STBA - Earnings call transcript Q1 2022

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Operator

Good day, ladies and gentlemen, and welcome to the S&T Bancorp First Quarter Earnings Conference Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Mark Kochvar, CFO at S&T Bancorp. Sir, the floor is yours.

Mark Kochvar

Thank you very much. Good afternoon, everyone, and thank you for participating in today's conference call.

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Chris McComish

afternoon, Mark, questions. We the forward to and you, joining well for taking Thank our as us. good and look performance as of everybody, discussion thanks QX your

confidence named number our Before aware and company I as some congratulate want in. and everybody and teammates the define our Pennsylvania in us retail what really Power our we us for service to we overview for certainly sure deal around and confidence move bank great that pride I customers And great we numbers, satisfaction that from a -- to big survey here complement certainly lightly, feedback this that making they -- for customers. achievement. certainly those X are it's on off do on the optimism this of our region. as they you is We have as to their the based were recently of but start gives take some independent our received that receive it's forward. show an tremendous the wanted from a with not in something recognition It bank That basis. obviously when customer we J.D. customers something give that retail We of It's a employees. thank brief talking is for like

underpinned on very We a From that the quality perspective, a nature see million in from a balance sheet and quarter. -- of improvement rate as by the quarter. growth, focus little deposit share, and and mix first improvement on our -- a of safety Quarter soundness. a was with we and better income. saw had We quality credit in you slide $X.XX by slide, is environment. better on on aided a Overview. asset-sensitive rising a well line $XX nice posted First X both as numbers titled totaled As $X.XX focus Credit the margins over in margin net a achieving up improvements about in share, balance our The

interest margins. look those in forward, this for last value desire that want is by really in well to interest note back company in the This have our of and around that to as of as $X.XX and delivered We them does a share. our I both reflection investing to us X our we take increase a that and also the as the net income second balance increase our net As are optimism move continued is for year nature we give through we've the the well. X.X% increased improvement asset a as it quarter. the sensitive we dividend in dividend to give quarters, sheet

in sheet. is customer as relationships, for in balance -- core Antolik deposits more of and the a to deposits off and that growth our we and it as higher titled details. quarter some over the remains Sheet. cost Balance here to give migrated shows the this shape, low-cost of going deposit improvement turn stable. one, notes But And page, Turning on a to the actually, reflection great remain Dave really mix couple talked us we is to some about, next I'm

customer Our securities book portfolio space. we've the of yields, This $XXX a also to the quarter, the more good but strategic months going consumer details. we quarter him to and particularly over that higher-yielding customers few over work been it us believe with from to that deploying and that has improve give I'm doing that help increased those NIM base will past resulted there in about turn are be in Dave over proud and the million the only execution, Lots into cash our in this quarter, in growth. which within was solid in assets. opportunities not to loan allow

Dave Antolik

to And additional Chris. thanks, afternoon, to Well, details X. some with continue good I'd everyone. like Page relating

growth may saw loan enjoy broad-based in increases balances consumer all million segment, average increase by in annualized allowed continued you Chris us segments. in net we a our an to at absolute of in here QX. rate evidenced That mentioned, In As also growth recall, $XX loan growth. loan consumer QX, as X.X%,

construction post Eastern mortgage We improved X I'm with growth We annualized our to anticipate a quarters. home year-to-date. team growth That in increases fully higher addition Supporting region at the carried this consumer continue loan activity network. slightly pandemic and branch in the double-digit is balanced has officers consumer low continue our and all seen into coming growth to made level, rate Pennsylvania our and pipelines of regions has engaging QX new pipeline. see mortgage in equity very and success lien and progress significant first products. residential with pleased the

QX for side, in QX on Pipeline decision reason pay off by increases compared based are structural have certain to rates utilization QX in met of on our total they side and certain our for XXXX and was and XX%. primary dampened that was X%. C&I the commercial allow quarter payoffs, exceeded our in strategic revolving allow by commitments size in decisions Growth are production as similar C&I to on this Based elevated the by levels. expectations in loans On nearing to The to the QX commercial pre-pandemic payoffs. our due in pricing. to reduced we seen now approximately quarter-over-quarter, we QX, revolving made the

continue the in asset to provides in annualized We half the rates anticipate to pipeline closely some monitor mid-single-digit results the and upon in details Slide current segment. levels, similar regarding low second growth quality X And the of year. based trends. activities our commercial we QX

by QX. As to XX% compared you NPAs see, can when declined our

long-lasting also QX. saw a X And complete movement were we able Our as workout credits. meaningful was of special liquidation team assets and to to of hospitality return NPA positive credits in the There several inflows no accrual. full significant they

a conversation. to reduction to and in We the continue XX% QX also now related in assets to Mark primarily hospitality the portfolio. CMC experienced it over turn I'll

