October 24, 2011

S&T Bancorp, Inc. Announces Third Quarter Earnings

INDIANA, Pa., Oct. 24, 2011 /PRNewswire/ --  S&T Bancorp, Inc. (NASDAQ: STBA), a full-service financial institution with office locations in 10 Pennsylvania counties, has announced its third quarter earnings.

(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:

  • Net income available to common shareholders was $12.2 million compared to $13.4 million in the second quarter of 2011 and $10.9 million in the third quarter of 2010 with diluted earnings per common share of $0.44 compared to $0.48 in the second quarter of 2011 and $0.39 in the third quarter of 2010.
  • Nonperforming assets decreased to 2.08% of total loans plus OREO compared to 2.18% in the second quarter of 2011 and 2.45% in the third quarter of 2010.
  • S&T announced an agreement to acquire Mainline Bancorp, Inc. in a stock and cash transaction expected to close in the first quarter of 2012.

"At S&T Bank, our recent agreement to acquire Mainline Bancorp, Inc. will enable us to gain greater market share and strengthen our existing footprint in Cambria and Blair counties, thereby having a positive impact on future earnings," Brice said.  "In addition, we are pleased to announce another quarter of strong earnings.  In particular, our nonperforming assets are at the lowest levels since December of 2008, which demonstrates our continued progress in resolving challenging loans within our portfolio."

Net Interest Income

Net interest income and net interest margin (FTE) decreased from the second quarter mainly due to a continued shift in asset mix to lower yielding assets. Net interest income on a fully taxable equivalent (FTE) basis for the third quarter of 2011 was $34.9 million compared to $35.6 million in the second quarter of 2011 and $38.1 million in the third quarter of 2010. The net interest margin (FTE) was 3.76% in the third quarter of 2011 compared to 3.85% in the second quarter of 2011 and 4.09% in the third quarter of 2010. Average loans decreased $76.6 million from the second quarter of 2011, while the fully taxable-equivalent yield decreased by 4 basis points to 4.85%. The average securities balance increased by $51.9 million mainly due to an increase in excess funds at the Federal Reserve. The fully taxable-equivalent yield on average securities decreased by 37 basis points to 2.39%.

Asset Quality

Asset quality metrics continue to show signs of improvement.  Nonperforming assets decreased to $65.2 million or 2.08% of total loans plus other real estate owned ("OREO") compared to $69.9 million or 2.18% in the second quarter of 2011 and from $82.7 million or 2.45% in the third quarter of 2010. Included in nonperforming assets were troubled debt restructurings ("TDRs") of $22.1 million. Loans transferred to held for sale in the second quarter 2011 of $8.8 million were sold during the third quarter of 2011 and resulted in an additional $0.2 million loss on loans held for sale within noninterest expense.

The provision for loan losses was $1.5 million for the third quarter of 2011 compared to $1.1 million for the second quarter of 2011 and $8.3 million in the third quarter of 2010. Net charge-offs were $8.0 million for the third quarter of 2011 compared to $4.8 million in the second quarter of 2011 and $6.0 million in the third quarter of 2010. Approximately $6.0 million of the $8.0 million of net loan charge-offs this quarter had previously established specific reserves.  At September 30, 2011 , the allowance for loan losses was $51.5 million or 1.64% of total loans, as compared to $58.0 million or 1.81% at June 30, 2011 and $56.3 million or 1.67% at September 30, 2010.

The allowance to nonperforming loans was 87% at September 30, 2011, 93% at June 30, 2011 and 75% at September 30, 2010. Included in the allowance is $2.9 million of specific reserves compared to $7.5 million in the second quarter of 2011 and $10.5 million in the third quarter of 2010.

