S&T BANCORP, INC. INDIANA, Pa., July 21, 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 second quarter 2016 earnings. Second quarter earnings were $17.1 million, or $0.49 per diluted share, compared to first quarter of 2016 earnings of $16.1 million, or $0.46 per diluted share, and second quarter of 2015 earnings of $18.2 million, or $0.52 per diluted share.
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Second Quarter of 2016 Highlights:
-- Return on average assets was 1.05% and return on average equity was
8.37%.
-- Total portfolio loans increased $212 million, or 16.4% annualized,
compared to the first quarter of 2016, representing the fifth
consecutive quarter of growth greater than $100 million.
-- Total deposits increased $102 million, or 8.2% annualized, compared to
the first quarter of 2016.
-- The efficiency ratio was 54.37% for the second quarter of 2016.
-- Nonperforming loans decreased $8.9 million, or 17.2%, compared to the
first quarter of 2016.
-- S&T declared a $0.19 per share dividend compared to $0.18 in the same
period a year ago, an increase of 5.6%.
"I like how we are positioned from a future organic growth perspective," said Todd Brice, president and chief executive officer of S&T. "We are seeing growth from our southwestern Pennsylvania markets and also from our newer markets in Ohio, New York and southcentral Pennsylvania."
Net Interest Income
Net interest income was $49.7 million for the second quarter of 2016 compared to $49.6 million in the prior quarter. Net interest margin on a fully taxable equivalent basis (FTE) decreased 9 basis points to 3.44% compared to 3.53% in the prior quarter. Net interest margin (FTE) compression was due to higher funding costs, the sale of our credit card portfolio in the first quarter of 2016 and pressure on loan yields. Average loans increased $162 million while the yield on loans decreased 6 basis points compared to the prior quarter. Total interest-bearing deposit costs increased by 6 basis points due to our focus on growing customer deposits.
Asset Quality
Total nonperforming loans decreased $8.9 million to $42.9 million, or 0.79% of total loans, at June 30, 2016 compared to $51.8 million, or 1.0% of total loans, at March 31, 2016. Net loan charge-offs were $3.0 million for the second quarter of 2016 compared to $2.8 million in the prior quarter. The provision for loan losses decreased $0.2 million to $4.8 million in the second quarter of 2016 compared to $5.0 million in the first quarter of 2016. The allowance for loan losses for originated loans was $52.2 million, or 1.09% of total originated loans, at June 30, 2016 compared to $50.3 million, or 1.11% of total originated loans, at March 31, 2016.
Noninterest Income and Expense
Noninterest income decreased $3.4 million to $12.4 million for the second quarter of 2016 compared to $15.8 million in the first quarter of 2016. During the first quarter of 2016 approximately $3.1 million of gains were recognized including a $2.1 million gain for the sale of the credit card portfolio and a $1.0 million curtailment gain related to the freezing of our qualified and nonqualified defined benefit pension plans. Insurance fees decreased $0.6 million primarily due to annual profit sharing received from insurance carriers during the first quarter of 2016.
Noninterest expense decreased $3.6 million to $34.8 million compared to $38.4 million for the first quarter of 2016 primarily due to a decrease in salaries and employee benefits of $3.3 million. Approximately $2.8 million of the decrease related to reductions in benefit accruals and employee incentive plans. Additionally, $0.5 million of the decrease related to pension expense from freezing our qualified and nonqualified defined benefit pension plans at the end of the first quarter of 2016. Other expense decreased $0.7 million primarily due to the timing of charitable contributions. The increase in data processing of $0.6 million related to the timing of projects.
Financial Condition
Total assets increased $195 million to $6.7 billion at June 30, 2016 compared to $6.5 billion at March 31, 2016. Commercial loans grew $199 million during the quarter, or a 20.1% annualized rate, with growth in all commercial categories. Consumer loans grew $12.5 million, or a 4.2% annualized rate, with growth in residential mortgage and home equity loans. Total deposits increased $102 million, or an 8.2% annualized rate, to over $5.1 billion at June 30, 2016 as a result of our strategic focus to increase customer deposits. S&T's risk-based capital ratios decreased slightly this quarter due to strong risk weighted asset growth. All capital ratios remain above the well-capitalized thresholds of federal bank regulatory agencies.
Dividend
The Board of Directors of S&T declared a $0.19 per share cash dividend at its regular meeting held July 18, 2016. The dividend is payable August 18, 2016 to shareholders of record on August 4, 2016. Dividends declared in the second quarter of 2016 increased to $0.19, or 5.6%, compared to $0.18 for the second quarter of 2015.
