Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - S&T BANCORP INC | d8k.htm |
Exhibit 99.1
| FOR IMMEDIATE RELEASE July 25, 2011 |
Contact: Mark Kochvar Chief Financial Officer 724-465-4826 |
S&T Bancorp, Inc. Announces Increased Second Quarter Earnings
Indiana, Pennsylvania – S&T Bancorp, Inc. (NASDAQ: STBA), a full-service financial institution with office locations in 10 Pennsylvania counties, has announced its second quarter earnings.
Todd D. Brice, president and chief executive officer of S&T Bancorp, Inc., offered the following highlights:
| • | Net income available to common shareholders increased significantly from the prior quarter to $13.4 million with diluted earnings per common share of $0.48 compared to $0.17 in the first quarter of 2011 and $0.28 in the second quarter of 2010. |
| • | Provision for loan losses was $1.1 million compared to $10.6 million in the first quarter of 2011 and $9.1 million in the second quarter of 2010. |
| • | Nonperforming assets decreased to 2.18% of total loans plus OREO compared to 2.67% in the first quarter of 2011 and 2.41% in the second quarter of 2010. |
“Improving asset quality and the resolution of several nonperforming loans have enabled us to report increased earnings for the second quarter of the year. We have devoted a significant amount of attention to this particular area of our business and the improvement in our asset quality metrics is a result of a lot of hard work by our team,” Brice said. “As we move into the second half of the year, S&T Bank remains well capitalized and positioned to take advantage of market opportunities. The Marcellus Shale Industry continues to have a positive impact on our Region, which is providing an overall benefit to many of our customers.”
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S&T Earnings Release - 2
S&T Bancorp, Inc. Announces Increased Second Quarter Earnings (cont.)
Net Interest Income
Net interest income on a fully taxable equivalent (FTE) basis for the second quarter of 2011 was $35.6 million compared to $35.9 million in the first quarter of 2011 and $37.8 million in the second quarter of 2010. Net interest income decreased from the first quarter due to a shift in asset mix, offset in part by one additional day in the second quarter of 2011. The shift in asset mix is due to a decrease of $76.6 million in average loan balances offset by a $73.9 million average balance increase in securities and excess cash at the Federal Reserve. Net interest margin (FTE) was 3.85% in the second quarter of 2011 compared to 3.92% in the first quarter of 2011 and 4.05% in the second quarter of 2010.
Asset Quality
Nonperforming assets decreased to $69.9 million or 2.18% of total loans plus other real estate owned (“OREO”) compared to $88.5 million or 2.67% in the first quarter of 2011 and from $82.0 million or 2.41% in the second quarter of 2010. Included in nonperforming assets were troubled debt restructurings (“TDRs”) of $26.2 million. The decrease in nonperforming assets primarily relates to $16.1 million of troubled debt restructurings being returned to accruing status as it is expected that all contractual amounts due under the restructured terms will be collected and a period of satisfactory payment performance has been achieved. Also contributing to the decrease in nonperforming loans is $8.8 million of loans transferred to held for sale that are excluded from nonperforming assets this quarter. These loans have been written down to the value of the loan sale agreement and are expected to close in the third quarter of 2011.
The provision for loan losses was $1.1 million for the second quarter of 2011 compared to $10.6 million for the first quarter of 2011 and $9.1 million in the second quarter of 2010. The lower level of provision for loan losses in the second quarter is due to improvement in special mention and substandard loans compared to deterioration in the first quarter of 2010 and a decline in specific reserves of $1.1 million. Net charge-offs were $4.8 million for the second quarter of 2011 compared to $0.4 million in the first quarter of 2011 and $18.2 million in the second quarter of 2010.
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S&T Earnings Release - 3
S&T Bancorp, Inc. Announces Increased Second Quarter Earnings (cont.)
The allowance for loan losses at June 30, 2011 was $58.0 million or 1.81% of total loans, as compared to $61.7 million or 1.87% at March 31, 2011 and $54.0 million or 1.59% at June 30, 2010. The allowance to nonperforming loans was 93% at June 30, 2011, 76% at March 31, 2011 and 70% at June 30, 2010. Included in the allowance is $7.5 million of specific reserves compared to $8.6 million in the first quarter of 2011 and $8.0 million in the second quarter of 2010.
