S&T Bancorp, Inc. Announces Third Quarter Earnings
PR Newswire
INDIANA, Pa., Oct. 24, 2011
INDIANA, Pa., Oct. 24, 2011 /PRNewswire/ — S&T Bancorp, Inc. (NASDAQ: STBA), a full-service financial institution with office locations in 10 Pennsylvania counties, has announced its third quarter earnings.
Todd D. Brice, president and chief executive officer of S&T Bancorp, Inc., offered the following highlights:
- Net income available to common shareholders was $12.2 million compared to $13.4 million in the second quarter of 2011 and $10.9 million in the third quarter of 2010 with diluted earnings per common share of $0.44 compared to $0.48 in the second quarter of 2011 and $0.39 in the third quarter of 2010.
- Nonperforming assets decreased to 2.08% of total loans plus OREO compared to 2.18% in the second quarter of 2011 and 2.45% in the third quarter of 2010.
- S&T announced an agreement to acquire Mainline Bancorp, Inc. in a stock and cash transaction expected to close in the first quarter of 2012.
“At S&T Bank, our recent agreement to acquire Mainline Bancorp, Inc. will enable us to gain greater market share and strengthen our existing footprint in Cambria and Blair counties, thereby having a positive impact on future earnings,” Brice said. “In addition, we are pleased to announce another quarter of strong earnings. In particular, our nonperforming assets are at the lowest levels since December of 2008, which demonstrates our continued progress in resolving challenging loans within our portfolio.”
Net Interest Income
Net interest income and net interest margin (FTE) decreased from the second quarter mainly due to a continued shift in asset mix to lower yielding assets. Net interest income on a fully taxable equivalent (FTE) basis for the third quarter of 2011 was $34.9 million compared to $35.6 million in the second quarter of 2011 and $38.1 million in the third quarter of 2010. The net interest margin (FTE) was 3.76% in the third quarter of 2011 compared to 3.85% in the second quarter of 2011 and 4.09% in the third quarter of 2010. Average loans decreased $76.6 million from the second quarter of 2011, while the fully taxable-equivalent yield decreased by 4 basis points to 4.85%. The average securities balance increased by $51.9 million mainly due to an increase in excess funds at the Federal Reserve. The fully taxable-equivalent yield on average securities decreased by 37 basis points to 2.39%.
Asset Quality
Asset quality metrics continue to show signs of improvement. Nonperforming assets decreased to $65.2 million or 2.08% of total loans plus other real estate owned (“OREO”) compared to $69.9 million or 2.18% in the second quarter of 2011 and from $82.7 million or 2.45% in the third quarter of 2010. Included in nonperforming assets were troubled debt restructurings (“TDRs”) of $22.1 million. Loans transferred to held for sale in the second quarter 2011 of $8.8 million were sold during the third quarter of 2011 and resulted in an additional $0.2 million loss on loans held for sale within noninterest expense.
The provision for loan losses was $1.5 million for the third quarter of 2011 compared to $1.1 million for the second quarter of 2011 and $8.3 million in the third quarter of 2010. Net charge-offs were $8.0 million for the third quarter of 2011 compared to $4.8 million in the second quarter of 2011 and $6.0 million in the third quarter of 2010. Approximately $6.0 million of the $8.0 million of net loan charge-offs this quarter had previously established specific reserves. At September 30, 2011, the allowance for loan losses was $51.5 million or 1.64% of total loans, as compared to $58.0 million or 1.81% at June 30, 2011 and $56.3 million or 1.67% at September 30, 2010.
The allowance to nonperforming loans was 87% at September 30, 2011, 93% at June 30, 2011 and 75% at September 30, 2010. Included in the allowance is $2.9 million of specific reserves compared to $7.5 million in the second quarter of 2011 and $10.5 million in the third quarter of 2010.
Noninterest Income and Expense
Noninterest income was $10.4 million for the third quarter of 2011 compared to $11.2 million in the second quarter of 2011 and $12.3 million in the third quarter of 2010. The decrease from the prior quarter primarily relates to a $0.8 million impairment charge for mortgage servicing rights compared to $0.2 million for the second quarter of 2011. This impairment charge reflects a decline in the value of the remaining mortgage servicing rights due to increased prepayment speeds resulting from a decrease in interest rates during the quarter. Positively impacting noninterest income for the quarter was $0.3 million of new deposit fees.
