S & T Bancorp Inc : S&T Bancorp, Inc. Announces Second Quarter Earnings
07/23/2012| 09:05am US/Eastern
Recommend:
INDIANA, Pa., July 23, 2012 /PRNewswire/ -- S&T Bancorp, Inc. (NASDAQ: STBA), a full-service financial institution with office locations in 10 Pennsylvania counties, has announced its second 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:
-- Second quarter earnings were $8.6 million compared to $3.5 million in
the first quarter of 2012 and $13.4 million in the second quarter of
2011 with diluted earnings per common share of $0.30 compared to $0.12
in the first quarter of 2012 and $0.48 in the second quarter of 2011.
-- Net interest income increased $0.5 million in the second quarter
compared to the first, however net interest margin declined to 3.57%
from 3.69% due to the continued low interest rate environment and an
unfavorable asset mix.
-- Asset quality metrics remain elevated with nonperforming assets to total
loans plus OREO at 2.25% compared to 2.12% at March 31, 2012 and 2.18%
at June 30, 2011.
"We are pleased to report improved earnings for the second quarter of 2012 during a period of continued economic, political and regulatory uncertainty," said Todd Brice, president and chief executive officer of S&T Bancorp, Inc. "We have made nice progress with getting Mainline transitioned in the second quarter and we look forward to the finalization of our merger with Gateway Bank of Pennsylvania, which is expected to close in the third quarter of this year pending shareholder and regulatory approval."
Net Interest Income (FTE)
Net interest income increased $0.5 million to $35.0 million compared to $34.5 million in the first quarter of 2012 but is down from $35.6 million in the second quarter of 2011. The increase in net interest income from the prior quarter is primarily a result of the Mainline acquisition, with a full quarter of acquired assets included this period. We continue to experience challenges with our net interest margin at 3.57% compared to 3.69% in the prior quarter and 3.85% in the second quarter of 2011. Although total average interest-earning assets increased this quarter by $173.0 million, the majority of that growth came in lower yielding interest bearing deposits. The low interest rate environment continues to impact our net interest margin as the rates on new loans are well below the loans being replaced from early payoffs and normal amortization. Our cost of funds improved primarily due to lower offered rates on maturing certificates of deposit.
Asset Quality
Asset quality metrics remain elevated this quarter with an increase in nonperforming assets (NPAs) of $4.2 million resulting in NPAs of $72.0 million or 2.25% of total loans plus OREO compared to $67.9 million or 2.12% in the first quarter of 2012. NPAs were $69.9 million or 2.18% of total loans plus OREO in the same period a year ago. We did see an improvement in our special mention and substandard loans, which are down $16.1 million from the prior quarter and almost $66.0 million from the same period a year ago.
Net charge-offs for the second quarter of 2012 were $8.2 million, of which $5.3 million were previously reserved for, compared to $10.3 million in the first quarter of 2012 and $4.8 million in the second quarter of 2011. The provision for loan losses is down $2.3 million at $7.0 million this quarter compared to $9.3 million in the first quarter of 2012 and up from $1.1 million in the second quarter of 2011. The allowance for loan losses (ALL) decreased to $46.7 million or 1.46% of total loans at June 30, 2012 compared to $47.8 million or 1.49% at March 31, 2012 and $58.0 million or 1.81% at June 30, 2011. The decrease in the ALL is due to a decline in specific reserves of $4.0 million from the first quarter of 2012 due to loan charge-offs and minimal new specific reserves established in the second quarter.
Noninterest Income and Expense
Noninterest income increased to $12.5 million in the second quarter from $12.2 million in the first quarter of 2012 and $11.2 million from the second quarter of 2011. The increased fee income is due to strong performance in our Wealth Management and mortgage banking businesses. Wealth Management increased $0.2 million from the prior quarter and $0.4 million from the second quarter of 2011. Mortgage rates remain at very attractive levels and strong customer demand resulted in a solid quarter in our mortgage banking business. We also saw increased other fee income primarily due to fees on interest rate swap agreements with our customers which increased $0.2 million this quarter and $0.4 million from the second quarter of 2011.