Noninterest Income and Expense
Noninterest income was $11.2 million compared to $11.0 million in the first quarter of 2011 and $11.4 million in the second quarter of 2010. Noninterest income was relatively unchanged quarter over quarter as a result of minor improvements in various income accounts offset by a decrease in mortgage banking income due to declining mortgage originations and loan sales.
Noninterest expense for the second quarter was $25.6 million compared to $27.4 million for the first quarter of 2011 and $25.7 million for the second quarter of 2010. The $1.8 million improvement over the first quarter primarily relates to a decrease in salaries and benefits of $0.7 million due to higher payroll taxes in the first quarter of 2011, a $0.3 million decrease in FDIC expense as a result of the change in the FDIC assessment and reduced consulting and accounting expenses of $0.6 million.
Financial Condition
Total assets were $4.1 billion at June 30, 2011, March 31, 2011 and June 30, 2010. Total portfolio loans were $3.2 billion at June 30, 2011 compared to $3.3 billion at March 31, 2011 and $3.4 billion at June 30, 2010. Total portfolio loans have decreased $110.1 million from the prior quarter including $3.1 million in consumer loans and $107.0 million in commercial loans. The decreases primarily relate to higher than expected pay downs during the quarter and soft loan demand within our market. Total deposits were $3.3 billion at June 30, 2011, March 31, 2011 and June 30, 2010. Noninterest-bearing demand deposits remain strong at $801.5 million as of June 30, 2011 compared to $802.7 million at March 31, 2011 and $732.6 million at June 30, 2010.
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S&T Earnings Release - 4
S&T Bancorp, Inc. Announces Increased Second Quarter Earnings (cont.)
S&T’s capital ratios continue to improve and exceed the “well capitalized” thresholds of federal bank regulatory agencies with a 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%. The increase in capital ratios in the second quarter of 2011 is primarily attributable to a reduction in risk-weighted assets and earnings retention. S&T’s tangible common equity ratio was 8.08% compared to 7.70% for the first quarter of 2011 and 7.23% for the second quarter of 2010.
About S&T Bancorp, Inc.
Headquartered in Indiana, PA, S&T Bancorp, Inc. operates 50 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 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.
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S&T Earnings Release - 5
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands, except per share data)
| 2011 | 2011 | 2010 | ||||||||||
| Second Quarter |
First Quarter |
Second Quarter |
||||||||||
| Income Statements |
||||||||||||
| Interest Income |
$ | 41,783 | $ | 42,192 | $ | 45,561 | ||||||
| Interest Expense |
7,245 | 7,320 | 8,936 | |||||||||
| Net Interest Income |
34,538 | 34,872 | 36,625 | |||||||||
| Taxable Equivalent Adjustment |
1,014 | 1,038 | 1,194 | |||||||||
| Net Interest Income (FTE) |
35,552 | 35,910 | 37,819 | |||||||||
| Provision For Loan Losses |
1,097 | 10,640 | 9,127 | |||||||||
| Net Interest Income After Provisions (FTE) |
34,455 | 25,270 | 28,692 | |||||||||
