Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - S&T BANCORP INC | d8k.htm |
Exhibit 99.1
| FOR IMMEDIATE RELEASE | Contact: Mark Kochvar | |||
| January 31, 2011 | Chief Financial Officer | |||
| 724-465-4826 |
S&T Bancorp, Inc. Announces 2010 Results
Indiana, Pennsylvania – S&T Bancorp, Inc. (NASDAQ: STBA), a full-service financial institution with office locations in 10 Pennsylvania counties, has announced its full year 2010 and fourth quarter earnings.
Todd D. Brice, president and chief executive officer of S&T Bancorp, Inc., offered the following highlights:
| • | Full year 2010 earnings were $40.0 million or $1.44 diluted earnings per common share versus 2009 earnings of $2.0 million or $0.07 diluted earnings per common share. |
| • | Fourth quarter earnings were $11.4 million, an increase of 5% from the prior quarter, with diluted earnings per common share of $0.41 compared to $0.39 in the third quarter of 2010 and $0.28 in the fourth quarter of 2009. |
| • | Asset quality continued to improve in the fourth quarter, with nonperforming assets decreasing by 12% to $72.9 million, which equates to 2.16% of total loans plus OREO. This compares favorably to 2.45% in the third quarter of 2010 and 2.80% in the fourth quarter of 2009. |
S&T Bancorp, Inc. Announces 2010 Results (continued)
“Our 2010 performance represents a significant improvement over 2009,” said Brice. “We expect this positive momentum to continue into 2011 as our asset quality metrics benefit from improving economic conditions. However, we remain aware of the challenges that exist, as our customers continue to be cautious in their borrowing needs and new regulations challenge our fee revenue.”
Net Interest Income
Net interest income on a fully taxable equivalent (FTE) basis for the full year 2010 was relatively flat at $150.5 million compared to $151.2 million in 2009. The net interest margin (FTE) improved in 2010 to 4.05% from 3.89% in 2009, largely offsetting the $174.2 million decrease in average earning assets. The improved margin is a result of lower borrowing and deposit costs experienced in 2010. Net interest income (FTE) for the fourth quarter of 2010 was $37.4 million compared to $38.1 million in the third quarter of 2010 and $37.7 million in the fourth quarter of 2009. The net interest margin (FTE) decreased to 4.06% in the fourth quarter of 2010 compared to 4.09% in the third quarter of 2010 and 3.94% in the fourth quarter of 2009.
Noninterest Income
Noninterest income improved by $3.3 million or 7.5% for the full year 2010 compared to 2009. Insurance fees increased $0.6 million primarily due to higher annual bonus commission income received in the first quarter of 2010 based upon positive trends in loss rates. Mortgage banking increased $0.7 million due to improved pricing on mortgage sales compared to the prior year. Further increasing noninterest income was a reclassification of debit card fee income of $2.3 million that was included in noninterest expense in 2009. Offsetting these increases was a decrease in NSF fees of $0.9 million due to regulatory changes (Regulation E).
For the fourth quarter 2010, noninterest income was $12.0 million compared to $12.3 million in the third quarter of 2010 and $11.4 million in the fourth quarter of 2009. NSF fees decreased by $0.4 million compared to the third quarter due to a full quarter’s impact of Regulation E.
S&T Bancorp, Inc. Announces 2010 Results (continued)
Asset Quality
Nonperforming assets decreased to $72.9 million or 2.16% of total loans plus other real estate owned (“OREO”) compared to $82.7 million or 2.45% in the third quarter of 2010 and down from $95.4 million or 2.80% in the fourth quarter of 2009. Included in nonperforming assets were restructured loans of $28.9 million. These restructured loans are a result of our continued efforts to work directly with our customers in these challenging times. Delinquency improved in the fourth quarter with total portfolio delinquency at 2.32% compared to 2.69% in the third quarter of 2010 and 3.64% in the fourth quarter of 2009. Early stage delinquencies (30-89 days) continued to improve, decreasing to 0.33% in the fourth quarter of 2010 compared to 0.46% in the third quarter of 2010 and 0.98% in the fourth quarter of 2009.
“Asset quality continues to be the top priority, and we are pleased with the progress we have seen in 2010,” Brice said. “While non-performing asset levels remain elevated, we have made steady progress in 2010 and are encouraged by the positive trends that we are seeing in both our loan portfolio and in the Western PA economy.”
