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S&T Bancorp, Inc. Announces Second Quarter 2014 Results and Declares Dividend

PR Newswire Association LLC

INDIANA, Pa., July 29, 2014 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA) has announced its second quarter 2014 earnings.  Net income increased 4.9% to $14.7 million with diluted earnings per share of $0.49 compared to the first quarter of 2014 net income of $14.0 million and diluted earnings per share of $0.47.  Net income increased 4.4% compared to the second quarter of 2013 net income of $14.1 million and diluted earnings per share of $0.47

Second Quarter Highlights:

  • Return on average assets and return on average equity both improved to 1.26% and 9.99% compared to 1.23% and 9.83% in the first quarter of 2014.
  • Solid loan growth continues with an increase of $97.2 million in total portfolio loans compared to March 31, 2014, representing an 11% annualized growth rate.
  • Net interest margin (FTE) expanded five basis points to 3.56% and net interest income increased $1.3 million compared to the first quarter of 2014.
  • Total nonperforming loans decreased $6.1 million, or 29%, to only $14.9 million at June 30, 2014 compared to $21.0 million at March 31, 2014.
  • S&T declared a $0.17 per share dividend compared to $0.15 in the same period a year ago.

"We are pleased to report another quarter of strong earnings driven by double-digit annualized loan growth, margin expansion and favorable asset quality trends," said Todd Brice, president and chief executive officer of S&T. "Our market expansion continued during the quarter with the grand opening of our State College office.  We are excited to be entering this new market and look forward to capitalizing on the growth opportunities in this region."

Net Interest Income

Net interest income increased $1.3 million, or 3.6%, compared to $35.6 million in the first quarter of 2014.  The higher net interest income is due to an increase in average loans of $73.6 million and an improvement in the mix of earning assets.  Compared to the same period last year, loan growth has driven net interest income higher by 6.5%.  Net interest margin (FTE) expanded to 3.56% in the second quarter of 2014 compared to 3.51% in both the first quarter of 2014 and the second quarter of 2013.

Asset Quality

Asset quality trends continue to be favorable with improvement in all metrics.  Nonperforming assets to total loans plus OREO decreased to 0.41% compared to 0.59% at March 31, 2014.  During the second quarter of 2014, there were net recoveries of $1.1 million compared to net recoveries of $0.1 million in the first quarter of 2014.  As a result of net recoveries and improved asset quality, the provision for loan losses was ($1.1) million compared to $0.3 million in the first quarter of 2014.  The allowance for loan losses was unchanged at $46.6 million, representing 1.25% of total loans at June 30, 2014 and 1.28% of total loans at March 31, 2014. 

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Noninterest Income and Expense

Noninterest income increased $0.4 million to $11.8 million compared to $11.4 million in the first quarter of 2014 primarily due to higher debit and credit card fees and other income offset by a decrease in insurance fees.  Debit and credit card fees increased $0.2 million due to higher activity compared to the first quarter of 2014.  Other income increased $0.3 million due to higher letter of credit fees and interest rate swap fees from our commercial loan customers.  Insurance fees decreased $0.3 million primarily due to $0.4 million of annual profit sharing that we received from our insurance carriers in the first quarter of 2014. 

Noninterest expense increased $1.3 million to $30.2 million compared to $28.9 million in the first quarter of 2014. Various expense categories increased, including marketing and professional services and legal due to the timing of services performed and increased activity in the second quarter compared to the first quarter of 2014.  Salaries and employee benefits increased $0.4 million primarily due to higher incentives related to strong performance and higher medical costs. 

Financial Condition

Total assets increased $81.0 million to $4.8 billion at June 30, 2014 compared to $4.7 billion at March 31, 2014. Loan growth was strong representing our eighth consecutive quarter of growth with an increase of $97.2 million, or 11% annualized, in total portfolio loans. Commercial loans grew $86.6 million, or 13% annualized, during the quarter, with growth in all commercial loan categories.  Total deposits remained relatively unchanged at $3.9 billion at both June 30, 2014 and March 31, 2014.  S&T's risk-based capital ratios are down due to strong loan growth outpacing retained earnings growth.  All capital ratios remain significantly above the well-capitalized thresholds of federal bank regulatory agencies.

