Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - S&T BANCORP INC | d667343d8k.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
January 28, 2014
S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2013
Results and Declares Fourth Quarter Dividend
Indiana, Pennsylvania – January 28, 2014 – S&T Bancorp, Inc. (S&T) (NASDAQ: STBA) has announced its fourth quarter and full year 2013 earnings. Fourth quarter earnings were $11.9 million, or $0.40 per diluted share, compared to the third quarter of 2013 earnings of $12.2 million, or $0.41 per diluted share, and the fourth quarter of 2012 earnings of $9.5 million, or $0.32 per diluted share. Full year 2013 earnings increased 48% to $50.5 million, or $1.70 per diluted share, compared to 2012 earnings of $34.2 million, or $1.18 per diluted share.
Fourth Quarter Highlights:
| • | Total average loans increased $60.5 million, or 1.7%, from the third quarter of 2013. |
| • | Net interest income increased $0.4 million from the third quarter of 2013 and net interest margin (FTE) was stable, increasing two basis points to 3.52%. |
| • | Asset quality improved significantly with a decrease in nonperforming assets of $14.0 million, or 38%, from the third quarter of 2013 and $33.0 million, or 59%, from the fourth quarter of 2012. |
| • | S&T declared a $0.16 per share dividend for the fourth quarter. |
“The fourth quarter was a strong finish to our much improved performance in 2013,” said Todd Brice, president and chief executive officer of S&T. “The investment we made in expanding our sales team has paid off with a return to solid loan growth in 2013, and our focus on managing problem loans has resulted in a sizeable decrease in nonperforming assets.”
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S&T Earnings Release – 2
S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2013
Results and Declares Fourth Quarter Dividend
(continued)
Net Interest Income
Net interest income increased $0.4 million, or 1.1%, to $35.7 million compared to $35.3 million in the prior quarter. Net interest margin on a fully taxable equivalent basis (FTE) increased two basis points to 3.52% compared to 3.50% in the third quarter of 2013. Net interest income and net interest margin were positively impacted by an improved asset mix and lower costs on certificates of deposits. The improved asset mix was mainly a result of loan growth, which increased on average by $60.5 million.
Asset Quality
Asset quality improved significantly from the prior quarter. Total nonperforming loans were $22.5 million, or 0.63%, of total loans at December 31, 2013, which represents a 38% decrease from $36.4 million, or 1.04% of total loans at September 30, 2013. Special mention and substandard loans also decreased $34.6 million, or 16%, to $187.7 million from $222.3 million at September 30, 2013. Net charge-offs for the fourth quarter of 2013 were $3.3 million compared to net charge-offs of $1.5 million in the third quarter of 2013. The provision for loan losses was $1.6 million in the fourth quarter of 2013 compared to $3.4 million in the third quarter of 2013. The allowance for loan losses decreased to $46.3 million, or 1.30% of total loans, compared to $48.0 million, or 1.37% of total loans at September 30, 2013.
Noninterest Income and Expense
Noninterest income decreased $1.2 million to $11.3 million compared to $12.5 million in the third quarter of 2013. Debit and credit card fees decreased $0.2 million due to a decrease in our merchant services revenue. Insurance fees decreased $0.6 million due to a $0.4 million decrease in commission income caused by seasonality of policy renewals and a $0.2 million decrease in revenue related to our credit insurance products. Other income decreased by $0.3 million primarily due to higher interest rate swap fees from our commercial customers in the third quarter of 2013.
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S&T Earnings Release – 3
S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2013
Results and Declares Fourth Quarter Dividend
(continued)
Noninterest expense increased $1.5 million to $29.4 million compared to $27.9 million in the third quarter of 2013. Salaries and benefits increased $0.3 million primarily due to higher medical costs. Furniture and equipment increased $0.2 million and marketing increased $0.2 million due to the timing of purchases and marketing campaigns. Other expense increased $1.0 million due to higher charitable donations in the fourth quarter of 2013 and a $0.5 million expense recovery related to one of our bank acquisitions that occurred in the third quarter of 2013.
