SIGNATURES
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|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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|
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S
&
T Bancorp, Inc.
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July 18, 2019
|
/s/ Mark Kochvar
Mark Kochvar
Senior Executive Vice President, Chief Financial Officer |
CONTACT:
Mark Kochvar
Chief Financial Officer
724.465.4826
800 Philadelphia Street
Indiana, PA 15701
mark.kochvar@stbank.com
www.stbancorp.com
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|
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•
|
Return on average assets (ROA) was 1.44%, return on average equity (ROE) was 11.00% and return on average tangible equity (ROTE) (non-GAAP) was 15.89%.
|
•
|
Portfolio loans increased $97.7 million, or 6.6% annualized, compared to the first quarter of 2019.
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•
|
S&T announced expansion into Southeastern Pennsylvania with the signing of a definitive merger agreement where S&T will acquire DNB Financial Corporation ($1.2 billion of assets) in an all-stock transaction.
|
•
|
S
&
T's Board of Directors declared a $0.27 per share dividend, which is an increase of 8% compared to a $0.25 dividend in the same period last year.
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S
&
T Bancorp, Inc.
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|
S
&
T Earnings Release -
|
4
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Consolidated Selected Financial Data
|
|
|
|
Unaudited
|
|
|
|
|
2019
|
|
2019
|
|
2018
|
|
|||
|
Second
|
|
First
|
|
Second
|
|
|||
(dollars in thousands, except per share data)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|||
INTEREST AND DIVIDEND INCOME
|
|
|
|
|
|
|
|||
Loans, including fees
|
$74,728
|
|
$73,392
|
|
$66,610
|
|
|||
Investment securities:
|
|
|
|
|
|
|
|||
Taxable
|
3,647
|
|
3,790
|
|
3,519
|
|
|||
Tax-exempt
|
834
|
|
844
|
|
872
|
|
|||
Dividends
|
415
|
|
564
|
|
580
|
|
|||
Total Interest and Dividend Income
|
79,624
|
|
78,590
|
|
71,581
|
|
|||
|
|
|
|
|
|
|
|||
INTEREST EXPENSE
|
|
|
|
|
|
|
|||
Deposits
|
16,055
|
|
14,981
|
|
9,166
|
|
|||
Borrowings and junior subordinated debt securities
|
2,742
|
|
3,253
|
|
4,012
|
|
|||
Total Interest Expense
|
18,797
|
|
18,234
|
|
13,178
|
|
|||
|
|
|
|
|
|
|
|||
NET INTEREST INCOME
|
60,827
|
|
60,356
|
|
58,403
|
|
|||
Provision for loan losses
|
2,205
|
|
5,649
|
|
9,345
|
|
|||
Net Interest Income After Provision for Loan Losses
|
58,622
|
|
54,707
|
|
49,058
|
|
|||
|
|
|
|
|
|
|
|||
NONINTEREST INCOME
|
|
|
|
|
|
|
|||
Net gain on sale of securities
|
—
|
|
|
—
|
|
|
—
|
|
|
Debit and credit card
|
3,501
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|
2,974
|
|
3,309
|
|
|||
Service charges on deposit accounts
|
3,212
|
|
3,153
|
|
3,227
|
|
|||
Wealth management
|
2,062
|
|
2,048
|
|
2,616
|
|
|||
Mortgage banking
|
637
|
|
494
|
|
831
|
|
|||
Other
|
3,489
|
|
2,693
|
|
2,268
|
|
|||
Total Noninterest Income
|
12,901
|
|
11,362
|
|
12,251
|
|
|||
|
|
|
|
|
|
|
|||
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|||
Salaries and employee benefits
|
20,290
|
|
20,910
|
|
18,611
|
|
|||
Data processing and information technology
|
3,414
|
|
3,233
|
|
2,379
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|
|||
Net occupancy
|
2,949
|
|
3,036
|
|
2,804
|
|
|||
Furniture, equipment and software
|
2,301
|
|
2,230
|
|
2,134
|
|
|||
Other taxes
|
1,456
|
|
1,185
|
|
1,739
|
|
|||
Marketing
|
1,310
|
|
1,141
|
|
1,190
|
|
|||
Professional services and legal
|
1,145
|
|
1,184
|
|
888
|
|
|||
FDIC insurance
|
695
|
|
516
|
|
739
|
|
|||
Merger related expense
|
618
|
|
—
|
|
|
—
|
|
|
|
Other
|
6,174
|
|
5,484
|
|
5,379
|
|
|||
Total Noninterest Expense
|
40,352
|
|
38,919
|
|
35,863
|
|
|||
|
|
|
|
|
|
|
|||
Income Before Taxes
|
31,171
|
|
27,150
|
|
25,446
|
|
|||
Provision for income taxes
|
5,070
|
|
4,222
|
|
4,010
|
|
|||
|
|
|
|
|
|
|
|||
Net Income
|
$26,101
|
|
$22,928
|
|
$21,436
|
|
|||
|
|
|
|
|
|
|
|||
Per Share Data
|
|
|
|
|
|
|
|||
Shares outstanding at end of period
|
34,330,338
|
|
34,330,136
|
|
35,009,945
|
|
|||
Average shares outstanding - diluted
|
34,201,448
|
|
34,542,811
|
|
35,057,576
|
|
|||
Diluted earnings per share
|
$0.76
|
|
$0.66
|
|
$0.61
|
|
|||
Dividends declared per share
|
$0.27
|
|
$0.27
|
|
$0.25
|
|
|||
Dividend yield (annualized)
|
2.88
|
%
|
|
2.73
|
%
|
|
2.31
|
%
|
|
Dividends paid to net income
|
35.41
|
%
|
|
40.64
|
%
|
|
40.69
|
%
|
|
Book value
|
$28.11
|
|
$27.47
|
|
$25.91
|
|
|||
Tangible book value
(1)
|
$19.68
|
|
$19.04
|
|
$17.63
|
|
|||
Market value
|
$37.48
|
|
$39.53
|
|
$43.24
|
|
|||
|
|
|
|
|
|
|
|||
Profitability Ratios (annualized)
|
|
|
|
|
|
|
|||
Return on average assets
|
1.44
|
%
|
|
1.29
|
%
|
|
1.22
|
%
|
|
Return on average shareholders' equity
|
11.00
|
%
|
|
9.84
|
%
|
|
9.52
|
%
|
|
Return on average tangible shareholders' equity
(2)
|
15.89
|
%
|
|
14.27
|
%
|
|
14.14
|
%
|
|
Efficiency ratio (FTE)
(3)
|
54.03
|
%
|
|
53.55
|
%
|
|
50.09
|
%
|
|
|
|
|
|
S
&
T Bancorp, Inc.
