INDIANA, Pa., April 21, 2015 /PRNewswire/ -- S&T
Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for
S&T Bank with branch locations in 16 southwestern and
southcentral Pennsylvania
counties, and loan production offices in northeast and central
Ohio, and western New York, announced today its first quarter
2015 earnings. First quarter earnings were $12.8 million, or $0.41 per diluted share, compared to fourth
quarter of 2014 earnings of $14.5
million, or $0.49 per diluted
share, and first quarter of 2014 earnings of $14.0 million, or $0.47 per diluted share.
Highlights:
- The merger with Integrity Bancshares, Inc. (Integrity) closed
on March 4, 2015. The first quarter
results included $2.3 million, or
$0.05 per diluted share, of merger
related expenses.
- S&T now has $6.0 billion in
assets and a market cap of approximately $1.0 billion.
- Net loan charge-offs to average loans remained low at 0.10% for
the first quarter of 2015 compared to 0.05% for the fourth quarter
of 2014.
- S&T declared an $0.18 per
share dividend compared to $0.17 in
the same period a year ago.
"We are pleased to have closed on our merger with Integrity
during the first quarter," said Todd
Brice, president and chief executive officer of
S&T. "This represents a significant milestone for our
organization and begins our expansion efforts into southcentral
Pennsylvania. It is exciting to see two organizations with
such talented teams come together and work as one high-performing
financial institution."
Merger with Integrity Bancshares, Inc.
The merger between S&T and Integrity (merger) closed on
March 4, 2015. Integrity Bank
became a wholly-owned subsidiary of S&T, expanding S&T's
geographic footprint into southcentral Pennsylvania with eight branches in four
counties. Integrity Bank will merge into S&T Bank in the second
quarter of 2015. After the bank merger, S&T Bank intends
to operate bank branches in the markets currently served by
Integrity Bank using the name "Integrity Bank - a division of
S&T Bank". The merger was valued at $172 million and added approximately $789 million of loans and $722 million of deposits on March 4, 2015. Integrity's results are
included in S&T's consolidated financial statements since
March 4, 2015. Merger related
expenses were approximately $2.3
million, or $0.05 per diluted
share, for the first quarter of 2015.
Net Interest Income
Net interest income increased $2.2
million to $40.3 million
compared to $38.1 million for the
fourth quarter of 2014. The increase in net interest income
primarily related to the merger. Net interest margin on a
fully taxable equivalent basis (FTE) increased 5 basis points to
3.48% compared to 3.43% in the fourth quarter of 2014. Net
interest margin was positively impacted by a $0.3 million special dividend received from the
Federal Home Loan Bank of Pittsburgh.
Asset Quality
Total nonperforming assets increased $6.8
million to $19.4 million, or
0.33% of total assets at March 31,
2015 compared to $12.6
million, or 0.25% of total assets at December 31, 2014. The increase was primarily due
to the addition of $5.0 million of
nonperforming loans at S&T Bank and $1.3
million of other real estate owned added from the merger.
Net charge-offs for the first quarter of 2015 were $1.0 million compared to net charge-offs of
$0.5 million in the fourth quarter of
2014. The provision for loan losses was $1.2
million for the first quarter of 2015 compared to
$1.1 million for the fourth quarter
of 2014. The allowance for loan losses for originated loans was
$48.1 million, or 1.27% of total
originated loans, compared to $47.9
million, or 1.27% of total originated loans, at December 31, 2014. Integrity acquired loans
were recorded at fair value on the acquisition date and have no
associated allowance for loan losses at March 31, 2015.
Noninterest Income and Expense
Noninterest income increased $0.9
million to $12.1 million
compared to $11.2 million for the
fourth quarter of 2014. The increase in noninterest income was
primarily due to higher insurance fees and the merger.
Insurance fees increased $0.5 million
due to $0.4 million of annual profit
sharing received from insurance carriers. Integrity added
$0.4 million in fees, primarily in
mortgage banking. Noninterest expense increased $3.9 million to $33.6
million compared to $29.7
million in the fourth quarter of 2014. The increase
was mainly due to higher merger related expenses of $1.6 million and $1.4
million of operating expenses for Integrity.
Financial Condition
Total assets increased $1.0
billion to $6.0 billion at
March 31, 2015 compared to
$5.0 billion at December 31, 2014. Total portfolio loans
increased $815 million of which
$789 million related to the
merger. Excluding the merger, total loans grew $26.3 million from December 31, 2014. Total deposits increased
$920 million which included
$722 million related to the merger.
