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| 8-K - 8-K - S&T BANCORP INC | stba-20151231x8k.htm |
CONTACT: Mark Kochvar Chief Financial Officer 724.465.4826 800 Philadelphia St. Indiana, PA mark.kochvar@stbank.net www.stbancorp.com | ||
FOR IMMEDIATE RELEASE
S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2015 Results
and Declares Fourth Quarter Dividend
Indiana, Pennsylvania - January 26, 2016 - S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank with locations in Pennsylvania, Ohio and New York, announced today its fourth quarter and full year 2015 earnings. Fourth quarter earnings were $17.4 million, or $0.50 per diluted share, compared to third quarter of 2015 earnings of $18.6 million, or $0.54 per diluted share, and fourth quarter of 2014 earnings of $14.5 million, or $0.49 per diluted share. Full year 2015 earnings increased to $67.1 million, or $1.98 per diluted share, compared to 2014 earnings of $57.9 million, or $1.95 per diluted share.
Fourth Quarter of 2015 Highlights:
• | Return on average assets was 1.10% and return on average equity was 8.74% for the fourth quarter of 2015. |
• | Earnings were positively impacted by $0.9 million, or $0.02 per share, due to the strategic repositioning of our credit card product. |
• | Total loans increased $123 million, or 9.9% annualized, compared to the third quarter of 2015, representing the third consecutive quarter of growth greater than $100 million. |
• | S&T declared a $0.19 per share dividend compared to $0.18 in the same period a year ago, an increase of 5.6%. |
Full Year 2015 Highlights:
• | Full year 2015 net income improved to a record $67.1 million, an increase of 15.8% compared to 2014. |
• | Return on average assets was 1.13% and return on average equity was 8.94% for 2015. |
• | S&T extended its footprint through acquisition and expansion resulting in total loan growth of |
$1.2 billion, including $370 million through organic growth and $789 million through acquisition.
• | Net loan charge-offs remained historically low at 0.22% of average loans for 2015. |
“We are extremely pleased with our performance in the fourth quarter and for the full year of 2015.” said Todd Brice, president and chief executive officer of S&T. “During 2015, we grew our bank substantially through both acquisition and expansion into new markets, while also growing organically in our existing markets. Our assets now exceed $6.3 billion and we are well positioned for continued growth in 2016.”
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S&T Earnings Release - 2
Fourth Quarter of 2015 Results
Net Interest Income
Net interest income decreased $0.7 million to $48.9 million for the fourth quarter of 2015 compared to $49.6 million in the prior quarter. Net interest margin on a fully taxable equivalent basis (FTE) decreased 11 basis points to 3.50% compared to 3.61% in the prior quarter. Net interest income and net interest margin (FTE) were impacted by $1.3 million of accretion from purchase accounting adjustments during the fourth quarter compared to $2.2 million in the third quarter. The decrease in both net interest income and net interest margin (FTE) was primarily due to the decrease in purchase accounting adjustments and slightly higher funding costs. Net interest income was positively impacted by an increase in average loans of $131 million during the quarter due to strong organic growth.
Asset Quality
Total nonperforming loans increased to $30.7 million, or 0.61% of total loans at December 31, 2015 compared to $23.8 million, or 0.48% of total loans at September 30, 2015. The increase in nonperforming loans was primarily related to acquired loans from the merger with Integrity Bancshares, Inc., or Integrity. Net charge-offs for the fourth quarter of 2015 were $5.7 million compared to net charge-offs of $2.1 million in the third quarter of 2015. Included in net charge-offs for the fourth quarter of 2015 was a $1.2 million specific reserve that was recorded in the third quarter of 2015. The provision for loan losses was $3.9 million in the fourth quarter of 2015 compared to $3.2 million in the third quarter of 2015. The provision for loan losses was favorable impacted by $0.3 million due to the classification of credit card loans as held-for-sale. The allowance for loan losses for originated loans was $48.1 million, or 1.10% of total originated loans at December 31, 2015, compared to $49.9 million, or 1.20% of total originated loans, at September 30, 2015.
