S&T BANCORP INC - FORM 8-K - EX-99.1 - PRESS RELEASE

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8-K - FORM 8-K - S&T BANCORP INC	d474965d8k.htm
EX-99.2 - PRESS RELEASE - S&T BANCORP INC	d474965dex992.htm

Exhibit 99.1

LOGO

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.”

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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.

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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.

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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, visit www.stbancorp.com.

For more information:

Mark Kochvar

Chief Financial Officer

800 Philadelphia Street

Indiana, PA 15701

724-465-4826

mark.kochvar@stbank.net

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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.

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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. Out-of-State
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	%

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S&T BANCORP INC Reports