Noninterest expense of $29.3 million is down $3.4 million from the prior quarter of $32.8 million primarily due to one-time merger related expenses of $3.9 million incurred in the first quarter of 2012. Offsetting this decrease in expenses was an increase of $0.4 million from the prior quarter related to the unfunded commitment reserve reflecting the elevated asset quality metrics and an impairment charge of $0.3 million related to a low income housing joint venture. Noninterest expense increased $3.8 million from the second quarter of 2011 due to the Mainline acquisition, higher employee costs including annual compensation adjustments and increased pension expense and the above mentioned increase in the unfunded commitment reserve and joint venture impairment.
Financial Condition
Our total assets remain at $4.3 billion at June 30, 2012, which is consistent with March 31, 2012, but an increase of almost $290 million, or 7%, from June 30, 2011 as a result of the Mainline acquisition which added $236 million in total assets. We are seeing improvements in our loan pipeline but we are also experiencing elevated loan pay-offs, primarily in our commercial loan portfolio.
S&T's capital ratios were little changed from the prior quarter but are down from the year ago quarter due to the redemption of preferred stock from the U.S. Department of Treasury's Capital Purchase Program in the fourth quarter of 2011. All capital ratios remain significantly above the well-capitalized thresholds of federal bank regulatory agencies with a tier 1 leverage capital ratio of 8.94%, tier 1 risk-based capital ratio of 11.82% and total risk-based capital ratio of 15.33%.
Conference Call
S&T Bancorp, Inc. will host its second quarter 2012 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, July 24, 2012. To access the webcast, go to S&T Bancorp's webpage at www.stbancorp.com and click on "Events & Presentations." Select "2nd Quarter 2012 Conference Call" and follow the instructions.
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 2012 2011
Second First Second
Quarter Quarter Quarter
------- ------- -------
Income Statements
-----------------
Interest Income $39,370 $39,140 $41,783
Interest Expense 5,551 5,819 7,245
----- ----- -----
Net Interest Income 33,819 33,321 34,538
Taxable Equivalent Adjustment 1,129 1,129 1,014
----- ----- -----
Net Interest Income (FTE) (2) 34,948 34,450 35,552
Provision for Loan Losses 7,023 9,272 1,097
----- ----- -----
Net Interest Income After Provision (FTE) 27,925 25,178 34,455
------ ------ ------
Security Gains (Losses) , Net 6 840 (56)
Wealth Management 2,577 2,419 2,144
Service Charges and Fees 2,432 2,408 2,389
Insurance 2,111 2,212 2,181
Other 5,405 5,190 4,456
----- ----- -----
Total Noninterest Income 12,525 12,229 11,170
Salaries and Employee Benefits 14,641 16,472 12,571
Occupancy and Equipment Expense, Net 3,041 3,022 3,103
Data Processing Expense 2,195 3,240 1,681
FDIC Expense 719 608 917
Other 8,748 9,441 7,322
----- ----- -----
Total Noninterest Expense 29,344 32,783 25,594
------ ------ ------
Income Before Taxes 11,112 5,464 19,975
Taxable Equivalent Adjustment 1,129 1,129 1,014
Applicable Income Taxes 1,383 855 4,051
----- --- -----
Net Income 8,600 3,480 14,910
Preferred Stock Dividends and Discount Amortization - - 1,558
--- --- -----
Net Income Available to Common Shareholders $8,600 $3,480 $13,352
====== ====== =======
Per Common Share Data:
Shares Outstanding at End of Period 28,935,689 28,873,043 28,078,849
Average Shares Outstanding - Diluted 28,810,754 28,272,568 27,983,706
Diluted Earnings Per Common Share * $0.30 $0.12 $0.48
Dividends Declared $0.15 $0.15 $0.15
Common Book Value $17.65 $17.47 $17.31
