INDIANA, Pa., Jan. 25,
2023 /PRNewswire/ -- S&T Bancorp, Inc. (S&T)
(NASDAQ: STBA), the holding company for S&T Bank, with
operations in Pennsylvania and
Ohio announced its fourth quarter
and full year 2022 earnings. Net income was $40.3 million, or $1.03 per diluted share, for the fourth quarter
compared to net income of $37.2
million, or $0.95 per diluted
share, for the third quarter of 2022, and $22.5 million, or $0.57 per diluted share, for the fourth quarter
of 2021.
Net income was $135.5 million, or
$3.46 per diluted share, for the year
ended December 31, 2022 compared to net income of $110.3 million, or $2.81 per diluted share, for 2021.
Fourth Quarter of 2022 Highlights:
- Record EPS and net income for the fourth quarter of 2022.
- Strong return metrics with return on average assets (ROA) of
1.78%, return on average equity (ROE) of 13.68% and return on
average tangible equity (ROTE) (non-GAAP) of 20.36% compared to ROA
of 1.64%, ROE of 12.47% and ROTE (non-GAAP) of 18.46% for the third
quarter of 2022.
- Pre-provision net revenue to average assets (PPNR) (non-GAAP)
of 2.36% compared to 2.15% for the third quarter of 2022.
- Net interest margin (NIM) (FTE) (non-GAAP) expanded 29 basis
points to 4.33% compared to 4.04% for the third quarter of
2022.
- Net interest income increased by $5.3
million, or 6.3%, compared to the third quarter of
2022.
- Total portfolio loans increased $87.1
million, or 4.9% annualized, compared to September 30, 2022.
- Nonperforming assets decreased $6.7
million, or 23.2%, resulting in a nonperforming assets to
total loans plus other real estate owned, or OREO, ratio of 0.31%
compared to 0.41% at September 30,
2022.
- S&T's Board of Directors approved a $0.32 per share cash dividend, an increase of
$0.01, or 3.2%, compared to the prior
quarter. This is an increase of $0.03, or 10.3%, compared to the same period in
the prior year.
Full Year 2022 Highlights:
- Record EPS and net income for the full year 2022.
- ROA of 1.48%, ROE of 11.47% and ROTE (non-GAAP) of 17.02%
compared to ROA of 1.18%, ROE of 9.30% and ROTE (non-GAAP) of
13.85% in the prior year.
- PPNR (non-GAAP) of 1.93% compared to 1.62% in the prior
year.
- Net interest margin (NIM) (FTE) (non-GAAP) expanded 54 basis
points to 3.76% compared to 3.22% for the prior year.
- Net interest income increased by $39.7
million, or 14.4%, compared to 2021.
- Total portfolio loans, excluding PPP, increased $268.3 million, or 3.9% compared to December 31, 2021.
- Nonperforming assets decreased $57.5
million, or 72.2%, resulting in a nonperforming assets to
total loans plus OREO ratio of 0.31% compared to 1.13% at
December 31, 2021.
- Full year 2022 dividends declared increased 6.2% to
$1.20 compared to $1.13 in 2021.
"2022 was truly a historic year for S&T," said Chris McComish, chief executive officer. "We
began the year celebrating our 120th anniversary and market leading
recognition for customer satisfaction and employee engagement. We
have now finished the year with two consecutive quarters of record
net income and earnings per share and record full year net income
and earnings per share. We look forward to 2023, a transformative
year for S&T focused on living our purpose of building a better
future together through people-forward banking."
Fourth Quarter of 2022 Results (three months ended
December 31, 2022)
Net Interest Income
Net interest income increased $5.3
million, or 6.3%, to $89.1
million compared to $83.8
million in the third quarter of 2022. The increase in net
interest income was primarily due to higher interest rates in the
fourth quarter. The yield on total average loans increased 69 basis
points to 5.38% compared to 4.69% in the third quarter of 2022.
Total interest-bearing deposit costs increased 50 basis points to
0.93% compared to 0.43% in the third quarter of 2022. Average
interest-bearing deposit balances declined $129.7 million compared to the prior quarter due
to the competitive market driven by rising interest rates. Total
borrowing costs increased 108 basis points to 4.60% compared to
3.52% in the third quarter of 2022. Average borrowings increased
$122.8 million to $217.6 million compared to $94.8 million in the third quarter. Net interest
margin on a fully taxable equivalent basis (NIM) (FTE) (non-GAAP)
expanded 29 basis points to 4.33% compared to 4.04% in the prior
quarter. The increase in NIM (FTE) (non-GAAP) was due to higher
yields on loans only partially offset by a higher cost of
interest-bearing liabilities.