Noninterest Income and Expense
Noninterest income increased $0.6 million to $13.1 million for the fourth quarter of 2015 compared to
$12.5 million in the third quarter of 2015. The increase in noninterest income was primarily due to higher debit and credit card fees and other income. Debit and credit card fees increased due to the reversal of a customer rewards program liability related to the strategic repositioning of the credit card product. Other income increased due to the change in the mark-to-market adjustment of a deferred compensation plan. Noninterest expense remained well controlled at $33.8 million for both the fourth and third quarters of 2015. The fourth quarter had higher salaries and employee benefits cost due to an increase in payroll incentives and higher marketing expense due to the timing of marketing campaigns. These increases were offset by lower other expense related to a decrease in the reserve for unfunded loan commitments due to the strategic repositioning of the credit card product and lower OREO expenses.
Financial Condition
Total assets increased $103 million to $6.3 billion at December 31, 2015 compared to $6.2 billion at September 30, 2015. Commercial loans grew $103 million during the quarter, or an 11% annualized rate, with growth in all of the commercial portfolios. Residential mortgage loans increased $14.1 million, or 9.0% annualized. As of December 31, 2015, $23.3 million of credit card loans were classified as held-for-sale with the strategic repositioning of this product expected to occur in the first quarter of 2016. Total deposits were unchanged at $4.9 billion for both December 31, 2015 and September 30, 2015. S&T’s risk-based capital ratios increased slightly this quarter as earnings retention outpaced risk-weighted asset growth. All capital ratios remain significantly above the well-capitalized thresholds of federal bank regulatory agencies.
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S&T Earnings Release - 3
Full Year 2015 Results
S&T’s growth strategy continued successfully in 2015 with the acquisition of Integrity in southcentral Pennsylvania and through the opening of a loan production office in western New York. Loan growth was strong in both the new and core markets throughout 2015.
Full year 2015 earnings increased $9.2 million, or 15.8%, to a record $67.1 million, or $1.98 per diluted share, compared to $57.9 million, or $1.95 per diluted share for 2014. The merger between S&T and Integrity closed on March 4, 2015 with Integrity’s results included in the consolidated financial statements since that date. Included in 2015 earnings was $3.2 million, or $0.06 per share, of merger related expense compared to $0.7 million, or $0.02 per share, in 2014. Positive operating leverage occurred in 2015 with total revenue growth of $44.2 million, or 23%, while operating expenses increased $19.5 million, or 17% compared to 2014. The provision for loan losses was $10.4 million in 2015 compared to only $1.7 million in 2014. Net loan charge-offs were only $0.1 million in 2014 due to unusually high recoveries.
Dividend
The Board of Directors of S&T declared a $0.19 per share cash dividend at its regular meeting held
January 25, 2016. This is an increase of 5.6% compared to a common stock dividend of $0.18 per share declared in the same period in the prior year. The dividend is payable February 25, 2016 to shareholders of record on February 11, 2016. Dividends declared in 2015 increased $0.05, or 7.4%, to $0.73 compared to $0.68 for 2014.
Conference Call
S&T will host its fourth quarter 2015 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, January 26, 2016. To access the webcast, go to S&T’s webpage at www.stbancorp.com and click on “Events & Presentations.” Select “4th Quarter 2015 Conference Call” and follow the instructions.
About S&T Bancorp, Inc.
S&T Bancorp, Inc. is a $6.3 billion bank holding company that is headquartered in Indiana, Pa. and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was established in 1902, and operates locations in Pennsylvania, Ohio and New York. For more information visit www.stbancorp.com, www.stbank.com, or call 800.325.2265.
