Exhibit 99.1
FOR IMMEDIATE RELEASE
S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2012 Results
Indiana, Pennsylvania –January 29, 2013 – S&T Bancorp, Inc. (NASDAQ: STBA), a full-service financial institution with office locations in 11 Pennsylvania counties, has announced its fourth quarter and full year earnings for 2012.
Todd D. Brice, president and chief executive officer of S&T Bancorp, Inc., offered the following highlights:
| • | Fourth quarter earnings were $9.5 million compared to $12.6 million in the third quarter of 2012. Diluted earnings per common share were $0.32 compared to $0.43 in the third quarter of 2012. |
| • | Net interest margin (FTE) increased in the fourth quarter compared to the third quarter of 2012 both in rate, up 1 basis point to 3.51%, and dollars, up $0.5 million to $35.4 million. |
| • | Average loans increased $59.8 million in the fourth quarter compared to the third quarter of 2012. |
| • | Asset quality generally improved in the fourth quarter compared to the third quarter of 2012. Non-performing assets decreased by $11.7 million. |
| • | Full year 2012 earnings were $34.2 million or $1.18 diluted earnings per common share compared to 2011 earnings of $39.7 million or $1.41 diluted earnings per common share. |
“The fourth quarter demonstrated improvement across a number of fronts,” said Todd Brice, president and chief executive officer of S&T Bancorp, Inc. “With our loan pipeline building over the past two quarters, we were able to book a significant amount of new loans in the fourth quarter, resulting in solid loan growth. This loan growth improved our asset mix and kept the net interest margin stable. In addition, we saw improvement on the asset quality front with the resolution of a number of problem credits.”
- more -
S&T Earnings Release - 2
S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2012 Results
(continued)
Net Interest Income (FTE)
Net interest income improved this quarter by $0.5 million to $35.4 million compared to the third quarter of 2012. Our net interest margin rate increased by one basis point to 3.51% due in part to the improvement in asset mix that came with higher average balances in loans and securities, and a decline in average interest-bearing deposits with banks. Our cost of interest-bearing liabilities decreased by six basis points primarily due to repricing of core deposits and certificates of deposit.
Asset Quality
Asset quality metrics improved in many areas from the prior quarter, including decreases in non-performing loans (NPLs), OREO, and substandard loans. We resolved a number of problem credits during the quarter and experienced less than $6 million in new NPLs for the second quarter in a row. Net charge-offs of $4.0 million and provision for loan losses of $4.2 million for the fourth quarter of 2012 kept the allowance for loan losses essentially unchanged at $46.5 million or 1.38% of total loans at December 31, 2012.
Noninterest Income and Expense
Noninterest income decreased from the prior quarter by $1.0 million to $11.6 million, primarily due to normal seasonal fluctuations in insurance and merchant processing, and some non-recurring items. We also recognized $0.5 million of interest rate swap fees as our customers opted to lock in low rates for longer term loans. Noninterest expense decreased $1.3 million from the prior quarter to $29.7 million, primarily due to a decrease in the provision for unfunded commitments of $1.2 million, as a result of a large increase in construction related loan commitments in the third quarter of 2012.
- more -
S&T Earnings Release - 3
S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2012 Results
(continued)
Financial Condition
Assets increased from the prior quarter by $0.1 billion to $4.5 billion at December 31, 2012, primarily driven by loan growth. S&T’s capital ratios are generally down slightly this quarter as loan growth outpaced increased capital from retained earnings. All capital ratios remain significantly above the well-capitalized thresholds of federal bank regulatory agencies.
2012 Full Year
Full year 2012 earnings decreased by $5.5 million to $34.2 million and diluted earnings per common share decreased $0.23 to $1.18 compared to full year 2011. We completed two mergers during 2012, acquiring Mainline Bancorp Inc. in March and Gateway Bank of Pennsylvania (Gateway) in August. Average loans were flat comparing 2012 and 2011 despite the additional loans from the acquisitions. The low interest rate environment was a challenge to our net interest income, as earning asset rates reset faster than our ability to offset those decreases on the funding side. Net interest income (FTE) declined by $1.8 million compared to 2011 despite adding earning asset balances from the mergers.
Noninterest income increased $4.7 million, primarily due to increases in wealth management, mortgage banking and interest rate swap fees. Security gains also added $3.1 million more in 2012 than 2011. Non-interest expenses were $19.0 million higher in 2012 than in 2011. The merger transactions resulted in $6.1 million of one-time merger related expenses and approximately $5.0 million in additional normal ongoing expenses. Other significant expense increases included $2.0 million additional in pension expense and a $3.3 million increase in the provision for unfunded loan commitments.