Mark Kochvar

Dave. Thanks, Great.

a upgrades or The that $X.X by quality million. ACL On offset where the the X given asset sheet Page a the the by increased allowance basis macro uncertainty. better detail came movement reserves rating of rising specific as forecast was higher credit lower on the result more cautious somewhat losses points and and quantitative experience loss we quarters. reserves of side some between of left-hand the about The X, for in

which $X.X on rate that very $X.X the quarter about and to days. Total with we by lower well with increase rising the as we PPP, million to to fourth mix positioned $X.X primarily Moving expand SOFR from Page loans rates million of Core rate asset securities to declined improved cash. benefit the headwinds NIM and of over LIBOR, quarter. anticipated better this average decreased compared loans excluding basis decrease a saw on higher quarter impact as basis end rate, $X.X income, mix. favorable quarter the short net PRIME, and PPP indexed full to points, income and by We're X in X asset March interest expect or was increased interest at compared additional interest the from income. with a to fewer QX, moves net the fourth we XX% due to increased our point and XX net but a income, X PPP, the million from excluding to million of move due had with in quarter only

every income least at million by Our improved increase. $X point for basis was XX annualized interest

experienced We expect early pressure to muted, not and significant date. deposit beta have we to be

that While of change as to the Fed pace is competition and likely moves reacts. quicken

X. income to expenses valuation make an This the was X, Noninterest income, quarter, finally, quarter benefits which The compensation salaries has decreased Slide expenses. going much banking fourth in there million to plan, still deferred decrease of to range. to the the in $XX is quarter up in the and as further our improved the shows This $XX impact partially quarter And market. still $XX million]. came categories. which changes, per the be from expenses and on card Moving and moderating Debit portfolio. no noninterest capital. continue [$X.X this X, we category. higher as slowed in mortgage the by declined biggest compared due expense, in is offset payouts pressure, shows to labor in be other net fee We quarter, $X.X lower quarter. Slide the improvement and in expense strong, million to million origination Offsetting to P&L due is being million Slide under up to refis first by rate run OREO in other million million investments quarter. credit $X.X that particularly primarily expect which the more increased some to fourth activity incentives $XX moving offset by volume We business the last had where the have was in for to expect range as forward up we tight

growth. We levels positioned have and strong for well capital are

plan of that $XX.X Board extended million available through repurchase our share XXXX, plan. about in there's Our March

the have for changes. buybacks, evaluate no recent we price we immediate continue to situation plans While given stock

preference X.X% less for investments. relatively [Indiscernible] and than smaller value deploy remains a certainly to growth XX% of organic assets. this owing quarter, about -- dilution tangible portfolio to book Our to is capital the at securities strategic remain of

much. by questions. like of X.XX%. Thanks to the TCE currently points I'd stands over at provide time, Our just operator asking instructions call basis and end for this the turn XX At quarter the to declined very to the at

Operator

Tamayo the coming Daniel Instructions] first from [Operator question Raymond James. And from is

Daniel Tamayo

loan to the growth for loan first be the you kind a all commercial. is would year? there range we the on consumer I to low then Maybe the on I book got commercial second the on think annualized growth said in double-digit putting that can a of towards quarter in mid-single-digit the rest of to the for is guidance that quarter going that together, us your growth. similar and start low But you point the

Mark Kochvar

Yes. going is The the on the would guide basis and the for year, half concentrated in mid-single-digit to of the we annualized growth to remainder be growth second year. an of

Daniel Tamayo

I maybe all right. little appreciate income the the a then the about All outlook. outlook talk -- changing margin it. can we the net And Got REIT in with bit change interest that. and the

the talked reached. to the million initial So benefit, $X last on build mentioned may about $X quarter, floors you are million think over you being up side annualized I that asset as the time

