S&T BANCORP INC - FORM 8-K - EX-99.1 - April 22, 2021

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8-K - 8-K - S&T BANCORP INCstba-20210419.htm
EX-99.3 - EX-99.3 - S&T BANCORP INCstba-2021x3x31divxex993.htm
EX-99.2 - EX-99.2 - S&T BANCORP INCwebcalldeck2021-03.htm

CONTACT:
Mark Kochvar
Chief Financial Officer
724.465.4826
mark.kochvar@stbank.com
stbancorp.com
earn_image1a151a.jpg
FOR IMMEDIATE RELEASE                


S&T Bancorp, Inc. Announces Record First Quarter 2021 Net Income

Indiana, Pa. - April 22, 2021 - S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, with operations in five markets including Western Pennsylvania, Eastern Pennsylvania, Northeast Ohio, Central Ohio and Upstate New York, announced record net income of $31.9 million, or $0.81 per diluted share, for the first quarter of 2021 compared to net income of $24.2 million, or $0.62 per diluted share, for the fourth quarter of 2020, and net income of $13.2 million, or $0.34 per diluted share, for the first quarter of 2020.

First Quarter of 2021 Highlights:

•Record net income of $31.9 million.
•Return metrics were strong with return on average assets (ROA) of 1.42%, return on average equity (ROE) of 11.15%, return on average tangible equity (ROTE) (non-GAAP) of 16.78% and pre-tax pre-provision income to average assets (PTPP) (non-GAAP) of 1.89%.
•Net interest margin (FTE) (non-GAAP) increased 9 basis points to 3.47% compared to 3.38% for the fourth quarter of 2020.
•Portfolio loans decreased $42.7 million to $7.2 billion at March 31, 2021 compared to December 31, 2020.
•Deposits increased $455.5 million to $7.9 billion at March 31, 2021 compared to December 31, 2020.
•Mortgage banking revenue increased $1.2 million to $4.3 million for the first quarter of 2021 compared to the fourth quarter of 2020.
•The allowance for credit losses to total portfolio loans was 1.60% at March 31, 2021 compared to 1.63% at December 31, 2020.
•S&T's Board of Directors declared a $0.28 per share dividend which was consistent with the $0.28 per share dividend declared in the same period in the prior year.

"We are pleased to start the year with record quarterly net income and results that reflect what our company is capable of delivering," said David Antolik, president and interim chief executive officer. "We are optimistic about where S&T is headed in 2021, even with the challenging environment, and are well positioned to take advantage of the growth opportunities that will arise."



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Net Interest Income

Net interest income increased $0.8 million to $70.7 million for the first quarter of 2021 compared to $69.9 million for the fourth quarter of 2020. The increase in net interest income was primarily due to a reduction in deposit costs and the increased contribution of Paycheck Protection Program (PPP) loans to net interest income. Total interest-bearing deposit costs decreased 9 basis points to 0.27% as higher cost certificates of deposits matured. The PPP contribution increased by $0.8 million to $5.8 million for the first quarter of 2021 compared to the fourth quarter of 2020 due to more loan forgiveness. This higher PPP contribution increased the loan yield by 7 basis points to 3.96%. Net interest margin on a fully taxable equivalent basis (FTE) (non-GAAP) increased 9 basis points to 3.47% compared to 3.38% in the prior quarter. Excluding PPP, net interest margin (FTE) (non-GAAP) increased 2 basis points to 3.37% compared to 3.35% in the prior quarter.

Asset Quality

Asset quality improved during the first quarter of 2021 compared to the fourth quarter of 2020. The provision for credit losses decreased to $3.1 million for the first quarter of 2021 compared to $7.1 million in the fourth quarter of 2020. Net loan charge-offs were $5.8 million for the first quarter of 2021 compared to $11.2 million in the fourth quarter of 2020. Total nonperforming loans decreased $11.6 million to $135.2 million, or 1.88% of total loans, at March 31, 2021 compared to $146.8 million, or 2.03% of total loans at December 31, 2020. The allowance for credit losses was 1.60% of total portfolio loans as of March 31, 2021 compared to 1.63% at December 31, 2020. Excluding PPP loans, the allowance for credit losses was 1.72% of total portfolio loans at March 31, 2021 compared to 1.74% at December 31, 2020.