We experienced asset quality challenges in the first half of 2012, which resulted in $7.2 million more in provision for loan losses in 2012 as compared to 2011. Also in 2012, we had no preferred dividend payments due to the redemption of $108.7 million of preferred stock from the U.S. Department of Treasury’s Capital Purchase Program in December of 2011.
- more -
S&T Earnings Release - 4
S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2012 Results
(continued)
Merger Activity
On February 8, 2013, S&T anticipates the closing of the bank level merger of S&T Bank and Gateway. S&T Bancorp previously acquired Gateway on August 13, 2012. With the systems conversion to take place over the weekend of February 9-10, the two former Gateway offices in McMurray and Cranberry Township, PA will open on February 11, 2013 as full service offices of S&T Bank.
Conference Call
S&T Bancorp, Inc. will host its fourth quarter 2012 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, January 29, 2013. To access the webcast, go to S&T Bancorp’s webpage at www.stbancorp.com and click on “Events & Presentations.” Select “4th 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, Washington and Westmoreland counties. With assets of $4.5 billion, S&T Bancorp, Inc. stock trades on the NASDAQ Global Select Market System under the symbol STBA. For more information, visitwww.stbancorp.com.
For more information:
Mark Kochvar
Chief Financial Officer
800 Philadelphia Street
Indiana, PA 15701
724-465-4826
mark.kochvar@stbank.net
- more -
S&T Earnings Release - 5
S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2012 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.
- more -
S&T Earnings Release - 6
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands, except per share data)
| For the Twelve Months Ended December 31, | ||||||||
| 2012 | 2011 | |||||||
Income Statements | ||||||||
Interest Income | $ | 156,251 | $ | 165,079 | ||||
Interest Expense | 21,024 | 27,733 | ||||||
|
|
|
| |||||
Net Interest Income | 135,227 | 137,346 | ||||||
Taxable Equivalent Adjustment | 4,471 | 4,155 | ||||||
|
|
|
| |||||
Net Interest Income (FTE)(3) | 139,698 | 141,501 | ||||||
Provision for Loan Losses | 22,815 | 15,609 | ||||||
|
|
|
| |||||
Net Interest Income After Provision (FTE) | 116,883 | 125,892 | ||||||
|
|
|
| |||||
Security Gains (Losses), Net | 3,016 | (124 | ) | |||||
Wealth Management | 9,808 | 8,180 | ||||||
Service Charges and Fees | 9,992 | 9,978 | ||||||
Insurance | 8,448 | 8,314 | ||||||
Other | 20,648 | 17,709 | ||||||
|
|
|
| |||||
Total Noninterest Income | 48,896 | 44,181 | ||||||
Salaries and Employee Benefits | 60,256 | 51,078 | ||||||
Occupancy and Equipment Expense, Net | 12,867 | 11,884 | ||||||
Data Processing Expense | 9,620 | 6,853 | ||||||
FDIC Expense | 2,926 | 3,570 | ||||||
Other | 37,194 | 30,523 | ||||||
|
|
|
| |||||
Total Noninterest Expense | 122,863 | 103,908 | ||||||
|
|
|
| |||||
Income Before Taxes | 45,932 | 66,041 | ||||||
Taxable Equivalent Adjustment | 4,471 | 4,155 | ||||||
Applicable Income Taxes | 7,261 | 14,622 | ||||||
|
|
|
| |||||
Net Income | 34,200 | 47,264 | ||||||
Preferred Stock Dividends and Discount Amortization | — | 7,611 | ||||||
|
|
|
| |||||
Net Income Available to Common Shareholders | $ | 34,200 | $ | 39,653 | ||||
|
|
|
| |||||
Per Common Share Data: | ||||||||
Average Shares Outstanding - Diluted | 29,008,880 | 27,990,150 | ||||||
Diluted Earnings Per Common Share* | $ | 1.18 | $ | 1.41 | ||||
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 - 7
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands, except per share data)