Asset Quality
Total nonperforming assets decreased $6.7
million, or 23.2%, to $22.1
million at December 31, 2022
compared to $28.8 million at
September 30, 2022. Nonperforming
assets to total loans plus OREO, decreased 10 basis points to 0.31%
at December 31, 2022 compared to
0.41% at September 30, 2022. Net loan
charge-offs were $0.9 million for the
fourth quarter of 2022 compared to $0.7
million in the third quarter of 2022. The provision for
credit losses was $3.2 million for
the fourth quarter of 2022 compared to $2.5
million in the third quarter of 2022. The allowance for
credit losses was 1.41% of total portfolio loans as of December 31, 2022 compared to 1.40% at
September 30, 2022.
Noninterest Income and Expense
Noninterest income increased $0.8
million to $15.6 million in
the fourth quarter of 2022 compared to $14.8
million in the third quarter of 2022. The increase in
noninterest income was primarily due to higher other income of
$1.7 million related to a net gain
on the sale of OREO of $2.0
million. Noninterest expense increased $1.7 million to $51.3
million in the fourth quarter of 2022 compared to
$49.6 million in the third quarter of
2022. The increase was mainly due to an increase in salaries and
employee benefits of $1.3 million
compared to the prior quarter primarily due to higher incentives.
The efficiency ratio (non-GAAP) improved to 48.73% compared to
50.19% for the third quarter of 2022.
Financial Condition
Total assets increased $0.2
billion to $9.1 billion at
December 31, 2022 compared to $8.9
billion at September 30, 2022.
Total portfolio loans increased $87.1
million, or 4.9% annualized, compared to September 30, 2022. Consumer loans increased
$80.2 million, or 17.1% annualized,
which primarily consisted of residential mortgage growth of
$72.6 million, or 27.6% annualized.
Total deposits decreased $190.6
million with decreases in all categories due to the
competitive market driven by rising interest rates. S&T
continues to maintain a strong capital position with all capital
ratios above the well-capitalized thresholds of federal bank
regulatory agencies.
Full Year 2022 Results (twelve months ended December 31,
2022)
Full year net income increased nearly 23% and was a record
$135.5 million, or $3.46 per diluted share, for the year ended
December 31, 2022 compared to net income of $110.3 million, or $2.81 per diluted share, for 2021.
Net interest income increased $39.7
million, or 14.4% compared to 2021 primarily due to the
impact of rising interest rates. The yield on total average loans
increased 66 basis points to 4.50% compared to 3.84% in 2021. Total
interest-bearing deposit costs increased 20 basis points to 0.40%
compared to 0.20% in 2021. Net interest margin (FTE) (non-GAAP)
expanded 54 basis points to 3.76% compared to 3.22% for 2021.
The increase in NIM (FTE) (non-GAAP) was due to higher yields on
loans only partially offset by a higher cost of interest-bearing
liabilities.
Noninterest income decreased $6.4
million compared to the prior year. Mortgage banking income
decreased $7.5 million due to a
decline in loan sale activity caused by rising interest rates and a
shift to holding originated mortgage loans. Other income decreased
$1.8 million compared to the prior
year primarily related to the decline in the fair value of the
assets in a nonqualified benefit plan and other market value
adjustments partially offset by a net gain on the sale of OREO.
Debit and credit card fees increased $1.1
million and service charges on deposit accounts increased
$1.8 million due to increased
customer activity. Noninterest expense increased $7.8 million compared to 2021. Salaries and
employee benefits increased $3.0
million primarily due to higher incentives. Professional
services and legal increased $2.0
million related to various consulting engagements during
2022. The efficiency ratio (non-GAAP) for 2022 was 52.34% compared
to 55.06% for 2021.
Asset quality improved significantly during 2022. Nonperforming
assets decreased $57.5 million, or
72.2%, to $22.1 million resulting in
a nonperforming assets to total loans plus other real estate owned,
or OREO, ratio of 0.31% compared to 1.13% at December 31, 2021. The provision for credit
losses decreased $7.8 million to
$8.4 million for 2022 compared to
$16.2 million for 2021 primarily due
to lower net charge-offs. Net loan charge-offs were $2.6 million for 2022 compared to $34.5 million for 2021. The allowance for credit
losses was 1.41% of total portfolio loans as of December 31, 2022 and December 31, 2021.
