S&T Bancorp, Inc. Announces Third Quarter 2017 Results

<< Back

Oct 19, 2017

S&T Bancorp, Inc. Announces Third Quarter 2017 Results

INDIANA, Pa., Oct. 19, 2017 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank with locations in Pennsylvania, Ohio and New York, announced today its third quarter 2017 earnings. Third quarter net income was $22.7 million, or $0.65 diluted earnings per share (EPS), compared to second quarter of 2017 net income of $22.8 million, or $0.65 diluted  EPS, and third quarter of 2016 net income of $20.6 million, or $0.59 diluted EPS.

S&T Bancorp, Inc.

Third Quarter of 2017 Highlights:

  • EPS increased 12% compared to the second quarter of 2017, excluding securities gains of $3.6 million in the second quarter of 2017 (non-GAAP), and improved by 10% from the third quarter of 2016.
  • Annualized performance metrics for the third quarter of 2017 were strong, with return on average assets of 1.27%, return on average equity of 10.23% and return on tangible equity of 15.47% (non-GAAP).
  • Net interest margin (FTE) (non-GAAP) improved 2 basis points to 3.59% and net interest income increased $0.9 million to $57.5 million compared to the second quarter of 2017.
  • Asset quality metrics improved with a decrease in nonperforming loans of $7.2 million, or 20%, compared to the second quarter of 2017.
  • Expenses continue to be well controlled with an efficiency ratio of 50.16% (non-GAAP).
  • S&T's Board of Directors approved a 10%, or $0.02 per share, increase in the quarterly cash dividend to $0.22 per share.

"We are very pleased with our solid performance in the third quarter," said Todd Brice, president and chief executive officer of S&T. "Continued revenue growth, well managed expenses and improvement in our asset quality metrics drove strong EPS growth over the prior and year ago quarters."

Net Interest Income

Net interest income increased $0.9 million, or 1.6%, to $57.5 million for the third quarter of 2017 compared to $56.6 million in the second quarter of 2017. Net interest margin on a fully taxable equivalent basis (FTE) (non-GAAP) increased 2 basis points to 3.59% compared to 3.57% in the second quarter of 2017. The increases in net interest income and net interest margin (FTE) (non-GAAP) were primarily driven by higher short-term rates and one additional day in the third quarter compared to the second quarter of 2017.

Asset Quality

Asset quality trends were favorable during the third quarter across all key metrics. Nonperforming loans decreased $7.2 million, or 20%, compared to the second quarter of 2017. Net loan charge-offs decreased to $1.5 million, or 0.10% of average loans on an annualized basis in the third quarter of 2017, compared to $5.3 million , or 0.37% of average loans on an annualized basis, in the second quarter of 2017.  As a result of improving asset quality, the provision for loan loss decreased to $2.9 million compared to $4.9 million in the second quarter of 2017. The allowance for loan losses to total loans was 0.97% at September 30, 2017 compared to 0.96% at June 30, 2017.

Noninterest Income and Expense

Noninterest income decreased $2.7 million to $13.6 million for the third quarter of 2017 compared to $16.3 million for the second quarter of 2017. The decrease primarily related to securities gains of $3.6 million in the second quarter of 2017. Bank owned life insurance income increased $0.7 million compared to the second quarter of 2017 due to a claim during the third quarter. Expenses remain well controlled at $36.6 million which is consistent with the second quarter of 2017. The efficiency ratio (non-GAAP) improved to 50.16% compared to 51.48% in the second quarter and 51.65% in the third quarter of 2016 due to expense control and higher revenue.

Financial Condition

Total assets increased $0.1 billion to $7.2 billion as of September 30, 2017 compared to $7.1 billion as of June 30, 2017.  At September 30, 2017, $43.3 million of loans and $39.0 million of deposits were held for sale due to a branch sale that is expected to close in the fourth quarter of 2017.  Portfolio loans increased $62.9 million compared to June 30, 2017. Commercial loans increased $68.7 million, which was primarily due to growth in commercial and industrial of $45.5 million, or 12.9% on an annualized basis. Total deposits increased $33.4 million with the most significant growth in money market accounts. All capital ratios increased this quarter due to strong retained earnings. All capital ratios remain above the well-capitalized thresholds of federal bank regulatory agencies.

