S&T BANCORP, INC. INDIANA, Pa., July 21, 2015 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank with branch locations in 16 southwestern and southcentral Pennsylvania counties, and loan production offices in northeast and central Ohio, and western New York, announced today its second quarter 2015 earnings. Second quarter earnings were $18.2 million, or $0.52 per diluted share, compared to first quarter of 2015 earnings of $12.8 million, or $0.41 per diluted share, and second quarter of 2014 earnings of $14.7 million, or $0.49 per diluted share.
http://photos.prnewswire.com/prnvar/20070917/NEM099LOGO
Highlights:
-- Return on average assets was 1.21% and return on average equity was
9.52% for the second quarter of 2015.
-- Portfolio loans increased $115 million from March 31, 2015, representing
a 9.8% annualized rate.
-- Results for the second quarter included merger integration costs of $0.9
million, which primarily related to the systems conversion.
-- Net loan charge-offs to average loans remained low at 0.11% for the
second quarter of 2015 compared to 0.10% for the first quarter of 2015.
-- S&T declared an $0.18 per share dividend compared to $0.17 in the same
period a year ago.
"The growth initiatives that we have implemented over the past two years through our expansion into central Pennsylvania, Ohio, and western New York and our efforts in our core markets are making a big impact on our overall financial performance," said Todd Brice, president and chief executive officer of S&T. "Our team members are successfully expanding opportunities with existing clients and developing new relationships. We are excited about how we are positioned moving forward."
Net Interest Income
Net interest income increased $8.6 million to $48.8 million compared to $40.2 million for the first quarter of 2015. The increase in net interest income was primarily due to the merger with Integrity Bancshares (the Merger) that occurred on March 4, 2015. Average loans increased by $642.2 million for the second quarter compared to the first quarter of 2015 due to the Merger and organic loan growth. Net interest income and net interest margin (NIM) on a fully taxable equivalent basis (FTE) were favorably impacted by $2.7 million of accretion from purchase accounting adjustments during the quarter. NIM increased to 3.67% compared to 3.48% for the first quarter of 2015, primarily due to the accretion of the purchase accounting adjustments.
Asset Quality
Overall asset quality remains well controlled. Total nonperforming assets were relatively unchanged at $19.9 million, or 0.32% of total assets, at June 30, 2015 and $19.4 million, or 0.33% of total assets, at March 31, 2015. Net charge-offs for the second quarter of 2015 were $1.3 million compared to net charge-offs of $1.0 million in the first quarter of 2015. The provision for loan losses was $2.1 million for the second quarter of 2015 compared to $1.2 million for the first quarter of 2015. The allowance for loan losses for originated loans was $48.8 million, or 1.23% of total originated loans, compared to $48.1 million, or 1.27% of total originated loans, at March 31, 2015.
Noninterest Income and Expense
Noninterest income increased $1.3 million to $13.4 million compared to $12.1 million for the first quarter of 2015. The increase in noninterest income was primarily due to the Merger and higher loan related fees. Noninterest expense increased $1.8 million to $35.4 million compared to $33.6 million in the first quarter of 2015. The increase was mainly due to higher operating expenses resulting from the Merger offset by a decrease of $1.4 million of integration costs related to the Merger.
Financial Condition
Total assets increased $163 million to $6.1 billion at June 30, 2015 compared to $6.0 billion at March 31, 2015. Loan growth was strong for the quarter with an increase in total portfolio loans of $115 million, or a 9.8% annualized rate. Commercial loans increased $101 million during the quarter, or an 11.4% annualized rate, primarily due to growth in the commercial real estate and commercial and industrial portfolios. In the consumer portfolio, home equity loans increased by $19 million, or a 17% annualized rate. Total deposits increased $31 million to $4.9 billion at June 30, 2015. S&T's risk based capital ratios decreased this quarter due to loan and commitment growth outpacing 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 an $0.18 per share cash dividend at its regular meeting held on July 20, 2015. The dividend is payable on August 20, 2015 to shareholders of record on August 6, 2015.