Conference Call
S&T will host its second quarter 2016 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, July 21, 2016. To access the webcast, go to S&T's webpage at www.stbancorp.com and click on "Events & Presentations." Select "2nd 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
---- ----
Second First Second
(dollars in thousands, except per share data) Quarter Quarter Quarter
------- ------- -------
INTEREST INCOME
Loans, including fees $52,019 $51,158 $48,933
Investment securities:
Taxable 2,580 2,553 2,394
Tax-exempt 915 942 998
Dividends 336 366 286
---
Total Interest Income 55,850 55,019 52,611
------ ------ ------
INTEREST EXPENSE
Deposits 5,029 4,254 3,051
Borrowings and junior subordinated debt securities 1,113 1,128 749
Total Interest Expense 6,142 5,382 3,800
----- ----- -----
NET INTEREST INCOME 49,708 49,637 48,811
Provision for loan losses 4,848 5,014 2,059
Net Interest Income After Provision for Loan Losses 44,860 44,623 46,752
------ ------ ------
NONINTEREST INCOME
Securities (losses) gains, net - - (34)
Service charges on deposit accounts 3,065 2,999 2,877
Debit and credit card fees 2,869 2,786 3,020
Wealth management fees 2,630 2,752 2,930
Insurance fees 1,205 1,774 1,391
Mortgage banking 578 529 782
Gain on sale of credit card portfolio - 2,066 -
Other 2,101 2,911 2,417
Total Noninterest Income 12,448 15,817 13,383
------ ------ ------
NONINTEREST EXPENSE
Salaries and employee benefits 17,626 20,902 17,455
Data processing 2,723 2,111 2,555
Net occupancy 2,688 2,950 2,682
Furniture and equipment 1,719 1,929 1,582
Marketing 1,075 901 1,193
Professional services and legal 1,047 947 801
FDIC insurance 994 940 808
Other taxes 896 1,100 1,159
Merger related expenses - - 866
Other 5,985 6,636 6,348
Total Noninterest Expense 34,753 38,416 35,449
------ ------ ------
Income Before Taxes 22,555 22,024 24,686
Provision for income taxes 5,496 5,931 6,498
----- ----- -----
Net Income $17,059 $16,093 $18,188
======= ======= =======
Per Share Data
--------------
Shares outstanding at end of period 34,916,358 34,901,210 34,812,723
Average shares outstanding - diluted 34,764,565 34,739,514 34,681,180
Average shares outstanding - two-class method 34,909,563 34,749,281 34,804,031
Diluted earnings per share (1) $0.49 $0.46 $0.52
Dividends declared per share $0.19 $0.19 $0.18
Dividend yield (annualized) 3.11% 2.95% 2.43%
Dividends paid to net income 38.75% 41.02% 34.37%
Book value $23.63 $23.23 $22.15
Tangible book value (3) $15.17 $14.76 $13.65
Market value $24.45 $25.76 $29.59
Profitability Ratios (annualized)
--------------------------------
Return on average assets 1.05% 1.01% 1.21%
Return on average tangible assets (4) 1.12% 1.08% 1.29%
Return on average shareholders' equity 8.37% 8.06% 9.52%
Return on average tangible shareholders' equity (5) 13.30% 13.00% 15.79%
Efficiency ratio (FTE) (2) 54.37% 57.19% 55.63%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
For the Six Months Ended June 30,
---------------------------------
(dollars in thousands,
except per share data) 2016 2015
---- ----
INTEREST INCOME
Loans, including fees $103,177 $88,859
Investment securities:
Taxable 5,134 4,777
Tax-exempt 1,857 2,018
Dividends 702 872
Total Interest Income 110,870 96,526
------- ------
INTEREST EXPENSE
Deposits 9,284 6,058
Borrowings and junior
subordinated debt
securities 2,240 1,398
Total Interest Expense 11,524 7,456
------ -----
NET INTEREST INCOME 99,346 89,070
Provision for loan
losses 9,863 3,266
Net Interest Income
After Provision for
Loan Losses 89,483 85,804
------ ------
NONINTEREST INCOME
Securities (losses)
gains, net - (34)
Service charges on
deposit accounts 6,064 5,459
Debit and credit card
fees 5,655 5,736
Wealth management fees 5,382 5,853
