Exhibit 99.1
FOR IMMEDIATE RELEASE | Contact: Mark Kochvar | |
January 23, 2012 | Chief Financial Officer | |
724-465-4826 |
S&T Bancorp, Inc. Announces 2011 Results
Indiana, Pennsylvania – S&T Bancorp, Inc. (NASDAQ: STBA), a full-service financial institution with office locations in 10 Pennsylvania counties, has announced its full year and fourth quarter earnings for 2011.
Todd D. Brice, president and chief executive officer of S&T Bancorp, Inc., offered the following highlights:
• | Full year 2011 earnings increased 6% to $39.7 million or $1.41 diluted earnings per common share compared to 2010 earnings of $37.3 million or $1.34 diluted earnings per common share. |
• | Fourth quarter earnings were $9.3 million, with diluted earnings per common share of $0.33 compared to $0.44 in the third quarter of 2011 and $0.31 in the fourth quarter of 2010. |
• | Redeemed $108.7 million of preferred stock from the U.S. Department of Treasury’s Capital Purchase Program (CPP) without raising additional capital. |
• | Asset quality metrics continue to show improvement with nonperforming assets to total loans plus other real estate owned (OREO) down to 1.92% compared to 2.08% in the third quarter of 2011 and 2.07% in the fourth quarter of 2010. |
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S&T Earnings Release - 2
S&T Bancorp, Inc. Announces 2011 Results (continued)
“In 2011, S&T Bank had success in two areas that will generate plenty of momentum as we move into 2012,” said Todd D. Brice, president and chief executive officer. “First, we redeemed all of the preferred stock we issued through the U.S. Treasury’s Capital Purchase Program, a move that will boost earnings in 2012 by $0.22 per share. Second, we announced the pending acquisition of Mainline Bancorp, which is expected to close in the first quarter of 2012. This merger will capitalize on the synergies between our two banks and give us a greater presence in key regions that include Blair and Cambria counties.”
U.S Treasury’s Capital Purchase Program
During the fourth quarter, S&T redeemed all of the preferred stock it sold to the U.S. Department of the Treasury in January of 2009 as part of the CPP. S&T’s strong capital position allowed for the repurchase of the preferred shares without raising additional capital and without any conditions from regulators. S&T used available cash to fund the repurchase of the outstanding preferred stock for $108.7 million and the payment of the final dividend of $0.3 million. As a result of this redemption, a one-time non-cash reduction in net income available to common shareholders of approximately $1.8 million or $0.06 per common diluted share was recognized to accelerate the accretion of the discount for the preferred stock.
Net Interest Income (FTE)
Net interest income and net interest margin on a fully taxable equivalent basis decreased from the prior year primarily due to a shift in asset mix from loans to lower yielding securities. This shift in asset mix is a result of significant loan pay downs during 2011. Net interest income for the full year 2011 was $141.5 million compared to $150.5 million in 2010. The net interest margin declined in 2011 to 3.83% from 4.05% in 2010. Average loans decreased $169.2 million from the prior year, while the yield decreased by 21 basis points to 4.88%. The decrease in loans was offset by an increase in average securities of $153.0 million mainly due to an increase in excess funds held at the Federal Reserve.
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S&T Earnings Release - 3
S&T Bancorp, Inc. Announces 2011 Results (continued)
These excess funds have decreased the yield on securities by 132 basis points to 2.58%.
Net interest income for the fourth quarter of 2011 was $35.2 million compared to $34.9 million in the third quarter of 2011. The net interest margin increased to 3.79% in the fourth quarter of 2011 compared to 3.76% in the third quarter of 2011. The increase in income and rate is due to favorable borrowing and certificate of deposit repricing, combined with higher loan related fees.
Asset Quality
Asset quality metrics continue to show improvement. Nonperforming assets decreased to $60.1 million or 1.92% of total loans plus OREO compared to $65.2 million or 2.08% in the third quarter of 2011 and down from $69.7 million or 2.07% in the fourth quarter of 2010. Included in nonperforming assets were troubled debt restructurings (TDRs) of $18.2 million. These restructured loans are a result of our continued efforts to work directly with our customers through the current challenging economic cycle.
The provision for loan losses decreased in 2011 to $15.6 million from $29.5 million in 2010. Net charge-offs were also down significantly in 2011, to 0.56% of average loans compared to 1.11% in 2010. For the fourth quarter of 2011, the provision for loan losses was $2.3 million compared to $1.5 million for the third quarter of 2011 and $7.7 million in the fourth quarter of 2010. Net charge-offs were $5.0 million for the fourth quarter compared to $8.0 million in the third quarter and $12.6 million in the fourth quarter of 2010. The decrease in provision during 2011 is primarily a result of a general improvement in asset quality.