Just there there. get excess as thoughts then And are in well? updated factored thinking wanted how cash assumptions just through to your the

Mark Kochvar

margin, Yes, first that's points, that closer to the XXX I'm we we interest increases time is of be $X that by numbers What points million. second and still should income was worked part again, the as through side. $X for any on sorry. the We before about -- And basis million basis changed. question? those to the your floors get deposit the the haven't XX our

Daniel Tamayo

assumptions cash excess deployment any what Just --

Mark Kochvar

Yes.

did different we some what the loans. at to the taking quarter. little -- cash earlier more macro-outlook. had bit the look a that put we given changing the in It's in outlook anticipated here On another year the with first work in cash We're uncertainty in than

a look year growth we may depending we on deploy throughout So bit loan more how the little as move the to materialize. in security

Operator

from And question KBW. is next Perito coming from the Michael

Michael Perito

million this pipeline hear producers $XX I'm assuming are income some to kind that around overall on one curious, quick rate to you question. guys million we the years. other hand, sounds line target. it I mean, trending of starting curious quarterly on hand, point wondering noninterest adding of the you issues mortgage last X Mark, fee just that run have into kind kind what the are bake I'm piece. $XX quarter where A the this But that of low there. here. over clarification the you saw and supply of off like on I'm you're

Mark Kochvar

closer servicing, half servicing which probably and is half about origination. stable. number mortgage fees and to about more includes the That $X.XX Yes. that for between so million It's or is

are -- portfolio $X people or seeing an the side, looking it's mortgage the activity in to they boom quarter activities. side more million in home the stopping larger of are billing We are their and to activity the the going and the looking also on kind in fee of equity on equity take to more refi But loans because equity at homes maybe probably advantage of related in side, fund the per that those increase

Michael Perito

levels? few So then in kind remain it's debit guys fair have other over to this and you that $X and are and rate, hand credit that of these to some card things maintain expecting up ramped the million at of last deposit say that with nicely quarters run to in the fees

Chris McComish

look That's the that piece sort line and growth we'd metrics that offset of growth lot monitoring customer on lots mortgage is debit income, of the income about what for management item, continued when you of there's card Mike, focused see this treasury Chris. and is on. mean an key right. activity the us we -- in of think and those the variability I variability fee on watching activity a one we're important and kind Yes, focusing we And at the level things, more on to true exactly the bifurcate there sorts and that side. fee like to mortgage that's

Michael Perito

more then it. Got X ones. quick just And

offloaded of anything XX-month comps else size else today? that the term we -- consequence of should great, else in that obviously, or of might repair that be look First be near Anything have mindful you or anything stuff on but credit. of or just visibility terms itself on

Dave Antolik

we Nothing Mike. commented on, beyond what

for point special order bit potential did And in credit I to mention, impact the Mark to trending you as the would look that nothing QX. performance, in beyond with we we that macroeconomic the everything what is NPL, to reserve little think specifically direction regard a might delinquency, to TDRs, mentioned, add anticipate but mentioned. if broadly, there's changes at I substandard, right reserve, upcoming

Michael Perito

it's I could the you and think from stuff materially. the kind low on I outside balance posture there think pretty could Got here quarter from a build non-performance, of lastly, capital it. the a just bit smaller then mean, from be with you've a along? percentage reflecting, And margin be more you And of organic a we and theoretically impacts now. point with sheet the an AOCI Do could I a the been this considering such of standpoint. mean at aggressive all that deployment around M&A capital guys

Mark Kochvar

less math get about at return function at. looking we're also the price to As how our the we And that, stock is quarter above and that's the to get us. starts attractive

But at. something growth that again, is looking our initiatives. we're strategic and is So preference

coming from point improvements that just on that to time. earnings this capital in spend we're side the in -- of you know, So REIT at spend light reluctant in side

Michael Perito

just one, Got one last actually, it. sorry. And

Or you it do and and of comfortable the Just you have point. pipeline Do that your could with for be kind still year next? duration you likely materially you strategy under fair this differently? excess on that to billion or cash think think that say with the that normalized some of it's you think growth stay $XX altering about without today