Noninterest Income and Expense

Noninterest income was $10.4 million for the third quarter of 2011 compared to $11.2 million in the second quarter of 2011 and $12.3 million in the third quarter of 2010. The decrease from the prior quarter primarily relates to a $0.8 million impairment charge for mortgage servicing rights compared to $0.2 million for the second quarter of 2011. This impairment charge reflects a decline in the value of the remaining mortgage servicing rights due to increased prepayment speeds resulting from a decrease in interest rates during the quarter. Positively impacting noninterest income for the quarter was $0.3 million of new deposit fees.

Noninterest expense for the third quarter of 2011 was $24.2 million compared to $25.6 million for the second quarter of 2011 and $24.9 million for the third quarter of 2010. The decrease from the prior quarter in noninterest expense primarily relates to a decrease in the unfunded commitment reserve of $1.1 million. Approximately $0.8 million of the decline related to an expense recognized in 2008 for a letter of credit that S&T was contractually obligated to fulfill. During the third quarter of 2011, the letter of credit was drawn upon and funded and a corresponding loan charge-off was recorded. In addition, the unfunded commitment reserve decreased $0.4 million due to a decline in commitment levels.

Financial Condition

Total assets were essentially unchanged in the third quarter of 2011 compared to the second quarter of 2011 and the third quarter of 2010. Total portfolio loans were $3.1 billion at September 30, 2011 compared to $3.2 billion at June 30, 2011 and $3.4 billion at September 30, 2010. Total portfolio loans have decreased $59.7 million from the prior quarter including $6.1 million in consumer loans and $53.6 million in commercial loans.

The decline in loan balances is a result of a slow economic recovery resulting in businesses and consumers remaining cautious and significant loan principal pay-downs.

Total deposits were essentially unchanged in the third quarter of 2011 compared to the second quarter of 2011 and the third quarter of 2010. Noninterest-bearing demand deposits remain strong at $817.5 million as of September 30, 2011 compared to $801.5 million at June 30, 2011 and $743.5 million at September 30, 2010.

S&T's capital ratios continue to improve due to a reduction in risk-weighted assets and earnings retention. S&T's capital ratios exceed the "well capitalized" thresholds of federal bank regulatory agencies with a tier 1 leverage ratio of 11.80%, tier 1 risk-based capital ratio of 14.95% and total risk-based capital ratio of 18.51% at September 30, 2011. This compares to tier 1 leverage ratio of 11.49%, tier 1 risk-based capital ratio of 14.31% and total risk-based capital ratio of 17.83% at June 30, 2011.   S&T's tangible common equity ratio for the third quarter of 2011 was 8.30% compared to 8.08% for the second quarter of 2011 and 7.53% for the third quarter of 2010.

Other Highlights

On September 14, 2011, S&T Bancorp, Inc. and Mainline Bancorp, Inc. jointly announced the signing of a definitive merger agreement pursuant to which S&T Bancorp, Inc. will acquire Mainline Bancorp, Inc. in a stock and cash transaction valued at approximately $21.5 million. Based in Ebensburg, Pennsylvania, Mainline Bancorp has assets of $241.8 million and maintains eight branches. The transaction is in-market and will expand S&T Bancorp, Inc.'s existing footprint in Cambria and Blair counties, Pennsylvania. The combined company will have more than $4.3 billion in assets. The transaction is expected to be completed in the first quarter of 2012, after satisfaction of customary closing conditions, including regulatory approvals and the approval of the shareholders of Mainline Bancorp, Inc.

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 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 consolidated selected financial data spreadsheet. This information should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K for S&T Bancorp, Inc. and subsidiaries.

