Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - S&T BANCORP INC | d8k.htm |
Exhibit 99.1
| FOR RELEASE | Contact: Mark Kochvar | |||||
| March 15, 2011 | Chief Financial Officer | |||||
| 724-465-4826 |
S&T Bancorp, Inc. Revises Full Year 2010 and
Fourth Quarter Earnings
Indiana, Pennsylvania – S&T Bancorp, Inc. (NASDAQ:STBA) (S&T) today announced a revision to its previously reported full year 2010 and fourth quarter earnings. Subsequent to the earnings release on January 31, 2011, S&T determined that a modification of a participation loan had not been properly recorded in the second quarter of 2010. As a result, additional provision for loan losses was recorded in the fourth quarter of 2010. The table below summarizes the changes from the previously reported results:
| Fourth Quarter 2010 | For the 12 Months Ended December 31, 2010 |
|||||||||||||||
| As Revised | As Previously Reported |
As Revised | As Previously Reported |
|||||||||||||
| (in thousands, except per share data) | ||||||||||||||||
| Net Income Available to Common Shareholders |
$ | 8,737 | $ | 11,449 | $ | 37,279 | $ | 39,991 | ||||||||
| Diluted Earnings per Common Share |
$ | 0.31 | $ | 0.41 | $ | 1.34 | $ | 1.44 | ||||||||
| Provision for Loan Losses |
$ | 7,676 | $ | 3,503 | $ | 29,511 | $ | 25,338 | ||||||||
As a result of an evaluation, management identified a material weakness in S&T’s internal control over financial reporting related to the approval and recording of loan charge-offs as of December 31, 2010. Management is taking the necessary steps to remediate this material weakness.
The following pages provide a complete update to the previously reported results. Full financial results will be available as part of S&T Bancorp’s Form 10-K filing, which is expected to be filed on March 15, 2011.
- more -
S&T Bancorp Revises Full Year 2010 and
Fourth Quarter Earnings (cont.)
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 |
29,511 | 72,354 | ||||||
| Net Interest Income After Provisions (FTE) |
120,962 | 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 |
19,103 | 15,475 | ||||||
| Total Noninterest Income |
46,936 | 43,668 | ||||||
| Salaries and Employee Benefits |
48,715 | 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 |
33,301 | 32,956 | ||||||
| Total Noninterest Expense |
105,633 | 108,126 | ||||||
| Income Before Taxes |
62,539 | 9,284 | ||||||
| Taxable Equivalent Adjustment |
4,627 | 5,202 | ||||||
| Applicable Income Taxes |
14,432 | (3,869 | ) | |||||
| Net Income |
43,480 | 7,951 | ||||||
| Preferred Stock Dividends |
6,201 | 5,913 | ||||||
| Net Income Available to Common Shareholders |
$ | 37,279 | $ | 2,038 | ||||
| Per Common Share Data: |
||||||||
| Average Shares Outstanding - Diluted |
27,813,406 | 27,658,861 | ||||||
| Diluted Earnings Per Share |
$ | 1.34 | $ | 0.07 | ||||
| Dividends Declared |
$ | 0.60 | $ | 0.61 | ||||
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands, except per share data)
| 2010 | 2010 | 2009 | ||||||||||
| Fourth Quarter |
Third Quarter |
Fourth 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 |
7,676 | 8,278 | 10,399 | |||||||||
| Net Interest Income After Provisions (FTE) |
29,733 | 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 |
8,532 | 7,292 | 7,031 | |||||||||
| Total Noninterest Expense |
27,018 | 24,948 | 25,088 | |||||||||
| Income Before Taxes |
14,717 | 17,219 | 13,125 | |||||||||
| Taxable Equivalent Adjustment |
1,075 | 1,137 | 1,274 | |||||||||
| Applicable Income Taxes |
3,352 | 3,600 | 2,660 | |||||||||
| Net Income |
10,290 | 12,482 | 9,191 | |||||||||