Mark Kochvar

little at right, would potentially specific with loan Yes. outlook, that $XXX to X bit hit, Again, we're before pace we still and to we're time looking not and think at targeting even of naturally up years cross. I million cash lighter but a frame we have you're a

Operator

from Russell is coming question Davidson. next from D.A. Gunther the And

Russell Gunther

you're pretty hike this anything deposit in quickly to a a to innings in for? term. high your will cycle And near deposit prior? as of rate how have early cycle has perform structurally know number if internally But versus potentially betas so, view I about changed betas hikes of thinking view you it terms Do are expect be rate guys of budgeting how versus later. as through cycle we move you a you in the in this year, viewed

Mark Kochvar

a do. mean good the very thing, interesting debt question. X I'm that's will I Well, really what not predicting at

last balance short we So have pressure the debt are the lot billion run sheet almost split $X cycle, mix just thing we different of tend that is to where is beta on to on worth liability position. is we to a one different, last this side That understand where scenarios our net we our and were of the borrowing one, where cash the especially borrower. for a us is versus side, had points around different time is, time just

was So liquidity cycle. than it is last much better

So I deposit handle we guess a different view pricing. on how

is to to that second in that last billion $X The had deposit thing product $X.X also tied in cycle, $X.X had a Fed we funds. almost the And it. rate close billion billion,

We it's indexed have product that Fed no that to restructured funds. the longer so directly

that So much management over bank the control more increase. timing pricing of piping the gives potential and it

in that beta little on So will manage on this, outlook we how competition, still think we side a that that can the It have. feel we like how customers cycle. better but just we the react bit a depend there's different to

Russell Gunther

That's any to a have quality asset in conservatism back that the and discussion, to certainly $X.X on itself thoughts then really the you color appreciate mentioned the sheet. the that quarter attempts increase for what qualitative then million? balance where the in And manifest additional that capture might -- specific on things in reserve this good And terms any Are increase additional so terms I able trended? it. just you the quarter of to of helpful. how provide adjustment

Mark Kochvar

expect in quarter, there that, we specific add watching way resolution couple do So possibly quarter. of in are credits the second reserves. to that but closely no the resulted on that that the would a also expect specific I of We in third are reserve,

hopefully believe unemployment So that have and cleaned And the then primary impact that covered, those one pretty generally, are we our more side up mostly if P&L we will on significant additional on indicators reserve because all side, good. forecast covered. the get without not, look

that round So we comes that, looking ability not model. not uncertainty the forecast. and do That's may would as out, make which just this our dynamic for a where in but only and have as we in the how any how We beyond looked to at unemployment character of the that indicator maybe as some in type adjustments, unemployment be is way the and the in past. in playing macro it works that, and the predictive the economy has of probably

So no specific we're to. there's applies [indiscernible] that. that, area But that

Chris McComish

necessarily or Russell, the to it on inflation, specific not news all But of from it's cost commodities, talk Yes, a about of bucket. take things portfolio to those the costs, or to long sorts doesn't rates people things. to turn kind

diligent, be So attention know testing monitoring. got the to institutions we pay We all like do portfolio. and stress we've necessary financial the proactively within are

Russell Gunther

conversations. appreciate is update an in answered thoughts be Thank pace model on that, you're curious you that just me in? I $XX terms those get of kind for billion M&A, interested the set in you. to question. I'd business any asset And geographic particularly your appetite one the organic guys. and of last of

Chris McComish

Yes.

here throw with, about represent all the on are a meet team. adding and of put core around Pittsburgh, you And focused been soundness are that where we're pin about. like put the it's We around this the of for those both we've of to necessary continue on externally, a why is relates long And quality to -- circle as and process then lots focus things foundation to and in Chris, We discussions. and foundation lot things you culture with country, country you optimistic a it like our we we're and things XXX-mile gained safety good saying and talent this who that's Power the we middle building. for growth XX% -- credit big that of internally place this and to here. of to team, J.D. be as foundation end the the this up area customers that that in is a time, population when map a I a building relationship-based company. got reason part which to that came a have build market of think, we businesses, to markets I active a And is

So us similar job give and our the day what for every execute all those to the opportunity for done give optimism quarter. more this those we've inorganic opportunities. but is that's and things every future, going quarter to performance And us deliver to

focused. happens, can't control, we to performance, when of but where going every are So delivery execution day we work it that's we're and and the to certainly control hard

