INDIANA, Pa., July 22, 2021 /PRNewswire/ -- S&T
Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for
S&T Bank, with operations in five markets including
Western Pennsylvania, Eastern Pennsylvania, Northeast Ohio, Central Ohio and Upstate New York, announced
net income of $28.4 million, or
$0.72 per diluted share, for the
second quarter of 2021 compared to net income of $31.9 million, or $0.81 per diluted share, for the first quarter of
2021, and a net loss of ($33.1)
million, or ($0.85) per
diluted share, for the second quarter of 2020. A loss of
$58.7 million was recognized during
the second quarter of 2020 related to a customer fraud resulting
from a check kiting scheme. This fraud loss reduced net income by
$46.3 million, or $1.19 per diluted share, resulting in a net loss
for the second quarter of 2020.
New Chief Executive Officer
Christopher J. McComish has been
appointed as the company's chief executive officer, effective
August 23, 2021. Chris McComish has over 30 years of financial
service experience, providing executive leadership to consumer
banking, commercial banking, and wealth management businesses. He
has a strong track record of driving growth and transformation
while enhancing both digital and human customer engagement. Most
recently, Chris served as senior executive vice president of TCF
Bank, leading all consumer banking lines of business as well as
business banking and wealth management. Prior to TCF, he served as
president and CEO of Scottrade Bank, the banking subsidiary of
Scottrade Financial Services, Inc. In addition, he served as the
head of personal banking and then as chief operating officer for
personal and commercial banking at BMO Harris Bank. He began his
career at Wachovia Bank, where he spent over 20 years in various
regional and line of business leadership roles.
"I am honored to have the opportunity to partner with Chris to
lead this great organization," said David
Antolik, president and interim chief executive officer.
"Chris's experience in executive leadership roles in banking
combined with my 30 plus years of experience at S&T puts
us in a position of strength to move our company forward."
Second Quarter of 2021 Highlights:
- Christopher McComish has been
appointed as the chief executive officer, effective August 23, 2021.
- Return on average assets (ROA) of 1.21%, return on average
equity (ROE) of 9.65%, return on average tangible equity (ROTE)
(non-GAAP) of 14.41% and pre-tax pre-provision income to average
assets (PTPP) (non-GAAP) of 1.61%.
- Net interest margin (FTE) (non-GAAP) decreased 31 basis points
to 3.16% compared to 3.47% for the first quarter of 2021 primarily
due to higher cash balances and a lower Paycheck Protection Program
(PPP) contribution.
- Ex-PPP portfolio loans decreased $12.7
million and total portfolio loans decreased $175.8 million compared to March 31, 2021.
- Deposits increased $139.2 million
to $8.0 billion at June 30, 2021 compared to March 31, 2021.
- The allowance for credit losses to total portfolio loans was
1.56% at June 30, 2021 compared to
1.60% at March 31, 2021.
- S&T's Board of Directors declared a $0.28 per share dividend which was consistent
with the $0.28 per share dividend
declared in the same period in the prior year.
"We continue to see positive signs of a recovery across all of
our markets," said David Antolik.
"Customer activity has increased substantially and our loan
pipeline exceeds pre-pandemic levels making us optimistic about our
growth prospects for the second half of 2021."
Net Interest Income
Net interest income decreased $2.4
million to $68.3 million for
the second quarter of 2021 compared to $70.7
million for the first quarter of 2021. The decrease in net
interest income was primarily due to a lower contribution from PPP
and lower average loan balances ex-PPP. The PPP contribution
decreased $1.7 million to
$4.1 million for the second quarter
of 2021 compared to $5.8 million in
the first quarter of 2021. Average portfolio loans ex-PPP decreased
$123.1 million compared to the first
quarter of 2021. Net interest margin on a fully taxable equivalent
basis (NIM) (FTE) (non-GAAP) decreased 31 basis points to 3.16%
compared to 3.47% in the prior quarter. The decline in NIM (FTE)
(non-GAAP) was due to a higher average cash balance (18 basis
points), a lower PPP contribution (8 basis points) and lower loan
yields (7 basis points). Partially offsetting these declines were
lower costing liabilities which increased NIM (FTE) (Non-GAAP) by 5
basis points.
Asset Quality
The provision for credit losses decreased $0.5 million to $2.6
million for the second quarter of 2021 compared to
$3.1 million in the first quarter of
2021. Net loan charge-offs were $7.5
million for the second quarter of 2021 compared to
$5.8 million in the first quarter of
2021. Total nonperforming loans decreased $22.6 million to $112.6
million, or 1.61% of total loans, at June 30, 2021 compared to $135.2 million, or 1.88% of total loans at
March 31, 2021. The allowance for
credit losses was 1.56% of total portfolio loans as of June 30, 2021 compared to 1.60% at March 31, 2021. The allowance for credit losses
was 1.64% of total portfolio ex-PPP loans at June 30, 2021 compared to 1.72% at March 31, 2021.
Noninterest Income and Expense
Noninterest income decreased $1.8
million to $15.4 million in
the second quarter of 2021 compared to $17.2
million in the first quarter of 2021. Mortgage banking
income decreased $2.6 million due to
a lower volume of loans sold and a decrease in the mortgage
servicing rights valuation. Debit and credit card fees were strong
with a $0.6 million increase compared
to the prior quarter.
Noninterest expense increased $0.2
million to $45.8 million for
the second quarter of 2021 compared to $45.6
million in the first quarter of 2021. Salaries and employee
benefits increased $1.2 million due
to annual merit increases and higher incentives.
Financial Condition
Total assets increased $166.9
million to $9.5 billion at
June 30, 2021 compared to
$9.3 billion at March 31, 2021. Cash increased $313.8 million to $985.3
million at June 30, 2021
compared to March 31, 2021 due to PPP
forgiveness and an increase in deposits as a result of stimulus
programs. Total portfolio loans decreased $175.8 million compared to March 31, 2021. PPP originations were
$31.1 million and PPP forgiveness was
$194.2 million during the second
quarter of 2021. Loan activity continues to be impacted by the
pandemic. Deposits increased $139.2
million with a favorable mix of higher deposits across all
categories except certificates of deposits. S&T continues to
maintain a strong capital position with all capital ratios above
the well-capitalized thresholds of federal bank regulatory
agencies.
Dividend
The Board of Directors of S&T declared a $0.28 per share cash dividend on July 19, 2021. This is unchanged from the same
period in the prior year. The dividend is payable August 19, 2021 to shareholders of record on
August 5, 2021.
