S&T BANCORP INC - FORM 8-K - EX-99.1 - PRESS RELEASE

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8-K - FORM 8-K - S&T BANCORP INC	d382455d8k.htm

Exhibit 99.1

LOGO


FOR IMMEDIATE RELEASE						Contact: Mark Kochvar
July 23, 2012						Chief Financial Officer
						800 Philadelphia Street
						Indiana, PA 15701
						724-465-4826
						Mark.kochvar@stbank.net
						www.stbancorp.com

S&T Bancorp, Inc. Announces 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 2012 earnings.

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

•

Second quarter earnings were $8.6 million compared to $3.5 million in the first quarter of 2012 and $13.4 million in the second quarter of 2011 with diluted earnings per common share of $0.30 compared to $0.12 in the first quarter of 2012 and $0.48 in the second quarter of 2011.

•

Net interest income increased $0.5 million in the second quarter compared to the first, however net interest margin declined to 3.57% from 3.69% due to the continued low interest rate environment and an unfavorable asset mix.

•

Asset quality metrics remain elevated with nonperforming assets to total loans plus OREO at 2.25% compared to 2.12% at March 31, 2012 and 2.18% at June 30, 2011.

“We are pleased to report improved earnings for the second quarter of 2012 during a period of continued economic, political and regulatory uncertainty,” said Todd Brice, president and chief executive officer of S&T Bancorp, Inc. “We have made nice progress

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S&T Earnings Release - 2

S&T Bancorp, Inc. Announces Second Quarter Earnings (continued)

with getting Mainline transitioned in the second quarter and we look forward to the finalization of our merger with Gateway Bank of Pennsylvania, which is expected to close in the third quarter of this year pending shareholder and regulatory approval.”

Net Interest Income (FTE)

Net interest income increased $0.5 million to $35.0 million compared to $34.5 million in the first quarter of 2012 but is down from $35.6 million in the second quarter of 2011. The increase in net interest income from the prior quarter is primarily a result of the Mainline acquisition, with a full quarter of acquired assets included this period. We continue to experience challenges with our net interest margin at 3.57% compared to 3.69% in the prior quarter and 3.85% in the second quarter of 2011. Although total average interest-earning assets increased this quarter by $173.0 million, the majority of that growth came in lower yielding interest bearing deposits. The low interest rate environment continues to impact our net interest margin as the rates on new loans are well below the loans being replaced from early payoffs and normal amortization. Our cost of funds improved primarily due to lower offered rates on maturing certificates of deposit.

Asset Quality

Asset quality metrics remain elevated this quarter with an increase in nonperforming assets (NPAs) of $4.2 million resulting in NPAs of $72.0 million or 2.25% of total loans plus OREO compared to $67.9 million or 2.12% in the first quarter of 2012. NPAs were $69.9 million or 2.18% of total loans plus OREO in the same period a year ago. We did see an improvement in our special mention and substandard loans, which are down $16.1 million from the prior quarter and almost $66.0 million from the same period a year ago.

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S&T Earnings Release - 3

S&T Bancorp, Inc. Announces Second Quarter Earnings (continued)

Net charge-offs for the second quarter of 2012 were $8.2 million, of which $5.3 million were previously reserved for, compared to $10.3 million in the first quarter of 2012 and $4.8 million in the second quarter of 2011. The provision for loan losses is down $2.3 million at $7.0 million this quarter compared to $9.3 million in the first quarter of 2012 and up from $1.1 million in the second quarter of 2011. The allowance for loan losses (ALL) decreased to $46.7 million or 1.46% of total loans at June 30, 2012 compared to $47.8 million or 1.49% at March 31, 2012 and $58.0 million or 1.81% at June 30, 2011. The decrease in the ALL is due to a decline in specific reserves of $4.0 million from the first quarter of 2012 due to loan charge-offs and minimal new specific reserves established in the second quarter.