Excluding the merger, total deposits grew $198 million from December
31, 2014. S&T's capital ratios were impacted this
quarter compared to the fourth quarter of 2014 due to the merger
and new requirements under Basel III. All capital ratios
remain above the well-capitalized thresholds of federal bank
regulatory agencies.
Dividend
The Board of Directors of S&T declared an $0.18 per share cash dividend at its regular
meeting held on April 20,
2015. The dividend is payable on May 21, 2015 to shareholders of record on
May 7, 2015.
Conference Call
S&T will host its first quarter 2015 earnings conference
call live over the Internet at 1:00 p.m.
ET on Tuesday, April 21, 2015.
To access the webcast, go to S&T's webpage at www.stbancorp.com
and click on "Events & Presentations." Select "1st Quarter 2015
Conference Call" and follow the instructions.
About S&T Bancorp, Inc. and S&T Bank:
S&T Bancorp, Inc. is a $6.0
billion bank holding company that is headquartered in
Indiana, Pa. and trades on the
NASDAQ Global Select Market under the symbol STBA. Its principal
subsidiary, S&T Bank, was established in 1902 and operates in
16 counties across southwestern and southcentral Pennsylvania, with loan production offices in
northeast and central Ohio, and
western New York. For more
information visit www.stbancorp.com or www.stbank.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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
|
First
|
|
Fourth
|
|
First
|
|
(dollars in
thousands, except per share data)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
INTEREST
INCOME
|
|
|
|
|
|
|
Loans, including
fees
|
$ 39,927
|
|
$ 37,797
|
|
$ 35,649
|
|
Investment
securities:
|
|
|
|
|
|
|
Taxable
|
2,383
|
|
2,353
|
|
1,900
|
|
Tax-exempt
|
1,020
|
|
985
|
|
929
|
|
Dividends
|
586
|
|
246
|
|
187
|
|
Total Interest
Income
|
43,916
|
|
41,381
|
|
38,665
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
Deposits
|
3,007
|
|
2,662
|
|
2,510
|
|
Borrowings and junior
subordinated debt securities
|
650
|
|
653
|
|
564
|
|
Total Interest
Expense
|
3,657
|
|
3,315
|
|
3,074
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
40,259
|
|
38,066
|
|
35,591
|
|
Provision for loan
losses
|
1,207
|
|
1,106
|
|
289
|
|
Net Interest
Income After Provision for Loan Losses
|
39,052
|
|
36,960
|
|
35,302
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME
|
|
|
|
|
|
|
Securities gains,
net
|
-
|
|
-
|
|
1
|
|
Wealth management
fees
|
2,923
|
|
2,795
|
|
2,955
|
|
Debit and credit card
fees
|
2,715
|
|
2,645
|
|
2,502
|
|
Service charges on
deposit accounts
|
2,583
|
|
2,677
|
|
2,509
|
|
Insurance
fees
|
1,651
|
|
1,132
|
|
1,677
|
|
Mortgage
banking
|
525
|
|
251
|
|
132
|
|
Other
|
1,687
|
|
1,720
|
|
1,640
|
|
Total Noninterest
Income
|
12,084
|
|
11,220
|
|
11,416
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
16,780
|
|
14,471
|
|
15,376
|
|
Net
occupancy
|
2,588
|
|
1,993
|
|
2,230
|
|
Data
processing
|
2,320
|
|
2,271
|
|
2,095
|
|
Furniture and
equipment
|
1,226
|
|
1,460
|
|
1,271
|
|
Other
taxes
|
842
|
|
543
|
|
631
|
|
Marketing
|
816
|
|
981
|
|
618
|
|
FDIC
insurance
|
695
|
|
618
|
|
631
|
|
Professional services
and legal
|
523
|
|
1,229
|
|
663
|
|
Merger related
expenses
|
2,301