| Security (Losses) Gains, Net |
(56 | ) | 13 | 103 | ||||||||
| Service Charges and Fees |
2,389 | 2,285 | 3,027 | |||||||||
| Wealth Management |
2,144 | 2,050 | 1,916 | |||||||||
| Insurance |
2,181 | 2,132 | 1,964 | |||||||||
| Other |
4,456 | 4,546 | 4,519 | |||||||||
| Total Noninterest Income |
11,170 | 11,013 | 11,426 | |||||||||
| Salaries and Employee Benefits |
12,571 | 13,320 | 11,811 | |||||||||
| Occupancy and Equipment Expense, Net |
3,103 | 3,033 | 2,972 | |||||||||
| Data Processing Expense |
1,681 | 1,504 | 1,451 | |||||||||
| FDIC Expense |
917 | 1,226 | 1,398 | |||||||||
| Other |
7,322 | 8,366 | 8,103 | |||||||||
| Total Noninterest Expense |
25,594 | 27,449 | 25,735 | |||||||||
| Income Before Taxes |
19,975 | 8,847 | 14,486 | |||||||||
| Taxable Equivalent Adjustment |
1,014 | 1,038 | 1,194 | |||||||||
| Applicable Income Taxes |
4,051 | 1,514 | 3,888 | |||||||||
| Net Income |
14,910 | 6,295 | 9,404 | |||||||||
| Preferred Stock Dividends |
1,558 | 1,555 | 1,549 | |||||||||
| Net Income Available to Common Shareholders |
$ | 13,352 | $ | 4,740 | $ | 7,855 | ||||||
| Per Common Share Data: |
||||||||||||
| Shares Outstanding at End of Period |
28,078,849 | 28,033,757 | 27,819,757 | |||||||||
| Average Shares Outstanding – Diluted |
27,983,706 | 27,957,002 | 27,797,206 | |||||||||
| Diluted Earnings Per Share |
$ | 0.48 | $ | 0.17 | $ | 0.28 | ||||||
| Dividends Declared |
$ | 0.15 | $ | 0.15 | $ | 0.15 | ||||||
| Common Book Value |
$ | 17.31 | $ | 16.90 | $ | 16.55 | ||||||
| Tangible Common Book Value (1) |
$ | 11.19 | $ | 10.76 | $ | 10.31 | ||||||
| Market Value |
$ | 18.59 | $ | 21.57 | $ | 19.76 | ||||||
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S&T Earnings Release - 6
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands, except per share data)
| For the Six Months Ended June 30, | ||||||||
| 2011 | 2010 | |||||||
| Income Statements |
||||||||
| Interest Income |
$ | 83,975 | $ | 90,885 | ||||
| Interest Expense |
14,565 | 18,345 | ||||||
| Net Interest Income |
69,410 | 72,540 | ||||||
| Taxable Equivalent Adjustment |
2,052 | 2,416 | ||||||
| Net Interest Income (FTE) |
71,462 | 74,956 | ||||||
| Provision For Loan Losses |
11,737 | 13,557 | ||||||
| Net Interest Income After Provisions (FTE) |
59,725 | 61,399 | ||||||
| Security (Losses) Gains, Net |
(43 | ) | 257 | |||||
| Service Charges and Fees |
4,673 | 5,864 | ||||||
| Wealth Management |
4,194 | 3,900 | ||||||
| Insurance |
4,313 | 4,332 | ||||||
| Other |
9,003 | 8,519 | ||||||
| Total Noninterest Income |
22,183 | 22,615 | ||||||
| Salaries and Employee Benefits |
25,891 | 24,376 | ||||||
| Occupancy and Equipment Expense, Net |
6,137 | 6,029 | ||||||
| Data Processing Expense |
3,185 | 3,054 | ||||||
| FDIC Expense |
2,143 | 2,699 | ||||||
| Other |
15,687 | 17,508 | ||||||
| Total Noninterest Expense |
53,043 | 53,666 | ||||||
| Income Before Taxes |
28,822 | 30,605 | ||||||
| Taxable Equivalent Adjustment |
2,052 | 2,416 | ||||||
| Applicable Income Taxes |
5,565 | 7,481 | ||||||
| Net Income |
21,205 | 20,708 | ||||||
| Preferred Stock Dividends |
3,113 | 3,096 | ||||||
| Net Income Available to Common Shareholders |
$ | 18,092 | $ | 17,612 | ||||
| Per Common Share Data: |
||||||||