Noninterest expense for the third quarter of 2011 was $24.2 million compared to $25.6 million for the second quarter of 2011 and $24.9 million for the third quarter of 2010. The decrease from the prior quarter in noninterest expense primarily relates to a decrease in the unfunded commitment reserve of $1.1 million. Approximately $0.8 million of the decline related to an expense recognized in 2008 for a letter of credit that S&T was contractually obligated to fulfill. During the third quarter of 2011, the letter of credit was drawn upon and funded and a corresponding loan charge-off was recorded. In addition, the unfunded commitment reserve decreased $0.4 million due to a decline in commitment levels.
Financial Condition
Total assets were essentially unchanged in the third quarter of 2011 compared to the second quarter of 2011 and the third quarter of 2010. Total portfolio loans were $3.1 billion at September 30, 2011 compared to $3.2 billion at June 30, 2011 and $3.4 billion at September 30, 2010. Total portfolio loans have decreased $59.7 million from the prior quarter including $6.1 million in consumer loans and $53.6 million in commercial loans.
The decline in loan balances is a result of a slow economic recovery resulting in businesses and consumers remaining cautious and significant loan principal pay-downs.
Total deposits were essentially unchanged in the third quarter of 2011 compared to the second quarter of 2011 and the third quarter of 2010. Noninterest-bearing demand deposits remain strong at $817.5 million as of September 30, 2011 compared to $801.5 million at June 30, 2011 and $743.5 million at September 30, 2010.
S&T’s capital ratios continue to improve due to a reduction in risk-weighted assets and earnings retention. S&T’s capital ratios exceed the “well capitalized” thresholds of federal bank regulatory agencies with a tier 1 leverage ratio of 11.80%, tier 1 risk-based capital ratio of 14.95% and total risk-based capital ratio of 18.51% at September 30, 2011. This compares to tier 1 leverage ratio of 11.49%, tier 1 risk-based capital ratio of 14.31% and total risk-based capital ratio of 17.83% at June 30, 2011. S&T’s tangible common equity ratio for the third quarter of 2011 was 8.30% compared to 8.08% for the second quarter of 2011 and 7.53% for the third quarter of 2010.
Other Highlights
On September 14, 2011, S&T Bancorp, Inc. and Mainline Bancorp, Inc. jointly announced the signing of a definitive merger agreement pursuant to which S&T Bancorp, Inc. will acquire Mainline Bancorp, Inc. in a stock and cash transaction valued at approximately $21.5 million. Based in Ebensburg, Pennsylvania, Mainline Bancorp has assets of $241.8 million and maintains eight branches. The transaction is in-market and will expand S&T Bancorp, Inc.’s existing footprint in Cambria and Blair counties, Pennsylvania. The combined company will have more than $4.3 billion in assets. The transaction is expected to be completed in the first quarter of 2012, after satisfaction of customary closing conditions, including regulatory approvals and the approval of the shareholders of Mainline Bancorp, Inc.