|
|
689
|
|
-
|
|
Other
|
5,530
|
|
5,465
|
|
5,399
|
|
Total Noninterest
Expense
|
33,621
|
|
29,720
|
|
28,914
|
|
|
|
|
|
|
|
|
Income Before
Taxes
|
17,515
|
|
18,460
|
|
17,804
|
|
Provision for income
taxes
|
4,680
|
|
3,963
|
|
3,771
|
|
|
|
|
|
|
|
|
Net
Income
|
$
12,835
|
|
$
14,497
|
|
$
14,033
|
|
|
|
|
|
|
|
|
Per Share
Data:
|
|
|
|
|
|
|
Shares outstanding at
end of period
|
34,797,526
|
|
29,796,397
|
|
29,718,126
|
|
Average shares
outstanding - diluted
|
31,260,948
|
|
29,718,321
|
|
29,698,047
|
|
Average shares
outstanding - two-class method
|
31,343,849
|
|
29,796,397
|
|
29,735,031
|
|
Diluted earnings per
share(1)
|
$0.41
|
|
$0.49
|
|
$0.47
|
|
Dividends declared
per share
|
$0.18
|
|
$0.18
|
|
$0.16
|
|
Dividend yield
(annualized)
|
2.54%
|
|
2.42%
|
|
2.70%
|
|
Dividends paid to net
income
|
41.74%
|
|
36.87%
|
|
33.91%
|
|
Book
value
|
$21.91
|
|
$20.42
|
|
$19.64
|
|
Tangible book
value(3)
|
$13.40
|
|
$14.46
|
|
$13.65
|
|
Market
value
|
$28.38
|
|
$29.81
|
|
$23.70
|
|
|
|
|
|
|
|
|
Profitability
Ratios (annualized)
|
|
|
|
|
|
|
Return on average
assets
|
0.99%
|
|
1.17%
|
|
1.23%
|
|
Return on average
tangible assets(4)
|
1.05%
|
|
1.22%
|
|
1.30%
|
|
Return on average
shareholders' equity
|
7.85%
|
|
9.38%
|
|
9.83%
|
|
Return on average
tangible shareholders' equity(5)
|
11.80%
|
|
13.35%
|
|
14.41%
|
|
|
|
|
|
|
|
|
Efficiency ratio
(FTE)(2)
|
62.57%
|
|
58.67%
|
|
59.83%
|
|
S&T Bancorp,
Inc.
|
|
|
|
|
|
Consolidated
Selected Financial Data
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
First
|
|
Fourth
|
|
First
|
(dollars in
thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
ASSETS
|
|
|
|
|
|
Cash and due from
banks, including interest-bearing deposits
|
$ 124,737
|
|
$ 109,580
|
|
$ 185,303
|
Securities
available-for-sale, at fair value
|
655,829
|
|
640,273
|
|
551,896
|
Loans held for
sale
|
6,126
|
|
2,970
|
|
1,133
|
Commercial
loans:
|
|
|
|
|
|
Commercial real
estate
|
2,152,413
|
|
1,682,236
|
|
1,607,958
|
Commercial and
industrial
|
1,211,053
|
|
994,138
|
|
884,870
|
Commercial
construction
|
286,166
|
|
216,148
|
|
167,432
|
Total Commercial
Loans
|
3,649,632
|
|
2,892,522
|
|
2,660,260
|
Consumer
loans:
|
|
|
|
|
|
Residential
mortgage
|
521,506
|
|
489,586
|
|
490,120
|
Home
equity
|
442,396
|
|
418,563
|
|
410,695
|
Installment and other
consumer
|
65,754
|
|
65,567
|
|
64,561
|
Consumer
construction
|
4,410
|
|
2,508
|
|
2,260
|
Total Consumer
Loans
|
1,034,066
|
|
976,224
|
|
967,636
|
Total portfolio
loans
|
4,683,698
|
|
3,868,746
|
|
3,627,896
|
Allowance for loan
losses
|
(48,106)
|
|
(47,911)
|
|
(46,616)
|
Total portfolio
loans, net
|
4,635,592
|
|
3,820,835
|
|
3,581,280
|
Goodwill
|
290,617
|
|
175,820
|
|
175,820
|
Other
assets
|
258,392
|
|
215,208
|
|
211,555
|
Total
Assets
|
$ 5,971,293
|
|
$ 4,964,686
|
|
$ 4,706,987
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Noninterest-bearing
demand
|
$ 1,177,623
|
|
$ 1,083,919
|
|
$ 1,032,372
|
Interest-bearing
demand
|
686,546
|
|
335,099
|
|
312,477
|
Money
market
|
617,609
|
|
376,612
|
|
360,414
|
Savings
|
1,073,755
|
|
1,027,095
|
|
1,034,388
|
Certificates of
deposit
|
1,272,998
|
|
1,086,117
|
|
1,128,630
|
Total
Deposits
|
4,828,531
|
|
3,908,842