Noninterest Income and Expense

Noninterest income increased to $12.5 million in the second quarter from $12.2 million in the first quarter of 2012 and $11.2 million from the second quarter of 2011. The increased fee income is due to strong performance in our Wealth Management and mortgage banking businesses. Wealth Management increased $0.2 million from the prior quarter and $0.4 million from the second quarter of 2011. Mortgage rates remain at very attractive levels and strong customer demand resulted in a solid quarter in our mortgage banking business. We also saw increased other fee income primarily due to fees on interest rate swap agreements with our customers which increased $0.2 million this quarter and $0.4 million from the second quarter of 2011.

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S&T Earnings Release - 4

S&T Bancorp, Inc. Announces Second Quarter Earnings (continued)

Noninterest expense of $29.3 million is down $3.4 million from the prior quarter of $32.8 million primarily due to one-time merger related expenses of $3.9 million incurred in the first quarter of 2012. Offsetting this decrease in expenses was an increase of $0.4 million from the prior quarter related to the unfunded commitment reserve reflecting the elevated asset quality metrics and an impairment charge of $0.3 million related to a low income housing joint venture. Noninterest expense increased $3.8 million from the second quarter of 2011 due to the Mainline acquisition, higher employee costs including annual compensation adjustments and increased pension expense and the above mentioned increase in the unfunded commitment reserve and joint venture impairment.

Financial Condition

Our total assets remain at $4.3 billion at June 30, 2012, which is consistent with March 31, 2012, but an increase of almost $290 million, or 7%, from June 30, 2011 as a result of the Mainline acquisition which added $236 million in total assets. We are seeing improvements in our loan pipeline but we are also experiencing elevated loan pay-offs, primarily in our commercial loan portfolio.

S&T’s capital ratios were little changed from the prior quarter but are down from the year ago quarter due to the redemption of preferred stock from the U.S. Department of Treasury’s Capital Purchase Program in the fourth quarter of 2011. All capital ratios remain significantly above the well-capitalized thresholds of federal bank regulatory agencies with a tier 1 leverage capital ratio of 8.94%, tier 1 risk-based capital ratio of 11.82% and total risk-based capital ratio of 15.33%.

Conference Call

S&T Bancorp, Inc. will host its second quarter 2012 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, July 24, 2012. To access the webcast, go to S&T Bancorp’s webpage at www.stbancorp.com and click on “Events & Presentations.” Select “2nd Quarter 2012 Conference Call” and follow the instructions.

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S&T Earnings Release - 5

S&T Bancorp, Inc. Announces Second Quarter Earnings (continued)

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 $4.3 billion, S&T Bancorp, Inc. stock trades on the NASDAQ Global Select Market System under the symbol STBA. For more information, visit www.stbancorp.com.

This information may contain forward-looking statements regarding future financial performance which are not historical facts and which involve risks and uncertainties. Actual results and performance could differ materially from those anticipated by these forward-looking statements. Factors that could cause such a difference include, but are not limited to, general economic conditions, change in interest rates, deposit flows, loan demand, asset quality, including real estate and other collateral values and competition. In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), S&T management uses and this press release contains or references, certain non-GAAP financial measures, such as net interest income on a fully taxable equivalent basis. S&T believes these non-GAAP financial measures provide information useful to investors in understanding our underlying operational performance and our business and performance trends as they facilitate comparisons with the performance of others in the financial services industry. Although S&T believes that these non-GAAP financial measures enhance investors’ understanding of S&T’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. A reconciliation of these non-GAAP financial measures is presented in the attached financial data spreadsheet. This information should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K for S&T Bancorp, Inc. and subsidiaries.

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S&T Earnings Release - 6

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands, except per share data)


	2012		2012		2011
	Second Quarter		First Quarter		Second Quarter

Income Statements
Interest Income	$	39,370	$	39,140	$	41,783
Interest Expense		5,551		5,819		7,245

Net Interest Income		33,819		33,321		34,538
Taxable Equivalent Adjustment		1,129		1,129		1,014

Net Interest Income (FTE) ⁽²⁾		34,948		34,450		35,552

Provision for Loan Losses		7,023		9,272		1,097


Net Interest Income After Provision (FTE)		27,925		25,178		34,455


Security Gains (Losses), Net		6		840		(56	)