Insurance fees 2,979 3,041
Mortgage banking 1,107 1,308
Gain on sale of credit
card portfolio 2,066 -
Other 5,012 4,104
Total Noninterest Income 28,265 25,467
------ ------
NONINTEREST EXPENSE
Salaries and employee
benefits 38,528 34,235
Data processing 4,835 4,876
Net occupancy 5,638 5,270
Furniture and equipment 3,648 2,808
Marketing 1,976 2,009
Professional services
and legal 1,994 1,324
FDIC insurance 1,934 1,503
Other taxes 1,995 2,002
Merger related expenses - 3,167
Other 12,621 11,876
Total Noninterest
Expense 73,169 69,070
------ ------
Income Before Taxes 44,579 42,201
Provision for income
taxes 11,427 11,178
------ ------
Net Income $33,152 $31,023
======= =======
Per Share Data:
Average shares
outstanding -diluted 34,747,663 32,988,295
Average shares
outstanding - two-
class method 34,865,459 33,083,499
Diluted earnings per
share (1) $0.95 $0.94
Dividends declared per
share $0.38 $0.36
Dividends paid to net
income 39.85% 37.42%
Profitability Ratios
(annualized)
--------------------
Return on average assets 1.03% 1.11%
Return on average
tangible assets (8) 1.10% 1.18%
Return on average
shareholders' equity 8.22% 8.75%
Return on average
tangible shareholders'
equity (9) 13.15% 13.85%
Efficiency ratio (FTE)
(2) 55.81% 58.80%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
2016 2016 2015
----
Second First Second
(dollars in thousands) Quarter Quarter Quarter
------- ------- -------
ASSETS
Cash and due from banks, including
interest-bearing deposits $94,991 $121,669 $146,582
Securities available-for-sale, at
fair value 683,479 677,221 666,624
Loans held for sale 11,999 11,739 13,634
Commercial loans:
Commercial real estate 2,388,786 2,260,231 2,054,935
Commercial and industrial 1,385,746 1,334,119 1,239,382
Commercial construction 398,122 379,293 344,983
------- -------
Total Commercial Loans 4,172,654 3,973,643 3,639,300
Consumer loans:
Residential mortgage 671,665 650,544 599,502
Home equity 480,204 467,671 457,813
Installment and other consumer 58,139 76,189 94,437
Consumer construction 5,602 8,701 7,446
Total Consumer Loans 1,215,610 1,203,105 1,159,198
Total portfolio loans 5,388,264 5,176,748 4,798,498
Allowance for loan losses (52,213) (50,347) (48,814)
Total portfolio loans, net 5,336,051 5,126,401 4,749,684
Goodwill 291,670 291,670 291,204
Other assets 256,015 250,462 266,000
Total Assets $6,674,205 $6,479,162 $6,133,728
========== ========== ==========
LIABILITIES
Deposits:
Noninterest-bearing demand $1,220,568 $1,212,231 $1,182,124
Interest-bearing demand 662,509 619,617 703,797
Money market 700,219 643,795 633,175
Savings 1,033,077 1,047,871 1,093,057
Certificates of deposit 1,503,945 1,494,411 1,247,262
Total Deposits 5,120,318 5,017,925 4,859,415
Securities sold under repurchase
agreements 48,479 60,025 46,235
Short-term borrowings 550,000 355,000 230,975
Long-term borrowings 15,888 116,468 118,228
Junior subordinated debt securities 45,619 45,619 45,619
Other liabilities 68,851 73,324 62,027
------
Total Liabilities 5,849,155 5,668,361 5,362,499
SHAREHOLDERS' EQUITY
Total Shareholders' Equity 825,050 810,801 771,229
------- ------- -------
Total Liabilities and Shareholders'
Equity $6,674,205 $6,479,162 $6,133,728
========== ========== ==========
Capitalization Ratios
---------------------
Shareholders' equity / assets 12.36% 12.51% 12.57%
Tangible common equity /tangible
assets (6) 8.30% 8.33% 8.14%
Tier 1 leverage ratio 8.92% 8.98% 8.92%
Common equity tier 1 capital 9.70% 9.74% 9.59%
Risk-based capital - tier 1 10.06% 10.11% 9.97%
Risk-based capital - total 11.52% 11.57% 11.48%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
2016 2016 2015
----
Second First Second
(dollars in thousands) Quarter Quarter Quarter
------- ------- -------