|
|
3,868,281
|
|
|
|
|
|
|
Securities sold under
repurchase agreements
|
46,721
|
|
30,605
|
|
38,434
|
Short-term
borrowings
|
199,573
|
|
290,000
|
|
100,000
|
Long-term
borrowings
|
18,838
|
|
19,442
|
|
21,226
|
Junior subordinated
debt securities
|
50,619
|
|
45,619
|
|
45,619
|
Other
liabilities
|
64,753
|
|
61,789
|
|
49,776
|
Total
Liabilities
|
5,209,035
|
|
4,356,297
|
|
4,123,336
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Total
Shareholders' Equity
|
762,258
|
|
608,389
|
|
583,651
|
Total Liabilities
and Shareholders' Equity
|
$ 5,971,293
|
|
$ 4,964,686
|
|
$ 4,706,987
|
|
|
|
|
|
|
Capitalization
Ratios
|
|
|
|
|
|
Shareholders' equity
/ assets
|
12.77%
|
|
12.25%
|
|
12.40%
|
Tangible common
equity / tangible assets(6)
|
8.22%
|
|
9.00%
|
|
8.96%
|
Tier 1 leverage
ratio
|
10.06%
|
|
9.80%
|
|
9.79%
|
Common equity tier 1
capital
|
9.82%
|
|
11.81%
|
|
11.86%
|
Risk-based capital -
tier 1
|
10.22%
|
|
12.34%
|
|
12.43%
|
Risk-based capital -
total
|
11.86%
|
|
14.27%
|
|
14.41%
|
S&T Bancorp,
Inc.
|
|
|
|
|
|
|
Consolidated
Selected Financial Data
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
(dollars in
thousands)
|
First
|
|
Fourth
|
|
First
|
|
Net Interest
Margin (FTE) (QTD Averages)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
ASSETS
|
|
|
|
|
|
|
Loans
|
$ 4,122,631
|
4.01%
|
$ 3,845,351
|
3.98%
|
$ 3,576,484
|
4.13%
|
Taxable investment
securities
|
504,867
|
1.97%
|
488,257
|
1.99%
|
395,470
|
1.98%
|
Tax-exempt investment
securities
|
142,194
|
4.41%
|
134,355
|
4.51%
|
121,464
|
4.71%
|
Federal Home Loan
Bank and other restricted stock
|
15,427
|
12.66%
|
14,420
|
4.17%
|
13,391
|
2.70%
|
Interest-bearing
deposits with banks
|
65,575
|
0.22%
|
79,814
|
0.27%
|
147,890
|
0.23%
|
Total
Interest-earning Assets
|
4,850,694
|
3.78%
|
4,562,197
|
3.72%
|
4,254,699
|
3.82%
|
|
|
|
|
|
|
|
Noninterest-earning
assets
|
421,132
|
|
373,068
|
|
377,462
|
|
Total
Assets
|
$ 5,271,826
|
|
$ 4,935,265
|
|
$ 4,632,161
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Interest-bearing
demand
|
$ 432,009
|
0.08%
|
$ 335,479
|
0.02%
|
$ 313,420
|
0.02%
|
Money
market
|
362,939
|
0.18%
|
299,732
|
0.17%
|
350,314
|
0.15%
|
Savings
|
1,052,347
|
0.16%
|
1,048,359
|
0.16%
|
1,014,205
|
0.16%
|
Certificates of
deposit
|
991,542
|
0.87%
|
923,468
|
0.81%
|
910,716
|
0.81%
|
CDARS and brokered
deposits
|
260,555
|
0.34%
|
233,650
|
0.36%
|
190,598
|
0.33%
|
Securities sold under
repurchase agreements
|
40,039
|
0.01%
|
25,137
|
0.01%
|
36,596
|
0.01%
|
Short-term
borrowings
|
236,440
|
0.32%
|
249,185
|
0.32%
|
127,778
|
0.31%
|
Long-term
borrowings
|
19,086
|
3.01%
|
19,685
|
2.96%
|
21,466
|
3.06%
|
Junior subordinated
debt securities
|
47,175
|
2.77%
|
45,619
|
2.67%
|
45,619
|
2.69%
|
Total
Interest-bearing Liabilities
|
3,442,132
|
0.43%
|
3,180,314
|
0.41%
|
3,010,712
|
0.41%
|
|
|
|
|
|
|
|
Noninterest-bearing
demand
|
1,101,795
|
|
1,091,638
|
|
989,799
|
|
Other
liabilities
|
64,643
|
|
50,033
|
|
52,851
|
|
Shareholders'
equity
|
663,256
|
|
613,280
|
|
578,799
|
|
Total Liabilities
and Shareholders' Equity
|
$ 5,271,826
|
|
$ 4,935,265
|
|
$ 4,632,161
|
|
|
|
|
|
|
|
|
Net Interest
Margin (7)
|
|
3.48%
|
|
3.43%
|
|
3.51%
|
S&T Bancorp,
Inc.
