S&T Bancorp, Inc. | Page 1 of 4 | ||||||||||
2010 | 2009 | ||||||||||
First | Fourth | First | |||||||||
Income Statements | |||||||||||
Interest Income | $45,324 | $47,126 | $50,424 | ||||||||
Interest Expense | 9,410 | 10,671 | 14,279 | ||||||||
Net Interest Income | 35,914 | 36,455 | 36,145 | ||||||||
Taxable Equivalent Adjustment | 1,222 | 1,274 | 1,334 | ||||||||
Net Interest Income (FTE) | 37,136 | 37,729 | 37,479 | ||||||||
Provision For Loan Losses | 4,430 | 10,399 | 21,389 | ||||||||
Net Interest Income After Provisions (FTE) | 32,706 | 27,330 | 16,090 | ||||||||
Security Gains (Losses), Net | 153 | (487) | (1,246) | ||||||||
| 2,971 | 3,349 | 3,056 | ||||||||
Wealth Management | 1,984 | 1,924 | 1,743 | ||||||||
Insurance | 2,368 | 1,884 | 1,862 | ||||||||
Other | 3,867 | 4,213 | 3,601 | ||||||||
Total Noninterest Income | 11,190 | 11,370 | 10,262 | ||||||||
Salaries and Employee Benefits | 12,565 | 12,211 | 11,655 | ||||||||
Occupancy and Equipment Expense, Net | 3,072 | 2,898 | 3,082 | ||||||||
Data Processing Expense | 1,603 | 1,473 | 1,468 | ||||||||
FDIC Expense | 1,301 | 1,475 | 1,941 | ||||||||
Other | 9,389 | 7,031 | 7,292 | ||||||||
Total Noninterest Expense | 27,930 | 25,088 | 25,438 | ||||||||
Income (Loss) Before Taxes | 16,119 | 13,125 | (332) | ||||||||
Taxable Equivalent Adjustment | 1,222 | 1,274 | 1,334 | ||||||||
Applicable Income Taxes | 3,593 | 2,660 | 176 | ||||||||
Net Income (Loss) | 11,304 | 9,191 | (1,842) | ||||||||
Preferred Stock Dividends | 1,547 | 1,545 | 1,283 | ||||||||
Net Income (Loss) Available to Common Shareholders | $9,757 | $7,646 | ($3,125) | ||||||||
Per Common Share Data: | |||||||||||
Shares Outstanding at End of Period | 27,777,931 | 27,746,554 | 27,637,317 | ||||||||
Average Shares Outstanding - Diluted | 27,753,384 | 27,701,846 | 27,637,292 | ||||||||
Net Income (Loss) - Diluted | $0.35 | $0.28 | ($0.11) | ||||||||
Dividends Declared | $0.15 | * | $0.00 | * | $0.31 | ||||||
Common Book Value | $16.39 | $16.14 | $16.01 | ||||||||
Tangible Common Book Value (5) | $10.12 | $9.85 | $9.68 | ||||||||
Market Value | $20.90 | $17.01 | $21.21 | ||||||||
* S&T's Board of Directors approved a change in timing of the declaration and payment of dividends to provide better alignment with quarterly earnings beginning in the fourth quarter of 2009. The Board declared a $0.15 per common share cash dividend at its meeting held January 18, 2010 relating to the fourth quarter of 2009 performance. |
S&T Bancorp, Inc. | Page 2 of 4 | |||||
2010 | 2009 | |||||
First | Fourth | First | ||||
Balance Sheet (Period-End) | ||||||
Assets | $4,135,767 | $4,170,475 | $4,314,540 | |||
Earning Assets | 3,750,674 | 3,782,809 | 3,948,774 | |||
Securities | 352,271 | 378,402 | 429,919 | |||
Loans, Gross | 3,398,403 | 3,404,407 | 3,518,855 | |||
Total Deposits | 3,345,816 | 3,304,542 | 3,244,197 | |||
