January 23, 2012

S&T Bancorp, Inc. Announces 2011 Results

INDIANA, Pa., Jan. 23, 2012 /PRNewswire/ -- S&T Bancorp, Inc. (NASDAQ: STBA), a full-service financial institution with office locations in 10 Pennsylvania counties, has announced its full year and fourth quarter earnings for 2011. 

(Logo:  http://photos.prnewswire.com/prnh/20070917/NEM099LOGO )

Todd D. Brice, president and chief executive officer of S&T Bancorp, Inc., offered the following highlights:

  • Full year 2011 earnings increased 6% to $39.7 million or $1.41 diluted earnings per common share compared to 2010 earnings of $37.3 million or $1.34 diluted earnings per common share.
  • Fourth quarter earnings were $9.3 million, with diluted earnings per common share of $0.33 compared to $0.44 in the third quarter of 2011 and $0.31 in the fourth quarter of 2010.
  • Redeemed $108.7 million of preferred stock from the U.S. Department of Treasury's Capital Purchase Program (CPP) without raising additional capital.
  • Asset quality metrics continue to show improvement with nonperforming assets to total loans plus other real estate owned (OREO) down to 1.92% compared to 2.08% in the third quarter of 2011 and 2.07% in the fourth quarter of 2010.

"In 2011, S&T Bank had success in two areas that will generate plenty of momentum as we move into 2012," said Todd D. Brice, president and chief executive officer.   "First, we redeemed all of the preferred stock we issued through the U.S. Treasury's Capital Purchase Program, a move that will boost earnings in 2012 by $0.22 per share.  Second, we announced the pending acquisition of Mainline Bancorp, which is expected to close in the first quarter of 2012.  This merger will capitalize on the synergies between our two banks and give us a greater presence in key regions that include Blair and Cambria counties."

U.S. Treasury's Capital Purchase Program

During the fourth quarter, S&T redeemed all of the preferred stock it sold to the U.S. Department of the Treasury in January of 2009 as part of the CPP.   S&T's strong capital position allowed for the repurchase of the preferred shares without raising additional capital and without any conditions from regulators.  S&T used available cash to fund the repurchase of the outstanding preferred stock for $108.7 million and the payment of the final dividend of $0.3 million.  As a result of this redemption, a one-time non-cash reduction in net income available to common shareholders of approximately $1.8 million or $0.06 per common diluted share was recognized to accelerate the accretion of the discount for the preferred stock.

Net Interest Income (FTE)

Net interest income and net interest margin on a fully taxable equivalent basis decreased from the prior year primarily due to a shift in asset mix from loans to lower yielding securities.  This shift in asset mix is a result of significant loan pay downs during 2011.  Net interest income for the full year 2011 was $141.5 million compared to $150.5 million in 2010.  The net interest margin declined in 2011 to 3.83% from 4.05% in 2010.  Average loans decreased $169.2 million from the prior year, while the yield decreased by 21 basis points to 4.88%.  The decrease in loans was offset by an increase in average securities of $153.0 million mainly due to an increase in excess funds held at the Federal Reserve.  These excess funds have decreased the yield on securities by 132 basis points to 2.58%.  

Net interest income for the fourth quarter of 2011 was $35.2 million compared to $34.9 million in the third quarter of 2011.  The net interest margin increased to 3.79% in the fourth quarter of 2011 compared to 3.76% in the third quarter of 2011.  The increase in income and rate is due to favorable borrowing and certificate of deposit repricing, combined with higher loan related fees.

Asset Quality

Asset quality metrics continue to show improvement.  Nonperforming assets decreased to $60.1 million or 1.92% of total loans plus OREO compared to $65.2 million or 2.08% in the third quarter of 2011 and down from $69.7 million or 2.07% in the fourth quarter of 2010.  Included in nonperforming assets were troubled debt restructurings (TDRs) of $18.2 million.  These restructured loans are a result of our continued efforts to work directly with our customers through the current challenging economic cycle.  

