S&T BANCORP, INC. INDIANA, Pa., Oct. 20, 2016 /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 2016 earnings. Third quarter earnings were a record $20.6 million, or $0.59 per diluted share, compared to second quarter of 2016 earnings of $17.1 million, or $0.49 per diluted share, and third quarter of 2015 earnings of $18.6 million, or $0.54 per diluted share.
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Third Quarter of 2016 Highlights:
-- Earnings per share of $0.59 represents a 20% increase over the prior
quarter and a 9.3% increase over the year ago quarter.
-- Annualized performance metrics for the third quarter of 2016 were
strong, with return on average assets of 1.23%, return on average equity
of 9.85% and return on tangible equity of 15.46%.
-- Net interest margin improved 2 basis points to 3.46 % and net interest
income increased $1.7 million, or 3.5%, to $51.5 million compared to the
prior quarter.
-- Expenses were well controlled during the quarter, decreasing by $0.3
million, resulting in an efficiency ratio of 51.65% compared to 54.37%
in the prior quarter.
-- Net loan charge-offs were only $0.9 million, representing 0.07% of
average loans on an annualized basis for the third quarter of 2016.
-- S&T's Board of Directors approved a 5.3% increase in the quarterly cash
dividend to $0.20 per share.
"We are pleased to announce record quarterly net income," said Todd Brice, president and chief executive officer of S&T. "Our strong performance was driven by improvements in all key areas, with higher net interest income and noninterest income, and lower expenses and provision for loan loss."
Net Interest Income
Net interest income increased $1.7 million, or 3.5%, to $51.5 million for the third quarter of 2016 compared to $49.7 million in the prior quarter. Higher net interest income was primarily due to an increase of $101 million in average loans and one additional day in the third quarter compared to the second quarter. Net interest margin on a fully taxable equivalent basis (FTE) increased 2 basis points to 3.46% compared to 3.44% in the prior quarter. Total interest-bearing liability costs were stable at 0.56% for both the third and second quarter of 2016.
Asset Quality
Asset quality continued to improve during the third quarter of 2016. Total nonperforming loans decreased $2.4 million to $40.5 million, or 0.75% of total loans, at September 30, 2016 compared to $42.9 million, or 0.79% of total loans, at June 30, 2016. Net loan charge-offs decreased $2.1 million to $0.9 million for the third quarter of 2016 compared to $3.0 million in the prior quarter. The provision for loan losses decreased $2.3 million to $2.5 million in the third quarter of 2016 compared to $4.8 million in the second quarter of 2016. The allowance for loan losses was $53.8 million, or 0.99% of total loans, at September 30, 2016 compared to $52.2 million, or 0.97% of total loans, at June 30, 2016.
Noninterest Income and Expense
Noninterest income increased $1.0 million to $13.4 million for the third quarter of 2016 compared to $12.4 million in the second quarter of 2016. Mortgage banking increased $0.5 million due to increased volume and the favorable interest rate environment. Debit and credit card fees increased $0.3 million primarily due to higher debit and credit card activity.
Expenses were well controlled in the third quarter with a decrease in noninterest expense of $0.3 million to $34.4 million compared to $34.7 million for the second quarter of 2016. Other expenses decreased $1.4 million, due to lower loan related costs resulting primarily from recovered expenses on impaired loans. Data processing expense decreased $0.6 million due to savings from the renegotiation of a core data processing contract and seasonality of data processing expense. These decreases were offset by an increase in salaries and employee benefits of $1.4 million related to the timing of benefit accruals and higher pension expense.
Financial Condition
Total assets were essentially unchanged at $6.7 billion for both September 30, 2016 and June 30, 2016. Loan growth for the quarter was primarily in consumer loans which increased $29.1 million, or a 9.5% annualized rate, with growth in all consumer categories. Total deposits increased $25.1 million, or a 2.0% annualized rate, with growth in noninterest-bearing demand and money market accounts. Risk-based capital ratios increased this quarter due to earnings retention and a decline in risk weighted assets. All capital ratios remain above the well-capitalized thresholds of federal bank regulatory agencies.
Dividend
The Board of Directors of S&T declared a $0.20 per share cash dividend at its regular meeting held October 16, 2016, representing a 5.3% increase over the prior quarter cash dividend. The dividend is payable on November 17, 2016 to shareholders of record on November 3, 2016.