Dividend

The Board of Directors of S&T declared a 10% increase in the quarterly cash dividend at its regular meeting held October 16, 2017. The dividend increased to $0.22 per share compared to $0.20 per share declared in the same period in the prior year. The dividend is payable November 16, 2017 to shareholders of record on November 2, 2017.

Conference Call

S&T will host its third quarter 2017 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, October 19, 2017. To access the webcast, go to S&T's webpage at www.stbancorp.com and click on "Events & Presentations." Select "3rd Quarter 2017 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 October 26, 2017, by dialing 1.877.481.4010; the Conference ID # is 20495.

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, Pa. and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was established in 1902, and operates locations in Pennsylvania, Ohio and New York. For more information visit www.stbancorp.com or www.stbank.com.

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





2017


2017


2016



Third


Second


Third


(dollars in thousands, except per share data)

Quarter


Quarter


Quarter


INTEREST INCOME







Loans, including fees

$62,450


$60,558


$53,956


Investment securities:







Taxable

2,988


2,947


2,570


Tax-exempt

896


928


907


Dividends

389


481


375


Total Interest Income

66,723


64,914


57,808









INTEREST EXPENSE







Deposits

6,748


5,976


5,119


Borrowings and junior subordinated debt securities

2,519


2,368


1,234


Total Interest Expense

9,267


8,344


6,353









NET INTEREST INCOME

57,456


56,570


51,455


Provision for loan losses

2,850


4,869


2,516


Net Interest Income After Provision for Loan Losses

54,606


51,701


48,939









NONINTEREST INCOME







Securities gains (losses), net


3,617



Service charges on deposit accounts

3,207


2,997


3,208


Debit and credit card fees

3,067


3,042


3,163


Wealth management fees

2,406


2,428


2,565


Insurance fees

1,333


1,461


1,208


Bank owned life insurance

1,209


547


532


Mortgage banking

872


675


1,077


Other

1,457


1,498


1,695


Total Noninterest Income

13,551


16,265


13,448









NONINTEREST EXPENSE







Salaries and employee benefits

20,325


19,903


19,011


Net occupancy

2,692


2,751


2,776


Data processing

2,284


2,135


2,128


Furniture and equipment

1,890


1,810


1,932


Other taxes

1,208


1,083


1,080


FDIC insurance

1,152


1,185


1,005


Professional services and legal

870


958


817


Marketing

766


948


896


Other

5,366


5,824


4,794


Total Noninterest Expense

36,553


36,597


34,439









Income Before Taxes

31,604


31,369


27,948


Provision for income taxes

8,883


8,604


7,367









Net Income

$22,721


$22,765


$20,581









Per Share Data







Shares outstanding at end of period

34,979,192


34,980,280


34,913,023


Average shares outstanding - diluted

34,960,139


34,906,496


34,768,505


Diluted earnings per share

$0.65


$0.65


$0.59


Dividends declared per share

$0.20


$0.20


$0.19


Dividend yield (annualized)

2.02%


2.23%


2.62%


Dividends paid to net income

30.69%


30.60%


32.13%


Book value

$25.37


$24.90


$24.02


Tangible book value (1)

$16.96


$16.49


$15.57


Market value

$39.58


$35.86


$28.99









Profitability Ratios (annualized)







Return on average assets

1.27%


1.29%


1.23%


Return on average shareholders' equity

10.23%


10.55%


9.85%


Return on average tangible shareholders' equity (2)

15.47%


16.15%


15.46%


Efficiency ratio (FTE) (3)

50.16%


51.48%


51.65%











 


 

S&T Bancorp, Inc.


