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S & T BANCORP INC (STBA)

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S & T Bancorp Inc : S&T Bancorp, Inc. Announces First Quarter Earnings

04/23/2012 | 09:05am US/Eastern

INDIANA, Pa., April 23, 2012 /PRNewswire/ -- S&T Bancorp, Inc. (NASDAQ: STBA), a full-service financial institution with office locations in 10 Pennsylvania counties, has announced its first quarter 2012 earnings.

(Logo: http://photos.prnewswire.com/prnh/20070917/NEM099LOGO)

Todd D. Brice, president and chief executive officer of S&T Bancorp, Inc., offered the following highlights:

    --  Net income available to common shareholders was $3.5 million compared to
        $9.3 million in the fourth quarter of 2011 and $4.7 million in the first
        quarter of 2011 with diluted earnings per common share of $0.12 compared
        to $0.33 in the fourth quarter of 2011 and $0.17 in the first quarter of
        2011.
    --  The merger with Mainline Bancorp, Inc. was completed in the first
        quarter of 2012.  First quarter 2012 results include $3.9 million or
        $0.11 per share of one-time merger related expenses.
    --  On March 30, 2012 S&T Bancorp, Inc. announced the signing of a
        definitive merger agreement to acquire Gateway Bank of Pennsylvania.

"In the first quarter of 2012, we made several definitive moves to position ourselves for growth in the marketplace. We are very excited about the seamless closing and conversion of Mainline Bank and the announcement of our pending merger with Gateway Bank," said Brice. "We have also applied additional resources to lines of business that show potential for growth, such as insurance and wealth management. Our first quarter results demonstrate that those investments are paying off."

Merger Activity
The first quarter of 2012 included one-time merger related expenses of $3.9 million, or $0.11 per share. This is in addition to one-time merger related expenses incurred in 2011 of $0.3 million. Both the holding company merger and the bank merger were completed on March 9, 2012, and the systems conversion occurred over the following weekend. Eight Mainline locations opened on March 12, 2012 as S&T Bank branches, adding approximately $130 million of loans and $205 million of deposits.

On March 30, 2012, S&T Bancorp, Inc. announced plans to merge with Gateway Bank of Pennsylvania. The in-market cash and stock deal is expected to close in the third quarter of 2012, and will expand S&T's existing footprint in the northern and southern suburbs of Pittsburgh. Gateway has assets of $120 million and has two branches, including the headquarters branch in McMurray as well as a branch in Cranberry Township.

Net Interest Income
Net interest income and net interest margin on a fully taxable equivalent (FTE) basis decreased from the prior quarter and the last year quarter due to a continued shift in asset mix from loans to lower yielding securities and cash combined with lower loan rates on new business. Net interest income for the first quarter of 2012 declined to $34.5 million from $35.2 million in the fourth quarter of 2011 as the net interest margin decreased by 10 bps to 3.69%. Average loans increased by $9.4 million from the fourth quarter of 2011, however, this includes the first quarter impact of the Mainline merger of approximately $33.4 million in average loans. The decrease in average loans not including the Mainline merger is due to a continued high level of loan payoffs despite increases in new activity and an improving loan pipeline.

Asset Quality
Asset quality metrics exhibited some weakness this quarter, especially in the construction portfolio. Net charge-offs for the first quarter of 2012 were up significantly to $10.3 million, compared to $5.0 million in the fourth quarter of 2011 and only $0.4 million in the first quarter of 2011. Over half of the net charge-offs this quarter were related to construction projects that have experienced slowdowns and lower values on updated appraisals. Nonperforming assets increased to $67.9 million or 2.12% of total loans plus OREO compared to $60.1 million or 1.92% in the fourth quarter of 2011. The longer term asset quality trends continue to be positive, as nonperforming assets are down from $88.5 million or 2.67% in the first quarter of 2011. The provision for loan losses increased in the first quarter of 2012 to $9.3 million from $2.3 million in the fourth quarter of 2011, but is down from $10.6 million in the first quarter of 2011. The allowance for loan losses at March 31, 2011 was $47.8 million or 1.49% of total loans including acquired Mainline loans. This is little changed from the $48.8 million or 1.56% at December 31, 2011, but is down from $61.7 million or 1.87% at March 31, 2011.