Financial Condition
Total assets decreased $55.0 million to $4.5 billion at December 31, 2013 compared to $4.6 billion at September 30, 2013 and $4.5 billion at December 31, 2012. Loan growth was strong during the quarter with an increase of $54.9 million, or 1.6%, in total portfolio loans. Commercial loans grew $46.2 million, or 1.8%, during the quarter, primarily due to growth in the commercial real estate portfolio. Consumer loans increased $8.7 million during the quarter with growth in residential mortgages of $10.0 million, or 2.1%, offset by declines in the installment and construction portfolios. Total deposits were essentially unchanged at $3.7 billion at both December 31, 2013 and September 30, 2013. S&T’s risk-based capital ratios increased this quarter due to retained earnings growth outpacing loan growth. All capital ratios remain significantly above the well-capitalized thresholds of federal bank regulatory agencies.
2013 Full Year
Full year 2013 earnings increased $16.3 million, or 48%, to $50.5 million, or $1.70 per diluted share, compared to $34.2 million, or $1.18 per diluted share for 2012. The increase in earnings was due to higher net interest income of $4.0 million, or 3%, a decrease in the provision for loans losses of $14.5 million, or 64%, and a decrease in noninterest expense of $5.5 million, or 4%. Net interest income increased due to the improvement in funding costs coupled with an increase of $203.5 million in average
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S&T Earnings Release – 4
S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2013
Results and Declares Fourth Quarter Dividend
(continued)
earning assets which helped to offset the impact of declining earning asset yields. The provision for loan losses decreased due to significant improvements in asset quality, including a decrease in net charge-offs of $16.6 million, or 66%, from the prior year. The decrease in noninterest expense was primarily a result of $6.1 million of merger related expense in 2012 and expense control initiatives implemented throughout 2013.
“We are extremely pleased with the progress we made in 2013 and look forward to carrying this momentum into the coming year. We enter 2014 with a clear strategic vision that is focused on growing our Bank through the addition of high quality assets and improvements in our fee revenue businesses, while maintaining a strong expense discipline,” said Todd Brice, president and chief executive officer of S&T.
Asset quality improved significantly throughout 2013. Total nonperforming loans were $22.5 million, or 0.63%, of total loans at December 31, 2013, which represents a 59% decrease from $55.0 million, or 1.63% of total loans at December 31, 2012. Special mention and substandard loans also decreased $149.4 million, or 44%, to $187.7 million from $337.1 million at December 31, 2012. The allowance for loan losses decreased to $46.3 million, or 1.30% of total loans, compared to $46.5 million, or 1.38% of total loans at December 31, 2012.
Dividend
The Board of Directors of S&T declared a $0.16 per share cash dividend at its regular meeting held January 27, 2014. The dividend is payable February 27, 2014 to shareholders of record on February 13, 2014. This dividend compares to a common stock dividend of $0.16 per share declared during the fourth quarter of 2013.
Conference Call
S&T will host its fourth quarter 2013 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, January 28, 2014. To access the webcast, go to S&T’s
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S&T Earnings Release – 5
S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2013
Results and Declares Fourth Quarter Dividend
(continued)
webpage at www.stbancorp.com and click on “Events & Presentations.” Select “4th Quarter 2013 Conference Call” and follow the instructions.
About S&T Bancorp, Inc.