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 $4.1 billion, S&T Bancorp, Inc. stock trades on the NASDAQ Global Select Market 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 consolidated 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 |
|||||||
|
(in thousands, except per share data) |
|||||||
|
2011 |
2011 |
2010 |
|||||
|
Third |
Second |
Third |
|||||
|
Quarter |
Quarter |
Quarter |
|||||
|
Income Statements |
|||||||
|
Interest Income |
$40,845 |
$41,783 |
$45,325 |
||||
|
Interest Expense |
6,976 |
7,245 |
8,352 |
||||
|
Net Interest Income |
33,869 |
34,538 |
36,973 |
||||
|
Taxable Equivalent Adjustment |
1,002 |
1,014 |
1,137 |
||||
|
Net Interest Income (FTE) |
34,871 |
35,552 |
38,110 |
||||
|
Provision For Loan Losses |
1,535 |
1,097 |
8,278 |
||||
|
Net Interest Income After Provisions (FTE) |
33,336 |
34,455 |
29,832 |
||||
|
Security (Losses) Gains, Net |
(81) |
(56) |
6 |
||||
|
Service Charges and Fees |
2,683 |
2,389 |
2,842 |
||||
|
Wealth Management |
1,965 |
2,144 |
1,861 |
||||
|
Insurance |
2,192 |
2,181 |
2,125 |
||||
|
Other |
3,584 |
4,456 |
5,501 |
||||
|
Total Noninterest Income |
10,424 |
11,170 |
12,329 |
||||
|
Salaries and Employee Benefits |
11,741 |
12,571 |
11,887 |
||||
|
Occupancy and Equipment Expense, Net |
2,916 |
3,103 |
2,850 |
||||
|
Data Processing Expense |
1,743 |
1,681 |
1,547 |
||||
|
FDIC Expense |
749 |
917 |
1,359 |
||||
|
Other |
7,044 |
7,322 |
7,305 |
||||
|
Total Noninterest Expense |
24,193 |
25,594 |
24,948 |
||||
|
Income Before Taxes |
19,486 |
19,975 |
17,219 |
||||
|
Taxable Equivalent Adjustment |
1,002 |
1,014 |
1,137 |
||||
|
Applicable Income Taxes |
4,681 |
4,051 |
3,600 |
||||
|
Net Income |
13,803 |
14,910 |
12,482 |
||||
|
Preferred Stock Dividends |
1,559 |
1,558 |
1,551 |
||||
|
Net Income Available to Common Shareholders |
$12,244 |
$13,352 |
$10,931 |
||||
|
Per Common Share Data: |
|||||||
|
Shares Outstanding at End of Period |
28,106,451 |
28,078,849 |
27,849,171 |
||||
|
Average Shares Outstanding – Diluted |
28,025,419 |
27,983,706 |
27,812,637 |
||||
|
Diluted Earnings Per Common Share |
$0.44 |
$0.48 |
$0.39 |
||||
|
Dividends Declared |
$0.15 |
$0.15 |
$0.15 |
||||
|
Common Book Value |
$17.68 |
$17.31 |
$16.83 |
||||
|
Tangible Common Book Value (1) |
$11.58 |
$11.19 |
$10.61 |
||||
|
Market Value |
$16.16 |
$18.59 |
$17.42 |
||||
|
S&T Bancorp, Inc. |
|||||||
|
Consolidated Selected Financial Data |
|||||||
|
Unaudited |
|||||||
|
(Dollars in thousands, except per share data) |
|||||||
|
For the Nine Months Ended September 30, |
|||||||
|
2011 |
2010 |
||||||
|
Income Statements |
|||||||
|
Interest Income |
$124,820 |
$136,209 |
|||||
|
Interest Expense |
21,541 |
26,697 |
|||||
|
Net Interest Income |
103,279 |
109,512 |
|||||
|
Taxable Equivalent Adjustment |
3,054 |
3,552 |
|||||
|
Net Interest Income (FTE) |
106,333 |
113,064 |
|||||
|
Provision For Loan Losses |
13,272 |