Consolidated Selected Financial Data


Unaudited







Nine Months Ended September 30,


(dollars in thousands, except per share data)



2017


2016


INTEREST INCOME







Loans, including fees



$179,908


$157,133


Investment securities:







Taxable



8,783


7,704


Tax-exempt



2,744


2,764


Dividends



1,352


1,077


Total Interest Income



192,787


168,678









INTEREST EXPENSE







Deposits



18,103


14,403


Borrowings and junior subordinated debt securities



6,779


3,474


Total Interest Expense



24,882


17,877









NET INTEREST INCOME



167,905


150,801


Provision for loan losses



12,901


12,379


Net Interest Income After Provision for Loan Losses



155,004


138,422









NONINTEREST INCOME







Securities gains (losses), net



3,987



Service charges on deposit accounts



9,218


9,272


Debit and credit card fees



8,952


8,818


Wealth management fees



7,237


7,947


Insurance fees



4,258


4,187


Bank owned life insurance



2,249


1,569


Mortgage banking



2,280


2,185


Gain on sale of credit card portfolio




2,066


Other



4,631


5,669


Total Noninterest Income



42,812


41,713









NONINTEREST EXPENSE







Salaries and employee benefits



60,770


57,539


Net occupancy



8,258


8,413


Data processing



6,670


6,758


Furniture and equipment



5,746


5,580


Other taxes



3,268


3,076


FDIC insurance



3,461


2,938


Professional services and legal



2,871


2,545


Marketing



2,468


2,872


Other



16,448


17,886


Total Noninterest Expense



109,960


107,607









Income Before Taxes



87,856


72,528


Provision for income taxes



24,182


18,795









Net Income



$63,674


$53,733









Per Share Data:







Average shares outstanding - diluted



34,930,509


34,747,177


Diluted earnings per share



$1.82


$1.54


Dividends declared per share



$0.60


$0.57


Dividends paid to net income



32.82%


36.89%









Profitability Ratios (annualized)







Return on average assets



1.21%


1.10%


Return on average shareholders' equity



9.83%


8.78%


Return on average tangible shareholders' equity (6)



15.05%


13.95%


Efficiency ratio (FTE) (7)



51.78%


54.41%











 


 

S&T Bancorp, Inc.


Consolidated Selected Financial Data


Unaudited





2017


2017


2016



Third


Second


Third


(dollars in thousands)

Quarter


Quarter


Quarter


ASSETS







Cash and due from banks, including interest-bearing deposits

$114,440


$125,863


$125,163


Securities available-for-sale, at fair value

697,954


689,388


671,128


Loans held for sale

47,936


23,120


11,694


Commercial loans:







Commercial real estate

2,681,693


2,664,642


2,427,164


Commercial and industrial

1,446,811


1,401,283


1,344,297


Commercial construction

432,887


426,754


402,124


Total Commercial Loans

4,561,391


4,492,679


4,173,585


Consumer loans:







Residential mortgage

697,367


706,143


692,574


Home equity

487,806


484,960


483,935


Installment and other consumer

69,644


70,068


62,288


Consumer construction

4,550


3,969


5,852


Total Consumer Loans

1,259,367


1,265,140


1,244,649


Total portfolio loans

5,820,758


5,757,819


5,418,234


Allowance for loan losses

(56,712)


(55,351)


(53,793)


Total portfolio loans, net

5,764,046


5,702,468


5,364,441


Federal Home Loan Bank and other restricted stock, at cost

33,120


33,417


28,331


Goodwill

291,670


291,670


291,670


Other assets

221,013


220,240


225,778


Total Assets

$7,170,179


$7,086,166


$6,718,205









LIABILITIES







Deposits:







Noninterest-bearing demand

$1,348,939


$1,335,768


$1,232,469


Interest-bearing demand

646,195


636,904


657,326


Money market

1,036,726


950,619


764,125


Savings

940,989


1,010,348


1,026,234


Certificates of deposit

1,431,431


1,476,223


1,465,277


Deposits held for sale

38,960






Total Deposits

5,443,240


5,409,862


5,145,431









Borrowings:







Securities sold under repurchase agreements

39,923


46,489


40,949


Short-term borrowings

685,000


645,000


565,000


Long-term borrowings

12,911


13,518


15,303


Junior subordinated debt securities

45,619


45,619


45,619


Total Borrowings

783,453


750,626


666,871


Other liabilities

55,910


54,616


67,196


Total Liabilities

6,282,603


6,215,104


5,879,498









SHAREHOLDERS' EQUITY







Total Shareholders' Equity

887,576


871,062


838,707


Total Liabilities and Shareholders' Equity

$7,170,179


$7,086,166


$6,718,205









Capitalization Ratios







Shareholders' equity / assets

12.38%


12.29%


12.48%


Tangible common equity / tangible assets (4)

8.63%


8.49%


8.46%


Tier 1 leverage ratio

9.25%


9.01%


9.02%


Common equity tier 1 capital

10.70%


10.53%


10.01%


Risk-based capital - tier 1

11.05%


10.89%


10.37%


Risk-based capital - total

12.54%


12.37%


11.87%











 

 


S&T Bancorp, Inc.


Consolidated Selected Financial Data


Unaudited





2017


2017


2016




Third


Second


Third



(dollars in thousands)

Quarter


Quarter


Quarter



Net Interest Margin (FTE) (QTD Averages)








ASSETS








Interest-bearing deposits with banks

$53,794

1.25%

$48,547

0.91%

$37,852

0.52%


Securities available-for-sale, at fair value

690,986

2.46%

709,208

2.48%

678,910

2.39%


Loans held for sale

15,789

3.88%

5,053

2.61%

9,443

4.20%


Commercial real estate

2,678,835

4.38%

2,664,696

4.30%

2,411,533

4.12%


Commercial and industrial

1,404,047

4.45%

1,430,080

4.30%

1,344,071

4.04%


Commercial construction

425,228

4.27%

421,456

4.09%

389,019

3.64%


Total Commercial Loans

4,508,110

4.39%

4,516,232

4.28%

4,144,623

4.05%


Residential mortgage

702,702

4.10%

700,406

4.14%

681,925

4.14%


Home equity

485,501

4.37%

481,039

4.38%

480,527

3.94%


Installment and other consumer

70,118

6.57%

69,899

6.46%

60,052

6.52%


Consumer construction

4,486

4.49%

4,572

4.93%

5,946

3.86%


Total Consumer Loans

1,262,807

4.34%

1,255,916

4.36%

1,228,450

4.18%


Total portfolio loans

5,770,917

4.38%

5,772,148

4.30%

5,373,073

4.08%


Total loans

5,786,706

4.38%

5,777,201

4.30%

5,382,516

4.08%


Federal Home Loan Bank and other restricted stock

30,184

4.61%

33,082

4.60%

24,454

4.52%


Total Interest-earning Assets

6,561,670

4.15%

6,568,038

4.08%

6,123,732

3.87%


Noninterest-earning assets

510,681


507,425


519,011



Total Assets

$7,072,351


$7,075,463


$6,642,743











LIABILITIES AND SHAREHOLDERS' EQUITY








Interest-bearing demand

$647,442

0.25%

$649,440

0.22%

$670,807

0.17%


Money market

999,892

0.87%

937,272

0.72%

732,820

0.46%


Savings

979,767

0.21%

1,019,220

0.21%

1,034,018

0.20%


Certificates of deposit

1,457,649

0.98%

1,457,107

0.93%

1,490,106

0.92%


Total interest-bearing deposits

4,084,750

0.66%

4,063,039

0.59%

3,927,751

0.52%


Securities sold under repurchase agreements

45,158

0.16%

50,082

0.06%

44,927

0.01%


Short-term borrowings

600,893

1.30%

682,584

1.09%

459,043

0.66%


Long-term borrowings

13,162

3.01%

13,765

2.96%

15,545

2.85%


Junior subordinated debt securities

45,619

3.71%

45,619

3.60%

45,619

3.15%


Total borrowings

704,832

1.42%

792,050

1.20%

565,134

0.87%


Total interest-bearing liabilities

4,789,582

0.77%

4,855,089

0.69%

4,492,885

0.56%


Noninterest-bearing liabilities

1,401,755


1,354,711


1,318,683



Shareholders' equity

881,014


865,663


831,175



Total Liabilities and Shareholders' Equity

$7,072,351


$7,075,463


$6,642,743











Net Interest Margin (5)


3.59%


3.57%


3.46%


 


 


S&T Bancorp, Inc.