Headquartered in Indiana, PA, S&T operates offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson, Washington and Westmoreland counties as well as a loan production office in northeast Ohio. With assets of $4.5 billion, S&T 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
www.stbancorp.com
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, and 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 selected 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 Bancorp, Inc. Consolidated Selected Financial Data Unaudited |
S&T Earnings Release – 6 |
| For the Twelve Months Ended December 31, | ||||||||
| (in thousands, except per share data) | 2013 | 2012 | ||||||
| INTEREST INCOME |
||||||||
| Loans, including fees |
$ | 142,492 | $ | 145,181 | ||||
| Investment securities: |
||||||||
| Taxable |
7,478 | 7,544 | ||||||
| Tax-exempt |
3,401 | 3,121 | ||||||
| Dividends |
385 | 405 | ||||||
|
|
|
|
|
|||||
| Total Interest Income |
153,756 | 156,251 | ||||||
|
|
|
|
|
|||||
| INTEREST EXPENSE |
||||||||
| Deposits |
11,406 | 16,796 | ||||||
| Borrowings and junior subordinated debt securities |
3,157 | 4,228 | ||||||
|
|
|
|
|
|||||
| Total Interest Expense |
14,563 | 21,024 | ||||||
|
|
|
|
|
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| NET INTEREST INCOME |
139,193 | 135,227 | ||||||
| Provision for loan losses |
8,311 | 22,815 | ||||||
|
|
|
|
|
|||||
| Net Interest Income After Provision for Loan Losses |
130,882 | 112,412 | ||||||
|
|
|
|
|
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| NONINTEREST INCOME |
||||||||
| Debit and credit card fees |
10,931 | 11,134 | ||||||
| Wealth management fees |
10,696 | 9,808 | ||||||
| Service charges on deposit accounts |
10,488 | 9,992 | ||||||
| Insurance fees |
6,248 | 6,131 | ||||||
| Gain on sale of merchant card servicing business |
3,093 | — | ||||||
| Mortgage banking |
2,123 | 2,878 | ||||||
| Securities gains, net |
5 | 3,016 | ||||||
| Other |
7,943 | 8,953 | ||||||
|
|
|
|
|
|||||
| Total Noninterest Income |
51,527 | 51,912 | ||||||
|
|
|
|
|
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| NONINTEREST EXPENSE |
||||||||
| Salaries and employee benefits |
60,902 | 60,256 | ||||||
| Data processing |
9,021 | 9,620 | ||||||
| Net occupancy |
8,023 | 7,605 | ||||||
| Furniture and equipment |
4,883 | 5,262 | ||||||
| Professional services and legal |
4,186 | 5,659 | ||||||
| Other taxes |
3,743 | 3,200 | ||||||
| Marketing |
2,929 | 3,302 | ||||||
| FDIC insurance |
2,772 | 2,926 | ||||||
| Other |
20,933 | 25,033 | ||||||
|
|
|
|
|
|||||
| Total Noninterest Expense |
117,392 | 122,863 | ||||||
|
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|
|
|
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| Income Before Taxes |
65,017 | 41,461 | ||||||
| Provision for income taxes |
14,478 | 7,261 | ||||||
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|
|
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| Net Income |
$ | 50,539 | $ | 34,200 | ||||
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| Per Share Data: |
||||||||
| Average shares outstanding - diluted |
29,682,553 | 29,008,880 | ||||||
| Average shares outstanding - two-class method |
29,733,721 | 29,083,893 | ||||||
| Diluted earnings per share (1) |
$ | 1.70 | $ | 1.18 | ||||
| Dividends declared per share |
$ | 0.61 | $ | 0.60 | ||||
| Dividends paid to net income |
35.89 | % | 50.75 | % | ||||
| Profitability Ratios |
||||||||
| Return on average assets |
1.12 | % | 0.79 | % | ||||
| Return on average tangible assets (3) |
1.17 | % | 0.83 | % | ||||
| Return on average shareholders’ equity |
9.21 | % | 6.62 | % | ||||
| Return on average tangible shareholders’ equity (4) |
13.72 | % | 10.07 | % | ||||
| Efficiency ratio (FTE) (2) |
60.03 | % | 65.15 | % | ||||
| S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited |
S&T Earnings Release – 7 |
| 2013 | 2013 | 2012 | ||||||||||
| (in thousands, except per share data) | Fourth Quarter |
Third Quarter |
Fourth Quarter |
|||||||||
| INTEREST INCOME |
||||||||||||
| Loans, including fees |
$ | 35,949 | $ | 35,733 | $ | 36,127 | ||||||
| Investment securities: |
||||||||||||
| Taxable |
1,847 | 1,889 | 1,883 | |||||||||
| Tax-exempt |
888 | 865 | 802 | |||||||||
| Dividends |
95 | 94 | 108 | |||||||||
|
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|
|
|
|
|
|||||||
| Total Interest Income |
38,779 | 38,581 | 38,920 | |||||||||
|
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|
|
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| INTEREST EXPENSE |
||||||||||||
| Deposits |
2,536 | 2,717 | 3,612 | |||||||||
| Borrowings and junior subordinated debt securities |
589 | 590 | 1,017 | |||||||||
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|
|
|||||||
| Total Interest Expense |
3,125 | 3,307 | 4,629 | |||||||||
|
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|
|||||||
| NET INTEREST INCOME |
35,654 | 35,274 | 34,291 | |||||||||
| Provision for loan losses |
1,562 | 3,419 | 4,215 | |||||||||
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|
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|
|
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| Net Interest Income After Provision for Loan Losses |
34,092 | 31,855 | 30,076 | |||||||||
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|
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| NONINTEREST INCOME |
||||||||||||
| Debit and credit card fees |
2,566 | 2,764 | 2,662 | |||||||||
| Wealth management fees |
2,553 | 2,747 | 2,415 | |||||||||
| Service charges on deposit accounts |
2,744 | 2,801 | 2,585 | |||||||||
| Insurance fees |
1,092 | 1,738 | 1,190 | |||||||||
| Mortgage banking |
465 | 265 | 704 | |||||||||
| Securities gains, net |
— | 3 | — | |||||||||
| Other |
1,892 | 2,224 | 2,009 | |||||||||
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|
|
|
|
|
|||||||
| Total Noninterest Income |
11,312 | 12,542 | 11,565 | |||||||||
|
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|
|
|
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|
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| NONINTEREST EXPENSE |
||||||||||||
| Salaries and employee benefits |
15,201 | 14,910 | 14,323 | |||||||||
| Data processing |
2,083 | 2,137 | 2,172 | |||||||||
| Net occupancy |
1,986 | 1,910 | 2,011 | |||||||||
| Furniture and equipment |
1,260 | 1,084 | 1,401 | |||||||||
| Professional services and legal |
1,045 | 996 | 1,111 | |||||||||
| Other taxes |
790 | 1,039 | 667 | |||||||||
| Marketing |
841 | 607 | 1,146 | |||||||||
| FDIC insurance |
660 | 629 | 762 | |||||||||
| Other |
5,581 | 4,631 | 6,124 | |||||||||
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|
|
|
|
|||||||
| Total Noninterest Expense |
29,447 | 27,943 | 29,717 | |||||||||
|
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|
|
|
|
|
|||||||
| Income Before Taxes |
15,957 | 16,454 | 11,924 | |||||||||
| Provision for income taxes |
4,098 | 4,207 | 2,400 | |||||||||
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|
|
|
|
|||||||
| Net Income |
$ | 11,859 | $ | 12,247 | $ | 9,524 | ||||||
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|
|||||||
| Per Share Data: |
||||||||||||
| Shares outstanding at end of period |
29,737,725 | 29,738,305 | 29,732,209 | |||||||||
| Average shares outstanding - diluted |
29,691,844 | 29,685,600 | 29,659,999 | |||||||||
| Average shares outstanding - two-class method |
29,737,725 | 29,738,305 | 29,733,367 | |||||||||
| Diluted earnings per share (1) |
$ | 0.40 | $ | 0.41 | $ | 0.32 | ||||||
| Dividends declared per share |
$ | 0.16 | $ | 0.15 | $ | 0.15 | ||||||
| Dividend yield (annualized) |
2.53 | % | 2.48 | % | 3.32 | % | ||||||