Noninterest Income and Expense

Noninterest income increased $1.6 million to $17.2 million in the first quarter of 2021 compared to $15.6 million in the fourth quarter of 2020. Mortgage banking income increased $1.2 million due to higher gains on loans sold and an increase in the mortgage servicing rights valuation. Wealth management income increased $0.5 million due to higher assets under management from market appreciation and an increase in customer activity. Offsetting these increases was a decrease in commercial loan swap income of $0.7 million due to less demand for this product in the current environment.

Noninterest expense decreased $2.9 million to $45.6 million for the first quarter of 2021 compared to $48.5 million in the fourth quarter of 2020. Other expense decreased $1.9 million due to lower loan workout costs in the first quarter of 2021 compared to the fourth quarter of 2020. Marketing expense decreased $0.8 million due to the timing of marketing campaigns. These decreases were offset by an increase of $0.5 million in salaries and employee benefits due to higher incentives and pension costs in the first quarter of 2021 compared to the fourth quarter of 2020.

Financial Condition

Total assets increased $361.1 million to $9.3 billion at March 31, 2021 compared to $9.0 billion at December 31, 2020. Cash increased $441.8 million to $671.4 million at March 31, 2021 compared to December 31, 2020 due to a significant increase in deposits as a result of stimulus programs, the reopening of the PPP and our customer's liquidity preferences. Portfolio loans decreased $42.7 million compared to December 31, 2020 as loan activity continues to be impacted by the COVID-19 pandemic. PPP originations were $190.1 million and PPP forgiveness was $156.5 million during the first quarter of 2021. Deposits increased $455.5 million with a favorable mix of higher deposits across all categories except certificates of deposits. S&T continues to maintain a strong capital position with all capital ratios above the well-capitalized thresholds of federal bank regulatory agencies.
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Dividend

The Board of Directors of S&T declared a $0.28 per share cash dividend on April 19, 2021. This is unchanged from the same period in the prior year. The dividend is payable May 20, 2021 to shareholders of record on May 6, 2021.

Conference Call

S&T will host its first quarter 2021 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, April 22, 2021. To access the webcast, go to S&T’s webpage at www.stbancorp.com and click on “Events & Presentations.” Select “1st Quarter 2021 Earnings Conference Call” and follow the instructions. After the live presentation, the webcast will be archived on this website for at least 90 days. A replay of the call will also be available until April 29, 2021, by dialing 1.877.481.4010; the Conference ID is 40575.

About S&T Bancorp, Inc. and S&T Bank
S&T Bancorp, Inc. is a $9.3 billion bank holding company that is headquartered in Indiana, Pennsylvania and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank was established in 1902 and operates in five markets including Western Pennsylvania, Eastern Pennsylvania, Northeast Ohio, Central Ohio, and Upstate New York. For more information visit stbancorp.com or stbank.com. Follow us on Facebook, Instagram, and LinkedIn.

This information contains or incorporates statements that we believe are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting S&T and its future business and operations. Forward-looking statements are typically identified by words or phrases such as “will likely result”, “expect”, “anticipate”, “estimate”, “forecast”, “project”, “intend”, “ believe”, “assume”, “strategy”, “trend”, “plan”, “outlook”, “outcome”, “continue”, “remain”, “potential”, “opportunity”, “comfortable”, “current”, “position”, “maintain”, “sustain”, “seek”, “achieve” and variations of such words and similar expressions, or future or conditional verbs such as will, would, should, could or may. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to: credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses; cyber-security concerns; rapid technological developments and changes; operational risks or risk management failures by us or critical third parties, including fraud risk; our ability to manage our reputational risks; sensitivity to the interest rate environment including a prolonged period of low interest rates, a rapid increase in interest rates or a change in the shape of the yield curve; a change in spreads on interest-earning assets and interest-bearing liabilities; the transition from LIBOR as a reference rate; regulatory supervision and oversight, including changes in regulatory capital requirements and our ability to address those requirements; unanticipated changes in our liquidity position; changes in accounting policies, practices, or guidance, for example, our adoption of CECL; legislation affecting the financial services industry as a whole, and S&T, in particular; the outcome of pending and future litigation and governmental proceedings; increasing price and product/service competition; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; managing our internal growth and acquisitions; the possibility that the anticipated benefits from acquisitions, including DNB, cannot be fully realized in a timely manner or at all, or that integrating the acquired operations will be more difficult, disruptive or costly than anticipated; containing costs and expenses; reliance on significant customer relationships; an interruption or cessation of an important service by a third-party provider; our ability to attract and retain talented executives and employees; our ability to successfully manage our CEO
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transition; general economic or business conditions, including the strength of regional economic conditions in our market area; the duration and severity of the coronavirus (“COVID-19”) pandemic, both in our principal area of operations and nationally, including the ultimate impact of the pandemic on the economy generally and on our operations; our participation in the Paycheck Protection Program; deterioration of the housing market and reduced demand for mortgages; deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge to net income; the stability of our core deposit base and access to contingency funding; re-emergence of turbulence in significant portions of the global financial and real estate markets that could impact our performance, both directly, by affecting our revenues and the value of our assets and liabilities, and indirectly, by affecting the economy generally and access to capital in the amounts, at the times and on the terms required to support our future businesses.