Noninterest Income and Expense
Noninterest income showed improvement over both the fourth quarter of 2011 and the first quarter of 2011 due in large part to increases in Wealth Management and Insurance, as new producers have been added in both of these lines of business. Mortgage banking activity, which is included in Other Noninterest Income, improved in the second half of 2011 as rates declined, and has remained strong through the first quarter of 2012.

Noninterest expense was elevated in the first quarter of 2012 primarily due to the aforementioned one-time merger related expenses of $3.9 million. Salaries and Benefits includes one-time merger related expenses of $1.7 million and were also higher compared to the fourth quarter of 2011 due to annual merit increases of $0.4 million, higher pension expense of $0.5 million and higher payroll expense of $0.7 million, which is typically higher in the first quarter. Data Processing in the first quarter of 2012 included the buyout of Mainline's remaining contract and Other Noninterest Expense included marketing and various professional expenses related to the merger. Also included in Other is an increase in the unfunded commitment reserve of $0.3 million compared to a decline of $0.5 million in the fourth quarter of 2011.

Financial Condition
The size of the balance sheet increased over the fourth quarter of 2011 to $4.3 billion in total assets from $4.1 billion due to the merger with Mainline, which added $130 million of loans and $205 million of deposits.

S&T's capital ratios were little changed due to the merger and flat retained earnings from modest net income. All capital ratios remain significantly above the well-capitalized thresholds of federal bank regulatory agencies with a tier 1 leverage capital ratio of 9.20%, tier 1 risk-based capital ratio of 11.62% and total risk-based capital ratio of 15.14%. With the redemption of the $108.7 million of preferred stock from the U.S. Department of Treasury's Capital Purchase Program in the fourth quarter of 2011, S&T paid no preferred stock dividends in the first quarter of 2012, an after tax improvement of almost $1.6 million this quarter.

About S&T Bancorp, Inc.
Headquartered in Indiana, PA, S&T Bancorp, Inc. operates offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson and Westmoreland counties. With assets of $4.3 billion, S&T Bancorp, Inc. 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, 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 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
    (in thousands, except per share data)

                                                         2012       2011       2011
                                                         ----       ----       ----
                                                     First     Fourth      First
                                                    Quarter    Quarter    Quarter
                                                    -------    -------    -------

    Income Statements
    -----------------
    Interest Income                                   $39,140    $40,258    $42,192
    Interest Expense                                    5,819      6,192      7,320
                                                        -----      -----      -----
              Net Interest Income                      33,321     34,066     34,872
              Taxable Equivalent Adjustment             1,129      1,101      1,038
                                                        -----      -----      -----
              Net Interest Income (FTE)                34,450     35,167     35,910

    Provision For Loan Losses                           9,272      2,336     10,640
                                                        -----      -----     ------

              Net Interest Income After Provisions
               (FTE)                                   25,178     32,831     25,270
                                                       ------     ------     ------

    Security Gains (Losses) , Net                         840          -         13

    Service Charges and Fees                            2,408      2,622      2,404
    Wealth Management                                   2,419      2,021      2,050
    Insurance                                           2,212      1,809      2,132
    Other                                               5,190      5,122      4,427
                                                        -----      -----      -----

              Total Noninterest Income                 12,229     11,574     11,013

    Salaries and Employee Benefits                     16,472     13,446     13,320
    Occupancy and Equipment Expense, Net                3,022      2,831      3,048
    Data Processing Expense                             3,240      1,925      1,504
    FDIC Expense                                          608        678      1,226
    Other                                               9,441      7,792      8,351
                                                        -----      -----      -----

              Total Noninterest Expense                32,783     26,672     27,449
                                                       ------     ------     ------

    Income Before Taxes                                 5,464     17,733      8,847
    Taxable Equivalent Adjustment                       1,129      1,101      1,038
    Applicable Income Taxes                               855      4,376      1,514
                                                          ---      -----      -----

               Net Income                               3,480     12,256      6,295
    Preferred Stock Dividends and Discount
     Amortization                                           -      2,939      1,555
                                                          ---      -----      -----