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, and 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 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 Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 4 | |
2015 | 2015 | 2014 | ||||||||||
Fourth | Third | Fourth | ||||||||||
(dollars in thousands, except per share data) | Quarter | Quarter | Quarter | |||||||||
INTEREST INCOME | ||||||||||||
Loans, including fees | $49,574 | $49,578 | $37,797 | |||||||||
Investment securities: | ||||||||||||
Taxable | 2,493 | 2,522 | 2,503 | |||||||||
Tax-exempt | 948 | 988 | 985 | |||||||||
Dividends | 338 | 581 | 96 | |||||||||
Total Interest Income | 53,353 | 53,669 | 41,381 | |||||||||
INTEREST EXPENSE | ||||||||||||
Deposits | 3,611 | 3,275 | 2,662 | |||||||||
Borrowings and junior subordinated debt securities | 857 | 798 | 653 | |||||||||
Total Interest Expense | 4,468 | 4,073 | 3,315 | |||||||||
NET INTEREST INCOME | 48,885 | 49,596 | 38,066 | |||||||||
Provision for loan losses | 3,915 | 3,206 | 1,106 | |||||||||
Net Interest Income After Provision for Loan Losses | 44,970 | 46,390 | 36,960 | |||||||||
NONINTEREST INCOME | ||||||||||||
Securities (losses) gains, net | — | — | — | |||||||||
Debit and credit card fees | 3,381 | 2,996 | 2,645 | |||||||||
Service charges on deposit accounts | 3,113 | 3,069 | 2,677 | |||||||||
Wealth management fees | 2,777 | 2,814 | 2,795 | |||||||||
Insurance fees | 1,126 | 1,332 | 1,132 | |||||||||
Mortgage banking | 549 | 698 | 251 | |||||||||
Other | 2,138 | 1,572 | 1,720 | |||||||||
Total Noninterest Income | 13,084 | 12,481 | 11,220 | |||||||||
NONINTEREST EXPENSE | ||||||||||||
Salaries and employee benefits | 17,228 | 16,789 | 14,471 | |||||||||
Net occupancy | 2,639 | 2,744 | 1,993 | |||||||||
Data processing | 2,348 | 2,454 | 2,271 | |||||||||
Furniture and equipment | 1,632 | 1,653 | 1,460 | |||||||||
Marketing | 1,319 | 895 | 981 | |||||||||
Professional services and legal | 1,095 | 946 | 1,229 | |||||||||
FDIC insurance | 923 | 990 | 618 | |||||||||
Other taxes | 895 | 719 | 543 | |||||||||
Merger related expenses | — | — | 689 | |||||||||
Other | 5,738 | 6,639 | 5,465 | |||||||||
Total Noninterest Expense | 33,817 | 33,829 | 29,720 | |||||||||
Income Before Taxes | 24,237 | 25,042 | 18,460 | |||||||||
Provision for income taxes | 6,814 | 6,407 | 3,963 | |||||||||
Net Income | $17,423 | $18,635 | $14,497 | |||||||||
Per Share Data: | ||||||||||||
Shares outstanding at end of period | 34,810,374 | 34,811,636 | 29,796,397 | |||||||||
Average shares outstanding - diluted | 34,715,899 | 34,692,991 | 29,718,321 | |||||||||
Average shares outstanding - two-class method | 34,810,813 | 34,811,979 | 29,796,397 | |||||||||
Diluted earnings per share (1) | $0.50 | $0.54 | $0.49 | |||||||||
Dividends declared per share | $0.19 | $0.18 | $0.18 | |||||||||
Dividend yield (annualized) | 2.47 | % | 2.21 | % | 2.42 | % | ||||||
Dividends paid to net income | 37.89 | % | 33.56 | % | 36.87 | % | ||||||
Book value | $22.76 | $22.63 | $20.42 | |||||||||
Tangible book value (3) | $14.26 | $14.12 | $14.46 | |||||||||
Market value | $30.82 | $32.62 | $29.81 | |||||||||
Profitability Ratios (annualized) | ||||||||||||
Return on average assets | 1.10 | % | 1.20 | % | 1.17 | % | ||||||
Return on average tangible assets (4) | 1.18 | % | 1.28 | % | 1.22 | % | ||||||
Return on average shareholders' equity | 8.74 | % | 9.51 | % | 9.38 | % | ||||||
Return on average tangible shareholders' equity (5) | 14.21 | % | 15.61 | % | 13.35 | % | ||||||
Efficiency ratio (FTE) (2) | 53.17 | % | 53.12 | % | 58.67 | % | ||||||