Operator

And the Breese next question Stephens. is coming from from Matthew

Matthew Breese

to specifically get and I But core cost seeing often are all betas. promotional And rates asked wanted maybe asking exception-based start rates? you or pricing? changed back eager to have not go your you to the customers at deposit more for discussion, -- for

Mark Kochvar

we lowered the year. mostly in ours of could far as over lower last second We've half as them --

not a was room. of So there lot

rate I of of floating mentioned these only accounts the did the took business. -- of in first did that the and restructuring that at took decrease a result quarter, place overall modest the on book that that first the first the in end think during quarter in -- indexed we

As that. outright handful far from requests than increases. had on people -- frequently exceptions We've very as we're for go, less a it's to -- rate of meeting

Now do we expect again, -- we increase to it. that

it is light. So very far

Chris McComish

of little got some we've municipal I is it seeing think where of business. And we're bit a

interest-bearing of quarter-over-quarter So of things you can for But in the much that. like decline of there's not that and the the is that, look cities challenge see in the transactional see reflective it outside all. rates. municipalities And at you that looking

Matthew Breese

gives front, taking how the more commercial. expect in in was And near that's heavy Should curious, change we in market S&T. that consumer term, the base the near strategic should growth consumer like more coming growth is from term, of you? versus sounds expect just versus what shift growth the beyond we I the mix it much On of door growth

Chris McComish

customer commercial I'm mean really market, and bank, This had estate bank foundation a thing at We've book. latent within business market middle a of there. our it. is Chris. real we middle our The and at There consumer I that commercial opportunity a good commercial are an bank and was we're that -- look pleased it. deposit really, that not with -- business. representative and more not so we do is relationships like like does those this of to is that and have customers they expansion need look when this book taking of transactional providing But product service is

a strategic So But shouldn't certainly the working standpoint, strategy commercial an every we're shifting opportunity executing -- that from on it and you business. believe was hard in in lead focus and our it away way finding from day to opportunity. that any

Our commercial banking business important and business to is us. critically middle market

the have the our few credit proactive at make our us opportunity a and that like couple ensuring we what didn't months hurdles. risk from the some our and over meet decisions We clearly that in that of gave to what on past and look transactions changes need there appetite gone is businesses, just to through understand opportunities returns look some

engaged. highly teams Our are

did this As up produced year-over-year Dave of actually sheet as bit commercial much commercial the business different. makeup business the looking ended with as that more a little said, we quarter just we balance and

Matthew Breese

give What of learning been Chris. the most And us time over the top a CEOC? to going the X direction sense the In Got on of or the bit follow that, types XX the about, maybe for but are how you for how months? XX, Can of up it. are you spirit X you a using next change S&T.? more since entering just to the your next the or for projects -- term not priorities near you've

Chris McComish

building been has it team. of some So the

on our and of continue a levels very look within enhance role. role broader were amount see and on and We're just very we the bring we'll C-suite company, there, talent Chief last executive one the up. Credit change coming the decks retirement that in of of our kind focused in may had You -- out in that with to and have transition a focused We're a there. Officer we've

from a standpoint of of the bringing in of and focused them. things talent kind lot team. the origination growth a all connecting Pennsylvania our and risk more standpoint. management customers particularly commercial time effectiveness times of teams banking, process. got and on of right to way as an around idea past eastern gives and time, underway effectiveness has be it and engaged well with been management Dave a for doing the turn of the and talked loan about curtain, of and That network. project origination at operating gone process. earlier it all working, credit of the credit the in We going around But and So everything a the of couple same the together and consistent that building We've part steel portfolio management months work state improve spent kind a seems of defined more improve to our a level proactively effective the really that's portfolio internally on across we've the from us our things

early what the like digital and execution to come enhance So work still where could know and could look some pure foundation happening now continue strategically and our doing but that's digital building more exploiting work to relatively that That's thinking effectiveness. capabilities it then and We're from. days, about effectiveness opportunities growth relative that's to there. we

or to be have with idea they in and those -- out that that marketplace. then banking of come, anything that need the about is getting about do when who are humble of things will the sorts but recognition and were on said about to surveying the think we've little any the Pittsburgh, there. great the talked to the JD of But I I've places online a -- bold. us team forceful, of And Western example. to we're the customers surveyed like like the better We name The here or them. opportunity to our people This sorts in be they things we that we -- things Pennsylvania than been didn't very particularly we've we're And customers from very, team, those competitors' got an in name more Power customers focused said were our So them have a great award field. more who is things. be too

there's that. advantage take to think an I opportunity of

for outward market the it. little win to are going bit then being we some talk execute and relative that the about of in the the team. effective we're to on of and lot approach a forceful work building Thanks in a like to we talent more who So how question. way foundationally of I'd

