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8-K - FORM 8-K - S&T BANCORP INCd860434d8k.htm

Exhibit 99.1

 

LOGO

 

FOR IMMEDIATE RELEASE      Contact: Mark Kochvar
January 27, 2015      Chief Financial Officer
     800 Philadelphia Street
     Indiana, PA 15701
     724.465.4826
     mark.kochvar@stbank.net
     www.stbancorp.com

S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2014

Results and Declares Quarterly Dividend

Indiana, PennsylvaniaJanuary 27, 2015 – S&T Bancorp, Inc. (S&T) (NASDAQ: STBA) has announced its fourth quarter and full year 2014 earnings. Fourth quarter earnings were $14.5 million, or $0.49 per diluted share, compared to third quarter of 2014 earnings of $14.7 million, or $0.49 per diluted share, and fourth quarter of 2013 earnings of $11.9 million, or $0.40 per diluted share. Full year 2014 earnings increased 15% to $57.9 million, or $1.95 per diluted share, compared to 2013 earnings of $50.5 million, or $1.70 per diluted share.

Highlights:

 

    Total average loans increased $89.5 million, or 2.4%, from the third quarter of 2014 and $259 million, or 7.5%, for the year.

 

    Total average deposits increased $123 million, or 4.6%, for the year.

 

    Asset quality remained excellent with net charge-offs to average loans of 0.05% for the fourth quarter of 2014 and 0.00% for the year. Net charge-offs for 2014 were only $58 thousand.

 

    Expenses were well controlled in 2014, decreasing $0.2 million compared to 2013.

 

    S&T declared a $0.18 per share dividend for the fourth quarter compared to $0.16 in the same period a year ago, an increase of 12.5%.

 

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S&T Earnings Release –2

S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2014

Results and Declares Fourth Quarter Dividend

(continued)

 

“We are extremely pleased to report a 15% increase in our earnings for 2014 which was driven by solid loan growth, a stable net interest margin, well controlled expenses and excellent asset quality.” said Todd Brice, president and chief executive officer of S&T. “The execution of our growth strategy continues with the announcement of our merger with Integrity Bancshares, Inc. in south-central Pennsylvania and our planned market expansion into western New York. We are well positioned to build upon the momentum that we are experiencing into 2015.”

Net Interest Income

Net interest income increased $0.5 million to $38.1 million compared to $37.5 million in the prior quarter. Net interest margin on a fully taxable equivalent basis (FTE) decreased to 3.43% compared to 3.50% in the third quarter of 2014. Net interest margin was impacted by lower loan rates during the fourth quarter and slightly higher deposit costs. Loan rates declined 4 basis points to 3.98% compared to 4.02% in the third quarter of 2014. Despite the lower net interest margin rate, net interest income increased due to average loan growth of $89.5 million, or 2.4%, from the third quarter of 2014.

Asset Quality

Total nonperforming loans decreased to $12.5 million, or 0.32% of total loans at December 31, 2014 compared to $13.5 million, or 0.35% of total loans at September 30, 2014. Net charge-offs for the fourth quarter of 2014 were $0.5 million compared to net charge-offs of $0.7 million in the third quarter of 2014. The provision for loan losses was $1.1 million in the fourth quarter of 2014 compared to $1.5 million in the third quarter of 2014. The allowance for loan losses was $47.9 million, or 1.24% of total loans, compared to $47.3 million, or 1.24% of total loans, at September 30, 2014.

Noninterest Income and Expense

Noninterest income decreased $0.7 million to $11.2 million compared to $11.9 million in the third quarter of 2014. The decrease in noninterest income was primarily due to

 

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S&T Earnings Release –3

S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2014

Results and Declares Fourth Quarter Dividend

(continued)

 

seasonality in our insurance and merchant businesses. Noninterest expense increased $1.3 million to $29.7 million compared to $28.4 million in the third quarter of 2014. The increase was mainly due to merger related expenses of $0.7 million, a $0.3 million increase in professional services and legal related to a consulting project and a $0.5 million increase in other expense primarily related to a contract termination fee.

