UNITED STATES | ||||||||||
SECURITIES AND EXCHANGE COMMISSION | ||||||||||
Washington, DC 20549 | ||||||||||
FORM 8-K | ||||||||||
CURRENT REPORT | ||||||||||
Pursuant to Section 13 or 15(d) of | ||||||||||
The Securities Exchange Act of 1934 | ||||||||||
January 22, 2018 | ||||||||||
Date of Report (Date of earliest event reported) | ||||||||||
S&T BANCORP, INC | ||||||||||
(Exact name of registrant as specified in its charter) | ||||||||||
Pennsylvania | 0-12508 | 25-1434426 | ||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||
800 Philadelphia Street, Indiana, PA | 15701 | |||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||
Registrant's telephone number, including area code: (800) 325-2265 | ||||||||||
(Former name or former address, if changed since last report) | ||||||||||
(Not applicable) | ||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below): | ||||||||||
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||||
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||||
¨ Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||||
¨ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | ||||||||||
Emerging growth company ¨ | ||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ | ||||||||||
S&T Bancorp, Inc. | |
January 25, 2018 | /s/ Mark Kochvar |
Mark Kochvar Senior Executive Vice President, Chief Financial Officer |
CONTACT: Mark Kochvar Chief Financial Officer 724.465.4826 800 Philadelphia St. Indiana, PA mark.kochvar@stbank.com www.stbancorp.com |
• | 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. |
• | 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. |
S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 5 | |
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 | S&T Earnings Release - 6 | |
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 | S&T Earnings Release - 7 | |
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 | S&T Earnings Release - 8 | |
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 | S&T Earnings Release - 9 | |
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% | ||||||||
S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 10 | |
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% |
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 | S&T Earnings Release - 11 | |
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 | % |
S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 12 | |
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 | S&T Earnings Release - 13 | |
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 | % |
S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 14 | |
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 | % | ||||||
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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