The provision for loan losses decreased in 2011 to $15.6 million from $29.5 million in 2010.  Net charge-offs were also down significantly in 2011, to 0.56% of average loans compared to 1.11% in 2010.  For the fourth quarter of 2011, the provision for loan losses was $2.3 million compared to $1.5 million for the third quarter of 2011 and $7.7 million in the fourth quarter of 2010.  Net charge-offs were $5.0 million for the fourth quarter compared to $8.0 million in the third quarter and $12.6 million in the fourth quarter of 2010.  The decrease in provision during 2011 is primarily a result of a general improvement in asset quality. 

The allowance for loan losses at December 31, 2011 was $48.8 million or 1.56% of total loans, as compared to $51.5 million or 1.64% at September 30, 2011 and $51.4 million or 1.53% at December 31, 2010.  The allowance to nonperforming loans was 87% at both December 31, 2011 and September 30, 2011 and 80% at December 31, 2010. Included in the allowance is $5.5 million of specific reserves compared to $2.9 million in the third quarter of 2011 and $3.6 million in the fourth quarter of 2010.

Noninterest Income

Noninterest income decreased $2.7 million to $44.2 million for the full year 2011 compared to $46.9 for the full year 2010.  The decrease from the prior year primarily relates to a $2.2 million decline in mortgage banking and a $1.2 million decline in service charges and fees on deposits.  The decrease in mortgage banking is due to lower volume of loan sales in the secondary market.  The decrease in service charges and fees relates to a $1.8 million decline in overdraft fees due to regulatory changes that took effect in August 2010.  This decrease was partially offset by an increase in new deposit related fees of $0.5 million in 2011.

Noninterest income for the fourth quarter increased to $11.6 million compared to $10.4 million in the third quarter of 2011.  The increase of $1.2 million primarily relates to mortgage banking activities.  During the third quarter, lower interest rates resulted in a decrease in the value of the mortgage servicing rights asset of $0.8 million, and in the fourth quarter, increased activity resulted in an increase in fees of $0.2 million

Noninterest Expense

Noninterest expense decreased for the full year 2011 by $1.7 million to $103.9 million compared to $105.6 million in 2010.  The decrease was driven by a reduction of $1.9 million in FDIC expense as a result of a change in methodology for the assessment and a $1.1 million decrease in loan collection fees as asset quality improved.  During 2010 there were one time costs of $2.3 million for a legal settlement and a $1.1 million write-off of start-up expenses for a mutual fund advised by an affiliate. These decreases were offset by higher salaries and benefits cost of $1.5 million primarily related to annual merit increases. 

Noninterest expense for the fourth quarter was $26.7 million compared to $24.2 million for the third quarter of 2011.  The increase from the third quarter of 2011 includes higher salaries and benefits of $1.2 million primarily related to higher medical cost in the current quarter and increased incentive plan expense.  Also, there was a reduction in the reserve for unfunded loan commitments of $1.2 million in the third quarter compared to a reduction of $0.5 million in the fourth quarter.  The $0.5 million reduction in reserves in the fourth quarter is due to a decline in available commitments. 

Financial Condition

Total assets have remained relatively unchanged since the fourth quarter of 2010 at $4.1 billion.  The decline in loan balances has been offset by commensurate increases in securities, primarily excess cash held at the Federal Reserve.  An encouraging sign is the significant slowdown in the decline of loan balances experienced in the fourth quarter of 2011.  Gross loans decreased by only $3.5 million in the fourth quarter compared to a decrease of $227.8 million in the first three quarters of 2011.  Deposits remained little changed at $3.3 billion since the fourth quarter of 2010, although with some improvement in mix.

S&T's capital ratios declined due to the redemption of the CPP, but remain significantly above the "well capitalized" thresholds of federal bank regulatory agencies with a tier 1 leverage capital ratio of 9.17%, tier 1 risk-based capital ratio of 11.63% and total risk-based capital ratio of 15.20%.  S&T's tangible common equity ratio was 8.09% for the fourth quarter of 2011 compared to 8.30% for the third quarter of 2011 and 7.61% for the fourth quarter of 2010.  The decline in the fourth quarter of 2011 is due to an increase in the pension liability caused by a lower discount rate.

About S&T Bancorp, Inc.

Headquartered in Indiana, PA, S&T Bancorp, Inc. operates offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson and Westmoreland counties.  With assets of $4.1 billion, S&T Bancorp, Inc. 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, 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 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.

 

S&T Bancorp, Inc.