| Average Shares Outstanding – Diluted |
27,941,371 | 27,779,963 | ||||||
| Net Income – Diluted |
$ | 0.65 | $ | 0.63 | ||||
| Dividends Declared |
$ | 0.30 | $ | 0.30 | ||||
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S&T Earnings Release - 7
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
| 2011 | 2011 | 2010 | ||||||||||||||||||||||
| Second Quarter |
First Quarter |
Second Quarter |
||||||||||||||||||||||
| Net Interest Margin (Quarterly Averages) |
||||||||||||||||||||||||
| Assets |
||||||||||||||||||||||||
| Loans – FTE |
$ | 3,247,998 | 4.89 | % | $ | 3,324,606 | 4.92 | % | $ | 3,402,494 | 5.12 | % | ||||||||||||
| Securities/Other – FTE |
458,720 | 2.76 | % | 384,796 | 3.02 | % | 342,813 | 3.89 | % | |||||||||||||||
| Total Interest-earning Assets |
3,706,718 | 4.63 | % | 3,709,402 | 4.72 | % | 3,745,307 | 5.01 | % | |||||||||||||||
| Noninterest-earning Assets |
368,763 | 378,012 | 390,075 | |||||||||||||||||||||
| Total Assets |
$ | 4,075,481 | $ | 4,087,414 | $ | 4,135,382 | ||||||||||||||||||
| Liabilities and Shareholders’ Equity |
||||||||||||||||||||||||
| Now/Money Market/Savings |
$ | 1,268,085 | 0.16 | % | $ | 1,295,224 | 0.18 | % | $ | 1,280,421 | 0.29 | % | ||||||||||||
| Certificates of Deposit |
1,202,346 | 1.82 | % | 1,231,162 | 1.81 | % | 1,308,614 | 2.01 | % | |||||||||||||||
| Borrowed funds < 1 year |
43,465 | 0.14 | % | 42,582 | 0.14 | % | 74,779 | 0.36 | % | |||||||||||||||
| Borrowed funds > 1 year |
123,541 | 4.14 | % | 119,736 | 4.21 | % | 135,906 | 4.13 | % | |||||||||||||||
| Total Interest-bearing Liabilities |
2,637,437 | 1.10 | % | 2,688,704 | 1.10 | % | 2,799,720 | 1.27 | % | |||||||||||||||
| Noninterest-bearing Liabilities |
||||||||||||||||||||||||
| Demand Deposits |
804,199 | 767,581 | 728,517 | |||||||||||||||||||||
| Shareholders’ Equity/Other |
633,845 | 631,129 | 607,145 | |||||||||||||||||||||
| Total Noninterest-bearing Liabilities |
1,438,044 | 1,398,710 | 1,335,662 | |||||||||||||||||||||
| Total Liabilities and Shareholders’ Equity |
$ | 4,075,481 | $ | 4,087,414 | $ | 4,135,382 | ||||||||||||||||||
| Net Interest Margin |
3.85 | % | 3.92 | % | 4.05 | % | ||||||||||||||||||
| 2011 | 2011 | 2010 | ||||||||||||||||||||||
| Second Quarter |
First Quarter |
Second Quarter |
||||||||||||||||||||||
| Balance Sheets (Period-End) |
||||||||||||||||||||||||
| Assets |
||||||||||||||||||||||||
| Cash |
$ | 170,826 | $ | 108,855 | $ | 71,150 | ||||||||||||||||||
| Securities |
357,750 | 352,783 | 339,737 | |||||||||||||||||||||
| Loans, Net |
3,144,833 | 3,242,658 | 3,342,761 | |||||||||||||||||||||
| Other Assets |
384,881 | 385,758 | 385,590 | |||||||||||||||||||||
| Total Assets |
$ | 4,058,290 | $ | 4,090,054 | $ | 4,139,238 | ||||||||||||||||||
| Liabilities and Shareholders’ Equity |
||||||||||||||||||||||||
| Noninterest-bearing Deposits |
$ | 801,504 | $ | 802,748 | $ | 732,618 | ||||||||||||||||||
| Interest-bearing Deposits |
2,452,479 | 2,503,091 | 2,564,578 | |||||||||||||||||||||
| Short-term Borrowings |
41,112 | 38,270 | 96,246 | |||||||||||||||||||||
| Long-term Debt |
123,378 | 119,593 | 130,947 | |||||||||||||||||||||
| Other Liabilities |
47,280 | 46,237 | 48,646 | |||||||||||||||||||||
| Shareholders’ Equity |
