EX-99.1 2 stba-20220331xex991.htm EX-99.1 Document

CONTACT:
Mark Kochvar
Chief Financial Officer
724.465.4826
mark.kochvar@stbank.com
stbancorp.com
earn_image1a15.jpg
FOR IMMEDIATE RELEASE                

S&T Bancorp, Inc. Announces First Quarter 2022 Net Income

Indiana, Pa. - April 21, 2022 - S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, with operations in five markets including Western Pennsylvania, Eastern Pennsylvania, Northeast Ohio, Central Ohio and Upstate New York, announced net income of $29.1 million, or $0.74 per diluted share, for the first quarter of 2022 compared to net income of $22.5 million, or $0.57 per diluted share, for the fourth quarter of 2021 and net income of $31.9 million, or $0.81 per diluted share, for the first quarter of 2021.

First Quarter of 2022 Highlights:
•Return on average assets (ROA) of 1.25%, return on average equity (ROE) of 9.88% and return on average tangible equity (ROTE) (non-GAAP) of 14.61%.
•Pre-provision net revenue to average assets (PPNR) (non-GAAP) of 1.52%.
•Strong consumer loan growth of $38.6 million, or 9.8% annualized, compared to December 31, 2021.
•Total deposits remain stable with an improvement in the overall deposit mix to lower costing products compared to December 31, 2021.
•Nonperforming assets decreased $20.1 million, or 25%, compared to December 31, 2021.
•Net loan recoveries of $2.0 million drove a negative provision for credit losses of $0.5 million for the first quarter of 2022.
•S&T Bank was named highest in overall customer satisfaction with retail banking in the Pennsylvania region according to J.D. Power 2022 U.S. Retail Banking Satisfaction Study.*
•S&T's Board of Directors approved a $0.01 per share, or 3.4%, increase in the quarterly cash dividend to $0.30 per share compared to a $0.29 per share dividend declared in the prior quarter and a $0.02, or 7.1 percent, increase compared to the same period in the prior year.

"There is a lot to be proud of at S&T this quarter including our recognition by J.D. Power as the highest in overall customer satisfaction with retail banking in the Pennsylvania region. We are honored that our customers have great confidence and trust in us," said Chris McComish, chief executive officer. "During the quarter, we saw meaningful improvement in our credit quality, strong growth in our consumer loan portfolio and a better net interest margin with an improved outlook."

Net Interest Income

Net interest income decreased $0.7 million to $67.7 million for the first quarter of 2022 compared to $68.4 million for the fourth quarter of 2021. Net interest income related to Paycheck Protection Program (PPP) loans decreased $1.4 million to $1.7 million for the first quarter of 2022 compared to $3.1 million in the fourth quarter of 2021. Net interest income, excluding PPP, increased by $0.7 million compared to the prior quarter, in part due to higher average loans excluding PPP of $54.1 million compared to the prior quarter. Net interest margin on a fully taxable equivalent basis (NIM) (FTE) (non-GAAP) increased 4 basis points to 3.16% compared to 3.12% in the prior quarter. The increase in NIM (FTE) (non-GAAP) was primarily due to an improved asset mix and higher loan and securities yields offset by lower PPP.
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Asset Quality

Asset quality improved with a $20.1 million, or 25%, decrease in nonperforming assets compared to December 31, 2021. The decrease primarily related to the sale of an other real estate owned (OREO) property which reduced nonperforming assets by $6.3 million, the return to accrual of $4.6 million of hotel loans due to improved operating performance and the pay-off of a $4.2 million commercial and industrial (C&I) nonperforming loan. Nonperforming assets to total loans plus OREO was 0.85% at March 31, 2022 compared to 1.13% at December 31, 2021. Net loan recoveries were $2.0 million for the first quarter of 2022 compared to net loan charge-offs of $17.7 million in the fourth quarter of 2021. The net recoveries primarily related to a $2.5 million recovery on a C&I relationship during the first quarter of 2022. The provision for credit losses was negative $0.5 million for the first quarter of 2022 compared to $7.1 million in the fourth quarter of 2021. The negative provision was mainly due to the recovery for the first quarter of 2022. The allowance for credit losses was 1.43% of total portfolio loans as of March 31, 2022 compared to 1.41% at December 31, 2021.

