S&T Bancorp, Inc. | Page 1 of 3 | ||||||||||||||||||
2008 | 2009 | Twelve months ended | |||||||||||||||||
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For the period: | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 2009 | 2008 | |||||||||
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Interest Income | $50,458 | $50,433 | $57,416 | $57,811 | $50,424 | $49,226 | $48,310 | $47,126 | $195,087 | $216,118 | |||||||||
Interest Expense | 19,909 | 16,791 | 18,245 | 17,226 | 14,279 | 12,677 | 11,477 | 10,671 | 49,105 | 72,171 | |||||||||
Net Interest Income | 30,549 | 33,642 | 39,171 | 40,585 | 36,145 | 36,549 | 36,833 | 36,455 | 145,982 | 143,947 | |||||||||
Taxable Equivalent Adjustment | 1,148 | 1,227 | 1,385 | 1,388 | 1,334 | 1,311 | 1,284 | 1,274 | 5,202 | 5,147 | |||||||||
Net Interest Income (FTE) | 31,697 | 34,869 | 40,556 | 41,973 | 37,479 | 37,860 | 38,117 | 37,729 | 151,184 | 149,094 | |||||||||
Provision For Loan Losses | 1,279 | (118) | 6,156 | 5,561 | 21,389 | 32,184 | 8,382 | 10,399 | 72,354 | 12,878 | |||||||||
Net Interest Income After Provisions (FTE) | 30,418 | 34,987 | 34,400 | 36,412 | 16,090 | 5,676 | 29,735 | 27,330 | 78,830 | 136,216 | |||||||||
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Security Gains and Losses, Net | 611 | (1,829) | (341) | (92) | (1,246) | (1,296) | (2,059) | (487) | (5,088) | (1,651) | |||||||||
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Service Charges and Fees | 2,402 | 2,754 | 3,599 | 3,567 | 3,056 | 3,232 | 3,305 | 3,349 | 12,942 | 12,322 | |||||||||
Wealth Management | 1,862 | 1,907 | 2,118 | 2,081 | 1,743 | 1,912 | 1,920 | 1,924 | 7,500 | 7,967 | |||||||||
Insurance | 1,997 | 2,042 | 2,073 | 1,984 | 1,862 | 1,985 | 2,020 | 1,884 | 7,751 | 8,096 | |||||||||
Other | 2,638 | 3,100 | 2,811 | 2,168 | 3,601 | 4,624 | 3,038 | 4,213 | 15,475 | 10,718 | |||||||||
Total Noninterest Income | 8,899 | 9,803 | 10,601 | 9,800 | 10,262 | 11,753 | 10,283 | 11,370 | 43,668 | 39,103 | |||||||||
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Salaries and Employee Benefits | 10,060 | 10,514 | 11,725 | 10,409 | 11,655 | 12,698 | 12,284 | 12,211 | 48,848 | 42,708 | |||||||||
Occupancy and Equip. Expense, Net | 2,660 | 2,636 | 2,761 | 2,838 | 3,082 | 3,023 | 2,882 | 2,898 | 11,886 | 10,895 | |||||||||
Data Processing Expense | 1,071 | 1,668 | 1,365 | 1,384 | 1,468 | 1,542 | 1,565 | 1,473 | 6,048 | 5,488 | |||||||||
FDIC Expense | 75 | 74 | 131 | 129 | 1,941 | 3,447 | 1,526 | 1,475 | 8,388 | 409 | |||||||||
Other | 4,089 | 7,492 | 6,358 | 6,363 | 7,292 | 12,052 | 6,582 | 7,031 | 32,956 | 24,301 | |||||||||
Total Noninterest Expense | 17,955 | 22,384 | 22,340 | 21,123 | 25,438 | 32,762 | 24,839 | 25,088 | 108,126 | 83,801 | |||||||||
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Income (Loss) Before Taxes | 21,973 | 20,577 | 22,320 | 24,997 | (332) | (16,629) | 13,120 | 13,125 | 9,284 | 89,867 | |||||||||
Taxable Equivalent Adjustment | 1,148 | 1,227 | 1,385 | 1,388 | 1,334 | 1,311 | 1,284 | 1,274 | 5,202 | 5,147 | |||||||||