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S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 5 | |
For the Twelve Months Ended December 31, | |||||||||||
(dollars in thousands, except per share data) | 2015 | 2014 | |||||||||
INTEREST INCOME | |||||||||||
Loans, including fees | $188,012 | $147,293 | |||||||||
Investment securities: | |||||||||||
Taxable | 9,792 | 8,983 | |||||||||
Tax-exempt | 3,954 | 3,857 | |||||||||
Dividends | 1,790 | 390 | |||||||||
Total Interest Income | 203,548 | 160,523 | |||||||||
INTEREST EXPENSE | |||||||||||
Deposits | 12,944 | 10,128 | |||||||||
Borrowings and junior subordinated debt securities | 3,053 | 2,353 | |||||||||
Total Interest Expense | 15,997 | 12,481 | |||||||||
NET INTEREST INCOME | 187,551 | 148,042 | |||||||||
Provision for loan losses | 10,388 | 1,715 | |||||||||
Net Interest Income After Provision for Loan Losses | 177,163 | 146,327 | |||||||||
NONINTEREST INCOME | |||||||||||
Securities (losses) gains, net | (34) | 41 | |||||||||
Debit and credit card fees | 12,113 | 10,781 | |||||||||
Service charges on deposit accounts | 11,642 | 10,559 | |||||||||
Wealth management fees | 11,444 | 11,343 | |||||||||
Insurance fees | 5,500 | 5,955 | |||||||||
Mortgage banking | 2,554 | 917 | |||||||||
Other | 7,814 | 6,742 | |||||||||
Total Noninterest Income | 51,033 | 46,338 | |||||||||
NONINTEREST EXPENSE | |||||||||||
Salaries and employee benefits | 68,252 | 60,442 | |||||||||
Net occupancy | 10,652 | 8,211 | |||||||||
Data processing | 9,677 | 8,737 | |||||||||
Furniture and equipment | 6,093 | 5,317 | |||||||||
Marketing | 4,224 | 3,316 | |||||||||
Professional services and legal | 3,365 | 3,717 | |||||||||
FDIC insurance | 3,416 | 2,436 | |||||||||
Other taxes | 3,616 | 2,905 | |||||||||
Merger related expenses | 3,167 | 689 | |||||||||
Other | 24,255 | 21,470 | |||||||||
Total Noninterest Expense | 136,717 | 117,240 | |||||||||
Income Before Taxes | 91,479 | 75,425 | |||||||||
Provision for income taxes | 24,398 | 17,515 | |||||||||
Net Income | $67,081 | $57,910 | |||||||||
Per Share Data: | |||||||||||
Average shares outstanding - diluted | 33,848,082 | 29,708,724 | |||||||||
Average shares outstanding - two-class method | 33,954,548 | 29,768,021 | |||||||||
Diluted earnings per share (1) | $1.98 | $1.95 | |||||||||
Dividends declared per share | $0.73 | $0.68 | |||||||||
Dividends paid to net income | 36.47 | % | 34.89 | % | |||||||
Profitability Ratios | |||||||||||
Return on average assets | 1.13 | % | 1.22 | % | |||||||
Return on average tangible assets (8) | 1.20 | % | 1.28 | % | |||||||
Return on average shareholders' equity | 8.94 | % | 9.71 | % | |||||||
Return on average tangible shareholders' equity (9) | 14.39 | % | 14.02 | % | |||||||
Efficiency ratio (FTE) (2) | 55.86 | % | 58.67 | % | |||||||
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S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 6 | |
2015 | 2015 | 2014 | ||||||||||
Fourth | Third | Fourth | ||||||||||
(dollars in thousands) | Quarter | Quarter | Quarter | |||||||||
ASSETS | ||||||||||||
Cash and due from banks, including interest-bearing deposits | $99,399 | $115,347 | $109,580 | |||||||||
Securities available-for-sale, at fair value | 660,963 | 660,046 | 640,273 | |||||||||
Loans held for sale | 35,321 | 13,794 | 2,970 | |||||||||
Commercial loans: | ||||||||||||
Commercial real estate | 2,166,603 | 2,111,585 | 1,682,236 | |||||||||
Commercial and industrial | 1,256,830 | 1,237,915 | 994,138 | |||||||||
Commercial construction | 413,444 | 384,328 | 216,148 | |||||||||
Total Commercial Loans | 3,836,877 | 3,733,828 | 2,892,522 | |||||||||
Consumer loans: | ||||||||||||