Noninterest Income and Expense

Noninterest income decreased $0.9 million to $15.2 million in the first quarter of 2022 compared to $16.1 million in the fourth quarter of 2021. Other income decreased $0.9 million primarily related to an unfavorable market valuation for a deferred compensation plan. Mortgage banking income decreased $0.5 million due to decreased activity with rising interest rates. Offsetting these decreases was an increase in debit and credit card fees of $0.6 million related to higher debit card activity. Noninterest expense decreased $2.8 million to $47.4 million for the first quarter of 2022 mainly due to a decrease of $3.4 million in salaries and employee benefits related to higher incentives in the fourth quarter of 2021. Other expense increased $0.5 million related to higher OREO expense compared to the fourth quarter of 2021.

Financial Condition

Total assets were $9.4 billion at March 31, 2022 compared to $9.5 billion at December 31, 2021. Securities increased $117.4 million compared to December 31, 2021 due to cash being redeployed to higher yielding assets. Total portfolio loans excluding PPP increased by $10.3 million compared to December 31, 2021. The consumer loan portfolio grew $38.6 million, or 9.8% annualized, with growth in all consumer categories compared to December 31, 2021. Total deposits remain stable with an improvement in the overall deposit mix to lower costing products compared to December 31, 2021. S&T continues to maintain a strong regulatory capital position with all capital ratios above the well-capitalized thresholds of federal bank regulatory agencies.

Dividend

S&T's Board of Directors approved a $0.01 per share, or 3.4%, increase in the quarterly cash dividend to $0.30 per share on April 18, 2022. This dividend compares to a $0.28 per share dividend declared in the same period in the prior year. The dividend is payable May 19, 2022 to shareholders of record on May 5, 2022.

Conference Call

S&T will host its first quarter 2022 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, April 21, 2022. To access the webcast, go to S&T’s webpage at www.stbancorp.com and click on “Events & Presentations.” Select “1st Quarter 2022 Earnings Conference Call” and follow the instructions. After the live presentation, the webcast will be archived on this website for at least 90 days. A replay of the call will also be available until April 28, 2022, by dialing 1.877.481.4010; the Conference ID is 44915.
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About S&T Bancorp, Inc. and S&T Bank

S&T Bancorp, Inc. is a $9.4 billion bank holding company that is headquartered in Indiana, Pennsylvania and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was established in 1902 and operates in five markets including Western Pennsylvania, Eastern Pennsylvania, Northeast Ohio, Central Ohio, and Upstate New York. S&T Bank recently received the highest ranking in customer satisfaction for retail banking in the Pennsylvania region by J.D. Power. For more information visit stbancorp.com or stbank.com. Follow us on Facebook, Instagram, and LinkedIn.

*S&T Bank received the highest score in Pennsylvania in the J.D. Power 2022 U.S. Retail Banking Satisfaction Study of customers’ satisfaction with their primary bank. Visit jdpower.com/awards for more details.

This information contains or incorporates statements that we believe are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting S&T and its future business and operations. Forward-looking statements are typically identified by words or phrases such as “will likely result”, “expect”, “anticipate”, “estimate”, “forecast”, “project”, “intend”, “believe”, “assume”, “strategy”, “trend”, “plan”, “outlook”, “outcome”, “continue”, “remain”, “potential”, “opportunity”, “comfortable”, “current”, “position”, “maintain”, “sustain”, “seek”, “achieve” and variations of such words and similar expressions, or future or conditional verbs such as will, would, should, could or may. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to: credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses; cyber-security concerns; rapid technological developments and changes; operational risks or risk management failures by us or critical third parties, including fraud risk; our ability to manage our reputational risks; sensitivity to the interest rate environment including a prolonged period of low interest rates, a rapid increase in interest rates or a change in the shape of the yield curve; a change in spreads on interest-earning assets and interest-bearing liabilities; the transition from LIBOR as a reference rate; regulatory supervision and oversight, including changes in regulatory capital requirements and our ability to address those requirements; unanticipated changes in our liquidity position; changes in accounting policies, practices, or guidance; 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; an interruption or cessation of an important service by a third-party provider; our ability to attract and retain talented executives and employees; our ability to successfully manage our CEO transition; general economic or business conditions, including the strength of regional economic conditions in our market area; the duration and severity of the coronavirus (“COVID-19”) pandemic, both in our principal area of operations and nationally, including the ultimate impact of the pandemic on the economy generally and on our operations; our participation in the Paycheck Protection Program; deterioration of the housing market and reduced demand for mortgages; deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge to net income; the stability of our core deposit base and access to contingency funding; re-emergence of turbulence in significant portions of the global financial and real estate markets that could impact our performance, both directly, by affecting our revenues and the value of our assets and liabilities, and indirectly,
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by affecting the economy generally and access to capital in the amounts, at the times and on the terms required to support our future businesses.

