenses were well controlled in 2014, decreasing $0.2 million compared
to 2013.
-- S&T declared a $0.18 per share dividend for the fourth quarter compared
to $0.16 in the same period a year ago, an increase of 12.5%.
"We are extremely pleased to report a 15% increase in our earnings for 2014 which was driven by solid loan growth, a stable net interest margin, well controlled expenses and excellent asset quality," said Todd Brice, president and chief executive officer of S&T. "The execution of our growth strategy continues with the announcement of our merger with Integrity Bancshares, Inc. in south-central Pennsylvania and our planned market expansion into western New York. We are well positioned to build upon the momentum that we are experiencing into 2015."
Net Interest Income
Net interest income increased $0.5 million to $38.1 million compared to $37.5 million in the prior quarter. Net interest margin on a fully taxable equivalent basis (FTE) decreased to 3.43% compared to 3.50% in the third quarter of 2014. Net interest margin was impacted by lower loan rates during the fourth quarter and slightly higher deposit costs. Loan rates declined 4 basis points to 3.98% compared to 4.02% in the third quarter of 2014. Despite the lower net interest margin rate, net interest income increased due to average loan growth of $89.5 million, or 2.4%, from the third quarter of 2014.
Asset Quality
Total nonperforming loans decreased to $12.5 million, or 0.32% of total loans at December 31, 2014 compared to $13.5 million, or 0.35% of total loans at September 30, 2014. Net charge-offs for the fourth quarter of 2014 were $0.5 million compared to net charge-offs of $0.7 million in the third quarter of 2014. The provision for loan losses was $1.1 million in the fourth quarter of 2014 compared to $1.5 million in the third quarter of 2014. The allowance for loan losses was $47.9 million, or 1.24% of total loans, compared to $47.3 million, or 1.24% of total loans, at September 30, 2014.
Noninterest Income and Expense
Noninterest income decreased $0.7 million to $11.2 million compared to $11.9 million in the third quarter of 2014. The decrease in noninterest income was primarily due to seasonality in our insurance and merchant businesses. Noninterest expense increased $1.3 million to $29.7 million compared to $28.4 million in the third quarter of 2014. The increase was mainly due to merger related expenses of $0.7 million, a $0.3 million increase in professional services and legal related to a consulting project and a $0.5 million increase in other expense primarily related to a contract termination fee.
2014 Full Year Results
Full year 2014 earnings increased $7.4 million, or 15%, to $57.9 million, or $1.95 per diluted share, compared to $50.5 million, or $1.70 per diluted share for 2013. Return on average assets increased 10 basis points to 1.22% compared to 1.12% for 2013 and return on average equity increased 50 basis points to 9.71% compared to 9.21% for 2013. The improvement in earnings was primarily due to an increase in net interest income of $8.8 million, or 6.4%, and a decrease in the provision for loan losses of $6.6 million, or 79%. The increase in net interest income was primarily due to strong average loan growth of $259 million during 2014. Net interest margin was stable at 3.50% for both 2014 and 2013. The provision for loan losses decreased due to a significant improvement in asset quality with only $58 thousand in net charge-offs in 2014. Despite significant growth in 2014, expenses remained well controlled with a decrease of $0.2 million.
Asset quality improved significantly throughout 2014. Total nonperforming loans were $12.5 million, or 0.32% of total loans, at December 31, 2014, which represents a 45% decrease from $22.5 million, or 0.63% of total loans, at December 31, 2013. Special mention and substandard loans also decreased $49.1 million, or 26%, to $138.6 million from $187.7 million at December 31, 2013.
S&T's growth strategy continued in 2014 with expansion through a new loan production office in central Ohio and a new branch and lending team in State College, Pennsylvania. The merger with Integrity Bancshares, Inc. was announced on October 30, 2014 and is expected to close in the first quarter of 2015. Integrity has eight branches in south-central Pennsylvania and assets of $844 million as of December 31, 2014.
Financial Condition
Total assets increased $57.9 million to $5.0 billion at December 31, 2014 compared to $4.9 billion at September 30, 2014 and increased $432 million compared to $4.5 billion at December 31, 2013. Portfolio loan growth was strong during the quarter with an increase of $67.6 million, or a 7.1% annualized rate. Commercial loans grew $71.0 million during the quarter, or a 10% annualized rate, due to growth in the commercial and industrial and construction portfolios. Total deposits were unchanged at $3.9 billion for the quarter. S&T's risk-based capital ratios were little changed this quarter with retained earnings growth keeping pace with loan growth. All capital ratios remain significantly above the well-capitalized thresholds of federal bank regulatory agencies.