Dividend
S&T's Board of Directors approved a $0.32 per share cash dividend on January 25,
2023. This is an increase of $0.03,
or 10.3%, compared to a $0.29 per
share cash dividend declared in the same period in the prior year.
The dividend is payable February 23, 2023 to shareholders of
record on February 10, 2023. Dividends declared in 2022
increased $0.07 to $1.20 compared to $1.13 for 2021.
Non-GAAP Financial Measures
This release presents certain non-GAAP financial measures. For a
reconciliation to the most directly comparable GAAP measures, see
"Definitions and Reconciliation of GAAP to Non-GAAP Financial
Measures" in the accompanying tables.
Conference Call
S&T will host its fourth quarter 2022 earnings conference
call live over the Internet at 1:00 p.m. ET
on Thursday, January 26, 2023. To access the webcast,
go to S&T Bancorp, Inc.'s Investor Relations webpage
www.stbancorp.com. After the live presentation, the webcast will be
archived at www.stbancorp.com for 12 months.
About S&T Bancorp, Inc.
S&T Bancorp, Inc. is a $9.1
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 Pennsylvania and Ohio. S&T Bank was recently named by
Forbes as a 2022 Best-in-State Bank. S&T Bank also
received the highest ranking in customer satisfaction for retail
banking in the Pennsylvania region
by J.D. Power in 2022. For more information visit
stbancorp.com or stbank.com. Follow us on Follow us on
Facebook, Instagram and LinkedIn.
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; unanticipated changes in
regulatory and governmental policies impacting interest rates and
financial markets; 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; general economic or business conditions, including the
strength of regional economic conditions in our market area;
environmental, social and governance practices and disclosures,
including climate change, hiring practices, the diversity of the
work force, and racial and social justice issues; 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, 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.
S&T Bancorp,
Inc.
|
Consolidated
Selected Financial Data
|
Unaudited
|
|
|
2022
|
|
2022
|
|
2021
|
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
(dollars in
thousands, except per share data)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
INTEREST AND
DIVIDEND INCOME
|
|
|
|
|
|
|
Loans, including
fees
|
$96,220
|
|
$83,035
|
|
$66,373
|
|
Investment
Securities:
|
|
|
|
|
|
|
Taxable
|
6,507
|
|
6,305
|
|
4,173
|
|
Tax-exempt
|
233
|
|
380
|
|
495
|
|
Dividends
|
248
|
|
115
|
|
94
|
|
Total Interest and
Dividend Income
|
103,208
|
|
89,835
|
|
71,135
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
Deposits
|
11,067
|
|
5,197
|
|
2,186
|
|
Borrowings, junior
subordinated debt securities and other
|
3,083
|
|
840
|
|
511
|
|
Total Interest
Expense
|
14,150
|
|
6,037
|
|
2,697
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
89,058
|
|
83,798
|
|
68,438
|
|
Provision for credit
losses
|
3,176
|
|
2,498
|
|
7,128
|
|
Net Interest Income
After Provision for Credit Losses
|
85,882
|
|
81,300
|