The provision for loan losses decreased substantially in 2010 to $25.3 million from $72.4 million in 2009. Net charge-offs were also down significantly in 2010, to 1.02% of average loans compared to 1.60% in 2009. For the fourth quarter of 2010, the provision for loan losses was $3.5 million compared to $8.3 million for the third quarter of 2010 and $10.4 million in the fourth quarter of 2009. Net charge-offs were $9.4 million for the fourth quarter compared to $6.0 million in the third quarter and $11.7 million in the fourth quarter of 2009.
The allowance for loan losses at December 31, 2010 was $50.4 million or 1.50% of total loans, as compared to $56.3 million or 1.67% at September 30, 2010 and $59.6 million or 1.75% at December 31, 2009. The allowance to nonperforming loans was 75% at both December 31, 2010 and September 30, 2010, and 66% at December 31, 2009. The majority of the net charge-offs taken in the fourth quarter of 2010 were identified and
S&T Bancorp, Inc. Announces 2010 Results (continued)
recognized in the provision earlier in the year. Included in the allowance is $3.6 million of specific reserves compared to $10.5 million in the third quarter of 2010 and $17.0 million in the fourth quarter of 2009.
Noninterest Expense
Noninterest expense decreased for the full year 2010 by $2.5 million or 2.3% to $105.6 million compared to $108.1 million in 2009. FDIC expense represented the largest decrease, down $3.0 million in 2010 compared to 2009. Noninterest expense for the fourth quarter was $27.0 million compared to $24.9 million for the third quarter of 2010 and $25.1 million for the fourth quarter of 2009. The increase from the third quarter of 2010 includes higher salaries and benefits of $0.6 million. OREO expense increased quarter over quarter due to aggressive marketing efforts to move properties off our balance sheet. Also, there was a reduction in the reserve for unfunded loan commitments of $0.9 million in the third quarter compared to no change in the fourth quarter.
Financial Condition
Total assets were $4.1 billion at December 31, 2010 and September 30, 2010 compared to $4.2 billion at December 31, 2009. The decrease from December 31, 2009 is attributable to lower security and loan balances, partially offset by an increase in cash balances held at the Federal Reserve. Total gross loans remained at $3.4 billion at December 31, 2010, September 30, 2010 and December 31, 2009. Total deposits were $3.3 billion at December 31, 2010, September 30, 2010 and December 31, 2009. Demand deposits increased to $765.8 million as of December 31, 2010 compared to $743.5 million at September 30, 2010 and $712.1 million at December 31, 2009. During the fourth quarter, total borrowings remained relatively stable at $160.6 million at December 31, 2010 and $168.7 million at September 30, 2010, but have decreased significantly over the past year from $272.7 million at December 31, 2009 due to stable deposits and declines in earning assets.
S&T’s capital ratios continue to improve and exceed the “well-capitalized” thresholds of federal bank regulatory agencies with a tier 1 leverage capital ratio of 11.14%, tier 1 risk-based
S&T Bancorp, Inc. Announces 2010 Results (continued)
capital ratio of 13.35% and total risk-based capital ratio of 16.75%. The increase in capital ratios is primarily attributable to earnings retention. S&T’s tangible common equity ratio increased to 7.67% compared to 7.53% for the third quarter of 2010 and 6.84% for the fourth quarter of 2009.
About S&T Bancorp, Inc.
Headquartered in Indiana, PA, S&T Bancorp, Inc. operates 51 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.