The allowance for loan losses at December 31, 2011 was $48.8 million or 1.56% of total loans, as compared to $51.5 million or 1.64% at September 30, 2011 and $51.4 million or 1.53% at December 31, 2010. The allowance to nonperforming loans was 87% at both December 31, 2011 and September 30, 2011 and 80% at December 31, 2010. Included in the allowance is $5.5 million of specific reserves compared to $2.9 million in the third quarter of 2011 and $3.6 million in the fourth quarter of 2010.
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S&T Earnings Release - 4
S&T Bancorp, Inc. Announces 2011 Results (continued)
Noninterest Income
Noninterest income decreased $2.7 million to $44.2 million for the full year 2011 compared to $46.9 for the full year 2010. The decrease from the prior year primarily relates to a $2.2 million decline in mortgage banking and a $1.2 million decline in service charges and fees on deposits. The decrease in mortgage banking is due to lower volume of loan sales in the secondary market. The decrease in service charges and fees relates to a $1.8 million decline in overdraft fees due to regulatory changes that took effect in August 2010. This decrease was partially offset by an increase in new deposit related fees of $0.5 million in 2011.
Noninterest income for the fourth quarter increased to $11.6 million compared to $10.4 million in the third quarter of 2011. The increase of $1.2 million primarily relates to mortgage banking activities. During the third quarter, lower interest rates resulted in a decrease in the value of the mortgage servicing rights asset of $0.8 million, and in the fourth quarter, increased activity resulted in an increase in fees of $0.2 million.
Noninterest Expense
Noninterest expense decreased for the full year 2011 by $1.7 million to $103.9 million compared to $105.6 million in 2010. The decrease was driven by a reduction of $1.9 million in FDIC expense as a result of a change in methodology for the assessment and a $1.1 million decrease in loan collection fees as asset quality improved. During 2010 there were one time costs of $2.3 million for a legal settlement and a $1.1 million write-off of start-up expenses for a mutual fund advised by an affiliate. These decreases were offset by higher salaries and benefits cost of $1.5 million primarily related to annual merit increases.
Noninterest expense for the fourth quarter was $26.7 million compared to $24.2 million for the third quarter of 2011. The increase from the third quarter of 2011 includes higher
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S&T Earnings Release - 5
S&T Bancorp, Inc. Announces 2011 Results (continued)
salaries and benefits of $1.2 million primarily related to higher medical cost in the current quarter and increased incentive plan expense. Also, there was a reduction in the reserve for unfunded loan commitments of $1.2 million in the third quarter compared to a reduction of $0.5 million in the fourth quarter. The $0.5 million reduction in reserves in the fourth quarter is due to a decline in available commitments.
Financial Condition
Total assets have remained relatively unchanged since the fourth quarter of 2010 at $4.1 billion. The decline in loan balances has been offset by commensurate increases in securities, primarily excess cash held at the Federal Reserve. An encouraging sign is the significant slowdown in the decline of loan balances experienced in the fourth quarter of 2011. Gross loans decreased by only $3.5 million in the fourth quarter compared to a decrease of $227.8 million in the first three quarters of 2011. Deposits remained little changed at $3.3 billion since the fourth quarter of 2010, although with some improvement in mix.
S&T’s capital ratios declined due to the redemption of the CPP, but remain significantly above the “well capitalized” thresholds of federal bank regulatory agencies with a tier 1 leverage capital ratio of 9.17%, tier 1 risk-based capital ratio of 11.63% and total risk-based capital ratio of 15.20%. S&T’s tangible common equity ratio was 8.09% for the fourth quarter of 2011 compared to 8.30% for the third quarter of 2011 and 7.61% for the fourth quarter of 2010. The decline in the fourth quarter of 2011 is due to an increase in the pension liability caused by a lower discount rate.
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 System under the symbol STBA. For more information, visitwww.stbancorp.com.
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S&T Earnings Release - 6
S&T Bancorp, Inc. Announces 2011 Results (continued)
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.