| 2012 | 2012 | 2011 | ||||||||||
| Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||
Income Statements | ||||||||||||
Interest Income | $ | 38,920 | $ | 38,820 | $ | 40,258 | ||||||
Interest Expense | 4,629 | 5,025 | 6,192 | |||||||||
|
|
|
|
|
| |||||||
Net Interest Income | 34,291 | 33,795 | 34,066 | |||||||||
Taxable Equivalent Adjustment | 1,094 | 1,119 | 1,101 | |||||||||
|
|
|
|
|
| |||||||
Net Interest Income (FTE)(2) | 35,385 | 34,914 | 35,167 | |||||||||
Provision for Loan Losses | 4,215 | 2,305 | 2,336 | |||||||||
|
|
|
|
|
| |||||||
Net Interest Income After Provision (FTE) | 31,170 | 32,609 | 32,831 | |||||||||
|
|
|
|
|
| |||||||
Security Gains (Losses) , Net | — | 2,170 | — | |||||||||
Wealth Management | 2,415 | 2,397 | 2,622 | |||||||||
Service Charges and Fees | 2,585 | 2,567 | 2,021 | |||||||||
Insurance | 1,722 | 2,402 | 1,809 | |||||||||
Other | 4,843 | 5,210 | 5,122 | |||||||||
|
|
|
|
|
| |||||||
Total Noninterest Income | 11,565 | 12,576 | 11,574 | |||||||||
Salaries and Employee Benefits | 14,323 | 14,819 | 13,446 | |||||||||
Occupancy and Equipment Expense, Net | 3,412 | 3,392 | 2,831 | |||||||||
Data Processing Expense | 2,172 | 2,012 | 1,925 | |||||||||
FDIC Expense | 762 | 838 | 678 | |||||||||
Other | 9,048 | 9,957 | 7,792 | |||||||||
|
|
|
|
|
| |||||||
Total Noninterest Expense | 29,717 | 31,018 | 26,672 | |||||||||
|
|
|
|
|
| |||||||
Income Before Taxes | 13,018 | 16,337 | 17,733 | |||||||||
Taxable Equivalent Adjustment | 1,094 | 1,119 | 1,101 | |||||||||
Applicable Income Taxes | 2,400 | 2,623 | 4,376 | |||||||||
|
|
|
|
|
| |||||||
Net Income | 9,524 | 12,595 | 12,256 | |||||||||
Preferred Stock Dividends and Discount Amortization | — | — | 2,939 | |||||||||
|
|
|
|
|
| |||||||
Net Income Available to Common Shareholders | $ | 9,524 | $ | 12,595 | $ | 9,317 | ||||||
|
|
|
|
|
| |||||||
Per Common Share Data: | ||||||||||||
Shares Outstanding at End of Period | 29,732,209 | 29,733,592 | 28,131,249 | |||||||||
Average Shares Outstanding – Diluted | 29,659,999 | 29,277,232 | 28,068,064 | |||||||||
Diluted Earnings Per Common Share * | $ | 0.32 | $ | 0.43 | $ | 0.33 | ||||||
Dividends Declared | $ | 0.15 | $ | 0.15 | $ | 0.15 | ||||||
Common Book Value | $ | 18.08 | $ | 17.97 | $ | 17.44 | ||||||
Tangible Common Book Value(1) | $ | 11.98 | $ | 11.86 | $ | 11.36 | ||||||
Market Value | $ | 18.07 | $ | 17.61 | $ | 19.55 | ||||||
| * | 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)
| For the Twelve Months Ended December 31, | ||||||||||||||||||||||||
| 2012 | 2011 | |||||||||||||||||||||||
Net Interest Margin (FTE) (YTD Averages)(3) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Loans | $ | 3,213,018 | 4.59 | % | $ | 3,216,857 | 4.88 | % | ||||||||||||||||
Interest-bearing Deposits with Banks | 289,947 | 0.25 | % | 123,714 | 0.24 | % | ||||||||||||||||||
Securities | 404,810 | 3.01 | % | 356,017 | 3.39 | % | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Interest-earning Assets | 3,907,775 | 4.10 | % | 3,696,588 | 4.58 | % | ||||||||||||||||||
Noninterest-earning Assets | 404,763 | 376,020 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Assets | $ | 4,312,538 | $ | 4,072,608 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||
NOW/Money Market/Savings | $ | 1,518,602 | 0.20 | % | $ | 1,297,360 | 0.15 | % | ||||||||||||||||
Certificates of Deposit | 1,104,262 | 1.24 | % | 1,181,822 | 1.77 | % | ||||||||||||||||||
Borrowed Funds < 1 Year | 97,600 | 0.21 | % | 42,135 | 0.13 | % | ||||||||||||||||||
Borrowed Funds > 1 Year | 124,460 | 3.22 | % | 122,270 | 3.87 | % | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Interest-bearing Liabilities | 2,844,924 | 0.74 | % | 2,643,587 | 1.05 | % | ||||||||||||||||||