Conference Call
S&T will host its second quarter 2015 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, July 21, 2015. To access the webcast, go to S&T's webpage at www.stbancorp.com and click on "Events & Presentations." Select "2nd Quarter 2015 Conference Call" and follow the instructions.
About S&T Bancorp, Inc. and S&T Bank:
S&T Bancorp, Inc. is a $6.1 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 in 16 counties across southwestern and southcentral Pennsylvania, with loan production offices in northeast and central Ohio, and western New York. For more information visit www.stbancorp.com or www.stbank.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
2015 2015 2014
----
Second First Second
(dollars in thousands, except per share data) Quarter Quarter Quarter
------- ------- -------
INTEREST INCOME
Loans, including fees $48,933 $39,927 $36,614
Investment securities:
Taxable 2,394 2,383 2,060
Tax-exempt 998 1,020 979
Dividends 286 586 219
Total Interest Income 52,611 43,916 39,872
------ ------ ------
INTEREST EXPENSE
Deposits 3,051 3,007 2,476
Borrowings and junior subordinated debt securities 749 650 541
Total Interest Expense 3,800 3,657 3,017
----- ----- -----
NET INTEREST INCOME 48,811 40,259 36,855
Provision for loan losses 2,059 1,207 (1,134)
Net Interest Income After Provision for Loan Losses 46,752 39,052 37,989
------ ------ ------
NONINTEREST INCOME
Securities (losses) gains, net (34) - 40
Debit and credit card fees 3,020 2,715 2,724
Wealth management fees 2,930 2,923 2,837
Service charges on deposit accounts 2,877 2,583 2,574
Insurance fees 1,391 1,651 1,425
Mortgage banking 782 525 264
Other 2,417 1,687 1,907
Total Noninterest Income 13,383 12,084 11,771
------ ------ ------
NONINTEREST EXPENSE
Salaries and employee benefits 17,455 16,780 15,772
Net occupancy 2,682 2,588 1,984
Data processing 2,555 2,320 2,219
Furniture and equipment 1,582 1,226 1,277
Marketing 1,193 816 960
Other taxes 1,159 842 893
Merger related expenses 866 2,301 -
FDIC insurance 808 695 579
Professional services and legal 801 523 875
Other 6,348 5,530 5,606
Total Noninterest Expense 35,449 33,621 30,165
------ ------ ------
Income Before Taxes 24,686 17,515 19,595
Provision for income taxes 6,498 4,680 4,875
----- ----- -----
Net Income $18,188 $12,835 $14,720
======= ======= =======
Per Share Data:
Shares outstanding at end of period 34,812,723 34,797,526 29,797,204
Average shares outstanding - diluted 34,681,180 31,260,948 29,701,195
Average shares outstanding - two-class method 34,804,031 31,343,849 29,743,273
Diluted earnings per share(1) $0.52 $0.41 $0.49
Dividends declared per share $0.18 $0.18 $0.17
Dividend yield (annualized) 2.43% 2.54% 2.74%
Dividends paid to net income 34.37% 41.74% 34.32%
Book value $22.15 $21.91 $20.04
Tangible book value(3) $13.65 $13.40 $14.07
Market value $29.59 $28.38 $24.85
Profitability Ratios (annualized)
--------------------------------
Return on average assets 1.21% 0.99% 1.26%
Return on average tangible assets(4) 1.29% 1.05% 1.33%
Return on average shareholders' equity 9.52% 7.85% 9.99%
Return on average tangible shareholders' equity(5) 15.79% 11.80% 14.48%
Efficiency ratio (FTE)(2) 55.63% 62.57% 60.36%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