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S&T Earnings Release - 7
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands, except per share data)
For the Twelve Months Ended December 31, | ||||||||
2011 | 2010 | |||||||
Income Statements | ||||||||
Interest Income | $ | 165,079 | $ | 180,419 | ||||
Interest Expense | 27,733 | 34,573 | ||||||
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Net Interest Income | 137,346 | 145,846 | ||||||
Taxable Equivalent Adjustment | 4,155 | 4,627 | ||||||
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Net Interest Income (FTE) | 141,501 | 150,473 | ||||||
Provision For Loan Losses | 15,609 | 29,511 | ||||||
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Net Interest Income After Provisions (FTE) | 125,892 | 120,962 | ||||||
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Security (Losses) Gains, Net | (124 | ) | 274 | |||||
Service Charges and Fees | 9,978 | 11,178 | ||||||
Wealth Management | 8,180 | 7,808 | ||||||
Insurance | 8,314 | 8,312 | ||||||
Other | 17,709 | 19,638 | ||||||
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Total Noninterest Income | 44,181 | 46,936 | ||||||
Salaries and Employee Benefits | 51,078 | 48,715 | ||||||
Occupancy and Equipment Expense, Net | 11,884 | 11,982 | ||||||
Data Processing Expense | 6,853 | 6,145 | ||||||
FDIC Expense | 3,570 | 5,426 | ||||||
Other | 30,523 | 33,365 | ||||||
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Total Noninterest Expense | 103,908 | 105,633 | ||||||
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Income Before Taxes | 66,041 | 62,539 | ||||||
Taxable Equivalent Adjustment | 4,155 | 4,627 | ||||||
Applicable Income Taxes | 14,622 | 14,432 | ||||||
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Net Income | 47,264 | 43,480 | ||||||
Preferred Stock Dividends and Discount Amortization | 7,611 | 6,201 | ||||||
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Net Income Available to Common Shareholders | $ | 39,653 | $ | 37,279 | ||||
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Per Common Share Data: | ||||||||
Average Shares Outstanding - Diluted | 27,990,150 | 27,813,406 | ||||||
Net Income - Diluted * | $ | 1.41 | $ | 1.34 | ||||
Dividends Declared | $ | 0.60 | $ | 0.60 |
* | 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 Earnings Release - 8
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands, except per share data)
2011 | 2011 | 2010 | ||||||||||
Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||
Income Statements | ||||||||||||
Interest Income | $ | 40,258 | $ | 40,845 | $ | 44,210 | ||||||
Interest Expense | 6,192 | 6,976 | 7,876 | |||||||||
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Net Interest Income | 34,066 | 33,869 | 36,334 | |||||||||
Taxable Equivalent Adjustment | 1,101 | 1,002 | 1,075 | |||||||||
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Net Interest Income (FTE) | 35,167 | 34,871 | 37,409 | |||||||||
Provision For Loan Losses | 2,336 | 1,535 | 7,676 | |||||||||
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Net Interest Income After Provisions (FTE) | 32,831 | 33,336 | 29,733 | |||||||||
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Security (Losses) Gains, Net | — | (81 | ) | 11 | ||||||||
Service Charges and Fees | 2,622 | 2,683 | 2,473 | |||||||||
Wealth Management | 2,021 | 1,965 | 2,047 | |||||||||
Insurance | 1,809 | 2,192 | 1,855 | |||||||||
Other | 5,122 | 3,584 | 5,616 | |||||||||
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Total Noninterest Income | 11,574 | 10,424 | 11,991 | |||||||||
Salaries and Employee Benefits | 13,446 | 11,741 | 12,452 | |||||||||
Occupancy and Equipment Expense, Net | 2,831 | 2,916 | 3,104 | |||||||||
Data Processing Expense | 1,925 | 1,743 | 1,544 | |||||||||
FDIC Expense | 678 | 749 | 1,367 | |||||||||
Other | 7,792 | 7,044 | 8,551 | |||||||||
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Total Noninterest Expense | 26,672 | 24,193 | 27,018 | |||||||||
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Income Before Taxes | 17,733 | 19,486 | 14,717 | |||||||||