 

 

 

 

Consolidated Selected Financial Data

 

 

 

 

 

Unaudited

 

 

 

 

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

For the Twelve Months Ended December 31,

 

 

 

2011

 

2010

 

 

 

 

 

 

 

Income Statements

 

 

 

 

 

Interest Income

 

$165,079

 

$180,419

 

Interest Expense

 

27,733

 

34,573

 

          Net Interest Income

 

137,346

 

145,846

 

          Taxable Equivalent Adjustment

 

4,155

 

4,627

 

          Net Interest Income (FTE)

 

141,501

 

150,473

 

 

 

 

 

 

 

Provision For Loan Losses

 

15,609

 

29,511

 

 

 

 

 

 

 

          Net Interest Income After Provisions (FTE)

 

125,892

 

120,962

 

 

 

 

 

 

 

Security (Losses) Gains, Net

 

(124)

 

274

 

 

 

 

 

 

 

Service Charges and Fees 

 

9,978

 

11,178

 

Wealth Management

 

8,180

 

7,808

 

Insurance

 

8,314

 

8,312

 

Other

 

17,709

 

19,638

 

 

 

 

 

 

 

          Total Noninterest Income

 

44,181

 

46,936

 

 

 

 

 

 

 

Salaries and Employee Benefits

 

51,078

 

48,715

 

Occupancy and Equipment Expense, Net

 

11,884

 

11,982

 

Data Processing Expense

 

6,853

 

6,145

 

FDIC Expense

 

3,570

 

5,426

 

Other

 

30,523

 

33,365

 

 

 

 

 

 

 

          Total Noninterest Expense

 

103,908

 

105,633

 

 

 

 

 

 

 

Income Before Taxes

 

66,041

 

62,539

 

Taxable Equivalent Adjustment

 

4,155

 

4,627

 

Applicable Income Taxes

 

14,622

 

14,432

 

 

 

 

 

 

 

           Net Income 

 

47,264

 

43,480

 

Preferred Stock Dividends and Discount Amortization

 

7,611

 

6,201

 

 

 

 

 

 

 

Net Income Available to Common Shareholders

 

$39,653

 

$37,279

 

 

 

 

 

 

 

Per Common Share Data: 

 

 

 

 

 

 

 

 

 

 

 

Average Shares Outstanding - Diluted

 

27,990,150

 

27,813,406

 

Net Income - Diluted *

 

$1.41

 

$1.34

 

Dividends Declared 

 

$0.60

 

$0.60

 

 

 

 

 

 

 

* 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.

 

 

 

 

 


 

 

 

 

 

 

S&T Bancorp, Inc.

 

 

 

 

 

Consolidated Selected Financial Data

 

 

 

 

 

Unaudited

 

 

 

 

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

2011

 

2011

 

2010

 

Fourth

 

Third

 

Fourth

 

Quarter

 

Quarter

 

Quarter

 

 

 

 

 

 

Income Statements

 

 

 

 

 

Interest Income

$40,258

 

$40,845

 

$44,210

Interest Expense

6,192

 

6,976

 

7,876

          Net Interest Income

34,066

 

33,869

 

36,334

          Taxable Equivalent Adjustment

1,101

 

1,002

 

1,075

          Net Interest Income (FTE)

35,167

 

34,871

 

37,409

 

 

 

 

 

 

Provision For Loan Losses

2,336

 

1,535

 

7,676

 

 

 

 

 

 

          Net Interest Income After Provisions (FTE)

32,831

 

33,336

 

29,733

 

 

 

 

 

 

Security (Losses) Gains, Net

-

 

(81)

 

11

 

 

 

 

 

 

Service Charges and Fees 

2,622

 

2,683

 

2,473

Wealth Management

2,021

 

1,965

 

2,047

Insurance

1,809

 

2,192

 

1,855

Other

5,122

 

3,584

 

5,616

 

 

 

 

 

 

          Total Noninterest Income

11,574

 

10,424

 

11,991

 

 

 

 

 

 

Salaries and Employee Benefits

13,446

 

11,741

 

12,452

Occupancy and Equipment Expense, Net

2,831

 

2,916

 

3,104

Data Processing Expense

1,925

 

1,743

 

1,544

FDIC Expense

678

 

749

 

1,367

Other

7,792

 