Consolidated Selected Financial Data


Unaudited







Nine Months Ended September 30,



(dollars in thousands)



2017


2016



Net Interest Margin (FTE) (YTD Averages)








ASSETS








Interest-bearing deposits with banks



$56,126

0.99%

$41,402

0.51%


Securities available-for-sale, at fair value



699,150

2.46%

675,690

2.41%


Loans held for sale



7,734

3.63%

16,033

5.97%


Commercial real estate



2,623,360

4.31%

2,305,795

4.13%


Commercial and industrial



1,415,941

4.30%

1,340,629

3.95%


Commercial construction



433,748

4.02%

392,520

3.70%


Total Commercial Loans



4,473,049

4.28%

4,038,944

4.03%


Residential mortgage



700,996

4.10%

659,942

4.14%


Home equity



482,336

4.30%

474,293

4.07%


Installment and other consumer



69,401

6.51%

65,217

6.33%


Consumer construction



4,807

4.33%

7,200

4.09%


Total Consumer Loans



1,257,540

4.31%

1,206,652

4.23%


Total portfolio loans



5,730,589

4.29%

5,245,596

4.08%


Total loans



5,738,323

4.29%

5,261,629

4.08%


Federal Home Loan Bank and other restricted stock



31,977

4.63%

23,027

4.52%


Total Interest-earning Assets



6,525,576

4.06%

6,001,748

3.87%


Noninterest-earning assets



509,750


519,913



Total Assets



$7,035,326


$6,521,661











LIABILITIES AND SHAREHOLDERS' EQUITY








Interest-bearing demand



$643,423

0.21%

$649,515

0.16%


Money market



958,619

0.74%

677,891

0.40%


Savings



1,013,318

0.21%

1,041,802

0.19%


Certificates of deposit



1,439,715

0.94%

1,488,732

0.90%


Total interest-bearing deposits



4,055,075

0.60%

3,857,940

0.50%


Securities sold under repurchase agreements



48,031

0.07%

53,858

0.01%


Short-term borrowings



651,494

1.07%

385,394

0.64%


Long-term borrowings



13,759

2.96%

62,109

1.21%


Junior subordinated debt securities



45,619

3.59%

45,619

3.08%


Total borrowings



758,903

1.19%

546,980

0.85%


Total Interest-bearing Liabilities



4,813,978

0.69%

4,404,920

0.54%


Noninterest-bearing liabilities



1,355,636


1,298,847



Shareholders' equity



865,712


817,894



Total Liabilities and Shareholders' Equity



$7,035,326


$6,521,661











Net Interest Margin (8)




3.55%


3.47%


 

 


S&T Bancorp, Inc.


Consolidated Selected Financial Data


Unaudited





2017


2017


2016




Third


Second


Third



(dollars in thousands)

Quarter


Quarter


Quarter



Nonperforming Loans (NPL)








Commercial loans:


% NPL


% NPL


% NPL


Commercial real estate

$6,571

0.25%

$7,199

0.27%

$7,551

0.31%


Commercial and industrial

7,349

0.51%

17,418

1.24%

11,890

0.88%


Commercial construction

4,068

0.94%

2,313

0.54%

6,653

1.65%


Total Nonperforming Commercial Loans

17,988

0.39%

26,930

0.60%

26,094

0.63%


Consumer loans:








Residential mortgage

7,782

1.11%

7,056

0.99%

11,400

1.63%


Home equity

3,675

0.75%

2,642

0.54%

2,955

0.61%


Installment and other consumer

48

0.07%

41

0.06%

44

0.07%


Total Nonperforming Consumer Loans

11,505

0.91%

9,739

0.76%

14,399

1.16%


Total Nonperforming Loans

$29,493

0.50%

$36,669

0.63%

$40,493

0.75%











2017


2017


2016




Third


Second


Third



(dollars in thousands)