Taxable Equivalent Adjustment | 1,101 | 1,002 | 1,075 | |||||||||
Applicable Income Taxes | 4,376 | 4,681 | 3,352 | |||||||||
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Net Income | 12,256 | 13,803 | 10,290 | |||||||||
Preferred Stock Dividends and Discount Amortization | 2,939 | 1,559 | 1,553 | |||||||||
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Net Income Available to Common Shareholders | $ | 9,317 | $ | 12,244 | $ | 8,737 | ||||||
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Per Common Share Data: | ||||||||||||
Shares Outstanding at End of Period | 28,131,249 | 28,106,451 | 27,951,689 | |||||||||
Average Shares Outstanding - Diluted | 28,068,064 | 28,025,419 | 27,883,109 | |||||||||
Diluted Earnings Per Common Share * | $ | 0.33 | $ | 0.44 | $ | 0.31 | ||||||
Dividends Declared | $ | 0.15 | $ | 0.15 | $ | 0.15 | ||||||
Common Book Value | $ | 17.44 | $ | 17.68 | $ | 16.91 | ||||||
Tangible Common Book Value(1) | $ | 11.36 | $ | 11.58 | $ | 10.73 | ||||||
Market Value | $ | 19.55 | $ | 16.16 | $ | 22.59 |
* | 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 Earnings Release - 9
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
For the Twelve Months Ended December 31, | ||||||||||||||||
2011 | 2010 | |||||||||||||||
Net Interest Margin (FTE) (Yearly Averages) | ||||||||||||||||
Assets | ||||||||||||||||
Loans | $ | 3,216,857 | 4.88 | % | $ | 3,386,103 | 5.09 | % | ||||||||
Securities/Other | 479,731 | 2.58 | % | 326,757 | 3.90 | % | ||||||||||
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Total Interest-earning Assets | 3,696,588 | 4.58 | % | 3,712,860 | 4.98 | % | ||||||||||
Noninterest-earning Assets | 376,020 | 410,595 | ||||||||||||||
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Total Assets | $ | 4,072,608 | $ | 4,123,455 | ||||||||||||
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Liabilities and Shareholders’ Equity | ||||||||||||||||
Now/Money Market/Savings | $ | 1,297,360 | 0.15 | % | $ | 1,267,708 | 0.26 | % | ||||||||
Certificates of Deposit | 1,181,822 | 1.77 | % | 1,300,803 | 1.95 | % | ||||||||||
Borrowed Funds < 1 Year | 42,135 | 0.13 | % | 78,963 | 0.27 | % | ||||||||||
Borrowed Funds > 1 Year | 122,270 | 3.87 | % | 133,539 | 4.23 | % | ||||||||||
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Total Interest-bearing Liabilities | 2,643,587 | 1.05 | % | 2,781,013 | 1.24 | % | ||||||||||
Noninterest-bearing Liabilities | ||||||||||||||||
Demand Deposits | 792,911 | 728,708 | ||||||||||||||
Shareholders’ Equity/Other | 636,110 | 613,734 | ||||||||||||||
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Total Noninterest-bearing Liabilities | 1,429,021 | 1,342,442 | ||||||||||||||
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Total Liabilities and Shareholders’ Equity | $ | 4,072,608 | $ | 4,123,455 | ||||||||||||
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Net Interest Margin | 3.83 | % | 4.05 | % |
2011 | 2011 | 2010 | ||||||||||||||||||||||
Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||
Net Interest Margin (FTE) (Quarterly Averages) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Loans | $ | 3,126,126 | 4.83 | % | $ | 3,171,379 | 4.85 | % | $ | 3,360,786 | 5.02 | % | ||||||||||||
Securities/Other | 562,541 | 2.32 | % | 510,575 | 2.39 | % | 296,270 | 3.77 | % | |||||||||||||||
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Total Interest-earning Assets | 3,688,667 | 4.45 | % | 3,681,954 | 4.51 | % | 3,657,056 | 4.92 | % | |||||||||||||||
Noninterest-earning Assets | 381,191 | 376,077 | 460,073 | |||||||||||||||||||||
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Total Assets | $ | 4,069,858 | $ | 4,058,031 | $ | 4,117,129 | ||||||||||||||||||
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Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||
Now/Money Market/Savings | $ | 1,338,276 | 0.14 | % | $ | 1,287,489 | 0.14 | % | $ | 1,289,946 | 0.25 | % | ||||||||||||
Certificates of Deposit | 1,135,517 | 1.64 | % | 1,159,557 | 1.81 | % | 1,268,473 | 1.82 | % | |||||||||||||||