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
(Dollars in thousands, except per share data)
| For the 12 Months Ended December 31, | ||||||||
| 2010 | 2009 | |||||||
| Income Statements | ||||||||
| Interest Income |
$ | 180,419 | $ | 195,087 | ||||
| Interest Expense |
34,573 | 49,105 | ||||||
| Net Interest Income |
145,846 | 145,982 | ||||||
| Taxable Equivalent Adjustment |
4,627 | 5,202 | ||||||
| Net Interest Income (FTE) |
150,473 | 151,184 | ||||||
| Provision For Loan Losses |
25,338 | 72,354 | ||||||
| Net Interest Income After Provisions (FTE) |
125,135 | 78,830 | ||||||
| Security Gains (Losses), Net |
274 | (5,088 | ) | |||||
| Service Charges and Fees |
11,713 | 12,942 | ||||||
| Wealth Management |
7,808 | 7,500 | ||||||
| Insurance |
8,312 | 7,751 | ||||||
| Other |
19,102 | 15,475 | ||||||
| Total Noninterest Income |
46,935 | 43,668 | ||||||
| Salaries and Employee Benefits |
48,714 | 48,848 | ||||||
| Occupancy and Equipment Expense, Net |
12,046 | 11,886 | ||||||
| Data Processing Expense |
6,145 | 6,048 | ||||||
| FDIC Expense |
5,426 | 8,388 | ||||||
| Other |
33,302 | 32,956 | ||||||
| Total Noninterest Expense |
105,633 | 108,126 | ||||||
| Income Before Taxes |
66,711 | 9,284 | ||||||
| Taxable Equivalent Adjustment |
4,627 | 5,202 | ||||||
| Applicable Income Taxes |
15,892 | (3,869 | ) | |||||
| Net Income |
46,192 | 7,951 | ||||||
| Preferred Stock Dividends |
6,201 | 5,913 | ||||||
| Net Income Available to Common Shareholders |
$ | 39,991 | $ | 2,038 | ||||
| Per Common Share Data: |
||||||||
| Average Shares Outstanding - Diluted |
27,813,406 | 27,658,861 | ||||||
| Diluted Earnings Per Share |
$ | 1.44 | $ | 0.07 | ||||
| Dividends Declared |
$ | 0.45 | $ | 0.61 | ||||
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands, except per share data)
| 2010 | 2010 | 2009 | ||||||||||
| Fourth | Third | Fourth | ||||||||||
| Quarter | Quarter | Quarter | ||||||||||
| Income Statements | ||||||||||||
| Interest Income |
$ | 44,210 | $ | 45,325 | $ | 47,126 | ||||||
| Interest Expense |
7,876 | 8,352 | 10,671 | |||||||||
| Net Interest Income |
36,334 | 36,973 | 36,455 | |||||||||
| Taxable Equivalent Adjustment |
1,075 | 1,137 | 1,274 | |||||||||
| Net Interest Income (FTE) |
37,409 | 38,110 | 37,729 | |||||||||
| Provision For Loan Losses |
3,503 | 8,278 | 10,399 | |||||||||
| Net Interest Income After Provisions (FTE) |
33,906 | 29,832 | 27,330 | |||||||||
| Security Gains (Losses), Net |
11 | 6 | (487 | ) | ||||||||
| Service Charges and Fees |
2,602 | 2,974 | 3,349 | |||||||||
| Wealth Management |
2,047 | 1,861 | 1,924 | |||||||||
| Insurance |
1,855 | 2,125 | 1,884 | |||||||||
| Other |
5,487 | 5,369 | 4,213 | |||||||||
| Total Noninterest Income |
11,991 | 12,329 | 11,370 | |||||||||
| Salaries and Employee Benefits |
12,452 | 11,887 | 12,211 | |||||||||
| Occupancy and Equipment Expense, Net |
3,123 | 2,863 | 2,898 | |||||||||
| Data Processing Expense |
1,544 | 1,547 | 1,473 | |||||||||
| FDIC Expense |
1,367 | 1,359 | 1,475 | |||||||||
| Other |
8,533 | 7,292 | 7,031 | |||||||||
| Total Noninterest Expense |
27,019 | 24,948 | 25,088 | |||||||||
| Income Before Taxes |
18,889 | 17,219 | 13,125 | |||||||||
| Taxable Equivalent Adjustment |
1,075 | 1,137 | 1,274 | |||||||||
| Applicable Income Taxes |
4,812 | 3,600 | 2,660 | |||||||||
| Net Income |
13,002 | 12,482 | 9,191 | |||||||||
| Preferred Stock Dividends |
1,553 | 1,551 | 1,545 | |||||||||