Applicable Income Taxes | 5,969 | 5,489 | 5,249 | 7,809 | 176 | (9,284) | 2,578 | 2,660 | (3,869) | 24,517 | |||||||||
Net Income (Loss) | 14,856 | 13,861 | 15,686 | 15,800 | (1,842) | (8,656) | 9,258 | 9,191 | 7,951 | 60,203 | |||||||||
Preferred Stock Dividends | - | - | - | - | 1,283 | 1,541 | 1,543 | 1,545 | 5,913 | - | |||||||||
Net Income (Loss) Available to Common Shareholders | $14,856 | $13,861 | $15,686 | $15,800 | ($3,125) | ($10,197) | $7,715 | $7,646 | $2,038 | $60,203 | |||||||||
Per Common Share Data: | |||||||||||||||||||
Shares Outstanding at End of Period | 24,615,136 | 27,408,633 | 27,588,510 | 27,632,928 | 27,637,317 | 27,654,530 | 27,684,807 | 27,746,554 | 27,746,554 | 27,632,928 | |||||||||
Average Shares Outstanding - Diluted | 24,680,484 | 25,503,920 | 27,602,216 | 27,722,550 | 27,637,292 | 27,650,937 | 27,716,134 | 27,701,846 | 27,658,861 | 26,384,309 | |||||||||
Net Income (Loss) - Diluted | $0.60 | $0.54 | $0.57 | $0.57 | ($0.11) | ($0.37) | $0.28 | $0.28 | $0.07 | $2.28 | |||||||||
Dividends Declared | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $0.15 | $0.15 | $0.00 | $0.61 | $1.24 | |||||||||
Common Book Value | $14.18 | $16.00 | $16.34 | $16.24 | $16.01 | $15.48 | $15.77 | $16.14 | $16.14 | $16.24 | |||||||||
Tangible Common Book Value (5) | $12.04 | $9.52 | $9.97 | $9.87 | $9.68 | $9.17 | $9.44 | $9.85 | $9.85 | $9.87 | |||||||||
Market Value | $32.17 | $29.06 | $36.83 | $35.50 | $21.21 | $12.16 | $12.96 | $17.01 | $17.01 | $35.50 |
S&T Bancorp, Inc. | Page 2 of 3 | ||||||||||||||
2008 | 2009 | ||||||||||||||
March | June |
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Asset Quality Data | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | |||||||
Nonaccrual Loans and Nonperforming Loans | $23,212 | $15,959 | $32,793 | $42,466 | $92,047 | $71,433 | $86,454 | $90,807 | |||||||
Assets Acquired through Foreclosure or Repossession | 630 | 1,884 | 1,111 | 851 | 1,452 | 2,262 | 4,745 | 4,607 | |||||||
Nonperforming Assets | 23,842 | 17,843 | 33,904 | 43,317 | 93,499 | 73,695 | 91,199 | 95,414 | |||||||
Allowance for Loan Losses | 35,717 | 38,796 | 43,235 | 42,689 | 59,847 | 57,875 | 60,880 | 59,580 | |||||||
Nonperforming Loans / Loans | 0.81% | 0.46% | 0.92% | 1.19% | 2.62% | 2.06% | 2.51% | 2.67% | |||||||
Allowance for Loan Losses / Loans | 1.25% | 1.12% | 1.21% | 1.20% | 1.70% | 1.67% | 1.77% | 1.75% | |||||||
Allowance for Loan Losses / Nonperforming Loans | 154% | 243% | 132% | 101% | 65% | 81% | 70% | 66% | |||||||
Net Loan Charge-offs (Recoveries) | (94) | 2,224 | 1,717 | 6,107 | 4,231 | 34,156 | 5,376 | 11,699 | |||||||
Net Loan Charge-offs (Recoveries) | -0.01% | 0.29% | 0.20% | 0.68% | 0.49% | 3.91% | 0.62% | 1.36% | |||||||
Balance Sheet (Period-End) | |||||||||||||||
Assets | $3,463,806 | $4,353,568 | $4,461,085 | $4,438,368 | $4,314,540 | $4,243,876 | $4,208,224 | $4,170,475 | |||||||
Earning Assets | 3,212,919 | 3,934,187 | 4,075,431 | 4,044,970 | 3,948,774 | 3,868,782 | 3,836,327 | 3,782,809 | |||||||