|
|
S
&
T Earnings Release -
|
5
|
Consolidated Selected Financial Data
|
|
|
|
Unaudited
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
||||
(dollars in thousands, except per share data)
|
|
|
2019
|
|
2018
|
|
||
INTEREST INCOME
|
|
|
|
|
|
|
||
Loans, including fees
|
|
|
$148,120
|
|
$129,665
|
|
||
Investment securities:
|
|
|
|
|
|
|
||
Taxable
|
|
|
7,437
|
|
6,948
|
|
||
Tax-exempt
|
|
|
1,679
|
|
1,746
|
|
||
Dividends
|
|
|
978
|
|
1,251
|
|
||
Total Interest Income
|
|
|
158,214
|
|
139,610
|
|
||
|
|
|
|
|
|
|
||
INTEREST EXPENSE
|
|
|
|
|
|
|
||
Deposits
|
|
|
31,036
|
|
17,012
|
|
||
Borrowings and junior subordinated debt securities
|
|
|
5,995
|
|
7,264
|
|
||
Total Interest Expense
|
|
|
37,031
|
|
24,276
|
|
||
|
|
|
|
|
|
|
||
NET INTEREST INCOME
|
|
|
121,183
|
|
115,334
|
|
||
Provision for loan losses
|
|
|
7,854
|
|
11,817
|
|
||
Net Interest Income After Provision for Loan Losses
|
|
|
113,329
|
|
103,517
|
|
||
|
|
|
|
|
|
|
||
NONINTEREST INCOME
|
|
|
|
|
|
|
||
Net gain (loss) on sale of securities
|
|
|
—
|
|
|
—
|
|
|
Debit and credit card
|
|
|
6,476
|
|
6,347
|
|
||
Service charges on deposit accounts
|
|
|
6,365
|
|
6,468
|
|
||
Wealth management
|
|
|
4,109
|
|
5,298
|
|
||
Mortgage banking
|
|
|
1,131
|
|
1,432
|
|
||
Gain on sale of a majority interest of insurance business
|
|
|
—
|
|
|
1,873
|
|
|
Other
|
|
|
6,182
|
|
4,626
|
|
||
Total Noninterest Income
|
|
|
24,263
|
|
26,044
|
|
||
|
|
|
|
|
|
|
||
NONINTEREST EXPENSE
|
|
|
|
|
|
|
||
Salaries and employee benefits
|
|
|
41,199
|
|
37,426
|
|
||
Data processing and information technology
|
|
|
6,646
|
|
4,704
|
|
||
Net occupancy
|
|
|
5,986
|
|
5,677
|
|
||
Furniture, equipment and software
|
|
|
4,531
|
|
4,090
|
|
||
Other taxes
|
|
|
2,641
|
|
3,587
|
|
||
Marketing
|
|
|
2,452
|
|
1,892
|
|
||
Professional services and legal
|
|
|
2,329
|
|
1,939
|
|
||
FDIC insurance
|
|
|
1,211
|
|
1,847
|
|
||
Merger related expense
|
|
|
618
|
|
—
|
|
|
|
Other
|
|
|
11,658
|
|
10,783
|
|
||
Total Noninterest Expense
|
|
|
79,271
|
|
71,945
|
|
||
|
|
|
|
|
|
|
||
Income Before Taxes
|
|
|
58,321
|
|
57,616
|
|
||
Provision for income taxes
|
|
|
9,292
|
|
10,017
|
|
||
|
|
|
|
|
|
|
||
Net Income
|
|
|
$49,029
|
|
$47,599
|
|
||
|
|
|
|
|
|
|
||
Per Share Data
|
|
|
|
|
|
|
||
Average shares outstanding - diluted
|
|
|
34,369,756
|
|
35,043,041
|
|
||
Diluted earnings per share
|
|
|
$1.43
|
|
$1.36
|
|
||
Dividends declared per share
|
|
|
$0.54
|
|
$0.47
|
|
||
Dividends paid to net income
|
|
|
37.85
|
%
|
|
34.44
|
%
|
|
|
|
|
|
|
|
|
||
Profitability Ratios (annualized)
|
|
|
|
|
|
|
||
Return on average assets
|
|
|
1.37
|
%
|
|
1.37
|
%
|
|
Return on average shareholders' equity
|
|
|
10.43
|
%
|
|
10.71
|
%
|
|
Return on average tangible shareholders' equity
(6)
|
|
|
15.09
|
%
|
|
15.95
|
%
|
|
Efficiency ratio (FTE)
(7)
|
|
|
53.79
|
%
|
|
50.22
|
%
|
|
|
|
|
|
S
&
T Bancorp, Inc.