Dividend

The Board of Directors of S&T approved a $0.17 per share cash dividend at its regular meeting held July 28, 2014.  The dividend is payable August 28, 2014 to shareholders of record on August 14, 2014.  This dividend compares to a common stock dividend of $0.17 per share in the prior quarter and $0.15 per share declared in the same period a year ago.

Conference Call

S&T will host its second quarter 2014 earnings conference call live over the Internet at 1:00 p.m. Eastern Time on Tuesday, July 29, 2014. To access the webcast, go to S&T's webpage at www.stbancorp.com and click on "Events & Presentations." Select "2nd Quarter 2014 Conference Call" and follow the instructions.

About S&T Bancorp, Inc.

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Headquartered in Indiana, PA, S&T Bancorp, Inc. operates offices within Allegheny, Armstrong, Blair, Butler, Cambria, Centre, Clarion, Clearfield, Indiana, Jefferson, Washington and Westmoreland counties, as well as loan production offices in northeast and central Ohio. With assets of $4.8 billion, S&T Bancorp, Inc. stock trades on the NASDAQ Global Select Market under the symbol STBA.  For more information, visit http://www.stbancorp.com.

This information may contain forward-looking statements regarding future financial performance which are not historical facts and which involve risks and uncertainties. Actual results and performance could differ materially from those anticipated by these forward-looking statements. Factors that could cause such a difference include, but are not limited to, general economic conditions, change in interest rates, deposit flows, loan demand, 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.

 

S&T Bancorp, Inc.






Consolidated Selected Financial Data






Unaudited













2014

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2014


2013


Second


First


Second

(dollars in thousands, except per share data)

Quarter


Quarter


Quarter

INTEREST INCOME






Loans, including fees

$           36,614


$       35,649


$       35,765

Investment Securities:






Taxable

2,184


1,983


1,879

Tax-exempt

979


929


815

Dividends

95


104


94

Total Interest Income

39,872


38,665


38,553







INTEREST EXPENSE






Deposits

2,476


2,510


2,951

Borrowings and junior subordinated debt securities

541


564


1,006

Total Interest Expense

3,017


3,074


3,957







NET INTEREST INCOME

36,855


35,591


34,596

Provision for loan losses

(1,134)


289


1,023

Net Interest Income After Provision for Loan Losses

37,989


35,302


33,573







NONINTEREST INCOME






Securities gains, net

40


1


-

Wealth management fees

2,837


2,955


2,820

Debit and credit card fees

2,724


2,502


3,150

Service charges on deposit accounts

2,574


2,509


2,495

Insurance fees

1,425


1,677


1,643

Mortgage banking

264


132


911

Other

1,907


1,640


1,848

Total Noninterest Income

11,771


11,416


12,867







NONINTEREST EXPENSE






Salaries and employee benefits

15,772


15,376


14,725

Data processing

2,219


2,095


2,137

Net occupancy

1,984


2,230


1,958

Furniture and equipment

1,277


1,271


1,230

Marketing

960


618


793

Other taxes

893


631


915

Professional services and legal

875


663


1,171

FDIC insurance

579


631


707

Other

5,606


5,399


4,750

Total Noninterest Expense

30,165


28,914


28,386







Income Before Taxes

19,595


17,804


18,054

Provision for income taxes

4,875


3,771


3,951







Net Income

$           14,720


$       14,033


$       14,103







Per Share Data: 






Shares outstanding at end of period

29,797,204


29,718,126


29,738,305

Average shares outstanding - diluted

29,701,195


29,698,047


29,677,876

Average shares outstanding - two-class method

29,743,273


29,735,031


29,729,012

Diluted earnings per share(1)

$0.49


$0.47


$0.47

Dividends declared per share

$0.17


$0.16


$0.15

Dividend yield (annualized)

2.74%


2.70%


3.06%

Dividends paid to net income

34.32%


33.91%


31.61%

Book value 

$20.04


$19.64


$18.39

Tangible book value(3)

$14.07


$13.65


$12.38

Market value

$24.85


$23.70


$19.60







Profitability Ratios (Annualized)






Return on average assets

1.26%


1.23%


1.26%

Return on average tangible assets(4)

1.33%


1.30%


1.34%

Return on average shareholders' equity 

9.99%


9.83%


10.36%

Return on average tangible shareholders' equity(5)

14.48%


14.41%


15.69%







Efficiency ratio (FTE)(2)

60.36%


59.83%


58.37%

 

S&T Bancorp, Inc.






