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Apr 18, 2019

S&T Bancorp, Inc. Announces First Quarter 2019 Results

INDIANA, Pa., April 18, 2019 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, with operations in five markets including Western Pennsylvania, Central Pennsylvania, Northeast Ohio, Central Ohio, and Upstate New York, announced its first quarter 2019 earnings. First quarter net income was $22.9 million, or $0.66 diluted earnings per share (EPS), compared to fourth quarter of 2018 net income of $26.9 million, or $0.77 diluted EPS, and first quarter of 2018 net income of $26.2 million, or $0.75 diluted EPS.

S&T Bancorp, Inc. (PRNewsfoto/S&T Bancorp, Inc.)

First Quarter of 2019 Highlights:

  • Return on average assets (ROA) was 1.29%, return on average equity (ROE) was 9.84% and return on average tangible equity (ROTE) (non-GAAP) was 14.27%.
  • Net interest margin (FTE) (non-GAAP) increased 6 basis points to 3.71% and net interest income increased $0.5 million to $60.3 million compared to the fourth quarter of 2018.
  • Average loan balances increased $75.3 million compared to the fourth quarter of 2018.
  • Deposits increased $159.5 million, or 11.4% annualized, compared to the fourth quarter of 2018.
  • S&T's Board of Directors declared a $0.27 per share dividend, which is an increase of 8% compared to a $0.25 dividend in the same period last year.
  • Recognized as a World's Best Bank by Forbes receiving the #3 ranking in the United States out of 60 institutions.

"Relationship banking has been the foundation of our business for over 115 years and we are thrilled that our customers recognized us through the Forbes World's Best Bank award," said Todd Brice, chief executive officer of S&T. "We are pleased with our deposit growth and new customer acquisition during the quarter. While our performance did not meet our expectations this quarter, we are encouraged by the level of new business activity across our markets which will support future growth."

Net Interest Income

Net interest income increased $0.5 million to $60.3 million for the first quarter of 2019 compared to $59.8 million for the fourth quarter of 2018. Net interest margin on a fully taxable equivalent basis (FTE) (non-GAAP) increased 6 basis points to 3.71% from 3.65% in the fourth quarter of 2018. Higher interest adjustments and prepayment fees increased the net interest margin by 4 basis points compared to the fourth quarter of 2018. Average loan balances increased $75.3 million compared to the fourth quarter of 2018. Loan rates increased 16 basis points to 5.06% compared to 4.90% in the prior quarter and total interest-bearing liabilities increased 14 basis points to 1.55% compared to 1.41%.

Asset Quality

Net loan charge-offs increased $2.9 million to $5.2 million compared to $2.3 million in the fourth quarter of 2018. Net loan charge-offs were significantly impacted by two commercial and industrial borrowers that resulted in charge-offs of $5.1 million during the first quarter of 2019. The provision for loan losses increased $2.9 million to $5.6 million compared to $2.7 million in the fourth quarter of 2018 mainly due to higher charge-offs. The allowance for loan losses to total portfolio loans was 1.03% at both March 31, 2019 and December 31, 2018. Total nonperforming loans were $48.0 million, or 0.81% of total loans, at March 31, 2019 compared to $46.1 million, or 0.77% of total loans at December 31, 2018. The increase in nonperforming loans was primarily due to a new $5.3 million commercial real estate nonperforming loan in the first quarter of 2019.

Noninterest Income and Expense

The volatility in the stock market in the fourth quarter of 2018 and the first quarter of 2019 have had a significant impact on our noninterest income and noninterest expense. A mark-to-market adjustment for a deferred compensation plan is reported in both other income and salary and employee benefits expense resulting in no impact to net income. The adjustment added $0.6 million to both other income and salary and employee benefits expense in the first quarter of 2019 compared to a subtraction of $0.8 million in the fourth quarter of 2018, resulting in a net increase of $1.4 million in both total noninterest income and noninterest expense.

Noninterest income increased $0.3 million to $11.4 million compared to $11.1 million for the fourth quarter of 2018. The increase was mainly due to an increase in other income of $0.8 million primarily related to the deferred compensation mark-to-market adjustment noted above offset by a decrease in commercial loan swap fees of $0.3 million compared to the fourth quarter of 2018. Noninterest income was also impacted negatively by fewer days in the first quarter of 2019 compared to the fourth quarter of 2018 and seasonality in debit and credit card fees. Wealth management income decreased $0.3 million due to lower financial services activity and declines in the stock market compared to the fourth quarter of 2018.