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands, except per share data)









2011


2011


2010



Third


Second


Third



Quarter


Quarter


Quarter









Income Statements







Interest Income

$40,845


$41,783


$45,325


Interest Expense

6,976


7,245


8,352


         Net Interest Income

33,869


34,538


36,973


         Taxable Equivalent Adjustment

1,002


1,014


1,137


         Net Interest Income (FTE)

34,871


35,552


38,110









Provision For Loan Losses

1,535


1,097


8,278









         Net Interest Income After Provisions (FTE)

33,336


34,455


29,832









Security (Losses) Gains, Net

(81)


(56)


6









Service Charges and Fees

2,683


2,389


2,842


Wealth Management

1,965


2,144


1,861


Insurance

2,192


2,181


2,125


Other

3,584


4,456


5,501









         Total Noninterest Income

10,424


11,170


12,329









Salaries and Employee Benefits

11,741


12,571


11,887


Occupancy and Equipment Expense, Net

2,916


3,103


2,850


Data Processing Expense

1,743


1,681


1,547


FDIC Expense

749


917


1,359


Other

7,044


7,322


7,305









         Total Noninterest Expense

24,193


25,594


24,948









Income Before Taxes

19,486


19,975


17,219


Taxable Equivalent Adjustment

1,002


1,014


1,137


Applicable Income Taxes

4,681


4,051


3,600









          Net Income

13,803


14,910


12,482


Preferred Stock Dividends

1,559


1,558


1,551









Net Income Available to Common Shareholders

$12,244


$13,352


$10,931









Per Common Share Data:














Shares Outstanding at End of Period

28,106,451


28,078,849


27,849,171


Average Shares Outstanding - Diluted

28,025,419


27,983,706


27,812,637


Diluted Earnings Per Common Share

$0.44


$0.48


$0.39


Dividends Declared

$0.15


$0.15


$0.15


Common Book Value

$17.68


$17.31


$16.83


Tangible Common Book Value (1)

$11.58


$11.19


$10.61


Market Value

$16.16


$18.59


$17.42











S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(Dollars in thousands, except per share data)










For the Nine Months Ended September 30,




2011


2010









Income Statements







Interest Income



$124,820


$136,209


Interest Expense



21,541


26,697


         Net Interest Income



103,279


109,512


         Taxable Equivalent Adjustment



3,054


3,552


         Net Interest Income (FTE)



106,333


113,064









Provision For Loan Losses



13,272


21,835









         Net Interest Income After Provisions (FTE)



93,061


91,229









Security (Losses) Gains, Net



(124)


263









Service Charges and Fees



7,356


8,706


Wealth Management



6,159


5,761


Insurance



6,505


6,457


Other



12,587


14,021









         Total Noninterest Income



32,607


34,945









Salaries and Employee Benefits



37,632


36,263


Occupancy and Equipment Expense, Net



9,053


8,879


Data Processing Expense



4,928


4,601


FDIC Expense



2,892


4,059


Other



22,731


24,813









         Total Noninterest Expense



77,236


78,615









Income Before Taxes



48,308


47,822


Taxable Equivalent Adjustment



3,054


3,552


Applicable Income Taxes



10,246


11,080









          Net Income



35,008


33,190


Preferred  Stock Dividends



4,672


4,648









Net Income Available to Common Shareholders



$30,336


$28,542









Per Common Share Data:














Average Shares Outstanding - Diluted



27,971,837


27,789,910


Net Income - Diluted



$1.08


$1.03


Dividends Declared



$0.45


$0.45


















S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)









2011


2011


2010



Third


Second


Third



Quarter


Quarter


Quarter









Net Interest Margin (Quarterly Averages)