|
|
S
&
T Earnings Release -
|
6
|
Consolidated Selected Financial Data
|
|
|
|
Unaudited
|
|
|
|
|
2019
|
|
2019
|
|
2018
|
|
|||
|
Second
|
|
First
|
|
Second
|
|
|||
(dollars in thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|||
ASSETS
|
|
|
|
|
|
|
|||
Cash and due from banks, including interest-bearing deposits
|
$122,876
|
|
$116,820
|
|
$137,933
|
|
|||
Securities, at fair value
|
668,588
|
|
680,420
|
|
688,341
|
|
|||
Loans held for sale
|
8,135
|
|
2,706
|
|
3,801
|
|
|||
Commercial loans:
|
|
|
|
|
|
|
|||
Commercial real estate
|
2,906,895
|
|
2,901,625
|
|
2,788,641
|
|
|||
Commercial and industrial
|
1,559,727
|
|
1,513,007
|
|
1,455,578
|
|
|||
Commercial construction
|
267,203
|
|
245,658
|
|
299,787
|
|
|||
Total Commercial Loans
|
4,733,825
|
|
4,660,290
|
|
4,544,006
|
|
|||
Consumer loans:
|
|
|
|
|
|
|
|||
Residential mortgage
|
751,355
|
|
729,914
|
|
698,440
|
|
|||
Home equity
|
464,195
|
|
463,566
|
|
471,622
|
|
|||
Installment and other consumer
|
72,041
|
|
70,960
|
|
66,638
|
|
|||
Consumer construction
|
11,784
|
|
10,722
|
|
5,412
|
|
|||
Total Consumer Loans
|
1,299,375
|
|
1,275,162
|
|
1,242,112
|
|
|||
Total Portfolio Loans
|
6,033,200
|
|
5,935,452
|
|
5,786,118
|
|
|||
Allowance for loan losses
|
(61,479)
|
|
(61,409)
|
|
(60,517)
|
|
|||
Total Portfolio Loans, Net
|
5,971,721
|
|
5,874,043
|
|
5,725,601
|
|
|||
Federal Home Loan Bank and other restricted stock, at cost
|
22,491
|
|
19,959
|
|
35,782
|
|
|||
Goodwill
|
287,446
|
|
287,446
|
|
287,446
|
|
|||
Other assets
|
253,348
|
|
247,868
|
|
218,442
|
|
|||
Total Assets
|
$7,334,605
|
|
$7,229,262
|
|
$7,097,346
|
|
|||
|
|
|
|
|
|
|
|||
LIABILITIES
|
|
|
|
|
|
|
|||
Deposits:
|
|
|
|
|
|
|
|||
Noninterest-bearing demand
|
$1,462,386
|
|
$1,423,436
|
|
$1,410,211
|
|
|||
Interest-bearing demand
|
549,663
|
|
541,053
|
|
553,729
|
|
|||
Money market
|
1,742,334
|
|
1,700,964
|
|
1,267,623
|
|
|||
Savings
|
754,062
|
|
767,175
|
|
845,526
|
|
|||
Certificates of deposit
|
1,348,255
|
|
1,400,773
|
|
1,316,444
|
|
|||
Total Deposits
|
5,856,700
|
|
5,833,401
|
|
5,393,533
|
|
|||
|
|
|
|
|
|
|
|||
Borrowings:
|
|
|
|
|
|
|
|||
Securities sold under repurchase agreements
|
14,154
|
|
23,427
|
|
44,724
|
|
|||
Short-term borrowings
|
295,000
|
|
235,000
|
|
600,000
|
|
|||
Long-term borrowings
|
69,791
|
|
70,418
|
|
46,062
|
|
|||
Junior subordinated debt securities
|
45,619
|
|
45,619
|
|
45,619
|
|
|||
Total Borrowings
|
424,564
|
|
374,464
|
|
736,405
|
|
|||
Other liabilities
|
88,388
|
|
78,241
|
|
60,275
|
|
|||
Total Liabilities
|
6,369,652
|
|
6,286,106
|
|
6,190,213
|
|
|||
|
|
|
|
|
|
|
|||
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|||
Total Shareholders' Equity
|
964,953
|
|
943,156
|
|
907,133
|
|
|||
Total Liabilities and Shareholders' Equity
|
$7,334,605
|
|
$7,229,262
|
|
$7,097,346
|
|
|||
|
|
|
|
|
|
|
|||
Capitalization Ratios
|
|
|
|
|
|
|
|||
Shareholders' equity / assets
|
13.16
|
%
|
|
13.05
|
%
|
|
12.78
|
%
|
|
Tangible common equity / tangible assets
(4)
|
9.59
|
%
|
|
9.42
|
%
|
|
9.07
|
%
|
|
Tier 1 leverage ratio
|
10.12
|
%
|
|
9.96
|
%
|
|
9.87
|
%
|
|
Common equity tier 1 capital
|
11.35
|
%
|
|
11.35
|
%
|
|
11.18
|
%
|
|
Risk-based capital - tier 1
|
11.68
|
%
|
|
11.69
|
%
|
|
11.53
|
%
|
|
Risk-based capital - total
|
13.15
|
%
|
|
13.19
|
%
|
|
13.04
|
%
|
|
|
|
|
|
S
&
T Bancorp, Inc.