Noninterest expense increased $2.5 million to $38.9 million compared to $36.4 million in the fourth quarter of 2018. The increase was mainly due to an increase in salaries and employee benefits of $2.0 million compared to the fourth quarter of 2018. In addition to the $1.4 million deferred compensation increase noted above, salaries and employee benefits increased due to higher incentive costs and seasonally higher payroll taxes. Net occupancy increased $0.3 million due to seasonally higher branch maintenance costs and a new location.

Financial Condition

Total assets were $7.2 billion at March 31, 2019 compared to $7.3 billion at December 31, 2018. Total portfolio loans decreased $11.2 million compared to December 31, 2018 with a decline of $12.2 million in commercial loans. Deposits increased $159.5 million, or 11.4% annualized, to $5.8 billion at March 31, 2019 compared to $5.7 billion at December 31, 2018. Money market accounts increased $218.9 million partially due to successful marketing campaigns in targeted markets during the quarter. All capital ratios remain above the well-capitalized thresholds of federal bank regulatory agencies.

Dividend

The Board of Directors of S&T declared a $0.27 per share cash dividend at its regular meeting held April 15, 2019. This dividend is an 8% increase compared to a $0.25 dividend in the same period last year. The dividend is payable May 16, 2019 to shareholders of record on May 2, 2019.

Conference Call

S&T will host its first quarter 2019 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, April 18, 2019. To access the webcast, go to S&T's webpage at www.stbancorp.com and click on "Events & Presentations." Select "1st Quarter 2019 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 25, 2019, by dialing 1.877.481.4010; the Conference ID # is 45705.

About S&T Bancorp, Inc. and S&T Bank

S&T Bancorp, Inc. is a $7.2 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 recently named by Forbes as a 2019 World's Best Bank and a 2018 Best-in-State Bank. Established in 1902, S&T Bank operates in five markets including Western Pennsylvania, Central Pennsylvania, Northeast Ohio, Central Ohio, and Upstate New York. For more information visit stbancorp.com, stbank.com, and follow us on Facebook, Instagram, and  LinkedIn.

This information contains certain 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", "believe", "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, cyber-security concerns; rapid technological developments and changes; 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; regulatory supervision and oversight; 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 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; general economic or business conditions; 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; 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 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.

 

S&T  Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited

 
 

2019

 

2018

 

2018

 
 

First

 

Fourth

 

First

 

(dollars in thousands, except per share data)

Quarter

 

Quarter

 

Quarter

 

INTEREST AND DIVIDEND INCOME

           

Loans, including fees

$73,392

 

$71,515

 

$63,055

 

Investment securities:

           

Taxable

3,790

 

3,746

 

3,429

 

Tax-exempt

844

 

845

 

874

 

Dividends

564

 

483

 

671

 

Total Interest and Dividend Income

78,590

 

76,589

 

68,029

 
             

INTEREST EXPENSE

           

Deposits

14,981

 

12,973

 

7,846

 

Borrowings and junior subordinated debt securities

3,253

 

3,774

 

3,251

 

Total Interest Expense

18,234

 

16,747

 

11,097

 
             

NET INTEREST INCOME

60,356

 

59,842

 

56,932

 

Provision for loan losses

5,649

 

2,716

 

2,472

 

Net Interest Income After Provision for Loan Losses

54,707

 

57,126

 

54,460

 
             

NONINTEREST INCOME

           

Net gain on sale of securities

 

 

 

Service charges on deposit accounts

3,153

 

3,071

 

3,241

 

Debit and credit card

2,974

 

3,192

 

3,037

 

Wealth management

2,048

 

2,302

 

2,682

 

Mortgage banking

494

 

630

 

602

 

Gain on sale of a majority interest of insurance business

 

 

1,873

 

Other

2,693

 

1,900

 

2,357

 

Total Noninterest Income

11,362

 

11,095

 

13,792

 
             

NONINTEREST EXPENSE

           

Salaries and employee benefits

20,910

 