Noninterest-bearing Liabilities | ||||||||||||||||||||||||
Demand Deposits | 877,056 | 792,911 | ||||||||||||||||||||||
Shareholders’ Equity/Other | 590,558 | 636,110 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Noninterest-bearing Liabilities | 1,467,614 | 1,429,021 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 4,312,538 | $ | 4,072,608 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net Interest Margin | 3.57 | % | 3.83 | % | ||||||||||||||||||||
| 2012 | 2012 | 2011 | ||||||||||||||||||||||
| Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||
Net Interest Margin (FTE) (QTD Averages)(2) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Loans | $ | 3,286,039 | 4.44 | % | $ | 3,226,219 | 4.52 | % | $ | 3,126,126 | 4.83 | % | ||||||||||||
Interest-bearing Deposits with Banks | 267,719 | 0.29 | % | 329,985 | 0.28 | % | 189,726 | 0.28 | % | |||||||||||||||
Securities | 445,059 | 2.76 | % | 404,881 | 2.89 | % | 372,815 | 3.36 | % | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Interest-earning Assets | 3,998,817 | 3.97 | % | 3,961,085 | 4.00 | % | 3,688,667 | 4.45 | % | |||||||||||||||
Noninterest-earning Assets | 411,078 | 411,528 | 381,191 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Assets | $ | 4,409,895 | $ | 4,372,613 | $ | 4,069,858 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||
NOW/Money Market/Savings | $ | 1,614,444 | 0.19 | % | $ | 1,567,005 | 0.21 | % | $ | 1,338,276 | 0.14 | % | ||||||||||||
Certificates of Deposit | 1,058,308 | 1.06 | % | 1,079,894 | 1.15 | % | 1,135,517 | 1.64 | % | |||||||||||||||
Borrowed Funds < 1 Year | 61,588 | 0.16 | % | 94,789 | 0.23 | % | 41,261 | 0.11 | % | |||||||||||||||
Borrowed Funds > 1 Year | 124,947 | 3.15 | % | 125,511 | 3.20 | % | 122,660 | 3.21 | % | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Interest-bearing Liabilities | 2,859,287 | 0.64 | % | 2,867,199 | 0.70 | % | 2,637,714 | 0.93 | % | |||||||||||||||
Noninterest-bearing Liabilities | ||||||||||||||||||||||||
Demand Deposits | 929,575 | 903,949 | 800,188 | |||||||||||||||||||||
Shareholders’ Equity/Other | 621,033 | 601,465 | 631,956 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Noninterest-bearing Liabilities | 1,550,608 | 1,505,414 | 1,432,144 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 4,409,895 | $ | 4,372,613 | $ | 4,069,858 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Net Interest Margin | 3.51 | % | 3.50 | % | 3.79 | % | ||||||||||||||||||
S&T Earnings Release - 9
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
| 2012 | 2012 | 2011 | ||||||||||||||||||||||
| Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||
Balance Sheets (Period-End) | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 80,595 | $ | 62,457 | $ | 61,672 | ||||||||||||||||||
Interest-bearing Deposits with Banks | 257,116 | 284,619 | 208,854 | |||||||||||||||||||||
Securities | 467,581 | 432,057 | 375,812 | |||||||||||||||||||||
Loans, Net | 3,322,638 | 3,236,066 | 3,083,768 | |||||||||||||||||||||
Other Assets | 398,772 | 407,059 | 389,888 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Assets | $ | 4,526,702 | $ | 4,422,258 | $ | 4,119,994 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||
Noninterest-bearing Demand Deposits | $ | 960,980 | $ | 928,000 | $ | 818,686 | ||||||||||||||||||
Interest-bearing Deposits | 2,677,448 | 2,666,406 | 2,517,173 | |||||||||||||||||||||
Short-term Borrowings | 137,582 | 80,268 | 105,370 | |||||||||||||||||||||
Long-term Debt | 124,720 | 125,281 | 122,493 | |||||||||||||||||||||