Conference Call
S&T will host its second quarter 2021 earnings conference
call live over the Internet at 1:00 p.m. ET
on Thursday, July 22, 2021. To access the webcast, go to
S&T's webpage at www.stbancorp.com and click on "Events
& Presentations." Select "2nd Quarter 2021 Earnings
Conference Call" and follow the instructions. After the live
presentation, the webcast will be archived on this website for at
least 90 days. A replay of the call will also be available until
July 29, 2021, by dialing
1.877.481.4010; the Conference ID is 41690.
About S&T Bancorp, Inc. and
S&T Bank
S&T Bancorp, Inc. is a $9.5
billion bank holding company that is headquartered in
Indiana, Pennsylvania and trades on the NASDAQ Global
Select Market under the symbol STBA. Its principal subsidiary,
S&T Bank was established in 1902 and operates in five markets
including Western Pennsylvania,
Eastern Pennsylvania, Northeast Ohio, Central Ohio, and Upstate New York. For more
information visit stbancorp.com or stbank.com. Follow us on
Facebook, Instagram, and LinkedIn.
This information contains or incorporates statements that
we believe are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally relate to our financial
condition, results of operations, plans, objectives, outlook for
earnings, revenues, expenses, capital and liquidity levels and
ratios, asset levels, asset quality, financial position, and other
matters regarding or affecting S&T
and its future business and operations. Forward-looking statements
are typically identified by words or phrases such as "will likely
result", "expect", "anticipate", "estimate", "forecast", "project",
"intend", " believe", "assume", "strategy", "trend", "plan",
"outlook", "outcome", "continue", "remain", "potential",
"opportunity", "comfortable", "current", "position",
"maintain", "sustain", "seek", "achieve" and variations of such
words and similar expressions, or future or conditional verbs such
as will, would, should, could or may. Although we believe the
assumptions upon which these forward-looking statements are based
are reasonable, any of these assumptions could prove to be
inaccurate and the forward-looking statements based on these
assumptions could be incorrect. The matters discussed in these
forward-looking statements are subject to various risks,
uncertainties and other factors that could cause actual results and
trends to differ materially from those made, projected, or implied
in or by the forward-looking statements depending on a variety of
uncertainties or other factors including, but not limited to:
credit losses and the credit risk of our commercial and consumer
loan products; changes in the level of charge-offs and changes in
estimates of the adequacy of the allowance for credit losses;
cyber-security concerns; rapid technological developments and
changes; operational risks or risk management failures by us or
critical third parties, including fraud risk; our ability to manage
our reputational risks; sensitivity to the interest rate
environment including a prolonged period of low interest rates, a
rapid increase in interest rates or a change in the shape of the
yield curve; a change in spreads on interest-earning assets and
interest-bearing liabilities; the transition from LIBOR as a
reference rate; regulatory supervision and oversight, including
changes in regulatory capital requirements and our ability to
address those requirements; unanticipated changes in our liquidity
position; changes in accounting policies, practices, or guidance,
for example, our adoption of CECL; legislation affecting the
financial services industry as a whole, and
S&T, in particular; the outcome of
pending and future litigation and governmental proceedings;
increasing price and product/service competition; the ability to
continue to introduce competitive new products and services on a
timely, cost-effective basis; managing our internal growth and
acquisitions; the possibility that the anticipated benefits from
acquisitions, including DNB, cannot be fully realized in a timely
manner or at all, or that integrating the acquired operations will
be more difficult, disruptive or costly than anticipated;
containing costs and expenses; reliance on significant customer
relationships; an interruption or cessation of an important service
by a third-party provider; our ability to attract and retain
talented executives and employees; our ability to successfully
manage our CEO transition; general economic or business conditions,
including the strength of regional economic conditions in our
market area; the duration and severity of the coronavirus
("COVID-19") pandemic, both in our principal area of operations and
nationally, including the ultimate impact of the pandemic on the
economy generally and on our operations; our participation in the
Paycheck Protection Program; deterioration of the housing market
and reduced demand for mortgages; deterioration in the overall
macroeconomic conditions or the state of the banking industry that
could warrant further analysis of the carrying value of goodwill
and could result in an adjustment to its carrying value resulting
in a non-cash charge to net income; the stability of our core
deposit base and access to contingency funding; re-emergence of
turbulence in significant portions of the global financial and real
estate markets that could impact our performance, both directly, by
affecting our revenues and the value of our assets and liabilities,
and indirectly, by affecting the economy generally and access to
capital in the amounts, at the times and on the terms required to
support our future businesses.
Many of these factors, as well as other factors, are
described in our Annual Report on Form 10-K for the year ended
December 31, 2020, including Part I,
Item 1A-"Risk Factors" and any of our subsequent filings with the
SEC. Forward-looking statements are based on beliefs and
assumptions using information available at the time the statements
are made. We caution you not to unduly rely on forward-looking
statements because the assumptions, beliefs, expectations and
projections about future events may, and often do, differ
materially from actual results. Any forward-looking statement
speaks only as to the date on which it is made, and we undertake no
obligation to update any forward-looking statement to reflect
developments occurring after the statement is made.
S&T Bancorp,
Inc.