Securities | 362,053 | 466,524 | 496,844 | 476,255 | 429,919 | 409,011 | 389,980 | 378,402 | |||||||
Loans, Gross | 2,850,866 | 3,467,663 | 3,578,587 | 3,568,716 | 3,518,855 | 3,459,771 | 3,446,347 | 3,404,407 | |||||||
Total Deposits | 2,605,187 | 3,114,560 | 3,131,882 | 3,228,416 | 3,244,197 | 3,155,852 | 3,279,784 | 3,304,542 | |||||||
Non-Interest Bearing Deposits | 471,040 | 593,339 | 600,246 | 600,282 | 625,325 | 629,967 | 673,863 | 712,121 | |||||||
NOW, Money Market & Savings | 1,203,833 | 1,325,755 | 1,280,816 | 1,334,324 | 1,264,407 | 1,170,573 | 1,212,073 | 1,302,051 | |||||||
CD's $100,000 and over | 250,489 | 329,087 | 353,167 | 377,748 | 422,841 | 403,694 | 472,736 | 411,901 | |||||||
Other Time Deposits | 679,825 | 866,379 | 897,653 | 916,062 | 931,624 | 951,618 | 921,112 | 878,469 | |||||||
Short-term Borrowings | 211,391 | 472,045 | 552,505 | 421,894 | 225,898 | 291,763 | 143,980 | 96,235 | |||||||
Long-term Debt | 246,403 | 281,163 | 280,921 | 270,950 | 232,282 | 207,028 | 186,772 | 176,513 | |||||||
Shareholders' Equity | 349,073 | 438,499 | 450,717 | 448,694 | 547,276 | 533,094 | 541,682 | 553,318 | |||||||
Balance Sheet (Daily Averages) | |||||||||||||||
Assets | $3,407,665 | $3,701,389 | $4,346,481 | $4,419,465 | $4,360,166 | $4,304,406 | $4,207,966 | $4,167,295 | |||||||
Earning Assets | 3,198,279 | 3,434,268 | 3,961,327 | 4,042,118 | 3,980,258 | 3,935,389 | 3,836,806 | 3,798,477 | |||||||
Securities | 369,400 | 386,243 | 472,293 | 490,754 | 445,150 | 427,285 | 397,106 | 385,966 | |||||||
Loans, Gross | 2,828,762 | 3,048,024 | 3,488,843 | 3,551,179 | 3,534,064 | 3,508,104 | 3,439,700 | 3,412,510 | |||||||
Deposits | 2,579,321 | 2,712,198 | 3,086,428 | 3,205,711 | 3,251,587 | 3,220,761 | 3,251,265 | 3,271,199 | |||||||
Shareholders' Equity | 345,939 | 377,160 | 447,941 | 458,600 | 542,240 | 549,968 | 540,153 | 545,787 |
S&T Bancorp, Inc. | Page 3 of 3 | ||||||||||||||||||
2008 | 2009 | Year-to-date | |||||||||||||||||
March | June |
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Profitability Ratios (annualized) | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 2009 | 2008 | |||||||||
Common Return on Average Assets | 1.75% | 1.51% | 1.44% | 1.42% | -0.29% | -0.95% | 0.73% | 0.73% | 0.05% | 1.52% | |||||||||
Common Return on Average Tangible Common Assets (6) | 1.78% | 1.54% | 1.50% | 1.48% | -0.30% | -0.99% | 0.76% | 0.76% | 0.05% | 1.57% | |||||||||
Common Return on Average Shareholders' Equity | 17.27% | 14.78% | 13.93% | 13.71% | -2.34% | -7.44% | 5.67% | 5.56% | 0.37% | 14.77% | |||||||||
Common Return on Average Tangible Common Equity(7) | 20.37% | 19.17% | 22.95% | 22.32% | -4.53% | -15.13% | 11.75% | 11.42% | 0.76% | 21.27% | |||||||||
Yield on Earning Assets (FTE) | 6.49% | 6.05% | 5.92% | 5.83% | 5.27% | 5.16% | 5.14% | 5.06% | 5.16% | 6.05% | |||||||||
Cost of Interest Bearing Funds | 3.10% | 2.43% | 2.23% | 2.06% | 1.82% | 1.65% | 1.53% | 1.46% | 1.62% | 2.41% | |||||||||