Other Liabilities | 88,550 | 88,061 | 65,746 | |||||||||||||||||||||
Shareholders’ Equity | 537,422 | 534,242 | 490,526 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 4,526,702 | $ | 4,422,258 | $ | 4,119,994 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
| 2012 | 2012 | 2011 | ||||||||||||||||||||||
| Fourth Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||
Loans (Period-End) | ||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||
Home Equity | $ | 431,335 | $ | 447,123 | $ | 411,404 | ||||||||||||||||||
Residential Mortgage | 427,303 | 409,967 | 358,846 | |||||||||||||||||||||
Installment & Other Consumer | 73,875 | 75,157 | 67,131 | |||||||||||||||||||||
Construction | 2,437 | 2,098 | 2,440 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Consumer Loans | 934,950 | 934,345 | 839,821 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Commercial Real Estate | 1,452,133 | 1,438,526 | 1,415,333 | |||||||||||||||||||||
Commercial & Industrial | 791,396 | 748,569 | 685,753 | |||||||||||||||||||||
Construction | 168,143 | 157,717 | 188,852 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Commercial Loans | 2,411,672 | 2,344,812 | 2,289,938 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Portfolio Loans | 3,346,622 | 3,279,157 | 3,129,759 | |||||||||||||||||||||
Loans Held for Sale | 22,499 | 3,188 | 2,850 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Loans | $ | 3,369,121 | $ | 3,282,345 | $ | 3,132,609 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Nonperforming Loans (NPL) | ||||||||||||||||||||||||
| % NPL | % NPL | % NPL | ||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||
Home Equity | $ | 3,653 | 0.85 | % | $ | 3,994 | 0.89 | % | $ | 2,936 | 0.71 | % | ||||||||||||
Residential Mortgage | 7,278 | 1.70 | % | 7,584 | 1.85 | % | 7,228 | 2.01 | % | |||||||||||||||
Installment & Other Consumer | 40 | 0.05 | % | 49 | 0.07 | % | 4 | 0.01 | % | |||||||||||||||
Construction | 218 | 8.95 | % | 399 | 19.02 | % | 181 | 7.42 | % | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Consumer Loans | 11,189 | 1.20 | % | 12,026 | 1.29 | % | 10,349 | 1.23 | % | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Commercial Real Estate | 30,556 | 2.10 | % | 32,828 | 2.28 | % | 31,648 | 2.24 | % | |||||||||||||||
Commercial & Industrial | 6,435 | 0.81 | % | 6,851 | 0.92 | % | 7,571 | 1.10 | % | |||||||||||||||
Construction | 6,778 | 4.03 | % | 14,411 | 9.14 | % | 6,547 | 3.47 | % | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Commercial Loans | 43,769 | 1.81 | % | 54,090 | 2.31 | % | 45,766 | 2.00 | % | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Nonperforming Loans | $ | 54,958 | 1.64 | % | $ | 66,116 | 2.02 | % | $ | 56,115 | 1.79 | % | ||||||||||||
|
|
|
|
|
| |||||||||||||||||||
S&T Earnings Release - 10
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
| 2012 | 2012 | 2011 | ||||||||||||||||||||||
| Fourth | Third | Fourth | ||||||||||||||||||||||
| Quarter | Quarter | Quarter | ||||||||||||||||||||||
Construction and Commercial Real Estate (CRE) PA vs. | ||||||||||||||||||||||||
Pennsylvania | $ | 1,319,127 | $ | 1,312,646 | $ | 1,301,211 | ||||||||||||||||||
Out-of-State | 301,149 | 283,597 | 302,974 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Construction and CRE PA vs. Out-of-State | $ | 1,620,276 | $ | 1,596,243 | $ | 1,604,185 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
| % NPL | % NPL | % NPL | ||||||||||||||||||||||
Construction and CRE - NPL PA vs. Out-of-State | ||||||||||||||||||||||||
Pennsylvania | $ | 34,217 | 2.59 | % | $ | 41,009 | 3.12 | % | $ | 33,665 | 2.59 | % | ||||||||||||