For the Six Months Ended June 30,
---------------------------------
(dollars in thousands, except per share data) 2015 2014
---- ----
INTEREST INCOME
Loans, including fees $88,859 $72,263
Investment securities:
Taxable 4,777 3,960
Tax-exempt 2,018 1,908
Dividends 872 406
Total Interest Income 96,526 78,537
------ ------
INTEREST EXPENSE
Deposits 6,058 4,986
Borrowings and junior subordinated debt securities 1,398 1,105
Total Interest Expense 7,456 6,091
----- -----
NET INTEREST INCOME 89,070 72,446
Provision for loan losses 3,266 (845)
Net Interest Income After Provision for Loan Losses 85,804 73,291
------ ------
NONINTEREST INCOME
Securities (losses) gains, net (34) 41
Wealth management fees 5,853 5,792
Debit and credit card fees 5,736 5,226
Service charges on deposit accounts 5,459 5,083
Insurance fees 3,041 3,102
Mortgage banking 1,308 396
Other 4,104 3,547
Total Noninterest Income 25,467 23,187
------ ------
NONINTEREST EXPENSE
Salaries and employee benefits 34,235 31,148
Net occupancy 5,270 4,214
Data processing 4,876 4,314
Furniture and equipment 2,808 2,548
Professional services and legal 1,324 1,538
Other taxes 2,002 1,524
Marketing 2,009 1,578
FDIC insurance 1,503 1,210
Merger related expenses 3,167 -
Other 11,876 11,005
Total Noninterest Expense 69,070 59,079
------ ------
Income Before Taxes 42,201 37,399
Provision for income taxes 11,178 8,646
------ -----
Net Income $31,023 $28,753
======= =======
Per Share Data:
Average shares outstanding - diluted 32,988,295 29,700,170
Average shares outstanding - two-class method 33,083,499 29,739,174
Diluted earnings per share(1) $0.94 $0.97
Dividends declared per share $0.36 $0.33
Dividends paid to net income 37.42% 34.12%
Profitability Ratios (annualized)
--------------------------------
Return on average assets 1.11% 1.25%
Return on average tangible assets(8) 1.18% 1.31%
Return on average shareholders' equity 8.75% 9.91%
Return on average tangible shareholders' equity(9) 13.85% 14.45%
Efficiency ratio (FTE)(2) 58.80% 60.10%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
2015 2015 2014
----
Second First Second
(dollars in thousands) Quarter Quarter Quarter
------- ------- -------
ASSETS
Cash and due from banks, including interest-bearing deposits $146,582 $124,737 $130,235
Securities available-for-sale, at fair value 666,624 655,829 588,488
Loans held for sale 13,634 6,126 3,102
Commercial loans:
Commercial real estate 2,054,935 2,006,131 1,636,383
Commercial and industrial 1,239,382 1,199,115 922,191
Commercial construction 344,983 333,177 188,311
Total Commercial Loans 3,639,300 3,538,423 2,746,885
Consumer loans:
Residential mortgage 599,502 603,536 492,589
Home equity 457,813 439,282 416,226
Installment and other consumer 94,437 97,284 65,838
Consumer construction 7,446 5,173 3,541
Total Consumer Loans 1,159,198 1,145,275 978,194
Total portfolio loans 4,798,498 4,683,698 3,725,079
Allowance for loan losses (48,814) (48,106) (46,580)
Total portfolio loans, net 4,749,684 4,635,592 3,678,499
Goodwill 291,204 290,617 175,820
Other assets 266,000 258,392 211,886
Total Assets $6,133,728 $5,971,293 $4,788,030
========== ========== ==========
LIABILITIES
Deposits:
Noninterest-bearing demand $1,182,124 $1,177,623 $1,089,999