|
|
|
|
|
|
|
Consolidated
Selected Financial Data
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
|
First
|
|
Fourth
|
|
First
|
|
(dollars in
thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Nonperforming
Loans (NPL)
|
|
|
|
|
|
|
Commercial
loans:
|
|
%
NPL
|
|
%
NPL
|
|
%
NPL
|
Commercial real
estate
|
$ 8,386
|
0.39%
|
$ 4,434
|
0.26%
|
$ 10,265
|
0.64%
|
Commercial and
industrial
|
3,550
|
0.29%
|
1,622
|
0.16%
|
3,181
|
0.36%
|
Commercial
construction
|
1,973
|
0.69%
|
1,974
|
0.91%
|
1,976
|
1.18%
|
Total Nonperforming
Commercial Loans
|
13,909
|
0.38%
|
8,030
|
0.28%
|
15,422
|
0.58%
|
Consumer
loans:
|
|
|
|
|
|
|
Residential
mortgage
|
2,226
|
0.43%
|
2,336
|
0.48%
|
2,948
|
0.60%
|
Home
equity
|
1,986
|
0.45%
|
2,060
|
0.49%
|
2,630
|
0.64%
|
Installment and other
consumer
|
13
|
0.02%
|
31
|
0.05%
|
22
|
0.03%
|
Consumer
construction
|
-
|
-
|
-
|
-
|
-
|
-
|
Total Nonperforming
Consumer Loans
|
4,225
|
0.41%
|
4,427
|
0.45%
|
5,600
|
0.58%
|
Total
Nonperforming Loans
|
$
18,134
|
0.39%
|
$
12,457
|
0.32%
|
$
21,022
|
0.58%
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
|
First
|
|
Fourth
|
|
First
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Asset Quality
Data
|
|
|
|
|
|
|
Nonperforming
loans
|
$ 18,134
|
|
$ 12,457
|
|
$ 21,022
|
|
Assets acquired
through foreclosure or repossession
|
1,294
|
|
166
|
|
343
|
|
Nonperforming
assets
|
19,428
|
|
12,623
|
|
21,365
|
|
Troubled debt
restructurings (nonaccruing)
|
9,916
|
|
5,436
|
|
9,269
|
|
Troubled debt
restructurings (accruing)
|
36,423
|
|
36,983
|
|
36,059
|
|
Total troubled debt
restructurings
|
46,339
|
|
42,419
|
|
45,328
|
|
Nonperforming loans /
loans
|
0.39%
|
|
0.32%
|
|
0.58%
|
|
Nonperforming assets
/ loans plus OREO
|
0.41%
|
|
0.33%
|
|
0.59%
|
|
Allowance for loan
losses / originated loans
|
1.27%
|
|
1.27%
|
|
1.28%
|
|
Allowance for loan
losses / total loans
|
1.03%
|
|
1.24%
|
|
1.28%
|
|
Allowance for loan
losses / nonperforming loans
|
265%
|
|
385%
|
|
222%
|
|
Net loan
charge-offs
|
$ 1,014
|
|
$
511
|
|
$
(72)
|
|
Net loan charge-offs
(recoveries)(annualized) / average loans
|
0.10%
|
|
0.05%
|
|
(0.01%)
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
First
|
|
Fourth
|
|
First
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
|
|
|
(3) Tangible Book Value
(non-GAAP)
|
|
|
|
|
|
Total
shareholders' equity
|
$ 762,258
|
|
$ 608,389
|
|
$ 583,651
|
Less: goodwill
and other intangible assets,
net of deferred
tax liability
|
(295,814)
|
|
(177,530)
|
|
(178,059)
|
Tangible common
equity (non-GAAP)
|
$ 466,444
|
|
$ 430,859
|
|
$ 405,592
|
Common shares
outstanding
|
34,798
|
|
29,796
|
|
29,718
|
Tangible book
value (non-GAAP)
|
$ 13.40
|
|
$ 14.46
|
|
$ 13.65
|
|
|
|
|
|
|
(4) Return on Average
Tangible Assets (non-GAAP)
|
|
|
|
|
|