Conference Call
S&T will host its third quarter 2016 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, October 20, 2016. To access the webcast, go to S&T's webpage at www.stbancorp.com and click on "Events & Presentations." Select "3rd Quarter 2016 Conference Call" and follow the instructions.
About S&T Bancorp, Inc. and S&T Bank
S&T Bancorp, Inc. is a $6.7 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 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
2016 2016 2015
---- ----
Third Second Third
(dollars in thousands, except per share data) Quarter Quarter Quarter
------- ------- -------
INTEREST INCOME
Loans, including fees $53,956 $52,019 $49,578
Investment securities:
Taxable 2,570 2,580 2,522
Tax-exempt 907 915 988
Dividends 375 336 581
---
Total Interest Income 57,808 55,850 53,669
------ ------ ------
INTEREST EXPENSE
Deposits 5,119 5,029 3,275
Borrowings and junior subordinated debt securities 1,234 1,113 798
Total Interest Expense 6,353 6,142 4,073
----- ----- -----
NET INTEREST INCOME 51,455 49,708 49,596
Provision for loan losses 2,516 4,848 3,206
Net Interest Income After Provision for Loan Losses 48,939 44,860 46,390
------ ------ ------
NONINTEREST INCOME
Securities (losses) gains, net - - -
Service charges on deposit accounts 3,208 3,065 3,069
Debit and credit card fees 3,163 2,869 2,996
Wealth management fees 2,565 2,630 2,814
Insurance fees 1,208 1,205 1,332
Mortgage banking 1,077 578 698
Other 2,227 2,101 1,572
Total Noninterest Income 13,448 12,448 12,481
------ ------ ------
NONINTEREST EXPENSE
Salaries and employee benefits 19,011 17,626 16,789
Net occupancy 2,776 2,688 2,744
Data processing 2,129 2,723 2,454
Furniture and equipment 1,932 1,719 1,653
Other taxes 1,080 896 719
Professional services and legal 1,041 1,047 946
FDIC insurance 1,005 994 990
Marketing 896 1,075 895
Other 4,569 5,985 6,639
Total Noninterest Expense 34,439 34,753 33,829
------ ------ ------
Income Before Taxes 27,948 22,555 25,042
Provision for income taxes 7,367 5,496 6,407
----- ----- -----
Net Income $20,581 $17,059 $18,635
======= ======= =======
Per Share Data
--------------
Shares outstanding at end of period 34,913,023 34,916,358 34,811,636
Average shares outstanding - diluted 34,768,505 34,764,565 34,692,991
Average shares outstanding - two-class method 34,802,233 34,909,563 34,811,979
Diluted earnings per share (1) $0.59 $0.49 $0.54
Dividends declared per share $0.19 $0.19 $0.18
Dividend yield (annualized) 2.62% 3.11% 2.21%
Dividends paid to net income 32.13% 38.75% 33.56%
Book value $24.02 $23.63 $22.63
Tangible book value (3) $15.57 $15.17 $14.12
Market value $28.99 $24.45 $32.62
Profitability Ratios (annualized)
--------------------------------
Return on average assets 1.23% 1.05% 1.20%
Return on average tangible assets (4) 1.31% 1.12% 1.28%
Return on average shareholders' equity 9.85% 8.37% 9.51%
Return on average tangible shareholders' equity (5) 15.46% 13.30% 15.61%
Efficiency ratio (FTE) (2) 51.65% 54.37% 53.12%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
For the Nine Months Ended September 30,
---------------------------------------
(dollars in thousands, except per share data) 2016 2015
---- ----
INTEREST INCOME
Loans, including fees $157,133 $138,438
Investment securities:
Taxable 7,704 7,298
Tax-exempt 2,764 3,006
Dividends 1,077 1,453
Total Interest Income 168,678 150,195
------- -------
INTEREST EXPENSE
Deposits 14,403 9,333
Borrowings and junior subordinated debt securities 3,474 2,196
Total Interest Expense 17,877 11,529
------ ------
NET INTEREST INCOME 150,801 138,666
Provision for loan losses 12,379 6,473