Assets







 Loans - FTE

$3,171,379

4.85%

$3,247,998

4.89%

$3,377,607

5.10%

 Securities/Other - FTE

510,575

2.39%

458,720

2.76%

315,823

3.82%

    Total Interest-earning Assets

3,681,954

4.51%

3,706,718

4.63%

3,693,430

4.99%

 Noninterest-earning Assets

376,077


368,763


412,247


Total Assets

$4,058,031


$4,075,481


$4,105,677









Liabilities and Shareholders' Equity







 Now/Money Market/Savings

$1,287,489

0.14%

$1,268,085

0.16%

$1,250,278

0.24%

 Certificates of Deposit

1,159,557

1.81%

1,202,346

1.82%

1,309,880

1.89%

 Borrowed funds < 1 year

41,257

0.12%

43,465

0.14%

62,011

0.24%

 Borrowed funds > 1 year

123,103

3.93%

123,541

4.14%

121,218

4.26%

    Total Interest-bearing Liabilities

2,611,406

1.06%

2,637,437

1.10%

2,743,387

1.21%








Noninterest-bearing Liabilities







 Demand Deposits

799,247


804,199


743,265


 Shareholders' Equity/Other

647,378


633,845


619,025


    Total Noninterest-bearing Liabilities

1,446,625


1,438,044


1,362,290


Total Liabilities and Shareholders' Equity

$4,058,031


$4,075,481


$4,105,677









Net Interest Margin


3.76%


3.85%


4.09%









2011


2011


2010



Third


Second


Third



Quarter


Quarter


Quarter


Balance Sheets (Period-End)







Assets







 Cash

$262,406


$170,826


$88,157


 Securities

359,298


357,750


301,260


 Loans, Net

3,084,609


3,144,833


3,314,702


 Other Assets

385,657


384,881


393,989


Total Assets

$4,091,970


$4,058,290


$4,098,108









Liabilities and Shareholders' Equity







 Noninterest-bearing Demand Deposits

$817,518


$801,504


$743,453


 Interest-bearing Deposits

2,453,913


2,452,479


2,561,117


 Short-term Borrowings

42,409


41,112


48,189


 Long-term Debt

122,938


123,378


120,468


 Other Liabilities

51,518


47,280


50,374


 Shareholders' Equity

603,674


592,537


574,507


Total Liabilities and Shareholders' Equity

$4,091,970


$4,058,290


$4,098,108











S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)









2011


2011


2010



Third


Second


Third



Quarter


Quarter


Quarter


Loans (Period-End)







Consumer







    Home Equity

$423,166


$431,763


$451,275


    Residential Mortgage

350,619


345,698


361,320


    Installment

68,049


70,171


76,148


    Construction

3,111


3,365


6,946


         Total Consumer Loans

844,945


850,997


895,689


Commercial







    Commercial Real Estate

1,414,398


1,441,813


1,436,971


    Commercial & Industrial

681,866


690,956


728,091


    Construction

190,974


208,111


306,162


         Total Commercial Loans

2,287,238


2,340,880


2,471,224


Total Portfolio Loans

3,132,183


3,191,877


3,366,913


    Loans Held for Sale

3,959


10,960


4,070


Total Loans

$3,136,142


$3,202,837


$3,370,983










2011


2011


2010



Third


Second


Third



Quarter


Quarter


Quarter


Nonperforming Loans (NPL)







Consumer


% NPL


% NPL


% NPL

    Home Equity

$3,095

0.73%

$2,536

0.59%

$1,700

0.38%

    Residential Mortgage

6,719

1.92%

6,155

1.78%

5,159

1.41%

    Installment

15

0.02%

6

0.01%

89

0.12%

    Construction

181

5.82%

-

-

530

7.63%

         Total Consumer Loans

10,010

1.18%

8,697

1.02%

$7,478

0.83%

Commercial







    Commercial Real Estate

34,524

2.44%

38,261

2.65%

51,792

3.60%

    Commercial & Industrial

6,002

0.88%

8,141

1.18%

8,469

1.16%

    Construction

8,703

4.56%

7,401

3.56%

7,600

2.48%

         Total Commercial Loans

49,229

2.15%

53,803

2.30%

67,861

2.75%

Total Nonperforming Loans

$59,239

1.89%

$62,500

1.96%

$75,339

2.23%




S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)









2011


2011


2010



Third


Second


Third



Quarter


Quarter


Quarter


Construction and Commercial Real Estate (CRE)