18,913

 

18,815

 

Data processing and information technology

3,233

 

3,024

 

2,325

 

Net occupancy

3,036

 

2,697

 

2,873

 

Furniture, equipment and software

2,230

 

1,988

 

1,957

 

Other taxes

1,185

 

1,255

 

1,848

 

Professional services and legal

1,184

 

1,011

 

1,051

 

Marketing

1,141

 

1,276

 

702

 

FDIC insurance

516

 

645

 

1,108

 

Other

5,484

 

5,606

 

5,403

 

Total Noninterest Expense

38,919

 

36,415

 

36,082

 
             

Income Before Taxes

27,150

 

31,806

 

32,170

 

Provision for income taxes

4,222

 

4,952

 

6,007

 
             

Net Income

$22,928

 

$26,854

 

$26,163

 
             

Per Share Data

           

Shares outstanding at end of period

34,330.136

 

34,683,874

 

35,000,502

 

Average shares outstanding - diluted

34,542,811

 

34,867,171

 

34,999,165

 

Diluted earnings per share

$0.66

 

$0.77

 

$0.75

 

Dividends declared per share

$0.27

 

$0.27

 

$0.22

 

Dividend yield (annualized)

2.73%

 

2.85%

 

2.20%

 

Dividends paid to net income

40.64%

 

35.09%

 

29.31%

 

Book value

$27.47

 

$26.98

 

$25.58

 

Tangible book value(1)

$19.04

 

$18.63

 

$17.30

 

Market value

$39.53

 

$37.84

 

$39.94

 
             

Profitability Ratios (annualized)

           

Return on average assets

1.29%

 

1.50%

 

1.51%

 

Return on average shareholders' equity

9.84%

 

11.50%

 

11.92%

 

Return on average tangible shareholders' equity (2)

14.27%

 

16.82%

 

17.83%

 

Efficiency ratio (FTE)(3)

53.55%

 

50.64%

 

50.35%

 
                   

 

 

S&T  Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited

 
 

2019

 

2018

 

2018

 
 

First

 

Fourth

 

First

 

(dollars in thousands)

Quarter

 

Quarter

 

Quarter

 

ASSETS

           

Cash and due from banks, including interest-bearing deposits

$116,820

 

$155,489

 

$112,849

 

Securities, at fair value

680,420

 

684,872

 

687,650

 

Loans held for sale

2,706

 

2,371

 

3,283

 

Commercial loans:

           

Commercial real estate

2,901,625

 

2,921,832

 

2,760,891

 

Commercial and industrial

1,513,007

 

1,493,416

 

1,406,950

 

Commercial construction

245,658

 

257,197

 

324,141

 

Total Commercial Loans

4,660,290

 

4,672,445

 

4,491,982

 

Consumer loans:

           

Residential mortgage

729,914

 

726,679

 

692,385

 

Home equity

463,566

 

471,562

 

474,850

 

Installment and other consumer

70,960

 

67,546

 

66,890

 

Consumer construction

10,722

 

8,416

 

4,506

 

Total Consumer Loans

1,275,162

 

1,274,203

 

1,238,631

 

Total Portfolio Loans

5,935,452

 

5,946,648

 

5,730,613

 

Allowance for loan losses

(61,409)

 

(60,996)

 

(59,046)

 

Total Portfolio Loans, Net

5,874,043

 

5,885,652

 

5,671,567

 

Federal Home Loan Bank and other restricted stock, at cost

19,959

 

29,435

 

29,769

 

Goodwill

287,446

 

287,446

 

287,446

 

Other assets

247,868

 

206,956

 

212,765

 

Total Assets

$7,229,262

 

$7,252,221

 

$7,005,329

 
             

LIABILITIES

           

Deposits:

           

Noninterest-bearing demand

$1,423,436

 

$1,421,156

 

$1,368,350

 

Interest-bearing demand

541,053

 

573,693

 

560,711

 

Money market

1,700,964

 

1,482,065

 

1,239,400

 

Savings

767,175

 

784,970

 

876,459

 

Certificates of deposit

1,400,773

 

1,412,038

 

1,342,174

 

Total Deposits

5,833,401

 

5,673,922

 

5,387,094

 
             

Borrowings:

           