Net Interest Income After Provision for Loan Losses 138,422 132,193
------- -------
NONINTEREST INCOME
Securities (losses) gains, net - (34)
Service charges on deposit accounts 9,272 8,529
Debit and credit card fees 8,818 8,732
Wealth management fees 7,947 8,667
Insurance fees 4,187 4,374
Mortgage banking 2,185 2,006
Gain on sale of credit card portfolio 2,066 -
Other 7,238 5,674
Total Noninterest Income 41,713 37,948
------ ------
NONINTEREST EXPENSE
Salaries and employee benefits 57,539 51,024
Net occupancy 8,413 8,014
Data processing 6,964 7,329
Furniture and equipment 5,580 4,461
Other taxes 3,076 2,721
Professional services and legal 3,035 2,270
FDIC insurance 2,938 2,493
Marketing 2,872 2,905
Merger related expenses - 3,167
Other 17,190 18,515
Total Noninterest Expense 107,607 102,899
------- -------
Income Before Taxes 72,528 67,242
Provision for income taxes 18,795 17,584
------ ------
Net Income $53,733 $49,658
======= =======
Per Share Data:
Average shares outstanding - diluted 34,747,177 33,561,529
Average shares outstanding - two-class method 34,782,867 33,665,990
Diluted earnings per share (1) $1.54 $1.48
Dividends declared per share $0.57 $0.54
Dividends paid to net income 36.89% 35.97%
Profitability Ratios (annualized)
--------------------------------
Return on average assets 1.10% 1.14%
Return on average tangible assets (8) 1.17% 1.22%
Return on average shareholders' equity 8.78% 9.02%
Return on average tangible shareholders' equity (9) 13.95% 14.46%
Efficiency ratio (FTE) (2) 54.41% 56.81%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
2016 2016 2015
Third Second Third
(dollars in thousands) Quarter Quarter Quarter
------- ------- -------
ASSETS
Cash and due from banks, including interest-bearing deposits $125,163 $94,991 $115,347
Securities available-for-sale, at fair value 671,128 683,479 660,046
Loans held for sale 11,694 11,999 13,794
Commercial loans:
Commercial real estate 2,427,164 2,388,786 2,111,585
Commercial and industrial 1,344,297 1,385,746 1,237,915
Commercial construction 402,124 398,122 384,328
Total Commercial Loans 4,173,585 4,172,654 3,733,828
Consumer loans:
Residential mortgage 692,574 671,665 625,251
Home equity 483,935 480,204 467,698
Installment and other consumer 62,288 58,139 91,122
Consumer construction 5,852 5,602 8,064
Total Consumer Loans 1,244,649 1,215,610 1,192,135
Total portfolio loans 5,418,234 5,388,264 4,925,963
Allowance for loan losses (53,793) (52,213) (49,907)
Total portfolio loans, net 5,364,441 5,336,051 4,876,056
Goodwill 291,670 291,670 291,683
Other assets 254,109 256,015 258,412
Total Assets $6,718,205 $6,674,205 $6,215,338
========== ========== ==========
LIABILITIES
Deposits:
Noninterest-bearing demand $1,232,469 $1,220,568 $1,188,331
Interest-bearing demand 657,326 662,509 704,348
Money market 764,125 700,219 593,643
Savings 1,026,234 1,033,077 1,088,217
Certificates of deposit 1,465,277 1,503,945 1,302,870
Total Deposits 5,145,431 5,120,318 4,877,409
Securities sold under repurchase agreements 40,949 48,479 42,971
Short-term borrowings 565,000 550,000 280,000
Long-term borrowings 15,303 15,888 117,613
Junior subordinated debt securities 45,619 45,619 45,619
Other liabilities 67,196 68,851 63,923
------
Total Liabilities 5,879,498 5,849,155 5,427,535
SHAREHOLDERS' EQUITY
Total Shareholders' Equity 838,707 825,050 787,803
------- ------- -------
Total Liabilities and Shareholders' Equity $6,718,205 $6,674,205 $6,215,338
========== ========== ==========
Capitalization Ratios
---------------------
Shareholders' equity / assets 12.48% 12.36% 12.68%
Tangible common equity / tangible assets (6) 8.46% 8.30% 8.30%