    Net Income Available to Common
     Shareholders                                      $3,480     $9,317     $4,740
                                                       ======     ======     ======

    Per Common Share Data:

    Shares Outstanding at End of Period            28,873,043 28,131,249 28,033,757
    Average Shares Outstanding - Diluted           28,272,568 28,068,064 27,957,002
    Diluted Earnings Per Common Share *                 $0.12      $0.33      $0.17
    Dividends Declared                                  $0.15      $0.15      $0.15
    Common Book Value                                  $17.47     $17.44     $16.90
    Tangible Common Book Value (1)                     $11.32     $11.36     $10.76
    Market Value                                       $21.69     $19.55     $21.57

    * 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.



    S&T Bancorp,
     Inc.
    Consolidated
     Selected
     Financial Data
    Unaudited
    (in thousands)

                               2012                2011                  2011
                               ----                ----                  ----
                           First              Fourth                 First
                          Quarter             Quarter               Quarter
                          -------             -------               -------

    Net Interest
     Margin (FTE)
     (Quarterly
     Averages)
    -------------
    Assets
      Loans              $3,135,517  4.74%   $3,126,126      4.83% $3,324,606 4.92%
      Securities/
       Other                612,791  2.12%      562,541      2.32%    384,796 3.02%
                            -------
         Total Interest-
          earning Assets  3,748,308  4.31%    3,688,667      4.45%  3,709,402 4.72%
      Noninterest-
       earning Assets       395,577             381,191               378,012
                            -------
    Total Assets         $4,143,885          $4,069,858            $4,087,414
                         ==========          ==========            ==========

    Liabilities and
     Shareholders'
     Equity
      Now/Money
       Market/
       Savings           $1,401,848  0.18%   $1,338,276      0.14% $1,295,224 0.18%
      Certificates of
       Deposit            1,132,687  1.46%    1,135,517      1.64%  1,231,162 1.81%
      Borrowed Funds
       < 1 Year             112,944  0.20%       41,261      0.11%     42,582 0.14%
      Borrowed Funds
       > 1 Year             122,214  3.32%      122,660      3.21%    119,736 4.21%
                            -------
         Total Interest-
          bearing
          Liabilities     2,769,693  0.84%    2,637,714      0.93%  2,688,704 1.10%

    Noninterest-
     bearing
     Liabilities
     Demand Deposits        809,464             800,188               767,581
      Shareholders'
       Equity/Other         564,728             631,956               631,129
                            -------
         Total
          Noninterest-
          bearing
          Liabilities     1,374,192           1,432,144             1,398,710
                          ---------           ---------             ---------
    Total
     Liabilities
     and
     Shareholders'
     Equity              $4,143,885 $4,069,858     $4,087,414
                         ==========          ==========            ==========

    Net Interest
     Margin                          3.69%                   3.79%            3.92%



    S&T
     Bancorp,
     Inc.
     Consolidated
     Selected
     Financial
     Data
    Unaudited
    (in
     thousands)

                                2012                 2011                  2011
                                ----                 ----                  ----
                            First               Fourth                 First
                           Quarter              Quarter               Quarter
                           -------              -------               -------
    Balance
     Sheets
     (Period-
     End)
    ---------
    Assets
      Cash                   $53,838              $61,723              $108,855
       Securities/
       Other                 715,636              584,615               352,783
      Loans,
       Net                 3,153,616            3,083,768             3,242,658
      Other
       Assets                407,885              389,888               385,758
                             -------
    Total
     Assets               $4,330,975           $4,119,994            $4,090,054
                          ==========           ==========            ==========

     Liabilities
     and
     Shareholders'
     Equity
       Noninterest-
       bearing
       Demand
       Deposits             $860,108             $818,686              $802,748
       Interest-
       bearing
       Deposits            2,662,247            2,517,173             2,503,091
      Short-
       term
       Borrowings            115,638              105,370                38,270
      Long-
       term
       Debt                  122,045              122,493               119,593
      Other
       Liabilities            66,519               65,746                46,237
       Shareholders'
       Equity                504,418              490,526               580,115
                             -------
    Total
     Liabilities
     and
     Shareholders'
     Equity               $4,330,975  $4,119,994     $4,090,054
                          ==========           ==========            ==========