| Dividends paid to net income |
40.12 | % | 36.42 | % | 46.83 | % | ||||||
| Book value |
$ | 19.21 | $ | 18.68 | $ | 18.08 | ||||||
| Tangible book value (5) |
$ | 13.17 | $ | 12.63 | $ | 11.98 | ||||||
| Market value |
$ | 25.31 | $ | 24.22 | $ | 18.07 | ||||||
| Profitability Ratios (Annualized) |
||||||||||||
| Return on average assets |
1.03 | % | 1.07 | % | 0.86 | % | ||||||
| Return on average tangible assets (3) |
1.08 | % | 1.12 | % | 0.90 | % | ||||||
| Return on average shareholders’ equity |
8.40 | % | 8.86 | % | 7.05 | % | ||||||
| Return on average tangible shareholders’ equity (4) |
12.38 | % | 13.19 | % | 10.65 | % | ||||||
| Efficiency ratio (FTE) (2) |
61.04 | % | 56.97 | % | 63.29 | % | ||||||
| S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited |
S&T Earnings Release – 8 |
| 2013 | 2013 | 2012 | ||||||||||
| (in thousands) | Fourth Quarter |
Third Quarter |
Fourth Quarter |
|||||||||
| ASSETS |
||||||||||||
| Cash and due from banks, including interest-bearing deposits |
$ | 108,356 | $ | 234,928 | $ | 337,711 | ||||||
| Securities available-for-sale, at fair value |
509,425 | 488,162 | 452,266 | |||||||||
| Loans held for sale |
2,136 | 3,695 | 22,499 | |||||||||
| Commercial loans: |
||||||||||||
| Commercial real estate |
1,607,756 | 1,567,814 | 1,452,133 | |||||||||
| Commercial and industrial |
842,449 | 827,699 | 791,396 | |||||||||
| Construction |
143,675 | 152,206 | 168,143 | |||||||||
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|||||||
| Total commercial loans |
2,593,880 | 2,547,719 | 2,411,672 | |||||||||
| Consumer loans: |
||||||||||||
| Residential mortgage |
487,092 | 477,141 | 427,303 | |||||||||
| Home equity |
414,195 | 413,097 | 431,335 | |||||||||
| Installment and other consumer |
67,883 | 69,043 | 73,875 | |||||||||
| Construction |
3,149 | 4,335 | 2,437 | |||||||||
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|||||||
| Total consumer loans |
972,319 | 963,616 | 934,950 | |||||||||
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|||||||
| Total portfolio loans |
3,566,199 | 3,511,335 | 3,346,622 | |||||||||
| Allowance for loan losses |
(46,255 | ) | (47,983 | ) | (46,484 | ) | ||||||
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|
|||||||
| Total portfolio loans, net |
3,519,944 | 3,463,352 | 3,300,138 | |||||||||
| Goodwill |
175,820 | 175,820 | 175,733 | |||||||||
| Other assets |
217,509 | 222,171 | 238,355 | |||||||||
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| Total Assets |
$ | 4,533,190 | $ | 4,588,128 | $ | 4,526,702 | ||||||
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| LIABILITIES |
||||||||||||
| Deposits: |
||||||||||||
| Noninterest-bearing demand |
$ | 992,779 | $ | 974,262 | $ | 960,980 | ||||||
| Interest-bearing demand |
312,790 | 324,291 | 316,760 | |||||||||
| Money market |
281,403 | 308,445 | 361,233 | |||||||||
| Savings |
994,805 | 1,039,115 | 965,571 | |||||||||
| Certificates of deposit |
1,090,531 | 1,048,090 | 1,033,884 | |||||||||
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|||||||
| Total Deposits |
3,672,308 | 3,694,203 | 3,638,428 | |||||||||
| Securities sold under repurchase agreements |
33,847 | 33,290 | 62,582 | |||||||||
| Short-term borrowings |
140,000 | 175,000 | 75,000 | |||||||||
| Long-term borrowings |
21,810 | 22,390 | 34,101 | |||||||||
| Junior subordinated debt securities |
45,619 | 45,619 | 90,619 | |||||||||
| Other liabilities |
48,300 | 62,198 | 88,550 | |||||||||
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|
|||||||
| Total Liabilities |
3,961,884 | 4,032,700 | 3,989,280 | |||||||||
| SHAREHOLDERS’ EQUITY |
||||||||||||
| Total Shareholders’ Equity |
571,306 | 555,428 | 537,422 | |||||||||
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|||||||
| Total Liabilities and Shareholders’ Equity |