592,537 | 580,115 | 566,203 | |||||||||||||||||||||
| Total Liabilities and Shareholders’ Equity |
$ | 4,058,290 | $ | 4,090,054 | $ | 4,139,238 | ||||||||||||||||||
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S&T Earnings Release - 8
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
| 2011 | 2011 | 2010 | ||||||||||||||||||||||
| Second Quarter |
First Quarter |
Second Quarter |
||||||||||||||||||||||
| Loans (Period-End) |
||||||||||||||||||||||||
| Consumer |
||||||||||||||||||||||||
| Home Equity |
$ | 431,763 | $ | 436,357 | $ | 451,274 | ||||||||||||||||||
| Residential Mortgage |
345,698 | 342,904 | 359,824 | |||||||||||||||||||||
| Installment |
70,171 | 70,573 | 76,755 | |||||||||||||||||||||
| Construction |
3,365 | 4,322 | 9,624 | |||||||||||||||||||||
| Total Consumer Loans |
850,997 | 854,156 | 897,477 | |||||||||||||||||||||
| Commercial |
||||||||||||||||||||||||
| Commercial Real Estate |
1,441,813 | 1,488,700 | 1,424,212 | |||||||||||||||||||||
| Commercial & Industrial |
690,956 | 713,683 | 734,077 | |||||||||||||||||||||
| Construction |
208,111 | 245,477 | 337,127 | |||||||||||||||||||||
| Total Commercial Loans |
2,340,880 | 2,447,860 | 2,495,416 | |||||||||||||||||||||
| Total Portfolio Loans |
3,191,877 | 3,302,016 | 3,392,893 | |||||||||||||||||||||
| Loans Held for Sale |
10,960 | 2,305 | 3,836 | |||||||||||||||||||||
| Total Loans |
$ | 3,202,837 | $ | 3,304,321 | $ | 3,396,729 | ||||||||||||||||||
| 2011 | 2011 | 2010 | ||||||||||||||||||||||
| Second Quarter |
First Quarter |
Second Quarter |
||||||||||||||||||||||
| Nonperforming Loans (NPL) |
||||||||||||||||||||||||
| Consumer |
% NPL | % NPL | % NPL | |||||||||||||||||||||
| Home Equity |
$ | 2,536 | 0.59 | % | $ | 1,858 | 0.43 | % | $ | 1,777 | 0.39 | % | ||||||||||||
| Residential Mortgage |
6,155 | 1.78 | % | 5,337 | 1.56 | % | 7,398 | 2.06 | % | |||||||||||||||
| Installment |
6 | 0.01 | % | 25 | 0.04 | % | 93 | 0.12 | % | |||||||||||||||
| Construction |
— | — | — | — | — | — | ||||||||||||||||||
| Total Consumer Loans |
8,697 | 1.02 | % | 7,220 | 0.85 | % | $ | 9,268 | 1.03 | % | ||||||||||||||
| Commercial |
||||||||||||||||||||||||
| Commercial Real Estate |
38,261 | 2.65 | % | 57,189 | 3.84 | % | 51,070 | 3.59 | % | |||||||||||||||
| Commercial & Industrial |
8,141 | 1.18 | % | 9,081 | 1.27 | % | 2,265 | 0.31 | % | |||||||||||||||
| Construction |
7,401 | 3.56 | % | 7,356 | 3.00 | % | 14,686 | 4.36 | % | |||||||||||||||
| Total Commercial Loans |
53,803 | 2.30 | % | 73,626 | 3.01 | % | 68,021 | 2.73 | % | |||||||||||||||
| Total Nonperforming Loans |
$ | 62,500 | 1.96 | % | $ | 80,846 | 2.45 | % | $ | 77,289 | 2.28 | % | ||||||||||||
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S&T Earnings Release - 9
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
| 2011 | 2011 | 2010 | ||||||||||||||||||||||
| Second Quarter |
First Quarter |
Second Quarter |
||||||||||||||||||||||
| Construction and Commercial Real Estate (CRE) PA vs. Out-of-state |
||||||||||||||||||||||||
| Pennsylvania |
$ | 1,326,843 | $ | 1,375,688 | $ | 1,404,508 | ||||||||||||||||||
| Out-of-state |
323,081 | 358,489 | 356,831 | |||||||||||||||||||||
| Total Construction and CRE PA vs. Out-of-state |