|
|
S
&
T Earnings Release -
|
7
|
Consolidated Selected Financial Data
|
|
|
|
Unaudited
|
|
|
|
|
2019
|
|
2019
|
|
2018
|
|
|
Second
|
|
First
|
|
Second
|
|
(dollars in thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Net Interest Margin (FTE) (QTD Averages)
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Interest-bearing deposits with banks
|
$49,949
|
2.19%
|
$53,588
|
2.63%
|
$55,015
|
1.60%
|
Securities, at fair value
|
673,117
|
2.66%
|
680,517
|
2.68%
|
685,132
|
2.60%
|
Loans held for sale
|
1,452
|
4.44%
|
894
|
4.07%
|
1,528
|
7.43%
|
Commercial real estate
|
2,895,146
|
5.01%
|
2,905,272
|
5.02%
|
2,774,882
|
4.71%
|
Commercial and industrial
|
1,559,222
|
5.17%
|
1,508,658
|
5.20%
|
1,431,861
|
4.66%
|
Commercial construction
|
242,192
|
5.37%
|
249,997
|
5.37%
|
324,934
|
4.76%
|
Total Commercial Loans
|
4,696,560
|
5.08%
|
4,663,927
|
5.10%
|
4,531,677
|
4.70%
|
Residential mortgage
|
734,372
|
4.50%
|
722,554
|
4.38%
|
691,634
|
4.23%
|
Home equity
|
463,480
|
5.42%
|
467,739
|
5.44%
|
472,927
|
4.81%
|
Installment and other consumer
|
71,319
|
7.23%
|
69,099
|
7.17%
|
67,186
|
6.79%
|
Consumer construction
|
11,014
|
5.41%
|
9,466
|
6.19%
|
4,570
|
4.76%
|
Total Consumer Loans
|
1,280,185
|
4.99%
|
1,268,858
|
4.93%
|
1,236,317
|
4.60%
|
Total Portfolio Loans
|
5,976,745
|
5.06%
|
5,932,785
|
5.06%
|
5,767,994
|
4.68%
|
Total Loans
|
5,978,197
|
5.06%
|
5,933,679
|
5.06%
|
5,769,522
|
4.68%
|
Federal Home Loan Bank and other restricted stock
|
21,141
|
6.97%
|
24,471
|
8.49%
|
34,130
|
6.30%
|
Total Interest-earning Assets
|
6,722,404
|
4.81%
|
6,692,255
|
4.81%
|
6,543,799
|
4.44%
|
Noninterest-earning assets
|
523,636
|
|
518,500
|
|
491,246
|
|
Total Assets
|
$7,246,040
|
|
$7,210,755
|
|
$7,035,045
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Interest-bearing demand
|
$550,200
|
0.46%
|
$545,695
|
0.41%
|
$571,260
|
0.31%
|
Money market
|
1,695,349
|
1.93%
|
1,568,417
|
1.89%
|
1,251,171
|
1.29%
|
Savings
|
760,743
|
0.26%
|
770,587
|
0.25%
|
851,702
|
0.20%
|
Certificates of deposit
|
1,389,968
|
1.95%
|
1,434,511
|
1.88%
|
1,295,473
|
1.32%
|
Total interest-bearing Deposits
|
4,396,260
|
1.46%
|
4,319,209
|
1.41%
|
3,969,606
|
0.93%
|
Securities sold under repurchase agreements
|
16,337
|
0.69%
|
23,170
|
0.52%
|
48,980
|
0.41%
|
Short-term borrowings
|
242,759
|
2.71%
|
319,389
|
2.72%
|
617,891
|
2.06%
|
Long-term borrowings
|
70,049
|
2.86%
|
70,196
|
2.84%
|
46,317
|
2.24%
|
Junior subordinated debt securities
|
45,619
|
5.03%
|
45,619
|
5.21%
|
45,619
|
4.61%
|
Total Borrowings
|
374,764
|
2.94%
|
458,374
|
2.88%
|
758,807
|
2.12%
|
Total interest-bearing Liabilities
|
4,771,024
|
1.58%
|
4,777,584
|
1.55%
|
4,728,413
|
1.12%
|
Noninterest-bearing liabilities
|
1,523,676
|
|
1,488,057
|
|
1,403,771
|
|
Shareholders' equity
|
951,340
|
|
945,114
|
|
902,861
|
|
Total Liabilities and Shareholders' Equity
|
$7,246,040
|
|
$7,210,755
|
|
$7,035,045
|
|
|
|
|
|
|
|
|
Net Interest Margin
(5)
|
|
3.68%
|
|
3.71%
|
|
3.64%
|
|
|
|
|
|
|
|
|
|
|
|
S
&
T Bancorp, Inc.