|
61,310
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME
|
|
|
|
|
|
|
Net gain on sale of
securities
|
—
|
|
198
|
|
—
|
|
Debit and credit
card
|
4,421
|
|
4,768
|
|
4,467
|
|
Service charges on
deposit accounts
|
4,341
|
|
4,333
|
|
4,001
|
|
Wealth
management
|
3,016
|
|
3,212
|
|
3,314
|
|
Mortgage
banking
|
309
|
|
425
|
|
1,528
|
|
Other
|
3,556
|
|
1,824
|
|
2,794
|
|
Total Noninterest
Income
|
15,643
|
|
14,760
|
|
16,104
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
27,998
|
|
26,700
|
|
27,144
|
|
Data processing and
information technology
|
4,159
|
|
4,220
|
|
4,668
|
|
Occupancy
|
3,806
|
|
3,490
|
|
3,624
|
|
Furniture, equipment
and software
|
2,975
|
|
2,915
|
|
2,897
|
|
Professional services
and legal
|
2,138
|
|
1,851
|
|
1,650
|
|
Other taxes
|
1,842
|
|
1,559
|
|
1,545
|
|
Marketing
|
1,348
|
|
1,367
|
|
1,346
|
|
FDIC
insurance
|
437
|
|
598
|
|
1,044
|
|
Other
|
6,572
|
|
6,933
|
|
6,271
|
|
Total Noninterest
Expense
|
51,275
|
|
49,633
|
|
50,189
|
|
Income Before
Taxes
|
50,250
|
|
46,427
|
|
27,225
|
|
Income tax
expense
|
9,980
|
|
9,178
|
|
4,748
|
|
Net
Income
|
$40,270
|
|
$37,249
|
|
$22,477
|
|
|
|
|
|
|
|
|
Per Share
Data
|
|
|
|
|
|
|
Shares outstanding at
end of period
|
38,999,733
|
|
39,012,773
|
|
39,351,194
|
|
Average shares
outstanding - diluted
|
38,944,575
|
|
38,975,145
|
|
39,082,285
|
|
Diluted earnings per
share
|
$1.03
|
|
$0.95
|
|
$0.57
|
|
Dividends declared per
share
|
$0.31
|
|
$0.30
|
|
$0.29
|
|
Dividend yield
(annualized)
|
3.63 %
|
|
4.09 %
|
|
3.68 %
|
|
Dividends paid to net
income
|
29.85 %
|
|
31.39 %
|
|
50.64 %
|
|
Book value
|
$30.38
|
|
$29.56
|
|
$30.66
|
|
Tangible book value
(1)
|
$20.69
|
|
$19.87
|
|
$21.03
|
|
Market value
|
$34.18
|
|
$29.31
|
|
$31.52
|
|
|
|
|
|
|
|
|
Profitability Ratios
(Annualized)
|
|
|
|
|
|
|
Return on average
assets
|
1.78 %
|
|
1.64 %
|
|
0.94 %
|
|
Return on average
shareholders' equity
|
13.68 %
|
|
12.47 %
|
|
7.39 %
|
|
Return on average
tangible shareholders' equity(2)
|
20.36 %
|
|
18.46 %
|
|
10.95 %
|
|
Pre-provision net
revenue / average assets(3)
|
2.36 %
|
|
2.15 %
|
|
1.44 %
|
|
Efficiency ratio
(FTE)(4)
|
48.73 %
|
|
50.19 %
|
|
59.01 %
|
|
|
|
|
|
|
|
|
S&T Bancorp,
Inc.
|
Consolidated
Selected Financial Data
|
Unaudited
|
|
|
|
|
Twelve Months Ended
December 31,
|
|
(dollars in
thousands, except per share data)
|
|
|
2022
|
|
2021
|
|
INTEREST AND
DIVIDEND INCOME
|
|
|
|
|
|
|
Loans, including
fees
|
|
|
$314,866
|
|
$270,460
|
|
Investment
Securities:
|
|
|
|
|
|
|
Taxable
|
|
|
23,743
|
|
15,706
|
|
Tax-exempt
|
|
|
1,579
|
|
2,593
|
|
Dividends
|
|
|
563
|
|
503
|
|
Total Interest and
Dividend Income
|
|
|
340,751
|
|
289,262
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
|
|
|
|
|
Deposits
|
|
|
19,907
|
|
10,757
|
|
Borrowings, junior
subordinated debt securities and other
|
|
|
5,061
|
|
2,393
|
|
Total Interest
Expense
|
|
|
24,968
|
|
13,150
|
|
|
|
|
|
|
|
|
NET INTEREST
INCOME
|
|
|
315,783
|
|
276,112
|
|
Provision for credit
losses
|
|
|
8,366
|
|
16,215
|
|
Net Interest Income
After Provision for Credit Losses