| Preferred Stock Dividends |
1,553 | 1,551 | 1,545 | |||||||||
| Net Income Available to Common Shareholders |
$ | 8,737 | $ | 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 |
$ | 0.31 | $ | 0.39 | $ | 0.28 | ||||||
| Dividends Declared |
$ | 0.15 | $ | 0.15 | $ | 0.00 | ||||||
| Common Book Value |
$ | 16.91 | $ | 16.83 | $ | 16.14 | ||||||
| Tangible Common Book Value (1) |
$ | 10.73 | $ | 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 |
$ | 3,386,103 | 5.09 | % | $ | 3,473,169 | 5.26 | % | ||||||||
| Securities/Other - FTE |
326,757 | 3.90 | % | 413,927 | 4.23 | % | ||||||||||
| Total Interest-earning Assets |
3,712,860 | 4.98 | % | 3,887,096 | 5.15 | % | ||||||||||
| Noninterest-earning Assets |
410,595 | 372,192 | ||||||||||||||
| Total Assets |
$ | 4,123,455 | $ | 4,259,288 | ||||||||||||
| Liabilities and Shareholders’ Equity |
||||||||||||||||
| Now/Money Market/Savings |
$ | 1,267,708 | 0.26 | % | $ | 1,243,958 | 0.41 | % | ||||||||
| Certificates of Deposits |
1,300,803 | 1.95 | % | 1,367,372 | 2.44 | % | ||||||||||
| Borrowed funds < 1 year |
78,963 | 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 | % | 3,019,942 | 1.63 | % | ||||||||||
| Noninterest-bearing Liabilities: |
||||||||||||||||
| Demand Deposits |
728,708 | 637,434 | ||||||||||||||
| Shareholders’ Equity/Other |
613,734 | 601,912 | ||||||||||||||
| Total Noninterest-bearing Liabilities |
1,342,442 | 1,239,346 | ||||||||||||||
| Total Liabilities and Shareholders’ Equity |
$ | 4,123,455 | $ | 4,259,288 | ||||||||||||
| Net Yield on Interest-earning Assets |
4.05 | % | 3.89 | % | ||||||||||||
| 2010 | 2010 | 2009 | ||||||||||||||||||||||
| Fourth Quarter |
Third Quarter |
Fourth Quarter |
||||||||||||||||||||||
| Net Interest Margin (Quarterly Averages) |
||||||||||||||||||||||||
| Assets |
||||||||||||||||||||||||
| Loans - FTE |
$ | 3,360,786 | 5.02 | % | $ | 3,377,607 | 5.10 | % | $ | 3,412,510 | 5.17 | % | ||||||||||||
| Securities/Other - FTE |
296,270 | 3.77 | % | 315,823 | 3.82 | % | 385,966 | 4.09 | % | |||||||||||||||
| Total Interest-earning Assets |
3,657,056 | 4.92 | % | 3,693,430 | 4.99 | % | 3,798,476 | 5.06 | % | |||||||||||||||
| Noninterest-earning Assets |
460,073 | 412,247 | 368,819 | |||||||||||||||||||||
| Total Assets |
$ | 4,117,129 | $ | 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 |
632,540 | 619,025 | 598,802 | |||||||||||||||||||||
| Total Noninterest-bearing Liabilities |
1,390,397 | 1,362,290 | 1,280,897 | |||||||||||||||||||||
| Total Liabilities and Shareholders’ Equity |
$ | 4,117,129 | $ | 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 Quarter |
Third Quarter |
Fourth Quarter |
||||||||||
| Balance Sheet (Period-End) |
||||||||||||
| Assets |
||||||||||||
| Cash |
$ | 108,196 | $ | 88,157 | $ | 69,201 | ||||||
| Securities |
310,390 | 301,260 | 378,402 | |||||||||
| Loans, Net |
3,312,540 | 3,314,702 | 3,344,827 | |||||||||
| Other Assets |
383,213 | 393,989 | 378,045 | |||||||||
| Total Assets |
$ | 4,114,339 | $ | 4,098,108 | $ | 4,170,475 | ||||||
| Liabilities and Shareholders’ Equity |
||||||||||||
| Noninterest-bearing Deposits |
$ | 765,812 | $ | 743,453 | $ | 712,120 | ||||||
| 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 |
57,513 | 50,374 | 39,868 | |||||||||
| Shareholders’ Equity |
578,665 | 574,507 | 553,318 | |||||||||
| Total Liabilities and Shareholders’ Equity |
$ | 4,114,339 | $ | 4,098,108 | $ | 4,170,475 | ||||||
| 2010 | 2010 | 2009 | ||||||||||
| Fourth Quarter |
Third Quarter |
Fourth 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 |