Out-of-State | 3,117 | 1.04 | % | 6,230 | 2.20 | % | 4,530 | 1.50 | % | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Construction and CRE - NPL PA vs. Out-of-State | $ | 37,334 | 2.30 | % | $ | 47,239 | 2.96 | % | $ | 38,195 | 2.38 | % | ||||||||||||
|
|
|
|
|
| |||||||||||||||||||
| 2012 | 2012 | 2011 | ||||||||||||||||||||||
| Fourth | Third | Fourth | ||||||||||||||||||||||
| Quarter | Quarter | Quarter | ||||||||||||||||||||||
Construction and CRE by Type | ||||||||||||||||||||||||
Retail/Strip Malls | $ | 280,047 | $ | 275,566 | $ | 288,453 | ||||||||||||||||||
Offices | 198,818 | 199,286 | 218,619 | |||||||||||||||||||||
Residential Rental Properties | 185,354 | 171,891 | 198,011 | |||||||||||||||||||||
Hotels | 176,862 | 193,460 | 193,833 | |||||||||||||||||||||
Real Estate/Land Development - Commercial | 146,216 | 129,738 | 102,623 | |||||||||||||||||||||
Healthcare/Education | 111,152 | 99,018 | 105,642 | |||||||||||||||||||||
Manufacturing/Industrial/Warehouse | 106,589 | 99,315 | 95,883 | |||||||||||||||||||||
Flex/Mixed Use | 91,576 | 96,403 | 97,766 | |||||||||||||||||||||
Recreational | 38,013 | 39,267 | 43,152 | |||||||||||||||||||||
Convenience Stores | 36,569 | 28,451 | 29,489 | |||||||||||||||||||||
Restaurant | 30,391 | 30,173 | 29,921 | |||||||||||||||||||||
Real Estate Development - Residential | 23,333 | 29,142 | 60,808 | |||||||||||||||||||||
Miscellaneous* | 195,356 | 204,533 | 139,985 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Construction and CRE by Type | $ | 1,620,276 | $ | 1,596,243 | $ | 1,604,185 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
| 2012 | 2012 | 2011 | ||||||||||||||||||||||
| Fourth | Third | Fourth | ||||||||||||||||||||||
| Quarter | Quarter | Quarter | ||||||||||||||||||||||
| % NPL | % NPL | % NPL | ||||||||||||||||||||||
Construction and CRE - NPL by Type | ||||||||||||||||||||||||
Retail/Strip Malls | $ | 7,332 | 2.62 | % | $ | 7,617 | 2.76 | % | $ | 5,285 | 1.83 | % | ||||||||||||
Offices | 3,488 | 1.75 | % | 4,529 | 2.27 | % | 3,973 | 1.82 | % | |||||||||||||||
Residential Rental Properties | 2,864 | 1.55 | % | 3,488 | 2.03 | % | 2,851 | 1.44 | % | |||||||||||||||
Hotels | — | — | — | — | 700 | 0.36 | % | |||||||||||||||||
Real Estate/Land Development - Commercial | 3,503 | 2.40 | % | 7,879 | 6.07 | % | 771 | 0.75 | % | |||||||||||||||
Healthcare/Education | 267 | 0.24 | % | 581 | 0.59 | % | 311 | 0.29 | % | |||||||||||||||
Manufacturing/Industrial/Warehouse | 3,985 | 3.74 | % | 4,227 | 4.26 | % | 4,638 | 4.84 | % | |||||||||||||||
Flex/Mixed Use | 771 | 0.84 | % | 51 | 0.05 | % | — | — | ||||||||||||||||
Recreational | 7,824 | 20.58 | % | 7,956 | 20.26 | % | 9,365 | 21.70 | % | |||||||||||||||
Convenience Stores | — | — | 73 | 0.26 | % | — | — | |||||||||||||||||
Restaurant | 1,329 | 4.37 | % | 1,583 | 5.25 | % | 940 | 3.14 | % | |||||||||||||||
Real Estate Development - Residential | 3,275 | 14.03 | % | 6,532 | 22.41 | % | 6,284 | 10.33 | % | |||||||||||||||
Miscellaneous | 2,696 | 1.38 | % | 2,723 | 1.33 | % | 3,077 | 2.20 | % | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Construction and CRE - NPL by Type | $ | 37,334 | 2.30 | % | $ | 47,239 | 2.96 | % | $ | 38,195 | �� | 2.38 | % | |||||||||||
|
|
|
|
|
| |||||||||||||||||||
| * | Included in the miscellaneous category of Construction and CRE by type are loans from the recent acquisition of Gateway Bank on August 9, 2012 of $38.6 million. Detail by type was not available. |
S&T Earnings Release - 11
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
| 2012 | 2012 | 2011 | ||||||||||
| Fourth | Third | Fourth | ||||||||||
| Quarter | Quarter | Quarter | ||||||||||