21,835 |
|||||
|
Net Interest Income After Provisions (FTE) |
93,061 |
91,229 |
|||||
|
Security (Losses) Gains, Net |
(124) |
263 |
|||||
|
Service Charges and Fees |
7,356 |
8,706 |
|||||
|
Wealth Management |
6,159 |
5,761 |
|||||
|
Insurance |
6,505 |
6,457 |
|||||
|
Other |
12,587 |
14,021 |
|||||
|
Total Noninterest Income |
32,607 |
34,945 |
|||||
|
Salaries and Employee Benefits |
37,632 |
36,263 |
|||||
|
Occupancy and Equipment Expense, Net |
9,053 |
8,879 |
|||||
|
Data Processing Expense |
4,928 |
4,601 |
|||||
|
FDIC Expense |
2,892 |
4,059 |
|||||
|
Other |
22,731 |
24,813 |
|||||
|
Total Noninterest Expense |
77,236 |
78,615 |
|||||
|
Income Before Taxes |
48,308 |
47,822 |
|||||
|
Taxable Equivalent Adjustment |
3,054 |
3,552 |
|||||
|
Applicable Income Taxes |
10,246 |
11,080 |
|||||
|
Net Income |
35,008 |
33,190 |
|||||
|
Preferred Stock Dividends |
4,672 |
4,648 |
|||||
|
Net Income Available to Common Shareholders |
$30,336 |
$28,542 |
|||||
|
Per Common Share Data: |
|||||||
|
Average Shares Outstanding – Diluted |
27,971,837 |
27,789,910 |
|||||
|
Net Income – Diluted |
$1.08 |
$1.03 |
|||||
|
Dividends Declared |
$0.45 |
$0.45 |
|||||
|
S&T Bancorp, Inc. |
|||||||
|
Consolidated Selected Financial Data |
|||||||
|
Unaudited |
|||||||
|
(in thousands) |
|||||||
|
2011 |
2011 |
2010 |
|||||
|
Third |
Second |
Third |
|||||
|
Quarter |
Quarter |
Quarter |
|||||
|
Net Interest Margin (Quarterly Averages) |
|||||||
|
Assets |
|||||||
|
Loans – FTE |
$3,171,379 |
4.85% |
$3,247,998 |
4.89% |
$3,377,607 |
5.10% |
|
|
Securities/Other – FTE |
510,575 |
2.39% |
458,720 |
2.76% |
315,823 |
3.82% |
|
|
Total Interest-earning Assets |
3,681,954 |
4.51% |
3,706,718 |
4.63% |
3,693,430 |
4.99% |
|
|
Noninterest-earning Assets |
376,077 |
368,763 |
412,247 |
||||
|
Total Assets |
$4,058,031 |
$4,075,481 |
$4,105,677 |
||||
|
Liabilities and Shareholders’ Equity |
|||||||
|
Now/Money Market/Savings |
$1,287,489 |
0.14% |
$1,268,085 |
0.16% |
$1,250,278 |
0.24% |
|
|
Certificates of Deposit |
1,159,557 |
1.81% |
1,202,346 |
1.82% |
1,309,880 |
1.89% |
|
|
Borrowed funds < 1 year |
41,257 |
0.12% |
43,465 |
0.14% |
62,011 |
0.24% |
|
|
Borrowed funds > 1 year |
123,103 |
3.93% |
123,541 |
4.14% |
121,218 |
4.26% |
|
|
Total Interest-bearing Liabilities |
2,611,406 |
1.06% |
2,637,437 |
1.10% |
2,743,387 |
1.21% |
|
|
Noninterest-bearing Liabilities |
|||||||
|
Demand Deposits |
799,247 |
804,199 |
743,265 |
||||
|
Shareholders’ Equity/Other |
647,378 |
633,845 |
619,025 |
||||
|
Total Noninterest-bearing Liabilities |
1,446,625 |
1,438,044 |
1,362,290 |
||||
|
Total Liabilities and Shareholders’ Equity |
$4,058,031 |
$4,075,481 |
$4,105,677 |
||||
|
Net Interest Margin |
3.76% |
3.85% |
4.09% |
||||
|
2011 |
2011 |
2010 |
|||||
|
Third |
Second |
Third |
|||||
|
Quarter |
Quarter |
Quarter |
|||||
|
Balance Sheets (Period-End) |
|||||||
|
Assets |
|||||||
|
Cash |
