INDIANA, Pa., Jan. 25, 2018 /PRNewswire/ -- 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 2017
earnings. Fourth quarter of 2017 net income was $9.3 million and diluted earnings per share was
$0.27. As a result of the
December 2017 enactment of the Tax
Cuts and Jobs Act, additional tax expense of $13.4 million was recognized to re-measure the
net deferred tax asset (DTA) in the fourth quarter of 2017. This
re-measurement decreased quarterly and annual diluted earnings per
share by $0.38. Excluding the net DTA
re-measurement, fourth quarter of 2017 net income was $22.7 million (non-GAAP) and diluted earnings per
share was $0.65 (non-GAAP). This
compares to fourth quarter of 2016 net income of $17.7 million, or $0.51 per diluted share, and third quarter of
2017 net income of $22.7 million, or
$0.65 per diluted share.
Net income was $73.0 million for
the year ended December 31, 2017,
with diluted earnings per share of $2.09. Excluding the net DTA re-measurement, full
year 2017 net income was $86.4
million (non-GAAP) and diluted earnings per share was
$2.47 (non-GAAP) compared to net
income of $71.4 million and diluted
earnings per share of $2.05 for
2016.
Fourth Quarter of 2017 Highlights:
- Return on average assets (ROA) was 0.52%, return on average
equity (ROE) was 4.14% and return on average tangible equity (ROTE)
(non-GAAP) was 6.30%.
- Excluding the net DTA re-measurement of $13.4 million, ROA was 1.26% (non-GAAP), ROE was
10.09% (non-GAAP) and ROTE was 15.16% (non-GAAP).
- Net interest margin (FTE) (non-GAAP) was stable at 3.58%
compared to 3.59% in the third quarter of 2017.
- Net loan charge-offs were $1.3
million, representing 0.09% of average loans on an
annualized basis for the fourth quarter of 2017.
- S&T declared a $0.22 per
share dividend, a 10% increase compared to $0.20 in the same period a year ago.
Full Year 2017 Highlights:
- Net income increased to $73.0
million compared to $71.4
million for 2016. Excluding the net DTA re-measurement of
$13.4 million, net income increased
21% to $86.4 million (non-GAAP)
compared to 2016.
- ROA was 1.03%, ROE was 8.37% and ROTE (non-GAAP) was
12.77%.
- Excluding the DTA re-measurement of $13.4 million, ROA was 1.22% (non-GAAP), ROE was
9.90% (non-GAAP) and ROTE was 15.08% (non-GAAP).
- Net interest income increased $22.5
million, or 11%, and net interest margin (FTE) (non-GAAP)
increased 9 basis points to 3.56% compared to 3.47% in 2016.
- Asset quality metrics improved with a decrease in nonperforming
loans of $18.7 million, or 44%,
compared to December 31, 2016.
"Our performance in 2017 reached another milestone for net
income," said Todd Brice, president
and chief executive officer of S&T. "Results were impacted by
an 11% increase in net interest income as well as controlled
expenses and a significant improvement in our asset quality."
Fourth Quarter of 2017 Results
Net Interest Income
Net interest income increased $0.3
million to $57.8 million
compared to $57.5 million in the
third quarter of 2017. Net interest margin on a fully taxable
equivalent basis (FTE) (non-GAAP) declined one basis point to 3.58%
compared to 3.59% in the prior quarter. The increase in net
interest income is due to an increase in average loans of
$49.6 million and higher short-term
rates.
Asset Quality
Asset quality trends continued to be favorable during the fourth
quarter of 2017. Total nonperforming loans decreased 19% to
$23.9 million, or 0.42% of total
loans, at December 31, 2017 compared
to $29.5 million, or 0.50% of total
loans, at September 30, 2017. Net
charge-offs were $1.3 million, or
0.09% of average loans on an annualized basis in the fourth quarter
of 2017 compared to net charge-offs of $1.5
million, or 0.10% of average loans on an annualized basis,
in the third quarter of 2017. As a result of improving asset
quality, the provision for loan losses decreased $1.9 million to $1.0
million in the fourth quarter of 2017 compared to
$2.9 million in the third quarter of
2017. The allowance for loan losses was $56.4 million, or 0.98% of total portfolio loans,
at December 31, 2017 compared to
$56.7 million, or 0.97% of total
portfolio loans, at September 30,
2017.
Noninterest Income and Expense
Noninterest income decreased $0.9
million in the fourth quarter of 2017 to $12.7 million compared to $13.6 million in the third quarter of 2017.
Securities were sold resulting in a $1.0
million loss during the fourth quarter of 2017. Bank owned
life insurance decreased $0.7 million
due to a claim in the third quarter of 2017. Offsetting these
decreases was an increase in other income from a $1.0 million gain on the sale of a branch during
the fourth quarter of 2017.
Noninterest expense increased $1.4
million in the fourth quarter of 2017 to $37.9 million from $36.5
million in the third quarter of 2017. Professional
services and legal expenses increased $0.4
million mainly related to selling majority ownership of our
insurance business that closed on January
1, 2018. Marketing expense increased $0.4 million due to normal timing of marketing
campaigns. Other expense increased $0.8
million primarily due to higher loan related costs.
Financial Condition
Total assets were $7.1 billion at
December 31, 2017 compared to
$7.2 billion at September 30, 2017. During the fourth quarter of
2017, $41.1 million of loans and
$37.8 million of deposits were sold
related to a branch sale. Total portfolio loans decreased
$59.3 million compared to the third
quarter of 2017 primarily due to higher loan payoffs. S&T's
risk-based capital ratios were relatively unchanged compared to the
third quarter of 2017. All capital ratios remain significantly
above the well-capitalized thresholds of federal bank regulatory
agencies.
Full Year 2017 Results
Full year 2017 net income increased to $73.0 million and diluted earnings per share was
$2.09. Excluding the net DTA
re-measurement of $13.4 million, or
$0.38 per diluted share, net income
increased 21% to $86.4 million
(non-GAAP) and diluted earnings per share was $2.47 (non-GAAP). Net interest income increased
$22.5 million, or 11%, in 2017 due to
average loan growth of $438 million,
or 8.2%, and higher short-term rates. Net interest margin (FTE)
(non-GAAP) increased to 3.56% compared to 3.47% for 2016. Asset
quality improved throughout the year resulting in a $4.1 million decline in the provision for loan
losses to $13.9 million.