Interest-bearing demand 703,797 686,546 307,897
Money market 633,175 617,609 301,719
Savings 1,093,057 1,073,755 1,024,050
Certificates of deposit 1,247,262 1,272,998 1,141,581
Total Deposits 4,859,415 4,828,531 3,865,246
Securities sold under repurchase agreements 46,235 46,721 25,269
Short-term borrowings 230,975 199,573 185,000
Long-term borrowings 118,228 18,838 20,636
Junior subordinated debt securities 45,619 50,619 45,619
Other liabilities 62,027 64,753 49,073
Total Liabilities 5,362,499 5,209,035 4,190,843
SHAREHOLDERS' EQUITY
Total Shareholders' Equity 771,229 762,258 597,187
------- ------- -------
Total Liabilities and Shareholders' Equity $6,133,728 $5,971,293 $4,788,030
========== ========== ==========
Capitalization Ratios
---------------------
Shareholders' equity / assets 12.57% 12.77% 12.47%
Tangible common equity / tangible assets(6) 8.14% 8.22% 9.10%
Tier 1 leverage ratio 8.92% 10.06% 9.91%
Common equity tier 1 capital 9.59% 9.82% 11.75%
Risk-based capital - tier 1 9.97% 10.22% 12.30%
Risk-based capital - total 11.48% 11.86% 14.26%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
2015 2015 2014
----
(dollars in thousands) Second First Second
Net Interest Margin (FTE) (QTD Averages) Quarter Quarter Quarter
--------------------------------------- ------- ------- -------
ASSETS
Loans $4,764,852 4.20% $4,122,631 4.01% $3,650,050 4.11%
Taxable investment securities 513,639 1.94% 504,867 1.97% 427,976 1.99%
Tax-exempt investment securities 136,824 4.49% 142,194 4.41% 129,687 4.65%
Federal Home Loan Bank and other restricted stock 22,166 3.42% 15,427 12.66% 12,752 3.89%
Interest-bearing deposits with banks 65,246 0.25% 65,575 0.22% 88,706 0.28%
Total Interest-earning Assets 5,502,727 3.94% 4,850,694 3.78% 4,309,171 3.84%
Noninterest-earning assets 537,348 421,132 372,445
Total Assets $6,040,075 $5,271,826 $4,681,616
========== ========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand $660,058 0.15% $432,009 0.08% $311,719 0.03%
Money market 427,354 0.19% 362,939 0.18% 327,666 0.15%
Savings 1,073,360 0.16% 1,052,347 0.16% 1,035,691 0.16%
Certificates of deposit 1,120,256 0.68% 991,542 0.87% 899,086 0.78%
CDARS and brokered deposits 347,013 0.32% 260,555 0.34% 230,036 0.32%
Securities sold under repurchase agreements 45,017 0.01% 40,039 0.01% 30,718 0.01%
Short-term borrowings 228,505 0.33% 236,440 0.32% 108,640 0.30%
Long-term borrowings 78,912 0.98% 19,086 3.01% 20,873 3.01%
Junior subordinated debt securities 49,905 2.93% 47,175 2.77% 45,619 2.66%
Total Interest-bearing Liabilities 4,030,380 0.38% 3,442,132 0.43% 3,010,048 0.40%
Noninterest-bearing demand 1,175,620 1,101,795 1,028,997
Other liabilities 67,500 64,643 51,390
Shareholders' equity 766,575 663,256 591,181
Total Liabilities and Shareholders' Equity $6,040,075 $5,271,826 $4,681,616
========== ========== ==========
Net Interest Margin (7) 3.67% 3.48% 3.56%
For the Six Months Ended June 30,
---------------------------------
(dollars in thousands) 2015 2014
Net Interest Margin (FTE) (YTD Averages)
---------------------------------------
ASSETS
Loans $4,445,515 4.11% $3,613,470 4.12%
Taxable investment securities 509,271 1.95% 411,535 1.98%
Tax-exempt investment securities 139,501 4.45% 125,591 4.68%