PA vs. Out-of-state







Pennsylvania

$1,295,367


$1,326,843


$1,382,894


Out-of-state

310,005


323,081


360,239


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

$1,605,372


$1,649,924


$1,743,133










2011


2011


2010



Third


Second


Third



Quarter


Quarter


Quarter


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


% NPL


% NPL


% NPL

Pennsylvania

$38,864

3.00%

$44,243

3.33%

$45,760

3.31%

Out-of-state

4,363

1.41%

1,419

0.44%

13,632

3.78%

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

$43,227

2.69%

$45,662

2.77%

$59,392

3.41%









2011


2011


2010



Third


Second


Third



Quarter


Quarter


Quarter


Construction and CRE by Type







Retail/Strip Malls

$286,424


$285,743


$298,956


Offices

216,815


221,042


227,663


Residential Rental Properties

198,422


220,674


218,436


Hotels

186,342


184,658


195,841


Healthcare/Education

107,871


109,479


91,755


Manufacturing/Industrial/Warehouse

99,382


95,750


128,820


Real Estate Development - Commercial

98,196


100,069


103,110


Flex/Mixed Use

95,578


107,011


112,081


Real Estate Development - Residential

73,145


69,763


92,855


Miscellaneous

243,197


255,735


273,616


Total Construction and CRE by Type

$1,605,372


$1,649,924


$1,743,133










2011


2011


2010



Third


Second


Third



Quarter


Quarter


Quarter


Construction and CRE - NPL by Type


% NPL


% NPL


% NPL

Retail/Strip Malls

$2,371

0.83%

$2,882

1.01%

$3,866

1.29%

Offices

5,124

2.36%

6,592

2.98%

3,036

1.33%

Residential Rental Properties

3,381

1.70%

4,618

2.09%

12,653

5.79%

Hotels

1,100

0.59%

1,452

0.79%

2,562

1.31%

Healthcare/Education

-

0.00%

813

0.74%

3,951

4.31%

Manufacturing/Industrial/Warehouse

5,183

5.22%

4,414

4.61%

555

0.43%

Real Estate Development - Commercial

1,660

1.69%

1,144

1.14%

9,181

8.90%

Flex/Mixed Use

-

0.00%

-

0.00%

3,182

2.84%

Real Estate Development - Residential

8,352

11.42%

7,566

10.85%

4,965

5.35%

Miscellaneous

16,056

6.60%

16,181

6.33%

15,441

5.64%

Total Construction and CRE - NPL by Type

$43,227

2.69%

$45,662

2.77%

$59,392

3.41%




S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)









2011


2011


2010



Third


Second


Third



Quarter


Quarter


Quarter


Commercial Credit Exposure







Pass







Commercial Real Estate

$1,203,477


$1,235,019


$1,235,276


Commercial & Industrial

601,552


584,715


639,692


Construction

148,083


163,453


251,630


Total Pass

$1,953,112


$1,983,187


$2,126,598









Special Mention







Commercial Real Estate

$98,793


$84,351


$103,802


Commercial & Industrial

19,450


62,759


62,414


Construction

10,432


12,310


17,980


Total Special Mention

$128,675


$159,420


$184,196









Substandard







Commercial Real Estate

$112,128


$122,443


$97,893


Commercial & Industrial

60,864


43,482


25,985


Construction

32,458


32,348


36,552


Total Substandard

$205,450


$198,273


$160,430











S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)









2011


2011


2010



Third


Second


Third



Quarter


Quarter


Quarter


Asset Quality Data







Nonaccrual Loans and Nonperforming Loans

$59,239


$62,500


$75,339


Assets Acquired through Foreclosure or Repossession

5,992


7,389


7,367


Nonperforming Assets

65,231


69,889


82,706


Troubled Debt Restructurings (nonaccrual)

22,124


26,186


-


Troubled Debt Restructurings (accruing)

21,460


19,829


-


Total Troubled Debt Restructurings

43,584


46,015


-


Allowance for Loan Losses

51,533


58,004


56,281


Nonperforming Loans / Loans

1.89%


1.95%


2.23%


Nonperforming Assets / Loans plus OREO

2.08%


2.18%


2.45%


Allowance for Loan Losses / Loans

1.64%


1.81%


1.67%


Allowance for Loan Losses / Nonperforming Loans

87%


93%


75%


Net Loan Charge-offs (Recoveries)