Many of these factors, as well as other factors, are described in our Annual Report on Form 10-K for the year ended December 31, 2020, including Part I, Item 1A-"Risk Factors" and any of our subsequent filings with the SEC. Forward-looking statements are based on beliefs and assumptions using information available at the time the statements are made. We caution you not to unduly rely on forward-looking statements because the assumptions, beliefs, expectations and projections about future events may, and often do, differ materially from actual results. Any forward-looking statement speaks only as to the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made.



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Consolidated Selected Financial Data
Unaudited
202120202020
FirstFourthFirst
(dollars in thousands, except per share data)QuarterQuarterQuarter
INTEREST AND DIVIDEND INCOME
Loans, including fees$70,232 $71,148 $82,051 
Investment Securities:
Taxable3,563 3,371 4,215 
Tax-exempt813 851 870 
Dividends173 178 453 
Total Interest and Dividend Income74,781 75,548 87,589 
INTEREST EXPENSE
Deposits3,481 4,795 15,338 
Borrowings and junior subordinated debt securities641 824 2,215 
Total Interest Expense4,122 5,619 17,553 
NET INTEREST INCOME70,659 69,929 70,036 
Provision for credit losses3,137 7,130 20,050 
Net Interest Income After Provision for Credit Losses67,522 62,799 49,986 
NONINTEREST INCOME
Net gain on sale of securities— — — 
Mortgage banking4,310 3,100 1,236 
Debit and credit card4,162 3,830 3,482 
Service charges on deposit accounts3,474 3,492 4,008 
Wealth management2,944 2,486 2,362 
Commercial loan swap income95 812 2,484 
Other2,251 1,889 (1,169)
Total Noninterest Income17,236 15,609 12,403 
NONINTEREST EXPENSE
Salaries and employee benefits23,327 22,789 21,335 
Data processing and information technology4,225 3,835 3,868 
Net occupancy3,827 4,068 3,765 
Furniture, equipment and software2,640 2,904 2,519 
Professional services and legal1,531 1,503 1,048 
Other taxes1,436 1,806 1,600 
Marketing1,322 2,113 1,111 
FDIC insurance1,046 1,372 770 
Merger related expenses— — 2,342 
Other6,226 8,138 8,033 
Total Noninterest Expense45,580 48,528 46,391 
Income Before Taxes39,178 29,880 15,998 
Income tax expense 7,276 5,703 2,767 
Net Income $31,902 $24,177 $13,231 
Per Share Data
Shares outstanding at end of period39,268,359 39,298,007 39,125,425 
Average shares outstanding - diluted39,021,208 39,021,008 39,325,938 
Diluted earnings per share$0.81 $0.62 $0.34 
Dividends declared per share$0.28 $0.28 $0.28 
Dividend yield (annualized)3.34 %4.51 %4.10 %
Dividends paid to net income34.40 %45.40 %83.52 %
Book value$29.75 $29.38 $30.06 
Tangible book value (1)
$20.08 $19.71 $20.29 
Market value$33.50 $24.84 $27.32 
Profitability Ratios (Annualized)
Return on average assets1.42 %1.05 %0.61 %
Return on average shareholders' equity11.15 %8.35 %4.47 %
Return on average tangible shareholders' equity (2)
16.78 %12.71 %6.82 %
Pre-tax pre-provision income/ average assets(3)
1.89 %1.61 %1.65 %
Efficiency ratio (FTE) (4)