| Net Income Available to Common Shareholders |
$ | 11,449 | $ | 10,931 | $ | 7,646 | ||||||
| Per Common Share Data: |
||||||||||||
| Shares Outstanding at End of Period |
27,951,689 | 27,849,171 | 27,746,554 | |||||||||
| Average Shares Outstanding - Diluted |
27,883,109 | 27,812,637 | 27,701,846 | |||||||||
| Diluted Earnings Per Share |
$ | 0.41 | $ | 0.39 | $ | 0.28 | ||||||
| Dividends Declared |
$ | 0.15 | $ | 0.15 | $ | 0.00 | ||||||
| Common Book Value |
$ | 17.00 | $ | 16.83 | $ | 16.14 | ||||||
| Tangible Common Book Value (1) |
$ | 10.82 | $ | 10.61 | $ | 9.85 | ||||||
| Market Value |
$ | 22.59 | $ | 17.42 | $ | 17.01 | ||||||
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands, except per share data)
| For the 12 Months Ended December 31, | ||||||||||||||||
| 2010 | 2009 | |||||||||||||||
| Net Interest Margin (Yearly Averages) | ||||||||||||||||
| Assets |
||||||||||||||||
| Loans - FTE |
$ | 3,386,112 | 5.09 | % | $ | 3,473,169 | 5.26 | % | ||||||||
| Securities/Other - FTE |
326,757 | 3.90 | % | 413,927 | 4.23 | % | ||||||||||
| Total Interest-earning Assets |
3,712,869 | 4.98 | % | 3,887,096 | 5.15 | % | ||||||||||
| Noninterest-earning Assets |
410,597 | 372,193 | ||||||||||||||
| Total Assets |
$ | 4,123,466 | $ | 4,259,288 | ||||||||||||
| Liabilities and Shareholders’ Equity |
||||||||||||||||
| Now/Money Market/Savings |
$ | 1,267,709 | 0.26 | % | $ | 1,243,958 | 0.41 | % | ||||||||
| Certificates of Deposits |
1,300,803 | 1.95 | % | 1,367,372 | 2.44 | % | ||||||||||
| Borrowed funds < 1 year |
78,962 | 0.27 | % | 190,948 | 0.36 | % | ||||||||||
| Borrowed funds > 1 year |
133,539 | 4.23 | % | 217,664 | 4.59 | % | ||||||||||
| Total Interest-bearing Liabilities |
2,781,013 | 1.24 | % | 3,019,943 | 1.63 | % | ||||||||||
| Noninterest-bearing Liabilities: |
||||||||||||||||
| Demand Deposits |
728,708 | 637,434 | ||||||||||||||
| Shareholders’ Equity/Other |
613,745 | 601,912 | ||||||||||||||
| Total Noninterest-bearing Liabilities |
1,342,453 | 1,239,346 | ||||||||||||||
| Total Liabilities and Shareholders’ Equity |
$ | 4,123,466 | $ | 4,259,288 | ||||||||||||
| Net Yield on Interest-earning Assets |
4.05 | % | 3.89 | % | ||||||||||||
| 2010 | 2010 | 2009 | ||||||||||||||||||||||
| Fourth | Third | Fourth | ||||||||||||||||||||||
| Quarter | Quarter | Quarter | ||||||||||||||||||||||
| Net Interest Margin (Quarterly Averages) | ||||||||||||||||||||||||
| Assets |
||||||||||||||||||||||||
| Loans - FTE |
$ | 3,360,820 | 5.02 | % | $ | 3,377,607 | 5.10 | % | $ | 3,412,510 | 5.17 | % | ||||||||||||
| Securities/Other - FTE |
296,271 | 3.77 | % | 315,823 | 3.82 | % | 385,966 | 4.09 | % | |||||||||||||||
| Total Interest-earning Assets |
3,657,091 | 4.92 | % | 3,693,430 | 4.99 | % | 3,798,476 | 5.06 | % | |||||||||||||||
| Noninterest-earning Assets |
460,084 | 412,247 | 368,819 | |||||||||||||||||||||
| Total Assets |
$ | 4,117,175 | $ | 4,105,677 | $ | 4,167,295 | ||||||||||||||||||
| Liabilities and Shareholders’ Equity |
||||||||||||||||||||||||
| Now/Money Market/Savings |
$ | 1,289,946 | 0.25 | % | $ | 1,250,278 | 0.24 | % | $ | 1,249,343 | 0.41 | % | ||||||||||||
| Certificates of Deposits |
1,268,473 | 1.82 | % | 1,309,880 | 1.89 | % | 1,339,761 | 2.15 | % | |||||||||||||||
| Borrowed funds < 1 year |
48,121 | 0.11 | % | 62,011 | 0.24 | % | 114,129 | 0.27 | % | |||||||||||||||
| Borrowed funds > 1 year |