Wealth Management		2,577		2,419		2,144
Service Charges and Fees		2,432		2,408		2,389
Insurance		2,111		2,212		2,181
Other		5,405		5,190		4,456


Total Noninterest Income		12,525		12,229		11,170

Salaries and Employee Benefits		14,641		16,472		12,571
Occupancy and Equipment Expense, Net		3,041		3,022		3,103
Data Processing Expense		2,195		3,240		1,681
FDIC Expense		719		608		917
Other		8,748		9,441		7,322


Total Noninterest Expense		29,344		32,783		25,594


Income Before Taxes		11,112		5,464		19,975
Taxable Equivalent Adjustment		1,129		1,129		1,014
Applicable Income Taxes		1,383		855		4,051


Net Income		8,600		3,480		14,910
Preferred Stock Dividends and Discount Amortization		—		—		1,558


Net Income Available to Common Shareholders	$	8,600	$	3,480	$	13,352


Per Common Share Data:

Shares Outstanding at End of Period		28,935,689		28,873,043		28,078,849
Average Shares Outstanding - Diluted		28,810,754		28,272,568		27,983,706
Diluted Earnings Per Common Share *	$	0.30	$	0.12	$	0.48
Dividends Declared	$	0.15	$	0.15	$	0.15
Common Book Value	$	17.65	$	17.47	$	17.31
Tangible Common Book Value ⁽¹⁾	$	11.52	$	11.32	$	11.19
Market Value	$	18.47	$	21.69	$	18.59

*	Diluted earnings per share under the two-class method is determined on the net income reported on the income statement less earnings allocated to participating securities.

S&T Earnings Release - 7

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands, except per share data)


	For the Six Months Ended June 30,
	2012		2011

Income Statements
Interest Income	$	78,510	$	83,975
Interest Expense		11,370		14,565

Net Interest Income		67,140		69,410
Taxable Equivalent Adjustment		2,258		2,052

Net Interest Income (FTE) ⁽³⁾		69,398		71,462

Provision for Loan Losses		16,296		11,737


Net Interest Income After Provision (FTE)		53,102		59,725


Security Gains (Losses), Net		846		(43	)

Wealth Management		4,996		4,194
Service Charges and Fees		4,841		4,673
Insurance		4,323		4,313
Other		10,595		9,003


Total Noninterest Income		24,755		22,183

Salaries and Employee Benefits		31,113		25,891
Occupancy and Equipment Expense, Net		6,063		6,137
Data Processing Expense		5,436		3,185
FDIC Expense		1,327		2,143
Other		18,188		15,687


Total Noninterest Expense		62,127		53,043


Income Before Taxes		16,576		28,822
Taxable Equivalent Adjustment		2,258		2,052
Applicable Income Taxes		2,238		5,565


Net Income		12,080		21,205
Preferred Stock Dividends and Discount Amortization		—		3,113


Net Income Available to Common Shareholders	$	12,080	$	18,092


Per Common Share Data:

Average Shares Outstanding - Diluted		28,515,803		27,941,371
Diluted Earnings Per Common Share*	$	0.42	$	0.65
Dividends Declared	$	0.30	$	0.30

*	Diluted earnings per share under the two-class method is determined on the net income reported on the income statement less earnings allocated to participating securities.

S&T Earnings Release - 8

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)


	2012				2012				2011
	Second Quarter				First Quarter				Second Quarter

Net Interest Margin (FTE) (QTD Averages)⁽²⁾
Assets
Loans	$	3,203,349	4.67	%	$	3,135,517	4.74	%	$	3,247,998	4.89	%
Interest-bearing Deposits with Banks		330,647	0.22	%		231,241	0.20	%		97,543	0.24	%
Securities		387,305	3.15	%		381,550	3.29	%		361,177	3.44	%

Total Interest-earning Assets		3,921,301	4.14	%		3,748,308	4.31	%		3,706,718	4.63	%
Noninterest-earning Assets		404,124				395,577				368,763