7,044

 

8,551

 

 

 

 

 

 

          Total Noninterest Expense

26,672

 

24,193

 

27,018

 

 

 

 

 

 

Income Before Taxes

17,733

 

19,486

 

14,717

Taxable Equivalent Adjustment

1,101

 

1,002

 

1,075

Applicable Income Taxes

4,376

 

4,681

 

3,352

 

 

 

 

 

 

           Net Income

12,256

 

13,803

 

10,290

Preferred Stock Dividends and Discount Amortization

2,939

 

1,559

 

1,553

 

 

 

 

 

 

Net Income Available to Common Shareholders

$9,317

 

$12,244

 

$8,737

 

 

 

 

 

 

Per Common Share Data: 

 

 

 

 

 

 

 

 

 

 

 

Shares Outstanding at End of Period

28,131,249

 

28,106,451

 

27,951,689

Average Shares Outstanding - Diluted

28,068,064

 

28,025,419

 

27,883,109

Diluted Earnings Per Common Share *

$0.33

 

$0.44

 

$0.31

Dividends Declared 

$0.15

 

$0.15

 

$0.15

Common Book Value 

$17.44

 

$17.68

 

$16.91

Tangible Common Book Value (1)

$11.36

 

$11.58

 

$10.73

Market Value 

$19.55

 

$16.16

 

$22.59

 

 

 

 

 

 

* 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.

 

 

 

 

 


 

 

 

 

 

 

 

S&T Bancorp, Inc.

 

 

 

 

 

 

Consolidated Selected Financial Data

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Twelve Months Ended December 31,

 

 

 

2011

 

2010

 

 

 

 

 

 

 

 

Net Interest Margin (FTE) (Yearly Averages)

 

 

 

 

 

 

Assets

 

 

 

 

 

 

  Loans

 

 

$3,216,857

4.88%

$3,386,103

5.09%

  Securities/Other

 

 

479,731

2.58%

326,757

3.90%

    Total Interest-earning Assets

 

 

3,696,588

4.58%

3,712,860

4.98%

  Noninterest-earning Assets

 

 

376,020

 

410,595

 

Total Assets

 

 

$4,072,608

 

$4,123,455

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

  Now/Money Market/Savings

 

 

$1,297,360

0.15%

$1,267,708

0.26%

  Certificates of Deposit

 

 

1,181,822

1.77%

1,300,803

1.95%

  Borrowed Funds < 1 Year

 

 

42,135

0.13%

78,963

0.27%

  Borrowed Funds > 1 Year

 

 

122,270

3.87%

133,539

4.23%

     Total Interest-bearing Liabilities

 

 

2,643,587

1.05%

2,781,013

1.24%

 

 

 

 

 

 

 

Noninterest-bearing Liabilities

 

 

 

 

 

 

  Demand Deposits

 

 

792,911

 

728,708

 

  Shareholders' Equity/Other

 

 

636,110

 

613,734

 

     Total Noninterest-bearing Liabilities

 

 

1,429,021

 

1,342,442

 

Total Liabilities and Shareholders' Equity

 

 

$4,072,608

 

$4,123,455

 

 

 

 

 

 

 

 

Net Interest Margin

 

 

 

3.83%

 

4.05%

 

 

 

 

 

 

 

 

2011

 

2011

 

2010

 

 

Fourth

 

Third

 

Fourth

 

 

Quarter

 

Quarter

 

Quarter

 

 

 

 

 

 

 

 

Net Interest Margin (FTE) (Quarterly Averages)

 

 

 

 

 

 

Assets

 

 

 

 

 

 

  Loans

$3,126,126

4.83%

$3,171,379

4.85%

$3,360,786

5.02%

  Securities/Other

562,541

2.32%

510,575

2.39%

296,270

3.77%

     Total Interest-earning Assets

3,688,667

4.45%

3,681,954

4.51%

3,657,056

4.92%

  Noninterest-earning Assets

381,191

 

376,077

 

460,073

 

Total Assets

$4,069,858

 

$4,058,031

 