Nonperforming loans decreased $18.7
million, or 44%, and net loan charge-offs to average loans
decreased to 0.18% compared to 0.25% in 2016. Expenses were
well controlled during 2017 with an efficiency ratio (non-GAAP) of
51.77% compared to 54.06% for 2016. To view an infographic
featuring 2017 highlights, click here.
Dividend
The Board of Directors of S&T declared a $0.22 per share cash dividend at its regular
meeting held January 22, 2018. This
is an increase of 10% compared to a common stock dividend of
$0.20 per share declared in the same
period in the prior year. The dividend is payable February 22, 2018 to shareholders of record on
February 8, 2018. Dividends declared
in 2017 increased $0.05, or 6.5%, to
$0.82 compared to $0.77 for 2016.
Non-GAAP Financial Measures
This release presents certain non-GAAP financial measures. For a
reconciliation to the most directly comparable GAAP measures, see
"Definitions and Reconciliation of GAAP to Non-GAAP Financial
Measures" in the accompanying tables.
Conference Call
S&T will host its fourth quarter 2017 earnings conference
call live over the Internet at 1:00 p.m. ET on Thursday, January 25, 2018. To access the
webcast, go to S&T's webpage at www.stbancorp.com and click on
"Events & Presentations." Select "4th Quarter 2017 Conference
Call" and follow the instructions.
About S&T Bancorp, Inc.
S&T Bancorp, Inc. is a $7.1
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 or www.stbank.com.
This information contains certain 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", "believe", "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; cyber-security concerns; rapid technological
developments and changes; 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; regulatory supervision and oversight;
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 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; general
economic or business conditions; 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; 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 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
|
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
(dollars in
thousands, except per share data)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
Loans, including
fees
|
$63,407
|
|
$62,450
|
|
$55,168
|
|
Investment
securities:
|
|
|
|
|
|
|
Taxable
|
3,164
|
|
2,988
|
|
2,636
|
|
Tax-exempt
|
871
|
|
896
|
|
894
|
|
Dividends
|
413
|
|
389
|
|
398
|
|
Total Interest
Income
|
67,855
|
|
66,723
|
|
59,096
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
Deposits
|
7,227
|
|
6,748
|
|
5,289
|
|
Borrowings and junior
subordinated debt securities
|
2,800
|
|
2,519
|
|
1,349
|
|
Total Interest
Expense
|
10,027
|
|
9,267
|
|
6,638
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
57,828
|
|
57,456
|
|
52,458
|
|
Provision for loan
losses
|
982
|
|
2,850
|
|
5,586
|
|
Net Interest
Income After Provision for Loan Losses
|
56,846
|
|
54,606
|
|
46,872
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME
|
|
|
|
|
|
|
Securities (losses)
gains, net
|
(986)
|
|
—
|
|
—
|
|
Service charges on
deposit accounts
|
3,240
|
|
3,207
|
|
3,240
|
|
Debit and credit card
fees
|
3,077
|
|
3,067
|
|
3,125
|
|
Wealth management
fees
|
2,521
|
|
2,406
|
|
2,509
|
|
Insurance
fees
|
1,160
|
|
1,333
|
|
1,066
|
|
Mortgage
banking
|
635
|
|
872
|
|
694
|
|
Bank owned life
insurance
|
506
|
|
1,209
|
|
553
|
|
Other
|
2,497
|
|
1,457
|
|
1,735
|
|
Total Noninterest
Income
|
12,650
|
|
13,551
|
|
12,922
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
20,006
|
|
20,325
|
|
19,787
|
|
Net
occupancy
|
2,736
|
|
2,692
|
|
2,644
|
|
Data
processing
|
2,131
|
|
2,284
|
|
2,079
|
|
Furniture and
equipment
|
2,200
|
|
1,890
|
|
1,710
|
|
FDIC
insurance
|
1,083
|
|
1,152
|
|
1,046
|
|
Other
taxes
|
1,241
|
|
1,208
|
|
974
|
|
Professional services
and legal
|
1,224
|
|
870
|
|
921
|
|
Marketing
|
1,191
|
|
766
|
|
840
|
|
Other
|
6,135
|
|
5,366
|
|
5,624
|
|
Total Noninterest
Expense
|
37,947
|
|
36,553
|
|
35,625
|
|
|
|
|
|
|
|
|
Income Before
Taxes
|
31,549
|
|
31,604
|
|
24,169
|
|
Provision for income
taxes
|
22,255
|
|
8,883
|
|
6,510
|
|
|
|
|
|
|
|
|
Net
Income
|
$9,294
|
|
$22,721
|
|
$17,659
|
|
|
|
|
|
|
|
|
Per Share
Data:
|
|
|
|
|
|
|
Shares outstanding at
end of period
|
34,971,929
|
|
34,979,192
|
|
34,913,023
|
|
Average shares
outstanding - diluted
|
35,019,866
|
|
34,960,139
|
|
34,839,189
|
|
Diluted earnings per
share
|
$0.27
|
|
$0.65
|
|
$0.51
|
|
Dividends declared
per share
|
$0.22
|
|
$0.20
|
|
$0.20
|
|
Dividend yield
(annualized)
|
2.21%
|
|
2.02%
|
|
2.05%
|
|
Dividends paid to net
income
|
82.53%
|
|
30.69%
|
|
39.41%
|
|
Book value
|
$25.28
|
|
$25.37
|
|
$24.12
|
|
Tangible book value
(1)
|
$16.87
|
|
$16.96
|
|
$15.67
|
|
Market
value
|
$39.81
|
|
$39.58
|
|
$39.04
|
|
|
|
|
|
|
|
|
Profitability
Ratios (annualized)
|
|
|
|
|
|
|
Return on average
assets
|
0.52%
|
|
1.27%
|
|
1.04%
|
|
Return on average
shareholders' equity
|
4.14%
|
|
10.23%
|
|
8.36%
|
|
Return on average
tangible shareholders' equity (2)
|
6.30%
|
|
15.47%
|
|
13.05%
|
|
Efficiency ratio
(FTE) (3)
|
51.75%
|
|
50.16%
|
|
53.04%
|
|
S&T Bancorp,
Inc.