Dividend
The Board of Directors of S&T declared a $0.18 per share cash dividend at its regular meeting held January 26, 2015. This is an increase of 12.5% compared to a common stock dividend of $0.16 per share declared in the fourth quarter of 2013. The dividend is payable February 26, 2015 to shareholders of record on February 12, 2015. Dividends declared in 2014 increased $0.07, or 11.5%, to $0.68 compared to $0.61 for 2013.
Conference Call
S&T will host its fourth quarter 2014 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, January 27, 2015. To access the webcast, go to S&T's webpage at www.stbancorp.com and click on "Events & Presentations." Select "4th Quarter 2014 Conference Call" and follow the instructions.
About S&T Bancorp, Inc.
Headquartered in Indiana, Pennsylvania, S&T Bank operates offices within Allegheny, Armstrong, Blair, Butler, Cambria, Centre, Clarion, Clearfield, Indiana, Jefferson, Washington and Westmoreland counties, as well as loan production offices in northeast and central Ohio. With assets of $5.0 billion, S&T stock trades on the NASDAQ Global Select Market System under the symbol STBA. For more information, visit www.stbancorp.com.
This information may contain forward-looking statements regarding future financial performance which are not historical facts and which involve risks and uncertainties. Actual results and performance could differ materially from those anticipated by these forward-looking statements. Factors that could cause such a difference include, but are not limited to, general economic conditions, change in interest rates, deposit flows, loan demand, and asset quality, including real estate and other collateral values and competition. In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), S&T management uses and this press release contains or references, certain non-GAAP financial measures, such as net interest income on a fully taxable equivalent basis. S&T believes these non-GAAP financial measures provide information useful to investors in understanding our underlying operational performance and our business and performance trends as they facilitate comparisons with the performance of others in the financial services industry. Although S&T believes that these non-GAAP financial measures enhance investors' understanding of S&T's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. A reconciliation of these non-GAAP financial measures is presented in the attached selected financial data spreadsheet. This information should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K for S&T Bancorp, Inc. and subsidiaries.
S&T
Bancorp,
Inc.
Consolidated
Selected
Financial
Data
Unaudited
For the Twelve Months Ended December 31,
----------------------------------------
(dollars
in
thousands,
except
per
share
data) 2014 2013
---- ----
INTEREST
INCOME
Loans,
including
fees $147,293 $142,492
Investment
securities:
Taxable 8,983 7,478
Tax-
exempt 3,857 3,401
Dividends 390 385
Total
Interest
Income 160,523 153,756
------- -------
INTEREST
EXPENSE
Deposits 10,128 11,406
Borrowings
and
junior
subordinated
debt
securities 2,353 3,157
Total
Interest
Expense 12,481 14,563
------ ------
NET
INTEREST
INCOME 148,042 139,193
Provision
for
loan
losses 1,715 8,311
Net
Interest
Income
After
Provision
for
Loan
Losses 146,327 130,882
------- -------
NONINTEREST
INCOME
Securities
gains,
net 41 5
Wealth
management
fees 11,343 10,696
Debit
and
credit
card
fees 10,781 10,931
Service
charges
on
deposit
accounts 10,559 10,488
Insurance
fees 5,955 6,248
Mortgage
banking 917 2,123
Gain on
sale
of
merchant
card
servicing
business - 3,093
Other 6,742 7,943
Total
Noninterest
Income 46,338 51,527
------ ------
NONINTEREST
EXPENSE
Salaries
and
employee
benefits 60,442 60,847
Data
processing 8,737 8,263
Net
occupancy 8,211 8,018
Furniture
and
equipment 5,317 4,883
Professional
services
and
legal 3,717 4,184
Marketing 3,316 2,929
Other
taxes 2,905 3,743
FDIC
insurance 2,436 2,772
Merger
related
expenses 689 838
Other 21,470 20,915
Total
Noninterest
Expense 117,240 117,392
------- -------
Income
Before
Taxes 75,425 65,017
Provision
for
income
taxes 17,515 14,478
------ ------
Net
Income $57,910 $50,539
======= =======
Per
Share
Data:
Average
shares
outstanding
-
diluted 29,708,724 29,682,553
Average
shares
outstanding
- two-
class
method 29,768,021 29,733,721
Diluted
earnings
per
share(1) $1.95 $1.70
Dividends
declared
per
share $0.68 $0.61
Dividends
paid
to net
income 34.89% 35.89%
Profitability
Ratios
-------------
Return
on
average
assets 1.22% 1.12%
Return
on
average
tangible
assets(3) 1.28% 1.19%
Return
on
average
shareholders'
equity 9.71% 9.21%
Return
on
average
tangible
shareholders'
equity(4) 14.02% 13.94%
Efficiency
ratio
(FTE)(2) 58.67% 60.03%
S&T Bancorp,
Inc.