1,494,202 | 1,436,971 | 1,428,329 | |||||||||
| Commercial & Industrial |
722,359 | 728,091 | 701,650 | |||||||||
| Construction |
259,598 | 306,162 | 359,342 | |||||||||
| Total Commercial Loans |
2,476,159 | 2,471,224 | 2,489,321 | |||||||||
| Total Loans |
$ | 3,363,927 | $ | 3,370,983 | $ | 3,404,407 | ||||||
| 2010 | 2010 | 2009 | ||||||||||||||||||||||
| Fourth Quarter |
Third Quarter |
Fourth 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 |
44,310 | 2.97 | % | 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 |
55,864 | 2.26 | % | 67,861 | 2.75 | % | 82,952 | 3.33 | % | |||||||||||||||
| Total Nonperforming Loans |
63,883 | 1.90 | % | $ | 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 Quarter |
Third Quarter |
Fourth 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 |
13,009 | 13,170 | 13,223 | |||||||||
| New England |
7,859 | 11,067 | 10,659 | |||||||||
| Total Construction and CRE by Location |
$ | 1,753,800 | $ | 1,743,133 | $ | 1,787,671 | ||||||
| % NPL | % NPL | % NPL | ||||||||||||||||||||||
| Construction and Commercial Real Estate - NPL by Location |
||||||||||||||||||||||||
| Pennsylvania |
$ | 43,515 | 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 |
4,773 | 60.73 | % | 7,954 | 71.87 | % | 7,472 | 70.10 | % | |||||||||||||||
| Total Construction and CRE - NPL by Location |
$ | 52,297 | 2.98 | % | $ | 59,392 | 3.41 | % | $ | 75,463 | 4.22 | % | ||||||||||||
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands)
| 2010 | 2010 | 2009 | ||||||||||
| Fourth Quarter |
Third Quarter |
Fourth 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 |
118,791 | 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 |
90,136 | 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 |
$ | 1,753,800 | $ | 1,743,133 | $ | 1,787,671 | ||||||
| 2010 | 2010 | 2009 | ||||||||||||||||||||||
| Fourth Quarter |
Third Quarter |
Fourth 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 | 2.98 | % | |||||||||||||||
| 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 |
5,525 | 6.13 | % | 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 |
15,438 | 5.72 | % | 15,441 | 5.64 | % | 28,523 | 9.32 | % | |||||||||||||||
| Total Construction and CRE - NPL by Type |
$ | 52,297 | 2.98 | % | $ | 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 Quarter |
Third Quarter |
Fourth Quarter |
||||||||||
| Asset Quality Data |
||||||||||||
| Nonaccrual Loans and Nonperforming Loans |
$ | 63,883 | $ | 75,339 | $ | 90,807 | ||||||
| Assets Acquired through Foreclosure or Repossession |
5,820 | 7,367 | 4,607 | |||||||||
| Nonperforming Assets |
69,703 | 82,706 | 95,414 | |||||||||
| Restructured Loans (nonaccrual) |
32,779 | 14,618 | 1,409 | |||||||||
| Restructured Loans (accruing) |
2,139 | 1,268 | — | |||||||||
| Total Restructured Loans |
34,918 | 15,886 | 1,409 | |||||||||
| Allowance for Loan Losses |
51,387 | 56,281 | 59,580 | |||||||||
| Nonperforming Loans / Loans |
1.90 | % | 2.23 | % | 2.67 | % | ||||||
| Nonperforming Assets / Loans plus OREO |
2.07 | % | 2.45 | % | 2.80 | % | ||||||
| Allowance for Loan Losses / Loans |
1.53 | % | 1.67 | % | 1.75 | % | ||||||
| Allowance for Loan Losses / Nonperforming Loans |
80 | % | 75 | % | 66 | % | ||||||
| Net Loan Charge-offs (Recoveries) |
12,570 | 5,965 | 11,699 | |||||||||
| Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans |
1.48 | % | 0.70 | % | 1.36 | % | ||||||
| Profitability Ratios (Annualized) |
||||||||||||
| Common Return on Average Assets |
0.84 | % | 1.06 | % | 0.73 | % | ||||||
| Common Return on Average Tangible Assets (2) |