Net Interest Margin (FTE)(4) | 3.99% | 4.08% | 4.07% | 4.13% | 3.82% | 3.86% | 3.94% | 3.94% | 3.89% | 4.07% | |||||||||
Efficiency Ratio (FTE)(1) | 44.23% | 50.11% | 43.67% | 40.80% | 53.28% | 66.04% | 51.32% | 51.10% | 55.49% | 44.53% | |||||||||
Capitalization Ratios | |||||||||||||||||||
Dividends Paid to Net Income | 51.23% | 55.05% | 54.17% | 54.13% | -273.87% | -84.02% | 53.77% | 54.31% | |||||||||||
Common Equity to Assets (8) | 10.08% | 10.07% | 10.10% | 10.11% | 10.26% | 10.09% | 10.37% | 10.74% | |||||||||||
Leverage Ratio (2) | 9.28% | 8.05% | 7.15% | 7.30% | 9.73% | 9.56% | 9.92% | 10.26% | |||||||||||
Risk Based Capital - Tier I (3) | 10.29% | 7.99% | 8.23% | 8.65% | 11.58% | 11.33% | 11.57% | 12.10% | |||||||||||
Risk Based Capital - Tier II (3) | 12.46% | 11.12% | 11.40% | 11.82% | 14.82% | 14.60% | 14.86% | 15.43% | |||||||||||
Tangible Common Equity/Tangible Assets (8) | 8.69% | 6.25% | 6.42% | 6.41% | 6.46% | 6.23% | 6.48% | 6.84% | |||||||||||
Definitions and reconciliation of GAAP to non-GAAP financial measures: | |||||||||||||||||||
(5) Tangible Common Book Value | |||||||||||||||||||
Common book value (GAAP basis) | $14.18 | $16.00 | $16.34 | $16.24 | $16.01 | $15.48 | $15.77 | $16.14 | $16.14 | $16.24 | |||||||||
Effect of excluding intangible assets | (2.14) | (6.48) | (6.37) | (6.37) | (6.33) | (6.31) | (6.33) | (6.29) | (6.29) | (6.37) | |||||||||
Tangible common book value | $12.04 | $9.52 | $9.97 | $9.87 | $9.68 | $9.17 | $9.44 | $9.85 | $9.85 | $9.87 | |||||||||
(6) Common Return on Average Tangible Common Assets | |||||||||||||||||||
Common return on average assets (GAAP basis) | 1.75% | 1.51% | 1.44% | 1.42% | -0.29% | -0.95% | 0.73% | 0.73% | 0.05% | 1.52% | |||||||||
Effect of excluding intangible assets | 0.03% | 0.03% | 0.06% | 0.06% | -0.01% | -0.04% | 0.03% | 0.03% | - | 0.05% | |||||||||
Common return on average tangible common assets | 1.78% | 1.54% | 1.50% | 1.48% | -0.30% | -0.99% | 0.76% | 0.76% | 0.05% | 1.57% | |||||||||
(7) Common Return on Average Tangible Common Equity | |||||||||||||||||||
Common return on average equity (GAAP basis) | 17.27% | 14.78% | 13.93% | 13.71% | -2.34% | -7.44% | 5.67% | 5.56% | 0.37% | 14.77% | |||||||||
Effect of excluding intangible assets | 3.10% | 4.39% | 9.02% | 8.61% | -1.08% | -4.23% | 3.38% | 3.24% | 0.21% | 6.50% | |||||||||
Effect of excluding preferred stock | - | - | - | - | -1.11% | -3.46% | 2.70% | 2.62% | 0.18% | - | |||||||||
Common return on average tangible common equity | 20.37% | 19.17% | 22.95% | 22.32% | -4.53% | -15.13% | 11.75% | 11.42% | 0.76% | 21.27% | |||||||||
(8) Tangible Common Equity / Tangible Assets | |||||||||||||||||||
Common equity / Assets (GAAP basis) | 10.08% | 10.07% | 10.10% | 10.11% | 10.26% | 10.09% | 10.37% | 10.74% | |||||||||||
Effect of excluding intangible assets | -1.39% | -3.82% | -3.68% | -3.70% | -3.80% | -3.86% | -3.89% | -3.90% | |||||||||||
Tangible common equity / Tangible assets | 8.69% | 6.25% | 6.42% | 6.41% | 6.46% | 6.23% | 6.48% | 6.84% |