|
|
S
&
T Earnings Release -
|
8
|
Consolidated Selected Financial Data
|
|
|
|
Unaudited
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
||
(dollars in thousands)
|
|
|
2019
|
|
2018
|
|
Net Interest Margin (FTE) (YTD Averages)
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Interest-bearing deposits with banks
|
|
|
$51,758
|
2.42%
|
$55,509
|
1.63%
|
Securities, at fair value
|
|
|
676,797
|
2.67%
|
686,017
|
2.57%
|
Loans held for sale
|
|
|
1,175
|
4.29%
|
1,737
|
6.44%
|
Commercial real estate
|
|
|
2,900,181
|
5.01%
|
2,733,168
|
4.64%
|
Commercial and industrial
|
|
|
1,534,080
|
5.18%
|
1,431,725
|
4.53%
|
Commercial construction
|
|
|
246,073
|
5.37%
|
349,893
|
4.63%
|
Total Commercial Loans
|
|
|
4,680,334
|
5.09%
|
4,514,786
|
4.61%
|
Residential mortgage
|
|
|
728,495
|
4.44%
|
692,961
|
4.21%
|
Home equity
|
|
|
465,598
|
5.43%
|
476,967
|
4.64%
|
Installment and other consumer
|
|
|
70,215
|
7.20%
|
67,025
|
6.74%
|
Consumer construction
|
|
|
10,244
|
5.77%
|
4,192
|
4.73%
|
Total Consumer Loans
|
|
|
1,274,552
|
4.96%
|
1,241,145
|
4.52%
|
Total Portfolio Loans
|
|
|
5,954,886
|
5.06%
|
5,755,931
|
4.59%
|
Total Loans
|
|
|
5,956,061
|
5.06%
|
5,757,668
|
4.59%
|
Federal Home Loan Bank and other restricted stock
|
|
|
22,797
|
7.79%
|
32,681
|
7.13%
|
Total Interest-earning Assets
|
|
|
6,707,413
|
4.81%
|
6,531,875
|
4.36%
|
Noninterest-earning assets
|
|
|
521,082
|
|
490,476
|
|
Total Assets
|
|
|
$7,228,495
|
|
$7,022,351
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Interest-bearing demand
|
|
|
$547,960
|
0.44%
|
$573,307
|
0.28%
|
Money market
|
|
|
1,632,234
|
1.91%
|
1,222,770
|
1.20%
|
Savings
|
|
|
765,638
|
0.25%
|
862,947
|
0.20%
|
Certificates of deposit
|
|
|
1,412,117
|
1.92%
|
1,325,379
|
1.23%
|
Total Interest-bearing deposits
|
|
|
4,357,949
|
1.44%
|
3,984,403
|
0.86%
|
Securities sold under repurchase agreements
|
|
|
19,735
|
0.59%
|
48,380
|
0.40%
|
Short-term borrowings
|
|
|
280,862
|
2.72%
|
607,013
|
1.89%
|
Long-term borrowings
|
|
|
70,122
|
2.85%
|
46,626
|
2.12%
|
Junior subordinated debt securities
|
|
|
45,619
|
5.12%
|
45,619
|
4.38%
|
Total Borrowings
|
|
|
416,338
|
2.90%
|
747,638
|
1.96%
|
Total Interest-bearing Liabilities
|
|
|
4,774,287
|
1.56%
|
4,732,041
|
1.03%
|
Noninterest-bearing liabilities
|
|
|
1,505,964
|
|
1,393,939
|
|
Shareholders' equity
|
|
|
948,244
|
|
896,371
|
|
Total Liabilities and Shareholders' Equity
|
|
|
$7,228,495
|
|
$7,022,351
|
|
|
|
|
|
|
|
|
Net Interest Margin
(8)
|
|
|
|
3.70%
|
|
3.61%
|
|
|
|
|
S
&
T Bancorp, Inc.