8,006


4,756


5,965


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

1.00%


0.59%


0.70%









Profitability Ratios (Annualized)







Common Return on Average Assets

1.20%


1.31%


1.06%


Common Return on Average Tangible Assets (2)

1.25%


1.37%


1.10%


Common Return on Average Equity

8.12%


9.15%


7.61%


Common Return on Average Tangible Common Equity (3)

15.20%


17.47%


14.93%


Efficiency Ratio (FTE) (4)

53.41%


54.78%


49.46%









Capitalization Ratios







Dividends Paid to Net Income

34.40%


31.52%


38.18%


Common Equity / Assets

12.14%


11.98%


11.43%


Tier 1 Leverage Ratio

11.80%


11.49%


10.92%


Risk-Based Capital - Tier 1

14.95%


14.31%


12.97%


Risk-Based Capital - Total

18.51%


17.83%


16.35%


Tangible Common Equity / Tangible Assets (5)

8.30%


8.08%


7.53%











For the Nine Months Ended September 30,




2011


2010


Asset Quality Data







Net Loan Charge-offs (Recoveries)



13,126


25,134


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



0.54%


0.99%









Profitability Ratios (Annualized)







Common Return on Average Assets



1.00%


0.92%


Common Return on Average Tangible Common Assets (6)



1.04%


0.97%


Common Return on Average Shareholders' Equity



6.90%


6.78%


Common Return on Average Tangible Common Equity (7)



13.10%


13.47%


Efficiency Ratio (FTE) (4)



55.59%


53.12%









Capitalization Ratios







Dividends Paid to Net Income



41.58%


43.81%











S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited
















2011


2011


2010



Third


Second


Third



Quarter


Quarter


Quarter


Definitions and Reconciliation of GAAP to







     Non-GAAP Financial Measures:














(1)  Tangible Common Book Value







    Common Book Value (GAAP Basis)

$17.68


$17.31


$16.83


    Effect of Excluding Intangible Assets

(6.10)


(6.12)


(6.22)


    Tangible Common Book Value

$11.58


$11.19


$10.61









(2)  Common Return on Average Tangible Assets







    Common Return on Average Assets (GAAP Basis)

1.20%


1.31%


1.06%


    Effect of Excluding Intangible Assets

0.05%


0.06%


0.04%


    Common Return on Average Tangible Assets

1.25%


1.37%


1.10%









(3)  Common Return on Average Tangible Common Equity







    Common Return on Average Common Equity (GAAP Basis)

8.12%


9.15%


7.61%


    Effect of Excluding Intangible Assets

3.80%


4.50%


3.99%


    Effect of Excluding Preferred Stock

3.28%


3.82%


3.33%


    Common Return on Average Tangible Common Equity

15.20%


17.47%


14.93%









(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)

12.14%


11.98%


11.43%


    Effect of Excluding Intangible Assets

-3.84%


-3.90%


-3.90%


    Tangible Common Equity / Tangible Assets

8.30%


8.08%


7.53%


















For the Nine Months Ended September 30,




2011


2010









(6)  Common Return on Average Tangible Common Assets







    Common Return on Average Assets (GAAP Basis)



1.00%


0.92%


    Effect of Excluding Intangible Assets



0.04%


0.05%


    Common Return on Average Tangible Common Assets



1.04%


0.97%









(7)  Common Return on Average Tangible Common Equity







    Common Return on Average Shareholders' Equity (GAAP Basis)



6.90%


6.78%


    Effect of Excluding Intangible Assets



3.35%


3.66%


    Effect of Excluding Preferred Stock



2.85%


3.03%


    Common Return on Average Tangible Common Equity



13.10%


13.47%




SOURCE S&T Bancorp, Inc.

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