Many of these factors, as well as other factors, are described in our Annual Report on Form 10-K for the year ended December 31, 2021, including Part I, Item 1A-"Risk Factors" and any of our subsequent filings with the SEC. Forward-looking statements are based on beliefs and assumptions using information available at the time the statements are made. We caution you not to unduly rely on forward-looking statements because the assumptions, beliefs, expectations and projections about future events may, and often do, differ materially from actual results. Any forward-looking statement speaks only as to the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made.

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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release -
5
202220212021
FirstFourthFirst
(dollars in thousands, except per share data)QuarterQuarterQuarter
INTEREST AND DIVIDEND INCOME
Loans, including fees$64,593 $66,373 $70,232 
Investment Securities:
Taxable4,936 4,173 3,563 
Tax-exempt482 495 813 
Dividends98 94 173 
Total Interest and Dividend Income70,109 71,135 74,781 
INTEREST EXPENSE
Deposits1,853 2,186 3,481 
Borrowings and junior subordinated debt securities523 511 641 
Total Interest Expense2,376 2,697 4,122 
NET INTEREST INCOME67,733 68,438 70,659 
Provision for credit losses(512)7,128 3,137 
Net Interest Income After Provision for Credit Losses68,245 61,310 67,522 
NONINTEREST INCOME
Net gain on sale of securities— — — 
Debit and credit card5,063 4,467 4,162 
Service charges on deposit accounts3,974 4,001 3,474 
Wealth management3,242 3,314 2,944 
Mortgage banking1,015 1,528 4,310 
Other1,932 2,794 2,346 
Total Noninterest Income15,226 16,104 17,236 
NONINTEREST EXPENSE
Salaries and employee benefits23,712 27,144 23,327 
Data processing and information technology4,435 4,668 4,225 
Occupancy3,882 3,624 3,827 
Furniture, equipment and software2,777 2,897 2,640 
Professional services and legal1,949 1,650 1,531 
Other taxes1,537 1,545 1,436 
Marketing1,361 1,346 1,322 
FDIC insurance937 1,044 1,046 
Other6,824 6,271 6,226 
Total Noninterest Expense47,414 50,189 45,580 
Income Before Taxes36,057 27,225 39,178 
Income tax expense6,914 4,748 7,276 
Net Income$29,143 $22,477 $31,902 
Per Share Data
Shares outstanding at end of period39,351,688 39,351,194 39,268,359 
Average shares outstanding - diluted39,089,933 39,082,285 39,021,208 
Diluted earnings per share$0.74 $0.57 $0.81 
Dividends declared per share$0.29 $0.29 $0.28 
Dividend yield (annualized)3.92 %3.68 %3.34 %
Dividends paid to net income39.06 %50.64 %34.40 %
Book value$30.11 $30.66 $29.75 
Tangible book value (1)
$20.49 $21.03 $20.08 
Market value$29.58 $31.52 $33.50 
Profitability Ratios (Annualized)
Return on average assets1.25 %0.94 %1.42 %
Return on average shareholders' equity9.88 %7.39 %11.15 %
Return on average tangible shareholders' equity (2)
14.61 %10.95 %16.78 %
Pre-provision net revenue/ average assets (3)
1.52 %1.44 %1.89 %
Efficiency ratio (FTE) (4)
56.82 %59.01 %51.47 %