Total Assets	$	4,325,425			$	4,143,885			$	4,075,481


Liabilities and Shareholders’ Equity
NOW/Money Market/Savings	$	1,489,524	0.22	%	$	1,401,848	0.18	%	$	1,268,085	0.16	%
Certificates of Deposit		1,146,931	1.28	%		1,132,687	1.46	%		1,202,346	1.82	%
Borrowed Funds < 1 Year		121,507	0.22	%		112,944	0.20	%		43,465	0.14	%
Borrowed Funds > 1 Year		125,153	3.23	%		122,214	3.32	%		123,541	4.14	%

Total Interest-bearing Liabilities		2,883,115	0.77	%		2,769,693	0.84	%		2,637,437	1.10	%

Noninterest-bearing Liabilities
Demand Deposits		864,437				809,464				804,199
Shareholders’ Equity/Other		577,873				564,728				633,845

Total Noninterest-bearing Liabilities		1,442,310				1,374,192				1,438,044

Total Liabilities and Shareholders’ Equity	$	4,325,425			$	4,143,885			$	4,075,481


Net Interest Margin			3.57	%			3.69	%			3.85	%


	For the Six Months Ended June 30,
	2012				2011

Net Interest Margin (FTE) (YTD Averages)⁽³⁾
Assets
Loans	$	3,169,433	4.70	%	$	3,286,090	4.91	%
Interest-bearing Deposits with Banks		280,944	0.21	%		76,377	0.23	%
Securities		384,428	3.22	%		345,585	3.46	%

Total Interest-earning Assets		3,834,805	4.22	%		3,708,052	4.68	%
Noninterest-earning Assets		399,850				373,363

Total Assets	$	4,234,655			$	4,081,415


Liabilities and Shareholders’ Equity
NOW/Money Market/Savings	$	1,445,686	0.20	%	$	1,281,580	0.17	%
Certificates of Deposit		1,139,809	1.37	%		1,216,675	1.81	%
Borrowed Funds < 1 Year		117,225	0.21	%		43,026	0.14	%
Borrowed Funds > 1 Year		123,684	3.27	%		121,649	4.17	%

Total Interest-bearing Liabilities		2,826,404	0.81	%		2,662,930	1.10	%

Noninterest-bearing Liabilities
Demand Deposits		836,950				785,991
Shareholders’ Equity/Other		571,301				632,494

Total Noninterest-bearing Liabilities		1,408,251				1,418,485

Total Liabilities and Shareholders’ Equity	$	4,234,655			$	4,081,415


Net Interest Margin			3.63	%			3.88	%

S&T Earnings Release - 9

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)


	2012		2012		2011
	Second Quarter		First Quarter		Second Quarter
Balance Sheets (Period-End)
Assets
Cash	$	60,057	$	53,788	$	55,841
Interest-bearing Deposits with Banks		343,187		332,852		114,985
Securities		387,110		382,834		357,750
Loans, Net		3,151,033		3,153,616		3,144,833
Other Assets		406,005		407,885		384,881

Total Assets	$	4,347,392	$	4,330,975	$	4,058,290

Liabilities and Shareholders’ Equity
Noninterest-bearing Demand Deposits	$	887,442	$	860,108	$	801,504
Interest-bearing Deposits		2,630,531		2,662,247		2,452,479
Short-term Borrowings		121,740		115,638		41,112
Long-term Debt		125,837		122,045		123,378
Other Liabilities		71,266		66,519		47,280
Shareholders’ Equity		510,576		504,418		592,537

Total Liabilities and Shareholders’ Equity	$	4,347,392	$	4,330,975	$	4,058,290


	2012		2012		2011
	Second Quarter		First Quarter		Second Quarter
Loans (Period-End)
Consumer
Home Equity	$	434,329	$	441,648	$	431,763
Residential Mortgage		398,412		382,884		345,698
Installment & Other Consumer		78,768		82,223		70,171
Construction		2,208		2,211		3,365

Total Consumer Loans		913,717		908,966		850,997

Commercial
Commercial Real Estate		1,401,751		1,416,663		1,441,813
Commercial & Industrial		717,107		703,112		690,956
Construction		162,872		169,039		208,111