Consolidated Selected Financial Data






Unaudited















For the Six Months Ended June 30,

(in thousands, except per share data)



2014


2013

INTEREST INCOME






Loans, including fees



$       72,263


$      70,810

Investment securities:






Taxable



4,167


3,742

Tax-exempt



1,908


1,648

Dividends



199


196

Total Interest Income



78,537


76,396







INTEREST EXPENSE






Deposits



4,986


6,153

Borrowings and junior subordinated debt securities



1,105


1,978

Total Interest Expense



6,091


8,131







NET INTEREST INCOME



72,446


68,265

Provision for loan losses



(845)


3,330

Net interest income after provision for loan losses



73,291


64,935







NONINTEREST INCOME






Securities gains, net



41


2

Wealth management fees



5,792


5,396

Debit and credit card fees



5,226


5,601

Service charges on deposit accounts



5,083


4,943

Insurance fees



3,102


3,418

Mortgage banking



396


1,393

Gain on sale of merchant card servicing business 



-


3,093

Other



3,547


3,827

Total Noninterest Income



23,187


27,673







NONINTEREST EXPENSE






Salaries and employee benefits



31,148


30,792

Data processing



4,314


4,801

Net occupancy



4,214


4,127

Furniture and equipment



2,548


2,538

Marketing



1,578


1,482

Other Taxes



1,524


1,914

Professional services and legal



1,538


2,145

FDIC assessment



1,210


1,483

Other



11,005


10,720

Total Noninterest Expense



59,079


60,002







Income Before Taxes



37,399


32,606

Provision for income taxes



8,646


6,173







Net Income



$       28,753


$      26,433







Per Share Data: 






Average shares outstanding - diluted



29,700,170


29,679,144

Average shares outstanding - two-class method



29,739,174


29,729,355

Diluted earnings per share(1)



$0.97


$0.89

Dividends declared per share



$0.33


$0.30

Dividends paid to net income



34.12%


33.74%







Profitability Ratios (Annualized)






Return on average assets



1.25%


1.19%

Return on average tangible assets(8)



1.31%


1.27%

Return on average shareholders' equity 



9.91%


9.81%

Return on average tangible shareholders' equity(9)



14.45%


14.93%







Efficiency ratio (FTE)(2)



60.10%


61.05%

 

S&T Bancorp, Inc.






Consolidated Selected Financial Data






Unaudited













2014


2014


2013


Second


First


Second

(dollars in thousands)

Quarter


Quarter


Quarter

ASSETS






Cash and due from banks, including interest-bearing deposits

$         130,235


$     185,303


$     247,432

Securities available-for-sale, at fair value

588,488


551,896


479,821

Loans held for sale

3,102


1,133


3,185

Commercial loans:






Commercial real estate

1,636,383


1,607,958


1,501,491

Commercial and industrial

922,191


884,870


826,696

Commercial construction

188,311


167,432


167,225

Total Commercial Loans

2,746,885


2,660,260


2,495,412

Consumer loans:






Residential mortgage

492,589


490,120


463,446

Home equity

416,226


410,695


413,585

Installment and other consumer

65,838


64,561


67,983

Consumer construction

3,541


2,260


2,807

Total Consumer Loans

978,194


967,636


947,821

Total portfolio loans

3,725,079


3,627,896


3,443,233

Allowance for loan losses

(46,580)


(46,616)


(46,105)

Total portfolio loans, net

3,678,499


3,581,280


3,397,128

Goodwill

175,820


175,820


175,820

Other assets

211,886


211,555


225,373

Total Assets

$      4,788,030


$  4,706,987


$  4,528,759







LIABILITIES






Deposits:






Noninterest-bearing demand

$      1,089,999


$  1,032,372


$     947,747

Interest-bearing demand

307,897


312,477


297,028

Money market

301,719


360,414


329,065

Savings

1,024,050


1,034,388


1,003,705

Certificates of deposit

1,141,581


1,128,630


1,071,083

Total Deposits

3,865,246


3,868,281


3,648,628







Securities sold under repurchase agreements

25,269


38,434


74,151

Short-term borrowings

185,000


100,000


125,000

Long-term borrowings

20,636


21,226


22,965

Junior subordinated debt securities

45,619


45,619


45,619

Other liabilities

49,073


49,776


65,544

Total Liabilities

4,190,843


4,123,336


3,981,907







SHAREHOLDERS' EQUITY






Total Shareholders' Equity

597,187


583,651


546,852

Total Liabilities and Shareholders' Equity

$      4,788,030


$  4,706,987


$  4,528,759







Capitalization Ratios






Shareholders' equity / assets

12.47%


12.40%


12.08%

Tangible common equity / tangible assets(6)

9.10%


8.96%


8.46%

Tier 1 leverage ratio

9.91%


9.79%


9.54%

Risk-based capital - tier 1

12.30%


12.43%


12.28%

Risk-based capital - total

14.26%


14.41%


14.30%

 

S&T Bancorp, Inc.







Consolidated Selected Financial Data







Unaudited















2014


2014


2013


(dollars in thousands)

Second


First


Second


Net Interest Margin (FTE) (QTD Averages)

Quarter


Quarter


Quarter


ASSETS







Loans

$      3,650,050

4.11%

$  3,576,484

4.13%

$  3,419,393

4.28%

Taxable investment securities

428,618

1.99%

395,470

1.97%

365,799

2.04%

Tax-exempt investment securities

129,687

4.65%

121,464

4.71%

106,194

4.73%

Federal Home Loan Bank and other restricted stock

12,752

3.89%

13,391

2.70%

12,420

0.31%

Interest-bearing deposits with banks

88,064

0.28%

147,890

0.23%

186,265

0.28%

Total Interest-earning Assets

4,309,171

3.84%

4,254,699

3.81%

4,090,071

3.89%








Noninterest-earning assets

372,445


377,462


400,592


Total Assets

$      4,681,616


$  4,632,161


$  4,490,663









LIABILITIES AND SHAREHOLDERS' EQUITY







Interest-bearing demand

$         311,719

0.03%

$     313,420

0.02%

$     303,461

0.02%

Money market

327,666

0.15%

350,314

0.15%

327,733

0.14%

Savings

1,035,691

0.16%

1,014,205

0.16%

1,001,258

0.18%

Certificates of deposit

899,086

0.78%

910,716

0.81%

984,304

0.95%

CDARs and brokered deposits

230,036

0.32%

190,598

0.33%

63,564

0.25%

Securities sold under repurchase agreements

30,718

0.01%

36,596

0.01%

67,461

0.13%

Short-term borrowings

108,640

0.30%

127,778

0.31%

71,429

0.25%

Long-term borrowings

20,873

3.01%

21,466

3.06%

23,196

3.05%

Junior subordinated debt securities

45,619

2.66%

45,619

2.69%

82,817

3.70%

Total Interest-bearing Liabilities

3,010,048

0.40%

3,010,712

0.41%

2,925,223

0.54%








Noninterest-bearing demand

1,028,997


989,799


946,862


Other liabilities

51,390


52,851


72,370


Shareholders' equity

591,181


578,799


546,208


Total Liabilities and Shareholders' Equity

$      4,681,616


$  4,632,161


$  4,490,663









Net Interest Margin (7)


3.56%


3.51%


3.51%











For the Six Months Ended June 30,


Net Interest Margin (FTE) (YTD Averages)