2014 Full Year Results

Full year 2014 earnings increased $7.4 million, or 15%, to $57.9 million, or $1.95 per diluted share, compared to $50.5 million, or $1.70 per diluted share for 2013. Return on average assets increased 10 basis points to 1.22% compared to 1.12% for 2013 and return on average equity increased 50 basis points to 9.71% compared to 9.21% for 2013. The improvement in earnings was primarily due to an increase in net interest income of $8.8 million, or 6.4%, and a decrease in the provision for loan losses of $6.6 million, or 79%. The increase in net interest income was primarily due to strong average loan growth of $259 million during 2014. Net interest margin was stable at 3.50% for both 2014 and 2013. The provision for loan losses decreased due to a significant improvement in asset quality with only $58 thousand in net charge-offs in 2014. Despite significant growth in 2014, expenses remained well controlled with a decrease of $0.2 million.

Asset quality improved significantly throughout 2014. Total nonperforming loans were $12.5 million, or 0.32% of total loans, at December 31, 2014, which represents a 45% decrease from $22.5 million, or 0.63% of total loans, at December 31, 2013. Special mention and substandard loans also decreased $49.1 million, or 26%, to $138.6 million from $187.7 million at December 31, 2013.

S&T’s growth strategy continued in 2014 with expansion through a new loan production office in Central Ohio and a new branch and lending team in State College, Pennsylvania.

 

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S&T Earnings Release –4

S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2014

Results and Declares Fourth Quarter Dividend

(continued)

 

The merger with Integrity Bancshares, Inc. was announced on October 30, 2014 and is expected to close in the first quarter of 2015. Integrity has eight branches in south-central Pennsylvania and assets of $844 million as of December 31, 2014.

Financial Condition

Total assets increased $57.9 million to $5.0 billion at December 31, 2014 compared to $4.9 billion at September 30, 2014 and increased $432 million compared to $4.5 billion at December 31, 2013. Portfolio loan growth was strong during the quarter with an increase of $67.6 million, or a 7.1% annualized rate. Commercial loans grew $71.0 million during the quarter, or a 10% annualized rate, due to growth in the commercial and industrial and construction portfolios. Total deposits were unchanged at $3.9 billion for the quarter. S&T’s risk-based capital ratios were little changed this quarter with retained earnings growth keeping pace with loan growth. All capital ratios remain significantly above the well-capitalized thresholds of federal bank regulatory agencies.

Dividend

The Board of Directors of S&T declared a $0.18 per share cash dividend at its regular meeting held January 26, 2015. This is an increase of 12.5% compared to a common stock dividend of $0.16 per share declared in the fourth quarter of 2013. The dividend is payable February 26, 2015 to shareholders of record on February 12, 2015. Dividends declared in 2014 increased $0.07, or 11.5%, to $0.68 compared to $0.61 for 2013.

Conference Call

S&T will host its fourth quarter 2014 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, January 27, 2015. To access the webcast, go to S&T’s webpage at www.stbancorp.com and click on “Events & Presentations.” Select “4th Quarter 2014 Conference Call” and follow the instructions.

 

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S&T Earnings Release –5

S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2014

Results and Declares Fourth Quarter Dividend

(continued)

 

About S&T Bancorp, Inc.