$ | 4,533,190 | $ | 4,588,128 | $ | 4,526,702 | ||||||
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|||||||
| Capitalization Ratios |
||||||||||||
| Shareholders’ equity / assets |
12.60 | % | 12.11 | % | 11.87 | % | ||||||
| Tangible common equity / tangible assets (6) |
9.00 | % | 8.52 | % | 8.20 | % | ||||||
| Tier 1 leverage ratio |
9.75 | % | 9.61 | % | 9.31 | % | ||||||
| Risk-based capital - tier 1 |
12.37 | % | 12.26 | % | 11.98 | % | ||||||
| Risk-based capital - total |
14.36 | % | 14.27 | % | 15.39 | % | ||||||
| S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited |
S&T Earnings Release – 9 |
| (in thousands) | For the Twelve Months Ended December 31, | |||||||||||||||
| Net Interest Margin (FTE) (YTD Averages) |
2013 | 2012 | ||||||||||||||
| ASSETS |
||||||||||||||||
| Loans |
$ | 3,448,529 | 4.22 | % | $ | 3,213,018 | 4.59 | % | ||||||||
| Taxable investment securities |
371,099 | 2.01 | % | 291,483 | 2.52 | % | ||||||||||
| Tax-exempt investment securities |
110,009 | 4.76 | % | 95,382 | 5.03 | % | ||||||||||
| Federal Home Loan Bank and other restricted stock |
13,692 | 0.78 | % | 17,945 | 0.21 | % | ||||||||||
| Interest-bearing deposits with banks |
167,952 | 0.26 | % | 289,947 | 0.25 | % | ||||||||||
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|
|||||||||||||
| Total Interest-earning Assets (7) |
4,111,281 | 3.86 | % | 3,907,775 | 4.10 | % | ||||||||||
| Noninterest-earning assets |
394,511 | 404,763 | ||||||||||||||
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|||||||||||||
| Total Assets |
$ | 4,505,792 | $ | 4,312,538 | ||||||||||||
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|||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||||||
| Interest-bearing demand |
$ | 309,748 | 0.02 | % | $ | 306,994 | 0.05 | % | ||||||||
| Money market |
319,831 | 0.14 | % | 308,719 | 0.17 | % | ||||||||||
| Savings |
1,001,209 | 0.17 | % | 902,889 | 0.26 | % | ||||||||||
| Certificates of deposit |
1,054,451 | 0.87 | % | 1,104,262 | 1.24 | % | ||||||||||
| Securities sold under repurchase agreements |
54,056 | 0.12 | % | 47,388 | 0.17 | % | ||||||||||
| Short-term borrowings |
101,973 | 0.27 | % | 50,212 | 0.24 | % | ||||||||||
| Long-term borrowings |
24,312 | 3.07 | % | 33,841 | 3.26 | % | ||||||||||
| Junior subordinated debt securities |
65,989 | 3.14 | % | 90,619 | 3.21 | % | ||||||||||
|
|
|
|
|
|||||||||||||
| Total Interest-bearing Liabilities |
2,931,569 | 0.50 | % | 2,844,924 | 0.74 | % | ||||||||||
| Noninterest-bearing demand |
955,475 | 877,056 | ||||||||||||||
| Other liabilities |
69,977 | 73,746 | ||||||||||||||
| Shareholders’ equity |
548,771 | 516,812 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Total Liabilities and Shareholders’ Equity |
$ | 4,505,792 | $ | 4,312,538 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Net Interest Margin (8) |
3.50 | % | 3.57 | % | ||||||||||||
| 2013 | 2013 | 2012 | ||||||||||||||||||||||
| Net Interest Margin (FTE) (QTD Averages) |
Fourth Quarter |
Third Quarter |
Fourth Quarter |
|||||||||||||||||||||
| ASSETS |
||||||||||||||||||||||||
| Loans |
$ | 3,537,426 | 4.12 | % | $ | 3,476,914 | 4.16 | % | $ | 3,286,039 | 4.44 | % | ||||||||||||
| Taxable investment securities |
386,177 | 1.91 | % | 378,678 | 1.98 | % | 323,632 | 2.25 | % | |||||||||||||||
| Tax-exempt investment securities |
114,301 | 4.78 | % | 108,982 | 4.88 | % | 105,430 | 4.68 | % | |||||||||||||||
| Federal Home Loan Bank and other restricted stock |
14,021 | 1.41 | % | 13,910 | 0.83 | % | 15,998 | 0.46 | % | |||||||||||||||
| Interest-bearing deposits with banks |
113,662 | 0.28 | % | 162,381 | 0.27 | % | 267,719 | 0.29 | % | |||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Total Interest-earning Assets (7) |
4,165,587 | 3.82 | % | 4,140,865 | 3.82 | % | 3,998,818 | 3.97 | % | |||||||||||||||