Consolidated Selected Financial Data
Unaudited
|
|
|
|
|
For the Twelve
Months Ended December 31,
|
|
(dollars in
thousands, except per share data)
|
|
2017
|
|
2016
|
|
INTEREST
INCOME
|
|
|
|
|
|
Loans, including
fees
|
|
$243,315
|
|
$212,301
|
|
Investment
securities:
|
|
|
|
|
|
Taxable
|
|
11,947
|
|
10,340
|
|
Tax-exempt
|
|
3,615
|
|
3,658
|
|
Dividends
|
|
1,765
|
|
1,475
|
|
Total Interest
Income
|
|
260,642
|
|
227,774
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
Deposits
|
|
25,330
|
|
19,692
|
|
Borrowings and junior
subordinated debt securities
|
|
9,579
|
|
4,823
|
|
Total Interest
Expense
|
|
34,909
|
|
24,515
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
225,733
|
|
203,259
|
|
Provision for loan
losses
|
|
13,883
|
|
17,965
|
|
Net Interest
Income After Provision for Loan Losses
|
|
211,850
|
|
185,294
|
|
|
|
|
|
|
|
NONINTEREST
INCOME
|
|
|
|
|
|
Securities gains
(losses), net
|
|
3,000
|
|
—
|
|
Service charges on
deposit accounts
|
|
12,458
|
|
12,512
|
|
Debit and credit card
fees
|
|
12,029
|
|
11,943
|
|
Wealth management
fees
|
|
9,758
|
|
10,456
|
|
Insurance
fees
|
|
5,418
|
|
5,253
|
|
Mortgage
banking
|
|
2,915
|
|
2,879
|
|
Bank owned life
insurance
|
|
2,756
|
|
2,122
|
|
Gain on sale of
credit card portfolio
|
|
—
|
|
2,066
|
|
Other
|
|
7,128
|
|
7,404
|
|
Total Noninterest
Income
|
|
55,462
|
|
54,635
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
Salaries and employee
benefits
|
|
80,776
|
|
77,325
|
|
Net
occupancy
|
|
10,994
|
|
11,057
|
|
Data
processing
|
|
8,801
|
|
8,837
|
|
Furniture and
equipment
|
|
7,946
|
|
7,290
|
|
FDIC
insurance
|
|
4,543
|
|
3,984
|
|
Other
taxes
|
|
4,509
|
|
4,050
|
|
Professional services
and legal
|
|
4,096
|
|
3,466
|
|
Marketing
|
|
3,659
|
|
3,713
|
|
Other
|
|
22,583
|
|
23,510
|
|
Total Noninterest
Expense
|
|
147,907
|
|
143,232
|
|
|
|
|
|
|
|
Income Before
Taxes
|
|
119,405
|
|
96,697
|
|
Provision for income
taxes
|
|
46,437
|
|
25,305
|
|
|
|
|
|
|
|
Net
Income
|
|
$72,968
|
|
$71,392
|
|
|
|
|
|
|
|
Per Share
Data:
|
|
|
|
|
|
Average shares
outstanding - diluted
|
|
34,954,767
|
|
34,773,170
|
|
Diluted earnings per
share
|
|
$2.09
|
|
$2.05
|
|
Dividends declared
per share
|
|
$0.82
|
|
$0.77
|
|
Dividends paid to net
income
|
|
39.15%
|
|
37.52%
|
|
|
|
|
|
|
|
Profitability
Ratios
|
|
|
|
|
|
Return on average
assets
|
|
1.03%
|
|
1.08%
|
|
Return on average
shareholders' equity
|
|
8.37%
|
|
8.67%
|
|
Return on average
tangible shareholders' equity (6)
|
|
12.77%
|
|
13.71%
|
|
Efficiency ratio
(FTE) (7)
|
|
51.77%
|
|
54.06%
|
|
S&T Bancorp,
Inc.
Consolidated Selected Financial Data
Unaudited
|
|
|
2017
|
|
2017
|
|
2016
|
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
(dollars in
thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
ASSETS
|
|
|
|
|
|
|
Cash and due from
banks, including interest-bearing deposits
|
$117,152
|
|
$114,440
|
|
$139,486
|
|
Securities
available-for-sale, at fair value
|
698,291
|
|
697,954
|
|
693,487
|
|
Loans held for
sale
|
4,485
|
|
47,936
|
|
3,793
|
|
Commercial
loans:
|
|
|
|
|
|
|
Commercial real
estate
|
2,685,994
|
|
2,681,693
|
|
2,498,476
|
|
Commercial and
industrial
|
1,433,266
|
|
1,446,811
|
|
1,401,035
|
|
Commercial
construction
|
384,334
|
|
432,887
|
|
455,884
|
|
Total
Commercial Loans
|
4,503,594
|
|
4,561,391
|
|
4,355,395
|
|
Consumer
loans:
|
|
|
|
|
|
|
Residential
mortgage
|
698,774
|
|
697,367
|
|
701,982
|
|
Home
equity
|
487,326
|
|
487,806
|
|
482,284
|
|
Installment and other
consumer
|
67,204
|
|
69,644
|
|
65,852
|
|
Consumer
construction
|
4,551
|
|
4,550
|
|
5,906
|
|
Total
Consumer Loans
|
1,257,855
|
|
1,259,367
|
|
1,256,024
|
|
Total portfolio
loans
|
5,761,449
|
|
5,820,758
|
|
5,611,419
|
|
Allowance for loan
losses
|
(56,390)
|
|
(56,712)
|
|
(52,775)
|
|
Total portfolio
loans, net
|
5,705,059
|
|
5,764,046
|
|
5,558,644
|
|
Federal Home Loan
Bank and other restricted stock, at cost
|
29,270
|
|
33,120
|
|
31,817
|
|
Goodwill
|
291,670
|
|
291,670
|
|
291,670
|
|
Other
assets
|
214,328
|
|
221,013
|
|
224,156
|
|
Total
Assets
|
$7,060,255
|
|
$7,170,179
|
|
$6,943,053
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Noninterest-bearing
demand
|
$1,387,712
|
|
$1,348,939
|
|
$1,263,833
|
|
Interest-bearing
demand
|
603,141
|
|
646,195
|
|
638,300
|
|
Money
market
|
1,146,156
|
|
1,036,726
|
|
936,461
|
|
Savings
|
893,119
|
|
940,989
|
|
1,050,131
|
|
Certificates of
deposit
|
1,397,763
|
|
1,431,431