Residential mortgage | 639,372 | 625,251 | 489,586 | |||||||||
Home equity | 470,845 | 467,698 | 418,563 | |||||||||
Installment and other consumer | 73,939 | 91,122 | 65,567 | |||||||||
Consumer construction | 6,579 | 8,064 | 2,508 | |||||||||
Total Consumer Loans | 1,190,735 | 1,192,135 | 976,224 | |||||||||
Total portfolio loans | 5,027,612 | 4,925,963 | 3,868,746 | |||||||||
Allowance for loan losses | (48,147) | (49,907) | (47,911) | |||||||||
Total portfolio loans, net | 4,979,465 | 4,876,056 | 3,820,835 | |||||||||
Goodwill | 291,764 | 291,683 | 175,820 | |||||||||
Other assets | 251,442 | 258,412 | 215,208 | |||||||||
Total Assets | $6,318,354 | $6,215,338 | $4,964,686 | |||||||||
LIABILITIES | ||||||||||||
Deposits: | ||||||||||||
Noninterest-bearing demand | 1,227,766 | 1,188,331 | 1,083,919 | |||||||||
Interest-bearing demand | 616,188 | 704,348 | 335,099 | |||||||||
Money market | 605,184 | 593,643 | 376,612 | |||||||||
Savings | 1,061,265 | 1,088,217 | 1,027,095 | |||||||||
Certificates of deposit | 1,366,208 | 1,302,870 | 1,086,117 | |||||||||
Total Deposits | 4,876,611 | 4,877,409 | 3,908,842 | |||||||||
Securities sold under repurchase agreements | 62,086 | 42,971 | 30,605 | |||||||||
Short-term borrowings | 356,000 | 280,000 | 290,000 | |||||||||
Long-term borrowings | 117,043 | 117,613 | 19,442 | |||||||||
Junior subordinated debt securities | 45,619 | 45,619 | 45,619 | |||||||||
Other liabilities | 68,758 | 63,923 | 61,789 | |||||||||
Total Liabilities | 5,526,117 | 5,427,535 | 4,356,297 | |||||||||
SHAREHOLDERS' EQUITY | ||||||||||||
Total Shareholders' Equity | 792,237 | 787,803 | 608,389 | |||||||||
Total Liabilities and Shareholders' Equity | $6,318,354 | $6,215,338 | $4,964,686 | |||||||||
Capitalization Ratios | ||||||||||||
Shareholders' equity / assets | 12.54 | % | 12.68 | % | 12.25 | % | ||||||
Tangible common equity / tangible assets (6) | 8.24 | % | 8.30 | % | 9.00 | % | ||||||
Tier 1 leverage ratio | 8.96 | % | 8.94 | % | 9.80 | % | ||||||
Common equity tier 1 capital | 9.77 | % | 9.69 | % | 11.81 | % | ||||||
Risk-based capital - tier 1 | 10.15 | % | 10.08 | % | 12.34 | % | ||||||
Risk-based capital - total | 11.60 | % | 11.58 | % | 14.27 | % | ||||||
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S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 7 | |
2015 | 2015 | 2014 | |||||||
Fourth | Third | Fourth | |||||||
(dollars in thousands) | Quarter | Quarter | Quarter | ||||||
Net Interest Margin (FTE) (QTD Averages) | |||||||||
ASSETS | |||||||||
Loans | $5,000,736 | 4.02% | $4,869,914 | 4.12% | $3,845,351 | 3.98% | |||
Taxable investment securities | 522,679 | 1.98% | 523,890 | 1.99% | 488,257 | 1.99% | |||
Tax-exempt investment securities | 135,803 | 4.30% | 138,514 | 4.39% | 134,355 | 4.51% | |||
Federal Home Loan Bank and other restricted stock | 20,848 | 4.59% | 20,184 | 9.60% | 14,420 | 4.17% | |||
Interest-bearing deposits with banks | 57,317 | 0.30% | 76,246 | 0.24% | 79,814 | 0.27% | |||
Total Interest-earning Assets | 5,737,383 | 3.80% | 5,628,748 | 3.90% | 4,562,197 | 3.72% | |||
Noninterest-earning assets | 539,482 | 537,373 | 373,068 | ||||||
Total Assets | $6,276,865 | $6,166,121 | $4,935,265 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Interest-bearing demand | 610,553 | 0.13% | 663,834 | 0.14% | 335,479 | 0.02% | |||
Money market | 376,752 | 0.20% | 385,520 | 0.18% | 299,732 | 0.17% | |||
Savings | 1,073,111 | 0.16% | 1,091,482 | 0.16% | 1,048,359 | 0.16% | |||
Certificates of deposit | 1,146,674 | 0.80% | 1,113,858 | 0.74% | 923,468 | 0.81% | |||
CDARS and brokered deposits | 499,569 | 0.37% | 394,415 | 0.34% | 233,650 | 0.36% | |||