Federal Home Loan Bank and other restricted stock 18,815 7.20% 13,070 3.28%
Interest-bearing deposits with banks 65,410 0.23% 118,419 0.25%
Total Interest-earning Assets 5,178,512 3.87% 4,282,085 3.82%
Noninterest-earning assets 479,561 374,940
Total Assets $5,658,073 $4,657,025
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand $546,663 0.12% $312,565 0.02%
Money market 395,324 0.19% 338,928 0.15%
Savings 1,062,911 0.16% 1,025,007 0.16%
Certificates of deposit 1,056,254 0.77% 904,869 0.79%
CDARS and brokered deposits 304,023 0.33% 210,426 0.33%
Securities sold under repurchase agreements 42,542 0.01% 33,641 0.01%
Short-term borrowings 232,451 0.33% 118,156 0.30%
Long-term borrowings 49,165 1.37% 21,168 3.04%
Junior subordinated debt securities 48,547 2.85% 45,619 2.68%
Total Interest-bearing Liabilities 3,737,880 0.40% 3,010,379 0.41%
Noninterest-bearing demand 1,138,912 1,009,506
Other liabilities 66,080 52,116
Shareholders' equity 715,201 585,024
Total Liabilities and Shareholders' Equity $5,658,073 $4,657,025
========== ==========
Net Interest Margin (10) 3.58% 3.54%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
2015 2015 2014
----
Second First Second
(dollars in thousands) Quarter Quarter Quarter
------- ------- -------
Nonperforming Loans (NPL)
------------------------
Commercial loans: % NPL % NPL % NPL
----- ----- -----
Commercial real estate $7,309 0.36% $8,386 0.42% $5,658 0.35%
Commercial and industrial 3,143 0.25% 3,550 0.30% 3,837 0.42%
Commercial construction 4,472 1.30% 1,973 0.59% 1,870 0.99%
Total Nonperforming Commercial Loans 14,924 0.41% 13,909 0.39% 11,365 0.41%
Consumer loans:
Residential mortgage 2,010 0.34% 2,226 0.37% 2,118 0.43%
Home equity 2,026 0.44% 1,986 0.45% 1,431 0.34%
Installment and other consumer 179 0.19% 13 0.01% 26 0.04%
Consumer construction - - - - - -
Total Nonperforming Consumer Loans 4,215 0.36% 4,225 0.37% 3,575 0.37%
----- ----- -----
Total Nonperforming Loans $19,139 0.40% $18,134 0.39% $14,940 0.40%
======= ======= =======
2015 2015 2014
----
Second First Second
Quarter Quarter Quarter
------- ------- -------
Asset Quality Data
------------------
Nonperforming loans $19,139 $18,134 $14,940
Assets acquired through foreclosure or repossession 750 1,294 431
Nonperforming assets 19,889 19,428 15,371
Troubled debt restructurings (nonaccruing) 8,927 9,916 5,241
Troubled debt restructurings (accruing) 32,560 36,423 37,120
Total troubled debt restructurings 41,487 46,339 42,361
Nonperforming loans / loans 0.40% 0.39% 0.40%
Nonperforming assets / loans plus OREO 0.41% 0.41% 0.41%
Allowance for loan losses / originated loans 1.23% 1.27% 1.29%
Allowance for loan losses / total loans 1.02% 1.03% 1.25%
Allowance for loan losses / nonperforming loans 255% 265% 312%
Net loan charge-offs (recoveries) $1,349 $1,014 $(1,099)
Net loan charge-offs (recoveries)(annualized) / average loans 0.11% 0.10% (0.12%)
For the Six Months Ended June 30,
---------------------------------
(dollars in thousands) 2015 2014
---- ----
Asset Quality Data
------------------
Net loan charge-offs (recoveries) $2,363 $(1,171)
Net loan charge-offs (recoveries)(annualized) / average loans 0.11% (0.07%)
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.