Borrowed Funds < 1 Year | 41,261 | 0.11 | % | 41,257 | 0.12 | % | 48,121 | 0.11 | % | |||||||||||||||
Borrowed Funds > 1 Year | 122,660 | 3.21 | % | 123,103 | 3.93 | % | 120,192 | 4.16 | % | |||||||||||||||
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Total Interest-bearing Liabilities | 2,637,714 | 0.93 | % | 2,611,406 | 1.06 | % | 2,726,732 | 1.15 | % | |||||||||||||||
Noninterest-bearing Liabilities | ||||||||||||||||||||||||
Demand Deposits | 800,188 | 799,247 | 757,857 | |||||||||||||||||||||
Shareholders’ Equity/Other | 631,956 | 647,378 | 632,540 | |||||||||||||||||||||
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Total Noninterest-bearing Liabilities | 1,432,144 | 1,446,625 | 1,390,397 | |||||||||||||||||||||
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Total Liabilities and Shareholders’ Equity | $ | 4,069,858 | $ | 4,058,031 | $ | 4,117,129 | ||||||||||||||||||
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Net Interest Margin | 3.79 | % | 3.76 | % | 4.05 | % |
S&T Earnings Release - 10
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
2011 | 2011 | 2010 | ||||||||||||||||||||||
Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||
Balance Sheets (Period-End) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 61,723 | $ | 58,552 | $ | 48,182 | ||||||||||||||||||
Securities | 584,615 | 563,152 | 370,404 | |||||||||||||||||||||
Loans, Net | 3,083,768 | 3,084,609 | 3,312,540 | |||||||||||||||||||||
Other Assets | 389,888 | 385,657 | 383,213 | |||||||||||||||||||||
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Total Assets | $ | 4,119,994 | $ | 4,091,970 | $ | 4,114,339 | ||||||||||||||||||
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Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||
Noninterest-bearing Demand Deposits | $ | 818,686 | $ | 817,518 | $ | 765,812 | ||||||||||||||||||
Interest-bearing Deposits | 2,517,173 | 2,453,913 | 2,551,712 | |||||||||||||||||||||
Short-term Borrowings | 105,370 | 42,409 | 40,653 | |||||||||||||||||||||
Long-term Debt | 122,493 | 122,938 | 119,984 | |||||||||||||||||||||
Other Liabilities | 65,746 | 51,518 | 57,513 | |||||||||||||||||||||
Shareholders’ Equity | 490,526 | 603,674 | 578,665 | |||||||||||||||||||||
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Total Liabilities and Shareholders’ Equity | $ | 4,119,994 | $ | 4,091,970 | $ | 4,114,339 | ||||||||||||||||||
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2011 | 2011 | 2010 | ||||||||||||||||||||||
Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||
Loans (Period-End) | ||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||
Home Equity | $ | 411,404 | $ | 423,166 | $ | 441,096 | ||||||||||||||||||
Residential Mortgage | 358,846 | 350,619 | 359,536 | |||||||||||||||||||||
Installment & Other Consumer | 67,131 | 68,049 | 74,780 | |||||||||||||||||||||
Construction | 2,440 | 3,111 | 4,019 | |||||||||||||||||||||
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Total Consumer Loans | 839,821 | 844,945 | 879,431 | |||||||||||||||||||||
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Commercial | ||||||||||||||||||||||||
Commercial Real Estate | 1,415,333 | 1,414,398 | 1,494,202 | |||||||||||||||||||||
Commercial & Industrial | 685,753 | 681,866 | 722,359 | |||||||||||||||||||||
Construction | 188,852 | 190,974 | 259,598 | |||||||||||||||||||||
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Total Commercial Loans | 2,289,938 | 2,287,238 | 2,476,159 | |||||||||||||||||||||
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Total Portfolio Loans | 3,129,759 | 3,132,183 | 3,355,590 | |||||||||||||||||||||
Loans Held for Sale | 2,850 | 3,959 | 8,337 | |||||||||||||||||||||
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Total Loans | $ | 3,132,609 | $ | 3,136,142 | $ | 3,363,927 | ||||||||||||||||||
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Nonperforming Loans (NPL) | ||||||||||||||||||||||||
Consumer | % NPL | % NPL | % NPL | |||||||||||||||||||||