Net Interest Margin (FTE) (QTD Averages)
ASSETS
Loans $5,281,769 4.05% $5,119,275 4.11% $4,764,852 4.20%
Taxable investment securities 547,501 1.95% 531,467 1.98% 513,639 1.94%
Tax-exempt investment securities 133,908 4.21% 135,252 4.28% 136,824 4.49%
Federal Home Loan Bank and other restricted stock 22,017 4.32% 22,592 4.72% 22,166 3.42%
Interest-bearing deposits with banks 38,233 0.47% 48,159 0.54% 65,246 0.25%
Total Interest-earning Assets 6,023,428 3.85% 5,856,745 3.89% 5,502,727 3.94%
Noninterest-earning assets 520,720 520,017 537,348
Total Assets $6,544,148 $6,376,762 $6,040,075
========== ========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand $639,424 0.17% $603,227 0.13% $660,058 0.15%
Money market 478,448 0.37% 410,260 0.22% 427,354 0.19%
Savings 1,030,357 0.19% 1,061,117 0.18% 1,073,360 0.16%
Certificates of deposit 1,384,988 0.97% 1,270,652 0.90% 1,120,256 0.68%
Brokered deposits 371,182 0.54% 395,647 0.51% 347,013 0.32%
Total Interest-bearing deposits 3,904,399 0.52% 3,740,903 0.46% 3,628,041 0.34%
Securities sold under repurchase agreements 52,443 0.01% 64,303 0.01% 45,017 0.01%
Short-term borrowings 366,942 0.64% 329,389 0.62% 228,505 0.33%
Long-term borrowings 54,588 1.30% 116,705 0.95% 78,912 0.98%
Junior subordinated debt securities 45,619 3.10% 45,619 2.99% 49,905 2.93%
Total Interest-bearing Liabilities 4,423,991 0.56% 4,296,919 0.50% 4,030,380 0.38%
Noninterest-bearing demand 1,229,020 1,205,149 1,175,620
Other liabilities 71,601 71,870 67,500
Shareholders' equity 819,536 802,824 766,575
Total Liabilities and Shareholders' Equity $6,544,148 $6,376,762 $6,040,075
========== ========== ==========
Net Interest Margin (7) 3.44% 3.53% 3.67%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
For the Six Months Ended June 30,
---------------------------------
(dollars in thousands) 2016 2015
---- ----
Net Interest Margin (FTE) (YTD Averages)
---------------------------------------
ASSETS
Loans $5,200,522 4.08% $4,445,515 4.11%
Taxable investment securities 539,484 1.96% 509,271 1.95%
Tax-exempt investment securities 134,580 4.25% 139,501 4.45%
Federal Home Loan Bank and other restricted stock 22,305 4.52% 18,815 7.20%
Interest-bearing deposits with banks 43,196 0.51% 65,410 0.23%
Total Interest-earning Assets 5,940,087 3.87% 5,178,512 3.87%
Noninterest-earning assets 520,368 479,561
Total Assets $6,460,455 $5,658,073
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand $621,325 0.15% $546,663 0.12%
Money market 444,354 0.30% 395,324 0.19%
Savings 1,045,737 0.19% 1,062,911 0.16%
Certificates of deposit 1,327,820 0.95% 1,056,254 0.77%
CDARS and brokered deposits 383,415 0.52% 304,023 0.33%
Securities sold under repurchase agreements 58,373 0.01% 42,542 0.01%
Short-term borrowings 348,165 0.63% 232,451 0.33%
Long-term borrowings 85,647 1.06% 49,165 1.37%
Junior subordinated debt securities 45,619 3.05% 48,547 2.85%
Total Interest-bearing Liabilities 4,360,455 0.53% 3,737,880 0.40%
Noninterest-bearing demand 1,217,084 1,138,912
Other liabilities 71,736 66,080
Shareholders' equity 811,180 715,201
Total Liabilities and Shareholders' Equity $6,460,455 $5,658,073
========== ==========
Net Interest Margin (10) 3.48% 3.58%
2016 2016 2015
---- ---- ----
Second First Second
(dollars in thousands) Quarter Quarter Quarter
------- ------- -------
Nonperforming Loans (NPL)
Commercial loans: % NPL % NPL % NPL
----- ----- -----
Commercial real estate $10,887 0.46% $15,244 0.67% $7,309 0.36%
Commercial and industrial 11,342 0.82% 14,209 1.07% 3,143 0.25%
Commercial construction 8,182 2.06% 9,993 2.63% 4,472 1.30%
----- -----
Total Nonperforming Commercial Loans 30,411 0.73% 39,446 0.99% 14,924 0.41%
Consumer loans:
Residential mortgage 9,283 1.38% 9,012 1.39% 2,010 0.34%