Commercial Credit Exposure | ||||||||||||
Pass | ||||||||||||
Commercial Real Estate | $ | 1,265,811 | $ | 1,251,422 | $ | 1,229,005 | ||||||
Commercial & Industrial | 718,070 | 674,819 | 600,895 | |||||||||
Construction | 118,841 | 105,684 | 136,270 | |||||||||
|
|
|
|
|
| |||||||
Total Pass | $ | 2,102,722 | $ | 2,031,925 | $ | 1,966,170 | ||||||
|
|
|
|
|
| |||||||
Special Mention | ||||||||||||
Commercial Real Estate | $ | 96,156 | $ | 92,544 | $ | 84,400 | ||||||
Commercial & Industrial | 42,016 | 32,952 | 33,135 | |||||||||
Construction | 30,748 | 23,043 | 17,106 | |||||||||
|
|
|
|
|
| |||||||
Total Special Mention | $ | 168,920 | $ | 148,539 | $ | 134,641 | ||||||
|
|
|
|
|
| |||||||
Substandard | ||||||||||||
Commercial Real Estate | $ | 90,167 | $ | 94,560 | $ | 101,928 | ||||||
Commercial & Industrial | 31,310 | 40,798 | 51,723 | |||||||||
Construction | 18,554 | 28,990 | 35,476 | |||||||||
|
|
|
|
|
| |||||||
Total Substandard | $ | 140,031 | $ | 164,348 | $ | 189,127 | ||||||
|
|
|
|
|
| |||||||
S&T Earnings Release - 12
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
| 2012 | 2012 | 2011 | ||||||||||
| Fourth | Third | Fourth | ||||||||||
| Quarter | Quarter | Quarter | ||||||||||
Asset Quality Data | ||||||||||||
Nonperforming Loans | $ | 54,958 | $ | 66,116 | $ | 56,115 | ||||||
Assets Acquired through Foreclosure or Repossession | 911 | 1,468 | 3,967 | |||||||||
Nonperforming Assets | 55,869 | 67,584 | 60,082 | |||||||||
Troubled Debt Restructurings (Nonaccrual) | 18,940 | 23,414 | 18,184 | |||||||||
Troubled Debt Restructurings (Accruing) | 41,521 | 37,110 | 49,716 | |||||||||
Total Troubled Debt Restructurings | 60,461 | 60,524 | 67,900 | |||||||||
Allowance for Loan Losses | 46,484 | 46,279 | 48,841 | |||||||||
Nonperforming Loans / Loans | 1.63 | % | 2.01 | % | 1.79 | % | ||||||
Nonperforming Assets / Loans plus OREO | 1.66 | % | 2.06 | % | 1.92 | % | ||||||
Allowance for Loan Losses / Loans | 1.38 | % | 1.41 | % | 1.56 | % | ||||||
Allowance for Loan Losses / Nonperforming Loans | 85 | % | 70 | % | 87 | % | ||||||
Net Loan Charge-offs (Recoveries) | 4,011 | 2,714 | 5,028 | |||||||||
Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans | 0.49 | % | 0.33 | % | 0.64 | % | ||||||
Profitability Ratios (Annualized) | ||||||||||||
Common Return on Average Assets | 0.86 | % | 1.15 | % | 0.91 | % | ||||||
Common Return on Average Tangible Assets (4) | 0.90 | % | 1.19 | % | 0.95 | % | ||||||
Common Return on Average Equity | 7.05 | % | 9.56 | % | 6.41 | % | ||||||
Common Return on Average Tangible Common Equity(5) | 10.65 | % | 14.52 | % | 11.29 | % | ||||||
Efficiency Ratio (FTE)(6) | 63.29 | % | 65.31 | % | 57.06 | % | ||||||
Capitalization Ratios | ||||||||||||
Dividends Paid to Net Income | 46.83 | % | 34.47 | % | 45.25 | % | ||||||
Common Equity / Assets | 11.87 | % | 12.08 | % | 11.91 | % | ||||||
Tier 1 Leverage Ratio | 9.31 | % | 9.27 | % | 9.17 | % | ||||||
Risk-based Capital - Tier 1 | 11.98 | % | 12.01 | % | 11.63 | % | ||||||
Risk-based Capital - Total | 15.39 | % | 15.45 | % | 15.20 | % | ||||||
Tangible Common Equity / Tangible Assets (7) | 8.20 | % | 8.32 | % | 8.09 | % | ||||||
| For the Twelve Months Ended December 31, | ||||||||
| 2012 | 2011 | |||||||
Asset Quality Data | ||||||||
Net Loan Charge-offs (Recoveries) | 25,173 | 18,155 | ||||||
Net Loan Charge-offs (Recoveries) / Average Loans | 0.78 | % | 0.56 | % | ||||
Profitability Ratios (Annualized) | ||||||||
Common Return on Average Assets | 0.79 | % | 0.97 | % | ||||
Common Return on Average Tangible Common Assets(8) | 0.83 | % | 1.02 | % | ||||