$262,406 |
$170,826 |
$88,157 |
||||
|
Securities |
359,298 |
357,750 |
301,260 |
||||
|
Loans, Net |
3,084,609 |
3,144,833 |
3,314,702 |
||||
|
Other Assets |
385,657 |
384,881 |
393,989 |
||||
|
Total Assets |
$4,091,970 |
$4,058,290 |
$4,098,108 |
||||
|
Liabilities and Shareholders’ Equity |
|||||||
|
Noninterest-bearing Demand Deposits |
$817,518 |
$801,504 |
$743,453 |
||||
|
Interest-bearing Deposits |
2,453,913 |
2,452,479 |
2,561,117 |
||||
|
Short-term Borrowings |
42,409 |
41,112 |
48,189 |
||||
|
Long-term Debt |
122,938 |
123,378 |
120,468 |
||||
|
Other Liabilities |
51,518 |
47,280 |
50,374 |
||||
|
Shareholders’ Equity |
603,674 |
592,537 |
574,507 |
||||
|
Total Liabilities and Shareholders’ Equity |
$4,091,970 |
$4,058,290 |
$4,098,108 |
||||
|
S&T Bancorp, Inc. |
|||||||
|
Consolidated Selected Financial Data |
|||||||
|
Unaudited |
|||||||
|
(in thousands) |
|||||||
|
2011 |
2011 |
2010 |
|||||
|
Third |
Second |
Third |
|||||
|
Quarter |
Quarter |
Quarter |
|||||
|
Loans (Period-End) |
|||||||
|
Consumer |
|||||||
|
Home Equity |
$423,166 |
$431,763 |
$451,275 |
||||
|
Residential Mortgage |
350,619 |
345,698 |
361,320 |
||||
|
Installment |
68,049 |
70,171 |
76,148 |
||||
|
Construction |
3,111 |
3,365 |
6,946 |
||||
|
Total Consumer Loans |
844,945 |
850,997 |
895,689 |
||||
|
Commercial |
|||||||
|
Commercial Real Estate |
1,414,398 |
1,441,813 |
1,436,971 |
||||
|
Commercial & Industrial |
681,866 |
690,956 |
728,091 |
||||
|
Construction |
190,974 |
208,111 |
306,162 |
||||
|
Total Commercial Loans |
2,287,238 |
2,340,880 |
2,471,224 |
||||
|
Total Portfolio Loans |
3,132,183 |
3,191,877 |
3,366,913 |
||||
|
Loans Held for Sale |
3,959 |
10,960 |
4,070 |
||||
|
Total Loans |
$3,136,142 |
$3,202,837 |
$3,370,983 |
||||
|
2011 |
2011 |
2010 |
|||||
|
Third |
Second |
Third |
|||||
|
Quarter |
Quarter |
Quarter |
|||||
|
Nonperforming Loans (NPL) |
|||||||
|
Consumer |
% NPL |
% NPL |
% NPL |
||||
|
Home Equity |
$3,095 |
0.73% |
$2,536 |
0.59% |
$1,700 |
0.38% |
|
|
Residential Mortgage |
6,719 |
1.92% |
6,155 |
1.78% |
5,159 |
1.41% |
|
|
Installment |
15 |
0.02% |
6 |
0.01% |
89 |
0.12% |
|
|
Construction |
181 |
5.82% |
– |
– |
530 |
7.63% |
|
|
Total Consumer Loans |
10,010 |
1.18% |
8,697 |
1.02% |
$7,478 |
0.83% |
|
|
Commercial |
|||||||
|
Commercial Real Estate |
34,524 |
2.44% |
38,261 |
2.65% |
51,792 |
3.60% |
|
|
Commercial & Industrial |
6,002 |
0.88% |
8,141 |
1.18% |
8,469 |
1.16% |
|
|
Construction |
8,703 |
4.56% |
7,401 |
3.56% |
7,600 |
2.48% |
|
|
Total Commercial Loans |
49,229 |
2.15% |
53,803 |
2.30% |
67,861 |
2.75% |
|
|
Total Nonperforming Loans |
$59,239 |
1.89% |
$62,500 |
1.96% |
$75,339 |
2.23% |
|
|
S&T Bancorp, Inc. |
|||||||
|
Consolidated Selected Financial Data |
|||||||
|
Unaudited |
|||||||
|
(in thousands) |
|||||||
|
2011 |
2011 |
2010 |
|||||
|
Third |
Second |
Third |
|||||
|
Quarter |
Quarter |
Quarter |
|||||