                                2012                 2011                  2011
                                ----                 ----                  ----
                            First               Fourth                 First

                           Quarter              Quarter               Quarter
                           -------              -------               -------
    Loans
     (Period-
     End)
    ---------
    Consumer
         Home
          Equity            $441,648             $411,404              $436,357
          Residential
          Mortgage           382,884              358,846               342,904
          Installment
          &
          Other
          Consumer            82,223               67,131                70,573
         Construction          2,211                2,440                 4,322
                               -----
              Total
               Consumer
               Loans         908,966              839,821               854,156
                             -------              -------               -------
    Commercial
          Commercial
          Real
          Estate           1,416,663            1,415,333             1,488,700
          Commercial
          &
          Industrial         703,112              685,753               713,683
         Construction        169,039              188,852               245,477
                             -------
              Total
               Commercial
               Loans       2,288,814            2,289,938             2,447,860
                           ---------            ---------             ---------
    Total
     Portfolio
     Loans                 3,197,780            3,129,759             3,302,016
         Loans
          Held
          for
          Sale                 3,663                2,850                 2,305
                               -----
    Total
     Loans                $3,201,443           $3,132,609            $3,304,321
                          ==========           ==========            ==========

     Nonperforming
     Loans
     (NPL)
     -------------
    Consumer                         % NPL                   % NPL              % NPL
                                     -----                   -----              -----
         Home
          Equity              $3,490   0.79%       $2,936      0.71%     $1,858   0.43%
          Residential
          Mortgage             8,260   2.16%        7,228      2.01%      5,337   1.56%
          Installment
          &
          Other
          Consumer                27   0.03%            4      0.01%         25   0.04%
         Construction            181   8.19%          181      7.42%          -      -
                                 ---
              Total
               Consumer
               Loans          11,958   1.32%       10,349      1.23%      7,220   0.85%
                              ------               ------                 -----
    Commercial
          Commercial
          Real
          Estate              32,816   2.32%       31,648      2.24%     57,189   3.84%
          Commercial
          &
          Industrial           8,269   1.18%        7,571      1.10%      9,081   1.27%
         Construction         11,460   6.78%        6,547      3.47%      7,356   3.00%
                              ------
              Total
               Commercial
               Loans          52,545   2.30%       45,766      2.00%     73,626   3.01%
                              ------
    Total
     Nonperforming
     Loans                   $64,503   2.02%      $56,115      1.79%    $80,846   2.45%
                             =======              =======               =======



    S&T
     Bancorp,
     Inc.
     Consolidated
     Selected
     Financial
     Data
    Unaudited
    (in
     thousands)

                           2012                    2011                  2011
                           ----                    ----                  ----
                       First                  Fourth                 First
                      Quarter                 Quarter               Quarter
                      -------                 -------               -------
     Construction
     and
     Commercial
     Real
     Estate
     (CRE)
     ------------
        PA vs.
         Out-
         of-
         State
        ------
    Pennsylvania     $1,305,367              $1,301,211            $1,375,688
    Out-
     of-
     State              280,335                 302,974               358,489
                        -------
    Total
     Construction
     and
     CRE
     PA
     vs.
     Out-
     of-
     State           $1,585,702     $1,604,185     $1,734,177
                     ==========              ==========            ==========

     Construction
     and
     CRE -
      NPL
      PA
     vs.
     Out-
     of-
     State          % NPL      % NPL      % NPL
     ------------                -----                   -----                -----
    Pennsylvania        $37,623      2.88%      $33,665      2.59%    $43,799     3.18%
    Out-
     of-
     State                6,653      2.37%        4,530      1.50%     20,746     5.79%
                          -----
    Total
     Construction
     and
     CRE -
      NPL
      PA
     vs.
     Out-
     of-
     State              $44,276      2.79%      $38,195      2.38%    $64,545     3.72%
                        =======                 =======               =======