Tangible Common Book Value (1) $11.52 $11.32 $11.19
Market Value $18.47 $21.69 $18.59
* 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, except per share data)
For the Six Months Ended June 30,
---------------------------------
2012 2011
---- ----
Income Statements
-----------------
Interest Income $78,510 $83,975
Interest Expense 11,370 14,565
------ ------
Net Interest Income 67,140 69,410
Taxable Equivalent Adjustment 2,258 2,052
----- -----
Net Interest Income (FTE) (3) 69,398 71,462
Provision for Loan Losses 16,296 11,737
------ ------
Net Interest Income After Provision (FTE) 53,102 59,725
------ ------
Security Gains (Losses), Net 846 (43)
Wealth Management 4,996 4,194
Service Charges and Fees 4,841 4,673
Insurance 4,323 4,313
Other 10,595 9,003
------ -----
Total Noninterest Income 24,755 22,183
Salaries and Employee Benefits 31,113 25,891
Occupancy and Equipment Expense, Net 6,063 6,137
Data Processing Expense 5,436 3,185
FDIC Expense 1,327 2,143
Other 18,188 15,687
------ ------
Total Noninterest Expense 62,127 53,043
------ ------
Income Before Taxes 16,576 28,822
Taxable Equivalent Adjustment 2,258 2,052
Applicable Income Taxes 2,238 5,565
----- -----
Net Income 12,080 21,205
Preferred Stock Dividends and Discount Amortization - 3,113
--- -----
Net Income Available to Common Shareholders $12,080 $18,092
======= =======
Per Common Share Data:
Average Shares Outstanding - Diluted 28,515,803 27,941,371
Diluted Earnings Per Common Share* $0.42 $0.65
Dividends Declared $0.30 $0.30
* 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 2012 2011
Second First Second
Quarter Quarter Quarter
------- ------- -------
Net Interest Margin (FTE) (QTD Averages)(2)
------------------------------------------
Assets
Loans $3,203,349 4.67% $3,135,517 4.74% $3,247,998 4.89%
Interest-bearing Deposits with Banks 330,647 0.22% 231,241 0.20% 97,543 0.24%
Securities 387,305 3.15% 381,550 3.29% 361,177 3.44%
Total Interest-earning Assets 3,921,301 4.14% 3,748,308 4.31% 3,706,718 4.63%
Noninterest-earning Assets 404,124 395,577 368,763
Total Assets $4,325,425 $4,143,885 $4,075,481
========== ========== ==========
Liabilities and Shareholders' Equity
NOW/Money Market/Savings $1,489,524 0.22% $1,401,848 0.18% $1,268,085 0.16%
Certificates of Deposit 1,146,931 1.28% 1,132,687 1.46% 1,202,346 1.82%
Borrowed Funds < 1 Year 121,507 0.22% 112,944 0.20% 43,465 0.14%
Borrowed Funds > 1 Year 125,153 3.23% 122,214 3.32% 123,541 4.14%
Total Interest-bearing Liabilities 2,883,115 0.77% 2,769,693 0.84% 2,637,437 1.10%
Noninterest-bearing Liabilities
Demand Deposits 864,437 809,464 804,199
Shareholders' Equity/Other 577,873 564,728 633,845
Total Noninterest-bearing Liabilities 1,442,310 1,374,192 1,438,044
--------- --------- ---------
Total Liabilities and Shareholders' Equity $4,325,425 $4,143,885 $4,075,481
========== ========== ==========
Net Interest Margin 3.57% 3.69% 3.85%
For the Six Months Ended June 30,
---------------------------------
2012 2011
---- ----
Net Interest Margin (FTE) (YTD Averages)(3)
------------------------------------------
Assets
Loans $3,169,433 4.70% $3,286,090 4.91%
Interest-bearing Deposits with Banks 280,944 0.21% 76,377 0.23%
Securities 384,428 3.22% 345,585 3.46%
Total Interest-earning Assets 3,834,805 4.22% 3,708,052 4.68%
Noninterest-earning Assets 399,850 373,363
Total Assets $4,234,655 $4,081,415
========== ==========
Liabilities and Shareholders' Equity
NOW/Money Market/Savings $1,445,686 0.20% $1,281,580 0.17%
Certificates of Deposit 1,139,809 1.37% 1,216,675 1.81%
Borrowed Funds < 1 Year 117,225 0.21% 43,026 0.14%
Borrowed Funds > 1 Year 123,684 3.27% 121,649 4.17%
Total Interest-bearing Liabilities 2,826,404 0.81% 2,662,930 1.10%