|
|
1,383,652
|
|
Deposits held for
sale
|
—
|
|
38,960
|
|
—
|
|
Total
Deposits
|
5,427,891
|
|
5,443,240
|
|
5,272,377
|
|
|
|
|
|
|
|
|
Securities sold under
repurchase agreements
|
50,161
|
|
39,923
|
|
50,832
|
|
Short-term
borrowings
|
540,000
|
|
685,000
|
|
660,000
|
|
Long-term
borrowings
|
47,301
|
|
12,911
|
|
14,713
|
|
Junior subordinated
debt securities
|
45,619
|
|
45,619
|
|
45,619
|
|
Total
Borrowings
|
683,081
|
|
783,453
|
|
771,164
|
|
Other
liabilities
|
65,252
|
|
55,910
|
|
57,556
|
|
Total
Liabilities
|
6,176,224
|
|
6,282,603
|
|
6,101,097
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Total Shareholders'
Equity
|
884,031
|
|
887,576
|
|
841,956
|
|
Total Liabilities
and Shareholders' Equity
|
$7,060,255
|
|
$7,170,179
|
|
$6,943,053
|
|
|
|
|
|
|
|
|
Capitalization
Ratios
|
|
|
|
|
|
|
Shareholders' equity /
assets
|
12.52%
|
|
12.38%
|
|
12.13%
|
|
Tangible common equity
/ tangible assets (4)
|
8.72%
|
|
8.63%
|
|
8.23%
|
|
Tier 1 leverage
ratio
|
9.17%
|
|
9.25%
|
|
8.98%
|
|
Common equity tier 1
capital
|
10.71%
|
|
10.70%
|
|
10.04%
|
|
Risk-based capital -
tier 1
|
11.06%
|
|
11.05%
|
|
10.39%
|
|
Risk-based capital -
total
|
12.55%
|
|
12.54%
|
|
11.86%
|
|
S&T Bancorp,
Inc.
Consolidated Selected Financial Data
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
|
Fourth
|
|
|
Third
|
|
|
Fourth
|
|
|
(dollars in
thousands)
|
Quarter
|
|
|
Quarter
|
|
|
Quarter
|
|
|
Net Interest Margin
(FTE) (QTD Averages)
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits with banks
|
$56,989
|
|
1.12%
|
$53,794
|
|
1.25%
|
$43,023
|
|
0.45%
|
Securities
available-for-sale, at fair value
|
696,411
|
|
2.53%
|
690,986
|
|
2.46%
|
679,688
|
|
2.41%
|
Loans held for
sale
|
35,001
|
|
4.23%
|
15,789
|
|
3.88%
|
8,959
|
|
4.33%
|
Commercial real
estate
|
2,684,481
|
|
4.42%
|
2,678,835
|
|
4.38%
|
2,457,985
|
|
4.12%
|
Commercial and
industrial
|
1,453,554
|
|
4.47%
|
1,404,047
|
|
4.45%
|
1,371,092
|
|
4.05%
|
Commercial
construction
|
405,285
|
|
4.26%
|
425,228
|
|
4.27%
|
426,245
|
|
3.66%
|
Total Commercial
Loans
|
4,543,320
|
|
4.42%
|
4,508,110
|
|
4.39%
|
4,255,322
|
|
4.06%
|
Residential
mortgage
|
696,422
|
|
4.14%
|
702,702
|
|
4.10%
|
692,937
|
|
4.06%
|
Home
equity
|
489,031
|
|
4.34%
|
485,501
|
|
4.37%
|
485,107
|
|
3.91%
|
Installment and other
consumer
|
68,459
|
|
6.63%
|
70,118
|
|
6.57%
|
64,192
|
|
6.47%
|
Consumer
construction
|
4,107
|
|
4.41%
|
4,486
|
|
4.49%
|
6,557
|
|
4.05%
|
Total Consumer
Loans
|
1,258,019
|
|
4.35%
|
1,262,807
|
|
4.34%
|
1,248,793
|
|
4.13%
|
Total portfolio
loans
|
5,801,339
|
|
4.41%
|
5,770,917
|
|
4.38%
|
5,504,115
|
|
4.07%
|
Total
loans
|
5,836,340
|
|
4.41%
|
5,786,706
|
|
4.38%
|
5,513,074
|
|
4.07%
|
Federal Home Loan
Bank and other restricted stock
|
32,026
|
|
4.64%
|
30,184
|
|
4.61%
|
26,149
|
|
4.56%
|
Total
Interest-earning Assets
|
6,621,766
|
|
4.18%
|
6,561,670
|
|
4.15%
|
6,261,934
|
|
3.87%
|
Noninterest-earning
assets
|
512,396
|
|
|
510,681
|
|
|
524,653
|
|
|
Total
Assets
|
$7,134,162
|
|
|
$7,072,351
|
|
|
$6,786,587
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$620,027
|
|
0.25%
|
$647,442
|
|
0.25%
|
$655,894
|
|
0.18%
|
Money
market
|
1,102,093
|
|
0.92%
|
999,892
|
|
0.87%
|
905,715
|
|
0.51%
|
Savings
|
914,871
|
|
0.21%
|
979,767
|
|
0.21%
|
1,033,297
|
|
0.20%
|
Certificates of
deposit
|
1,439,703
|
|
1.05%
|
1,457,649
|
|
0.98%
|
1,424,606
|
|
0.92%
|
Total
interest-bearing deposits
|
4,076,694
|
|
0.70%
|
4,084,750
|
|
0.66%
|
4,019,512
|
|
0.52%
|
Securities sold under
repurchase agreements
|
42,599
|
|
0.26%
|
45,158
|
|
0.16%
|
42,570
|
|
0.01%
|
Short-term
borrowings
|
625,189
|
|
1.38%
|
600,893
|
|
1.30%
|
500,890
|
|
0.68%
|
Long-term
borrowings
|
30,813
|
|
2.04%
|
13,162
|
|
3.01%
|
14,957
|
|
2.85%
|
Junior subordinated
debt securities
|
45,619
|
|
3.82%
|
45,619
|
|
3.71%
|
45,619
|
|
3.33%
|
Total
borrowings
|
744,220
|
|
1.49%
|
704,832
|
|
1.42%
|
604,036
|
|
0.89%
|
Total
interest-bearing liabilities
|
4,820,914
|
|
0.83%
|
4,789,582
|
|
0.77%
|
4,623,548
|
|
0.57%
|
Noninterest-bearing
liabilities
|
1,422,074
|
|
|
1,401,755
|
|
|
1,322,415
|
|
|
Shareholders'
equity
|
891,174
|
|
|
881,014
|
|
|
840,624
|
|
|
Total Liabilities
and Shareholders' Equity
|
$7,134,162
|
|
|
$7,072,351
|
|
|
$6,786,587
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin (5)
|
|
|
3.58%
|
|
|
3.59%
|
|
|
3.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S&T Bancorp,
Inc.