|
|
S
&
T Earnings Release -
|
9
|
Consolidated Selected Financial Data
|
|
|
|
Unaudited
|
|
|
|
|
2019
|
|
2019
|
|
2018
|
|
||||||
|
Second
|
|
First
|
|
Second
|
|
||||||
(dollars in thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
||||||
Nonperforming Loans (NPL)
|
|
|
|
|
|
|
||||||
Commercial loans:
|
|
% NPL
|
|
% NPL
|
|
% NPL
|
||||||
Commercial real estate
|
|
$28,783
|
|
0.99%
|
|
$29,109
|
|
1.00%
|
|
$4,617
|
|
0.17%
|
Commercial and industrial
|
4,130
|
|
0.26%
|
6,810
|
|
0.45%
|
4,853
|
|
0.33%
|
|||
Commercial construction
|
1,226
|
|
0.46%
|
1,226
|
|
0.50%
|
1,870
|
|
0.62%
|
|||
Total Nonperforming Commercial Loans
|
34,139
|
|
0.72%
|
37,145
|
|
0.80%
|
11,340
|
|
0.25%
|
|||
Consumer loans:
|
|
|
|
|
|
|
||||||
Residential mortgage
|
6,782
|
|
0.90%
|
6,630
|
|
0.91%
|
6,112
|
|
0.88%
|
|||
Home equity
|
4,081
|
|
0.88%
|
4,146
|
|
0.89%
|
3,871
|
|
0.82%
|
|||
Installment and other consumer
|
25
|
|
0.03%
|
29
|
|
0.04%
|
49
|
|
0.07%
|
|||
Total Nonperforming Consumer Loans
|
10,888
|
|
0.83%
|
10,805
|
|
0.85%
|
10,032
|
|
0.81%
|
|||
Total Nonperforming Loans
|
|
$45,027
|
|
0.75%
|
|
$47,950
|
|
0.81%
|
|
$21,372
|
|
0.37%
|
|
2019
|
|
2019
|
|
2018
|
|
||||||
|
Second
|
|
First
|
|
Second
|
|
||||||
(dollars in thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
||||||
Loan Charge-offs/(Recoveries)
|
|
|
|
|
|
|
||||||
Charge-offs
|
|
$2,667
|
|
|
|
$6,023
|
|
|
|
$8,632
|
|
|
Recoveries
|
(532
|
)
|
|
(788
|
)
|
|
(758
|
)
|
|
|||
Net Loan Charge-offs/(Recoveries)
|
|
$2,135
|
|
|
|
$5,235
|
|
|
|
$7,874
|
|
|
|
|
|
|
|
|
|
||||||
Net Loan Charge-offs/(Recoveries)
|
|
|
|
|
|
|
||||||
Commercial loans:
|
|
|
|
|
|
|
||||||
Commercial real estate
|
|
$522
|
|
|
|
($121
|
)
|
|
|
$52
|
|
|
Commercial and industrial
|
1,344
|
|
|
5,059
|
|
|
7,030
|
|
|
|||
Commercial construction
|
(2
|
)
|
|
(1
|
)
|
|
320
|
|
|
|||
Total Commercial Loan Charge-offs/(Recoveries)
|
1,864
|
|
|
4,937
|
|
|
7,402
|
|
|
|||
Consumer loans:
|
|
|
|
|
|
|
||||||
Residential mortgage
|
(154
|
)
|
|
115
|
|
|
96
|
|
|
|||
Home equity
|
57
|
|
|
(19
|
)
|
|
129
|
|
|
|||
Installment and other consumer
|
368
|
|
|
284
|
|
|
289
|
|
|
|||
Consumer construction
|
—
|
|
|
(82
|
)
|
|
(42
|
)
|
|
|||
Total Consumer Loan Charge-offs
|
271
|
|
|
298
|
|
|
472
|
|
|
|||
Total Net Loan Charge-offs/(Recoveries)
|
|
$2,135
|
|
|
|
$5,235
|
|
|
|
$7,874
|
|
|
|
|
|
Six Months Ended June 30,
|
|
||||||
(dollars in thousands)
|
|
|
2019
|
|
2018
|
|
||||
Loan Charge-offs
|
|
|
|
|
|
|
||||
Charge-offs
|
|
|
|
$8,691
|
|
|
|
$10,076
|
|
|
Recoveries
|
|
|
(1,320
|
)
|
|
(2,386
|
)
|
|
||
Net Loan Charge-offs
|
|
|
7,371
|
|
|
|
$7,690
|
|
|
|
|
|
|
|
|
|
|
||||
Net Loan Charge-offs
|
|
|
|
|
|
|
||||
Commercial loans:
|
|
|
|
|
|
|
||||
Commercial real estate
|
|
|
$401
|
|
|
$4
|
|
|
||
Commercial and industrial
|
|
|
6,403
|
|
7,741
|
|
|
|||
Commercial construction
|
|
|
(3)
|
|
(809
|
)
|
|
|||
Total Commercial Loan Charge-offs
|
|
|
6,801
|
|
6,936
|
|
|
|||
Consumer loans:
|
|
|
|
|
|
|
||||
Residential mortgage
|
|
|
(38)
|
|
149
|
|
|
|||
Home equity
|
|
|
39
|
|
6
|
|
|
|||
Installment and other consumer
|
|
|
651
|
|
648
|
|
|
|||
Consumer construction
|
|
|
(82)
|
|
(49
|
)
|
|
|||
Total Consumer Loan Charge-offs
|
|
|
570
|
|
754
|
|
|
|||
Total Net Loan Charge-offs
|
|
|
$7,371
|
|
|
$7,690
|
|
|
|
|
|
|
S
&
T Bancorp, Inc.