Noninterest-bearing Liabilities
Demand Deposits 836,950 785,991
Shareholders' Equity/Other 571,301 632,494
Total Noninterest-bearing Liabilities 1,408,251 1,418,485
--------- ---------
Total Liabilities and Shareholders' Equity $4,234,655 $4,081,415
========== ==========
Net Interest Margin 3.63% 3.88%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
2012 2012 2011
Second First Second
Quarter Quarter Quarter
------- ------- -------
Balance Sheets (Period-End)
--------------------------
Assets
Cash $60,057 $53,788 $55,841
Interest-bearing Deposits with Banks 343,187 332,852 114,985
Securities 387,110 382,834 357,750
Loans, Net 3,151,033 3,153,616 3,144,833
Other Assets 406,005 407,885 384,881
Total Assets $4,347,392 $4,330,975 $4,058,290
========== ========== ==========
Liabilities and Shareholders' Equity
Noninterest-bearing Demand Deposits $887,442 $860,108 $801,504
Interest-bearing Deposits 2,630,531 2,662,247 2,452,479
Short-term Borrowings 121,740 115,638 41,112
Long-term Debt 125,837 122,045 123,378
Other Liabilities 71,266 66,519 47,280
Shareholders' Equity 510,576 504,418 592,537
Total Liabilities and Shareholders' Equity $4,347,392 $4,330,975 $4,058,290
========== ========== ==========
2012 2012 2011
Second First Second
Quarter Quarter Quarter
------- ------- -------
Loans (Period-End)
-----------------
Consumer
Home Equity $434,329 $441,648 $431,763
Residential Mortgage 398,412 382,884 345,698
Installment & Other Consumer 78,768 82,223 70,171
Construction 2,208 2,211 3,365
Total Consumer Loans 913,717 908,966 850,997
------- ------- -------
Commercial
Commercial Real Estate 1,401,751 1,416,663 1,441,813
Commercial & Industrial 717,107 703,112 690,956
Construction 162,872 169,039 208,111
Total Commercial Loans 2,281,730 2,288,814 2,340,880
--------- --------- ---------
Total Portfolio Loans 3,195,447 3,197,780 3,191,877
Loans Held for Sale 2,275 3,663 10,960
Total Loans $3,197,722 $3,201,443 $3,202,837
========== ========== ==========
Nonperforming Loans (NPL)
------------------------
Consumer % NPL % NPL % NPL
----- ----- -----
Home Equity $3,397 0.78% $3,490 0.79% $2,536 0.59%
Residential Mortgage 8,964 2.25% 8,260 2.16% 6,155 1.78%
Installment & Other Consumer 41 0.05% 27 0.03% 6 0.01%
Construction 399 18.07% 181 8.19% - -
Total Consumer Loans 12,801 1.40% $11,958 1.32% 8,697 1.02%
------ ------- -----
Commercial
Commercial Real Estate 35,916 2.56% 32,816 2.32% 38,261 2.65%
Commercial & Industrial 6,750 0.94% 8,269 1.18% 8,141 1.18%
Construction 13,646 8.38% 11,460 6.78% 7,401 3.56%
Total Commercial Loans 56,312 2.47% 52,545 2.30% 53,803 2.30%
Total Nonperforming Loans $69,113 2.16% $64,503 2.02% $62,500 1.96%
======= ======= =======
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
2012 2012 2011
Second First Second
Quarter Quarter Quarter
------- ------- -------
Construction and Commercial Real Estate (CRE) PA vs. Out-of-State
-----------------------------------------------------------------
Pennsylvania $1,271,669 $1,305,367 $1,326,843
Out-of-State 292,954 280,335 323,081
Total Construction and CRE PA vs. Out-of-State $1,564,623 $1,585,702 $1,649,924
========== ========== ==========
Construction and CRE - NPL PA vs. Out-of-State % NPL % NPL % NPL
---------------------------------------------- ----- ----- -----
Pennsylvania $42,732 3.36% $37,623 2.88% $44,243 3.33%
Out-of-State 6,830 2.33% 6,653 2.37% 1,419 0.44%
Total Construction and CRE - NPL PA vs. Out-of-State $49,562 3.17% $44,276 2.79% $45,662 2.77%
======= ======= =======
2012 2012 2011
Second First Second
Quarter Quarter Quarter
------- ------- -------
Construction and CRE by Type
----------------------------
Retail/Strip Malls $287,640 $290,023 $285,743