120,192 | 4.16 | % | 121,218 | 4.26 | % | 183,165 | 4.45 | % | |||||||||||||||
| Total Interest-bearing Liabilities |
2,726,732 | 1.15 | % | 2,743,387 | 1.21 | % | 2,886,398 | 1.47 | % | |||||||||||||||
| Noninterest-bearing Liabilities: |
||||||||||||||||||||||||
| Demand Deposits |
757,857 | 743,265 | 682,095 | |||||||||||||||||||||
| Shareholders’ Equity/Other |
632,586 | 619,025 | 598,802 | |||||||||||||||||||||
| Total Noninterest-bearing Liabilities |
1,390,443 | 1,362,290 | 1,280,897 | |||||||||||||||||||||
| Total Liabilities and Shareholders’ Equity |
$ | 4,117,175 | $ | 4,105,677 | $ | 4,167,295 | ||||||||||||||||||
| Net Yield on Interest-earning Assets |
4.06 | % | 4.09 | % | 3.94 | % | ||||||||||||||||||
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands, except per share data)
| 2010 | 2010 | 2009 | ||||||||||
| Fourth | Third | Fourth | ||||||||||
| Quarter | Quarter | Quarter | ||||||||||
| Balance Sheet (Period-End) | ||||||||||||
| Assets |
||||||||||||
| Cash |
$ | 108,150 | $ | 88,157 | $ | 69,153 | ||||||
| Securities |
310,390 | 301,260 | 378,402 | |||||||||
| Loans, Net |
3,316,712 | 3,314,702 | 3,344,827 | |||||||||
| Other Assets |
382,648 | 393,989 | 378,093 | |||||||||
| Total Assets |
$ | 4,117,900 | $ | 4,098,108 | $ | 4,170,475 | ||||||
| Liabilities and Shareholders’ Equity |
||||||||||||
| Noninterest-bearing Deposits |
$ | 765,812 | $ | 743,453 | $ | 712,121 | ||||||
| Interest-bearing Deposits |
2,551,712 | 2,561,117 | 2,592,421 | |||||||||
| Short-term Borrowings |
40,653 | 48,189 | 96,235 | |||||||||
| Long-term Debt |
119,984 | 120,468 | 176,513 | |||||||||
| Other Liabilities |
58,362 | 50,374 | 39,867 | |||||||||
| Shareholders’ Equity |
581,377 | 574,507 | 553,318 | |||||||||
| Total Liabilities and Shareholders’ Equity |
$ | 4,117,900 | $ | 4,098,108 | $ | 4,170,475 | ||||||
| 2010 | 2010 | 2009 | ||||||||||
| Fourth | Third | Fourth | ||||||||||
| Quarter | Quarter | Quarter | ||||||||||
| Loans (Period-End) | ||||||||||||
| Consumer |
||||||||||||
| Home Equity |
$ | 441,096 | $ | 451,275 | $ | 458,643 | ||||||
| Residential Mortgage |
367,873 | 365,390 | 363,466 | |||||||||
| Consumer |
74,780 | 76,148 | 81,141 | |||||||||
| Construction |
4,019 | 6,946 | 11,836 | |||||||||
| Total Consumer Loans |
887,768 | 899,759 | 915,086 | |||||||||
| Commercial |
||||||||||||
| Commercial Real Estate |
1,497,361 | 1,436,971 | 1,428,329 | |||||||||
| Commercial & Industrial |
722,359 | 728,091 | 701,650 | |||||||||
| Construction |
259,598 | 306,162 | 359,342 | |||||||||
| Total Commercial Loans |
2,479,318 | 2,471,224 | 2,489,321 | |||||||||
| Total Loans |
$ | 3,367,086 | $ | 3,370,983 | $ | 3,404,407 | ||||||
| 2010 | 2010 | 2009 | ||||||||||||||||||||||
| Fourth | Third | Fourth | ||||||||||||||||||||||
| Quarter | Quarter | Quarter | ||||||||||||||||||||||
| % NPL | % NPL | % NPL | ||||||||||||||||||||||
| Nonperforming Loans (NPL) | ||||||||||||||||||||||||
| Consumer |
||||||||||||||||||||||||
| Home Equity |
$ | 1,432 | 0.32 | % | $ | 1,700 | 0.38 | % | $ | 2,252 | 0.49 | % | ||||||||||||
| Residential Mortgage |
5,996 | 1.63 | % | 5,159 | 1.41 | % | 5,583 | 1.54 | % | |||||||||||||||
| Consumer |
65 | 0.09 | % | 89 | 0.12 | % | 20 | 0.02 | % | |||||||||||||||
| Construction |
526 | 13.09 | % | 530 | 7.63 | % | — | — | ||||||||||||||||
| Total Consumer Loans |
8,019 | 0.90 | % | 7,478 | 0.83 | % | $ | 7,855 | 0.86 | % | ||||||||||||||
| Commercial |
||||||||||||||||||||||||