| Noninterest-earning assets |
385,449 | 391,001 | 411,077 | |||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Total Assets |
$ | 4,551,036 | $ | 4,531,866 | $ | 4,409,895 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||||||||||||||
| Interest-bearing demand |
$ | 313,942 | 0.02 | % | $ | 311,369 | 0.02 | % | $ | 317,253 | 0.03 | % | ||||||||||||
| Money market |
290,159 | 0.13 | % | 323,671 | 0.14 | % | 336,943 | 0.17 | % | |||||||||||||||
| Savings |
1,009,515 | 0.15 | % | 1,019,647 | 0.15 | % | 960,248 | 0.25 | % | |||||||||||||||
| Certificates of deposit |
1,075,516 | 0.75 | % | 1,050,954 | 0.83 | % | 1,058,308 | 1.06 | % | |||||||||||||||
| Securities sold under repurchase agreements |
26,384 | 0.01 | % | 59,390 | 0.09 | % | 47,421 | 0.20 | % | |||||||||||||||
| Short-term borrowings |
146,957 | 0.30 | % | 127,174 | 0.28 | % | 14,168 | 0.04 | % | |||||||||||||||
| Long-term borrowings |
22,043 | 3.00 | % | 22,625 | 3.01 | % | 34,328 | 3.21 | % | |||||||||||||||
| Junior subordinated debt securities |
45,619 | 2.70 | % | 45,619 | 2.72 | % | 90,619 | 3.13 | % | |||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Total Interest-bearing Liabilities |
2,930,135 | 0.42 | % | 2,960,449 | 0.44 | % | 2,859,288 | 0.64 | % | |||||||||||||||
| Noninterest-bearing demand |
993,653 | 955,337 | 929,575 | |||||||||||||||||||||
| Other liabilities |
67,451 | 67,639 | 83,811 | |||||||||||||||||||||
| Shareholders’ equity |
559,797 | 548,441 | 537,221 | |||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Total Liabilities and Shareholders’ Equity |
$ | 4,551,036 | $ | 4,531,866 | $ | 4,409,895 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Net Interest Margin (8) |
3.52 | % | 3.50 | % | 3.51 | % | ||||||||||||||||||
| S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited |
S&T Earnings Release – 10 |
| For the Twelve Months Ended December 31, | ||||||||
| 2013 | 2012 | |||||||
| Asset Quality Data |
||||||||
| Net loan charge-offs |
8,540 | 25,173 | ||||||
| Net loan charge-offs / average loans |
0.25 | % | 0.78 | % | ||||
| 2013 | 2013 | 2012 | ||||||||||||||||||||||
| Fourth | Third | Fourth | ||||||||||||||||||||||
| (in thousands) | Quarter | Quarter | Quarter | |||||||||||||||||||||
| Nonaccrual Loans (NPL) |
||||||||||||||||||||||||
| Commercial loans: |
% NPL | % NPL | % NPL | |||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Commercial real estate |
$ | 10,750 | 0.67 | % | $ | 16,479 | 1.05 | % | $ | 30,556 | 2.10 | % | ||||||||||||
| Commercial and industrial |
3,296 | 0.39 | % | 3,897 | 0.47 | % | 6,435 | 0.81 | % | |||||||||||||||
| Construction |
2,742 | 1.91 | % | 9,684 | 6.36 | % | 6,778 | 4.03 | % | |||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Total Nonaccrual Commercial Loans |
16,788 | 0.65 | % | 30,060 | 1.18 | % | 43,769 | 1.81 | % | |||||||||||||||
| Consumer loans: |
||||||||||||||||||||||||
| Residential mortgage |
3,338 | 0.69 | % | 3,021 | 0.63 | % | 7,278 | 1.70 | % | |||||||||||||||
| Home equity |
2,291 | 0.55 | % | 3,291 | 0.80 | % | 3,653 | 0.85 | % | |||||||||||||||
| Installment and other consumer |
37 | 0.05 | % | 27 | 0.04 | % | 40 | 0.05 | % | |||||||||||||||
| Construction |
— | — | — | — | 218 | 8.95 | % | |||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Total Nonaccrual Consumer Loans |
5,666 | 0.58 | % | 6,339 | 0.66 | % | 11,189 | 1.20 | % | |||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Total Nonaccrual Loans |
$ | 22,454 | 0.63 | % | $ | 36,399 | 1.04 | % | $ | 54,958 | 1.64 | % | ||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| 2013 | 2013 | 2012 | ||||||||||
| Fourth | Third | Fourth | ||||||||||
| Quarter | Quarter | Quarter | ||||||||||
| Asset Quality Data |
||||||||||||
| Nonaccrual loans |
$ | 22,454 | $ | 36,399 | $ | 54,958 | ||||||
| Assets acquired through foreclosure or repossession |