51.47 %56.26 %52.89 %
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Consolidated Selected Financial Data
Unaudited
202120202020
FirstFourthFirst
(dollars in thousands)QuarterQuarterQuarter
ASSETS
Cash and due from banks, including interest-bearing deposits$671,429 $229,666 $187,684 
Securities, at fair value817,299 773,693 799,532 
Loans held for sale12,794 18,528 7,309 
Commercial loans:
Commercial real estate3,284,555 3,244,974 3,442,495 
Commercial and industrial1,931,711 1,954,453 1,781,402 
Commercial construction460,417 474,280 396,518 
Total Commercial Loans5,676,683 5,673,707 5,620,415 
Consumer loans:
Residential mortgage881,245 918,398 988,816 
Home equity530,350 535,165 544,405 
Installment and other consumer80,646 80,915 79,887 
Consumer construction14,244 17,675 13,222 
Total Consumer Loans1,506,485 1,552,153 1,626,330 
Total Portfolio Loans7,183,168 7,225,860 7,246,745 
Allowance for credit losses(115,101)(117,612)(96,850)
Total Portfolio Loans, Net7,068,067 7,108,248 7,149,895 
Federal Home Loan Bank and other restricted stock, at cost12,199 13,030 28,253 
Goodwill373,424 373,424 374,270 
Other assets373,767 451,308 458,553 
Total Assets$9,328,979 $8,967,897 $9,005,496 
LIABILITIES
Deposits:
Noninterest-bearing demand$2,539,594 $2,261,994 $1,702,960 
Interest-bearing demand976,225 864,510 962,937 
Money market2,002,857 1,937,063 1,967,692 
Savings1,036,927 969,508 836,237 
Certificates of deposit1,320,425 1,387,463 1,588,053 
Total Deposits7,876,028 7,420,538 7,057,879 
Borrowings:
Securities sold under repurchase agreements67,417 65,163 69,644 
Short-term borrowings— 75,000 410,240 
Long-term borrowings23,282 23,681 50,180 
Junior subordinated debt securities64,097 64,083 64,038 
Total Borrowings154,796 227,927 594,102 
Other liabilities129,877 164,721 177,264 
Total Liabilities8,160,701 7,813,186 7,829,245 
SHAREHOLDERS' EQUITY
Total Shareholders' Equity1,168,278 1,154,711 1,176,251 
Total Liabilities and Shareholders' Equity$9,328,979 $8,967,897 $9,005,496 
Capitalization Ratios
Shareholders' equity / assets12.52 %12.88 %13.06 %
Tangible common equity / tangible assets (5)
8.81 %9.02 %9.21 %
Tier 1 leverage ratio9.71 %9.43 %10.03 %
Common equity tier 1 capital11.84 %11.33 %10.93 %
Risk-based capital - tier 112.26 %11.74 %11.32 %
Risk-based capital - total13.93 %13.44 %12.73 %
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Consolidated Selected Financial Data
Unaudited
202120202020
FirstFourthFirst
(dollars in thousands)QuarterQuarterQuarter
Net Interest Margin (FTE) (QTD Averages)
ASSETS
Interest-bearing deposits with banks$302,2190.09 %$242,7780.11%$99,6461.42%
Securities, at fair value782,1182.34 %726,5352.43%786,8582.54%
Loans held for sale6,3602.83 %4,2062.98%1,8673.76%
Commercial real estate3,253,6413.76 %3,269,1093.77%3,408,6844.73%
Commercial and industrial1,957,4594.31 %2,012,7743.95%1,751,6784.53%
Commercial construction485,2693.37 %481,1363.42%386,3634.68%
Total Commercial Loans5,696,3693.91 %5,763,0193.81%5,546,7254.66%
Residential mortgage897,4274.22 %936,7354.29%990,8664.18%