Consolidated
Selected
Financial
Data
Unaudited
2014 2014 2013
----
Fourth Third Fourth
(dollars in
thousands,
except per
share data) Quarter Quarter Quarter
------- ------- -------
INTEREST
INCOME
Loans,
including
fees $37,797 $37,233 $35,949
Investment
securities:
Taxable 2,503 2,313 1,847
Tax-exempt 985 964 888
Dividends 96 95 95
Total
Interest
Income 41,381 40,605 38,779
------ ------ ------
INTEREST
EXPENSE
Deposits 2,662 2,480 2,536
Borrowings
and junior
subordinated
debt
securities 653 596 589
Total
Interest
Expense 3,315 3,076 3,125
----- ----- -----
NET INTEREST
INCOME 38,066 37,529 35,654
Provision for
loan losses 1,106 1,454 1,562
Net Interest
Income After
Provision
for Loan
Losses 36,960 36,075 34,092
------ ------ ------
NONINTEREST
INCOME
Securities
gains, net - - -
Wealth
management
fees 2,795 2,756 2,553
Debit and
credit card
fees 2,645 2,909 2,566
Service
charges on
deposit
accounts 2,677 2,799 2,744
Insurance
fees 1,132 1,722 1,092
Mortgage
banking 251 270 465
Other 1,720 1,475 1,892
Total
Noninterest
Income 11,220 11,931 11,312
------ ------ ------
NONINTEREST
EXPENSE
Salaries and
employee
benefits 14,471 14,823 15,201
Data
processing 2,271 2,152 2,083
Net occupancy 1,993 2,004 1,986
Furniture and
equipment 1,460 1,308 1,260
Professional
services and
legal 1,229 950 1,045
Marketing 981 757 841
Other taxes 543 839 790
FDIC
insurance 618 607 660
Merger
related
expenses 689 - -
Other 5,465 5,000 5,581
Total
Noninterest
Expense 29,720 28,440 29,447
------ ------ ------
Income Before
Taxes 18,460 19,566 15,957
Provision for
income taxes 3,963 4,906 4,098
----- ----- -----
Net Income $14,497 $14,660 $11,859
======= ======= =======
Per Share
Data:
Shares
outstanding
at end of
period 29,796,397 29,796,397 29,737,725
Average
shares
outstanding
-diluted 29,718,321 29,714,612 29,691,844
Average
shares
outstanding
- two-
class method 29,796,397 29,796,397 29,737,725
Diluted
earnings per
share(1) $0.49 $0.49 $0.40
Dividends
declared per
share $0.18 $0.17 $0.16
Dividend
yield 2.42% 2.90% 2.53%
Dividends
paid to net
income 36.87% 34.43% 40.12%
Book value $20.42 $20.33 $19.21
Tangible book
value(6) $14.46 $14.37 $13.22
Market value $29.81 $23.46 $25.31
Profitability
Ratios
-------------
Return on
average
assets 1.17% 1.21% 1.03%
Return on
average
tangible
assets(7) 1.22% 1.26% 1.10%
Return on
average
shareholders'
equity 9.38% 9.68% 8.40%
Return on
average
tangible
shareholders'
equity(8) 13.35% 13.90% 12.58%
Efficiency
ratio
(FTE)(2) 58.67% 55.95% 61.04%
S&T Bancorp,
Inc.