Tier 1 leverage ratio 9.02% 8.92% 8.94%
Common equity tier 1 capital 10.01% 9.70% 9.69%
Risk-based capital - tier 1 10.37% 10.06% 10.08%
Risk-based capital - total 11.87% 11.52% 11.58%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
2016 2016 2015
----
Third Second Third
(dollars in thousands) Quarter Quarter Quarter
------- ------- -------
Net Interest Margin (FTE) (QTD Averages)
---------------------------------------
ASSETS
Loans $5,382,516 4.08% $5,281,769 4.05% $4,869,914 4.12%
Taxable investment securities 545,249 1.95% 547,501 1.95% 523,890 1.99%
Tax-exempt investment securities 133,661 4.17% 133,908 4.21% 138,514 4.39%
Federal Home Loan Bank and other restricted stock 24,454 4.52% 22,017 4.32% 20,184 9.60%
Interest-bearing deposits with banks 37,852 0.52% 38,233 0.47% 76,246 0.24%
Total Interest-earning Assets 6,123,732 3.87% 6,023,428 3.85% 5,628,748 3.90%
Noninterest-earning assets 519,011 520,720 537,373
Total Assets $6,642,743 $6,544,148 $6,166,121
========== ========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand $663,477 0.17% $639,424 0.17% $663,834 0.14%
Money market 540,891 0.42% 478,448 0.37% 385,520 0.18%
Savings 1,034,018 0.20% 1,030,357 0.19% 1,091,482 0.16%
Certificates of deposit 1,379,952 0.95% 1,384,988 0.97% 1,113,858 0.74%
Brokered deposits 309,413 0.56% 371,182 0.54% 394,415 0.34%
Total Interest-bearing deposits 3,927,751 0.52% 3,904,399 0.52% 3,649,109 0.36%
Securities sold under repurchase agreements 44,927 0.01% 52,443 0.01% 42,937 0.01%
Short-term borrowings 459,043 0.66% 366,942 0.64% 270,968 0.37%
Long-term borrowings 15,545 2.85% 54,588 1.30% 117,864 0.77%
Junior subordinated debt securities 45,619 3.15% 45,619 3.10% 45,619 2.75%
Total Interest-bearing Liabilities 4,492,885 0.56% 4,423,991 0.56% 4,126,497 0.39%
Noninterest-bearing demand 1,247,884 1,229,020 1,196,200
Other liabilities 70,799 71,601 65,873
Shareholders' equity 831,175 819,536 777,551
Total Liabilities and Shareholders' Equity $6,642,743 $6,544,148 $6,166,121
========== ========== ==========
Net Interest Margin (7) 3.46% 3.44% 3.61%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
For the Nine Months Ended September 30,
(dollars in thousands) 2016 2015
---- ----
Net Interest Margin (FTE) (YTD Averages)
---------------------------------------
ASSETS
Loans $5,261,629 4.08% $4,588,536 4.11%
Taxable investment securities 541,419 1.96% 514,195 1.96%
Tax-exempt investment securities 134,271 4.22% 139,171 4.43%
Federal Home Loan Bank and other restricted stock 23,027 4.52% 19,276 8.04%
Interest-bearing deposits with banks 41,402 0.51% 69,062 0.24%
Total Interest-earning Assets 6,001,748 3.87% 5,330,240 3.88%
Noninterest-earning assets 519,913 499,043
Total Assets $6,521,661 $5,829,283
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand $635,479 0.16% $586,149 0.13%
Money market 476,768 0.35% 392,021 0.18%
Savings 1,041,802 0.19% 1,072,539 0.16%
Certificates of deposit 1,345,323 0.94% 1,075,666 0.76%
CDARS and brokered deposits 358,568 0.54% 334,485 0.33%
Securities sold under repurchase agreements 53,858 0.01% 42,675 0.01%
Short-term borrowings 385,394 0.64% 245,431 0.34%
Long-term borrowings 62,109 1.21% 72,316 1.04%
Junior subordinated debt securities 45,619 3.08% 47,561 2.82%
Total Interest-bearing Liabilities 4,404,920 0.54% 3,868,843 0.40%
Noninterest-bearing demand 1,227,426 1,158,217
Other liabilities 71,421 66,009
Shareholders' equity 817,894 736,214
Total Liabilities and Shareholders' Equity $6,521,661 $5,829,283
========== ==========
Net Interest Margin (10) 3.47% 3.59%
2016 2016 2015
---- ---- ----
Third Second Third