$ | 1,649,924 | $ | 1,734,177 | $ | 1,761,339 | ||||||||||||||||||
| 2011 | 2011 | 2010 | ||||||||||||||||||||||
| Second Quarter |
First Quarter |
Second Quarter |
||||||||||||||||||||||
| Construction and CRE – NPL PA vs. Out-of-state |
% NPL | % NPL | % NPL | |||||||||||||||||||||
| Pennsylvania |
$ | 44,243 | 3.33 | % | $ | 43,799 | 3.18 | % | $ | 50,100 | 3.57 | % | ||||||||||||
| Out-of-state |
1,419 | 0.44 | % | 20,746 | 5.79 | % | 15,656 | 4.39 | % | |||||||||||||||
| Total Construction and CRE – NPL PA vs. Out-of-state |
$ | 45,662 | 2.77 | % | $ | 64,545 | 3.72 | % | $ | 65,756 | 3.73 | % | ||||||||||||
| 2011 | 2011 | 2010 | ||||||||||||||||||||||
| Second Quarter |
First Quarter |
Second Quarter |
||||||||||||||||||||||
| Construction and CRE by Type |
||||||||||||||||||||||||
| Retail/Strip Malls |
$ | 285,743 | $ | 297,339 | $ | 297,864 | ||||||||||||||||||
| Offices |
221,042 | 226,163 | 224,011 | |||||||||||||||||||||
| Residential Rental Properties |
220,674 | 237,879 | 285,705 | |||||||||||||||||||||
| Hotels |
184,658 | 194,543 | 192,416 | |||||||||||||||||||||
| Healthcare/Education |
109,479 | 108,472 | 94,648 | |||||||||||||||||||||
| Flex/Mixed Use |
107,011 | 113,483 | 102,616 | |||||||||||||||||||||
| Real Estate Development – Commercial |
100,069 | 93,301 | 104,927 | |||||||||||||||||||||
| Manufacturing/Industrial/Warehouse |
95,750 | 117,857 | 137,427 | |||||||||||||||||||||
| Real Estate Development – Residential |
69,763 | 81,956 | 74,799 | |||||||||||||||||||||
| Miscellaneous |
255,735 | 263,184 | 246,926 | |||||||||||||||||||||
| Total Construction and CRE by Type |
$ | 1,649,924 | $ | 1,734,177 | $ | 1,761,339 | ||||||||||||||||||
| 2011 | 2011 | 2010 | ||||||||||||||||||||||
| Second Quarter |
First Quarter |
Second Quarter |
||||||||||||||||||||||
| Construction and CRE – NPL by Type |
% NPL | % NPL | % NPL | |||||||||||||||||||||
| Retail/Strip Malls |
$ | 2,882 | 1.01 | % | $ | 3,031 | 1.02 | % | $ | 5,463 | 1.83 | % | ||||||||||||
| Offices |
6,592 | 2.98 | % | 2,768 | 1.22 | % | 1,868 | 0.83 | % | |||||||||||||||
| Residential Rental Properties |
4,618 | 2.09 | % | 10,971 | 4.61 | % | 15,706 | 5.50 | % | |||||||||||||||
| Hotels |
1,452 | 0.79 | % | 13,585 | 6.98 | % | 3,562 | 1.85 | % | |||||||||||||||
| Healthcare/Education |
813 | 0.74 | % | 818 | 0.75 | % | 3,423 | 3.62 | % | |||||||||||||||
| Flex/Mixed Use |
0 | 0.00 | % | 2,388 | 2.10 | % | 2,375 | 2.31 | % | |||||||||||||||
| Real Estate Development – Commercial |
1,144 | 1.14 | % | 5,968 | 6.40 | % | 7,449 | 7.10 | % | |||||||||||||||
| Manufacturing/Industrial/Warehouse |
4,414 | 4.61 | % | 3,592 | 3.05 | % | 3,634 | 2.64 | % | |||||||||||||||
| Real Estate Development – Residential |
7,566 | 10.85 | % | 6,073 | 7.41 | % | 5,079 | 6.79 | % | |||||||||||||||
| Miscellaneous |
16,181 | 6.33 | % | 15,351 | 5.83 | % | 17,197 | 6.96 | % | |||||||||||||||
| Total Construction and CRE – NPL by Type |
$ | 45,662 | 2.77 | % | $ | 64,545 | 3.72 | % | $ | 65,756 | 3.73 | % | ||||||||||||
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S&T Earnings Release - 10
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
| 2011 | 2011 | 2010 | ||||||||||
| Second | First | Second | ||||||||||
| Quarter | Quarter | Quarter | ||||||||||