|
|
S
&
T Earnings Release -
|
10
|
Consolidated Selected Financial Data
|
|
|
|
Unaudited
|
|
|
|
|
2019
|
|
2019
|
|
2018
|
|
||||||
|
Second
|
|
First
|
|
Second
|
|
||||||
(dollars in thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
||||||
Asset Quality Data
|
|
|
|
|
|
|
||||||
Nonperforming loans
|
|
$45,027
|
|
|
|
$47,950
|
|
|
|
$21,372
|
|
|
OREO
|
1,495
|
|
|
2,828
|
|
|
2,999
|
|
|
|||
Nonperforming assets
|
46,522
|
|
|
50,778
|
|
|
24,371
|
|
|
|||
Troubled debt restructurings (nonaccruing)
|
9,943
|
|
|
7,873
|
|
|
7,395
|
|
|
|||
Troubled debt restructurings (accruing)
|
20,690
|
|
|
23,002
|
|
|
24,454
|
|
|
|||
Total troubled debt restructurings
|
30,633
|
|
|
30,875
|
|
|
31,849
|
|
|
|||
Nonperforming loans / loans
|
0.75
|
%
|
|
0.81
|
%
|
|
0.37
|
%
|
|
|||
Nonperforming assets / loans plus OREO
|
0.77
|
%
|
|
0.85
|
%
|
|
0.42
|
%
|
|
|||
Allowance for loan losses / total portfolio loans
|
1.02
|
%
|
|
1.03
|
%
|
|
1.05
|
%
|
|
|||
Allowance for loan losses / nonperforming loans
|
137
|
%
|
|
128
|
%
|
|
283
|
%
|
|
|||
Net loan charge-offs (recoveries)
|
|
$2,135
|
|
|
|
$5,235
|
|
|
|
$7,874
|
|
|
Net loan charge-offs (recoveries)(annualized) / average loans
|
0.14
|
%
|
|
0.36
|
%
|
|
0.55
|
%
|
|
|
|
|
Six Months Ended June 30,
|
|
||||||
(dollars in thousands)
|
|
|
2019
|
|
2018
|
|
||||
Asset Quality Data
|
|
|
|
|
|
|
||||
Net loan charge-offs (recoveries)
|
|
|
|
$7,371
|
|
|
|
$7,690
|
|
|
Net loan charge-offs (recoveries)(annualized) / average loans
|
|
|
0.25
|
%
|
|
0.27
|
%
|
|
|
|
|
|
S
&
T Bancorp, Inc.
|
|
S
&
T Earnings Release -
|
11
|
Consolidated Selected Financial Data
|
|
|
|
Unaudited
|
|
|
|
|
2019
|
|
2019
|
|
2018
|
|
||||
|
Second
|
|
First
|
|
Second
|
|
||||
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
||||
|
|
|
|
|
|
|
||||
(1)
Tangible Book Value (non-GAAP)
|
|
|
|
|
|
|
||||
Total shareholders' equity
|
$964,953
|
|
$943,156
|
|
$907,133
|
|
||||
Less: goodwill and other intangible assets
|
(289,701)
|
|
(289,864)
|
|
(290,355)
|
|
||||
Tax effect of other intangible assets
|
474
|
|
508
|
|
611
|
|
||||
Tangible common equity (non-GAAP)
|
$675,726
|
|
$653,800
|
|
$617,389
|
|
||||
Common shares outstanding
|
34,330
|
|
34,330
|
|
35,010
|
|
||||
Tangible book value (non-GAAP)
|
$19.68
|
|
$19.04
|
|
$17.63
|
|
||||
|
|
|
|
|
|
|
||||
(2)
Return on Average Tangible Shareholders' Equity (non-GAAP)
|
|
|
|
|
|
|
||||
Net income (annualized)
|
$104,689
|
|
$92,987
|
|
$85,980
|
|
||||
Plus: amortization of intangibles (annualized)
|
654
|
|
739
|
|
869
|
|
||||
Tax effect of amortization of intangibles (annualized)
|
(137)
|
|
(155)
|
|
(183)
|
|
||||
Net income before amortization of intangibles (annualized)
|
$105,206
|
|
$93,571
|
|
$86,666
|
|
||||
|
|
|
|
|
|
|
||||
Average total shareholders' equity
|
$951,340
|
|
$945,114
|
|
$902,861
|
|
||||
Less: average goodwill and other intangible assets
|
(289,784)
|
|
(289,954)
|
|
(290,464)
|
|
||||
Tax effect of average goodwill and other intangible assets
|
491
|
|
527
|
|
634
|
|
||||
Average tangible equity (non-GAAP)
|
$662,047
|
|
$655,687
|
|
$613,031
|
|
||||
Return on average tangible shareholders' equity (non-GAAP)
|
15.89
|
%
|
|
14.27
|
%
|
|
14.14
|
%
|
|
|
|
|
|
|
|
|
|
||||
(3)
Efficiency Ratio (non-GAAP)
|
|
|
|
|
|
|
||||
Noninterest expense
|
$40,352
|
|
$38,919
|
|
$35,863
|
|
||||
|
|
|
|
|
|
|
||||
Net interest income per consolidated statements of net income
|
$60,827
|
|
$60,356
|
|
$58,403
|
|
||||
Less: net (gains) losses on sale of securities
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Plus: taxable equivalent adjustment
|
958
|
|
961
|
|
938
|
|
||||
Net interest income (FTE) (non-GAAP)
|
61,785
|
|
61,317
|
|
59,341
|
|
||||
Noninterest income
|
12,901
|
|
11,362
|
|
12,251
|
|
||||
Net interest income (FTE) (non-GAAP) plus noninterest income
|
$74,686
|
|
$72,679
|
|
$71,592
|
|
||||
Efficiency ratio (non-GAAP)
|
54.03
|
%
|
|
53.55
|
%
|
|
50.09
|
%
|
|
|
|
|