0.88 | % | 1.10 | % | 0.76 | % | ||||||
| Common Return on Average Equity |
6.00 | % | 7.61 | % | 5.56 | % | ||||||
| Common Return on Average Tangible Common Equity (3) |
11.59 | % | 14.93 | % | 11.42 | % | ||||||
| Efficiency Ratio (FTE) (4) |
54.69 | % | 49.46 | % | 51.10 | % | ||||||
| Capitalization Ratios |
||||||||||||
| Dividends Paid to Net Income |
47.82 | % | 38.18 | % | 54.31 | % | ||||||
| Common Equity / Assets |
11.48 | % | 11.43 | % | 10.74 | % | ||||||
| Leverage Ratio |
11.07 | % | 10.92 | % | 10.26 | % | ||||||
| Risk Based Capital - Tier I |
13.28 | % | 12.97 | % | 12.10 | % | ||||||
| Risk Based Capital - Total |
16.68 | % | 16.35 | % | 15.43 | % | ||||||
| Tangible Common Equity / Tangible Assets (5) |
7.61 | % | 7.53 | % | 6.84 | % | ||||||
| For the 12 Months Ended December 31, | ||||||||
| 2010 | 2009 | |||||||
| Asset Quality Data |
||||||||
| Net Loan Charge-offs (Recoveries) |
$ | 37,704 | $ | 55,463 | ||||
| Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans |
1.11 | % | 1.60 | % | ||||
| Profitability Ratios |
||||||||
| Common Return on Average Assets |
0.90 | % | 0.05 | % | ||||
| Common Return on Average Tangible Assets (6) |
0.94 | % | 0.05 | % | ||||
| Common Return on Average Equity |
6.58 | % | 0.37 | % | ||||
| Common Return on Average Tangible Common Equity (7) |
12.98 | % | 0.76 | % | ||||
| Efficiency Ratio (FTE) (4) |
53.51 | % | 55.49 | % | ||||
| Capitalization Ratios |
||||||||
| Dividends Paid to Net Income |
44.75 | % | 1247.64 | % | ||||
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands, except per share data)
| 2010 | 2010 | 2009 | ||||||||||
| Fourth Quarter |
Third Quarter |
Fourth Quarter |
||||||||||
| Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures: |
||||||||||||
|
(1) Tangible Common Book Value |
||||||||||||
| Common Book Value (GAAP Basis) |
$ | 16.91 | $ | 16.83 | $ | 16.14 | ||||||
| Effect of Excluding Intangible Assets |
(6.18 | ) | (6.22 | ) | (6.29 | ) | ||||||
| Tangible Common Book Value |
$ | 10.73 | $ | 10.61 | $ | 9.85 | ||||||
|
(2) Common Return on Average Tangible Assets |
||||||||||||
| Common Return on Average Assets (GAAP Basis) |
0.84 | % | 1.06 | % | 0.73 | % | ||||||
| Effect of Excluding Intangible Assets |
0.04 | % | 0.04 | % | 0.03 | % | ||||||
| Common Return on Average Tangible Assets |
0.88 | % | 1.10 | % | 0.76 | % | ||||||
|
(3) Common Return on Average Tangible Common Equity |
||||||||||||
| Common Return on Average Common Equity (GAAP Basis) |
6.00 | % | 7.61 | % | 5.56 | % | ||||||
| Effect of Excluding Intangible Assets |
3.03 | % | 3.99 | % | 3.24 | % | ||||||
| Effect of Excluding Preferred Stock |
2.56 | % | 3.33 | % | 2.62 | % | ||||||
| Common Return on Average Tangible Common Equity |
11.59 | % | 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) |
11.48 | % | 11.43 | % | 10.74 | % | ||||||
| Effect of Excluding Intangible Assets |
-3.87 | % | -3.90 | % | -3.90 | % | ||||||
| Tangible Common Equity / Tangible Assets |
7.61 | % | 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) |
0.90 | % | 0.05 | % | ||||
| Effect of Excluding Intangible Assets |
0.04 | % | 0.00 | % | ||||
| Common Return on Average Tangible Assets |
0.94 | % | 0.05 | % | ||||
|
(7) Common Return on Average Tangible Common Equity |
||||||||
| Common Return on Average Equity (GAAP Basis) |
6.58 | % | 0.37 | % | ||||
| Effect of Excluding Intangible Assets |
3.49 | % | 0.21 | % | ||||
| Effect of Excluding Preferred Stock |
2.91 | % | 0.18 | % | ||||
| Common Return on Average Tangible Common Equity |
12.98 | % | 0.76 | % | ||||