|
Consolidated Selected
Financial Data
|
Unaudited
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
Second
|
|
First
|
|
Second
|
|
(dollars in
thousands, except per share data)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
INTEREST AND
DIVIDEND INCOME
|
|
|
|
|
|
|
Loans, including
fees
|
$66,942
|
|
|
$70,232
|
|
|
$75,498
|
|
|
Investment
Securities:
|
|
|
|
|
|
|
Taxable
|
3,793
|
|
|
3,563
|
|
|
3,791
|
|
|
Tax-exempt
|
690
|
|
|
813
|
|
|
959
|
|
|
Dividends
|
152
|
|
|
173
|
|
|
231
|
|
|
Total Interest and
Dividend Income
|
71,577
|
|
|
74,781
|
|
|
80,479
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
Deposits
|
2,652
|
|
|
3,481
|
|
|
9,227
|
|
|
Borrowings and junior
subordinated debt securities
|
621
|
|
|
641
|
|
|
1,104
|
|
|
Total Interest
Expense
|
3,273
|
|
|
4,122
|
|
|
10,331
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
68,304
|
|
|
70,659
|
|
|
70,148
|
|
|
Provision for credit
losses
|
2,561
|
|
|
3,137
|
|
|
86,759
|
|
|
Net Interest
Income After Provision for Credit Losses
|
65,743
|
|
|
67,522
|
|
|
(16,611)
|
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME
|
|
|
|
|
|
|
Net gain on sale of
securities
|
29
|
|
|
—
|
|
|
142
|
|
|
Debit and credit
card
|
4,744
|
|
|
4,162
|
|
|
3,612
|
|
|
Service charges on
deposit accounts
|
3,642
|
|
|
3,474
|
|
|
2,805
|
|
|
Wealth
management
|
3,167
|
|
|
2,944
|
|
|
2,585
|
|
|
Mortgage
banking
|
1,734
|
|
|
4,310
|
|
|
2,623
|
|
|
Commercial loan swap
income
|
299
|
|
|
95
|
|
|
945
|
|
|
Other
|
1,809
|
|
|
2,251
|
|
|
2,511
|
|
|
Total Noninterest
Income
|
15,424
|
|
|
17,236
|
|
|
15,224
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
24,515
|
|
|
23,327
|
|
|
21,419
|
|
|
Data processing and
information technology
|
3,787
|
|
|
4,225
|
|
|
3,585
|
|
|
Occupancy
|
3,434
|
|
|
3,827
|
|
|
3,437
|
|
|
Furniture, equipment
and software
|
2,402
|
|
|
2,640
|
|
|
3,006
|
|
|
Other
taxes
|
1,832
|
|
|
1,436
|
|
|
1,604
|
|
|
Professional services
and legal
|
1,637
|
|
|
1,531
|
|
|
1,932
|
|
|
Marketing
|
996
|
|
|
1,322
|
|
|
979
|
|
|
FDIC
insurance
|
924
|
|
|
1,046
|
|
|
1,048
|
|
|
Other
|
6,302
|
|
|
6,226
|
|
|
6,468
|
|
|
Total Noninterest
Expense
|
45,829
|
|
|
45,580
|
|
|
43,478
|
|
|
Income (Loss)
Before Taxes
|
35,338
|
|
|
39,178
|
|
|
(44,865)
|
|
|
Income tax expense
(benefit)
|
6,971
|
|
|
7,276
|
|
|
(11,793)
|
|
|
Net Income
(Loss)
|
$28,367
|
|
|
$31,902
|
|
|
($33,072)
|
|
|
|
|
|
|
|
|
|
Per Share
Data
|
|
|
|
|
|
|
Shares outstanding at
end of period
|
39,345,719
|
|
|
39,268,359
|
|
|
39,263,460
|
|
|
Average shares
outstanding - diluted
|
39,048,971
|
|
|
39,021,208
|
|
|
39,013,161
|
|
|
Diluted earnings
(loss) per share
|
$0.72
|
|
|
$0.81
|
|
|
($0.85)
|
|
|
Dividends declared
per share
|
$0.28
|
|
|
$0.28
|
|
|
$0.28
|
|
|
Dividend yield
(annualized)
|
3.58%
|
|
|
3.34%
|
|
|
4.78%
|
|
|
Dividends paid to net
income
|
38.74%
|
|
|
34.40%
|
|
|
NM
|
|
|
Book value
|
$30.21
|
|
|
$29.75
|
|
|
$28.93
|
|
|
Tangible book value
(1)
|
$20.57
|
|
|
$20.08
|
|
|
$19.22
|
|
|
Market
value
|
$31.30
|
|
|
$33.50
|
|
|
$23.45
|
|
|
Profitability
Ratios (Annualized)
|
|
|
|
|
|
|
Return on average
assets
|
1.21%
|
|
|
1.42%
|
|
|
(1.41)%
|
|
|
Return on average
shareholders' equity
|
9.65%
|
|
|
11.15%
|
|
|
(11.17)%
|
|
|
Return on average
tangible shareholders' equity (2)
|
14.41%
|
|
|
16.78%
|
|
|
(16.19)%
|
|
|
Pre-tax pre-provision
income / average assets(3)
|
1.61%
|
|
|
1.89%
|
|
|
1.79%
|
|
|
Efficiency ratio
(FTE) (4)
|
54.37%
|
|
|
51.47%
|
|
|
50.51%
|
|
|
NM - Not
Meaningful
|
|
|
|
|
|
|
S&T Bancorp,
Inc.
|
Consolidated Selected
Financial Data
|
Unaudited
|
|
|
|
|
Six Months Ended
June 30,
|
|
(dollars in
thousands, except per share data)
|
|
|
2021
|
|
2020
|
|
INTEREST AND
DIVIDEND INCOME
|
|
|
|
|
|
|
Loans, including
fees
|
|
|
$137,174
|
|
|
$157,549
|
|
|
Investment
Securities:
|
|
|
|
|
|
|
Taxable
|
|
|
7,356
|
|
|
8,074
|
|
|
Tax-exempt
|
|
|
1,503
|
|
|
1,762
|
|
|
Dividends
|
|
|
325
|
|
|
684
|
|
|
Total Interest and
Dividend Income
|
|
|
146,358
|
|
|
168,069
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
Deposits
|
|
|
6,133
|
|
|
24,565
|
|
|
Borrowings and junior
subordinated debt securities
|
|
|
1,263
|
|
|
3,320
|
|
|
Total Interest
Expense
|
|
|
7,396
|
|
|
27,885
|
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
|
138,962
|
|
|
140,184
|
|
|
Provision for credit
losses
|
|
|
5,699
|
|
|
106,809
|
|
|
Net Interest
Income After Provision for Credit Losses
|
|
|
133,263
|
|
|
33,375
|
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME
|
|
|
|
|
|
|
Net gain on sale of
securities
|
|
|
29
|
|
|
142
|
|
|
Debit and credit
card
|
|
|
8,906
|
|
|
3,859
|
|
|
Service charges on
deposit accounts
|
|
|
7,116
|
|
|
6,814
|
|
|
Wealth
management
|
|
|
6,111
|
|
|
4,949
|
|
|
Mortgage
banking
|
|
|
6,044
|
|
|
7,093
|
|
|
Commercial loan swap
income
|
|
|
393
|
|
|
3,429
|
|
|
Other
|
|
|
4,062
|
|
|
1,341
|
|
|
Total Noninterest
Income
|
|
|
32,661
|
|
|
27,627
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
47,842
|
|
|
42,754
|
|
|
Data processing and
information technology
|
|
|
8,012
|
|
|
7,453
|
|
|
Occupancy
|
|
|
7,261
|
|
|
7,202
|
|
|
Furniture, equipment
and software
|
|
|
5,042
|
|
|
5,525
|
|
|
Other
taxes
|
|
|
3,268
|
|
|
3,205
|
|
|
Professional services
and legal
|
|
|
3,168
|
|
|
2,980
|
|
|
Marketing
|
|
|
2,318
|
|
|
2,090
|
|
|
FDIC
insurance
|
|
|
1,970
|
|
|
1,818
|
|
|
Merger related
expenses
|
|
|
—
|
|
|
2,342
|
|
|
Other
|
|
|
12,528
|
|
|
14,500
|
|
|
Total Noninterest
Expense
|
|
|
91,409
|
|
|
89,869
|
|
|
|
|
|
|
|
|
|
Income (Loss)
Before Taxes
|
|
|
74,515
|
|
|
(28,867)
|
|
|
Income tax expense
(benefit)
|
|
|
14,247
|
|
|
(9,026)
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
|
$60,268
|
|
|
($19,841)
|
|
|
|
|
|
|
|
|
|
Per Share
Data
|
|
|
|
|
|
|
Average shares
outstanding - diluted
|
|
|
39,034,808
|
|
|
39,142,351
|
|
|
Diluted earnings
(loss) per share
|
|
|
$1.54
|
|
|
($0.51)
|
|
|
Dividends declared
per share
|
|
|
$0.56
|
|
|
$0.56
|
|
|
Dividends paid to net
income
|
|
|
36.44%
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
Profitability
Ratios (annualized)
|
|
|
|
|
|
|
Return on average
assets
|
|
|
1.31%
|
|
|
(0.44)%
|
|
|
Return on average
shareholders' equity
|
|
|
10.39%
|
|
|
(3.35)%
|
|
|
Return on average
tangible shareholders' equity (5)
|
|
|
15.57%
|
|
|
(4.68)%
|
|
|
Pre-tax pre-provision
income / average assets (6)
|
|
|
1.75%
|
|
|
1.72%
|
|
|
Efficiency ratio
(FTE) (7)
|
|
|
52.89%
|
|
|
51.68%
|
|
|
NM - Not
Meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S&T Bancorp,
Inc.