Home equity532,7083.65 %537,2013.66%540,1934.84%
Installment and other consumer79,9076.33 %80,8496.43%79,6807.01%
Consumer construction15,9084.79 %16,1544.21%10,5084.61%
Total Consumer Loans1,525,9504.14 %1,570,9394.18%1,621,2474.54%
Total Portfolio Loans7,222,3193.96 %7,333,9583.89%7,167,9724.64%
Total Loans7,228,6793.96 %7,338,1643.89%7,169,8394.64%
Federal Home Loan Bank and other restricted stock11,2424.94 %14,5453.97%23,6016.90%
Total Interest-earning Assets8,324,2593.67 %8,322,0223.65%8,079,9444.40%
Noninterest-earning assets756,273802,037687,382
Total Assets$9,080,532$9,124,059$8,767,326
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand$895,8910.10 %$904,1900.11%$942,0300.59%
Money market1,968,7790.19 %2,015,2480.20%1,993,7641.27%
Savings995,2280.06 %956,4380.07%830,9850.23%
Certificates of deposit1,344,6040.65 %1,423,7270.93%1,601,3241.80%
Total Interest-bearing Deposits5,204,5030.27 %5,299,6030.36%5,368,1031.15%
Securities sold under repurchase agreements64,6530.15 %50,6070.25%30,7900.56%
Short-term borrowings25,5560.19 %75,7280.22%286,3651.61%
Long-term borrowings23,4712.00 %40,9862.43%51,8452.52%
Junior subordinated debt securities64,0883.09 %64,0733.11%64,1954.40%
Total Borrowings177,7681.46 %231,3941.42%433,1952.06%
Total Interest-bearing Liabilities5,382,2710.31 %5,530,9970.40%5,801,2981.22%
Noninterest-bearing liabilities2,538,1492,441,1291,776,453
Shareholders' equity1,160,1131,151,9331,189,575
Total Liabilities and Shareholders' Equity$9,080,532$9,124,059$8,767,326
Net Interest Margin (6)
3.47 %3.38%3.53%
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Consolidated Selected Financial Data
Unaudited
202120202020
FirstFourthFirst
(dollars in thousands)QuarterQuarterQuarter
Nonperforming Loans (NPL)
Commercial loans:% NPL% NPL% NPL
Commercial real estate$98,606 3.00%$105,014 3.24%$50,508 1.47%
Commercial and industrial18,145 0.94%23,337 1.19%9,081 0.51%
Commercial construction384 0.08%384 0.08%571 0.14%
Commercial loan held for sale2,798 NM— —— —
Total Nonperforming Commercial Loans119,933 2.11%128,735 2.27%60,160 1.07%
Consumer loans:
Residential mortgage11,737 1.33%13,008 1.42%10,582 1.07%
Home equity3,441 0.65%4,935 0.92%2,797 0.51%
Installment and other consumer100 0.12%96 0.12%258 0.32%
Total Nonperforming Consumer Loans15,278 1.01%18,039 1.15%13,637 0.83%
Total Nonperforming Loans$135,211 1.88%$146,774 2.03%$73,797 1.02%
NM-Not Meaningful
202120202020
FirstFourthFirst
(dollars in thousands)QuarterQuarterQuarter
Loan Charge-offs (Recoveries)
Charge-offs$6,532 $12,951 $11,445 
Recoveries (721)(1,713)(289)
Net Loan Charge-offs (Recoveries)$5,812 $11,238 $11,156 
Net Loan Charge-offs (Recoveries)
Commercial loans:
Commercial real estate698 10,185 428 
Commercial and industrial4,913 412 10,265 
Commercial construction(1)293 (2)
Total Commercial Loan Charge-offs (Recoveries)5,610 10,890 10,691 
Consumer loans:
Residential mortgage71 68 19 
Home equity232 132 80 
Installment and other consumer(102)148 366 
Total Consumer Loan Charge-offs202 348 465 
Total Net Loan Charge-offs (Recoveries)$5,812 $11,238 $11,156 