Quarter


Quarter


Quarter



Loan Charge-offs








Charge-offs

$2,660


$5,822


$1,500



Recoveries

(1,171)


(488)


(564)



Net Loan Charge-offs

$1,489


$5,334


$936











Net Loan Charge-offs








Commercial loans:








Commercial real estate

($145)


$1,518


($171)



Commercial and industrial

401


2,613


245



Commercial construction

980


(113)


146



Total Commercial Loan Charge-offs

1,236


4,018


220



Consumer loans:








Residential mortgage

44


695


331



Home equity

10


354


(1)



Installment and other consumer

243


295


391



Consumer construction

(44)


(28)


(5)



Total Consumer Loan Charge-offs

253


1,316


716



Total Net Loan Charge-offs

$1,489


$5,334


$936




















Nine Months Ended September 30,



(dollars in thousands)



2017


2016



Loan Charge-offs








Charge-offs



$11,423


$8,623



Recoveries



(2,459)


(1,890)



Net Loan Charge-offs



$8,964


$6,733











Net Loan Charge-offs








Commercial loans:








Commercial real estate



$1,685


$1,146



Commercial and industrial



3,542


2,655



Commercial construction



1,255


1,088



Total Commercial Loan Charge-offs



6,482


4,889



Consumer loans:








Residential mortgage



1,220


506



Home equity



546


158



Installment and other consumer



795


1,295



Consumer construction



(79)


(115)



Total Consumer Loan Charge-offs



2,482


1,844



Total Net Loan Charge-offs



$8,964


$6,733



 

 


S&T Bancorp, Inc.


Consolidated Selected Financial Data


Unaudited





2017


2017


2016



Third


Second


Third


(dollars in thousands)

Quarter


Quarter


Quarter


Asset Quality Data







Nonperforming loans

$29,493


$36,669


$40,493


Assets acquired through foreclosure or repossession

1,033


1,620


512


Nonperforming assets

30,526


38,289


41,005


Troubled debt restructurings (nonperforming)

10,203


10,105


15,095


Troubled debt restructurings (performing)

15,605


15,080


12,936


Total troubled debt restructurings

25,808


25,185


28,031


Nonperforming loans / loans

0.50%


0.63%


0.75%


Nonperforming assets / loans plus OREO

0.52%


0.66%


0.76%


Allowance for loan losses / total portfolio loans

0.97%


0.96%


0.99%


Allowance for loan losses / nonperforming loans

192%


151%


133%


Net loan charge-offs (recoveries)

$1,489


$5,334


$936


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

0.10%


0.37%


0.07%










Nine Months Ended September 30,


(dollars in thousands)



2017


2016


Asset Quality Data







Net loan charge-offs (recoveries)



$8,964


$6,733


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



0.21%


0.17%


 

 

S&T Bancorp, Inc. 


Consolidated Selected Financial Data 


Unaudited




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





2017


2017


2016



Third


Second


Third



Quarter


Quarter


Quarter









(1) Tangible Book Value (non-GAAP)







   Total shareholders' equity

$887,576


$871,062


$838,707


   Less: goodwill and other intangible assets

(295,627)


(295,861)


(296,953)


   Tax effect of other intangible assets

1,385


1,467


1,849


   Tangible common equity (non-GAAP)

$593,334


$576,668


$543,603


   Common shares outstanding

34,979


34,980


34,913


   Tangible book value (non-GAAP)

$16.96


$16.49


$15.57









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







    Net income (annualized)

$90,144


$91,309


$81,877


    Plus: amortization of intangibles (annualized)

930


1,449


1,490


    Tax effect of amortization of intangibles (annualized)

(326)


(507)


(521)


    Net income before amortization of intangibles (annualized)

$90,748


$92,251


$82,846









    Average total shareholders' equity

$881,014


$865,663


$831,175


    Less: average goodwill and other intangible assets

(295,775)


(296,074)