| Commercial Real Estate |
47,470 | 3.17 | % | 51,792 | 3.60 | % | 53,789 | 3.77 | % | |||||||||||||||
| Commercial & Industrial |
3,567 | 0.49 | % | 8,469 | 1.16 | % | 7,489 | 1.07 | % | |||||||||||||||
| Construction |
7,987 | 3.08 | % | 7,600 | 2.48 | % | 21,674 | 6.03 | % | |||||||||||||||
| Total Commercial Loans |
59,024 | 2.38 | % | 67,861 | 2.75 | % | 82,952 | 3.33 | % | |||||||||||||||
| Total Nonperforming Loans |
67,043 | 1.99 | % | $ | 75,339 | 2.23 | % | $ | 90,807 | 2.67 | % | |||||||||||||
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands, except per share data)
| 2010 | 2010 | 2009 | ||||||||||||||||||||||
| Fourth | Third | Fourth | ||||||||||||||||||||||
| Quarter | Quarter | Quarter | ||||||||||||||||||||||
| Construction and Commercial Real Estate (CRE) by Location |
||||||||||||||||||||||||
| Pennsylvania |
$ | 1,390,635 | $ | 1,382,894 | $ | 1,427,794 | ||||||||||||||||||
| New York |
106,580 | 102,315 | 104,111 | |||||||||||||||||||||
| Ohio |
74,330 | 70,363 | 75,641 | |||||||||||||||||||||
| West Virginia |
21,195 | 21,852 | 14,341 | |||||||||||||||||||||
| Tennessee |
17,037 | 20,379 | 15,253 | |||||||||||||||||||||
| Southeast Region |
49,903 | 54,802 | 54,255 | |||||||||||||||||||||
| Southwest Region |
29,807 | 30,547 | 31,521 | |||||||||||||||||||||
| Midwest Region |
29,740 | 23,417 | 25,998 | |||||||||||||||||||||
| Mid-Atlantic Region |
13,705 | 12,327 | 14,875 | |||||||||||||||||||||
| Western Region |
13,008 | 13,170 | 13,223 | |||||||||||||||||||||
| New England |
11,019 | 11,067 | 10,659 | |||||||||||||||||||||
| Total Construction and CRE by Location |
$ | 1,756,959 | $ | 1,743,133 | $ | 1,787,671 | ||||||||||||||||||
| % NPL | % NPL | % NPL | ||||||||||||||||||||||
| Construction and Commercial Real Estate - NPL by Location |
||||||||||||||||||||||||
| Pennsylvania |
$ | 43,516 | 3.13 | % | $ | 45,760 | 3.31 | % | $ | 55,413 | 3.88 | % | ||||||||||||
| New York |
1,533 | 1.44 | % | 1,815 | 1.77 | % | 5,847 | 5.62 | % | |||||||||||||||
| Ohio |
— | — | — | — | — | — | ||||||||||||||||||
| West Virginia |
— | — | — | — | — | — | ||||||||||||||||||
| Tennessee |
— | — | — | — | — | — | ||||||||||||||||||
| Southeast Region |
1,716 | 3.44 | % | 2,457 | 4.48 | % | 3,019 | 5.56 | % | |||||||||||||||
| Southwest Region |
760 | 2.55 | % | 1,406 | 4.60 | % | 3,712 | 11.78 | % | |||||||||||||||
| Midwest Region |
— | — | — | — | — | — | ||||||||||||||||||
| Mid-Atlantic Region |
— | — | — | — | — | — | ||||||||||||||||||
| Western Region |
— | — | — | — | — | — | ||||||||||||||||||
| New England |
7,932 | 71.98 | % | 7,954 | 71.87 | % | 7,472 | 70.10 | % | |||||||||||||||
| Total Construction and CRE - NPL by Location |
$ | 55,457 | 3.16 | % | $ | 59,392 | 3.41 | % | $ | 75,463 | 4.22 | % | ||||||||||||
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands)
| 2010 | 2010 | 2009 | ||||||||||
| Fourth | Third | Fourth | ||||||||||
| Quarter | Quarter | Quarter | ||||||||||
| Construction and Commercial Real Estate by Type | ||||||||||||
| Retail/Strip Malls |
$ | 304,324 | $ | 298,956 | $ | 278,840 | ||||||
| Residential Rental Properties |
242,756 | 218,436 | 268,818 | |||||||||
| Offices |
232,655 | 227,663 | 247,098 | |||||||||
| Hotels |
192,954 | 195,841 | 165,953 | |||||||||
| Manufacturing/Industrial/Warehouse |
118,790 | 128,820 | 121,928 | |||||||||
| Flex/Mixed Use |
118,610 | 112,081 | 107,324 | |||||||||
| Healthcare/Education |