Securities sold under repurchase agreements

23,427

 

18,383

 

44,617

 

Short-term borrowings

235,000

 

470,000

 

525,000

 

Long-term borrowings

70,418

 

70,314

 

46,684

 

Junior subordinated debt securities

45,619

 

45,619

 

45,619

 

Total Borrowings

374,464

 

604,316

 

661,920

 

Other liabilities

78,241

 

38,222

 

60,908

 

Total Liabilities

6,286,106

 

6,316,460

 

6,109,922

 
             

SHAREHOLDERS' EQUITY

           

Total Shareholders' Equity

943,156

 

935,761

 

895,407

 

Total Liabilities and Shareholders' Equity

$7,229,262

 

$7,252,221

 

$7,005,329

 
             

Capitalization Ratios

           

Shareholders' equity / assets

13.05%

 

12.90%

 

12.78%

 

Tangible common equity / tangible assets(4)

9.42%

 

9.28%

 

9.02%

 

Tier 1 leverage ratio

9.96%

 

10.05%

 

9.72%

 

Common equity tier 1 capital

11.35%

 

11.38%

 

11.02%

 

Risk-based capital - tier 1

11.69%

 

11.72%

 

11.36%

 

Risk-based capital - total

13.19%

 

13.21%

 

12.85%

 

 

 

S&T  Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited

 
 

2019

 

2018

 

2018

 
 

First

 

Fourth

 

First

 

(dollars in thousands)

Quarter

 

Quarter

 

Quarter

 

Net Interest Margin (FTE) (QTD Averages)

           

ASSETS

           

Interest-bearing deposits with banks

$53,588

2.63%

$56,790

2.03%

$56,008

1.65%

Securities, at fair value

680,517

2.68%

678,832

2.70%

686,912

2.53%

Loans held for sale

894

4.07%

1,022

4.05%

1,949

5.65%

Commercial real estate

2,905,272

5.02%

2,869,532

4.91%

2,690,990

4.57%

Commercial and industrial

1,508,658

5.20%

1,469,534

4.94%

1,431,588

4.41%

Commercial construction

249,997

5.37%

266,922

4.91%

375,129

4.51%

Total Commercial Loans

4,663,927

5.10%

4,605,988

4.92%

4,497,707

4.51%

Residential mortgage

722,554

4.38%

705,082

4.36%

694,303

4.19%

Home equity

467,739

5.44%

471,830

5.15%

481,053

4.47%

Installment and other consumer

69,099

7.17%

67,444

7.00%

66,861

6.69%

Consumer construction

9,466

6.19%

7,077

5.29%

3,810

4.69%

Total Consumer Loans

1,268,858

4.93%

1,251,433

4.80%

1,246,027

4.43%

Total Portfolio Loans

5,932,785

5.06%

5,857,421

4.90%

5,743,734

4.50%

Total Loans

5,933,679

5.06%

5,858,443

4.90%

5,745,683

4.50%

Federal Home Loan Bank and other restricted stock

24,471

8.49%

28,025

6.27%

31,216

8.05%

Total Interest-earning Assets

6,692,255

4.81%

6,622,090

4.65%

6,519,819

4.28%

Noninterest-earning assets

518,500

 

499,254

 

488,808

 

Total Assets

$7,210,755

 

$7,121,344

 

$7,008,627

 
             

LIABILITIES AND SHAREHOLDERS' EQUITY

           

Interest-bearing demand

$545,695

0.41%

$568,735

0.39%

$575,377

0.26%

Money market

1,568,417

1.89%

1,418,220

1.69%

1,194,053

1.10%

Savings

770,587

0.25%

798,734

0.24%

874,318

0.20%

Certificates of deposit

1,434,511

1.88%

1,354,538

1.72%

1,355,617

1.14%

Total interest-bearing Deposits

4,319,210

1.41%

4,140,227

1.24%

3,999,365

0.80%

Securities sold under repurchase agreements

23,170

0.52%

45,101

0.62%

47,774

0.39%

Short-term borrowings

319,389

2.72%

433,642

2.54%

596,014

1.71%

Long-term borrowings

70,196

2.84%

52,949

2.75%

46,938

1.99%

Junior subordinated debt securities

45,619

5.21%

45,619

4.86%

45,619

4.14%

Total Borrowings

458,374

2.88%

577,311

2.59%

736,345

1.79%

Total interest-bearing Liabilities

4,777,584

1.55%

4,717,538

1.41%

4,735,710

0.95%

Noninterest-bearing liabilities

1,488,057

 