Noninterest-Bearing Deposits | 709,422 | 712,121 | 625,325 | |||
NOW, Money Market and Savings | 1,256,274 | 1,302,051 | 1,264,407 | |||
CD's $100,000 and over | 502,100 | 411,901 | 422,841 | |||
Other Time Deposits | 878,020 | 878,469 | 931,624 | |||
Short-term Borrowings | 47,996 | 96,235 | 225,898 | |||
Long-term Debt | 136,250 | 176,513 | 232,282 | |||
Shareholders' Equity | 560,743 | 553,318 | 547,276 | |||
Balance Sheet (Daily Averages) | ||||||
Assets | $4,137,480 | $4,167,295 | $4,360,166 | |||
Earning Assets | 3,756,958 | 3,798,477 | 3,980,258 | |||
Securities | 352,862 | 385,966 | 445,150 | |||
Loans, Gross | 3,404,096 | 3,412,510 | 3,534,064 | |||
Deposits | 3,250,586 | 3,271,199 | 3,251,587 | |||
Shareholders' Equity | 555,659 | 545,787 | 542,240 | |||
Loans (Period-End) | ||||||
Consumer | ||||||
Home Equity | $457,178 | $458,643 | $447,388 | |||
Residential Mortgage | 360,113 | 363,466 | 402,798 | |||
Consumer Installment | 76,997 | 81,141 | 81,087 | |||
Construction | 8,899 | 11,836 | 13,865 | |||
Total Consumer Loans | 903,187 | 915,086 | 945,138 | |||
Commercial | ||||||
Commercial Real Estate | 1,422,761 | 1,428,329 | 1,401,484 | |||
Commercial & Industrial | 715,178 | 701,650 | 809,980 | |||
Construction | 357,277 | 359,342 | 362,253 | |||
Total Commercial Loans | 2,495,216 | 2,489,321 | 2,573,717 | |||
Total Loans | $3,398,403 | $3,404,407 | $3,518,855 | |||
Nonperforming Loans (NPL) | % NPL | % NPL | % NPL | |||
Consumer | ||||||
Home Equity | $1,618 | 0.35% | $2,252 | 0.49% | $1,983 | 0.44% |
Residential Mortgage | 4,695 | 1.30% | 5,583 | 1.54% | 7,699 | 1.91% |
Consumer Installment | 99 | 0.13% | 20 | 0.02% | 205 | 0.25% |
Construction | - | - | - | - | - | - |
Total Consumer Loans | 6,412 | 0.71% | 7,855 | 0.86% | 9,887 | 1.05% |
Commercial | ||||||
Commercial Real Estate | 66,138 | 4.65% | 53,789 | 3.77% | 18,188 | 1.30% |
Commercial & Industrial | 3,356 | 0.47% | 7,489 | 1.07% | 35,035 | 4.33% |
Construction | 20,884 | 5.85% | 21,674 | 6.03% | 28,937 | 7.99% |
Total Commercial Loans | 90,378 | 3.62% | 82,952 | 3.33% | 82,160 | 3.19% |
Total Nonperforming Loans | $96,790 | 2.85% | $90,807 | 2.67% | $92,047 | 2.62% |
S&T Bancorp, Inc. | Page 3 of 4 | |||||
2010 | 2009 | |||||
First | Fourth | First | ||||
Construction and Commercial Real Estate (CRE) by Location | ||||||
Pennsylvania | $1,425,369 | $1,441,493 | $1,462,159 | |||
New York | 106,428 | 97,864 | 86,246 | |||
Ohio | 68,277 | 68,189 | 63,026 | |||
North Carolina | 20,113 | 19,848 | 14,794 | |||
Arizona | 18,032 | 18,250 | 19,467 | |||
Florida | 13,753 | 13,288 | 20,950 | |||
Southeast Region | 54,701 | 50,713 | 35,464 | |||
Midwest Region | 23,706 | 25,998 | 18,584 | |||
Southwest Region | 13,552 | 13,270 | 9,349 | |||
Western Region | 13,313 | 13,223 | 11,738 | |||
Mid-Atlantic Region | 12,160 | 14,875 | 10,444 | |||