Home equity 3,168 0.66% 3,267 0.70% 2,026 0.44%
Installment and other consumer 43 0.07% 109 0.14% 179 0.19%
Total Nonperforming Consumer Loans 12,494 1.03% 12,388 1.03% 4,215 0.36%
------ ------ -----
Total Nonperforming Loans $42,905 0.79% $51,834 1.00% $19,139 0.40%
======= ======= =======
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
2016 2016 2015
---- ---- ----
Second First Second
(dollars in thousands) Quarter Quarter Quarter
------- ------- -------
Loan Charge-offs
Charge-offs $3,496 $3,628 $1,755
Recoveries (514) (814) (404)
---- ---- ----
Net Loan Charge-offs $2,982 $2,814 $1,351
====== ====== ======
Net Loan Charge-offs
--------------------
Commercial loans:
Commercial real estate $1,624 ($307) $237
Commercial and industrial (81) 2,491 903
Commercial construction 943 (2) (1)
--- --- ---
Total Commercial Loan Charge-offs 2,486 2,182 1,139
Consumer loans:
Residential mortgage 158 18 110
Home equity 37 121 (31)
Installment and other consumer 340 564 147
Consumer construction (39) (71) (14)
--- --- ---
Total Consumer Loan Charge-offs 496 632 212
--- --- ---
Total Net Loan Charge-offs $2,982 $2,814 $1,351
====== ====== ======
For the Six Months
Ended June 30,
------------------
(dollars in thousands) 2016 2015
---- ----
Loan Charge-offs
Charge-offs $7,123 $3,205
Recoveries (1,326) (842)
------ ----
Net Loan Charge-offs $5,797 $2,363
====== ======
Net Loan Charge-offs
--------------------
Commercial loans:
Commercial real estate $1,317 $200
Commercial and industrial 2,410 1,495
Commercial construction 942 (2)
--- ---
Total Commercial Loan Charge-offs 4,669 1,693
Consumer loans:
Residential mortgage 176 331
Home equity 158 (3)
Installment and other consumer 904 366
Consumer construction (110) (24)
---- ---
Total Consumer Loan Charge-offs 1,128 670
----- ---
Total Net Loan Charge-offs $5,797 $2,363
====== ======
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
2016 2016 2015
----
Second First Second
Quarter Quarter Quarter
------- ------- -------
Asset Quality Data
------------------
Nonperforming loans $42,905 $51,834 $19,139
Assets acquired through foreclosure or repossession 328 297 750
Nonperforming assets 43,233 52,131 19,889
Troubled debt restructurings (nonperforming) 15,028 9,291 8,927
Troubled debt restructurings (performing) 20,598 22,761 32,560
Total troubled debt restructurings 35,626 32,052 41,487
Nonperforming loans / loans 0.79% 1.00% 0.40%
Nonperforming assets / loans plus OREO 0.80% 1.00% 0.41%
Allowance for loan losses / originated loans 1.09% 1.11% 1.23%
Allowance for loan losses / total portfolio loans 0.97% 0.97% 1.02%
Allowance for loan losses / nonperforming loans 122% 97% 255%
Net loan charge-offs (recoveries) $2,982 $2,814 $1,351
Net loan charge-offs (recoveries)(annualized) / average loans 0.23% 0.22% 0.11%
For the Six Months Ended June 30,
---------------------------------
(dollars in thousands) 2016 2015
---- ----
Asset Quality Data
------------------
Net loan charge-offs
(recoveries) $5,797 $2,363
Net loan charge-offs
(recoveries)(annualized) /
average loans 0.22% 0.11%
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
----
Second First Second
Quarter Quarter Quarter
------- ------- -------
(3) Tangible Book Value (non-GAAP)
Total shareholders' equity $825,050 $810,801 $771,229
Less: goodwill and other intangible assets, (295,347) (295,614) (296,065)
net of deferred tax liability
Tangible common equity (non-GAAP) $529,703 $515,187 $475,164
Common shares outstanding 34,916 34,901 34,813
Tangible book value (non-GAAP) $15.17 $14.76 $13.65
(4) Return on Average Tangible Assets (non-GAAP)
Net income (annualized) $68,612 $64,724 $72,952
Plus: amortization of intangibles net of tax (annualized) 1,071 1,198 1,347
----- ----- -----