Consolidated Selected Financial Data
Unaudited
|
|
|
|
|
|
|
|
|
For the Twelve
Months Ended December 31,
|
|
(dollars in
thousands)
|
|
|
|
2017
|
|
2016
|
|
Net Interest Margin
(FTE) (YTD Averages)
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Interest-bearing
deposits with banks
|
|
|
|
$56,344
|
1.03%
|
$41,810
|
0.50%
|
Securities
available-for-sale, at fair value
|
|
|
|
698,460
|
2.48%
|
676,696
|
2.41%
|
Loans held for
sale
|
|
|
|
14,607
|
3.98%
|
14,255
|
5.71%
|
Commercial real
estate
|
|
|
|
2,638,766
|
4.34%
|
2,344,050
|
4.13%
|
Commercial and
industrial
|
|
|
|
1,425,421
|
4.35%
|
1,348,287
|
3.98%
|
Commercial
construction
|
|
|
|
426,574
|
4.08%
|
400,997
|
3.69%
|
Total Commercial
Loans
|
|
|
|
4,490,761
|
4.32%
|
4,093,334
|
4.04%
|
Residential
mortgage
|
|
|
|
699,843
|
4.11%
|
668,236
|
4.12%
|
Home
equity
|
|
|
|
484,023
|
4.31%
|
477,011
|
4.03%
|
Installment and other
consumer
|
|
|
|
69,163
|
6.54%
|
64,960
|
6.37%
|
Consumer
construction
|
|
|
|
4,631
|
4.35%
|
7,038
|
4.08%
|
Total Consumer
Loans
|
|
|
|
1,257,660
|
4.32%
|
1,217,245
|
4.20%
|
Total portfolio
loans
|
|
|
|
5,748,421
|
4.32%
|
5,310,579
|
4.08%
|
Total
loans
|
|
|
|
5,763,028
|
4.32%
|
5,324,834
|
4.08%
|
Federal Home Loan
Bank and other restricted stock
|
|
|
|
31,989
|
4.64%
|
23,811
|
4.53%
|
Total
Interest-earning Assets
|
|
|
|
6,549,821
|
4.09%
|
6,067,151
|
3.87%
|
Noninterest-earning
assets
|
|
|
|
510,411
|
|
521,104
|
|
Total
Assets
|
|
|
|
$7,060,232
|
|
$6,588,255
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
|
|
|
$637,526
|
0.22%
|
$651,118
|
0.17%
|
Money
market
|
|
|
|
994,783
|
0.79%
|
735,159
|
0.44%
|
Savings
|
|
|
|
988,504
|
0.21%
|
1,039,664
|
0.19%
|
Certificates of
deposit
|
|
|
|
1,439,711
|
0.97%
|
1,472,613
|
0.91%
|
Total
interest-bearing deposits
|
|
|
|
4,060,524
|
0.62%
|
3,898,554
|
0.51%
|
Securities sold under
repurchase agreements
|
|
|
|
46,662
|
0.12%
|
51,021
|
0.01%
|
Short-term
borrowings
|
|
|
|
644,864
|
1.15%
|
414,426
|
0.65%
|
Long-term
borrowings
|
|
|
|
18,057
|
2.57%
|
50,257
|
1.33%
|
Junior subordinated
debt securities
|
|
|
|
45,619
|
3.65%
|
45,619
|
3.14%
|
Total
borrowings
|
|
|
|
755,202
|
1.27%
|
561,323
|
0.86%
|
Total
Interest-bearing Liabilities
|
|
|
|
4,815,726
|
0.72%
|
4,459,877
|
0.55%
|
Noninterest-bearing
liabilities
|
|
|
|
1,372,376
|
|
1,304,771
|
|
Shareholders'
equity
|
|
|
|
872,130
|
|
823,607
|
|
Total Liabilities
and Shareholders' Equity
|
|
|
|
$7,060,232
|
|
$6,588,255
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin (8)
|
|
|
|
|
3.56%
|
|
3.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
(dollars in
thousands)
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Nonperforming
Loans (NPL)
|
|
|
|
|
|
|
|
Commercial
loans:
|
|
|
%
NPL
|
|
%NPL
|
|
%
NPL
|
Commercial real
estate
|
|
$3,468
|
0.13%
|
$6,571
|
0.25%
|
$16,172
|
0.65%
|
Commercial and
industrial
|
|
5,646
|
0.39%
|
7,349
|
0.51%
|
8,071
|
0.58%
|
Commercial
construction
|
|
3,873
|
1.01%
|
4,068
|
0.94%
|
4,927
|
1.08%
|
Total Nonperforming
Commercial Loans
|
|
12,987
|
0.29%
|
17,988
|
0.39%
|
29,170
|
0.67%
|
Consumer
loans:
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
7,165
|
1.03%
|
7,782
|
1.11%
|
9,918
|
1.41%
|
Home
equity
|
|
3,715
|
0.76%
|
3,675
|
0.75%
|
3,439
|
0.71%
|
Installment and other
consumer
|
|
71
|
0.11%
|
48
|
0.07%
|
108
|
0.16%
|
Total Nonperforming
Consumer Loans
|
|
10,951
|
0.87%
|
11,505
|
0.91%
|
13,465
|
1.07%
|
Total
Nonperforming Loans
|
|
$23,938
|
0.42%
|
$29,493
|
0.50%
|
$42,635
|
0.76%
|
S&T Bancorp,
Inc.