|
|
|
307,417
|
|
259,897
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME
|
|
|
|
|
|
|
Net gain on sale of
securities
|
|
|
198
|
|
29
|
|
Debit and credit
card
|
|
|
19,008
|
|
17,952
|
|
Service charges on
deposit accounts
|
|
|
16,829
|
|
15,040
|
|
Wealth
management
|
|
|
12,717
|
|
12,889
|
|
Mortgage
banking
|
|
|
2,215
|
|
9,734
|
|
Other
|
|
|
7,292
|
|
9,052
|
|
Total Noninterest
Income
|
|
|
58,259
|
|
64,696
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
103,221
|
|
100,214
|
|
Data processing and
information technology
|
|
|
16,918
|
|
16,681
|
|
Occupancy
|
|
|
14,812
|
|
14,544
|
|
Furniture, equipment
and software
|
|
|
11,606
|
|
10,684
|
|
Professional services
and legal
|
|
|
8,318
|
|
6,368
|
|
Other taxes
|
|
|
6,620
|
|
6,644
|
|
Marketing
|
|
|
5,600
|
|
4,553
|
|
FDIC
insurance
|
|
|
2,854
|
|
4,224
|
|
Other
|
|
|
26,797
|
|
25,013
|
|
Total Noninterest
Expense
|
|
|
196,746
|
|
188,925
|
|
Income Before
Taxes
|
|
|
168,930
|
|
135,668
|
|
Income tax
expense
|
|
|
33,410
|
|
25,325
|
|
|
|
|
|
|
|
|
Net
Income
|
|
|
$135,520
|
|
$110,343
|
|
|
|
|
|
|
|
|
Per Share
Data
|
|
|
|
|
|
|
Average shares
outstanding - diluted
|
|
|
39,030,934
|
|
39,052,961
|
|
Diluted earnings per
share
|
|
|
$3.46
|
|
$2.81
|
|
Dividends declared per
share
|
|
|
$1.20
|
|
$1.13
|
|
Dividends paid to net
income
|
|
|
34.64 %
|
|
40.18 %
|
|
|
|
|
|
|
|
|
Profitability
Ratios
|
|
|
|
|
|
|
Return on average
assets
|
|
|
1.48 %
|
|
1.18 %
|
|
Return on average
shareholders' equity
|
|
|
11.47 %
|
|
9.30 %
|
|
Return on average
tangible shareholders' equity(5)
|
|
|
17.02 %
|
|
13.85 %
|
|
Pre-provision net
revenue / average assets(6)
|
|
|
1.93 %
|
|
1.62 %
|
|
Efficiency ratio
(FTE)(7)
|
|
|
52.34 %
|
|
55.06 %
|
|
|
|
|
|
|
|
|
S&T Bancorp,
Inc.
|
Consolidated
Selected Financial Data
|
Unaudited
|
|
|
2022
|
|
2022
|
|
2021
|
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
(dollars in
thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
ASSETS
|
|
|
|
|
|
|
Cash and due from
banks, including interest-bearing deposits
|
$210,009
|
|
$134,903
|
|
$922,215
|
|
Securities, at fair
value
|
1,002,778
|
|
997,428
|
|
910,793
|
|
Loans held for
sale
|
16
|
|
1,039
|
|
1,522
|
|
Commercial
loans:
|
|
|
|
|
|
|
Commercial real
estate
|
3,128,187
|
|
3,134,841
|
|
3,236,653
|
|
Commercial and
industrial
|
1,718,976
|
|
1,714,714
|
|
1,728,969
|
|
Commercial
construction
|
399,371
|
|
390,093
|
|
440,962
|
|
Total Commercial
Loans
|
5,246,534
|
|
5,239,648
|
|
5,406,584
|
|
Consumer
loans:
|
|
|
|
|
|
|
Residential
mortgage
|
1,116,528
|
|
1,043,973
|
|
899,956
|
|
Home equity
|
652,066
|
|
642,937
|
|
564,219
|
|
Installment and other
consumer
|
124,896
|
|
126,629
|
|
107,928
|
|
Consumer
construction
|
43,945
|
|
43,729
|
|
21,303
|
|
Total Consumer
Loans
|
1,937,435
|
|
1,857,268
|
|
1,593,406
|
|
Total Portfolio
Loans
|
7,183,969
|
|
7,096,916
|
|
6,999,990
|
|
Allowance for credit
losses
|
(101,340)
|
|
(99,694)
|
|
(98,576)
|
|
Total Portfolio
Loans, Net
|
7,082,629
|
|
6,997,222
|
|
6,901,414
|
|