Net income before amortization of intangibles (annualized) 69,683 65,922 74,299
Average total assets 6,544,148 6,376,762 6,040,075
Less: average goodwill and other intangibles, (295,487) (295,829) (295,886)
net of deferred tax liability
Average tangible assets (non-GAAP) $6,248,661 $6,080,933 $5,744,189
Return on average tangible assets (non-GAAP) 1.12% 1.08% 1.29%
(5) Return on Average Tangible Shareholders' Equity (non-GAAP)
Net income (annualized) $68,612 $64,724 $72,952
Plus: amortization of intangibles net of tax (annualized) 1,071 1,198 1,347
----- ----- -----
Net income before amortization of intangibles (annualized) 69,683 65,922 74,299
Average total shareholders' equity 819,536 802,824 766,575
Less: average goodwill and other intangibles, (295,487) (295,829) (295,886)
net of deferred tax liability
Average tangible equity (non-GAAP) $524,049 $506,995 $470,689
Return on average tangible equity (non-GAAP) 13.30% 13.00% 15.79%
(6) Tangible Common Equity / Tangible Assets (non-GAAP)
Total shareholders' equity $825,050 $810,801 $771,229
Less: goodwill and other intangible assets, (295,347) (295,614) (296,065)
net of deferred tax liability
Tangible common equity (non-GAAP) 529,703 515,187 475,164
Total assets 6,674,205 6,479,162 6,133,728
Less: goodwill and other intangible assets, (295,347) (295,614) (296,065)
net of deferred tax liability
Tangible assets (non-GAAP) $6,378,858 $6,183,548 $5,837,663
Tangible common equity to tangible assets (non-GAAP) 8.30% 8.33% 8.14%
(7) Net Interest Margin Rate (FTE) (non-GAAP)
Interest income $55,850 $55,019 $52,611
Less: interest expense (6,142) (5,382) (3,800)
------ ------ ------
Net interest income per consolidated statements of net income 49,708 49,637 48,811
Plus: taxable equivalent adjustment 1,762 1,722 1,494
----- ----- -----
Net interest income (FTE) (non-GAAP) 51,470 51,359 50,305
Net interest income (FTE) (annualized) 207,011 206,565 201,773
Average earning assets $6,023,428 $5,856,745 $5,502,727
Net interest margin - (FTE) (non-GAAP) 3.44% 3.53% 3.67%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
For the Six Months Ended June 30,
---------------------------------
2016 2015
---- ----
(8) Return on Average
Tangible Assets (non-
GAAP)
Net income (annualized) $66,668 $62,560
Plus: amortization of
intangibles net of tax
(annualized) 1,135 1,133
----- -----
Net income before
amortization of
intangibles
(annualized) 67,803 63,693
Average total assets 6,460,455 5,658,073
Less: average goodwill
and other intangibles, (295,658) (255,318)
net of deferred tax
liability
Average tangible assets
(non-GAAP) $6,164,797 $5,402,755
Return on average
tangible assets (non-
GAAP) 1.10% 1.18%
(9) Return on Average
Tangible Shareholders'
Equity (non-GAAP)
Net income (annualized) $66,668 $62,560
Plus: amortization of
intangibles net of tax
(annualized) 1,135 1,133
----- -----
Net income before
amortization of
intangibles
(annualized) 67,803 63,693
Average total
shareholders' equity 811,180 715,201
Less: average goodwill
and other intangibles, (295,658) (255,318)
net of deferred tax
liability
Average tangible equity
(non-GAAP) $515,522 $459,883
Return on average
tangible equity (non-
GAAP) 13.15% 13.85%
(10) Net Interest
Margin Rate (FTE)
(non-GAAP)
Interest income $110,870 $96,526
Less: interest expense (11,524) (7,456)
------- ------
Net interest income per
consolidated
statements of net
income 99,346 89,070
Plus: taxable
equivalent adjustment 3,484 2,886
----- -----
Net interest income
(FTE) (non-GAAP) 102,830 91,956
Net interest income
(FTE) (annualized) 206,790 185,435
Average earning assets $5,940,087 $5,178,512
Net interest margin -
(FTE) (non-GAAP) 3.48% 3.58%
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SOURCE S&T Bancorp, Inc.