Home Equity | $ | 2,936 | 0.71 | % | $ | 3,095 | 0.73 | % | $ | 1,432 | 0.32 | % | ||||||||||||
Residential Mortgage | 7,228 | 2.01 | % | 6,719 | 1.92 | % | 5,996 | 1.67 | % | |||||||||||||||
Installment & Other Consumer | 4 | 0.01 | % | 15 | 0.02 | % | 65 | 0.09 | % | |||||||||||||||
Construction | 181 | 7.42 | % | 181 | 5.82 | % | 526 | 13.09 | % | |||||||||||||||
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Total Consumer Loans | 10,349 | 1.23 | % | 10,010 | 1.18 | % | 8,019 | 0.91 | % | |||||||||||||||
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Commercial | ||||||||||||||||||||||||
Commercial Real Estate | 31,648 | 2.24 | % | 34,524 | 2.44 | % | 44,310 | 2.97 | % | |||||||||||||||
Commercial & Industrial | 7,571 | 1.10 | % | 6,002 | 0.88 | % | 3,567 | 0.49 | % | |||||||||||||||
Construction | 6,547 | 3.47 | % | 8,703 | 4.56 | % | 7,987 | 3.08 | % | |||||||||||||||
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Total Commercial Loans | 45,766 | 2.00 | % | 49,229 | 2.15 | % | 55,864 | 2.26 | % | |||||||||||||||
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Total Nonperforming Loans | $ | 56,115 | 1.79 | % | $ | 59,239 | 1.89 | % | $ | 63,883 | 1.90 | % | ||||||||||||
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|
|
|
S&T Earnings Release - 11
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
2011 | 2011 | 2010 | ||||||||||||||||||||||
Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||
Construction and Commercial Real Estate (CRE) PA vs. Out-of-State | ||||||||||||||||||||||||
Pennsylvania | $ | 1,301,211 | $ | 1,295,367 | $ | 1,390,635 | ||||||||||||||||||
Out-of-State | 302,974 | 310,005 | 363,165 | |||||||||||||||||||||
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| |||||||||||||||||||
Total Construction and CRE PA vs. Out-of-State | $ | 1,604,185 | $ | 1,605,372 | $ | 1,753,800 | ||||||||||||||||||
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Construction and CRE - NPL PA vs. Out-of-State | % NPL | % NPL | % NPL | |||||||||||||||||||||
Pennsylvania | $ | 33,665 | 2.59 | % | $ | 38,864 | 3.00 | % | $ | 43,515 | 3.13 | % | ||||||||||||
Out-of-State | 4,530 | 1.50 | % | 4,363 | 1.41 | % | 8,782 | 2.42 | % | |||||||||||||||
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|
|
| |||||||||||||||||||
Total Construction and CRE - NPL PA vs. Out-of-State | $ | 38,195 | 2.38 | % | $ | 43,227 | 2.69 | % | $ | 52,297 | 2.98 | % | ||||||||||||
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| |||||||||||||||||||
2011 | 2011 | 2010 | ||||||||||||||||||||||
Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||
Construction and CRE by Type | ||||||||||||||||||||||||
Retail/Strip Malls | $ | 288,453 | $ | 286,424 | $ | 304,324 | ||||||||||||||||||
Offices | 218,619 | 216,815 | 232,655 | |||||||||||||||||||||
Residential Rental Properties | 198,011 | 198,422 | 242,756 | |||||||||||||||||||||
Hotels | 193,833 | 186,342 | 192,954 | |||||||||||||||||||||
Healthcare/Education | 105,642 | 107,871 | 95,029 | |||||||||||||||||||||
Real Estate Development - Commercial | 102,623 | 98,196 | 90,136 | |||||||||||||||||||||
Flex/Mixed Use | 97,766 | 95,578 | 118,610 | |||||||||||||||||||||
Manufacturing/Industrial/Warehouse | 95,883 | 99,382 | 118,791 | |||||||||||||||||||||
Real Estate Development - Residential | 60,808 | 73,145 | 88,487 | |||||||||||||||||||||
Recreational | 43,152 | 43,770 | 44,514 | |||||||||||||||||||||
Restaurant | 29,921 | 35,259 | 41,398 | |||||||||||||||||||||
Convenience Stores | 29,489 | 28,250 | 24,637 | |||||||||||||||||||||
Miscellaneous | 139,985 | 135,918 | 159,509 | |||||||||||||||||||||
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| |||||||||||||||||||
Total Construction and CRE by Type | $ | 1,604,185 | $ | 1,605,372 | $ | 1,753,800 | ||||||||||||||||||
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2011 | 2011 | 2010 | ||||||||||||||||||||||
Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||
Construction and CRE - NPL by Type | % NPL | % NPL | % NPL | |||||||||||||||||||||
Retail/Strip Malls | $ | 5,285 | 1.83 | % | $ | 2,371 | 0.83 | % | $ | 3,176 | 1.04 | % | ||||||||||||