Headquartered in Indiana, Pennsylvania, S&T Bank operates offices within Allegheny, Armstrong, Blair, Butler, Cambria, Centre, Clarion, Clearfield, Indiana, Jefferson, Washington and Westmoreland counties, as well as loan production offices in northeast and central Ohio. With assets of $5.0 billion, S&T stock trades on the NASDAQ Global Select Market System under the symbol STBA. For more information, visit 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.   S&T Earnings Release –6
Consolidated Selected Financial Data  
Unaudited  

 

 

     For the Twelve Months Ended December 31,  
(dollars in thousands, except per share data)    2014     2013  

INTEREST INCOME

    

Loans, including fees

   $ 147,293      $ 142,492   

Investment securities:

    

Taxable

     8,983        7,478   

Tax-exempt

     3,857        3,401   

Dividends

     390        385   
  

 

 

   

 

 

 

Total Interest Income

     160,523        153,756   
  

 

 

   

 

 

 

INTEREST EXPENSE

    

Deposits

     10,128        11,406   

Borrowings and junior subordinated debt securities

     2,353        3,157   
  

 

 

   

 

 

 

Total Interest Expense

     12,481        14,563   
  

 

 

   

 

 

 

NET INTEREST INCOME

     148,042        139,193   

Provision for loan losses

     1,715        8,311   
  

 

 

   

 

 

 

Net Interest Income After Provision for Loan Losses

     146,327        130,882   
  

 

 

   

 

 

 

NONINTEREST INCOME

    

Securities gains, net

     41        5   

Wealth management fees

     11,343        10,696   

Debit and credit card fees

     10,781        10,931   

Service charges on deposit accounts

     10,559        10,488   

Insurance fees

     5,955        6,248   

Mortgage banking

     917        2,123   

Gain on sale of merchant card servicing business

     —          3,093   

Other

     6,742        7,943   
  

 

 

   

 

 

 

Total Noninterest Income

     46,338        51,527   
  

 

 

   

 

 

 

NONINTEREST EXPENSE

    

Salaries and employee benefits

     60,442        60,847   

Data processing

     8,737        8,263   

Net occupancy

     8,211        8,018   

Furniture and equipment

     5,317        4,883   

Professional services and legal

     3,717        4,184   

Marketing

     3,316        2,929   

Other taxes

     2,905        3,743   

FDIC insurance

     2,436        2,772   

Merger related expenses

     689        838   

Other

     21,470        20,915   
  

 

 

   

 

 

 

Total Noninterest Expense

     117,240        117,392   
  

 

 

   

 

 

 

Income Before Taxes

     75,425        65,017   

Provision for income taxes

     17,515        14,478   
  

 

 

   

 

 

 

Net Income

   $ 57,910      $ 50,539   
  

 

 

   

 

 

 

Per Share Data:

    

Average shares outstanding - diluted

     29,708,724        29,682,553   

Average shares outstanding - two-class method

     29,768,021        29,733,721   

Diluted earnings per share (1)

   $ 1.95      $ 1.70   

Dividends declared per share

   $ 0.68      $ 0.61   

Dividends paid to net income

     34.89     35.89

Profitability Ratios

    

Return on average assets

     1.22     1.12

Return on average tangible assets (3)

     1.28     1.19

Return on average shareholders’ equity

     9.71     9.21

Return on average tangible shareholders’ equity (4)

     14.02     13.94

Efficiency ratio (FTE) (2)

     58.67     60.03


S&T Bancorp, Inc. S&T Earnings Release –7
Consolidated Selected Financial Data
Unaudited

 

     2014     2014     2013  
     Fourth     Third     Fourth  
(dollars in thousands, except per share data)    Quarter     Quarter     Quarter  

INTEREST INCOME

      

Loans, including fees

   $ 37,797      $ 37,233      $ 35,949   

Investment securities:

      

Taxable

     2,503        2,313        1,847   

Tax-exempt

     985        964        888   

Dividends

     96        95        95   
  

 

 

   

 

 

   

 

 

 

Total Interest Income

  41,381      40,605      38,779   
  

 

 

   

 

 

   

 

 

 

INTEREST EXPENSE

Deposits

  2,662      2,480      2,536   

Borrowings and junior subordinated debt securities

  653      596      589   
  

 

 

   

 

 

   

 

 

 

Total Interest Expense

  3,315      3,076      3,125   
  

 

 

   

 

 

   

 

 

 

NET INTEREST INCOME

  38,066      37,529      35,654   

Provision for loan losses

  1,106      1,454      1,562   
  

 