Consolidated Selected Financial Data
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
(dollars in
thousands)
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Loan
Charge-offs
|
|
|
|
|
|
|
|
Charge-offs
|
|
$2,073
|
|
$2,660
|
|
$6,938
|
|
Recoveries
|
|
(769)
|
|
(1,171)
|
|
(333)
|
|
Net Loan
Charge-offs
|
|
$1,304
|
|
$1,489
|
|
$6,605
|
|
|
|
|
|
|
|
|
|
Net Loan
Charge-offs
|
|
|
|
|
|
|
|
Commercial
loans:
|
|
|
|
|
|
|
|
Commercial real
estate
|
|
($191)
|
|
($145)
|
|
$1,276
|
|
Commercial and
industrial
|
|
513
|
|
401
|
|
3,433
|
|
Commercial
construction
|
|
465
|
|
980
|
|
768
|
|
Total Commercial Loan
Charge-offs
|
|
787
|
|
1,236
|
|
5,477
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
162
|
|
44
|
|
722
|
|
Home
equity
|
|
120
|
|
10
|
|
26
|
|
Installment and other
consumer
|
|
272
|
|
243
|
|
453
|
|
Consumer
construction
|
|
(37)
|
|
(44)
|
|
(73)
|
|
Total Consumer Loan
Charge-offs
|
|
517
|
|
253
|
|
1,128
|
|
Total Net Loan
Charge-offs
|
|
$1,304
|
|
$1,489
|
|
$6,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve
Months Ended December 31,
|
|
(dollars in
thousands)
|
|
|
|
2017
|
|
2016
|
|
Loan
Charge-offs
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
|
$13,496
|
|
$15,561
|
|
Recoveries
|
|
|
|
(3,228)
|
|
(2,224)
|
|
Net Loan
Charge-offs
|
|
|
|
$10,268
|
|
$13,337
|
|
|
|
|
|
|
|
|
|
Net Loan
Charge-offs
|
|
|
|
|
|
|
|
Commercial
loans:
|
|
|
|
|
|
|
|
Commercial real
estate
|
|
|
|
$1,494
|
|
$2,422
|
|
Commercial and
industrial
|
|
|
|
4,055
|
|
6,088
|
|
Commercial
construction
|
|
|
|
1,720
|
|
1,856
|
|
Total Commercial Loan
Charge-offs
|
|
|
|
7,269
|
|
10,366
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
|
|
1,382
|
|
1,230
|
|
Home
equity
|
|
|
|
666
|
|
183
|
|
Installment and other
consumer
|
|
|
|
1,067
|
|
1,747
|
|
Consumer
construction
|
|
|
|
(116)
|
|
(189)
|
|
Total Consumer Loan
Charge-offs
|
|
|
|
2,999
|
|
2,971
|
|
Total Net Loan
Charge-offs
|
|
|
|
$10,268
|
|
$13,337
|
|
S&T Bancorp,
Inc.
Consolidated Selected Financial Data
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
2017
|
|
|
2016
|
|
|
|
Fourth
|
|
|
Third
|
|
|
Fourth
|
|
|
|
Quarter
|
|
|
Quarter
|
|
|
Quarter
|
|
|
Asset Quality
Data
|
|
|
|
|
|
|
|
|
|
Nonperforming
loans
|
$23,938
|
|
|
$29,493
|
|
|
$42,635
|
|
|
Assets acquired
through foreclosure or repossession
|
469
|
|
|
1,033
|
|
|
679
|
|
|
Nonperforming
assets
|
24,407
|
|
|
30,526
|
|
|
43,314
|
|
|
Troubled debt
restructurings (nonaccruing)
|
11,150
|
|
|
10,203
|
|
|
11,598
|
|
|
Troubled debt
restructurings (accruing)
|
14,901
|
|
|
15,605
|
|
|
13,423
|
|
|
Total troubled debt
restructurings
|
26,051
|
|
|
25,808
|
|
|
25,021
|
|
|
Nonperforming loans /
loans
|
0.42%
|
|
|
0.50%
|
|
|
0.76%
|
|
|
Nonperforming assets
/ loans plus OREO
|
0.42%
|
|
|
0.52%
|
|
|
0.77%
|
|
|
Allowance for loan
losses / total portfolio loans
|
0.98%
|
|
|
0.97%
|
|
|
0.94%
|
|
|
Allowance for loan
losses / nonperforming loans
|
236%
|
|
|
192%
|
|
|
124%
|
|
|
Net loan charge-offs
(recoveries)
|
$1,304
|
|
|
$1,489
|
|
|
$6,605
|
|
|
Net loan charge-offs
(recoveries)(annualized) / average loans
|
0.09%
|
|
|
0.10%
|
|
|
0.48%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve
Months Ended December 31,
|
|
|
(dollars in
thousands)
|
|
|
|
2017
|
|
|
2016
|
|
|
Asset Quality
Data
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
(recoveries)
|
|
|
|
$10,268
|
|
|
$13,337
|
|
|
Net loan charge-offs
(recoveries) / average loans
|
|
|
|
0.18%
|
|
|
0.25%
|
|
|
Definitions and Reconciliation of GAAP to Non-GAAP Financial
Measures:
S&T Bancorp,
Inc.