Securities sold under repurchase agreements | 49,493 | 0.01% | 42,937 | 0.01% | 25,137 | 0.01% | |||
Short-term borrowings | 291,793 | 0.41% | 270,968 | 0.37% | 249,185 | 0.32% | |||
Long-term borrowings | 117,275 | 0.77% | 117,864 | 0.77% | 19,685 | 2.96% | |||
Junior subordinated debt securities | 45,619 | 2.82% | 45,619 | 2.75% | 45,619 | 2.67% | |||
Total Interest-bearing Liabilities | 4,210,839 | 0.42% | 4,126,497 | 0.39% | 3,180,314 | 0.41% | |||
Noninterest-bearing demand | 1,205,009 | 1,196,200 | 1,091,638 | ||||||
Other liabilities | 69,834 | 65,873 | 50,033 | ||||||
Shareholders' equity | 791,183 | 777,551 | 613,280 | ||||||
Total Liabilities and Shareholders' Equity | $6,276,865 | $6,166,121 | $4,935,265 | ||||||
Net Interest Margin (7) | 3.50% | 3.61% | 3.43% | ||||||
For the Twelve Months Ended December 31, | |||||||||
(dollars in thousands) | 2015 | 2014 | |||||||
Net Interest Margin (FTE) (YTD Averages) | |||||||||
ASSETS | |||||||||
Loans | $4,692,433 | 4.09% | $3,707,807 | 4.06% | |||||
Taxable investment securities | 516,335 | 1.97% | 442,514 | 1.99% | |||||
Tax-exempt investment securities | 138,321 | 4.40% | 128,750 | 4.61% | |||||
Federal Home Loan Bank and other restricted stock | 19,672 | 7.12% | 14,083 | 3.43% | |||||
Interest-bearing deposits with banks | 66,101 | 0.25% | 93,645 | 0.25% | |||||
Total Interest-earning Assets | 5,432,862 | 3.86% | 4,386,799 | 3.78% | |||||
Noninterest-earning assets | 509,236 | 375,564 | |||||||
Total Assets | $5,942,098 | $4,762,363 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Interest-bearing demand | 592,301 | 0.13% | 321,907 | 0.02% | |||||
Money market | 388,172 | 0.19% | 321,294 | 0.16% | |||||
Savings | 1,072,683 | 0.16% | 1,033,482 | 0.16% | |||||
Certificates of deposit | 1,093,564 | 0.77% | 905,346 | 0.79% | |||||
CDARS and brokered deposits | 376,095 | 0.35% | 226,169 | 0.34% | |||||
Securities sold under repurchase agreements | 44,394 | 0.01% | 28,372 | 0.01% | |||||
Short-term borrowings | 257,117 | 0.36% | 164,811 | 0.31% | |||||
Long-term borrowings | 83,648 | 0.94% | 20,571 | 3.00% | |||||
Junior subordinated debt securities | 47,071 | 2.82% | 45,619 | 2.68% | |||||
Total Interest-bearing Liabilities | 3,955,045 | 0.40% | 3,067,571 | 0.41% | |||||
Noninterest-bearing demand | 1,170,011 | 1,046,606 | |||||||
Other liabilities | 66,973 | 52,031 | |||||||
Shareholders' equity | 750,069 | 596,155 | |||||||
Total Liabilities and Shareholders' Equity | $5,942,098 | $4,762,363 | |||||||
Net Interest Margin (10) | 3.56% | 3.50% | |||||||
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S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 8 | |
2015 | 2015 | 2014 | |||||||||||||
Fourth | Third | Fourth | |||||||||||||
(dollars in thousands) | Quarter | Quarter | Quarter | ||||||||||||
Nonperforming Loans (NPL) | |||||||||||||||
Commercial loans: | % NPL | % NPL | % NPL | ||||||||||||
Commercial real estate | $8,719 | 0.40% | $7,919 | 0.38% | $4,434 | 0.26% | |||||||||
Commercial and industrial | 4,591 | 0.37% | 5,370 | 0.43% | 1,622 | 0.16% | |||||||||
Commercial construction | 8,753 | 2.12% | 5,008 | 1.30% | 1,974 | 0.91% | |||||||||
Total Nonperforming Commercial Loans | 22,063 | 0.58% | 18,297 | 0.49% | 8,030 | 0.28% | |||||||||
Consumer loans: | |||||||||||||||
Residential mortgage | 5,629 | 0.88% | 3,242 | 0.52% | 2,336 | 0.48% | |||||||||
Home equity | 2,902 | 0.62% | 2,147 | 0.46% | 2,060 | 0.49% | |||||||||
Installment and other consumer | 100 | 0.14% | 122 | 0.13% | 31 | 0.05% | |||||||||
Consumer construction | — | — | % | — | — | % | — | — | % | ||||||