 

   

 

 

   

 

 

 

Net Interest Income After Provision for Loan Losses

  36,960      36,075      34,092   
  

 

 

   

 

 

   

 

 

 

NONINTEREST INCOME

Securities gains, net

  —        —        —     

Wealth management fees

  2,795      2,756      2,553   

Debit and credit card fees

  2,645      2,909      2,566   

Service charges on deposit accounts

  2,677      2,799      2,744   

Insurance fees

  1,132      1,722      1,092   

Mortgage banking

  251      270      465   

Other

  1,720      1,475      1,892   
  

 

 

   

 

 

   

 

 

 

Total Noninterest Income

  11,220      11,931      11,312   
  

 

 

   

 

 

   

 

 

 

NONINTEREST EXPENSE

Salaries and employee benefits

  14,471      14,823      15,201   

Data processing

  2,271      2,152      2,083   

Net occupancy

  1,993      2,004      1,986   

Furniture and equipment

  1,460      1,308      1,260   

Professional services and legal

  1,229      950      1,045   

Marketing

  981      757      841   

Other taxes

  543      839      790   

FDIC insurance

  618      607      660   

Merger related expenses

  689      —        —     

Other

  5,465      5,000      5,581   
  

 

 

   

 

 

   

 

 

 

Total Noninterest Expense

  29,720      28,440      29,447   
  

 

 

   

 

 

   

 

 

 

Income Before Taxes

  18,460      19,566      15,957   

Provision for income taxes

  3,963      4,906      4,098   
  

 

 

   

 

 

   

 

 

 

Net Income

$ 14,497    $ 14,660    $ 11,859   
  

 

 

   

 

 

   

 

 

 

Per Share Data:

Shares outstanding at end of period

  29,796,397      29,796,397      29,737,725   

Average shares outstanding - diluted

  29,718,321      29,714,612      29,691,844   

Average shares outstanding - two-class method

  29,796,397      29,796,397      29,737,725   

Diluted earnings per share (1)

$ 0.49    $ 0.49    $ 0.40   

Dividends declared per share

$ 0.18    $ 0.17    $ 0.16   

Dividend yield

  2.42   2.90   2.53

Dividends paid to net income

  36.87   34.43   40.12

Book value

$ 20.42    $ 20.33    $ 19.21   

Tangible book value (6)

$ 14.46    $ 14.37    $ 13.22   

Market value

$ 29.81    $ 23.46    $ 25.31   

Profitability Ratios

Return on average assets

  1.17   1.21   1.03

Return on average tangible assets (7)

  1.22   1.26   1.10

Return on average shareholders’ equity

  9.38   9.68   8.40

Return on average tangible shareholders’ equity (8)

  13.35   13.90   12.58

Efficiency ratio (FTE) (2)

  58.67   55.95   61.04


S&T Bancorp, Inc. S&T Earnings Release –8
Consolidated Selected Financial Data
Unaudited

 

     2014     2014     2013  
     Fourth     Third     Fourth  
(dollars in thousands)    Quarter     Quarter     Quarter  

ASSETS

      

Cash and due from banks, including interest-bearing deposits

   $ 109,580      $ 143,831      $ 108,356   

Securities available-for-sale, at fair value

     640,273        615,657        509,425   

Loans held for sale

     2,970        3,126        2,136   

Commercial loans:

      

Commercial real estate

     1,682,236        1,691,649        1,607,756   

Commercial and industrial

     994,138        946,366        842,449   

Commercial construction

     216,148        183,509        143,675   
  

 

 

   

 

 

   

 

 

 

Total Commercial Loans

  2,892,522      2,821,524      2,593,880   

Consumer loans:

Residential mortgage

  489,586      491,404      487,092   

Home equity

  418,563      418,659      414,195   

Installment and other consumer

  65,567      66,607      67,883   

Consumer construction

  2,508      2,995      3,149   
  

 

 