Consolidated Selected Financial Data
Unaudited
|
|
|
|
|
|
|
|
|
2017
|
|
2017
|
|
2016
|
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
|
|
|
|
|
(1)
Tangible Book Value (non-GAAP)
|
|
|
|
|
|
|
Total shareholders'
equity
|
$884,031
|
|
$887,576
|
|
$841,956
|
|
Less: goodwill
and other intangible assets
|
(295,347)
|
|
(295,627)
|
|
(296,581)
|
|
Tax effect of other
intangible assets
|
1,287
|
|
1,385
|
|
1,719
|
|
Tangible common
equity (non-GAAP)
|
$589,971
|
|
$593,334
|
|
$547,094
|
|
Common shares
outstanding
|
34,972
|
|
34,979
|
|
34,913
|
|
Tangible book value
(non-GAAP)
|
$16.87
|
|
$16.96
|
|
$15.67
|
|
|
|
|
|
|
|
|
(2)
Return on Average Tangible Shareholders' Equity
(non-GAAP)
|
|
|
|
|
|
|
Net income
(annualized)
|
$36,873
|
|
$90,144
|
|
$70,254
|
|
Plus: amortization of
intangibles (annualized)
|
1,109
|
|
930
|
|
1,480
|
|
Tax effect of
amortization of intangibles (annualized)
|
(388)
|
|
(326)
|
|
(518)
|
|
Net income before
amortization of intangibles (annualized)
|
$37,594
|
|
$90,748
|
|
$71,216
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
$891,174
|
|
$881,014
|
|
$840,624
|
|
Less: average
goodwill and other intangible assets
|
(295,495)
|
|
(295,775)
|
|
(296,784)
|
|
Tax effect of average
goodwill and other intangible assets
|
1,339
|
|
1,437
|
|
1,790
|
|
Average tangible
equity (non-GAAP)
|
$597,018
|
|
$586,676
|
|
$545,630
|
|
Return on average
tangible equity (non-GAAP)
|
6.30%
|
|
15.47%
|
|
13.05%
|
|
|
|
|
|
|
|
|
(3)
Efficiency Ratio (non-GAAP)
|
|
|
|
|
|
|
Noninterest
expense
|
$37,947
|
|
$36,553
|
|
$35,625
|
|
|
|
|
|
|
|
|
Net interest income
per consolidated statements of net income
|
57,828
|
|
57,456
|
|
52,458
|
|
Less: securities
(gains) losses, net
|
986
|
|
—
|
|
—
|
|
Plus: taxable
equivalent adjustment
|
1,878
|
|
1,867
|
|
1,789
|
|
Net interest income
(FTE) (non-GAAP)
|
$60,692
|
|
$59,323
|
|
$54,247
|
|
Noninterest
income
|
12,650
|
|
13,551
|
|
12,922
|
|
Net interest income
(FTE) (non-GAAP) plus noninterest income
|
73,342
|
|
72,874
|
|
67,169
|
|
Efficiency ratio
(non-GAAP)
|
51.75%
|
|
50.16%
|
|
53.04%
|
|
|
|
|
|
|
|
|
(4)
Tangible Common Equity / Tangible Assets
(non-GAAP)
|
|
|
|
|
|
|
Total shareholders'
equity
|
$884,031
|
|
$887,576
|
|
$841,956
|
|
Less: goodwill
and other intangible assets
|
(295,347)
|
|
(295,627)
|
|
(296,581)
|
|
Tax effect of
goodwill and other intangible assets
|
1,287
|
|
1,385
|
|
1,719
|
|
Tangible common
equity (non-GAAP)
|
$589,971
|
|
$593,334
|
|
$547,094
|
|
|
|
|
|
|
|
|
Total
assets
|
$7,060,255
|
|
$7,170,179
|
|
$6,943,053
|
|
Less: goodwill
and other intangible assets
|
(295,347)
|
|
(295,627)
|
|
(296,581)
|
|
Tax effect of
goodwill and other intangible assets
|
1,287
|
|
1,385
|
|
1,719
|
|
Tangible assets
(non-GAAP)
|
$6,766,195
|
|
$6,875,937
|
|
$6,648,191
|
|
Tangible common
equity to tangible assets (non-GAAP)
|
8.72%
|
|
8.63%
|
|
8.23%
|
|
|
|
|
|
|
|
|
(5)
Net Interest Margin Rate (FTE) (non-GAAP)
|
|
|
|
|
|
|
Interest
income
|
$67,855
|
|
$66,723
|
|
$59,096
|
|
Less: interest
expense
|
(10,027)
|
|
(9,267)
|
|
(6,638)
|
|
Net interest income
per consolidated statements of net income
|
$57,828
|
|
$57,456
|
|
$52,458
|
|
Plus: taxable
equivalent adjustment
|
1,878
|
|
1,867
|
|
1,789
|
|
Net interest income
(FTE) (non-GAAP)
|
$59,706
|
|
$59,323
|
|
$54,247
|
|
Net interest income
(FTE) (annualized)
|
$237,526
|
|
$235,358
|
|
$215,809
|
|
Average earning
assets
|
$6,621,766
|
|
$6,561,670
|
|
$6,261,934
|
|
Net interest margin -
(FTE) (non-GAAP)
|
3.58%
|
|
3.59%
|
|
3.45%
|
|
S&T Bancorp,
Inc.