2014


2013


ASSETS







Loans



$    3,613,470

4.12%

$    3,388,915

4.30%

Taxable investment securities



412,142

1.98%

359,622

2.07%

Tax-exempt investment securities



125,591

4.68%

108,310

4.68%

Federal Home Loan Bank and other restricted stock



13,070

3.28%

13,415

0.42%

Interest-bearing deposits with banks



117,812

0.25%

198,379

0.25%

Total Interest-earning Assets



4,282,085

3.82%

4,068,641

3.90%








Noninterest-earning assets



374,940


400,901


Total Assets



$    4,657,025


$    4,469,542









LIABILITIES AND SHAREHOLDERS' EQUITY







Interest-bearing demand



$       312,565

0.02%

$       306,792

0.02%

Money market



338,928

0.15%

332,961

0.14%

Savings



1,025,007

0.16%

987,616

0.19%

Certificates of deposit



904,869

0.79%

998,041

0.99%

CDARs and brokered deposits



210,426

0.33%

47,480

0.24%

Securities sold under repurchase agreements



33,641

0.01%

65,411

0.15%

Short-term borrowings



118,156

0.30%

66,298

0.24%

Long-term borrowings



21,168

3.04%

26,323

3.12%

Junior subordinated debt securities



45,619

2.68%

86,696

3.36%

Total Interest-bearing Liabilities



3,010,379

0.41%

2,917,618

0.56%








Noninterest-bearing demand



1,009,506


936,141


Other liabilities



52,116


72,450


Shareholders' equity



585,024


543,333


Total Liabilities and Shareholders' Equity



$    4,657,025


$    4,469,542









Net Interest Margin (10)




3.54%


3.50%

 

S&T Bancorp, Inc.







Consolidated Selected Financial Data







Unaudited















2014


2014


2013



Second


First


Second


(dollars in thousands)

Quarter


Quarter


Quarter


Nonperforming Loans (NPL)







Commercial loans:


% NPL


% NPL


% NPL

Commercial real estate

$             5,658

0.35%

$       10,265

0.64%

$       20,732

1.38%

Commercial and industrial

3,837

0.42%

3,181

0.36%

5,204

0.63%

Commercial construction

1,870

0.99%

1,976

1.18%

4,775

2.86%

Total Nonperforming Commercial Loans

11,365

0.41%

15,422

0.58%

30,711

1.23%

Consumer loans:







Residential mortgage

2,118

0.43%

2,948

0.60%

3,465

0.75%

Home equity

1,431

0.34%

2,630

0.64%

3,674

0.89%

Installment and other consumer

26

0.04%

22

0.03%

33

0.05%

Consumer construction

-

-

-

-

-

-

Total Nonperforming Consumer Loans

3,575

0.37%

5,600

0.58%

7,172

0.76%

Total Nonperforming Loans

$           14,940

0.40%

$       21,022

0.58%

$       37,883

1.10%









2014


2014


2013



Second


First


Second



Quarter


Quarter


Quarter


Asset Quality Data







Nonperforming loans

$           14,940


$       21,022


$       37,883


Assets acquired through foreclosure or repossession

431


343


408


Nonperforming assets

15,371


21,365


38,291


Troubled debt restructurings (nonaccruing)

5,241


9,269


16,064


Troubled debt restructurings (accruing)

37,120


36,059


40,940


Total troubled debt restructurings

42,361


45,328


57,004


Nonperforming loans / loans

0.40%


0.58%


1.10%


Nonperforming assets / loans plus OREO

0.41%


0.59%


1.11%


Allowance for loan losses / loans

1.25%


1.28%


1.34%


Allowance for loan losses / nonperforming loans

312%


222%


122%


Net loan (recoveries) charge-offs

(1,099)


(72)


854


Net loan (recoveries) charge-offs (annualized) / average loans

(0.12%)


(0.01%)


0.10%












For the Six Months Ended June 30,





2014


2013


Asset Quality Data







Net loan (recoveries) charge-offs



$     (1,171)


$     3,708


Net loan (recoveries) charge-offs (annualized) / average loans



(0.07%)


0.22%


 

S&T Bancorp, Inc.






Consolidated Selected Financial Data






Unaudited












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.








2014


2014


2013


Second


First


Second


Quarter


Quarter


Quarter







(3)  Tangible Book Value (non-GAAP)






 Total shareholders' equity

$         597,187


$     583,651


$     546,852

 Less: goodwill and other intangible assets,
         net of deferred tax liability

(177,866)


(178,059)


(178,750)

 Tangible common equity (non-GAAP)

419,321


405,592


368,102

 Common shares outstanding

29,797


29,718


29,738

 Tangible book value (non-GAAP)

$             14.07


$         13.65


$         12.38







(4)  Return on Average Tangible Assets (non-GAAP)






 Net income (annualized)

$           59,042


$       56,912


$       56,567

 Plus: amortization of intangibles net of tax (annualized)

775


833


1,076

 Net income before amortization of intangibles (annualized)