Federal Home Loan Bank
and other restricted stock, at cost
|
23,035
|
|
10,900
|
|
9,519
|
|
Goodwill
|
373,424
|
|
373,424
|
|
373,424
|
|
Other assets
|
418,676
|
|
421,053
|
|
369,642
|
|
Total
Assets
|
$9,110,567
|
|
$8,935,969
|
|
$9,488,529
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Noninterest-bearing
demand
|
$2,588,692
|
|
$2,663,176
|
|
$2,748,586
|
|
Interest-bearing
demand
|
846,653
|
|
847,825
|
|
979,133
|
|
Money
market
|
1,731,521
|
|
1,818,642
|
|
2,070,579
|
|
Savings
|
1,118,511
|
|
1,128,169
|
|
1,110,155
|
|
Certificates of
deposit
|
934,593
|
|
952,785
|
|
1,088,071
|
|
Total
Deposits
|
7,219,970
|
|
7,410,597
|
|
7,996,524
|
|
|
|
|
|
|
|
|
Borrowings:
|
|
|
|
|
|
|
Securities sold under
repurchase agreements
|
—
|
|
—
|
|
84,491
|
|
Short-term
borrowings
|
370,000
|
|
35,000
|
|
—
|
|
Long-term
borrowings
|
14,741
|
|
14,853
|
|
22,430
|
|
Junior subordinated
debt securities
|
54,453
|
|
54,438
|
|
54,393
|
|
Total
Borrowings
|
439,194
|
|
104,291
|
|
161,314
|
|
Other
liabilities
|
266,744
|
|
267,900
|
|
124,237
|
|
Total
Liabilities
|
7,925,908
|
|
7,782,788
|
|
8,282,075
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Total Shareholders'
Equity
|
1,184,659
|
|
1,153,181
|
|
1,206,454
|
|
Total Liabilities
and Shareholders' Equity
|
$9,110,567
|
|
$8,935,969
|
|
$9,488,529
|
|
|
|
|
|
|
|
|
Capitalization
Ratios
|
|
|
|
|
|
|
Shareholders' equity /
assets
|
13.00 %
|
|
12.90 %
|
|
12.71 %
|
|
Tangible common equity
/ tangible assets(9)
|
9.24 %
|
|
9.06 %
|
|
9.08 %
|
|
Tier 1 leverage
ratio
|
11.06 %
|
|
10.75 %
|
|
9.74 %
|
|
Common equity tier 1
capital
|
12.81 %
|
|
12.53 %
|
|
12.03 %
|
|
Risk-based capital -
tier 1
|
13.21 %
|
|
12.93 %
|
|
12.43 %
|
|
Risk-based capital -
total
|
14.73 %
|
|
14.43 %
|
|
13.79 %
|
|
|
|
|
|
|
|
|
S&T Bancorp,
Inc.
|
|
Consolidated
Selected Financial Data
|
|
Unaudited
|
|
|
|
|
2022
|
|
2022
|
|
2021
|
|
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
|
(dollars in
thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Net Interest Margin
(FTE) (QTD Averages)
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Interest-bearing
deposits with banks
|
$79,881
|
4.04 %
|
$158,700
|
2.05 %
|
$877,738
|
0.16 %
|
|
Securities, at fair
value
|
991,774
|
2.43 %
|
1,051,534
|
2.28 %
|
883,066
|
2.02 %
|
|
Loans held for
sale
|
491
|
6.19 %
|
1,032
|
5.36 %
|
2,057
|
3.03 %
|
|
Commercial real
estate
|
3,118,874
|
5.14 %
|
3,159,543
|
4.63 %
|
3,252,946
|
3.59 %
|
|
Commercial and
industrial
|
1,724,480
|
6.15 %
|
1,704,271
|
5.10 %
|
1,729,014
|
4.21 %
|
|
Commercial
construction
|
387,737
|
6.64 %
|
405,460
|
5.05 %
|
446,219
|
3.19 %
|
|
Total Commercial
Loans
|
5,231,091
|
5.58 %
|
5,269,274
|
4.81 %
|
5,428,179
|
3.76 %
|
|
Residential
mortgage
|
1,077,114
|
4.25 %
|
1,005,139
|
4.12 %
|
889,758
|
4.03 %
|
|
Home equity
|
648,340
|
5.44 %
|
629,827
|
4.34 %
|
558,158
|
3.37 %
|
|
Installment and other
consumer
|
126,570
|
6.97 %
|
123,010
|
6.10 %
|
103,450
|
5.63 %
|
|
Consumer
construction
|
41,385
|
3.81 %
|
40,975
|
3.47 %
|
16,203
|
3.50 %
|
|
Total Consumer
Loans