410 | 460 | 911 | |||||||||
| Nonperforming assets |
22,864 | 36,859 | 55,869 | |||||||||
| Troubled debt restructurings (nonaccruing) |
10,067 | 20,394 | 18,940 | |||||||||
| Troubled debt restructurings (accruing) |
39,229 | 35,624 | 41,521 | |||||||||
| Total troubled debt restructurings |
49,296 | 56,018 | 60,461 | |||||||||
| Nonaccrual loans / loans |
0.63 | % | 1.04 | % | 1.63 | % | ||||||
| Nonperforming assets / loans plus OREO |
0.64 | % | 1.05 | % | 1.66 | % | ||||||
| Allowance for loan losses / loans |
1.30 | % | 1.37 | % | 1.38 | % | ||||||
| Allowance for loan losses / nonaccrual loans |
206 | % | 132 | % | 85 | % | ||||||
| Net loan charge-offs |
3,290 | 1,541 | 4,011 | |||||||||
| Net loan charge-offs (annualized) / average loans |
0.37 | % | 0.18 | % | 0.49 | % | ||||||
| S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited |
S&T Earnings Release – 11 |
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
| (1) |
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. | |||||||||||||||||||||
| (2) |
Noninterest expense divided by noninterest income plus net interest income, on a fully taxable equivalent (FTE) basis. | |||||||||||||||||||||
| For the Twelve Months | 2013 | 2013 | 2012 | |||||||||||||||||||
| Ended December 31, | Fourth | Third | Fourth | |||||||||||||||||||
| 2013 | 2012 | Quarter | Quarter | Quarter | ||||||||||||||||||
| (3) |
Return on Average Tangible Assets |
|||||||||||||||||||||
| Return on average assets (GAAP basis) |
1.12 | % | 0.79 | % | 1.03 | % | 1.07 | % | 0.86 | % | ||||||||||||
| Effect of excluding intangible assets |
0.05 | % | 0.04 | % | 0.05 | % | 0.05 | % | 0.04 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Return on average tangible assets |
1.17 | % | 0.83 | % | 1.08 | % | 1.12 | % | 0.90 | % | ||||||||||||
| (4) |
Return on Average Tangible Shareholders’ Equity |
|||||||||||||||||||||
| Return on average shareholders’ equity (GAAP basis) |
9.21 | % | 6.62 | % | 8.40 | % | 8.86 | % | 7.05 | % | ||||||||||||
| Effect of excluding intangible assets |
4.51 | % | 3.45 | % | 3.98 | % | 4.33 | % | 3.60 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Return on average tangible shareholders’ equity |
13.72 | % | 10.07 | % | 12.38 | % | 13.19 | % | 10.65 | % | ||||||||||||
| (5) |
Tangible Book Value |
|||||||||||||||||||||
| Book value (GAAP basis) |
$ | 19.21 | $ | 18.68 | $ | 18.08 | ||||||||||||||||
| Effect of excluding intangible assets |
(6.04 | ) | (6.05 | ) | (6.10 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
| Tangible book value |
$ | 13.17 | $ | 12.63 | $ | 11.98 | ||||||||||||||||
| (6) |
Tangible Common Equity / Tangible Assets |
|||||||||||||||||||||
| Shareholders’ equity / assets (GAAP basis) |
12.60 | % | 12.11 | % | 11.87 | % | ||||||||||||||||
| Effect of excluding intangible assets |
(3.60 | )% | (3.59 | )% | (3.67 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
| Tangible common equity / tangible assets |
9.00 | % | 8.52 | % | 8.20 | % | ||||||||||||||||
| (7) |
Interest Income Rate (FTE) |
|||||||||||||||||||||
| Interest income (annualized) rate (GAAP basis) |
3.74 | % | 3.99 | % | 3.69 | % | 3.70 | % | 3.86 | % | ||||||||||||
| Taxable equivalent adjustment |
0.12 | % | 0.11 | % | 0.13 | % | 0.12 | % | 0.11 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Interest income rate (FTE) |
3.86 | % | 4.10 | % | 3.82 | % | 3.82 | % | 3.97 | % | ||||||||||||
| (8) |
Net Interest Margin Rate (FTE) |
|||||||||||||||||||||
| Net interest margin rate (GAAP basis) |
3.39 | % | 3.45 | % | 3.40 | % | 3.38 | % | 3.40 | % | ||||||||||||
| Taxable equivalent adjustment |
0.11 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.11 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net interest margin rate (FTE) |
3.50 | % | 3.57 | % | 3.52 | % | 3.50 | % | 3.51 | % | ||||||||||||