95,029 | 91,755 | 101,500 | |||||||||
| Real Estate Development - Commercial |
93,296 | 103,110 | 106,762 | |||||||||
| Real Estate Development - Residential |
88,487 | 92,855 | 83,352 | |||||||||
| Miscellaneous |
270,058 | 273,616 | 306,096 | |||||||||
| Total Construction and CRE by Type |
$ | 1,756,959 | $ | 1,743,133 | $ | 1,787,671 | ||||||
| 2010 | 2010 | 2009 | ||||||||||||||||||||||
| Fourth | Third | Fourth | ||||||||||||||||||||||
| Quarter | Quarter | Quarter | ||||||||||||||||||||||
| % NPL | % NPL | % NPL | ||||||||||||||||||||||
| Construction and Commercial Real Estate - NPL by Type | ||||||||||||||||||||||||
| Retail/Strip Malls |
$ | 3,176 | 1.04 | % | $ | 3,866 | 1.29 | % | $ | 4,999 | 1.79 | % | ||||||||||||
| Residential Rental Properties |
11,087 | 4.57 | % | 12,653 | 5.79 | % | 5,254 | 1.95 | % | |||||||||||||||
| Offices |
2,720 | 1.17 | % | 3,036 | 1.33 | % | 1,426 | 0.58 | % | |||||||||||||||
| Hotels |
1,465 | 0.76 | % | 2,562 | 1.31 | % | 2,095 | 1.26 | % | |||||||||||||||
| Manufacturing/Industrial/Warehouse |
1,944 | 1.64 | % | 555 | 0.43 | % | 3,632 | 0 | ||||||||||||||||
| Flex/Mixed Use |
2,740 | 2.31 | % | 3,182 | 2.84 | % | 6,113 | 5.70 | % | |||||||||||||||
| Healthcare/Education |
1,509 | 1.59 | % | 3,951 | 4.31 | % | 3,566 | 3.51 | % | |||||||||||||||
| Real Estate Development - Commercial |
8,684 | 9.31 | % | 9,181 | 8.90 | % | 10,493 | 9.83 | % | |||||||||||||||
| Real Estate Development - Residential |
6,693 | 7.56 | % | 4,965 | 5.35 | % | 9,362 | 11.23 | % | |||||||||||||||
| Miscellaneous |
15,439 | 5.72 | % | 15,441 | 5.64 | % | 28,523 | 9.32 | % | |||||||||||||||
| Total Construction and CRE - NPL by Type |
$ | 55,457 | 3.16 | % | $ | 59,392 | 3.41 | % | $ | 75,463 | 4.22 | % | ||||||||||||
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands, except per share data)
| 2010 | 2010 | 2009 | ||||||||||
| Fourth | Third | Fourth | ||||||||||
| Quarter | Quarter | Quarter | ||||||||||
| Asset Quality Data | ||||||||||||
| Nonaccrual Loans and Nonperforming Loans |
$ | 67,043 | $ | 75,339 | $ | 90,807 | ||||||
| Assets Acquired through Foreclosure or Repossession |
5,820 | 7,367 | 4,607 | |||||||||
| Nonperforming Assets |
72,863 | 82,706 | 95,414 | |||||||||
| Restructured Loans (nonaccrual) |
28,006 | 14,618 | — | |||||||||
| Restructured Loans (accruing) |
2,139 | 1,268 | — | |||||||||
| Total Restructured Loans |
30,145 | 15,886 | — | |||||||||
| Allowance for Loan Losses |
50,374 | 56,281 | 59,580 | |||||||||
| Nonperforming Loans / Loans |
1.99 | % | 2.23 | % | 2.67 | % | ||||||
| Nonperforming Assets / Loans plus OREO |
2.16 | % | 2.45 | % | 2.80 | % | ||||||
| Allowance for Loan Losses / Loans |
1.50 | % | 1.67 | % | 1.75 | % | ||||||
| Allowance for Loan Losses / Nonperforming Loans |
75 | % | 75 | % | 66 | % | ||||||
| Net Loan Charge-offs (Recoveries) |
9,411 | 5,965 | 11,699 | |||||||||
| Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans |
1.11 | % | 0.70 | % | 1.36 | % | ||||||
| Profitability Ratios (Annualized) | ||||||||||||
| Common Return on Average Assets |
1.10 | % | 1.06 | % | 0.73 | % | ||||||
| Common Return on Average Tangible Assets (2) |
1.15 | % | 1.10 | % | 0.76 | % | ||||||
| Common Return on Average Equity |
7.86 | % | 7.61 | % | 5.56 | % | ||||||
| Common Return on Average Tangible Common Equity (3) |
15.19 | % | 14.93 | % | 11.42 | % | ||||||
| Efficiency Ratio (FTE) (4) |