202120202020
FirstFourthFirst
(dollars in thousands)QuarterQuarterQuarter
Asset Quality Data
Nonperforming loans$135,211 $146,774 $73,797 
OREO1,620 2,155 3,389 
Nonperforming assets136,831 148,929 77,186 
Troubled debt restructurings (nonaccruing)29,983 29,289 36,054 
Troubled debt restructurings (accruing)17,916 17,460 15,189 
Total troubled debt restructurings47,899 46,749 51,243 
Nonperforming loans / total loans1.88 %2.03 %1.02 %
Nonperforming assets / total loans plus OREO1.90 %2.06 %1.06 %
Allowance for credit losses / total portfolio loans1.60 %1.63 %1.34 %
Allowance for credit losses / total portfolio loans excluding PPP1.72 %1.74 %NA
Allowance for credit losses / nonperforming loans85 %80 %131 %
Net loan charge-offs (recoveries)$5,812 $11,238 $11,156 
Net loan charge-offs (recoveries)(annualized) / average loans0.33 %0.61 %0.63 %
NA = Not Applicable

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Consolidated Selected Financial Data
Unaudited
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
202120202020
FirstFourthFirst
QuarterQuarterQuarter
(1) Tangible Book Value (non-GAAP)
Total shareholders' equity
$1,168,278 $1,154,711 $1,176,251 
Less: goodwill and other intangible assets, net of deferred tax liability
(379,911)(380,278)(382,397)
Tangible common equity (non-GAAP)
$788,367 $774,434 $793,854 
Common shares outstanding
39,268 39,298 39,125 
Tangible book value (non-GAAP)
$20.08 $19.71 $20.29 
(2) Return on Average Tangible Shareholders' Equity (non-GAAP)
Net income (annualized)
$129,378 $96,181 $53,216 
Plus: amortization of intangibles (annualized), net of tax
1,464 1,853 2,008 
Net income before amortization of intangibles (annualized)
$130,842 $98,034 $55,224 
Average total shareholders' equity
$1,160,113 $1,151,933 $1,189,575 
Less: average goodwill and other intangible assets, net of deferred tax liability
(380,144)(380,734)(379,790)
Average tangible equity (non-GAAP)
$779,969 $771,199 $809,785 
Return on average tangible shareholders' equity (non-GAAP)
16.78 %12.71 %6.82 %
(3) PTPP / Average Assets (non-GAAP)
Income before taxes$39,178 $29,880 $15,998 
Plus: Provision for credit losses3,137 7,130 20,050 
Total42,315 37,010 36,048 
Total (annualized) (non-GAAP)$171,611 $147,235 $144,984 
Average assets$9,080,532 $9,124,059 $8,767,326 
PTPP / Average Assets (non-GAAP)1.89 %1.61 %1.65 %
(4) Efficiency Ratio (non-GAAP)
Noninterest expense
$45,580 $48,528 $46,391 
Less: merger related expenses
— — (2,342)
Noninterest expense excluding nonrecurring items
$45,580 $48,528 $44,049 
Net interest income per consolidated statements of net income
$70,659 $69,929 $70,036 
Plus: taxable equivalent adjustment
664 725 849 
Net interest income (FTE) (non-GAAP)
71,323 70,654 70,885 
Noninterest income
17,236 15,609 12,403 
Less: net (gains) losses on sale of securities
— — — 
Net interest income (FTE) (non-GAAP) plus noninterest income
$88,560 $86,263 $83,288 
Efficiency ratio (non-GAAP)
51.47 %56.26 %52.89 %
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Consolidated Selected Financial Data
Unaudited
202120202020
FirstFourthFirst
QuarterQuarterQuarter
(5) Tangible Common Equity / Tangible Assets (non-GAAP)
Total shareholders' equity
$1,168,278 $1,154,711 $1,176,251 
Less: goodwill and other intangible assets, net of deferred tax liability(379,911)(380,278)(382,397)
Tangible common equity (non-GAAP)
$788,367 $774,434 $793,854 
Total assets
$9,328,979 $8,967,896 $9,005,497 
Less: goodwill and other intangible assets, net of deferred tax liability(379,911)(380,278)(382,397)
Tangible assets (non-GAAP)
$8,949,068 $8,587,618 $8,623,100 
Tangible common equity to tangible assets (non-GAAP)
8.81 %9.02 %9.21 %
(6) Net Interest Margin Rate (FTE) (non-GAAP)
Interest income
$74,781 $75,548 $87,589 
Less: interest expense
(4,122)(5,619)(17,553)
Net interest income per consolidated statements of net income
70,659 69,929 70,036 
Plus: taxable equivalent adjustment
664 725 849 
Net interest income (FTE) (non-GAAP)
$71,323 $70,654 $70,885 
Net interest income (FTE) (annualized)
$289,253 $281,080 $285,098 
Average earning assets
$8,324,259 $8,322,022 $8,079,944 
Net interest margin (FTE) (non-GAAP)
3.47 %3.38 %3.53 %




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