                           2012                    2011                  2011
                           ----                    ----                  ----
                       First                  Fourth                 First
                      Quarter                 Quarter               Quarter
                      -------                 -------               -------
     Construction
     and
     CRE
     by
     Type
     ------------
     Retail/
     Strip
     Malls             $290,023                $288,453              $297,339
    Offices             203,483                 218,619               226,163
    Hotels              194,658                 193,833               194,543
     Residential
     Rental
     Properties         182,941                 198,011               237,879
     Healthcare/
     Education          104,104                 105,642               108,472
     Manufacturing/
     Industrial/
     Warehouse          102,095                  95,883               117,857
    Real
     Estate
     Development
     -
     Commercial          95,053        102,623         93,301
    Flex/
     Mixed
     Use                 90,130                  97,766               113,483
    Real
     Estate
     Development
     -
     Residential         54,660         60,808         81,956
    Recreational         41,557                  43,152                44,118
    Restaurant           29,873                  29,921                39,814
     Convenience
     Stores              28,919                  29,489                26,377
    Miscellaneous       168,206                 139,985               152,875
                        -------
    Total
     Construction
     and
     CRE
     by
     Type            $1,585,702     $1,604,185     $1,734,177
                     ==========              ==========            ==========

                           2012                    2011                  2011
                           ----                    ----                  ----
                       First                  Fourth                 First
                      Quarter                 Quarter               Quarter
                      -------                 -------               -------
     Construction
     and
     CRE -
     NPL
     by
     Type             % NPL      % NPL      % NPL
     ------------                  -----                   -----                -----
     Retail/
     Strip
     Malls               $3,262      1.12%       $5,285      1.83%     $3,031     1.02%
    Offices               3,973      1.95%        3,973      1.82%      2,768     1.22%
    Hotels                  700      0.36%          700      0.36%     13,585     6.98%
     Residential
     Rental
     Properties           3,595      1.97%        2,851      1.44%     10,971     4.61%
     Healthcare/
     Education              598      0.57%          311      0.29%        818     0.75%
     Manufacturing/
     Industrial/
     Warehouse            4,596      4.50%        4,638      4.84%      3,592     3.05%
    Real
     Estate
     Development
     -
     Commercial           2,782      2.93%          771      0.75%      5,968     6.40%
    Flex/
     Mixed
     Use                     62      0.07%            -         -       2,388     2.10%
    Real
     Estate
     Development
     -
     Residential          8,844     16.18%        6,284     10.33%      6,073     7.41%
    Recreational         10,402     25.03%        9,365     21.70%      9,334    21.16%
    Restaurant            1,863      6.24%          940      3.14%      4,070    10.22%
     Convenience
     Stores                  73      0.25%                      -                    -
    Miscellaneous         3,526      2.10%        3,077      2.20%      1,947     1.27%
                          -----
    Total
     Construction
     and
     CRE -
     NPL
     by
     Type               $44,276      2.79%      $38,195      2.38%    $64,545     3.72%
                        =======                 =======               =======



    S&T Bancorp, Inc.
    Consolidated Selected
     Financial Data
    Unaudited
    (in thousands)

                                      2012       2011       2011
                                      ----       ----       ----
                                  First     Fourth      First
                                 Quarter    Quarter    Quarter
                                 -------    -------    -------
    Commercial Credit Exposure
    --------------------------
    Pass
        Commercial Real Estate  $1,244,497 $1,229,005 $1,250,149
        Commercial & Industrial    613,393    600,895    610,750
        Construction               122,277    136,270    201,984
                                   -------
    Total Pass                  $1,980,167 $1,966,170 $2,062,883
                                ========== ========== ==========

    Special Mention
        Commercial Real Estate     $71,342    $84,400    $98,780
        Commercial & Industrial     34,295     33,135     57,460
        Construction                14,135     17,106     10,534
                                    ------
    Total Special Mention         $119,772   $134,641   $166,774
                                  ========   ========   ========

    Substandard
        Commercial Real Estate    $100,824   $101,928   $139,771
        Commercial & Industrial     55,424     51,723     45,473
        Construction                32,627     35,476     32,959
                                    ------
    Total Substandard             $188,875   $189,127   $218,203
                                  ========   ========   ========



    S&T Bancorp, Inc.
    Consolidated Selected Financial Data
    Unaudited
    (in thousands)