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release -
6
202220212021
FirstFourthFirst
(dollars in thousands)QuarterQuarterQuarter
ASSETS
Cash and due from banks, including interest-bearing deposits$823,757 $922,215 $671,429 
Securities, at fair value1,028,218 910,793 817,299 
Loans held for sale1,346 1,522 12,794 
Commercial loans:
Commercial real estate3,257,955 3,236,653 3,284,555 
Commercial and industrial1,675,316 1,728,969 1,931,711 
Commercial construction398,592 440,962 460,417 
Total Commercial Loans5,331,863 5,406,584 5,676,683 
Consumer loans:
Residential mortgage912,531 899,956 881,245 
Home equity581,821 564,219 530,350 
Installment and other consumer112,297 107,928 80,646 
Consumer construction25,399 21,303 14,244 
Total Consumer Loans1,632,048 1,593,406 1,506,485 
Total Portfolio Loans6,963,911 6,999,990 7,183,168 
Allowance for credit losses(99,915)(98,576)(115,101)
Total Portfolio Loans, Net6,863,996 6,901,414 7,068,067 
Federal Home Loan Bank and other restricted stock, at cost9,349 9,519 12,199 
Goodwill373,424 373,424 373,424 
Other assets332,191 369,642 373,767 
Total Assets$9,432,281 $9,488,529 $9,328,979 
LIABILITIES
Deposits:
Noninterest-bearing demand$2,740,315 $2,748,586 $2,539,594 
Interest-bearing demand1,070,656 979,133 976,225 
Money market1,992,916 2,070,579 2,002,857 
Savings1,117,985 1,110,155 1,036,927 
Certificates of deposit1,038,586 1,088,071 1,320,425 
Total Deposits7,960,458 7,996,524 7,876,028 
Borrowings:
Securities sold under repurchase agreements70,112 84,491 67,417 
Short-term borrowings— — — 
Long-term borrowings22,171 22,430 23,282 
Junior subordinated debt securities54,408 54,393 64,097 
Total Borrowings146,691 161,314 154,796 
Other liabilities140,182 124,237 129,877 
Total Liabilities8,247,331 8,282,075 8,160,701 
SHAREHOLDERS' EQUITY
Total Shareholders' Equity1,184,950 1,206,454 1,168,278 
Total Liabilities and Shareholders' Equity$9,432,281 $9,488,529 $9,328,979 
Capitalization Ratios
Shareholders' equity / assets12.56 %12.71 %12.52 %
Tangible common equity / tangible assets (5)
8.91 %9.08 %8.81 %
Tier 1 leverage ratio9.85 %9.74 %9.71 %
Common equity tier 1 capital12.26 %12.03 %11.84 %
Risk-based capital - tier 112.67 %12.43 %12.26 %
Risk-based capital - total14.18 %13.79 %13.93 %
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release -
7
202220212021
FirstFourthFirst
(dollars in thousands)QuarterQuarterQuarter
Net Interest Margin (FTE) (QTD Averages)
ASSETS
Interest-bearing deposits with banks$756,1410.16%$877,7380.16%$302,2190.09%
Securities, at fair value1,002,2122.10%883,0662.02%782,1182.34%
Loans held for sale1,5453.51%2,0573.03%6,3602.83%
Commercial real estate3,257,2383.65%3,252,9463.59%3,253,6413.76%
Commercial and industrial1,712,8653.98%1,729,0144.21%1,957,4594.31%
Commercial construction409,2643.30%446,2193.19%485,2693.37%
Total Commercial Loans5,379,3673.73%5,428,1793.76%5,696,3693.91%
Residential mortgage896,2684.02%889,7584.03%897,4274.22%
Home equity570,7813.43%558,1583.37%532,7083.65%