Offices | 3,973 | 1.82 | % | 5,124 | 2.36 | % | 2,720 | 1.17 | % | |||||||||||||||
Residential Rental Properties | 2,851 | 1.44 | % | 3,381 | 1.70 | % | 11,087 | 4.57 | % | |||||||||||||||
Hotels | 700 | 0.36 | % | 1,100 | 0.59 | % | 1,465 | 0.76 | % | |||||||||||||||
Healthcare/Education | 311 | 0.29 | % | — | 0.00 | % | 1,509 | 1.59 | % | |||||||||||||||
Real Estate Development - Commercial | 771 | 0.75 | % | 1,660 | 1.69 | % | 5,525 | 6.13 | % | |||||||||||||||
Flex/Mixed Use | — | 0.00 | % | — | 0.00 | % | 2,740 | 2.31 | % | |||||||||||||||
Manufacturing/Industrial/Warehouse | 4,638 | 4.84 | % | 5,183 | 5.22 | % | 1,944 | 1.64 | % | |||||||||||||||
Real Estate Development - Residential | 6,284 | 10.33 | % | 8,352 | 11.42 | % | 6,693 | 7.56 | % | |||||||||||||||
Recreational | 9,365 | 21.70 | % | 9,463 | 21.62 | % | 9,344 | 20.99 | % | |||||||||||||||
Restaurant | 940 | 3.14 | % | 4,153 | 11.78 | % | 5,759 | 13.91 | % | |||||||||||||||
Convenience Stores | — | 0.00 | % | — | 0.00 | % | — | 0.00 | % | |||||||||||||||
Miscellaneous | 3,077 | 2.20 | % | 2,440 | 1.80 | % | 335 | 0.21 | % | |||||||||||||||
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Total Construction and CRE - NPL by Type | $ | 38,195 | 2.38 | % | $ | 43,227 | 2.69 | % | $ | 52,297 | 2.98 | % | ||||||||||||
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S&T Earnings Release - 12
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
2011 | 2011 | 2010 | ||||||||||
Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||
Commercial Credit Exposure | ||||||||||||
Pass | ||||||||||||
Commercial Real Estate | $ | 1,229,005 | $ | 1,201,955 | $ | 1,297,242 | ||||||
Commercial & Industrial | 600,895 | 601,552 | 619,011 | |||||||||
Construction | 136,270 | 148,084 | 221,492 | |||||||||
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Total Pass | $ | 1,966,170 | $ | 1,951,591 | $ | 2,137,745 | ||||||
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| |||||||
Special Mention | ||||||||||||
Commercial Real Estate | $ | 84,400 | $ | 89,164 | $ | 86,653 | ||||||
Commercial & Industrial | 33,135 | 19,450 | 76,158 | |||||||||
Construction | 17,106 | 10,432 | 16,308 | |||||||||
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| |||||||
Total Special Mention | $ | 134,641 | $ | 119,046 | $ | 179,119 | ||||||
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Substandard | ||||||||||||
Commercial Real Estate | $ | 101,928 | $ | 123,279 | $ | 110,307 | ||||||
Commercial & Industrial | 51,723 | 60,864 | 27,190 | |||||||||
Construction | 35,476 | 32,458 | 21,798 | |||||||||
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| |||||||
Total Substandard | $ | 189,127 | $ | 216,601 | $ | 159,295 | ||||||
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S&T Earnings Release - 13
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
2011 | 2011 | 2010 | ||||||||||
Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||
Asset Quality Data | ||||||||||||
Nonperforming Loans | $ | 56,115 | $ | 59,239 | $ | 63,883 | ||||||
Assets Acquired through Foreclosure or Repossession | 3,967 | 5,992 | 5,820 | |||||||||
Nonperforming Assets | 60,082 | 65,231 | 69,703 | |||||||||
Troubled Debt Restructurings (Nonaccrual) | 18,184 | 22,124 | 32,779 | |||||||||
Allowance for Loan Losses | 48,841 | 51,533 | 51,387 | |||||||||
Nonperforming Loans / Loans | 1.79 | % | 1.89 | % | 1.90 | % | ||||||
Nonperforming Assets / Loans plus OREO | 1.92 | % | 2.08 | % | 2.07 | % | ||||||
Allowance for Loan Losses / Loans | 1.56 | % | 1.64 | % | 1.53 | % | ||||||
Allowance for Loan Losses / Nonperforming Loans | 87 | % | 87 | % | 80 | % | ||||||
Net Loan Charge-offs (Recoveries) | 5,028 | 8,006 | 12,570 | |||||||||
Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans | 0.64 | % | 1.00 | % | 1.48 | % | ||||||
Profitability Ratios (Annualized) | ||||||||||||
Common Return on Average Assets | 0.91 | % | 1.20 | % | 0.84 | % | ||||||
Common Return on Average Tangible Assets (2) | 0.95 | % | 1.25 | % | 0.88 | % | ||||||