2015 2015 2014
----
Second First Second
Quarter Quarter Quarter
------- ------- -------
(3) Tangible Book Value (non-GAAP)
Total shareholders' equity $771,229 $762,258 $597,187
Less: goodwill and other intangible assets, (296,065) (295,814) (177,866)
net of deferred tax liability
---
Tangible common equity (non-GAAP) $475,164 $466,444 $419,321
Common shares outstanding 34,813 34,798 29,797
Tangible book value (non-GAAP) $13.65 $13.40 $14.07
(4) Return on Average Tangible Assets (non-GAAP)
Net income (annualized) $72,952 $52,054 $59,042
Plus: amortization of intangibles net of tax (annualized) 1,347 917 775
-----
Net income before amortization of intangibles (annualized) 74,299 52,971 59,817
Average total assets 6,040,075 5,271,826 4,681,616
Less: average goodwill and other intangibles, (295,886) (214,299) (177,963)
net of deferred tax liability
---
Average tangible assets (non-GAAP) $5,744,189 $5,057,527 $4,503,653
Return on average tangible assets (non-GAAP) 1.29% 1.05% 1.33%
(5) Return on Average Tangible Shareholders' Equity (non-GAAP)
Net income (annualized) $72,952 $52,054 $59,042
Plus: amortization of intangibles net of tax (annualized) 1,347 917 775
-----
Net income before amortization of intangibles (annualized) 74,299 52,971 59,817
Average total shareholders' equity 766,575 663,256 591,181
Less: average goodwill and other intangibles, (295,886) (214,299) (177,963)
net of deferred tax liability
---
Average tangible equity (non-GAAP) $470,689 $448,957 $413,218
Return on average tangible equity (non-GAAP) 15.79% 11.80% 14.48%
(6) Tangible Common Equity / Tangible Assets (non-GAAP)
Total shareholders' equity $771,229 $762,258 $597,187
Less: goodwill and other intangible assets, (296,065) (295,814) (177,866)
net of deferred tax liability
---
Tangible common equity (non-GAAP) 475,164 466,444 419,321
Total assets 6,133,728 5,971,293 4,788,030
Less: goodwill and other intangible assets, (296,065) (295,814) (177,866)
net of deferred tax liability
---
Tangible assets (non-GAAP) $5,837,663 $5,675,479 $4,610,164
Tangible common equity to tangible assets (non-GAAP) 8.14% 8.22% 9.10%
(7) Net Interest Margin Rate (FTE) (non-GAAP)
Interest income $52,611 $43,916 $39,872
Less: interest expense (3,800) (3,657) (3,017)
-------
Net interest income per consolidated statements of net income 48,811 40,259 36,855
Plus: taxable equivalent adjustment 1,494 1,392 1,393
-----
Net interest income (FTE) (non-GAAP) 50,305 41,651 38,248
Net interest income (FTE) (annualized) 201,773 168,918 153,412
Average earning assets $5,502,727 $4,850,694 $4,309,171
Net interest margin - (FTE) (non-GAAP) 3.67% 3.48% 3.56%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
----------------------------------------------------------------------
For the Six Months Ended June 30,
---------------------------------
2015 2014
---- ----
(8) Return on Average Tangible Assets (non-GAAP)
Net income (annualized) $62,560 $57,983
Plus: amortization of intangibles net of tax (annualized) 1,133 804
Net income before amortization of intangibles (annualized) 63,693 58,787
Average total assets 5,658,073 4,657,025
Less: average goodwill and other intangibles, (255,318) (178,063)
net of deferred tax liability
Average tangible assets (non-GAAP) $5,402,755 $4,478,962
Return on average tangible assets (non-GAAP) 1.18% 1.31%
(9) Return on Average Tangible Shareholders' Equity (non-GAAP)
Net income (annualized) $62,560 $57,983
Plus: amortization of intangibles net of tax (annualized) 1,133 804
Net income before amortization of intangibles (annualized) 63,693 58,787
Average total shareholders' equity 715,201 585,024
Less: average goodwill and other intangibles, (255,318) (178,063)
net of deferred tax liability
Average tangible equity (non-GAAP) $459,883 $406,961
Return on average tangible equity (non-GAAP) 13.85% 14.45%
(10) Net Interest Margin Rate (FTE) (non-GAAP)
Interest income $96,526 $78,537
Less: interest expense (7,456) (6,091)
Net interest income per consolidated statements of net income 89,070 72,446
Plus: taxable equivalent adjustment 2,886 2,717
Net interest income (FTE) (non-GAAP) 91,956 75,163
Net interest income (FTE) (annualized) 185,435 151,572
Average earning assets $5,178,512 $4,282,085
Net interest margin - (FTE) (non-GAAP) 3.58% 3.54%
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SOURCE S&T Bancorp, Inc.