   

 

 

   

 

 

 

Total Consumer Loans

  976,224      979,665      972,319   
  

 

 

   

 

 

   

 

 

 

Total portfolio loans

  3,868,746      3,801,189      3,566,199   

Allowance for loan losses

  (47,911   (47,316   (46,255
  

 

 

   

 

 

   

 

 

 

Total portfolio loans, net

  3,820,835      3,753,873      3,519,944   

Goodwill

  175,820      175,820      175,820   

Other assets

  215,208      214,437      217,509   
  

 

 

   

 

 

   

 

 

 

Total Assets

$ 4,964,686    $ 4,906,744    $ 4,533,190   
  

 

 

   

 

 

   

 

 

 

LIABILITIES

Deposits:

Noninterest-bearing demand

$ 1,083,919    $ 1,077,505    $ 992,779   

Interest-bearing demand

  335,099      336,720      312,790   

Money market

  376,612      295,559      281,403   

Savings

  1,027,095      1,048,175      994,805   

Certificates of deposit

  1,086,117      1,143,142      1,090,531   
  

 

 

   

 

 

   

 

 

 

Total Deposits

  3,908,842      3,901,101      3,672,308   

Securities sold under repurchase agreements

  30,605      23,084      33,847   

Short-term borrowings

  290,000      265,000      140,000   

Long-term borrowings

  19,442      20,042      21,810   

Junior subordinated debt securities

  45,619      45,619      45,619   

Other liabilities

  61,789      46,001      48,300   
  

 

 

   

 

 

   

 

 

 

Total Liabilities

  4,356,297      4,300,847      3,961,884   

SHAREHOLDERS’ EQUITY

Total Shareholders’ Equity

  608,389      605,897      571,306   
  

 

 

   

 

 

   

 

 

 

Total Liabilities and Shareholders’ Equity

$ 4,964,686    $ 4,906,744    $ 4,533,190   
  

 

 

   

 

 

   

 

 

 

Capitalization Ratios

Shareholders’ equity / assets

  12.25   12.35   12.60

Tangible common equity / tangible assets (9)

  9.00   9.05   9.03

Tier 1 leverage ratio

  9.80   9.88   9.75

Risk-based capital - tier 1

  12.34   12.35   12.37

Risk-based capital - total

  14.27   14.29   14.36


S&T Bancorp, Inc.   S&T Earnings Release –9
Consolidated Selected Financial Data  
Unaudited  

 

 

     For the Twelve Months Ended December 31,  
(dollars in thousands)    2014            2013         

Net Interest Margin (FTE) (YTD Averages)

          

ASSETS

          

Loans

   $ 3,707,807         4.06   $ 3,448,529         4.22

Taxable investment securities

     443,187         1.99     371,099         2.01

Tax-exempt investment securities

     128,750         4.61     110,009         4.76

Federal Home Loan Bank and other restricted stock

     14,083         3.43     13,692         0.78

Interest-bearing deposits with banks

     92,972         0.25     167,952         0.26
  

 

 

      

 

 

    

Total Interest-earning Assets

     4,386,799         3.78     4,111,281         3.86

Noninterest-earning assets

     375,564           394,511      
  

 

 

      

 

 

    

Total Assets

   $ 4,762,363         $ 4,505,792      
  

 

 

      

 

 

    

LIABILITIES AND SHAREHOLDERS’ EQUITY

          

Interest-bearing demand

   $ 321,907         0.02   $ 309,748         0.02

Money market

     321,294         0.16     319,831         0.14

Savings

     1,033,482         0.16     1,001,209         0.17

Certificates of deposit

     905,346         0.79     973,339         0.92

CDARS and brokered deposits

     226,169         0.34     81,112         0.29

Securities sold under repurchase agreements

     28,372         0.01     54,057         0.12

Short-term borrowings

     164,811         0.31     101,973         0.27

Long-term borrowings

     20,571         3.00     24,312         3.07

Junior subordinated debt securities

     45,619         2.68     65,989         3.14
  

 