1,477,024

 

1,383,109

 

Shareholders' equity

945,114

 

926,782

 

889,808

 

Total Liabilities and Shareholders' Equity

$7,210,755

 

$7,121,344

 

$7,008,627

 
             

Net Interest Margin(5)

 

3.71%

 

3.65%

 

3.59%

             

 

 

S&T  Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited

 
 

2019

 

2018

 

2018

 
 

First

 

Fourth

 

First

 

(dollars in thousands)

Quarter

 

Quarter

 

Quarter

 

Nonperforming Loans (NPL)

           

Commercial loans:

 

% NPL

 

% NPL

 

% NPL

Commercial real estate

$29,109

1.00%

$12,052

0.41%

$3,952

0.14%

Commercial and industrial

6,810

0.45%

8,960

0.60%

4,617

0.33%

Commercial construction

1,226

0.50%

14,193

5.52%

1,873

0.58%

Total Nonperforming Commercial Loans

37,145

0.80%

35,205

0.75%

10,442

0.23%

Consumer loans:

           

Residential mortgage

6,630

0.91%

7,128

0.98%

6,715

0.97%

Home equity

4,146

0.89%

3,698

0.78%

4,109

0.87%

Installment and other consumer

29

0.04%

42

0.06%

69

0.10%

Total Nonperforming Consumer Loans

10,805

0.85%

10,868

0.85%

10,893

0.88%

Total Nonperforming Loans

$47,950

0.81%

$46,073

0.77%

$21,335

0.37%

 
 

2019

 

2018

 

2018

 
 

First

 

Fourth

 

First

 

(dollars in thousands)

Quarter

 

Quarter

 

Quarter

 

Loan Charge-offs/(Recoveries)

           

Charge-offs

$6,023

 

$3,279

 

$1,444

 

Recoveries

(788)

 

(1,002)

 

(1,628)

 

Net Loan Charge-offs/(Recoveries)

$5,235

 

$2,277

 

($184)

 
             

Net Loan Charge-offs/(Recoveries)

           

Commercial loans:

           

Commercial real estate

($121)

 

($17)

 

($48)

 

Commercial and industrial

5,059

 

(567)

 

712

 

Commercial construction

(1)

 

2,308

 

(1,129)

 

Total Commercial Loan Charge-offs/(Recoveries)

4,937

 

1,724

 

(465)

 

Consumer loans:

         

Residential mortgage

115

 

191

 

53

 

Home equity

(19)

 

133

 

(123)

 

Installment and other consumer

284

 

297

 

359

 

Consumer construction

(82)

 

(68)

 

(8)

 

Total Consumer Loan Charge-offs

298

 

553

 

281

 

Total Net Loan Charge-offs/(Recoveries)

$5,235

 

$2,277

 

($184)

 
 
 

2019

 

2018

 

2018

 
 

First

 

Fourth

 

First

 

(dollars in thousands)

Quarter

 

Quarter

 

Quarter

 

Asset Quality Data

           

Nonperforming loans

$47,950

 

$46,073

 

$21,335

 

OREO

2,828

 

3,092

 

2,920

 

Nonperforming assets

50,778

 

49,165

 

24,255

 

Troubled debt restructurings (nonaccruing)

7,873

 

11,088

 

8,560

 

Troubled debt restructurings (accruing)

23,002

 

16,786

 

20,035

 

Total troubled debt restructurings

30,875

 

27,874

 

28,595

 

Nonperforming loans / loans

0.81%

 

0.77%

 

0.37%

 

Nonperforming assets / loans plus OREO

0.85%

 

0.83%

 

0.42%

 

Allowance for loan losses / total portfolio loans

1.03%

 

1.03%

 

1.03%

 

Allowance for loan losses / nonperforming loans

128%

 

132%

 

277%

 

Net loan charge-offs (recoveries)

$5,235

 

$2,277

 

($184)

 

Net loan charge-offs (recoveries)(annualized) / average loans

0.36%

 