| Commercial Credit Exposure |
||||||||||||
| Pass |
||||||||||||
| Commercial Real Estate |
$ | 1,235,019 | $ | 1,250,149 | $ | 1,197,569 | ||||||
| Commercial & Industrial |
584,715 | 610,750 | 649,008 | |||||||||
| Construction |
163,453 | 201,984 | 282,043 | |||||||||
| Total Pass |
$ | 1,983,187 | $ | 2,062,883 | $ | 2,128,620 | ||||||
| Special Mention |
||||||||||||
| Commercial Real Estate |
$ | 84,351 | $ | 98,780 | $ | 126,634 | ||||||
| Commercial & Industrial |
62,759 | 57,460 | 67,663 | |||||||||
| Construction |
12,310 | 10,534 | 21,481 | |||||||||
| Total Special Mention |
$ | 159,420 | $ | 166,774 | $ | 215,778 | ||||||
| Substandard |
||||||||||||
| Commercial Real Estate |
$ | 122,443 | $ | 139,771 | $ | 100,009 | ||||||
| Commercial & Industrial |
43,482 | 45,473 | 17,406 | |||||||||
| Construction |
32,348 | 32,959 | 33,603 | |||||||||
| Total Substandard |
$ | 198,273 | $ | 218,203 | $ | 151,018 | ||||||
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S&T Earnings Release - 11
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(in thousands)
| 2011 | 2011 | 2010 | ||||||||||
| Second | First | Second | ||||||||||
| Quarter | Quarter | Quarter | ||||||||||
| Asset Quality Data |
||||||||||||
| Nonaccrual Loans and Nonperforming Loans |
$ | 62,500 | $ | 80,846 | $ | 77,289 | ||||||
| Assets Acquired through Foreclosure or Repossession |
7,389 | 7,696 | 4,737 | |||||||||
| Nonperforming Assets |
69,889 | 88,542 | 82,026 | |||||||||
| Troubled Debt Restructurings (nonaccrual) |
26,186 | 34,943 | — | |||||||||
| Troubled Debt Restructurings (accruing) |
19,829 | 3,310 | — | |||||||||
| Total Troubled Debt Restructurings |
46,015 | 38,253 | — | |||||||||
| Allowance for Loan Losses |
58,004 | 61,663 | 53,968 | |||||||||
| Nonperforming Loans / Loans |
1.95 | % | 2.45 | % | 2.28 | % | ||||||
| Nonperforming Assets / Loans plus OREO |
2.18 | % | 2.67 | % | 2.41 | % | ||||||
| Allowance for Loan Losses / Loans |
1.81 | % | 1.87 | % | 1.59 | % | ||||||
| Allowance for Loan Losses / Nonperforming Loans |
93 | % | 76 | % | 70 | % | ||||||
| Net Loan Charge-offs (Recoveries) |
4,756 | 364 | 18,182 | |||||||||
| Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans |
0.59 | % | 0.04 | % | 2.14 | % | ||||||
| Profitability Ratios (Annualized) |
||||||||||||
| Common Return on Average Assets |
1.31 | % | 0.47 | % | 0.76 | % | ||||||
| Common Return on Average Tangible Assets (2) |
1.37 | % | 0.49 | % | 0.80 | % | ||||||
| Common Return on Average Equity |
9.15 | % | 3.31 | % | 5.60 | % | ||||||
| Common Return on Average Tangible Common Equity (3) |
17.47 | % | 6.35 | % | 11.12 | % | ||||||
| Efficiency Ratio (FTE) (4) |
54.78 | % | 58.50 | % | 52.26 | % | ||||||
| Capitalization Ratios |
||||||||||||
| Dividends Paid to Net Income |
31.52 | % | 88.46 | % | 53.08 | % | ||||||
| Common Equity / Assets |
11.98 | % | 11.58 | % | 11.12 | % | ||||||
| Tier 1 Leverage Ratio |
11.49 | % | 11.19 | % | 10.64 | % | ||||||
| Risk-Based Capital – Tier 1 |
14.31 | % | 13.54 | % | 12.52 | % | ||||||
| Risk-Based Capital – Total |
17.83 | % | 16.99 | % | 15.87 | % | ||||||
| Tangible Common Equity / Tangible Assets (5) |
8.08 | % | 7.70 | % | 7.23 | % | ||||||