$4,117,129

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

  Now/Money Market/Savings

$1,338,276

0.14%

$1,287,489

0.14%

$1,289,946

0.25%

  Certificates of Deposit

1,135,517

1.64%

1,159,557

1.81%

1,268,473

1.82%

  Borrowed Funds < 1 Year

41,261

0.11%

41,257

0.12%

48,121

0.11%

  Borrowed Funds > 1 Year

122,660

3.21%

123,103

3.93%

120,192

4.16%

     Total Interest-bearing Liabilities

2,637,714

0.93%

2,611,406

1.06%

2,726,732

1.15%

 

 

 

 

 

 

 

Noninterest-bearing Liabilities

 

 

 

 

 

 

  Demand Deposits

800,188

 

799,247

 

757,857

 

  Shareholders' Equity/Other

631,956

 

647,378

 

632,540

 

    Total Noninterest-bearing Liabilities

1,432,144

 

1,446,625

 

1,390,397

 

Total Liabilities and Shareholders' Equity

$4,069,858

 

$4,058,031

 

$4,117,129

 

 

 

 

 

 

 

 

Net Interest Margin

 

3.79%

 

3.76%

 

4.05%

 

 

 

 

 

 

 


 

 

 

 

 

 

 

S&T Bancorp, Inc.

 

 

 

 

 

 

Consolidated Selected Financial Data

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011

 

2011

 

2010

 

 

Fourth 

 

Third

 

Fourth

 

 

Quarter

 

Quarter

 

Quarter

 

Balance Sheets (Period-End)

 

 

 

 

 

 

Assets

 

 

 

 

 

 

  Cash

$61,723

 

$58,552

 

$48,182

 

  Securities

584,615

 

563,152

 

370,404

 

  Loans, Net

3,083,768

 

3,084,609

 

3,312,540

 

  Other Assets

389,888

 

385,657

 

383,213

 

Total Assets

$4,119,994

 

$4,091,970

 

$4,114,339

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

  Noninterest-bearing Demand Deposits

$818,686

 

$817,518

 

$765,812

 

  Interest-bearing Deposits

2,517,173

 

2,453,913

 

2,551,712

 

  Short-term Borrowings

105,370

 

42,409

 

40,653

 

  Long-term Debt 

122,493

 

122,938

 

119,984

 

  Other Liabilities

65,746

 

51,518

 

57,513

 

  Shareholders' Equity

490,526

 

603,674

 

578,665

 

Total Liabilities and Shareholders' Equity

$4,119,994

 

$4,091,970

 

$4,114,339

 

 

 

 

 

 

 

 

 

2011

 

2011

 

2010

 

 

Fourth

 

Third

 

Fourth

 

 

Quarter

 

Quarter

 

Quarter

 

Loans (Period-End)

 

 

 

 

 

 

Consumer

 

 

 

 

 

 

     Home Equity

$411,404

 

$423,166

 

$441,096

 

     Residential Mortgage

358,846

 

350,619

 

359,536

 

     Installment & Other Consumer

67,131

 

68,049

 

74,780

 

     Construction

2,440

 

3,111

 

4,019

 

         Total Consumer Loans

839,821

 

844,945

 

879,431

 

Commercial

 

 

 

 

 

 

     Commercial Real Estate

1,415,333

 

1,414,398

 

1,494,202

 

     Commercial & Industrial

685,753

 

681,866

 

722,359

 

     Construction

188,852

 

190,974

 

259,598

 

          Total Commercial Loans

2,289,938

 

2,287,238

 

2,476,159

 

Total Portfolio Loans

3,129,759

 

3,132,183

 

3,355,590

 

     Loans Held for Sale

2,850

 

3,959

 

8,337

 

Total Loans

$3,132,609

 

$3,136,142

 

$3,363,927

 

 

 

 

 

 

 

 

Nonperforming Loans (NPL)

 

 

 

 

 

 

Consumer

 

% NPL

 

% NPL

 

% NPL

     Home Equity

$2,936

0.71%

$3,095

0.73%

$1,432

0.32%

     Residential Mortgage

7,228

2.01%

6,719

1.92%

5,996

1.67%

     Installment & Other Consumer

4

0.01%

15

0.02%

65

0.09%

     Construction

181

7.42%

181

5.82%

526

13.09%

          Total Consumer Loans

10,349

1.23%

10,010

1.18%

8,019

0.91%

Commercial

 

 

 

 

 

 

     Commercial Real Estate

31,648

2.24%

34,524

2.44%

44,310

2.97%

     Commercial & Industrial

7,571

1.10%

6,002

0.88%

3,567

0.49%

     Construction

6,547

3.47%

8,703

4.56%

7,987

3.08%

          Total Commercial Loans

45,766

2.00%

49,229

2.15%

55,864

2.26%

Total Nonperforming Loans

$56,115

1.79%

$59,239

1.89%

$63,883

1.90%


 

 

 

 

 

 

 

S&T Bancorp, Inc.