New England | 10,634 | 10,660 | 11,516 | |||
Total Construction and CRE by Location | $1,780,038 | $1,787,671 | $1,763,737 | |||
Construction and Commercial Real Estate - NPL by Location | % NPL | % NPL | % NPL | |||
Pennsylvania | $62,579 | 4.39% | $55,413 | 3.84% | $22,339 | 1.53% |
New York | 4,883 | 4.59% | 5,847 | 5.97% | 9,950 | 11.54% |
Ohio | - | - | - | - | - | - |
North Carolina | 5,348 | 26.59% | 169 | 0.85% | 184 | 1.24% |
Arizona | 722 | 4.00% | 990 | 5.42% | 3,097 | 15.91% |
Florida | 3,301 | 24.00% | 2,850 | 21.45% | - | - |
Southeast Region | - | - | - | - | 2,277 | 6.42% |
Midwest Region | - | - | - | - | - | - |
Southwest Region | 2,717 | 20.05% | 2,722 | 20.51% | 1,013 | 10.83% |
Western Region | - | - | - | - | - | - |
Mid-Atlantic Region | - | - | - | - | - | - |
New England | 7,472 | 70.26% | 7,472 | 70.10% | 8,265 | 71.77% |
Total Construction and CRE - NPL by Location | $87,022 | 4.89% | $75,463 | 4.22% | $47,125 | 2.67% |
Construction and Commercial Real Estate by Type | ||||||
Retail/Strip Malls | $295,630 | $278,811 | $291,388 | |||
Residential Rental Properties | 284,807 | 268,813 | 259,593 | |||
Offices | 239,746 | 247,098 | 248,271 | |||
Hotels | 175,870 | 165,953 | 140,735 | |||
Manufacturing/Industrial/Warehouse | 131,854 | 121,928 | 109,537 | |||
Real Estate Development - Commercial | 108,141 | 106,762 | 116,832 | |||
Flex/Mixed Use | 107,537 | 107,324 | 98,666 | |||
Healthcare/Education | 99,632 | 101,500 | 94,549 | |||
Real Estate Development - Residential | 83,718 | 83,352 | 109,393 | |||
Miscellaneous | 253,103 | 306,130 | 294,773 | |||
Total Construction and CRE by Type | $1,780,038 | $1,787,671 | $1,763,737 | |||
Construction and Commercial Real Estate - NPL by Type | % NPL | % NPL | % NPL | |||
Retail/Strip Malls | $4,373 | 1.48% | $4,998 | 1.79% | $4,930 | 1.69% |
Residential Rental Properties | 19,975 | 7.01% | 5,255 | 1.95% | 3,855 | 1.48% |
Offices | 1,296 | 0.54% | 1,426 | 0.58% | 7,543 | 3.04% |
Hotels | 2,095 | 1.19% | 2,095 | 1.26% | - | - |
Manufacturing/Industrial/Warehouse | 4,262 | 3.23% | 3,632 | 2.98% | - | - |
Real Estate Development - Commercial | 10,652 | 9.85% | 10,493 | 9.83% | 11,851 | 10.14% |
Flex/Mixed Use | 6,046 | 5.62% | 6,113 | 5.70% | 794 | 0.80% |
Healthcare/Education | 3,283 | 3.30% | 3,566 | 3.51% | 672 | 0.71% |
Real Estate Development - Residential | 9,043 | 10.80% | 9,362 | 11.23% | 8,172 | 7.47% |
Miscellaneous | 25,997 | 10.27% | 28,523 | 9.32% | 9,308 | 3.16% |
Total Construction and CRE - NPL by Type | $87,022 | 4.89% | $75,463 | 4.22% | $47,125 | 2.67% |
S&T Bancorp, Inc. | Page 4 of 4 | |||||
2010 | 2009 | |||||
First | Fourth | First | ||||
Asset Quality Data | ||||||
Nonaccrual Loans and Nonperforming Loans | $96,790 | $90,807 | $92,047 | |||
Assets Acquired through Foreclosure or Repossession | 3,087 | 4,607 | 1,452 | |||