Total Commercial Loans		2,281,730		2,288,814		2,340,880

Total Portfolio Loans		3,195,447		3,197,780		3,191,877
Loans Held for Sale		2,275		3,663		10,960

Total Loans	$	3,197,722	$	3,201,443	$	3,202,837


Nonperforming Loans (NPL)


			% NPL					% NPL					% NPL
Consumer
Home Equity	$	3,397		0.78	%	$	3,490		0.79	%	$	2,536		0.59	%
Residential Mortgage		8,964		2.25	%		8,260		2.16	%		6,155		1.78	%
Installment & Other Consumer		41		0.05	%		27		0.03	%		6		0.01	%
Construction		399		18.07	%		181		8.19	%		—		—

Total Consumer Loans		12,801		1.40	%	$	11,958		1.32	%		8,697		1.02	%

Commercial
Commercial Real Estate		35,916		2.56	%		32,816		2.32	%		38,261		2.65	%
Commercial & Industrial		6,750		0.94	%		8,269		1.18	%		8,141		1.18	%
Construction		13,646		8.38	%		11,460		6.78	%		7,401		3.56	%

Total Commercial Loans		56,312		2.47	%		52,545		2.30	%		53,803		2.30	%

Total Nonperforming Loans	$	69,113		2.16	%	$	64,503		2.02	%	$	62,500		1.96	%

S&T Earnings Release - 10

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)


	2012					2012					2011
	Second Quarter					First Quarter					Second Quarter
Construction and Commercial Real Estate (CRE) PA vs. Out-of-State
Pennsylvania	$	1,271,669				$	1,305,367				$	1,326,843
Out-of-State		292,954					280,335					323,081

Total Construction and CRE PA vs. Out-of-State	$	1,564,623				$	1,585,702				$	1,649,924


Construction and CRE - NPL PA vs. Out-of-State			% NPL					% NPL					% NPL
Pennsylvania	$	42,732		3.36	%	$	37,623		2.88	%	$	44,243		3.33	%
Out-of-State		6,830		2.33	%		6,653		2.37	%		1,419		0.44	%

Total Construction and CRE - NPL PA vs. Out-of-State	$	49,562		3.17	%	$	44,276		2.79	%	$	45,662		2.77	%


	2012					2012					2011
	Second Quarter					First Quarter					Second Quarter
Construction and CRE by Type
Retail/Strip Malls	$	287,640				$	290,023				$	285,743
Offices		203,509					203,483					221,042
Hotels		198,075					194,658					184,658
Residential Rental Properties		170,828					182,941					220,674
Manufacturing/Industrial/Warehouse		107,890					102,095					95,750
Healthcare/Education		104,798					104,104					109,479
Real Estate Development - Commercial		101,665					95,053					100,069
Flex/Mixed Use		90,870					90,130					107,011
Real Estate Development - Residential		46,595					54,660					69,763
Recreational		41,545					41,557					43,452
Restaurant		31,036					29,873					37,872
Convenience Stores		29,343					28,919					24,514
Miscellaneous		150,829					168,206					149,897

Total Construction and CRE by Type	$	1,564,623				$	1,585,702				$	1,649,924


	2012					2012					2011
	Second Quarter					First Quarter					Second Quarter
Construction and CRE - NPL by Type			% NPL					% NPL					% NPL
Retail/Strip Malls	$	8,139		2.83	%	$	3,262		1.12	%	$	2,882		1.01	%
Offices		4,161		2.04	%		3,973		1.95	%		6,592		2.98	%
Hotels		700		0.35	%		700		0.36	%		1,452		0.79	%
Residential Rental Properties		3,423		2.00	%		3,595		1.97	%		4,618		2.09	%
Manufacturing/Industrial/Warehouse		4,306		3.99	%		4,596		4.50	%		4,414		4.61	%
Healthcare/Education		589		0.56	%		598		0.57	%		813		0.74	%
Real Estate Development - Commercial		6,558		6.45	%		2,782		2.93	%		1,144		1.14	%
Flex/Mixed Use		58		0.06	%		62		0.07	%		—		0.00	%
Real Estate Development - Residential		7,088		15.21	%		8,844		16.18	%		7,566		10.85	%
Recreational		10,130		24.38	%		10,402		25.03	%		9,736		22.41	%
Restaurant		1,843		5.94	%		1,863		6.24	%		4,039		10.66	%
Convenience Stores		74		0.25	%		73		0.25	%		—		—
Miscellaneous		2,493		1.65	%		3,526		2.10	%		2,406		1.61	%