| For the Six Months Ended June 30, | ||||||||||||
| 2011 | 2010 | |||||||||||
| Asset Quality Data |
||||||||||||
| Net Loan Charge-offs (Recoveries) |
5,120 | 19,169 | ||||||||||
| Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans |
0.31 | % | 1.14 | % | ||||||||
| Profitability Ratios (Annualized) |
||||||||||||
| Common Return on Average Assets |
0.89 | % | 0.86 | % | ||||||||
| Common Return on Average Tangible Common Assets (6) |
0.93 | % | 0.90 | % | ||||||||
| Common Return on Average Shareholders’ Equity |
6.26 | % | 6.35 | % | ||||||||
| Common Return on Average Tangible Common Equity (7) |
11.98 | % | 12.70 | % | ||||||||
| Efficiency Ratio (FTE) (4) |
56.64 | % | 55.00 | % | ||||||||
| Capitalization Ratios |
||||||||||||
| Dividends Paid to Net Income |
46.43 | % | 47.31 | % | ||||||||
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S&T Earnings Release - 12
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
| 2011 | 2011 | 2010 | ||||||||||
| Second | First | Second | ||||||||||
| Quarter | Quarter | Quarter | ||||||||||
| Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures: |
||||||||||||
|
(1) Tangible Common Book Value |
||||||||||||
| Common Book Value (GAAP Basis) |
$ | 17.31 | $ | 16.90 | $ | 16.55 | ||||||
| Effect of Excluding Intangible Assets |
(6.12 | ) | (6.14 | ) | (6.24 | ) | ||||||
| Tangible Common Book Value |
$ | 11.19 | $ | 10.76 | $ | 10.31 | ||||||
|
(2) Common Return on Average Tangible Assets |
||||||||||||
| Common Return on Average Assets (GAAP Basis) |
1.31 | % | 0.47 | % | 0.76 | % | ||||||
| Effect of Excluding Intangible Assets |
0.06 | % | 0.02 | % | 0.04 | % | ||||||
| Common Return on Average Tangible Assets |
1.37 | % | 0.49 | % | 0.80 | % | ||||||
|
(3) Common Return on Average Tangible Common Equity |
||||||||||||
| Common Return on Average Common Equity (GAAP Basis) |
9.15 | % | 3.31 | % | 5.60 | % | ||||||
| Effect of Excluding Intangible Assets |
4.50 | % | 1.65 | % | 3.02 | % | ||||||
| Effect of Excluding Preferred Stock |
3.82 | % | 1.39 | % | 2.50 | % | ||||||
| Common Return on Average Tangible Common Equity |
17.47 | % | 6.35 | % | 11.12 | % | ||||||
| (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) |
11.98 | % | 11.58 | % | 11.12 | % | ||||||
| Effect of Excluding Intangible Assets |
-3.90 | % | -3.88 | % | -3.89 | % | ||||||
| Tangible Common Equity / Tangible Assets |
8.08 | % | 7.70 | % | 7.23 | % | ||||||
| For the Six Months Ended June 30, | ||||||||||||
| 2011 | 2010 | |||||||||||
|
(6) Common Return on Average Tangible Common Assets |
||||||||||||
| Common Return on Average Assets (GAAP Basis) |
0.89 | % | 0.86 | % | ||||||||
| Effect of Excluding Intangible Assets |
0.04 | % | 0.04 | % | ||||||||
| Common Return on Average Tangible Common Assets |
0.93 | % | 0.90 | % | ||||||||
|
(7) Common Return on Average Tangible Common Equity |
||||||||||||
| Common Return on Average Shareholders’ Equity (GAAP Basis) |
6.26 | % | 6.35 | % | ||||||||
| Effect of Excluding Intangible Assets |
3.10 | % | 3.48 | % | ||||||||
| Effect of Excluding Preferred Stock |
2.62 | % | 2.87 | % | ||||||||
| Common Return on Average Tangible Common Equity |
11.98 | % | 12.70 | % | ||||||||
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