|
Consolidated Selected
Financial Data
|
Unaudited
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
Second
|
|
First
|
|
Second
|
|
(dollars in
thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
ASSETS
|
|
|
|
|
|
|
Cash and due from
banks, including interest-bearing deposits
|
$985,278
|
|
|
$671,429
|
|
|
$351,365
|
|
|
Securities, at fair
value
|
840,375
|
|
|
817,299
|
|
|
804,366
|
|
|
Loans held for
sale
|
7,648
|
|
|
12,794
|
|
|
14,259
|
|
|
Commercial
loans:
|
|
|
|
|
|
|
Commercial real
estate
|
3,246,533
|
|
|
3,284,555
|
|
|
3,345,513
|
|
|
Commercial and
industrial
|
1,774,358
|
|
|
1,931,711
|
|
|
2,140,355
|
|
|
Commercial
construction
|
478,153
|
|
|
460,417
|
|
|
459,264
|
|
|
Total Commercial
Loans
|
5,499,044
|
|
|
5,676,683
|
|
|
5,945,132
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
Residential
mortgage
|
859,329
|
|
|
881,245
|
|
|
971,023
|
|
|
Home equity
|
547,658
|
|
|
530,350
|
|
|
539,519
|
|
|
Installment and other
consumer
|
88,210
|
|
|
80,646
|
|
|
79,816
|
|
|
Consumer
construction
|
13,110
|
|
|
14,244
|
|
|
13,068
|
|
|
Total Consumer
Loans
|
1,508,307
|
|
|
1,506,485
|
|
|
1,603,426
|
|
|
Total Portfolio
Loans
|
7,007,351
|
|
|
7,183,168
|
|
|
7,548,558
|
|
|
Allowance for credit
losses
|
(109,636)
|
|
|
(115,101)
|
|
|
(114,609)
|
|
|
Total Portfolio
Loans, Net
|
6,897,715
|
|
|
7,068,067
|
|
|
7,433,949
|
|
|
Federal Home Loan
Bank and other restricted stock, at cost
|
10,106
|
|
|
12,199
|
|
|
15,151
|
|
|
Goodwill
|
373,424
|
|
|
373,424
|
|
|
373,289
|
|
|
Other
assets
|
381,286
|
|
|
373,767
|
|
|
481,917
|
|
|
Total
Assets
|
$9,495,832
|
|
|
$9,328,979
|
|
|
$9,474,296
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Noninterest-bearing
demand
|
$2,668,833
|
|
|
$2,539,594
|
|
|
$2,250,958
|
|
|
Interest-bearing
demand
|
979,300
|
|
|
976,225
|
|
|
1,055,261
|
|
|
Money
market
|
2,047,254
|
|
|
2,002,857
|
|
|
2,121,588
|
|
|
Savings
|
1,050,256
|
|
|
1,036,927
|
|
|
916,268
|
|
|
Certificates of
deposit
|
1,269,621
|
|
|
1,320,425
|
|
|
1,523,841
|
|
|
Total
Deposits
|
8,015,264
|
|
|
7,876,028
|
|
|
7,867,916
|
|
|
|
|
|
|
|
|
|
Borrowings:
|
|
|
|
|
|
|
Securities sold under
repurchase agreements
|
68,587
|
|
|
67,417
|
|
|
92,159
|
|
|
Short-term
borrowings
|
—
|
|
|
—
|
|
|
84,541
|
|
|
Long-term
borrowings
|
22,969
|
|
|
23,282
|
|
|
49,489
|
|
|
Junior subordinated
debt securities
|
64,113
|
|
|
64,097
|
|
|
64,053
|
|
|
Total
Borrowings
|
155,669
|
|
|
154,796
|
|
|
290,242
|
|
|
Other
liabilities
|
136,166
|
|
|
129,877
|
|
|
180,361
|
|
|
Total
Liabilities
|
8,307,099
|
|
|
8,160,701
|
|
|
8,338,519
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Total
Shareholders' Equity
|
1,188,733
|
|
|
1,168,278
|
|
|
1,135,777
|
|
|
Total Liabilities
and Shareholders' Equity
|
$9,495,832
|
|
|
$9,328,979
|
|
|
$9,474,296
|
|
|
|
|
|
|
|
|
|
Capitalization
Ratios
|
|
|
|
|
|
|
Shareholders' equity
/ assets
|
12.52%
|
|
|
12.52%
|
|
|
11.99%
|
|
|
Tangible common
equity / tangible assets (8)
|
8.88%
|
|
|
8.81%
|
|
|
8.30%
|
|
|
Tier 1 leverage
ratio
|
9.52%
|
|
|
9.71%
|
|
|
8.89%
|
|
|
Common equity tier 1
capital
|
11.98%
|
|
|
11.84%
|
|
|
10.70%
|
|
|
Risk-based capital -
tier 1
|
12.40%
|
|
|
12.26%
|
|
|
11.10%
|
|
|
Risk-based capital -
total
|
14.00%
|
|
|
13.93%
|
|
|
12.74%
|
|
|
S&T Bancorp,
Inc.