Operator

is from next the Boenning Daniel and from question Scattergood. coming And Cardenas

Daniel Cardenas

quick question we really and in to regards a I quarter the saw growth securities impact for A the that portfolio. I -- timing going on, portfolio, securities mean growth. the rising perhaps the the in does is rate to of guess, additional environment expectations some this growth

Mark Kochvar

growth than The me loan more timing is about for per the trajectory rates se.

Daniel Cardenas

thoughts some smooth Okay. downs into any that available-for-sale the to portfolio ups component moving out then of a of maybe held-to-maturity Good. And OCI. and of

Mark Kochvar

smaller No. have I mean, we security portfolio. do a

never the of our still have still minds, have in I -- leave. back So liquidity we

take park move little security for and I with small room advantage less bit that like -- a try So to feel that. to a book, of there's us to

do anything plans have don't right we lines. to along So now those

Daniel Cardenas

on portfolio? your that And duration what's

Mark Kochvar

That's around to X. X.X years, X.X

Daniel Cardenas

and thank could compensation see that items? items footprint. increases the All growth going then as grow are will significant operating to you be at the Or we the as expenses, for there the guidance that, line And of right. we in look forward primarily other continue majority on you

Mark Kochvar

increase. [indiscernible] that where expense. we I expect I on largest dollar That's also would see initiatives probably have system But several the side. the underway the

in the line. increase and expense and processing the some both see equipment data we'll So equipment

expense we increase. So see or where primary X X those the are areas probably

Daniel Cardenas

And the year? for your question, I for then of rate tax Okay. purposes, modeling should the think last how just remainder about

Mark Kochvar

so. We're permanent amount that we tax and on That of staying right extent paying and additional that a things around how X.XX pretax so pretax rate XX better kind items of or increases have XX could fixed the tripped we To like a the materializes that result have. of is that. or credits the and by XX of that up point from amount

will depending rate fluctuate to on change going aren't that. those the so So much,

from and factored additional at of it that kind would the any XX% then So incremental here, way. be pretax

Daniel Cardenas

regarding And like from then borrowing Good. say? obligations, meet should inflationary Good. I their any their pressures obligations to ability impacting lending comments Okay. customers

Dave Antolik

don't recently, quite bit there in I that market has Yes. I've been. the a out Dan. know been

chain is those a access has in and would not at topic there the become of been labor turnover continued capital of forefront quarters. coming I think more to costs, supply But that to I the expect conversations.

to think inflation. that the its environment it's ask conclusion a I given current question reasonable with

Chris McComish

asking, happening? are you our reviewed exact with our Yes. our What Certainly, think we're you are that planning in those customers. you do processes portfolio, questions how Those for see things? the

Daniel Cardenas

what how more get many than portfolio or have And to we maybe -- much I little -- rate dig before loan the you begin how do into a so more done you to see have bit guess, increases deeper far?

Dave Antolik

from a increasing doing will rates or see we're the through management at on now. all quarterly process perspective, portfolio our deals. to impact real looking and end Well, EBITDA that have stress NOI what front estate on We're the of on deals process, review

we've built that processes. into So our

Operator

there Thank time. questions no queue you. at other And this from were

Chris McComish

recognition for to in work. thanks to and certainly the again this And interest to We're of going the go proud proud Well, And talking organization. dialogue our in your back again, delivered very we look and great forward meantime, quarter. we the the we're we of we're received, listen, soon. performance

you. thank So

Operator

does you, conclude gentlemen. conference. Thank and ladies This today's

Thank may and time, You you at wonderful your disconnect participation. lines have your for this a day.

S&T Bancorp (STBA) 21 Apr 222022 Q1 Earnings call transcript