Common Return on Average Equity | 6.41 | % | 8.12 | % | 6.00 | % | ||||||
Common Return on Average Tangible Common Equity(3) | 11.29 | % | 15.20 | % | 11.59 | % | ||||||
Efficiency Ratio (FTE)(4) | 57.06 | % | 53.41 | % | 54.69 | % | ||||||
Capitalization Ratios | ||||||||||||
Dividends Paid to Net Income | 45.25 | % | 34.40 | % | 47.82 | % | ||||||
Common Equity / Assets | 11.91 | % | 12.14 | % | 11.48 | % | ||||||
Tier 1 Leverage Ratio | 9.17 | % | 11.80 | % | 11.07 | % | ||||||
Risk-Based Capital - Tier 1 | 11.63 | % | 14.95 | % | 13.28 | % | ||||||
Risk-Based Capital - Total | 15.20 | % | 18.51 | % | 16.68 | % | ||||||
Tangible Common Equity / Tangible Assets (5) | 8.09 | % | 8.30 | % | 7.61 | % |
For the Twelve Months Ended December 31, | ||||||||
2011 | 2010 | |||||||
Asset Quality Data | ||||||||
Net Loan Charge-offs (Recoveries) | 18,155 | 37,704 | ||||||
Net Loan Charge-offs (Recoveries) / Average Loans | 0.56 | % | 1.11 | % | ||||
Profitability Ratios (Annualized) | ||||||||
Common Return on Average Assets | 0.97 | % | 0.90 | % | ||||
Common Return on Average Tangible Common Assets(6) | 1.02 | % | 0.94 | % | ||||
Common Return on Average Shareholders’ Equity | 6.78 | % | 6.58 | % | ||||
Common Return on Average Tangible Common Equity(7) | 12.62 | % | 12.98 | % | ||||
Efficiency Ratio (FTE)(4) | 55.96 | % | 53.51 | % | ||||
Capitalization Ratios | ||||||||
Dividends Paid to Net Income | 42.44 | % | 44.75 | % |
S&T Earnings Release - 14
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
2011 | 2011 | 2010 | ||||||||||||
Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures: | ||||||||||||||
(1) | Tangible Common Book Value | |||||||||||||
Common Book Value (GAAP Basis) | $ | 17.44 | $ | 17.68 | $ | 16.91 | ||||||||
Effect of Excluding Intangible Assets | (6.08 | ) | (6.10 | ) | (6.18 | ) | ||||||||
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Tangible Common Book Value | $ | 11.36 | $ | 11.58 | $ | 10.73 | ||||||||
(2) | Common Return on Average Tangible Assets | |||||||||||||
Common Return on Average Assets (GAAP Basis) | 0.91 | % | 1.20 | % | 0.84 | % | ||||||||
Effect of Excluding Intangible Assets | 0.04 | % | 0.05 | % | 0.04 | % | ||||||||
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| |||||||||
Common Return on Average Tangible Assets | 0.95 | % | 1.25 | % | 0.88 | % | ||||||||
(3) | Common Return on Average Tangible Common Equity | |||||||||||||
Common Return on Average Common Equity (GAAP Basis) | 6.41 | % | 8.12 | % | 6.00 | % | ||||||||
Effect of Excluding Intangible Assets | 2.17 | % | 3.80 | % | 3.03 | % | ||||||||
Effect of Excluding Preferred Stock | 2.71 | % | 3.28 | % | 2.56 | % | ||||||||
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| |||||||||
Common Return on Average Tangible Common Equity | 11.29 | % | 15.20 | % | 11.59 | % | ||||||||
(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) | 11.91 | % | 12.14 | % | 11.48 | % | ||||||||
Effect of Excluding Intangible Assets | -3.82 | % | -3.84 | % | -3.87 | % | ||||||||
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| |||||||||
Tangible Common Equity / Tangible Assets | 8.09 | % | 8.30 | % | 7.61 | % | ||||||||
For the Twelve Months Ended December 31, | ||||||||||||||
2011 | 2010 | |||||||||||||
(6) | Common Return on Average Tangible Common Assets | |||||||||||||
Common Return on Average Assets (GAAP Basis) | 0.97 | % | 0.90 | % | ||||||||||
Effect of Excluding Intangible Assets | 0.05 | % | 0.04 | % | ||||||||||
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| |||||||||||
Common Return on Average Tangible Common Assets | 1.02 | % | 0.94 | % | ||||||||||
(7) | Common Return on Average Tangible Common Equity | |||||||||||||
Common Return on Average Shareholders’ Equity (GAAP Basis) | 6.78 | % | 6.58 | % | ||||||||||
Effect of Excluding Intangible Assets | 3.03 | % | 3.49 | % | ||||||||||
Effect of Excluding Preferred Stock | 2.81 | % | 2.91 | % | ||||||||||
|
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| |||||||||||
Common Return on Average Tangible Common Equity | 12.62 | % | 12.98 | % |