Offices 203,509 203,483 221,042
Hotels 198,075 194,658 184,658
Residential Rental Properties 170,828 182,941 220,674
Manufacturing/Industrial/Warehouse 107,890 102,095 95,750
Healthcare/Education 104,798 104,104 109,479
Real Estate Development - Commercial 101,665 95,053 100,069
Flex/Mixed Use 90,870 90,130 107,011
Real Estate Development - Residential 46,595 54,660 69,763
Recreational 41,545 41,557 43,452
Restaurant 31,036 29,873 37,872
Convenience Stores 29,343 28,919 24,514
Miscellaneous 150,829 168,206 149,897
Total Construction and CRE by Type $1,564,623 $1,585,702 $1,649,924
========== ========== ==========
2012 2012 2011
Second First Second
Quarter Quarter Quarter
------- ------- -------
Construction and CRE - NPL by Type % NPL % NPL % NPL
---------------------------------- ----- ----- -----
Retail/Strip Malls $8,139 2.83% $3,262 1.12% $2,882 1.01%
Offices 4,161 2.04% 3,973 1.95% 6,592 2.98%
Hotels 700 0.35% 700 0.36% 1,452 0.79%
Residential Rental Properties 3,423 2.00% 3,595 1.97% 4,618 2.09%
Manufacturing/Industrial/Warehouse 4,306 3.99% 4,596 4.50% 4,414 4.61%
Healthcare/Education 589 0.56% 598 0.57% 813 0.74%
Real Estate Development - Commercial 6,558 6.45% 2,782 2.93% 1,144 1.14%
Flex/Mixed Use 58 0.06% 62 0.07% - 0.00%
Real Estate Development - Residential 7,088 15.21% 8,844 16.18% 7,566 10.85%
Recreational 10,130 24.38% 10,402 25.03% 9,736 22.41%
Restaurant 1,843 5.94% 1,863 6.24% 4,039 10.66%
Convenience Stores 74 0.25% 73 0.25% - -
Miscellaneous 2,493 1.65% 3,526 2.10% 2,406 1.61%
Total Construction and CRE - NPL by Type $49,562 3.17% $44,276 2.79% $45,662 2.77%
======= ======= =======
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
2012 2012 2011
Second First Second
Quarter Quarter Quarter
------- ------- -------
Commercial Credit Exposure
--------------------------
Pass
Commercial Real Estate $1,240,989 $1,244,497 $1,235,019
Commercial & Industrial 633,783 613,393 584,715
Construction 115,801 122,277 163,453
Total Pass $1,990,573 $1,980,167 $1,983,187
========== ========== ==========
Special Mention
Commercial Real Estate $59,286 $71,342 $84,351
Commercial & Industrial 29,927 34,295 62,759
Construction 14,610 14,135 12,310
Total Special Mention $103,823 $119,772 $159,420
======== ======== ========
Substandard
Commercial Real Estate $101,476 $100,824 $122,443
Commercial & Industrial 53,397 55,424 43,482
Construction 32,461 32,627 32,348
Total Substandard $187,334 $188,875 $198,273
======== ======== ========
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
2012 2012 2011
Second First Second
Quarter Quarter Quarter
------- ------- -------
Asset Quality Data
------------------
Nonperforming Loans $69,113 $64,503 $62,500
Assets Acquired through Foreclosure or Repossession 2,920 3,371 7,389
Nonperforming Assets 72,033 67,874 69,889
Troubled Debt Restructurings (Nonaccrual) 25,246 22,963 26,186
Troubled Debt Restructurings (Accruing) 37,540 41,189 19,829
Total Troubled Debt Restructurings 62,786 64,152 46,015
Allowance for Loan Losses 46,689 47,827 58,004
Nonperforming Loans / Loans 2.16% 2.02% 1.96%
Nonperforming Assets / Loans plus OREO 2.25% 2.12% 2.18%
Allowance for Loan Losses / Loans 1.46% 1.49% 1.81%
Allowance for Loan Losses / Nonperforming Loans 68% 74% 93%
Net Loan Charge-offs (Recoveries) 8,162 10,286 4,756
Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans 1.02% 1.32% 0.59%
Profitability Ratios (Annualized)
--------------------------------
Common Return on Average Assets 0.80% 0.34% 1.31%
Common Return on Average Tangible Assets(4) 0.83% 0.35% 1.37%
Common Return on Average Equity 6.80% 2.82% 9.15%
Common Return on Average Tangible Common Equity (5) 10.44% 4.31% 17.47%
Efficiency Ratio (FTE) (6) 61.81% 70.23% 54.78%