(297,154)


    Tax effect of average goodwill and other intangible assets

1,437


1,541


1,919


    Average tangible equity (non-GAAP)

$586,676


$571,130


$535,940


    Return on average tangible equity (non-GAAP)

15.47%


16.15%


15.46%









(3) Efficiency Ratio (non-GAAP)







   Noninterest expense

$36,553


$36,597


$34,439









  Net interest income per consolidated statements of net income

$57,456


$56,570


$51,455


  Less: securities (gains) losses, net


(3,617)



  Plus: taxable equivalent adjustment

1,867


1,877


1,771


  Net interest income (FTE) (non-GAAP)

59,323


54,830


53,226


  Noninterest income

13,551


16,265


13,448


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

$72,874


$71,095


$66,674


  Efficiency ratio (non-GAAP)

50.16%


51.48%


51.65%









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







   Total shareholders' equity

$887,576


$871,062


$838,707


   Less: goodwill and other intangible assets

(295,627)


(295,861)


(296,953)


   Tax effect of goodwill and other intangible assets

1,385


1,467


1,849


   Tangible common equity (non-GAAP)

$593,334


$576,668


$543,603









   Total assets

$7,170,179


$7,086,166


$6,718,205


   Less: goodwill and other intangible assets

(295,627)


(295,861)


(296,953)


   Tax effect of goodwill and other intangible assets

1,385


1,467


1,849


   Tangible assets (non-GAAP)

$6,875,937


$6,791,772


$6,423,101


   Tangible common equity to tangible assets (non-GAAP)

8.63%


8.49%


8.46%









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







   Interest income

$66,723


$64,914


$57,808


   Less: interest expense

(9,267)


(8,344)


(6,353)


   Net interest income per consolidated statements of net income

57,456


56,570


51,455


   Plus: taxable equivalent adjustment

1,867


1,877


1,771


   Net interest income (FTE) (non-GAAP)

59,323


58,447


53,226


   Net interest income (FTE) (annualized)

235,358


234,430


211,747


   Average earning assets

$6,561,670


$6,568,038


$6,123,731


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

3.59%


3.57%


3.46%











 

 

S&T Bancorp, Inc.


Consolidated Selected Financial Data


Unaudited







Nine months ended September 30,





2017


2016









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







   Net income (annualized)



$85,131


$71,775


   Plus: amortization of intangibles (annualized)



1,275


1,660


   Tax effect on amortization of intangibles (annualized)



(446)


(581)


   Net income before amortization of intangibles (annualized)



$85,960


$72,854









   Average total shareholders' equity



$865,712


$817,894


   Less: average goodwill and other intangible assets



(296,086)


(297,576)


   Tax effect on average goodwill and other intangible assets



1,546


2,060


   Average tangible equity (non-GAAP)



$571,172


$522,378


   Return on average tangible equity (non-GAAP)



15.05%


13.95%









(7) Efficiency Ratio (non-GAAP)







   Noninterest expense



$109,960


$107,607









  Net interest income per consolidated statements of net income



$167,905


$150,801


  Less: securities (gains) losses, net



(3,987)




  Plus: taxable equivalent adjustment



5,614


5,254


  Net interest income (FTE) (non-GAAP)



169,532


156,055


  Noninterest income



42,812


41,713


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



$212,344


$197,768


  Efficiency ratio (non-GAAP)



51.78%


54.41%









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







   Interest income



$192,787


$168,678


   Less: interest expense



(24,882)


(17,877)


   Net interest income per consolidated statements of net income



167,905


150,801


   Plus: taxable equivalent adjustment



5,614


5,254


   Net interest income (FTE) (non-GAAP)



173,519


156,055


   Net interest income (FTE) (annualized)



231,994


208,453


   Average earning assets



$6,525,576


$6,001,748


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



3.55%


3.47%










 

View original content with multimedia:http://www.prnewswire.com/news-releases/st-bancorp-inc-announces-third-quarter-2017-results-300539477.html

SOURCE S&T Bancorp, Inc.

News Provided by Acquire Media