Consolidated
Selected
Financial
Data
Unaudited
2014 2014 2013
----
Fourth Third Fourth
(dollars in
thousands) Quarter Quarter Quarter
------- ------- -------
ASSETS
Cash and due
from banks,
including
interest-
bearing
deposits $109,580 $143,831 $108,356
Securities
available-
for-sale,
at fair
value 640,273 615,657 509,425
Loans held
for sale 2,970 3,126 2,136
Commercial
loans:
Commercial
real estate 1,682,236 1,691,649 1,607,756
Commercial
and
industrial 994,138 946,366 842,449
Commercial
construction 216,148 183,509 143,675
Total
Commercial
Loans 2,892,522 2,821,524 2,593,880
Consumer
loans:
Residential
mortgage 489,586 491,404 487,092
Home equity 418,563 418,659 414,195
Installment
and other
consumer 65,567 66,607 67,883
Consumer
construction 2,508 2,995 3,149
Total
Consumer
Loans 976,224 979,665 972,319
Total
portfolio
loans 3,868,746 3,801,189 3,566,199
Allowance
for loan
losses (47,911) (47,316) (46,255)
Total
portfolio
loans, net 3,820,835 3,753,873 3,519,944
Goodwill 175,820 175,820 175,820
Other assets 215,208 214,437 217,509
Total Assets $4,964,686 $4,906,744 $4,533,190
========== ========== ==========
LIABILITIES
Deposits:
Noninterest-
bearing
demand $1,083,919 $1,077,505 $992,779
Interest-
bearing
demand 335,099 336,720 312,790
Money market 376,612 295,559 281,403
Savings 1,027,095 1,048,175 994,805
Certificates
of deposit 1,086,117 1,143,142 1,090,531
Total
Deposits 3,908,842 3,901,101 3,672,308
Securities
sold under
repurchase
agreements 30,605 23,084 33,847
Short-term
borrowings 290,000 265,000 140,000
Long-term
borrowings 19,442 20,042 21,810
Junior
subordinated
debt
securities 45,619 45,619 45,619
Other
liabilities 61,789 46,001 48,300
Total
Liabilities 4,356,297 4,300,847 3,961,884
SHAREHOLDERS'
EQUITY
Total
Shareholders'
Equity 608,389 605,897 571,306
------- ------- -------
Total
Liabilities
and
Shareholders'
Equity $4,964,686 $4,906,744 $4,533,190
========== ========== ==========
Capitalization
Ratios
--------------
Shareholders'
equity /
assets 12.25% 12.35% 12.60%
Tangible
common
equity /
tangible
assets(9) 9.00% 9.05% 9.03%
Tier 1
leverage
ratio 9.80% 9.88% 9.75%
Risk-based
capital -
tier 1 12.34% 12.35% 12.37%
Risk-based
capital -
total 14.27% 14.29% 14.36%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(dollars in thousands) For the Twelve Months Ended December 31,
----------------------------------------
Net Interest Margin (FTE) (YTD Averages) 2014 2013
--------------------------------------- ---- ----
ASSETS
Loans $3,707,807 4.06% $3,448,529 4.22%
Taxable investment securities 443,187 1.99% 371,099 2.01%
Tax-exempt investment securities 128,750 4.61% 110,009 4.76%
Federal Home Loan Bank and other restricted stock 14,083 3.43% 13,692 0.78%
Interest-bearing deposits with banks 92,972 0.25% 167,952 0.26%
Total Interest-earning Assets 4,386,799 3.78% 4,111,281 3.86%
Noninterest-earning assets 375,564 394,511
Total Assets $4,762,363 $4,505,792
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand $321,907 0.02% $309,748 0.02%
Money market 321,294 0.16% 319,831 0.14%
Savings 1,033,482 0.16% 1,001,209 0.17%
Certificates of deposit 905,346 0.79% 973,339 0.92%
CDARS and brokered deposits 226,169 0.34% 81,112 0.29%
Securities sold under repurchase agreements 28,372 0.01% 54,057 0.12%
Short-term borrowings 164,811 0.31% 101,973 0.27%
Long-term borrowings 20,571 3.00% 24,312 3.07%
Junior subordinated debt securities 45,619 2.68% 65,989 3.14%
Total Interest-bearing Liabilities 3,067,571 0.41% 2,931,570 0.50%
Noninterest-bearing demand 1,046,606 955,475
Other liabilities 52,031 69,976
Shareholders' equity 596,155 548,771
Total Liabilities and Shareholders' Equity $4,762,363 $4,505,792
========== ==========
Net Interest Margin (5) 3.50% 3.50%
2014 2014 2013
----
(dollars in thousands) Fourth Third Fourth
Net Interest Margin (FTE) (QTD Averages) Quarter Quarter Quarter
--------------------------------------- ------- ------- -------
ASSETS