(dollars in thousands) Quarter Quarter Quarter
------- ------- -------
Nonperforming Loans (NPL)
------------------------
Commercial loans: % NPL % NPL % NPL
----- ----- -----
Commercial real estate $7,551 0.31% $10,887 0.46% $7,919 0.38%
Commercial and industrial 11,890 0.88% 11,342 0.82% 5,370 0.43%
Commercial construction 6,653 1.65% 8,182 2.06% 5,008 1.30%
----- -----
Total Nonperforming Commercial Loans 26,094 0.63% 30,411 0.73% 18,297 0.49%
Consumer loans:
Residential mortgage 11,400 1.63% 9,283 1.38% 3,242 0.52%
Home equity 2,955 0.61% 3,168 0.66% 2,147 0.46%
Installment and other consumer 44 0.07% 43 0.07% 122 0.13%
Total Nonperforming Consumer Loans 14,399 1.16% 12,494 1.03% 5,511 0.46%
------ ------ -----
Total Nonperforming Loans $40,493 0.75% $42,905 0.79% $23,808 0.48%
======= ======= =======
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
2016 2016 2015
---- ---- ----
Third Second Third
(dollars in
thousands) Quarter Quarter Quarter
------- ------- -------
Loan Charge-offs
----------------
Charge-offs $1,500 $3,496 $5,641
Recoveries (564) (514) (3,528)
---- ---- ------
Net Loan Charge-
offs $936 $2,982 $2,113
==== ====== ======
Net Loan Charge-offs
--------------------
Commercial loans:
Commercial real
estate ($171) $1,624 ($535)
Commercial and
industrial 245 (81) 849
Commercial
construction 146 943 1,118
--- --- -----
Total Commercial
Loan Charge-offs 220 2,486 1,432
Consumer loans:
Residential
mortgage 331 158 127
Home equity (1) 37 222
Installment and
other consumer 391 340 368
Consumer
construction (5) (39) (36)
--- --- ---
Total Consumer
Loan Charge-offs 716 496 681
--- --- ---
Total Net Loan
Charge-offs $936 $2,982 $2,113
==== ====== ======
For the Nine Months
Ended September 30,
-------------------
(dollars in thousands) 2016 2015
---- ----
Loan Charge-offs
----------------
Charge-offs $8,623 $8,847
Recoveries (1,890) (4,370)
------ ------
Net Loan Charge-offs $6,733 $4,477
====== ======
Net Loan Charge-offs
--------------------
Commercial loans:
Commercial real estate $1,146 ($334)
Commercial and industrial 2,655 2,344
Commercial construction 1,088 1,115
----- -----
Total Commercial Loan Charge-offs 4,889 3,125
Consumer loans:
Residential mortgage 506 459
Home equity 158 219
Installment and other consumer 1,295 734
Consumer construction (115) (60)
---- ---
Total Consumer Loan Charge-offs 1,844 1,352
----- -----
Total Net Loan Charge-offs $6,733 $4,477
====== ======
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
2016 2016 2015
Third Second Third
Quarter Quarter Quarter
------- ------- -------
Asset Quality Data
------------------
Nonperforming loans $40,493 $42,905 $23,808
Assets acquired through foreclosure or repossession 512 328 472
Nonperforming assets 41,005 43,233 24,280
Troubled debt restructurings (nonperforming) 15,095 15,028 8,092
Troubled debt restructurings (performing) 12,936 20,598 26,049
Total troubled debt restructurings 28,031 35,626 34,141
Nonperforming loans / loans 0.75% 0.79% 0.48%
Nonperforming assets / loans plus OREO 0.76% 0.80% 0.49%
Allowance for loan losses / total portfolio loans 0.99% 0.97% 1.01%
Allowance for loan losses / nonperforming loans 133% 122% 210%
Net loan charge-offs (recoveries) $936 $2,982 $2,113
Net loan charge-offs (recoveries)(annualized) / average loans 0.07% 0.23% 0.17%
For the Nine Months Ended September 30,
---------------------------------------
(dollars in thousands) 2016 2015
---- ----
Asset Quality Data
------------------
Net loan charge-offs (recoveries) $6,733 $4,477
Net loan charge-offs (recoveries)(annualized) / average loans 0.17% 0.13%
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.