0.15%

 

(0.01)%

 

 

 

S&T  Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited

 

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

 
 

2019

 

2018

 

2018

 
 

First

 

Fourth

 

First

 
 

Quarter

 

Quarter

 

Quarter

 
             

(1) Tangible Book Value (non-GAAP)

           

 Total shareholders' equity

$943,156

 

$935,761

 

$895,407

 

      Less: goodwill and other intangible assets

(289,864)

 

(290,047)

 

(290,572)

 

     Tax effect of other intangible assets

508

 

546

 

656

 

 Tangible common equity (non-GAAP)

$653,800

 

$646,260

 

$605,491

 

 Common shares outstanding

34,330

 

34,684

 

35,001

 

 Tangible book value (non-GAAP)

$19.04

 

$18.63

 

$17.30

 
             

(2) Return on Average Tangible Shareholders' Equity (non-GAAP)

           

  Net income (annualized)

$92,987

 

$106,540

 

$106,105

 

       Plus: amortization of intangibles (annualized)

739

 

811

 

1,037

 

       Tax effect of amortization of intangibles (annualized)

(155)

 

(170)

 

(218)

 

  Net income before amortization of intangibles (annualized)

$93,571

 

$107,181

 

$106,924

 
             

  Average total shareholders' equity

$945,114

 

$926,782

 

$889,808

 

       Less: average goodwill and other intangible assets

(289,954)

 

(290,045)

 

(290,754)

 

       Tax effect of average goodwill and other intangible assets

527

 

546

 

685

 

  Average tangible equity (non-GAAP)

$655,687

 

$637,283

 

$599,739

 

  Return on average tangible shareholders' equity (non-GAAP)

14.27%

 

16.82%

 

17.83%

 
             

(3) Efficiency Ratio (non-GAAP)

           

Noninterest expense

$38,919

 

$36,415

 

$36,082

 
             

Net interest income per consolidated statements of net income

$60,356

 

$59,842

 

$56,932

 

     Less: net (gains) losses on sale of securities

 

 

 

     Plus: taxable equivalent adjustment

961

 

974

 

940

 

Net interest income (FTE) (non-GAAP)

61,317

 

60,816

 

57,872

 

Noninterest income

11,362

 

11,095

 

13,792

 

Net interest income (FTE) (non-GAAP) plus noninterest income

$72,679

 

$71,911

 

$71,664

 

Efficiency ratio (non-GAAP)

53.55%

 

50.64%

 

50.35%

 
             

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

           

 Total shareholders' equity

$943,156

 

$935,761

 

$895,407

 

      Less: goodwill and other intangible assets

(289,864)

 

(290,047)

 

(290,572)

 

      Tax effect of goodwill and other intangible assets

508

 

546

 

656

 

 Tangible common equity (non-GAAP)

$653,800

 

$646,260

 

$605,491

 
             

 Total assets

$7,229,262

 

$7,252,221

 

$7,005,329

 

      Less: goodwill and other intangible assets

(289,864)

 

(290,047)

 

(290,572)

 

      Tax effect of goodwill and other intangible assets

508

 

546

 

656

 

 Tangible assets (non-GAAP)

$6,939,906

 

$6,962,720

 

$6,715,413

 

 Tangible common equity to tangible assets (non-GAAP)

9.42%

 

9.28%

 

9.02%

 
             

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

           

 Interest income

$78,590

 

$76,589

 

$68,029

 

      Less: interest expense

(18,234)

 

(16,747)

 

(11,097)

 

 Net interest income per consolidated statements of net income

60,356

 

59,842

 

56,932

 

      Plus: taxable equivalent adjustment

961

 

974

 

940

 

 Net interest income (FTE) (non-GAAP)

61,317

 

60,816

 

57,872

 

 Net interest income (FTE) (annualized)

248,675

 

241,281

 

234,703

 

 Average earning assets

$6,692,255

 

$6,622,090

 

$6,519,819

 

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

3.71%

 

3.65%

 

3.59%

 
             

 

 

 

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SOURCE S&T Bancorp, Inc.

Mark Kochvar, Chief Financial Officer, 724.465.4826, 800 Philadelphia Street, Indiana, PA 15701, mark.kochvar@stbank.com, www.stbancorp.com