 

      

 

 

    

Total Interest-bearing Liabilities

     3,067,571         0.41     2,931,570         0.50

Noninterest-bearing demand

     1,046,606           955,475      

Other liabilities

     52,031           69,976      

Shareholders’ equity

     596,155           548,771      
  

 

 

      

 

 

    

Total Liabilities and Shareholders’ Equity

   $ 4,762,363         $ 4,505,792      
  

 

 

      

 

 

    

Net Interest Margin (5)

        3.50        3.50

 

     2014            2014            2013         
(dollars in thousands)    Fourth
Quarter
           Third
Quarter
           Fourth
Quarter
        
                           

Net Interest Margin (FTE) (QTD Averages)

               

ASSETS

               

Loans

   $ 3,845,351         3.98   $ 3,755,862         4.02   $ 3,537,426         4.12

Taxable investment securities

     489,030         1.99     458,378         2.00     386,177         1.91

Tax-exempt investment securities

     134,355         4.51     129,400         4.58     114,301         4.78

Federal Home Loan Bank and other restricted stock

     14,420         4.17     15,740         3.02     14,021         1.41

Interest-bearing deposits with banks

     79,041         0.27     58,033         0.23     113,662         0.28
  

 

 

      

 

 

      

 

 

    

Total Interest-earning Assets

     4,562,197         3.72     4,417,413         3.77     4,165,587         3.82

Noninterest-earning assets

     373,068           379,290           385,449      
  

 

 

      

 

 

      

 

 

    

Total Assets

   $ 4,935,265         $ 4,796,703         $ 4,551,036      
  

 

 

      

 

 

      

 

 

    

LIABILITIES AND SHAREHOLDERS’ EQUITY

               

Interest-bearing demand

   $ 335,479         0.02   $ 326,711         0.02   $ 313,942         0.02

Money market

     299,732         0.17     308,166         0.17     290,159         0.13

Savings

     1,048,359         0.16     1,035,281         0.15     1,009,515         0.15

Certificates of deposit

     923,468         0.81     888,163         0.76     935,590         0.81

CDARS and brokered deposits

     233,650         0.36     249,659         0.36     139,926         0.32

Securities sold under repurchase agreements

     25,137         0.01     21,243         0.01     26,384         0.01

Short-term borrowings

     249,185         0.32     172,228         0.31     146,957         0.30

Long-term borrowings

     19,685         2.96     20,282         2.97     22,043         3.00

Junior subordinated debt securities

     45,619         2.67     45,619         2.68     45,619         2.70
  

 

 

      

 

 

      

 

 

    

Total Interest-bearing Liabilities

     3,180,314         0.41     3,067,352         0.40     2,930,135         0.42

Noninterest-bearing demand

     1,091,638           1,074,564           993,653      

Other liabilities

     50,033           53,860           67,451      

Shareholders’ equity

     613,280           600,927           559,797      
  

 

 

      

 

 

      

 

 

    

Total Liabilities and Shareholders’ Equity

   $ 4,935,265         $ 4,796,703         $ 4,551,036      
  

 

 

      

 

 

      

 

 

    

Net Interest Margin (10)

        3.43        3.50        3.52


S&T Bancorp, Inc.   S&T Earnings Release –10
Consolidated Selected Financial Data  
Unaudited  

 

     For the Twelve Months Ended December 31,  
(dollars in thousands)    2014     2013  

Asset Quality Data

    

Net loan charge-offs

   $ 58      $ 8,540   

Net loan charge-offs / average loans

     0.00     0.25

 

     2014            2014            2013         
(dollars in thousands)    Fourth
Quarter
           Third
Quarter
           Fourth
Quarter
        

Nonperforming Loans (NPL)

               

Commercial loans:

        % NPL           % NPL           % NPL   

Commercial real estate

   $ 4,434         0.26   $ 5,174         0.31   $ 10,750         0.67

Commercial and industrial

     1,622         0.16     2,426         0.26     3,296         0.39

Commercial construction

     1,974         0.91     1,889         1.03     2,742         1.91
  

 

 

      

 

 

      

 

 

    

Total Nonperforming Commercial Loans

  8,030      0.28   9,489      0.34   16,788      0.65

Consumer loans:

Residential mortgage

  2,336      0.48   2,248      0.46   3,338      0.69

Home equity

  2,060      0.49   1,735      0.41   2,291      0.55

Installment and other consumer

  31      0.05   30      0.05   37      0.05

Consumer construction

  —        —        —        —        —        —     
  

 

 

      

 

 

      

 

 

    

Total Nonperforming Consumer Loans

  4,427      0.45   4,013      0.41   5,666      0.58
  

 

 

      

 

 

      

 

 

    

Total Nonperforming Loans

$ 12,457      0.32 $ 13,502      0.35 $ 22,454      0.63
  

 

 

      

 

 

      

 

 

    

 

     2014     2014     2013  
(dollars in thousands)    Fourth
Quarter
    Third
Quarter
    Fourth
Quarter
 

Asset Quality Data

      

Nonperforming loans

   $ 12,457      $ 13,502      $ 22,454   

Assets acquired through foreclosure or repossession

     166        200        410   

Nonperforming assets

     12,623        13,702        22,864   

Troubled debt restructurings (nonaccruing)

     5,436        4,929        10,067   

Troubled debt restructurings (accruing)

     36,983        37,273        39,229   

Total troubled debt restructurings

     42,419        42,202        49,296   

Nonperforming loans / loans

     0.32     0.35     0.63

Nonperforming assets / loans plus OREO

     0.33     0.36     0.64

Allowance for loan losses / loans

     1.24     1.24     1.30

Allowance for loan losses / nonperforming loans

     385     350     206

Net loan charge-offs

   $ 511      $ 718      $ 3,290   

Net loan charge-offs / average loans

     0.05     0.08     0.37


S&T Bancorp, Inc.   S&T Earnings Release –11
Consolidated Selected Financial Data  
Unaudited  

 

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 Ended December 31,  
     2014     2013  

(3)      Return on Average Tangible Assets (non-GAAP)

    

Net income

   $ 57,910      $ 50,539   

Plus: amortization of intangibles net of tax

     734        1,034   
  

 

 

   

 

 

 

Net income before amortization of intangibles

     58,644        51,573   

Average total assets

     4,762,363        4,505,792   

Less: average goodwill and other intangibles, net of deferred tax liability

     (177,881     (178,757
  

 

 

   

 

 

 

Average tangible assets (non-GAAP)

   $ 4,584,482      $ 4,327,035   

Return on average tangible assets (non-GAAP)

     1.28     1.19

(4)      Return on Average Tangible Shareholders’ Equity (non-GAAP)

    

Net income

   $ 57,910      $ 50,539   

Plus: amortization of intangibles net of tax

     734        1,034   
  

 

 

   

 

 

 

Net income before amortization of intangibles

     58,644        51,573   

Average total shareholders’ equity

     596,155        548,771   

Less: average goodwill and other intangibles, net of deferred tax liability

     (177,881     (178,757
  

 

 

   

 

 

 

Average tangible equity (non-GAAP)

   $ 418,274      $ 370,014   

Return on average tangible equity (non-GAAP)

     14.02     13.94

(5)      Net Interest Margin Rate (FTE) (non-GAAP)

    

Interest income

   $ 160,523      $ 153,756   

Less: interest expense

     (12,481     (14,563
  

 

 

   

 

 

 

Net interest income per consolidated statements of net income

     148,042        139,193   

Plus: taxable equivalent adjustment

     5,461        4,850   
  

 

 

   

 

 

 

Net interest income (FTE) (non-GAAP)

     153,503        144,043   

Average earning assets

   $ 4,386,799      $ 4,111,281   

Net interest margin - (FTE) (non-GAAP)