54.69 | % | 49.46 | % | 51.10 | % | ||||||
| Capitalization Ratios | ||||||||||||
| Dividends Paid to Net Income |
36.49 | % | 38.18 | % | 54.31 | % | ||||||
| Common Equity / Assets |
11.54 | % | 11.43 | % | 10.74 | % | ||||||
| Leverage Ratio |
11.14 | % | 10.92 | % | 10.26 | % | ||||||
| Risk Based Capital - Tier I |
13.35 | % | 12.97 | % | 12.10 | % | ||||||
| Risk Based Capital - Total |
16.75 | % | 16.35 | % | 15.43 | % | ||||||
| Tangible Common Equity / Tangible Assets (5) |
7.67 | % | 7.53 | % | 6.84 | % | ||||||
| For the 12 Months Ended December 31, | ||||||||||||
| 2010 | 2009 | |||||||||||
| Asset Quality Data | ||||||||||||
| Net Loan Charge-offs (Recoveries) |
$ | 34,544 | $ | 55,463 | ||||||||
| Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans |
1.02 | % | 1.60 | % | ||||||||
| Profitability Ratios | ||||||||||||
| Common Return on Average Assets |
0.97 | % | 0.05 | % | ||||||||
| Common Return on Average Tangible Assets (6) |
1.01 | % | 0.05 | % | ||||||||
| Common Return on Average Equity |
7.06 | % | 0.37 | % | ||||||||
| Common Return on Average Tangible Common Equity (7) |
13.92 | % | 0.76 | % | ||||||||
| Efficiency Ratio (FTE) (4) |
53.51 | % | 55.49 | % | ||||||||
| Capitalization Ratios | ||||||||||||
| Dividends Paid to Net Income |
41.72 | % | 1247.64 | % | ||||||||
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands, except per share data)
| 2010 | 2010 | 2009 | ||||||||||
| 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) |
$ | 17.00 | $ | 16.83 | $ | 16.14 | ||||||
| Effect of Excluding Intangible Assets |
(6.18 | ) | (6.22 | ) | (6.29 | ) | ||||||
| Tangible Common Book Value |
$ | 10.82 | $ | 10.61 | $ | 9.85 | ||||||
|
(2) Common Return on Average Tangible Assets |
||||||||||||
| Common Return on Average Assets (GAAP Basis) |
1.10 | % | 1.06 | % | 0.73 | % | ||||||
| Effect of Excluding Intangible Assets |
0.05 | % | 0.04 | % | 0.03 | % | ||||||
| Common Return on Average Tangible Assets |
1.15 | % | 1.10 | % | 0.76 | % | ||||||
|
(3) Common Return on Average Tangible Common Equity |
||||||||||||
| Common Return on Average Common Equity (GAAP Basis) |
7.86 | % | 7.61 | % | 5.56 | % | ||||||
| Effect of Excluding Intangible Assets |
3.97 | % | 3.99 | % | 3.24 | % | ||||||
| Effect of Excluding Preferred Stock |
3.36 | % | 3.33 | % | 2.62 | % | ||||||
| Common Return on Average Tangible Common Equity |
15.19 | % | 14.93 | % | 11.42 | % | ||||||
| (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) |
11.54 | % | 11.43 | % | 10.74 | % | ||||||
| Effect of Excluding Intangible Assets |
-3.87 | % | -3.90 | % | -3.90 | % | ||||||
| Tangible Common Equity / Tangible Assets |
7.67 | % | 7.53 | % | 6.84 | % | ||||||
| For the 12 Months Ended December 31, | ||||||||||||
| 2010 | 2009 | |||||||||||
|
(6) Common Return on Average Tangible Assets |
||||||||||||
| Common Return on Average Assets (GAAP Basis) |
0.97 | % | 0.05 | % | ||||||||
| Effect of Excluding Intangible Assets |
0.04 | % | 0.00 | % | ||||||||
| Common Return on Average Tangible Assets |
1.01 | % | 0.05 | % | ||||||||
|
(7) Common Return on Average Tangible Common Equity |
||||||||||||
| Common Return on Average Equity (GAAP Basis) |
7.06 | % | 0.37 | % | ||||||||
| Effect of Excluding Intangible Assets |
3.75 | % | 0.21 | % | ||||||||
| Effect of Excluding Preferred Stock |
3.11 | % | 0.18 | % | ||||||||
| Common Return on Average Tangible Common Equity |
13.92 | % | 0.76 | % | ||||||||