Installment and other consumer109,9725.44%103,4505.63%79,9076.33%
Consumer construction21,8333.37%16,2033.50%15,9084.79%
Total Consumer Loans1,598,8543.90%1,567,5693.90%1,525,9504.14%
Total Portfolio Loans6,978,2213.77%6,995,7483.79%7,222,3193.96%
Total Loans6,979,7653.77%6,997,8053.79%7,228,6793.96%
Federal Home Loan Bank and other restricted stock9,2803.40%9,7203.06%11,2424.94%
Total Interest-earning Assets8,747,3983.27%8,768,3293.25%8,324,2593.67%
Noninterest-earning assets709,246722,029756,273
Total Assets$9,456,644$9,490,357$9,080,532
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand$986,6390.08%$967,8260.07%$895,8910.10%
Money market2,055,8570.15%2,063,4470.17%1,968,7790.19%
Savings1,109,0480.03%1,090,2110.03%995,2280.06%
Certificates of deposit1,070,1890.32%1,147,6640.36%1,344,6040.65%
Total Interest-bearing Deposits5,221,7330.14%5,269,1480.16%5,204,5030.27%
Securities sold under repurchase agreements81,7900.10%76,1710.10%64,6530.15%
Short-term borrowings——%——%25,5560.19%
Long-term borrowings22,3101.95%22,5661.96%23,4712.00%
Junior subordinated debt securities54,3982.95%54,3832.77%64,0883.09%
Total Borrowings158,4981.34%153,1201.32%177,7681.46%
Total Interest-bearing Liabilities5,380,2310.18%5,422,2690.20%5,382,2710.31%
Noninterest-bearing liabilities2,879,7182,861,8732,538,149
Shareholders' equity1,196,6941,206,2161,160,113
Total Liabilities and Shareholders' Equity$9,456,644$9,490,357$9,080,532
Net Interest Margin (6)
3.16%3.12%3.47%
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release -
8
202220212021
FirstFourthFirst
(dollars in thousands)QuarterQuarterQuarter
Nonperforming Loans (NPL)
Commercial loans:% NPL% NPL% NPL
Commercial real estate$26,699 0.82%$32,892 1.02%$98,606 3.00%
Commercial and industrial14,673 0.90%19,810 1.15%18,145 0.94%
Commercial construction864 0.22%2,471 0.56%384 0.08%
Commercial loan held for sale— —%— —%2,798 NM
Total Nonperforming Commercial Loans
42,236 0.79%55,173 1.02%119,933 2.11%
Consumer loans:
Residential mortgage7,450 0.82%8,227 0.91%11,737 1.33%
Home equity2,713 0.47%2,733 0.48%3,441 0.65%
Installment and other consumer125 0.11%158 0.15%100 0.12%
Total Nonperforming Consumer Loans10,287 0.63%11,118 0.70%15,278 1.01%
Total Nonperforming Loans$52,524 0.75%$66,291 0.95%$135,211 1.88%
NM - not meaningful
202220212021
FirstFourthFirst
(dollars in thousands)QuarterQuarterQuarter
Loan Charge-offs (Recoveries)
Charge-offs$982 $18,048 $6,532 
Recoveries (3,019)(393)(721)
Net Loan (Recoveries) Charge-offs($2,037)$17,655 $5,812 
Net Loan Charge-offs (Recoveries)
Commercial loans:
Commercial real estate$178 $1,352 $698 
Commercial and industrial(2,507)16,053 4,913 
Commercial construction(1)(10)(1)
Total Commercial Loan (Recoveries) Charge-offs(2,330)17,395 5,610 
Consumer loans:
Residential mortgage81 104 71 
Home equity(20)8 232 
Installment and other consumer232 148 (102)
Total Consumer Loan Charge-offs (Recoveries)293 260 202 
Total Net Loan (Recoveries) Charge-offs($2,037)$17,655 $5,812 