Total Nonperforming Consumer Loans | 8,631 | 0.72% | 5,511 | 0.46% | 4,427 | 0.45% | |||||||||
Total Nonperforming Loans | $30,694 | 0.61% | $23,808 | 0.48% | $12,457 | 0.32% | |||||||||
2015 | 2015 | 2014 | ||||||||||
Fourth | Third | Fourth | ||||||||||
Quarter | Quarter | Quarter | ||||||||||
Asset Quality Data | ||||||||||||
Nonperforming loans | $30,694 | $23,808 | $12,457 | |||||||||
Assets acquired through foreclosure or repossession | 354 | 472 | 166 | |||||||||
Nonperforming assets | 31,048 | 24,280 | 12,623 | |||||||||
Troubled debt restructurings (nonaccruing) | 7,659 | 8,092 | 5,436 | |||||||||
Troubled debt restructurings (accruing) | 23,955 | 26,049 | 36,983 | |||||||||
Total troubled debt restructurings | 31,614 | 34,141 | 42,419 | |||||||||
Nonperforming loans / loans | 0.61 | % | 0.48 | % | 0.32 | % | ||||||
Nonperforming assets / loans plus OREO | 0.61 | % | 0.49 | % | 0.33 | % | ||||||
Allowance for loan losses / originated loans | 1.10 | % | 1.20 | % | 1.24 | % | ||||||
Allowance for loan losses / total portfolio loans | 0.96 | % | 1.01 | % | 1.24 | % | ||||||
Allowance for loan losses / nonperforming loans | 157 | % | 210 | % | 385 | % | ||||||
Net loan charge-offs (recoveries) | 5,675 | 2,113 | 511 | |||||||||
Net loan charge-offs (recoveries)(annualized) / average loans | 0.45 | % | 0.17 | % | 0.05 | % | ||||||
For the Twelve Months Ended December 31, | ||||||||||||
(dollars in thousands) | 2015 | 2014 | ||||||||||
Asset Quality Data | ||||||||||||
Net loan charge-offs (recoveries) | $10,152 | $58 | ||||||||||
Net loan charge-offs (recoveries) / average loans | 0.22 | % | 0.00 | % | ||||||||
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S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 9 | |
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
(1) 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.
(2) Noninterest expense divided by noninterest income plus net interest income, on a fully taxable equivalent (FTE) basis.
2015 | 2015 | 2014 | ||||||||||
Fourth | Third | Fourth | ||||||||||
Quarter | Quarter | Quarter | ||||||||||
(3) Tangible Book Value (non-GAAP) | ||||||||||||
Total shareholders' equity | $792,237 | $787,803 | $608,389 | |||||||||
Less: goodwill and other intangible assets, net of deferred tax liability | (296,005) | (296,233) | (177,530) | |||||||||
Tangible common equity (non-GAAP) | $496,232 | $491,570 | $430,859 | |||||||||
Common shares outstanding | 34,810 | 34,812 | 29,796 | |||||||||
Tangible book value (non-GAAP) | $14.26 | $14.12 | $14.46 | |||||||||
(4) Return on Average Tangible Assets (non-GAAP) | ||||||||||||
Net income (annualized) | $69,123 | $73,931 | $57,514 | |||||||||
Plus: amortization of intangibles net of tax (annualized) | 1,224 | 1,236 | 659 | |||||||||
Net income before amortization of intangibles (annualized) | $70,347 | $75,167 | $58,173 | |||||||||
Average total assets | $6,276,865 | $6,166,121 | $4,935,265 | |||||||||
Less: average goodwill and other intangibles, net of deferred tax liability | (296,088) | (295,998) | (177,619) | |||||||||
Average tangible assets (non-GAAP) | $5,980,777 | $5,870,123 | $4,757,646 | |||||||||
Return on average tangible assets (non-GAAP) | 1.18 | % | 1.28 | % | 1.22 | % | ||||||
(5) Return on Average Tangible Shareholders' Equity (non-GAAP) | ||||||||||||
Net income (annualized) | $69,123 | $73,931 | $57,514 | |||||||||
Plus: amortization of intangibles net of tax (annualized) | 1,224 | 1,236 | 659 | |||||||||
Net income before amortization of intangibles (annualized) | $70,347 | $75,167 | $58,173 | |||||||||
Average total shareholders' equity | $791,183 | $777,551 | $613,280 | |||||||||