|
Consolidated Selected
Financial Data
|
Unaudited
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
Second
|
|
First
|
|
Second
|
|
(dollars in
thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Net Interest
Margin (FTE) (QTD Averages)
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Interest-bearing
deposits with banks
|
$785,465
|
0.09%
|
$302,219
|
0.09%
|
$163,019
|
0.08%
|
Securities, at fair
value
|
826,861
|
2.19%
|
782,118
|
2.34%
|
785,229
|
2.56%
|
Loans held for
sale
|
4,353
|
3.01%
|
6,360
|
2.83%
|
9,931
|
3.08%
|
Commercial real
estate
|
3,251,894
|
3.69%
|
3,253,641
|
3.76%
|
3,389,616
|
4.23%
|
Commercial and
industrial
|
1,890,538
|
3.90%
|
1,957,459
|
4.31%
|
2,200,148
|
3.61%
|
Commercial
construction
|
462,928
|
3.34%
|
485,269
|
3.37%
|
430,912
|
3.75%
|
Total Commercial
Loans
|
5,605,359
|
3.73%
|
5,696,369
|
3.91%
|
6,020,676
|
3.97%
|
Residential
mortgage
|
863,254
|
4.17%
|
897,427
|
4.22%
|
976,916
|
4.20%
|
Home equity
|
535,933
|
3.50%
|
532,708
|
3.65%
|
543,770
|
3.69%
|
Installment and other
consumer
|
84,259
|
6.05%
|
79,907
|
6.33%
|
79,944
|
6.34%
|
Consumer
construction
|
13,264
|
6.39%
|
15,908
|
4.79%
|
12,758
|
4.58%
|
Total Consumer
Loans
|
1,496,710
|
4.06%
|
1,525,950
|
4.14%
|
1,613,388
|
4.14%
|
Total Portfolio
Loans
|
7,102,069
|
3.80%
|
7,222,319
|
3.96%
|
7,634,064
|
4.00%
|
Total
Loans
|
7,106,422
|
3.80%
|
7,228,679
|
3.96%
|
7,643,995
|
4.00%
|
Federal Home Loan
Bank and other restricted stock
|
10,529
|
4.51%
|
11,242
|
4.94%
|
19,709
|
3.75%
|
Total
Interest-earning Assets
|
8,729,277
|
3.31%
|
8,324,259
|
3.67%
|
8,611,952
|
3.80%
|
Noninterest-earning
assets
|
704,635
|
|
756,273
|
|
817,767
|
|
Total
Assets
|
$9,433,911
|
|
$9,080,532
|
|
$9,429,719
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Interest-bearing
demand
|
$998,134
|
0.09%
|
$895,891
|
0.10%
|
$1,033,905
|
0.24%
|
Money
market
|
2,037,976
|
0.18%
|
1,968,779
|
0.19%
|
2,076,483
|
0.50%
|
Savings
|
1,044,899
|
0.03%
|
995,228
|
0.06%
|
887,357
|
0.07%
|
Certificates of
deposit
|
1,291,194
|
0.45%
|
1,344,604
|
0.65%
|
1,560,885
|
1.51%
|
Total
Interest-bearing Deposits
|
5,372,203
|
0.20%
|
5,204,503
|
0.27%
|
5,558,630
|
0.67%
|
Securities sold under
repurchase agreements
|
67,838
|
0.10%
|
64,653
|
0.15%
|
85,302
|
0.25%
|
Short-term
borrowings
|
0
|
—%
|
25,556
|
0.19%
|
178,273
|
0.38%
|
Long-term
borrowings
|
23,113
|
2.01%
|
23,471
|
2.00%
|
49,774
|
2.53%
|
Junior subordinated
debt securities
|
64,103
|
3.06%
|
64,088
|
3.09%
|
64,044
|
3.58%
|
Total
Borrowings
|
155,054
|
1.61%
|
177,768
|
1.46%
|
377,393
|
1.18%
|
Total
Interest-bearing Liabilities
|
5,527,256
|
0.24%
|
5,382,271
|
0.31%
|
5,936,023
|
0.70%
|
Noninterest-bearing
liabilities
|
2,727,653
|
|
2,538,149
|
|
2,302,676
|
|
Shareholders'
equity
|
1,179,002
|
|
1,160,113
|
|
1,191,020
|
|
Total Liabilities
and Shareholders' Equity
|
$9,433,911
|
|
$9,080,532
|
|
$9,429,719
|
|
|
|
|
|
|
|
|
Net Interest Margin
(9)
|
|
3.16%
|
|
3.47%
|
|
3.31%
|
|
|
|
|
|
|
|
S&T Bancorp,
Inc.
|
Consolidated Selected
Financial Data
|
Unaudited
|
|
|
|
|
Six Months Ended
June 30,
|
|
(dollars in
thousands)
|
|
|
2021
|
|
2020
|
|
Net Interest
Margin (FTE) (YTD Averages)
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Interest-bearing
deposits with banks
|
|
|
$545,177
|
0.09%
|
$131,332
|
0.59%
|
Securities, at fair
value
|
|
|
804,613
|
2.26%
|
786,043
|
2.55%
|
Loans held for
sale
|
|
|
5,351
|
2.90%
|
5,899
|
3.19%
|
Commercial real
estate
|
|
|
3,252,763
|
3.72%
|
3,399,150
|
4.48%
|
Commercial and
industrial
|
|
|
1,923,813
|
4.10%
|
1,975,913
|
4.02%
|
Commercial
construction
|
|
|
474,037
|
3.36%
|
408,638
|
4.19%
|
Total Commercial
Loans
|
|
|
5,650,613
|
3.82%
|
5,783,701
|
4.30%
|
Residential
mortgage
|
|
|
880,246
|
4.20%
|
983,891
|
4.19%
|
Home equity
|
|
|
534,329
|
3.58%
|
541,981
|
4.26%
|
Installment and other
consumer
|
|
|
82,095
|
6.19%
|
79,812
|
6.67%
|
Consumer
construction
|
|
|
14,578
|
5.52%
|
11,633
|
4.59%
|
Total Consumer
Loans
|
|
|
1,511,249
|
4.10%
|
1,617,317
|
4.34%
|
Total Portfolio
Loans
|
|
|
7,161,862
|
3.88%
|
7,401,018
|
4.31%
|
Total
Loans
|
|
|
7,167,213
|
3.88%
|
7,406,917
|
4.31%
|
Federal Home Loan
Bank and other restricted stock
|
|
|
10,884
|
4.73%
|
21,655
|
5.47%
|
Total
Interest-earning Assets
|
|
|
8,527,887
|
3.49%
|
8,345,947
|
4.09%
|
Noninterest-earning
assets
|
|
|
730,117
|
|
752,576
|
|
Total
Assets
|
|
|
$9,258,003
|
|
$9,098,523
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Interest-bearing
demand
|
|
|
$947,295
|
0.10%
|
$987,968
|
0.41%
|
Money
market
|
|
|
2,003,569
|
0.18%
|
2,035,124
|
0.88%
|
Savings
|
|
|
1,020,201
|
0.04%
|
859,171
|
0.15%
|
Certificates of
deposit
|
|
|
1,317,751
|
0.55%
|
1,581,104
|
1.66%
|
Total
Interest-bearing deposits
|
|
|
5,288,816
|
0.23%
|
5,463,367
|
0.90%
|
Securities sold under
repurchase agreements
|
|
|
66,254
|
0.13%
|
58,046
|
0.33%
|
Short-term
borrowings
|
|
|
12,707
|
0.19%
|
232,319
|
1.14%
|
Long-term
borrowings
|
|
|
23,291
|
2.01%
|
50,809
|
2.53%
|
Junior subordinated
debt securities
|
|
|
64,095
|
3.07%
|
64,120
|
3.99%
|
Total
Borrowings
|
|
|
166,348
|
1.53%
|
405,294
|
1.65%
|
Total
Interest-bearing Liabilities
|
|
|
5,455,164
|
0.27%
|
5,868,661
|
0.96%
|
Noninterest-bearing
liabilities
|
|
|
2,633,219
|
|
2,039,565
|
|
Shareholders'
equity
|
|
|
1,169,620
|
|
1,190,297
|
|
Total Liabilities
and Shareholders' Equity
|
|
|
$9,258,003
|
|
$9,098,523
|
|
|
|
|
|
|
|
|
Net Interest Margin
(10)
|
|
|
|
3.31%
|
|
3.42%
|
S&T Bancorp,
Inc.