                                                   2012       2011       2011
                                                   ----       ----       ----
                                               First     Fourth      First
                                              Quarter    Quarter    Quarter
                                              -------    -------    -------
    Asset Quality Data
    ------------------
    Nonperforming Loans                         $64,503    $56,115    $80,846
    Assets Acquired through Foreclosure or
     Repossession                                 3,371      3,967      7,696
    Nonperforming Assets                         67,874     60,082     88,542
    Troubled Debt Restructurings (Nonaccrual)    22,963     18,184     35,665
    Troubled Debt Restructurings (Accruing)      41,189     49,716      8,500
    Total Troubled Debt Restructurings           64,152     67,900     44,165
    Allowance for Loan Losses                    47,827     48,841     61,663
    Nonperforming Loans / Loans                    2.01%      1.79%      2.45%
    Nonperforming Assets / Loans plus OREO         2.12%      1.92%      2.67%
    Allowance for Loan Losses / Loans              1.49%      1.56%      1.87%
    Allowance for Loan Losses /Nonperforming
     Loans                                           74%        87%        76%
    Net Loan Charge-offs (Recoveries)            10,286      5,028        364
    Net Loan Charge-offs (Recoveries)
     (Annualized) /Average Loans                   1.32%      0.64%      0.04%

    Profitability Ratios (Annualized)
    ---------------------------------
    Common Return on Average Assets                0.34%      0.91%      0.47%
    Common Return on Average Tangible Assets
     (2)                                           0.35%      0.95%      0.49%
    Common Return on Average Equity                2.82%      6.41%      3.31%
    Common Return on Average Tangible Common
     Equity (3)                                    4.31%     11.29%      6.35%
    Efficiency Ratio (FTE) (4)                    70.23%     57.06%     58.50%

    Capitalization Ratios
    ---------------------
    Dividends Paid to Net Income                 121.26%     45.25%     88.46%
    Common Equity / Assets                        11.65%     11.91%     11.58%
    Tier 1 Leverage Ratio                          9.20%      9.17%     11.19%
    Risk-Based Capital - Tier 1                   11.62%     11.63%     13.54%
    Risk-Based Capital - Total                    15.14%     15.20%     16.99%
    Tangible Common Equity /Tangible Assets
     (5)                                           7.87%      8.09%      7.70%



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

                                                     2012            2011       2011
                                                     ----            ----       ----
                                                 First          Fourth      First
                                                Quarter         Quarter    Quarter
                                                -------         -------    -------
    Definitions and
     Reconciliation of GAAP to
    ------------------------------
          Non-GAAP Financial Measures:
          ----------------------------

    (1)  Tangible Common Book
     Value
         Common Book Value
          (GAAP Basis)                             $17.47          $17.44     $16.90
         Effect of
          Excluding
          Intangible
          Assets                                    (6.15)          (6.08)     (6.14)
                                                    -----
         Tangible Common
          Book Value                               $11.32          $11.36     $10.76

    (2)  Common Return on Average
     Tangible Assets
         Common Return on
          Average Assets
          (GAAP Basis)                               0.34%           0.91%      0.47%
         Effect of
          Excluding
          Intangible
          Assets                                     0.01%           0.04%      0.02%
                                                     ----
         Common Return on
          Average Tangible
          Assets                                     0.35%           0.95%      0.49%

    (3)  Common Return on Average
     Tangible Common Equity
         Common Return on
          Average Common
          Equity (GAAP
          Basis)                                     2.82%           6.41%      3.31%
         Effect of
          Excluding
          Intangible
          Assets                                     1.49%           2.17%      1.65%
         Effect of
          Excluding
          Preferred Stock                            0.00%           2.71%      1.39%
                                                     ----
         Common Return on
          Average Tangible
          Common Equity                              4.31%          11.29%      6.35%

    (4)  Noninterest expense divided by noninterest income plus
     net interest income, on a fully taxable equivalent basis.

    (5)  Tangible Common Equity /
     Tangible Assets
         Common Equity /
          Assets (GAAP
          Basis)                                    11.65%          11.91%     11.58%
         Effect of
          Excluding
          Intangible
          Assets                                    -3.78%          -3.82%     -3.88%
                                                    -----
         Tangible Common
          Equity /
          Tangible Assets                            7.87%           8.09%      7.70%

SOURCE S&T Bancorp, Inc.

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