     3.50     3.50


S&T Bancorp, Inc.   S&T Earnings Release –12
Consolidated Selected Financial Data  
Unaudited  

 

Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:

 

     2014     2014     2013  
     Fourth     Third     Fourth  
     Quarter     Quarter     Quarter  

(6)      Tangible Book Value (non-GAAP)

      

Total shareholders’ equity

   $ 608,389      $ 605,897      $ 571,306   

Less: goodwill and other intangible assets, net of deferred tax liability

     (177,530     (177,696     (178,264
  

 

 

   

 

 

   

 

 

 

Tangible common equity (non-GAAP)

   $ 430,859      $ 428,201      $ 393,042   

Common shares outstanding

     29,796        29,796        29,738   

Tangible book value (non-GAAP)

   $ 14.46      $ 14.37      $ 13.22   

(7)      Return on Average Tangible Assets (non-GAAP)

      

Net income

   $ 57,514      $ 58,162      $ 47,051   

Plus: amortization of intangibles net of tax

     659        671        950   
  

 

 

   

 

 

   

 

 

 

Net income before amortization of intangibles

     58,173        58,833        48,001   

Average total assets

     4,935,265        4,796,703        4,551,036   

Less: average goodwill and other intangibles, net of deferred tax liability

     (177,619     (177,783     (178,380
  

 

 

   

 

 

   

 

 

 

Average tangible assets (non-GAAP)

   $ 4,757,646      $ 4,618,920      $ 4,372,656   

Return on average tangible assets (non-GAAP)

     1.22     1.26     1.10

(8)      Return on Average Tangible Shareholders’ Equity (non-GAAP)

      

Net income

   $ 57,514      $ 58,162      $ 47,051   

Plus: amortization of intangibles net of tax

     659        671        950   
  

 

 

   

 

 

   

 

 

 

Net income before amortization of intangibles

     58,173        58,833        48,001   

Average total shareholders’ equity

     613,280        600,927        559,797   

Less: average goodwill and other intangibles, net of deferred tax liability

     (177,619     (177,783     (178,380
  

 

 

   

 

 

   

 

 

 

Average tangible equity (non-GAAP)

   $ 435,661      $ 423,144      $ 381,417   

Return on average tangible equity (non-GAAP)

     13.35     13.90     12.58

(9)      Tangible Common Equity / Tangible Assets (non-GAAP)

      

Total shareholders’ equity

   $ 608,389      $ 605,897      $ 571,306   

Less: goodwill and other intangible assets, net of deferred tax liability

     (177,530     (177,696     (178,264
  

 

 

   

 

 

   

 

 

 

Tangible common equity (non-GAAP)

     430,859        428,201        393,042   

Total assets

     4,964,686        4,906,744        4,533,190   

Less: goodwill and other intangible assets, net of deferred tax liability

     (177,530     (177,696     (178,264
  

 

 

   

 

 

   

 

 

 

Tangible assets (non-GAAP)

   $ 4,787,156      $ 4,729,048      $ 4,354,926   

Tangible common equity to tangible assets (non-GAAP)

     9.00     9.05     9.03

(10)    Net Interest Margin Rate (FTE) (non-GAAP)

      

Interest income

   $ 41,381      $ 40,605      $ 38,779   

Less: interest expense

     (3,315     (3,076     (3,125
  

 

 

   

 

 

   

 

 

 

Net interest income per consolidated statements of net income

     38,066        37,529        35,654   

Plus: taxable equivalent adjustment

     1,371        1,373        1,280   
  

 

 

   

 

 

   

 

 

 

Net interest income (FTE) (non-GAAP)

     39,437        38,902        36,934   

Net interest income (FTE)

     156,462        154,339        146,532   

Average earning assets

   $ 4,562,197      $ 4,417,413      $ 4,165,587   

Net interest margin - (FTE) (non-GAAP)

     3.43     3.50     3.52