 

 

 

 

 

 

Consolidated Selected Financial Data

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011

 

2011

 

2010

 

 

Fourth

 

Third

 

Fourth

 

 

Quarter

 

Quarter

 

Quarter

 

Construction and Commercial Real Estate (CRE)

 

 

 

 

 

 

PA vs. Out-of-State

 

 

 

 

 

 

Pennsylvania

$1,301,211

 

$1,295,367

 

$1,390,635

 

Out-of-State

302,974

 

310,005

 

363,165

 

Total Construction and CRE PA vs. Out-of-State

$1,604,185

 

$1,605,372

 

$1,753,800

 

 

 

 

 

 

 

 

Construction and CRE - NPL PA vs. Out-of-State

 

% NPL

 

% NPL

 

% NPL

Pennsylvania

$33,665

2.59%

$38,864

3.00%

$43,515

3.13%

Out-of-State

4,530

1.50%

4,363

1.41%

8,782

2.42%

Total Construction and CRE - NPL PA vs. Out-of-State

$38,195

2.38%

$43,227

2.69%

$52,297

2.98%

 

 

 

 

 

 

 

 

2011

 

2011

 

2010

 

 

Fourth

 

Third

 

Fourth

 

 

Quarter

 

Quarter

 

Quarter

 

Construction and CRE by Type

 

 

 

 

 

 

Retail/Strip Malls

$288,453

 

$286,424

 

$304,324

 

Offices

218,619

 

216,815

 

232,655

 

Residential Rental Properties

198,011

 

198,422

 

242,756

 

Hotels

193,833

 

186,342

 

192,954

 

Healthcare/Education

105,642

 

107,871

 

95,029

 

Real Estate Development - Commercial

102,623

 

98,196

 

90,136

 

Flex/Mixed Use

97,766

 

95,578

 

118,610

 

Manufacturing/Industrial/Warehouse

95,883

 

99,382

 

118,791

 

Real Estate Development - Residential

60,808

 

73,145

 

88,487

 

Recreational

43,152

 

43,770

 

44,514

 

Restaurant

29,921

 

35,259

 

41,398

 

Convenience Stores

29,489

 

28,250

 

24,637

 

Miscellaneous

139,985

 

135,918

 

159,509

 

Total Construction and CRE by Type

$1,604,185

 

$1,605,372

 

$1,753,800

 

 

 

 

 

 

 

 

 

2011

 

2011

 

2010

 

 

Fourth

 

Third

 

Fourth

 

 

Quarter

 

Quarter

 

Quarter

 

Construction and CRE - NPL by Type

 

% NPL

 

% NPL

 

% NPL

Retail/Strip Malls

$5,285

1.83%

$2,371

0.83%

$3,176

1.04%

Offices

3,973

1.82%

5,124

2.36%

2,720

1.17%

Residential Rental Properties

2,851

1.44%

3,381

1.70%

11,087

4.57%

Hotels

700

0.36%

1,100

0.59%

1,465

0.76%

Healthcare/Education

311

0.29%

-

0.00%

1,509

1.59%

Real Estate Development - Commercial

771

0.75%

1,660

1.69%

5,525

6.13%

Flex/Mixed Use

-

0.00%

-

0.00%

2,740

2.31%

Manufacturing/Industrial/Warehouse

4,638

4.84%

5,183

5.22%

1,944

1.64%

Real Estate Development - Residential

6,284

10.33%

8,352

11.42%

6,693

7.56%

Recreational

9,365

21.70%

9,463

21.62%

9,344

20.99%

Restaurant

940

3.14%

4,153

11.78%

5,759

13.91%

Convenience Stores

-

0.00%

-

0.00%

-

0.00%

Miscellaneous

3,077

2.20%

2,440

1.80%

335

0.21%

Total Construction and CRE - NPL by Type

$38,195

2.38%

$43,227

2.69%

$52,297

2.98%


 

 

 

 

 

 

 

S&T Bancorp, Inc.