Nonperforming Assets | 99,877 | 95,414 | 93,499 | |||
Allowance for Loan Losses | 63,023 | 59,580 | 59,847 | |||
Nonperforming Loans / Loans | 2.85% | 2.67% | 2.62% | |||
Nonperforming Assets / Loans plus OREO | 2.94% | 2.80% | 2.66% | |||
Allowance for Loan Losses / Loans | 1.85% | 1.75% | 1.70% | |||
Allowance for Loan Losses / Nonperforming Loans | 65% | 66% | 65% | |||
Net Loan Charge-offs (Recoveries) | 987 | 11,699 | 4,231 | |||
Net Loan Charge-offs (Recoveries) (Annualized)/Average Loans |
|
|
| |||
Profitability Ratios (Annualized) | ||||||
Common Return on Average Assets | 0.96% | 0.73% | -0.29% | |||
Common Return on Average Tangible Common Assets (6) | 1.00% | 0.76% | -0.30% | |||
Common Return on Average Shareholders' Equity | 7.12% | 5.56% | -2.34% | |||
Common Return on Average Tangible Common Equity (7) | 14.34% | 11.42% | -4.53% | |||
Yield on Earning Assets (FTE) | 5.03% | 5.06% | 5.27% | |||
Cost of Interest Bearing Funds | 1.33% | 1.46% | 1.82% | |||
Net Interest Margin (FTE)(4) | 4.00% | 3.94% | 3.81% | |||
Efficiency Ratio (FTE)(1) | 57.79% | 51.10% | 53.28% | |||
Capitalization Ratios | ||||||
Dividends Paid to Net Income (Loss) | 42.67% | 54.31% | -273.87% | |||
Common Equity to Assets (8) | 11.01% | 10.74% | 10.26% | |||
Leverage Ratio (2) | 10.51% | 10.26% | 9.73% | |||
Risk Based Capital - Tier I (3) | 12.40% | 12.10% | 11.58% | |||
Risk Based Capital - Total (3) | 15.75% | 15.43% | 14.82% | |||
Tangible Common Equity/Tangible Assets (8) | 7.09% | 6.84% | 6.46% | |||
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures: | ||||||
(1) Recurring noninterest expense divided by recurring noninterest income plus net interest income, on a fully taxable equivalent basis. | ||||||
(5) Tangible Common Book Value | ||||||
Common Book Value (GAAP Basis) | $16.39 | $16.14 | $16.01 | |||
Effect of Excluding Intangible Assets | (6.27) | (6.29) | (6.33) | |||
Tangible Common Book Value | $10.12 | $9.85 | $9.68 | |||
(6) Common Return on Average Tangible Common Assets | ||||||
Common Return on Average Assets (GAAP Basis) | 0.96% | 0.73% | -0.29% | |||
Effect of Excluding Intangible Assets | 0.04% | 0.03% | -0.01% | |||
Common Return on Average Tangible Common Assets | 1.00% | 0.76% | -0.30% | |||
(7) Common Return on Average Tangible Common Equity | ||||||
Common Return on Average Equity (GAAP Basis) | 7.12% | 5.56% | -2.34% | |||
Effect of Excluding Intangible Assets | 3.97% | 3.24% | -1.08% | |||
Effect of Excluding Preferred Stock | 3.25% | 2.62% | -1.11% | |||
Common Return on Average Tangible Common Equity | 14.34% | 11.42% | -4.53% | |||
(8) Tangible Common Equity / Tangible Assets | ||||||
Common Equity / Assets (GAAP Basis) | 11.01% | 10.74% | 10.26% | |||
Effect of Excluding Intangible Assets | -3.92% | -3.90% | -3.80% | |||
Tangible Common Equity / Tangible Assets | 7.09% | 6.84% | 6.46% |