59,817


57,745


57,643







 Average total assets

4,681,616


4,632,161


4,490,663

 Less:  average goodwill and other intangibles,
           net of deferred tax liability

(177,963)


(178,164)


(178,876)

 Average tangible assets (non-GAAP)

4,503,653


4,453,997


4,311,787

 Return on average tangible assets (non-GAAP)

1.33%


1.30%


1.34%







(5)  Return on Average Tangible Shareholders' Equity (non-GAAP)






  Net income (annualized)

$           59,042


$       56,912


$       56,567

  Plus: amortization of intangibles net of tax (annualized)

775


833


1,076

  Net income before amortization of intangibles (annualized)

59,817


57,745


57,643







  Average total shareholders' equity

591,181


578,799


546,208

  Less: average goodwill and other intangibles,
           net of deferred tax liability

(177,963)


(178,164)


(178,876)

  Average tangible equity (non-GAAP)

413,218


400,635


367,332

  Return on average tangible equity (non-GAAP)

14.48%


14.41%


15.69%







(6)  Tangible Common Equity / Tangible Assets (non-GAAP)






 Total shareholders' equity

$         597,187


$     583,651


$     546,852

 Less: goodwill and other intangible assets,
          net of deferred tax liability

(177,866)


(178,059)


(178,750)

 Tangible common equity (non-GAAP)

419,321


405,592


368,102







 Total assets 

4,788,030


4,706,987


4,528,759

 Less: goodwill and other intangible assets,
         net of deferred tax liability

(177,866)


(178,059)


(178,750)

 Tangible assets (non-GAAP)

4,610,164


4,528,928


4,350,009

 Tangible common equity to tangible assets (non-GAAP)

9.10%


8.96%


8.46%







(7)  Net Interest Margin Rate (FTE) (non-GAAP)






 Interest income

$           39,872


$       38,665


$       38,553

 Less: interest expense

(3,017)


(3,074)


(3,957)

 Net interest income per consolidated statements of Net Income

36,855


35,591


34,596

 Plus: taxable equivalent adjustment

1,393


1,323


1,169

 Net interest income (FTE) (non-GAAP)

38,248


36,914


35,765

 Net interest income (FTE) (annualized)

153,412


149,708


143,453

 Average earning assets

4,309,171


4,254,699


4,090,070

 Net interest margin - (FTE) (non-GAAP)

3.56%


3.51%


3.51%

 

S&T Bancorp, Inc.






Consolidated Selected Financial Data






Unaudited












Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:














For the Six Months Ended June 30,




2014


2013







(8)  Return on Average Tangible Assets (non-GAAP)






 Net income (annualized)



$       57,983


$       53,304

 Plus: amortization of intangibles net of tax (annualized)



804


1,106

 Net income before amortization of intangibles (annualized)



58,787


54,410







 Average total assets



4,657,025


4,469,542

 Less:  average goodwill and other intangibles,
           net of deferred tax liability



(178,063)


(179,017)

 Average tangible assets (non-GAAP)



4,478,962


4,290,525

 Return on average tangible assets (non-GAAP)



1.31%


1.27%







(9)  Return on Average Tangible Shareholders' Equity (non-GAAP)






  Net income (annualized)



$       57,983


$       53,304

  Plus: amortization of intangibles net of tax (annualized)



804


1,106

  Net income before amortization of intangibles (annualized)



58,787


54,410







  Average total shareholders' equity



585,024


543,333

  Less: average goodwill and other intangibles,
           net of deferred tax liability



(178,063)


(179,017)

  Average tangible equity (non-GAAP)



406,961


364,316

  Return on average tangible equity (non-GAAP)



14.45%


14.93%







(10)  Net Interest Margin Rate (FTE) (non-GAAP)






 Interest income



$       78,537


$       76,396

 Less: interest expense



(6,091)


(8,131)

 Net interest income



72,446


68,265

 Plus: taxable equivalent adjustment



2,717


2,341

 Net interest income (FTE) (non-GAAP)



75,163


70,606

 Net interest income (FTE) (annualized)



151,572


142,382

 Average earning assets



4,282,085


4,068,642

 Net interest margin - (FTE) (non-GAAP)



3.54%


3.50%

 

SOURCE S&T Bancorp, Inc.

Wordcount: 3570



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