|
Consolidated Selected
Financial Data
|
Unaudited
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
Second
|
|
First
|
|
Second
|
|
(dollars in
thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Nonperforming
Loans (NPL)
|
|
|
|
|
|
|
Commercial
loans:
|
|
%
NPL
|
|
%
NPL
|
|
%
NPL
|
Commercial real
estate
|
$82,050
|
|
2.53%
|
$98,606
|
|
3.00%
|
$61,643
|
|
1.84%
|
Commercial and
industrial
|
16,997
|
|
0.96%
|
18,145
|
|
0.94%
|
8,484
|
|
0.40%
|
Commercial
construction
|
384
|
|
0.08%
|
384
|
|
0.08%
|
1,504
|
|
0.33%
|
Commercial Loan Held
for Sale
|
—
|
|
—%
|
2,798
|
|
NM
|
—
|
|
—%
|
Total Nonperforming
Commercial Loans
|
99,431
|
|
1.81%
|
119,933
|
|
2.11%
|
71,631
|
|
1.20%
|
Consumer
loans:
|
|
|
|
|
|
|
Residential
mortgage
|
9,917
|
|
1.15%
|
11,737
|
|
1.33%
|
14,649
|
|
1.51%
|
Home equity
|
3,150
|
|
0.58%
|
3,441
|
|
0.65%
|
3,814
|
|
0.71%
|
Installment and other
consumer
|
121
|
|
0.14%
|
100
|
|
0.12%
|
19
|
|
0.02%
|
Total Nonperforming
Consumer Loans
|
13,188
|
|
0.87%
|
15,278
|
|
1.01%
|
18,482
|
|
1.14%
|
Total
Nonperforming Loans
|
$112,619
|
|
1.61%
|
$135,211
|
|
1.88%
|
$90,113
|
|
1.19%
|
NM-Not
Meaningful
|
|
|
|
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
Second
|
|
First
|
|
Second
|
|
(dollars in
thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Loan Charge-offs
(Recoveries)
|
|
|
|
|
|
|
Charge-offs
|
$8,737
|
|
|
$6,532
|
|
|
$63,304
|
|
|
Recoveries
|
(1,264)
|
|
|
(721)
|
|
|
(231)
|
|
|
Net Loan
Charge-offs (Recoveries)
|
$7,473
|
|
|
$5,812
|
|
|
$63,072
|
|
|
|
|
|
|
|
|
|
Net Loan
Charge-offs (Recoveries)
|
|
|
|
|
|
|
Commercial
loans:
|
|
|
|
|
|
|
Customer
fraud
|
$—
|
|
|
$—
|
|
|
$58,671
|
|
|
Commercial real
estate
|
6,595
|
|
|
698
|
|
|
5,588
|
|
|
Commercial and
industrial
|
795
|
|
|
4,913
|
|
|
3,060
|
|
|
Commercial
construction
|
(2)
|
|
|
(1)
|
|
|
(19)
|
|
|
Total Commercial Loan
Charge-offs (Recoveries)
|
7,388
|
|
|
5,610
|
|
|
67,300
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
Residential
mortgage
|
(57)
|
|
|
71
|
|
|
74
|
|
|
Home equity
|
10
|
|
|
232
|
|
|
16
|
|
|
Installment and other
consumer
|
132
|
|
|
(102)
|
|
|
682
|
|
|
Total Consumer Loan
Charge-offs (Recoveries)
|
85
|
|
|
202
|
|
|
772
|
|
|
Total Net Loan
Charge-offs (Recoveries)
|
$7,473
|
|
|
$5,812
|
|
|
$68,072
|
|
|
S&T Bancorp,
Inc.