Total Construction and CRE - NPL by Type	$	49,562		3.17	%	$	44,276		2.79	%	$	45,662		2.77	%

S&T Earnings Release - 11

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)


	2012		2012		2011
	Second Quarter		First Quarter		Second Quarter
Commercial Credit Exposure
Pass
Commercial Real Estate	$	1,240,989	$	1,244,497	$	1,235,019
Commercial & Industrial		633,783		613,393		584,715
Construction		115,801		122,277		163,453

Total Pass	$	1,990,573	$	1,980,167	$	1,983,187


Special Mention
Commercial Real Estate	$	59,286	$	71,342	$	84,351
Commercial & Industrial		29,927		34,295		62,759
Construction		14,610		14,135		12,310

Total Special Mention	$	103,823	$	119,772	$	159,420


Substandard
Commercial Real Estate	$	101,476	$	100,824	$	122,443
Commercial & Industrial		53,397		55,424		43,482
Construction		32,461		32,627		32,348

Total Substandard	$	187,334	$	188,875	$	198,273

S&T Earnings Release - 12

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited

(in thousands)


	2012			2012			2011
	Second Quarter			First Quarter			Second Quarter
Asset Quality Data
Nonperforming Loans	$	69,113		$	64,503		$	62,500
Assets Acquired through Foreclosure or Repossession		2,920			3,371			7,389
Nonperforming Assets		72,033			67,874			69,889
Troubled Debt Restructurings (Nonaccrual)		25,246			22,963			26,186
Troubled Debt Restructurings (Accruing)		37,540			41,189			19,829
Total Troubled Debt Restructurings		62,786			64,152			46,015
Allowance for Loan Losses		46,689			47,827			58,004
Nonperforming Loans / Loans		2.16	%		2.02	%		1.96	%
Nonperforming Assets / Loans plus OREO		2.25	%		2.12	%		2.18	%
Allowance for Loan Losses / Loans		1.46	%		1.49	%		1.81	%
Allowance for Loan Losses / Nonperforming Loans		68	%		74	%		93	%
Net Loan Charge-offs (Recoveries)		8,162			10,286			4,756
Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans		1.02	%		1.32	%		0.59	%

Profitability Ratios (Annualized)
Common Return on Average Assets		0.80	%		0.34	%		1.31	%
Common Return on Average Tangible Assets⁽⁴⁾		0.83	%		0.35	%		1.37	%
Common Return on Average Equity		6.80	%		2.82	%		9.15	%
Common Return on Average Tangible Common Equity ⁽⁵⁾		10.44	%		4.31	%		17.47	%
Efficiency Ratio (FTE) ⁽⁶⁾		61.81	%		70.23	%		54.78	%

Capitalization Ratios
Dividends Paid to Net Income		50.43	%		121.26	%		31.52	%
Common Equity / Assets		11.74	%		11.65	%		11.98	%
Tier 1 Leverage Ratio		8.94	%		9.20	%		11.49	%
Risk-based Capital - Tier 1		11.82	%		11.62	%		14.31	%
Risk-based Capital - Total		15.33	%		15.14	%		17.83	%
Tangible Common Equity / Tangible Assets⁽⁷⁾		7.99	%		7.87	%		8.08	%

				For the Six Months Ended June 30,
				2012			2011
Asset Quality Data
Net Loan Charge-offs (Recoveries)					18,448			5,120
Net Loan Charge-offs (Recoveries) (Annualized) / Average Loans					1.17	%		0.31	%

Profitability Ratios (Annualized)
Common Return on Average Assets					0.57	%		0.89	%
Common Return on Average Tangible Common Assets ⁽⁸⁾					0.60	%		0.93	%
Common Return on Average Shareholders’ Equity					4.83	%		6.26	%
Common Return on Average Tangible Common Equity ⁽⁹⁾					7.41	%		11.98	%
Efficiency Ratio (FTE) ⁽⁶⁾					65.99	%		56.64	%

Capitalization Ratios
Dividends Paid to Net Income					70.83	%		46.43	%

S&T Earnings Release - 13

S&T Bancorp, Inc.