Net income
(annualized)
|
$ 52,054
|
|
$ 57,514
|
|
$ 56,912
|
Plus:
amortization of intangibles net of tax (annualized)
|
917
|
|
659
|
|
833
|
Net income
before amortization of intangibles (annualized)
|
52,971
|
|
58,173
|
|
57,745
|
|
|
|
|
|
|
Average total
assets
|
5,271,826
|
|
4,935,265
|
|
4,632,161
|
Less:
average goodwill and other intangibles,
net of
deferred tax liability
|
(214,299)
|
|
(177,619)
|
|
(178,164)
|
Average
tangible assets (non-GAAP)
|
$ 5,057,527
|
|
$ 4,757,646
|
|
$ 4,453,997
|
Return on
average tangible assets (non-GAAP)
|
1.05%
|
|
1.22%
|
|
1.30%
|
|
|
|
|
|
|
(5) Return on Average
Tangible Shareholders' Equity (non-GAAP)
|
|
|
|
|
|
Net income
(annualized)
|
$ 52,054
|
|
$ 57,514
|
|
$ 56,912
|
Plus:
amortization of intangibles net of tax (annualized)
|
917
|
|
659
|
|
833
|
Net income
before amortization of intangibles (annualized)
|
52,971
|
|
58,173
|
|
57,745
|
|
|
|
|
|
|
Average total
shareholders' equity
|
663,256
|
|
613,280
|
|
578,799
|
Less: average
goodwill and other intangibles,
net of
deferred tax liability
|
(214,299)
|
|
(177,619)
|
|
(178,164)
|
Average
tangible equity (non-GAAP)
|
$ 448,957
|
|
$ 435,661
|
|
$ 400,635
|
Return on
average tangible equity (non-GAAP)
|
11.80%
|
|
13.35%
|
|
14.41%
|
|
|
|
|
|
|
(6) Tangible Common Equity
/ Tangible Assets (non-GAAP)
|
|
|
|
|
|
Total
shareholders' equity
|
$ 762,258
|
|
$ 608,389
|
|
$ 583,651
|
Less: goodwill
and other intangible assets,
net of
deferred tax liability
|
(295,814)
|
|
(177,530)
|
|
(178,059)
|
Tangible common
equity (non-GAAP)
|
466,444
|
|
430,859
|
|
405,592
|
|
|
|
|
|
|
Total
assets
|
5,971,293
|
|
4,964,686
|
|
4,706,987
|
Less: goodwill
and other intangible assets,
net of deferred
tax liability
|
(295,814)
|
|
(177,530)
|
|
(178,059)
|
Tangible assets
(non-GAAP)
|
$ 5,675,479
|
|
$ 4,787,156
|
|
$ 4,528,928
|
Tangible common
equity to tangible assets (non-GAAP)
|
8.22%
|
|
9.00%
|
|
8.96%
|
|
|
|
|
|
|
(7) Net Interest
Margin Rate (FTE) (non-GAAP)
|
|
|
|
|
|
Interest
income
|
$ 43,916
|
|
$ 41,381
|
|
$ 38,665
|
Less: interest
expense
|
(3,657)
|
|
(3,315)
|
|
(3,074)
|
Net interest
income per consolidated statements of net income
|
40,259
|
|
38,066
|
|
35,591
|
Plus: taxable
equivalent adjustment
|
1,392
|
|
1,371
|
|
1,323
|
Net interest
income (FTE) (non-GAAP)
|
41,651
|
|
39,437
|
|
36,914
|
Net interest
income (FTE) (annualized)
|
168,918
|
|
156,462
|
|
149,707
|
Average earning
assets
|
$ 4,850,694
|
|
$ 4,562,197
|
|
$ 4,254,699
|
Net interest
margin - (FTE) (non-GAAP)
|
3.48%
|
|
3.43%
|
|
3.51%
|
Logo - http://photos.prnewswire.com/prnh/20150420/199726LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/st-bancorp-inc-announces-first-quarter-2015-results-and-declares-first-quarter-dividend-300068899.html
SOURCE S&T Bancorp, Inc.