|
Construction and Commercial Real Estate (CRE) |
|||||||
|
PA vs. Out-of-state |
|||||||
|
Pennsylvania |
$1,295,367 |
$1,326,843 |
$1,382,894 |
||||
|
Out-of-state |
310,005 |
323,081 |
360,239 |
||||
|
Total Construction and CRE PA vs. Out-of-state |
$1,605,372 |
$1,649,924 |
$1,743,133 |
||||
|
2011 |
2011 |
2010 |
|||||
|
Third |
Second |
Third |
|||||
|
Quarter |
Quarter |
Quarter |
|||||
|
Construction and CRE – NPL PA vs. Out-of-state |
% NPL |
% NPL |
% NPL |
||||
|
Pennsylvania |
$38,864 |
3.00% |
$44,243 |
3.33% |
$45,760 |
3.31% |
|
|
Out-of-state |
4,363 |
1.41% |
1,419 |
0.44% |
13,632 |
3.78% |
|
|
Total Construction and CRE – NPL PA vs. Out-of-state |
$43,227 |
2.69% |
$45,662 |
2.77% |
$59,392 |
3.41% |
|
|
2011 |
2011 |
2010 |
|||||
|
Third |
Second |
Third |
|||||
|
Quarter |
Quarter |
Quarter |
|||||
|
Construction and CRE by Type |
|||||||
|
Retail/Strip Malls |
$286,424 |
$285,743 |
$298,956 |
||||
|
Offices |
216,815 |
221,042 |
227,663 |
||||
|
Residential Rental Properties |
198,422 |
220,674 |
218,436 |
||||
|
Hotels |
186,342 |
184,658 |
195,841 |
||||
|
Healthcare/Education |
107,871 |
109,479 |
91,755 |
||||
|
Manufacturing/Industrial/Warehouse |
99,382 |
95,750 |
128,820 |
||||
|
Real Estate Development – Commercial |
98,196 |
100,069 |
103,110 |
||||
|
Flex/Mixed Use |
95,578 |
107,011 |
112,081 |
||||
|
Real Estate Development – Residential |
73,145 |
69,763 |
92,855 |
||||
|
Miscellaneous |
243,197 |
255,735 |
273,616 |
||||
|
Total Construction and CRE by Type |
$1,605,372 |
$1,649,924 |
$1,743,133 |
||||
|
2011 |
2011 |
2010 |
|||||
|
Third |
Second |
Third |
|||||
|
Quarter |
Quarter |
Quarter |
|||||
|
Construction and CRE – NPL by Type |
% NPL |
% NPL |
% NPL |
||||
|
Retail/Strip Malls |
$2,371 |
0.83% |
$2,882 |
1.01% |
$3,866 |
1.29% |
|
|
Offices |
5,124 |
2.36% |
6,592 |
2.98% |
3,036 |
1.33% |
|
|
Residential Rental Properties |
3,381 |
1.70% |
4,618 |
2.09% |
12,653 |
5.79% |
|
|
Hotels |
1,100 |
0.59% |
1,452 |
0.79% |
2,562 |
1.31% |
|
|
Healthcare/Education |
– |
0.00% |
813 |
0.74% |
3,951 |
4.31% |
|
|
Manufacturing/Industrial/Warehouse |
5,183 |
5.22% |
4,414 |
4.61% |
555 |
0.43% |
|
|
Real Estate Development – Commercial |
1,660 |
1.69% |
1,144 |
1.14% |
9,181 |
8.90% |
|
|
Flex/Mixed Use |
– |
0.00% |
– |
0.00% |
3,182 |
2.84% |
|
|
Real Estate Development – Residential |
8,352 |
11.42% |
7,566 |
10.85% |
4,965 |
5.35% |
|
|
Miscellaneous |
16,056 |
6.60% |
16,181 |
6.33% |
15,441 |
5.64% |
|
|
Total Construction and CRE – NPL by Type |
$43,227 |
2.69% |
$45,662 |
2.77% |
$59,392 |
3.41% |
|
|
S&T Bancorp, Inc. |
|||||||
|
Consolidated Selected Financial Data |
|||||||
|
Unaudited |
|||||||
|
(in thousands) |
|||||||
|
2011 |
2011 |
2010 |
|||||
|
Third |
Second |
Third |
|||||
|
Quarter |
Quarter |
Quarter |
|||||
|
Commercial Credit Exposure |
|||||||
|
Pass |
|||||||
|
Commercial Real Estate |
$1,203,477 |
$1,235,019 |