Less: average goodwill and other intangibles, net of deferred tax liability | (296,088) | (295,998) | (177,619) | |||||||||
Average tangible equity (non-GAAP) | $495,095 | $481,553 | $435,661 | |||||||||
Return on average tangible equity (non-GAAP) | 14.21 | % | 15.61 | % | 13.35 | % | ||||||
(6) Tangible Common Equity / Tangible Assets (non-GAAP) | ||||||||||||
Total shareholders' equity | $792,237 | $787,803 | $608,389 | |||||||||
Less: goodwill and other intangible assets, net of deferred tax liability | (296,005) | (296,233) | (177,530) | |||||||||
Tangible common equity (non-GAAP) | $496,232 | $491,570 | $430,859 | |||||||||
Total assets | $6,318,354 | $6,215,338 | $4,964,686 | |||||||||
Less: goodwill and other intangible assets, net of deferred tax liability | (296,005) | (296,233) | (177,530) | |||||||||
Tangible assets (non-GAAP) | $6,022,349 | $5,919,105 | $4,787,156 | |||||||||
Tangible common equity to tangible assets (non-GAAP) | 8.24 | % | 8.30 | % | 9.00 | % | ||||||
(7) Net Interest Margin Rate (FTE) (non-GAAP) | ||||||||||||
Interest income | $53,353 | $53,669 | $41,381 | |||||||||
Less: interest expense | (4,468) | (4,073) | (3,315) | |||||||||
Net interest income per consolidated statements of net income | $48,885 | $49,596 | $38,066 | |||||||||
Plus: taxable equivalent adjustment | 1,630 | 1,607 | 1,371 | |||||||||
Net interest income (FTE) (non-GAAP) | $50,515 | $51,203 | $39,437 | |||||||||
Net interest income (FTE) (annualized) | $200,413 | $203,142 | $156,462 | |||||||||
Average earning assets | $5,737,383 | $5,628,748 | $4,562,197 | |||||||||
Net interest margin - (FTE) (non-GAAP) | 3.50 | % | 3.61 | % | 3.43 | % | ||||||
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S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 10 | |
For the Twelve Months Ended December 31, | |||||||||||
2015 | 2014 | ||||||||||
(8) Return on Average Tangible Assets (non-GAAP) | |||||||||||
Net income | $67,081 | $57,910 | |||||||||
Plus: amortization of intangibles net of tax | 1,182 | 734 | |||||||||
Net income before amortization of intangibles | $68,263 | $58,644 | |||||||||
Average total assets | $5,942,098 | $4,762,363 | |||||||||
Less: average goodwill and other intangibles, net of deferred tax liability | (275,847) | (177,881) | |||||||||
Average tangible assets (non-GAAP) | $5,666,251 | $4,584,482 | |||||||||
Return on average tangible assets (non-GAAP) | 1.20 | % | 1.28 | % | |||||||
(9) Return on Average Tangible Shareholders' Equity (non-GAAP) | |||||||||||
Net income | $67,081 | $57,910 | |||||||||
Plus: amortization of intangibles net of tax | 1,182 | 734 | |||||||||
Net income before amortization of intangibles | $68,263 | $58,644 | |||||||||
Average total shareholders' equity | $750,069 | $596,155 | |||||||||
Less: average goodwill and other intangibles, net of deferred tax liability | (275,847) | (177,881) | |||||||||
Average tangible equity (non-GAAP) | $474,222 | $418,274 | |||||||||
Return on average tangible equity (non-GAAP) | 14.39 | % | 14.02 | % | |||||||
(10) Net Interest Margin Rate (FTE) (non-GAAP) | |||||||||||
Interest income | $203,548 | $160,523 | |||||||||
Less: interest expense | (15,997) | (12,481) | |||||||||
Net interest income per consolidated statements of net income | $187,551 | $148,042 | |||||||||
Plus: taxable equivalent adjustment | 6,123 | 5,461 | |||||||||
Net interest income (FTE) (non-GAAP) | $193,674 | $153,503 | |||||||||
Average earning assets | $5,432,862 | $4,386,799 | |||||||||
Net interest margin - (FTE) (non-GAAP) | 3.56 | % | 3.50 | % | |||||||
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