 

 

 

 

 

 

Consolidated Selected Financial Data

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011

 

2011

 

2010

 

 

Fourth

 

Third

 

Fourth

 

 

Quarter

 

Quarter

 

Quarter

 

Commercial Credit Exposure

 

 

 

 

 

 

Pass

 

 

 

 

 

 

Commercial Real Estate

$1,229,005

 

$1,201,955

 

$1,297,242

 

Commercial & Industrial

600,895

 

601,552

 

619,011

 

Construction

136,270

 

148,084

 

221,492

 

Total Pass

$1,966,170

 

$1,951,591

 

$2,137,745

 

 

 

 

 

 

 

 

Special Mention

 

 

 

 

 

 

Commercial Real Estate

$84,400

 

$89,164

 

$86,653

 

Commercial & Industrial

33,135

 

19,450

 

76,158

 

Construction

17,106

 

10,432

 

16,308

 

Total Special Mention

$134,641

 

$119,046

 

$179,119

 

 

 

 

 

 

 

 

Substandard

 

 

 

 

 

 

Commercial Real Estate

$101,928

 

$123,279

 

$110,307

 

Commercial & Industrial

51,723

 

60,864

 

27,190

 

Construction

35,476

 

32,458

 

21,798

 

Total Substandard

$189,127

 

$216,601

 

$159,295

 


 

 

 

 

 

 

 

 

S&T Bancorp, Inc.

 

 

 

 

 

 

Consolidated Selected Financial Data

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011

 

2011

 

2010

 

 

Fourth

 

Third

 

Fourth

 

 

Quarter

 

Quarter

 

Quarter

 

Asset Quality Data

 

 

 

 

 

 

Nonperforming Loans

$56,115

 

$59,239

 

$63,883

 

Assets Acquired through Foreclosure or Repossession

3,967

 

5,992

 

5,820

 

Nonperforming Assets

60,082

 

65,231

 

69,703

 

Troubled Debt Restructurings (Nonaccrual)

18,184

 

22,124

 

32,779

 

Allowance for Loan Losses

48,841

 

51,533

 

51,387

 

Nonperforming Loans / Loans

1.79%

 

1.89%

 

1.90%

 

Nonperforming Assets / Loans plus OREO

1.92%

 

2.08%

 

2.07%

 

Allowance for Loan Losses / Loans

1.56%

 

1.64%

 

1.53%

 

Allowance for Loan Losses / Nonperforming Loans

87%

 

87%

 

80%

 

Net Loan Charge-offs (Recoveries)

5,028

 

8,006

 

12,570

 

Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans

0.64%

 

1.00%

 

1.48%

 

 

 

 

 

 

 

 

Profitability Ratios (Annualized)

 

 

 

 

 

 

Common Return on Average Assets

0.91%

 

1.20%

 

0.84%

 

Common Return on Average Tangible Assets (2)

0.95%

 

1.25%

 

0.88%

 

Common Return on Average Equity 

6.41%

 

8.12%

 

6.00%

 

Common Return on Average Tangible Common Equity (3)

11.29%

 

15.20%

 

11.59%

 

Efficiency Ratio (FTE) (4)

57.06%

 

53.41%

 

54.69%

 

 

 

 

 

 

 

 

Capitalization Ratios

 

 

 

 

 

 

Dividends Paid to Net Income

45.25%

 

34.40%

 

47.82%

 

Common Equity / Assets

11.91%

 

12.14%

 

11.48%

 

Tier 1 Leverage Ratio

9.17%

 

11.80%

 

11.07%

 

Risk-Based Capital - Tier 1

11.63%

 

14.95%

 

13.28%

 

Risk-Based Capital - Total

15.20%

 

18.51%

 

16.68%

 

Tangible Common Equity / Tangible Assets (5)

8.09%

 

8.30%

 

7.61%

 

 

 

 

 

 

 

 

 

 

For the Twelve Months Ended December 31,

 

 

 

2011

 

2010

 

Asset Quality Data

 

 

 

 

 

 