$1,235,276 |
||||
|
Commercial & Industrial |
601,552 |
584,715 |
639,692 |
||||
|
Construction |
148,083 |
163,453 |
251,630 |
||||
|
Total Pass |
$1,953,112 |
$1,983,187 |
$2,126,598 |
||||
|
Special Mention |
|||||||
|
Commercial Real Estate |
$98,793 |
$84,351 |
$103,802 |
||||
|
Commercial & Industrial |
19,450 |
62,759 |
62,414 |
||||
|
Construction |
10,432 |
12,310 |
17,980 |
||||
|
Total Special Mention |
$128,675 |
$159,420 |
$184,196 |
||||
|
Substandard |
|||||||
|
Commercial Real Estate |
$112,128 |
$122,443 |
$97,893 |
||||
|
Commercial & Industrial |
60,864 |
43,482 |
25,985 |
||||
|
Construction |
32,458 |
32,348 |
36,552 |
||||
|
Total Substandard |
$205,450 |
$198,273 |
$160,430 |
||||
|
S&T Bancorp, Inc. |
|||||||
|
Consolidated Selected Financial Data |
|||||||
|
Unaudited |
|||||||
|
(in thousands) |
|||||||
|
2011 |
2011 |
2010 |
|||||
|
Third |
Second |
Third |
|||||
|
Quarter |
Quarter |
Quarter |
|||||
|
Asset Quality Data |
|||||||
|
Nonaccrual Loans and Nonperforming Loans |
$59,239 |
$62,500 |
$75,339 |
||||
|
Assets Acquired through Foreclosure or Repossession |
5,992 |
7,389 |
7,367 |
||||
|
Nonperforming Assets |
65,231 |
69,889 |
82,706 |
||||
|
Troubled Debt Restructurings (nonaccrual) |
22,124 |
26,186 |
– |
||||
|
Troubled Debt Restructurings (accruing) |
21,460 |
19,829 |
– |
||||
|
Total Troubled Debt Restructurings |
43,584 |
46,015 |
– |
||||
|
Allowance for Loan Losses |
51,533 |
58,004 |
56,281 |
||||
|
Nonperforming Loans / Loans |
1.89% |
1.95% |
2.23% |
||||
|
Nonperforming Assets / Loans plus OREO |
2.08% |
2.18% |
2.45% |
||||
|
Allowance for Loan Losses / Loans |
1.64% |
1.81% |
1.67% |
||||
|
Allowance for Loan Losses / Nonperforming Loans |
87% |
93% |
75% |
||||
|
Net Loan Charge-offs (Recoveries) |
8,006 |
4,756 |
5,965 |
||||
|
Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans |
1.00% |
0.59% |
0.70% |
||||
|
Profitability Ratios (Annualized) |
|||||||
|
Common Return on Average Assets |
1.20% |
1.31% |
1.06% |
||||
|
Common Return on Average Tangible Assets (2) |
1.25% |
1.37% |
1.10% |
||||
|
Common Return on Average Equity |
8.12% |
9.15% |
7.61% |
||||
|
Common Return on Average Tangible Common Equity (3) |
15.20% |
17.47% |
14.93% |
||||
|
Efficiency Ratio (FTE) (4) |
53.41% |
54.78% |
49.46% |
||||
|
Capitalization Ratios |
|||||||
|
Dividends Paid to Net Income |
34.40% |
31.52% |
38.18% |
||||
|
Common Equity / Assets |
12.14% |
11.98% |
11.43% |
||||
|
Tier 1 Leverage Ratio |
11.80% |
11.49% |
10.92% |
||||
|
Risk-Based Capital – Tier 1 |
14.95% |
14.31% |
12.97% |
||||
|
Risk-Based Capital – Total |
18.51% |
17.83% |
16.35% |
||||
|
Tangible Common Equity / Tangible Assets (5) |
8.30% |
8.08% |
7.53% |
||||
|
For the Nine Months Ended September 30, |
|||||||
|
2011 |
2010 |
||||||
|
Asset Quality Data |
|||||||
|
Net Loan Charge-offs (Recoveries) |
13,126 |
25,134 |
|||||
|
Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans |
0.54% |
0.99% |
|||||
|
Profitability Ratios (Annualized) |
|||||||
|
Common Return on Average Assets |
1.00% |
0.92% |
|||||
|
Common Return on Average Tangible Common Assets (6) |
1.04% |
0.97% |
|||||
|
Common Return on Average Shareholders’ Equity |
6.90% |
6.78% |
|||||
|
Common Return on Average Tangible Common Equity (7) |
13.10% |
13.47% |
|||||
|
Efficiency Ratio (FTE) (4) |
55.59% |
53.12% |
|||||
|
Capitalization Ratios |
|||||||
|
Dividends Paid to Net Income |
41.58% |
43.81% |
|||||
|
S&T Bancorp, Inc. |
|||||||
|
Consolidated Selected Financial Data |
|||||||
|
Unaudited |
|||||||
|
2011 |
2011 |
2010 |
|||||
|
Third |
Second |
Third |
|||||
|
Quarter |
Quarter |
Quarter |
|||||
|
Definitions and Reconciliation of GAAP to |
|||||||
|
Non-GAAP Financial Measures: |
|||||||
|
(1) Tangible Common Book Value |
|||||||
|
Common Book Value (GAAP Basis) |
$17.68 |
$17.31 |
$16.83 |
||||
|
Effect of Excluding Intangible Assets |
(6.10) |
(6.12) |
(6.22) |
||||
|
Tangible Common Book Value |
$11.58 |
$11.19 |
$10.61 |
||||
|
(2) Common Return on Average Tangible Assets |
|||||||
|
Common Return on Average Assets (GAAP Basis) |
1.20% |
1.31% |
1.06% |
||||
|
Effect of Excluding Intangible Assets |
0.05% |
0.06% |
0.04% |
||||
|
Common Return on Average Tangible Assets |
1.25% |
1.37% |
1.10% |
||||
|
(3) Common Return on Average Tangible Common Equity |
|||||||
|
Common Return on Average Common Equity (GAAP Basis) |
8.12% |
9.15% |
7.61% |
||||
|
Effect of Excluding Intangible Assets |
3.80% |
4.50% |
3.99% |
||||
|
Effect of Excluding Preferred Stock |
3.28% |
3.82% |
3.33% |
||||
|
Common Return on Average Tangible Common Equity |
15.20% |
17.47% |
14.93% |
||||
|
(4) Recurring noninterest expense divided by recurring noninterest income plus net interest income, on a fully taxable equivalent basis. |
|||||||
|
(5) Tangible Common Equity / Tangible Assets |
|||||||
|
Common Equity / Assets (GAAP Basis) |
12.14% |
11.98% |
11.43% |
||||
|
Effect of Excluding Intangible Assets |
-3.84% |
-3.90% |
-3.90% |
||||
|
Tangible Common Equity / Tangible Assets |
8.30% |
8.08% |
7.53% |
||||
|
For the Nine Months Ended September 30, |
|||||||
|
2011 |
2010 |
||||||
|
(6) Common Return on Average Tangible Common Assets |
|||||||
|
Common Return on Average Assets (GAAP Basis) |
1.00% |
0.92% |
|||||
|
Effect of Excluding Intangible Assets |
0.04% |
0.05% |
|||||
|
Common Return on Average Tangible Common Assets |
1.04% |
0.97% |
|||||
|
(7) Common Return on Average Tangible Common Equity |
|||||||
|
Common Return on Average Shareholders’ Equity (GAAP Basis) |
6.90% |
6.78% |
|||||
|
Effect of Excluding Intangible Assets |
3.35% |
3.66% |
|||||
|
Effect of Excluding Preferred Stock |
2.85% |
3.03% |
|||||
|
Common Return on Average Tangible Common Equity |
13.10% |
13.47% |
|||||
SOURCE S&T Bancorp, Inc.
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