|
1,893,409
|
4.83 %
|
1,798,951
|
4.31 %
|
1,567,569
|
3.90 %
|
|
Total Portfolio
Loans
|
7,124,500
|
5.38 %
|
7,068,225
|
4.69 %
|
6,995,748
|
3.79 %
|
|
Total
Loans
|
7,124,991
|
5.38 %
|
7,069,257
|
4.69 %
|
6,997,805
|
3.79 %
|
|
Federal Home Loan Bank
and other restricted stock
|
24,043
|
5.32 %
|
8,398
|
4.55 %
|
9,720
|
3.06 %
|
|
Total
Interest-earning Assets
|
8,220,689
|
5.01 %
|
8,287,889
|
4.33 %
|
8,768,329
|
3.25 %
|
|
Noninterest-earning
assets
|
763,927
|
|
721,480
|
|
722,029
|
|
|
Total
Assets
|
$8,984,616
|
|
$9,009,369
|
|
$9,490,357
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$836,585
|
0.24 %
|
$872,302
|
0.07 %
|
$967,826
|
0.07 %
|
|
Money
market
|
1,792,162
|
1.60 %
|
1,861,389
|
0.69 %
|
2,063,447
|
0.17 %
|
|
Savings
|
1,127,987
|
0.22 %
|
1,131,575
|
0.10 %
|
1,090,211
|
0.03 %
|
|
Certificates of
deposit
|
941,774
|
1.14 %
|
962,898
|
0.61 %
|
1,147,664
|
0.36 %
|
|
Total
Interest-bearing Deposits
|
4,698,508
|
0.93 %
|
4,828,164
|
0.43 %
|
5,269,148
|
0.16 %
|
|
Securities sold under
repurchase agreements
|
—
|
— %
|
12,668
|
0.10 %
|
76,171
|
0.10 %
|
|
Short-term
borrowings
|
148,370
|
4.22 %
|
10,379
|
3.16 %
|
—
|
— %
|
|
Long-term
borrowings
|
14,801
|
2.55 %
|
17,278
|
2.25 %
|
22,566
|
1.96 %
|
|
Junior subordinated
debt securities
|
54,443
|
6.21 %
|
54,428
|
4.78 %
|
54,383
|
2.77 %
|
|
Total
Borrowings
|
217,614
|
4.60 %
|
94,753
|
3.52 %
|
153,120
|
1.32 %
|
|
Total Other Costing
Liabilities
|
60,156
|
3.72 %
|
—
|
— %
|
—
|
— %
|
|
Total
Interest-bearing Liabilities
|
4,976,278
|
1.13 %
|
4,922,917
|
0.49 %
|
5,422,269
|
0.20 %
|
|
Noninterest-bearing
liabilities
|
2,840,315
|
|
2,901,290
|
|
2,861,873
|
|
|
Shareholders'
equity
|
1,168,023
|
|
1,185,162
|
|
1,206,216
|
|
|
Total Liabilities
and Shareholders' Equity
|
$8,984,616
|
|
$9,009,369
|
|
$9,490,357
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin(10)
|
|
4.33 %
|
|
4.04 %
|
|
3.12 %
|
|
|
|
|
|
|
|
|
|
S&T Bancorp,
Inc.
|
|
Consolidated
Selected Financial Data
|
|
Unaudited
|
|
|
|
|
|
|
Twelve Months Ended
December 31,
|
|
|
(dollars in
thousands)
|
|
|
2022
|
|
2021
|
|
|
Net Interest Margin
(FTE) (YTD Averages)
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Interest-bearing
deposits with banks
|
|
|
$378,323
|
0.78 %
|
$722,057
|
0.13 %
|
|
Securities, at fair
value
|
|
|
1,017,471
|
2.25 %
|
832,304
|
2.18 %
|
|
Loans held for
sale
|
|
|
1,115
|
4.38 %
|
4,094
|
3.03 %
|
|
Commercial real
estate
|
|
|
3,182,821
|
4.39 %
|
3,249,559
|
3.68 %
|
|
Commercial and
industrial
|
|
|
1,706,861
|
4.90 %
|
1,829,563
|
4.15 %
|
|
Commercial
construction
|
|
|
401,780
|
4.68 %
|
471,286
|
3.28 %
|
|
Total Commercial
Loans
|
|
|
5,291,462
|
4.57 %
|
5,550,407
|
3.80 %
|
|
Residential
mortgage
|
|
|
980,134
|
4.10 %
|
881,494
|
4.11 %
|
|
Home equity
|
|
|
611,134
|
4.24 %
|
543,777
|
3.46 %
|
|
Installment and other
consumer
|
|
|
119,703
|
6.00 %
|
90,129
|
5.94 %
|
|
Consumer
construction
|
|
|
33,922
|
3.53 %
|
14,748
|
4.53 %
|
|
Total Consumer
Loans
|
|
|
1,744,893
|
4.26 %
|
1,530,148
|
3.99 %
|
|
Total Portfolio
Loans