|
Consolidated Selected
Financial Data
|
Unaudited
|
|
|
|
|
Six Months Ended
June 30,
|
|
(dollars in
thousands)
|
|
|
2021
|
|
2020
|
|
Loan Charge-offs
(Recoveries)
|
|
|
|
|
|
|
Charge-offs
|
|
|
$15,270
|
|
|
$79,749
|
|
|
Recoveries
|
|
|
(1,985)
|
|
|
(520)
|
|
|
Net Loan
Charge-offs (Recoveries)
|
|
|
$13,285
|
|
|
$79,229
|
|
|
|
|
|
|
|
|
|
Net Loan
Charge-offs (Recoveries)
|
|
|
|
|
|
|
Commercial
loans:
|
|
|
|
|
|
|
Customer
fraud
|
|
|
$—
|
|
$58,671
|
|
|
Commercial real
estate
|
|
|
7,293
|
|
6,016
|
|
|
Commercial and
industrial
|
|
|
5,708
|
|
13,325
|
|
|
Commercial
construction
|
|
|
(3)
|
|
(21)
|
|
|
Total Commercial Loan
Charge-offs/(Recoveries)
|
|
|
12,998
|
|
77,991
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
Residential
mortgage
|
|
|
15
|
|
93
|
|
|
Home equity
|
|
|
242
|
|
97
|
|
|
Installment and other
consumer
|
|
|
30
|
|
1,048
|
|
|
Total Consumer Loan
Charge-offs (Recoveries)
|
|
|
287
|
|
1,238
|
|
|
Total Net Loan
Charge-offs (Recoveries)
|
|
|
$13,285
|
|
$79,229
|
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
Second
|
|
First
|
|
Second
|
|
(dollars in
thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Asset Quality
Data
|
|
|
|
|
|
|
Nonperforming
loans
|
$112,619
|
|
|
$135,211
|
|
|
$90,113
|
|
|
OREO
|
1,145
|
|
|
1,620
|
|
|
2,740
|
|
|
Nonperforming
assets
|
113,764
|
|
|
136,831
|
|
|
92,853
|
|
|
Troubled debt
restructurings (nonaccruing)
|
20,650
|
|
|
29,983
|
|
|
31,755
|
|
|
Troubled debt
restructurings (accruing)
|
14,321
|
|
|
17,916
|
|
|
15,536
|
|
|
Total troubled debt
restructurings
|
34,971
|
|
|
47,899
|
|
|
47,291
|
|
|
Nonperforming loans /
total loans
|
1.61%
|
|
|
1.88%
|
|
|
1.19%
|
|
|
Nonperforming assets
/ total loans plus OREO
|
1.62%
|
|
|
1.90%
|
|
|
1.23%
|
|
|
Allowance for credit
losses / total portfolio loans
|
1.56%
|
|
|
1.60%
|
|
|
1.52%
|
|
|
Allowance for credit
losses / total portfolio loans excluding PPP
|
1.64%
|
|
|
1.72%
|
|
|
NA
|
|
|
Allowance for credit
losses / nonperforming loans
|
97%
|
|
|
85%
|
|
|
127%
|
|
|
Net loan charge-offs
(recoveries)
|
$7,473
|
|
|
$5,812
|
|
|
$68,072
|
|
|
Net loan charge-offs
(recoveries)(annualized) / average loans
|
0.43%
|
|
|
0.33%
|
|
|
3.58%
|
|
|
NA = Not
Applicable
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
(dollars in
thousands)
|
|
|
2021
|
|
2020
|
|
Asset Quality
Data
|
|
|
|
|
|
|
Net loan charge-offs
(recoveries)
|
|
|
$13,285
|
|
|
$79,229
|
|
|
Net loan charge-offs
(recoveries)(annualized) / average loans
|
|
|
0.37%
|
|
|
2.15%
|
|
|
S&T Bancorp,
Inc.
|
Consolidated Selected
Financial Data
|
Unaudited
|
|
Definitions and
Reconciliation of GAAP to Non-GAAP Financial
Measures:
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
Second
|
|
First
|
|
Second
|
|
(dollars in
thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
|
|
|
|
|
(1) Tangible Book
Value (non-GAAP)
|
|
|
|
|
|
|
Total shareholders'
equity
|
$1,188,733
|
|
|
$1,168,278
|
|
|
$1,135,777
|
|
|
Less: goodwill and
other intangible assets, net of deferred tax liability
|
(379,563)
|
|
|
(379,911)
|
|
|
(380,986)
|
|
|
Tangible common
equity (non-GAAP)
|
$809,170
|
|
|
$788,367
|
|
|
$754,791
|
|
|
Common shares
outstanding
|
39,346
|
|
|
39,268
|
|
|
39,263
|
|
|
Tangible book value
(non-GAAP)
|
$20.57
|
|
|
$20.08
|
|
|
$19.22
|
|
|
|
|
|
|
|
|
|
(2) Return on
Average Tangible Shareholders' Equity (non-GAAP)
|
|
|
|
|
|
|
Net income (loss)
(annualized)
|
$113,778
|
|
|
$129,378
|
|
|
($133,016)
|
|
|
Plus: amortization of
intangibles (annualized), net of tax
|
1,395
|
|
|
1,464
|
|
|
2,072
|
|
|
Net income before
amortization of intangibles (annualized)
|
$115,173
|
|
|
$130,842
|
|
|
($130,944)
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
$1,179,002
|
|
|
$1,160,113
|
|
|
$1,191,020
|
|
|
Less: average
goodwill and other intangible assets, net of deferred tax
liability
|
(379,784)
|
|
|
(380,144)
|
|
|
(382,081)
|
|
|
Average tangible
equity (non-GAAP)
|
$799,218
|
|
|
$779,969
|
|
|
$808,939
|
|
|
Return on average
tangible shareholders' equity (non-GAAP)
|
14.41%
|
|
|
16.78%
|
|
|
(16.19)%
|
|
|
|
|
|
|
|
|
|
(3) PTPP / Average Assets
(non-GAAP)
|
|
|
|
|
|
|
Income (loss) before
taxes
|
$35,338
|
|
|
$39,178
|
|
|
($44,865)
|
|
|
Plus: Provision for
credit losses
|
2,561
|
|
|
3,137
|
|
|
86,759
|
|
|
Total
|
37,899
|
|
|
42,315
|
|
|
41,894
|
|
|
Total (annualized)
(non-GAAP)
|
$152,012
|
|
|
$171,611
|
|
|
$168,497
|
|
|
Average
assets
|
$9,433,911
|
|
|
$9,080,532
|
|
|
$9,429,719
|
|
|
PTPP / Average Assets
(non-GAAP)
|
1.61%
|
|
|
1.89%
|
|
|
1.79%
|
|
|
|
|
|
|
|
|
|
(4) Efficiency Ratio
(non-GAAP)
|
|
|
|
|
|
|
Noninterest
expense
|
$45,829
|
|
|
$45,580
|
|
|
$43,478
|
|
|
Net interest income
per consolidated statements of net income
|
$68,304
|
|
|
$70,659
|
|
|
$70,148
|
|
|
Plus: taxable
equivalent adjustment
|
585
|
|
|
664
|
|
|
847
|
|
|
Net interest income
(FTE) (non-GAAP)
|
68,889
|
|
|
71,323
|
|
|
70,995
|
|
|
Noninterest
income
|
15,424
|
|
|
17,236
|
|
|
15,224
|
|
|
Less: net
(gains) losses on sale of securities
|
(29)
|
|
|
—
|
|
|
(142)
|
|
|
Net interest income
(FTE) (non-GAAP) plus noninterest income
|
$84,284
|
|
|
$88,560
|
|
|
$86,077
|
|
|
Efficiency ratio
(non-GAAP)
|
54.37%
|
|
|
51.47%
|
|
|
50.51%
|
|
|
|
|
|
|
|
|
|
S&T Bancorp,
Inc.