Common Return on Average Shareholders’ Equity | 6.62 | % | 6.78 | % | ||||
Common Return on Average Tangible Common Equity(9) | 10.07 | % | 12.62 | % | ||||
Efficiency Ratio (FTE)(6) | 65.15 | % | 55.96 | % | ||||
Capitalization Ratios | ||||||||
Dividends Paid to Net Income | 50.75 | % | 42.44 | % | ||||
S&T Earnings Release - 13
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
| 2012 | 2012 | 2011 | ||||||||||
| Fourth | Third | Fourth | ||||||||||
| Quarter | Quarter | Quarter | ||||||||||
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures: | ||||||||||||
(1) Tangible Common Book Value | ||||||||||||
Common Book Value (GAAP Basis) | $ | 18.08 | $ | 17.97 | $ | 17.44 | ||||||
Effect of Excluding Intangible Assets | (6.10 | ) | (6.11 | ) | (6.08 | ) | ||||||
|
|
|
|
|
| |||||||
Tangible Common Book Value | $ | 11.98 | $ | 11.86 | $ | 11.36 | ||||||
(2)Interest Income on a Fully Taxable Equivalent Basis | ||||||||||||
Interest Income (GAAP Basis) | $ | 38,920 | $ | 38,820 | $ | 40,258 | ||||||
Taxable Equivalent Adjustment to Interest Income (Non-GAAP) | 1,094 | 1,119 | 1,101 | |||||||||
|
|
|
|
|
| |||||||
Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP) | 40,014 | 39,939 | 41,359 | |||||||||
Interest Expense (GAAP Basis) | 4,629 | 5,025 | 6,192 | |||||||||
|
|
|
|
|
| |||||||
Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP) | $ | 35,385 | $ | 34,914 | $ | 35,167 | ||||||
(4) Common Return on Average Tangible Assets | ||||||||||||
Common Return on Average Assets (GAAP Basis) | 0.86 | % | 1.15 | % | 0.91 | % | ||||||
Effect of Excluding Intangible Assets | 0.04 | % | 0.04 | % | 0.04 | % | ||||||
|
|
|
|
|
| |||||||
Common Return on Average Tangible Assets | 0.90 | % | 1.19 | % | 0.95 | % | ||||||
(5) Common Return on Average Tangible Common Equity | ||||||||||||
Common Return on Average Common Equity (GAAP Basis) | 7.05 | % | 9.56 | % | 6.41 | % | ||||||
Effect of Excluding Intangible Assets | 3.60 | % | 4.96 | % | 2.17 | % | ||||||
Effect of Excluding Preferred Stock | — | — | 2.71 | % | ||||||||
|
|
|
|
|
| |||||||
Common Return on Average Tangible Common Equity | 10.65 | % | 14.52 | % | 11.29 | % | ||||||
(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) | 11.87 | % | 12.08 | % | 11.91 | % | ||||||
Effect of Excluding Intangible Assets | -3.67 | % | -3.76 | % | -3.82 | % | ||||||
|
|
|
|
|
| |||||||
Tangible Common Equity / Tangible Assets | 8.20 | % | 8.32 | % | 8.09 | % | ||||||
| For the Twelve Months Ended December 31, | ||||||||
| 2012 | 2011 | |||||||
(3)Interest Income on a Fully Taxable Equivalent Basis | ||||||||
Interest Income (GAAP Basis) | $ | 156,251 | $ | 165,079 | ||||
Taxable Equivalent Adjustment to Interest Income | 4,471 | 4,155 | ||||||
|
|
|
| |||||
Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP) | 160,722 | 169,234 | ||||||
Interest Expense (GAAP Basis) | 21,024 | 27,733 | ||||||
|
|
|
| |||||
Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP) | $ | 139,698 | $ | 141,501 | ||||
(8) Common Return on Average Tangible Common Assets | ||||||||
Common Return on Average Assets (GAAP Basis) | 0.79 | % | 0.97 | % | ||||
Effect of Excluding Intangible Assets | 0.04 | % | 0.05 | % | ||||
|
|
|
| |||||
Common Return on Average Tangible Common Assets | 0.83 | % | 1.02 | % | ||||
(9)Common Return on Average Tangible Common Equity | ||||||||
Common Return on Average Shareholders’ Equity (GAAP Basis) | 6.62 | % | 6.78 | % | ||||
Effect of Excluding Intangible Assets | 3.45 | % | 3.03 | % | ||||
Effect of Excluding Preferred Stock | — | 2.81 | % | |||||
|
|
|
| |||||
Common Return on Average Tangible Common Equity | 10.07 | % | 12.62 | % | ||||