202220212021
FirstFourthFirst
(dollars in thousands)QuarterQuarterQuarter
Asset Quality Data
Nonperforming loans$52,524 $66,291 $135,211 
OREO7,028 13,313 1,620 
Total Nonperforming assets59,552 79,604 136,831 
Troubled debt restructurings (nonaccruing)15,389 21,774 29,983 
Troubled debt restructurings (accruing)10,739 9,921 17,916 
Total troubled debt restructurings26,128 31,695 47,899 
Nonperforming loans / total loans0.75 %0.95 %1.88 %
Nonperforming assets / total loans plus OREO0.85 %1.13 %1.90 %
Allowance for credit losses / total portfolio loans1.43 %1.41 %1.60 %
Allowance for credit losses / total portfolio loans excluding PPP1.44 %1.43 %1.72 %
Allowance for credit losses / nonperforming loans190 %149 %85 %
Net loan (recoveries) charge-offs ($2,037)$17,655 $5,812 
Net loan (recoveries) charge-offs (annualized) / average loans(0.12 %)1.02 %0.33 %

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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release -
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Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:

202220212021
FirstFourthFirst
(dollars and shares in thousands)QuarterQuarterQuarter
4Q211Q21
(1) Tangible Book Value (non-GAAP)
Total shareholders' equity
$1,184,950 $1,206,454 $1,168,278 
Less: goodwill and other intangible assets, net of deferred tax liability
(378,557)(378,871)(379,911)
Tangible common equity (non-GAAP)
$806,393 $827,583 $788,367 
Common shares outstanding
39,352 39,351 39,268 
Tangible book value (non-GAAP)
$20.49 $21.03 $20.08 
(2) Return on Average Tangible Shareholders' Equity (non-GAAP)
Net income (annualized)
$118,192 $89,176 $129,378 
Plus: amortization of intangibles (annualized), net of tax
1,276 (366)1,464 
Net income before amortization of intangibles (annualized)
$119,468 $90,552 $130,842 
Average total shareholders' equity
$1,196,694 $1,206,216 $1,160,113 
Less: average goodwill and other intangible assets, net of deferred tax liability
(378,761)(379,090)(380,144)
Average tangible equity (non-GAAP)
$817,932 $827,126 $779,969 
Return on average tangible shareholders' equity (non-GAAP)
14.61 %10.95 %16.78 %
(3) PPNR / Average Assets (non-GAAP)
Income before taxes$36,057 $27,225 $39,178 
Plus: Provision for credit losses(512)7,128 3,137 
Total$35,545 $34,353 $42,315 
Total (annualized) (non-GAAP)$144,155 $136,292 $171,611 
Average assets$9,456,644 $9,490,357 $9,080,532 
PPNR / Average Assets (non-GAAP)1.52 %1.44 %1.89 %
(4) Efficiency Ratio (non-GAAP)
Noninterest expense
$47,414 $50,189 $45,580 
Net interest income per consolidated statements of net income
67,733 68,438 70,659 
Plus: taxable equivalent adjustment
493 510 664 
Net interest income (FTE) (non-GAAP)
$68,226 $68,948 $71,323 
Noninterest income
15,226 16,104 17,236 
Less: net (gains) losses on sale of securities
— — — 
Net interest income (FTE) (non-GAAP) plus noninterest income
$83,452 $85,052 $88,560 
Efficiency ratio (non-GAAP)
56.82 %59.01 %51.47 %


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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release -
10
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
202220212021
FirstFourthFirst
(dollars in thousands)QuarterQuarterQuarter
(5) Tangible Common Equity / Tangible Assets (non-GAAP)
Total shareholders' equity
$1,184,950 $1,206,454 $1,168,278 
Less: goodwill and other intangible assets, net of deferred tax liability(378,557)(378,871)(379,911)
Tangible common equity (non-GAAP)
$806,393 $827,583 $788,367 
Total assets
$9,432,281 $9,488,529 $9,328,979 
Less: goodwill and other intangible assets, net of deferred tax liability(378,557)(378,871)(379,911)
Tangible assets (non-GAAP)
$9,053,724 $9,109,658 $8,949,068 
Tangible common equity to tangible assets (non-GAAP)
8.91 %9.08 %8.81 %
(6) Net Interest Margin Rate (FTE) (non-GAAP)
Interest income and dividend income
$70,109 $71,135 $74,781 
Less: interest expense
(2,376)(2,697)(4,122)
Net interest income per consolidated statements of net income
$67,733 $68,438 $70,659 
Plus: taxable equivalent adjustment
493 510 664 
Net interest income (FTE) (non-GAAP)
$68,226 $68,948 $71,323 
Net interest income (FTE) (annualized)
$276,694 $273,537 $289,253 
Average interest- earning assets
$8,747,398 $8,768,329 $8,324,259 
Net interest margin (FTE) (non-GAAP)
3.16 %3.12 %3.47 %


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