|
Consolidated Selected
Financial Data
|
Unaudited
|
|
|
|
|
Six Months Ended
June 30,
|
|
(dollars in
thousands)
|
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
(5) Return on
Average Tangible Shareholders' Equity (non-GAAP)
|
|
|
|
|
|
|
Net income (loss)
(annualized)
|
|
|
$121,535
|
|
|
($39,900)
|
|
|
Plus: amortization of
intangibles (annualized), net of tax
|
|
|
1,429
|
|
|
2,040
|
|
|
Net income before
amortization of intangibles (annualized)
|
|
|
$122,964
|
|
|
($37,860)
|
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
|
|
$1,169,620
|
|
|
$1,190,297
|
|
|
Less: average
goodwill and other intangible assets, net of deferred tax
liability
|
|
|
(379,963)
|
|
|
(380,935)
|
|
|
Average tangible
equity (non-GAAP)
|
|
|
$789,657
|
|
|
$809,362
|
|
|
Return on average
tangible shareholders' equity (non-GAAP)
|
|
|
15.57%
|
|
|
(4.68)%
|
|
|
|
|
|
|
|
|
|
(6) PTPP / Average Assets
(non-GAAP)
|
|
|
|
|
|
|
Income (loss) before
taxes
|
|
|
$74,515
|
|
|
($28,867)
|
|
|
Plus: Provision for
credit losses
|
|
|
5,699
|
|
|
106,809
|
|
|
Total
|
|
|
80,214
|
|
|
77,942
|
|
|
Total (annualized)
(non-GAAP)
|
|
|
$161,758
|
|
|
$156,741
|
|
|
Average
assets
|
|
|
$9,258,003
|
|
|
$9,098,523
|
|
|
PTPP / Average Assets
(non-GAAP)
|
|
|
1.75%
|
|
|
1.72%
|
|
|
|
|
|
|
|
|
|
(7) Efficiency
Ratio (non-GAAP)
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
$91,409
|
|
|
$89,869
|
|
|
Less: merger related
expenses
|
|
|
—
|
|
|
(2,342)
|
|
|
Noninterest expense
excluding nonrecurring items
|
|
|
$91,409
|
|
|
$87,527
|
|
|
|
|
|
|
|
|
|
Net interest income
per consolidated statements of net income
|
|
|
$138,962
|
|
|
$140,184
|
|
|
Plus: taxable
equivalent adjustment
|
|
|
1,249
|
|
|
1,697
|
|
|
Net interest income
(FTE) (non-GAAP)
|
|
|
140,211
|
|
|
141,881
|
|
|
Noninterest
income
|
|
|
32,661
|
|
|
27,627
|
|
|
Less: net
(gains) losses on sale of securities
|
|
|
(29)
|
|
|
(142)
|
|
|
Net interest income
(FTE) (non-GAAP) plus noninterest income
|
|
|
$172,843
|
|
|
$169,366
|
|
|
Efficiency ratio
(non-GAAP)
|
|
|
52.89%
|
|
|
51.68%
|
|
|
|
|
|
|
|
|
|
(10) Net Interest
Margin Rate (FTE) (non-GAAP)
|
|
|
|
|
|
|
Interest income
and dividend income
|
|
|
$146,358
|
|
|
$168,069
|
|
|
Less: interest
expense
|
|
|
(7,396)
|
|
|
(27,885)
|
|
|
Net interest
income per consolidated statements of net income
|
|
|
138,962
|
|
|
140,184
|
|
|
Plus: taxable
equivalent adjustment
|
|
|
1,249
|
|
|
1,697
|
|
|
Net interest
income (FTE) (non-GAAP)
|
|
|
$140,211
|
|
|
$141,881
|
|
|
Net interest
income (FTE) (annualized)
|
|
|
$282,746
|
|
|
$285,321
|
|
|
Average
interest-earning assets
|
|
|
$8,527,886
|
|
|
$8,345,947
|
|
|
Net interest
margin - (FTE) (non-GAAP)
|
|
|
3.31%
|
|
|
3.42%
|
|
|
S&T Bancorp,
Inc.
|
Consolidated Selected
Financial Data
|
Unaudited
|
|
Definitions and
Reconciliation of GAAP to Non-GAAP Financial
Measures:
|
|
|
2021
|
|
2021
|
|
2020
|
|
|
Second
|
|
First
|
|
Second
|
|
(dollars in
thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
|
|
|
|
|
(8) Tangible Common
Equity / Tangible Assets (non-GAAP)
|
|
|
|
|
|
|
Total shareholders'
equity
|
$1,188,733
|
|
|
$1,168,278
|
|
|
$1,135,777
|
|
|
Less: goodwill and
other intangible assets, net of deferred tax liability
|
(379,563)
|
|
|
(379,911)
|
|
|
(380,986)
|
|
|
Tangible common
equity (non-GAAP)
|
$809,170
|
|
|
$788,367
|
|
|
$754,791
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$9,495,832
|
|
|
$9,328,979
|
|
|
$9,474,296
|
|
|
Less: goodwill and
other intangible assets, net of deferred tax liability
|
(379,563)
|
|
|
(379,911)
|
|
|
(380,986)
|
|
|
Tangible assets
(non-GAAP)
|
$9,116,268
|
|
|
$8,949,068
|
|
|
$9,093,310
|
|
|
Tangible common
equity to tangible assets (non-GAAP)
|
8.88%
|
|
|
8.81%
|
|
|
8.30%
|
|
|
|
|
|
|
|
|
|
(9) Net Interest
Margin Rate (FTE) (non-GAAP)
|
|
|
|
|
|
|
Interest income and
dividend income
|
$71,577
|
|
|
$74,781
|
|
|
$80,479
|
|
|
Less: interest
expense
|
(3,273)
|
|
|
(4,122)
|
|
|
(10,331)
|
|
|
Net interest income
per consolidated statements of net income
|
68,304
|
|
|
70,659
|
|
|
70,148
|
|
|
Plus: taxable
equivalent adjustment
|
585
|
|
|
664
|
|
|
847
|
|
|
Net interest income
(FTE) (non-GAAP)
|
$68,889
|
|
|
$71,323
|
|
|
$70,995
|
|
|
Net interest income
(FTE) (annualized)
|
$276,313
|
|
|
$289,253
|
|
|
$285,540
|
|
|
Average interest-
earning assets
|
$8,729,277
|
|
|
$8,324,259
|
|
|
$8,611,952
|
|
|
Net interest margin
(FTE) (non-GAAP)
|
3.16%
|
|
|
3.47%
|
|
|
3.31%
|
|
|
|
|
|
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/st-bancorp-inc-announces-second-quarter-2021-net-income-301339131.html
SOURCE S&T Bancorp, Inc.