Loans $3,845,351 3.98% $3,755,862 4.02% $3,537,426 4.12%
Taxable investment securities 489,030 1.99% 458,378 2.00% 386,177 1.91%
Tax-exempt investment securities 134,355 4.51% 129,400 4.58% 114,301 4.78%
Federal Home Loan Bank and other restricted stock 14,420 4.17% 15,740 3.02% 14,021 1.41%
Interest-bearing deposits with banks 79,041 0.27% 58,033 0.23% 113,662 0.28%
Total Interest-earning Assets 4,562,197 3.72% 4,417,413 3.77% 4,165,587 3.82%
Noninterest-earning assets 373,068 379,290 385,449
Total Assets $4,935,265 $4,796,703 $4,551,036
========== ========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand $335,479 0.02% $326,711 0.02% $313,942 0.02%
Money market 299,732 0.17% 308,166 0.17% 290,159 0.13%
Savings 1,048,359 0.16% 1,035,281 0.15% 1,009,515 0.15%
Certificates of deposit 923,468 0.81% 888,163 0.76% 935,590 0.81%
CDARS and brokered deposits 233,650 0.36% 249,659 0.36% 139,926 0.32%
Securities sold under repurchase agreements 25,137 0.01% 21,243 0.01% 26,384 0.01%
Short-term borrowings 249,185 0.32% 172,228 0.31% 146,957 0.30%
Long-term borrowings 19,685 2.96% 20,282 2.97% 22,043 3.00%
Junior subordinated debt securities 45,619 2.67% 45,619 2.68% 45,619 2.70%
Total Interest-bearing Liabilities 3,180,314 0.41% 3,067,352 0.40% 2,930,135 0.42%
Noninterest-bearing demand 1,091,638 1,074,564 993,653
Other liabilities 50,033 53,860 67,451
Shareholders' equity 613,280 600,927 559,797
Total Liabilities and Shareholders' Equity $4,935,265 $4,796,703 $4,551,036
========== ========== ==========
Net Interest Margin (10) 3.43% 3.50% 3.52%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
For the Twelve Months Ended December 31,
----------------------------------------
(dollars in thousands) 2014 2013
---- ----
Asset Quality Data
------------------
Net loan charge-offs $58 $8,540
Net loan charge-offs / average loans 0.00% 0.25%
2014 2014 2013
----
Fourth Third Fourth
(dollars in thousands) Quarter Quarter Quarter
------- ------- -------
Nonperforming Loans (NPL)
------------------------
Commercial loans: % NPL % NPL % NPL
----- ----- -----
Commercial real estate $4,434 0.26% $5,174 0.31% $10,750 0.67%
Commercial and industrial 1,622 0.16% 2,426 0.26% 3,296 0.39%
Commercial construction 1,974 0.91% 1,889 1.03% 2,742 1.91%
Total Nonperforming Commercial Loans 8,030 0.28% 9,489 0.34% 16,788 0.65%
Consumer loans:
Residential mortgage 2,336 0.48% 2,248 0.46% 3,338 0.69%
Home equity 2,060 0.49% 1,735 0.41% 2,291 0.55%
Installment and other consumer 31 0.05% 30 0.05% 37 0.05%
Consumer construction - - - - - -
Total Nonperforming Consumer Loans 4,427 0.45% 4,013 0.41% 5,666 0.58%
----- ----- -----
Total Nonperforming Loans $12,457 0.32% $13,502 0.35% $22,454 0.63%
======= ======= =======
2014 2014 2013
----
Fourth Third Fourth
(dollars in thousands) Quarter Quarter Quarter
------- ------- -------
Asset Quality Data
------------------
Nonperforming loans $12,457 $13,502 $22,454
Assets acquired through foreclosure or repossession 166 200 410
Nonperforming assets 12,623 13,702 22,864
Troubled debt restructurings (nonaccruing) 5,436 4,929 10,067
Troubled debt restructurings (accruing) 36,983 37,273 39,229
Total troubled debt restructurings 42,419 42,202 49,296
Nonperforming loans / loans 0.32% 0.35% 0.63%
Nonperforming assets / loans plus OREO 0.33% 0.36% 0.64%
Allowance for loan losses / loans 1.24% 1.24% 1.30%
Allowance for loan losses / nonperforming loans 385% 350% 206%
Net loan charge-offs $511 $718 $3,290
Net loan charge-offs / average loans 0.05% 0.08% 0.37%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
----------------------------------------------------------------------
(1) Diluted earnings per share under the two-class method is determined on the net income reported on the income
statement less earnings allocated to participating securities.
(2) Noninterest expense divided by noninterest income plus net interest income, on a fully taxable equivalent (FTE) basis.