2016 2016 2015
Third Second Third
Quarter Quarter Quarter
------- ------- -------
(3) Tangible Book Value (non-GAAP)
Total shareholders' equity $838,707 $825,050 $787,803
Less: goodwill and other intangible assets, (295,104) (295,347) (296,233)
net of deferred tax liability
Tangible common equity (non-GAAP) $543,603 $529,703 $491,570
Common shares outstanding 34,913 34,916 34,812
Tangible book value (non-GAAP) $15.57 $15.17 $14.12
(4) Return on Average Tangible Assets (non-GAAP)
Net income (annualized) $81,877 $68,612 $73,931
Plus: amortization of intangibles net of tax (annualized) 969 1,071 1,236
--- ----- -----
Net income before amortization of intangibles (annualized) 82,846 69,683 75,167
Average total assets 6,642,743 6,544,148 6,166,121
Less: average goodwill and other intangibles, (295,235) (295,487) (295,998)
net of deferred tax liability
Average tangible assets (non-GAAP) $6,347,508 $6,248,661 $5,870,123
Return on average tangible assets (non-GAAP) 1.31% 1.12% 1.28%
(5) Return on Average Tangible Shareholders' Equity (non-GAAP)
Net income (annualized) $81,877 $68,612 $73,931
Plus: amortization of intangibles net of tax (annualized) 969 1,071 1,236
--- ----- -----
Net income before amortization of intangibles (annualized) 82,846 69,683 75,167
Average total shareholders' equity 831,175 819,536 777,551
Less: average goodwill and other intangibles, (295,235) (295,487) (295,998)
net of deferred tax liability
Average tangible equity (non-GAAP) $535,940 $524,049 $481,553
Return on average tangible equity (non-GAAP) 15.46% 13.30% 15.61%
(6) Tangible Common Equity / Tangible Assets (non-GAAP)
Total shareholders' equity $838,707 $825,050 $787,803
Less: goodwill and other intangible assets, (295,104) (295,347) (296,233)
net of deferred tax liability
Tangible common equity (non-GAAP) 543,603 529,703 491,570
Total assets 6,718,205 6,674,205 6,215,338
Less: goodwill and other intangible assets, (295,104) (295,347) (296,233)
net of deferred tax liability
Tangible assets (non-GAAP) $6,423,101 $6,378,858 $5,919,105
Tangible common equity to tangible assets (non-GAAP) 8.46% 8.30% 8.30%
(7) Net Interest Margin Rate (FTE) (non-GAAP)
Interest income $57,808 $55,850 $53,669
Less: interest expense (6,353) (6,142) (4,073)
------ ------ ------
Net interest income per consolidated statements of net income 51,455 49,708 49,596
Plus: taxable equivalent adjustment 1,771 1,762 1,607
----- ----- -----
Net interest income (FTE) (non-GAAP) 53,226 51,470 51,203
Net interest income (FTE) (annualized) 211,747 207,011 203,142
Average earning assets $6,123,731 $6,023,428 $5,628,748
Net interest margin - (FTE) (non-GAAP) 3.46% 3.44% 3.61%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
For the Nine Months Ended September 30,
---------------------------------------
2016 2015
---- ----
(8) Return on Average Tangible Assets (non-GAAP)
Net income (annualized) $71,775 $66,392
Plus: amortization of intangibles net of tax (annualized) 1,079 1,168
----- -----
Net income before amortization of intangibles (annualized) 72,854 67,560
Average total assets 6,521,661 5,829,283
Less: average goodwill and other intangibles, (295,516) (269,026)
net of deferred tax liability
Average tangible assets (non-GAAP) $6,226,145 $5,560,257
Return on average tangible assets (non-GAAP) 1.17% 1.22%
(9) Return on Average Tangible Shareholders' Equity (non-GAAP)
Net income (annualized) $71,775 $66,392
Plus: amortization of intangibles net of tax (annualized) 1,079 1,168
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Net income before amortization of intangibles (annualized) 72,854 67,560
Average total shareholders' equity 817,894 736,214
Less: average goodwill and other intangibles, (295,516) (269,026)
net of deferred tax liability
Average tangible equity (non-GAAP) $522,378 $467,188
Return on average tangible equity (non-GAAP) 13.95% 14.46%
(10) Net Interest Margin Rate (FTE) (non-GAAP)
Interest income $168,678 $150,195
Less: interest expense (17,877) (11,529)
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Net interest income per consolidated statements of net income 150,801 138,666
Plus: taxable equivalent adjustment 5,254 4,493
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Net interest income (FTE) (non-GAAP) 156,055 143,159
Net interest income (FTE) (annualized) 208,453 191,403
Average earning assets $6,001,748 $5,330,240
Net interest margin - (FTE) (non-GAAP) 3.47% 3.59%
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SOURCE S&T Bancorp, Inc.