Consolidated Selected Financial Data

Unaudited


		2012			2012			2011
		Second Quarter			First Quarter			Second Quarter
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:

⁽¹⁾	Tangible Common Book Value
	Common Book Value (GAAP Basis)	$	17.65		$	17.47		$	17.31
	Effect of Excluding Intangible Assets		(6.13	)		(6.15	)		(6.12	)

	Tangible Common Book Value	$	11.52		$	11.32		$	11.19

⁽²⁾	Interest Income on a Fully Taxable Equivalent Basis
	Interest Income (GAAP Basis)	$	39,370		$	39,140		$	41,783
	Taxable Equivalent Adjustment to Interest Income		1,129			1,129			1,014

	Interest Income on a Fully Taxable Equivalent Basis		40,499			40,269			42,797
	Interest Expense (GAAP Basis)		5,551			5,819			7,245

	Net Interest Income on a Fully Taxable Equivalent Basis	$	34,948		$	34,450		$	35,552

⁽⁴⁾	Common Return on Average Tangible Assets
	Common Return on Average Assets (GAAP Basis)		0.80	%		0.34	%		1.31	%
	Effect of Excluding Intangible Assets		0.03	%		0.01	%		0.06	%

	Common Return on Average Tangible Assets		0.83	%		0.35	%		1.37	%

⁽⁵⁾	Common Return on Average Tangible Common Equity
	Common Return on Average Common Equity (GAAP Basis)		6.80	%		2.82	%		9.15	%
	Effect of Excluding Intangible Assets		3.64	%		1.49	%		4.50	%
	Effect of Excluding Preferred Stock		—			—			3.82	%

	Common Return on Average Tangible Common Equity		10.44	%		4.31	%		17.47	%

⁽⁶⁾	Noninterest expense divided by noninterest income plus net interest income, on a fully taxable equivalent (FTE) basis.

⁽⁷⁾	Tangible Common Equity / Tangible Assets
	Common Equity / Assets (GAAP Basis)		11.74	%		11.65	%		11.98	%
	Effect of Excluding Intangible Assets		-3.75	%		-3.78	%		-3.90	%

	Tangible Common Equity / Tangible Assets		7.99	%		7.87	%		8.08	%

					For the Six Months Ended June 30,
					2012			2011
⁽³⁾	Interest Income on a Fully Taxable Equivalent Basis
	Interest Income (GAAP Basis)				$	78,510		$	83,975
	Taxable Equivalent Adjustment to Interest Income					2,258			2,052

	Interest Income on a Fully Taxable Equivalent Basis					80,768			86,027
	Interest Expense (GAAP Basis)					11,370			14,565

	Net Interest Income on a Fully Taxable Equivalent Basis				$	69,398		$	71,462

⁽⁸⁾	Common Return on Average Tangible Common Assets
	Common Return on Average Assets (GAAP Basis)					0.57	%		0.89	%
	Effect of Excluding Intangible Assets					0.03	%		0.04	%

	Common Return on Average Tangible Common Assets					0.60	%		0.93	%

⁽⁹⁾	Common Return on Average Tangible Common Equity
	Common Return on Average Shareholders’ Equity (GAAP Basis)					4.83	%		6.26	%
	Effect of Excluding Intangible Assets					2.58	%		3.10	%
	Effect of Excluding Preferred Stock					—			2.62	%

	Common Return on Average Tangible Common Equity					7.41	%		11.98	%

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S&T BANCORP INC Reports