For the Twelve Months Ended December 31,
----------------------------------------
2014 2013
---- ----
(3) Return on Average Tangible Assets (non-GAAP)
Net income $57,910 $50,539
Plus: amortization of intangibles net of tax 734 1,034
--- -----
Net income before amortization of intangibles 58,644 51,573
Average total assets 4,762,363 4,505,792
Less: average goodwill and other intangibles, (177,881) (178,757)
net of deferred tax liability
Average tangible assets (non-GAAP) $4,584,482 $4,327,035
Return on average tangible assets (non-GAAP) 1.28% 1.19%
(4) Return on Average Tangible Shareholders' Equity (non-GAAP)
Net income $57,910 $50,539
Plus: amortization of intangibles net of tax 734 1,034
--- -----
Net income before amortization of intangibles 58,644 51,573
Average total shareholders' equity 596,155 548,771
Less: average goodwill and other intangibles, (177,881) (178,757)
net of deferred tax liability
Average tangible equity (non-GAAP) $418,274 $370,014
Return on average tangible equity (non-GAAP) 14.02% 13.94%
(5) Net Interest Margin Rate (FTE) (non-GAAP)
Interest income $160,523 $153,756
Less: interest expense (12,481) (14,563)
------- -------
Net interest income per consolidated statements of net income 148,042 139,193
Plus: taxable equivalent adjustment 5,461 4,850
----- -----
Net interest income (FTE) (non-GAAP) 153,503 144,043
Average earning assets $4,386,799 $4,111,281
Net interest margin - (FTE) (non-GAAP) 3.50% 3.50%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
----------------------------------------------------------------------
2014 2014 2013
Fourth Third Fourth
Quarter Quarter Quarter
------- ------- -------
(6) Tangible Book Value (non-GAAP)
Total shareholders' equity $608,389 $605,897 $571,306
Less: goodwill and other intangible assets, (177,530) (177,696) (178,264)
net of deferred tax liability
---
Tangible common equity (non-GAAP) $430,859 $428,201 $393,042
Common shares outstanding 29,796 29,796 29,738
Tangible book value (non-GAAP) $14.46 $14.37 $13.22
(7) Return on Average Tangible Assets (non-GAAP)
Net income $57,514 $58,162 $47,051
Plus: amortization of intangibles net of tax 659 671 950
--- --- ---
Net income before amortization of intangibles 58,173 58,833 48,001
Average total assets 4,935,265 4,796,703 4,551,036
Less: average goodwill and other intangibles, (177,619) (177,783) (178,380)
net of deferred tax liability
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Average tangible assets (non-GAAP) $4,757,646 $4,618,920 $4,372,656
Return on average tangible assets (non-GAAP) 1.22% 1.26% 1.10%
(8) Return on Average Tangible Shareholders' Equity (non-GAAP)
Net income $57,514 $58,162 $47,051
Plus: amortization of intangibles net of tax 659 671 950
--- --- ---
Net income before amortization of intangibles 58,173 58,833 48,001
Average total shareholders' equity 613,280 600,927 559,797
Less: average goodwill and other intangibles, (177,619) (177,783) (178,380)
net of deferred tax liability
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Average tangible equity (non-GAAP) $435,661 $423,144 $381,417
Return on average tangible equity (non-GAAP) 13.35% 13.90% 12.58%
(9) Tangible Common Equity / Tangible Assets (non-GAAP)
Total shareholders' equity $608,389 $605,897 $571,306
Less: goodwill and other intangible assets, (177,530) (177,696) (178,264)
net of deferred tax liability
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Tangible common equity (non-GAAP) 430,859 428,201 393,042
Total assets 4,964,686 4,906,744 4,533,190
Less: goodwill and other intangible assets, (177,530) (177,696) (178,264)
net of deferred tax liability
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Tangible assets (non-GAAP) $4,787,156 $4,729,048 $4,354,926
Tangible common equity to tangible assets (non-GAAP) 9.00% 9.05% 9.03%
(10) Net Interest Margin Rate (FTE) (non-GAAP)
Interest income $41,381 $40,605 $38,779
Less: interest expense (3,315) (3,076) (3,125)
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Net interest income per consolidated statements of net income 38,066 37,529 35,654
Plus: taxable equivalent adjustment 1,371 1,373 1,280
----- ----- -----
Net interest income (FTE) (non-GAAP) 39,437 38,902 36,934
Net interest income (FTE) 156,462 154,339 146,532
Average earning assets $4,562,197 $4,417,413 $4,165,587
Net interest margin - (FTE) (non-GAAP) 3.43% 3.50% 3.52%
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SOURCE S&T Bancorp, Inc.