Capitalization Ratios
---------------------
Dividends Paid to Net Income 50.43% 121.26% 31.52%
Common Equity / Assets 11.74% 11.65% 11.98%
Tier 1 Leverage Ratio 8.94% 9.20% 11.49%
Risk-based Capital - Tier 1 11.82% 11.62% 14.31%
Risk-based Capital - Total 15.33% 15.14% 17.83%
Tangible Common Equity / Tangible Assets(7) 7.99% 7.87% 8.08%
For the Six Months Ended June 30,
---------------------------------
2012 2011
---- ----
Asset Quality Data
------------------
Net Loan Charge-offs (Recoveries) 18,448 5,120
Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans 1.17% 0.31%
Profitability Ratios (Annualized)
--------------------------------
Common Return on Average Assets 0.57% 0.89%
Common Return on Average Tangible Common Assets (8) 0.60% 0.93%
Common Return on Average Shareholders' Equity 4.83% 6.26%
Common Return on Average Tangible Common Equity (9) 7.41% 11.98%
Efficiency Ratio (FTE) (6) 65.99% 56.64%
Capitalization Ratios
---------------------
Dividends Paid to Net Income 70.83% 46.43%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
2012 2012 2011
Second First Second
Quarter Quarter Quarter
------- ------- -------
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
----------------------------------------------------------------------
(1) Tangible Common Book Value
Common Book Value (GAAP Basis) $17.65 $17.47 $17.31
Effect of Excluding Intangible Assets (6.13) (6.15) (6.12)
Tangible Common Book Value $11.52 $11.32 $11.19
(2) Interest Income on a Fully Taxable Equivalent Basis
Interest Income (GAAP Basis) $39,370 $39,140 $41,783
Taxable Equivalent Adjustment to Interest Income 1,129 1,129 1,014
Interest Income on a Fully Taxable Equivalent Basis 40,499 40,269 42,797
Interest Expense (GAAP Basis) 5,551 5,819 7,245
Net Interest Income on a Fully Taxable Equivalent Basis $34,948 $34,450 $35,552
(4) Common Return on Average Tangible Assets
Common Return on Average Assets (GAAP Basis) 0.80% 0.34% 1.31%
Effect of Excluding Intangible Assets 0.03% 0.01% 0.06%
Common Return on Average Tangible Assets 0.83% 0.35% 1.37%
(5) Common Return on Average Tangible Common Equity
Common Return on Average Common Equity (GAAP Basis) 6.80% 2.82% 9.15%
Effect of Excluding Intangible Assets 3.64% 1.49% 4.50%
Effect of Excluding Preferred Stock - - 3.82%
Common Return on Average Tangible Common Equity 10.44% 4.31% 17.47%
(6) Noninterest expense divided by noninterest income plus net interest income, on a fully taxable equivalent (FTE) basis.
(7) Tangible Common Equity / Tangible Assets
Common Equity / Assets (GAAP Basis) 11.74% 11.65% 11.98%
Effect of Excluding Intangible Assets -3.75% -3.78% -3.90%
Tangible Common Equity / Tangible Assets 7.99% 7.87% 8.08%
For the Six Months Ended June 30,
---------------------------------
2012 2011
---- ----
(3) Interest Income on a Fully Taxable Equivalent Basis
Interest Income (GAAP Basis) $78,510 $83,975
Taxable Equivalent Adjustment to Interest Income 2,258 2,052
Interest Income on a Fully Taxable Equivalent Basis 80,768 86,027
Interest Expense (GAAP Basis) 11,370 14,565
Net Interest Income on a Fully Taxable Equivalent Basis $69,398 $71,462
(8) Common Return on Average Tangible Common Assets
Common Return on Average Assets (GAAP Basis) 0.57% 0.89%
Effect of Excluding Intangible Assets 0.03% 0.04%
Common Return on Average Tangible Common Assets 0.60% 0.93%
(9) Common Return on Average Tangible Common Equity
Common Return on Average Shareholders' Equity (GAAP Basis) 4.83% 6.26%
Effect of Excluding Intangible Assets 2.58% 3.10%
Effect of Excluding Preferred Stock - 2.62%
Common Return on Average Tangible Common Equity 7.41% 11.98%
SOURCE S&T Bancorp, Inc.
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