|
|
|
|
|
||||
(4)
Tangible Common Equity / Tangible Assets (non-GAAP)
|
|
|
|
|
|
|
||||
Total shareholders' equity
|
$964,953
|
|
$943,156
|
|
$907,133
|
|
||||
Less: goodwill and other intangible assets
|
(289,701)
|
|
(289,864)
|
|
(290,355)
|
|
||||
Tax effect of goodwill and other intangible assets
|
474
|
|
508
|
|
611
|
|
||||
Tangible common equity (non-GAAP)
|
$675,726
|
|
$653,800
|
|
$617,389
|
|
||||
|
|
|
|
|
|
|
||||
Total assets
|
$7,334,605
|
|
$7,229,262
|
|
$7,097,346
|
|
||||
Less: goodwill and other intangible assets
|
(289,701
|
)
|
|
(289,864)
|
|
(290,355)
|
|
|||
Tax effect of goodwill and other intangible assets
|
474
|
|
508
|
|
611
|
|
||||
Tangible assets (non-GAAP)
|
$7,045,378
|
|
$6,939,906
|
|
$6,807,602
|
|
||||
Tangible common equity to tangible assets (non-GAAP)
|
9.59
|
%
|
|
9.42
|
%
|
|
9.07
|
%
|
|
|
|
|
|
|
|
|
|
||||
(5)
Net Interest Margin Rate (FTE) (non-GAAP)
|
|
|
|
|
|
|
||||
Interest income
|
$79,624
|
|
$78,590
|
|
$71,581
|
|
||||
Less: interest expense
|
(18,797)
|
|
(18,234)
|
|
(13,178)
|
|
||||
Net interest income per consolidated statements of net income
|
60,827
|
|
60,356
|
|
58,403
|
|
||||
Plus: taxable equivalent adjustment
|
958
|
|
961
|
|
938
|
|
||||
Net interest income (FTE) (non-GAAP)
|
$61,785
|
|
$61,317
|
|
|
$59,341
|
|
|
||
Net interest income (FTE) (annualized)
|
$247,819
|
|
$248,675
|
|
$238,016
|
|
||||
Average earning assets
|
$6,722,404
|
|
$6,692,255
|
|
$6,543,799
|
|
||||
Net interest margin - (FTE) (non-GAAP)
|
3.68
|
%
|
|
3.71
|
%
|
|
3.64
|
%
|
|
|
|
|
|
S
&
T Bancorp, Inc.
|
|
S
&
T Earnings Release -
|
12
|
Consolidated Selected Financial Data
|
|
|
|
Unaudited
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
||||
|
|
|
2019
|
|
2018
|
|
||
|
|
|
|
|
|
|
||
(6)
Return on Average Tangible Shareholders' Equity (non-GAAP)
|
|
|
|
|
|
|
||
Net income (annualized)
|
|
|
$98,870
|
|
$95,987
|
|
||
Plus: amortization of intangibles (annualized)
|
|
|
697
|
|
952
|
|
||
Tax effect of amortization of intangibles (annualized)
|
|
|
(146)
|
|
(200)
|
|
||
Net income before amortization of intangibles (annualized)
|
|
|
$99,421
|
|
$96,739
|
|
||
|
|
|
|
|
|
|
||
Average total shareholders' equity
|
|
|
$948,244
|
|
$896,371
|
|
||
Less: average goodwill and other intangible assets
|
|
|
(289,869)
|
|
(290,609)
|
|
||
Tax effect of average goodwill and other intangible assets
|
|
|
509
|
|
659
|
|
||
Average tangible equity (non-GAAP)
|
|
|
$658,884
|
|
$606,421
|
|
||
Return on average tangible equity (non-GAAP)
|
|
|
15.09
|
%
|
|
15.95
|
%
|
|
|
|
|
|
|
|
|
||
(7)
Efficiency Ratio (non-GAAP)
|
|
|
|
|
|
|
||
Noninterest expense
|
|
|
$79,271
|
|
$71,945
|
|
||
|
|
|
|
|
|
|
||
Net interest income per consolidated statements of net income
|
|
|
$121,183
|
|
$115,334
|
|
||
Less: net (gains) losses on sale of securities
|
|
|
—
|
|
|
—
|
|
|
Plus: taxable equivalent adjustment
|
|
|
1,919
|
|
1,878
|
|
||
Net interest income (FTE) (non-GAAP)
|
|
|
123,102
|
|
117,212
|
|
||
Noninterest income
|
|
|
24,263
|
|
26,044
|
|
||
Net interest income (FTE) (non-GAAP) plus noninterest income
|
|
|
$147,365
|
|
$143,256
|
|
||
Efficiency ratio (non-GAAP)
|
|
|
53.79
|
%
|
|
50.22
|
%
|
|
|
|
|
|
|
|
|
||
(8)
Net Interest Margin Rate (FTE) (non-GAAP)
|
|
|
|
|
|
|
||
Interest income
|
|
|
$158,214
|
|
$139,610
|
|
||
Less: interest expense
|
|
|
(37,031)
|
|
(24,276)
|
|
||
Net interest income per consolidated statements of net income
|
|
|
121,183
|
|
115,334
|
|
||
Plus: taxable equivalent adjustment
|
|
|
1,919
|
|
1,878
|
|
||
Net interest income (FTE) (non-GAAP)
|
|
|
$123,102
|
|
$117,212
|
|
||
Net interest income (FTE) (annualized)
|
|
|
$248,244
|
|
$236,367
|
|
||
Average earning assets
|
|
|
$6,707,413
|
|
$6,531,874
|
|
||
Net interest margin - (FTE) (non-GAAP)
|
|
|
3.70
|
%
|
|
3.61
|
%
|
|
CONTACT:
Mark Kochvar
Chief Financial Officer
724.465.4826
800 Philadelphia Street
Indiana, PA 15701
mark.kochvar@stbank.com
www.stbancorp.com
|
|
|