Net Loan Charge-offs (Recoveries)

 

 

18,155

 

37,704

 

Net Loan Charge-offs (Recoveries) / Average Loans

 

 

0.56%

 

1.11%

 

 

 

 

 

 

 

 

Profitability Ratios (Annualized)

 

 

 

 

 

 

Common Return on Average Assets

 

 

0.97%

 

0.90%

 

Common Return on Average Tangible Common Assets (6)

 

 

1.02%

 

0.94%

 

Common Return on Average Shareholders' Equity 

 

 

6.78%

 

6.58%

 

Common Return on Average Tangible Common Equity (7)

 

 

12.62%

 

12.98%

 

Efficiency Ratio (FTE) (4)

 

 

55.96%

 

53.51%

 

 

 

 

 

 

 

 

Capitalization Ratios

 

 

 

 

 

 

Dividends Paid to Net Income 

 

 

42.44%

 

44.75%

 


 

 

 

 

 

 

 

S&T Bancorp, Inc.

 

 

 

 

 

 

Consolidated Selected Financial Data

 

 

 

 

 

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011

 

2011

 

2010

 

 

Fourth

 

Third

 

Fourth

 

 

Quarter

 

Quarter

 

Quarter

 

Definitions and Reconciliation of GAAP to

 

 

 

 

 

 

      Non-GAAP Financial Measures:

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)  Tangible Common Book Value

 

 

 

 

 

 

      Common Book Value (GAAP Basis)

$17.44

 

$17.68

 

$16.91

 

      Effect of Excluding Intangible Assets

(6.08)

 

(6.10)

 

(6.18)

 

      Tangible Common Book Value

$11.36

 

$11.58

 

$10.73

 

 

 

 

 

 

 

 

(2) Common Return on Average Tangible Assets

 

 

 

 

 

 

      Common Return on Average Assets (GAAP Basis)

0.91%

 

1.20%

 

0.84%

 

      Effect of Excluding Intangible Assets

0.04%

 

0.05%

 

0.04%

 

      Common Return on Average Tangible Assets

0.95%

 

1.25%

 

0.88%

 

 

 

 

 

 

 

 

(3)  Common Return on Average Tangible Common Equity

 

 

 

 

 

 

      Common Return on Average Common Equity (GAAP Basis)

6.41%

 

8.12%

 

6.00%

 

      Effect of Excluding Intangible Assets

2.17%

 

3.80%

 

3.03%

 

      Effect of Excluding Preferred Stock

2.71%

 

3.28%

 

2.56%

 

      Common Return on Average Tangible Common Equity

11.29%

 

15.20%

 

11.59%

 

 

 

 

 

 

 

 

(4)  Recurring noninterest expense divided by recurring noninterest income plus net interest income, on a fully taxable equivalent basis.

 

 

 

 

 

 

 

 

(5) Tangible Common Equity / Tangible Assets

 

 

 

 

 

 

      Common Equity / Assets (GAAP Basis)

11.91%

 

12.14%

 

11.48%

 

      Effect of Excluding Intangible Assets

-3.82%

 

-3.84%

 

-3.87%

 

      Tangible Common Equity / Tangible Assets

8.09%

 

8.30%

 

7.61%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Twelve Months Ended December 31,

 

 

 

2011

 

2010

 

 

 

 

 

 

 

 

(6)  Common Return on Average Tangible Common Assets

 

 

 

 

 

 

      Common Return on Average Assets (GAAP Basis)

 

 

0.97%

 

0.90%

 

      Effect of Excluding Intangible Assets

 

 

0.05%

 

0.04%

 

      Common Return on Average Tangible Common Assets

 

 

1.02%

 

0.94%

 

 

 

 

 

 

 

 

(7)  Common Return on Average Tangible Common Equity

 

 

 

 

 

 

      Common Return on Average Shareholders' Equity (GAAP Basis)

 

 

6.78%

 

6.58%

 

      Effect of Excluding Intangible Assets

 

 

3.03%

 

3.49%

 

      Effect of Excluding Preferred Stock

 

 

2.81%

 

2.91%

 

      Common Return on Average Tangible Common Equity

 

 

12.62%

 

12.98%

 

 

 

 

 

SOURCE S&T Bancorp, Inc.

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