Consolidated Selected Financial Data
Unaudited
|
|
|
|
|
|
|
For the Twelve
Months Ended December 31,
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
(6)
Return on Average Tangible Shareholders' Equity
(non-GAAP)
|
|
|
|
|
|
Net income
|
|
$72,968
|
|
$71,392
|
|
Plus: amortization of
intangibles
|
|
1,233
|
|
1,615
|
|
Tax effect of
amortization of intangibles
|
|
(432)
|
|
(565)
|
|
Net income before
amortization of intangibles
|
|
$73,769
|
|
$72,442
|
|
|
|
|
|
|
Average total
shareholders' equity
|
|
$872,130
|
|
$823,607
|
|
Less: average
goodwill and other intangible assets
|
|
(295,937)
|
|
(297,377)
|
|
Tax effect of average
goodwill and other intangible assets
|
|
1,493
|
|
1,992
|
|
Average tangible
equity (non-GAAP)
|
|
$577,686
|
|
$528,222
|
|
Return on average
tangible equity (non-GAAP)
|
|
12.77%
|
|
13.71%
|
|
|
|
|
|
|
|
(7)
Efficiency Ratio (non-GAAP)
|
|
|
|
|
|
Noninterest
expense
|
|
$147,907
|
|
$143,232
|
|
|
|
|
|
|
|
Net interest income
per consolidated statements of net income
|
|
225,733
|
|
203,259
|
|
Less: securities
(gains) losses, net
|
|
(3,000)
|
|
—
|
|
Plus: taxable
equivalent adjustment
|
|
7,493
|
|
7,043
|
|
Net interest income
(FTE) (non-GAAP)
|
|
230,226
|
|
210,302
|
|
Noninterest
income
|
|
55,462
|
|
54,635
|
|
Net interest income
(FTE) (non-GAAP) plus noninterest income
|
|
$285,688
|
|
$264,937
|
|
Efficiency ratio
(non-GAAP)
|
|
51.77%
|
|
54.06%
|
|
|
|
|
|
|
|
(8)
Net Interest Margin Rate (FTE) (non-GAAP)
|
|
|
|
|
|
Interest
income
|
|
$260,642
|
|
$227,774
|
|
Less: interest
expense
|
|
(34,909)
|
|
(24,515)
|
|
Net interest income
per consolidated statements of net income
|
|
$225,733
|
|
$203,259
|
|
Plus: taxable
equivalent adjustment
|
|
7,493
|
|
7,043
|
|
Net interest income
(FTE) (non-GAAP)
|
|
$233,226
|
|
$210,302
|
|
Average earning
assets
|
|
$6,549,821
|
|
$6,067,150
|
|
Net interest margin -
(FTE) (non-GAAP)
|
|
3.56%
|
|
3.47%
|
|
Reconciliations of net income, diluted earnings per share and
selected financial ratios, adjusted to exclude the re-measurement
of the DTA recognized in the fourth quarter of 2017.
S&T Bancorp,
Inc.
Consolidated Selected Financial Data
Unaudited
|
|
|
|
|
|
|
|
|
2017
|
|
2017
|
|
|
|
Fourth
|
|
Full
|
|
|
|
Quarter
|
|
Year
|
|
|
|
|
|
|
|
Diluted Earnings
Per Share
|
|
|
|
|
|
Net income
|
|
$9,294
|
|
$72,968
|
|
Plus: DTA
re-measurement
|
|
13,433
|
|
13,433
|
|
Adjusted net Income
(non-GAAP)
|
|
$22,727
|
|
$86,401
|
|
|
|
|
|
|
|
Average shares
outstanding - diluted
|
|
35,020
|
|
34,955
|
|
|
|
|
|
|
|
Diluted earnings per
share (non-GAAP)
|
|
$0.65
|
|
$2.47
|
|
|
|
|
|
|
|
Return on Average
Assets
|
|
|
|
|
|
Net income
|
|
$9,294
|
|
$72,968
|
|
Plus: DTA
re-measurement
|
|
13,433
|
|
13,433
|
|
Adjusted net Income
(non-GAAP)
|
|
22,727
|
|
86,401
|
|
Adjusted net income
(non-GAAP)(annualized)
|
|
$90,167
|
|
$86,401
|
|
|
|
|
|
|
|
Average
assets
|
|
$7,134,162
|
|
$7,060,232
|
|
Plus: DTA
re-measurement
|
|
2,336
|
|
589
|
|
Average assets
(non-GAAP)
|
|
$7,136,498
|
|
$7,060,821
|
|
|
|
|
|
|
|
Return on average
assets (non-GAAP)
|
|
1.26%
|
|
1.22%
|
|
|
|
|
|
|
|
Return on Average
Shareholders' Equity
|
|
|
|
|
|
Net income
|
|
$9,294
|
|
$72,968
|
|
Plus: DTA
re-measurement
|
|
13,433
|
|
13,433
|
|
Adjusted net Income
(non-GAAP)
|
|
22,727
|
|
86,401
|
|
Adjusted net income
(non-GAAP)(annualized)
|
|
$90,167
|
|
$86,401
|
|
|
|
|
|
|
|
Average
equity
|
|
$891,174
|
|
$872,130
|
|
Plus: DTA
re-measurement
|
|
2,336
|
|
589
|
|
Average equity
(non-GAAP)
|
|
$893,510
|
|
$872,719
|
|
|
|
|
|
|
|
Return on average
equity (non-GAAP)
|
|
10.09%
|
|
9.90%
|
|
|
|
|
|
|
|
Return on Average
Tangible Shareholders' Equity
|
|
|
|
|
|
Net income
|
|
$9,294
|
|
$72,968
|
|
Plus: DTA
re-measurement
|
|
13,433
|
|
13,433
|
|
Adjusted net Income
(non-GAAP)
|
|
22,727
|
|
86,401
|
|
Adjusted net income
(non-GAAP)(annualized)
|
|
$90,167
|
|
$86,401
|
|
|
|
|
|
|
|
Plus: amortization of
intangibles (annualized)
|
|
1,109
|
|
1,233
|
|
Tax effect of
amortization of intangibles (annualized)
|
|
(388)
|
|
(432)
|
|
Adjusted net income
before amortization of intangibles (annualized)
|
|
$90,888
|
|
$87,202
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
|
$891,174
|
|
$872,130
|
|
Plus: DTA
re-measurement
|
|
2,336
|
|
589
|
|
Less: average
goodwill and other intangible assets
|
|
(295,495)
|
|
(295,937)
|
|
Tax effect of average
goodwill and other intangible assets
|
|
1,339
|
|
1,493
|
|
Average tangible
equity (non-GAAP)
|
|
$599,354
|
|
$578,275
|
|
Return on average
tangible equity (non-GAAP)
|
|
15.16%
|
|
15.08%
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/st-bancorp-inc-announces-fourth-quarter-and-full-year-2017-results-300587996.html
SOURCE S&T Bancorp, Inc.