|
|
|
7,036,355
|
4.50 %
|
7,080,555
|
3.84 %
|
|
Total
Loans
|
|
|
7,037,470
|
4.50 %
|
7,084,649
|
3.84 %
|
|
Federal Home Loan Bank
and other restricted stock
|
|
|
12,694
|
4.54 %
|
10,363
|
3.83 %
|
|
Total
Interest-earning Assets
|
|
|
8,445,958
|
4.06 %
|
8,649,372
|
3.37 %
|
|
Noninterest-earning
assets
|
|
|
721,080
|
|
726,478
|
|
|
Total
Assets
|
|
|
$9,167,038
|
|
$9,375,850
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
|
|
$918,222
|
0.11 %
|
$956,211
|
0.08 %
|
|
Money
market
|
|
|
1,909,208
|
0.63 %
|
2,033,631
|
0.18 %
|
|
Savings
|
|
|
1,121,818
|
0.10 %
|
1,047,855
|
0.03 %
|
|
Certificates of
deposit
|
|
|
993,722
|
0.58 %
|
1,255,370
|
0.47 %
|
|
Total
Interest-bearing deposits
|
|
|
4,942,970
|
0.40 %
|
5,293,066
|
0.20 %
|
|
Securities sold under
repurchase agreements
|
|
|
35,836
|
0.10 %
|
69,964
|
0.11 %
|
|
Short-term
borrowings
|
|
|
40,013
|
4.15 %
|
6,301
|
0.19 %
|
|
Long-term
borrowings
|
|
|
19,090
|
2.15 %
|
22,995
|
1.99 %
|
|
Junior subordinated
debt securities
|
|
|
54,420
|
4.40 %
|
61,653
|
2.99 %
|
|
Total
Borrowings
|
|
|
149,359
|
3.01 %
|
160,913
|
1.49 %
|
|
Total Other Costing
Liabilities
|
|
|
15,163
|
3.69 %
|
—
|
— %
|
|
Total
Interest-bearing Liabilities
|
|
|
5,107,492
|
0.49 %
|
5,453,979
|
0.24 %
|
|
Noninterest-bearing
liabilities
|
|
|
2,877,758
|
|
2,735,710
|
|
|
Shareholders'
equity
|
|
|
1,181,788
|
|
1,186,161
|
|
|
Total Liabilities
and Shareholders' Equity
|
|
|
$9,167,038
|
|
$9,375,850
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin(8)
|
|
|
|
3.76 %
|
|
3.22 %
|
|
S&T Bancorp,
Inc.
|
|
Consolidated
Selected Financial Data
|
|
Unaudited
|
|
|
|
|
2022
|
|
2022
|
|
2021
|
|
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
|
(dollars in
thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Nonaccrual
Loans
|
|
|
|
|
|
|
|
Commercial
loans:
|
|
%
Loans
|
|
%
Loans
|
|
%
Loans
|
|
Commercial real
estate
|
$7,323
|
0.23 %
|
$8,556
|
0.27 %
|
$32,892
|
1.02 %
|
|
Commercial and
industrial
|
2,974
|
0.17 %
|
3,847
|
0.22 %
|
19,810
|
1.15 %
|
|
Commercial
construction
|
384
|
0.10 %
|
384
|
0.10 %
|
2,471
|
0.56 %
|
|
Total Nonaccrual
Commercial Loans
|
10,681
|
0.20 %
|
12,787
|
0.24 %
|
55,173
|
1.02 %
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
Residential
mortgage
|
6,063
|
0.54 %
|
7,357
|
0.70 %
|
8,227
|
0.91 %
|
|
Home equity
|
2,031
|
0.31 %
|
2,216
|
0.34 %
|
2,733
|
0.48 %
|
|
Installment and other
consumer
|
277
|
0.22 %
|
417
|
0.33 %
|
158
|
0.15 %
|
|
Total Nonaccrual
Consumer Loans
|
8,371
|
0.43 %
|
9,990
|
0.54 %
|
11,118
|
0.70 %
|
|
Total Nonaccrual
Loans
|
$19,052
|
0.27 %
|
$22,777
|
0.32 %
|
$66,291
|
0.95 %
|
|
|
|
|
2022
|
|
2022
|
|
2021
|
|
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
|
(dollars in
thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Loan Charge-offs
(Recoveries)
|
|
|
|
|
|
|
|
Charge-offs
|
$1,718
|
|
$1,239
|
|
$18,048
|
|
|
Recoveries
|
(808)
|
|
(529)
|
|
(393)
|
|
|
Net Loan
Charge-offs
|
$910
|
|
$710
|
|
$17,655
|
|
|
|
|
|
|
|
|
|
|
Net Loan Charge-offs
(Recoveries)
|
|
|
|
|
|
|
|
Commercial
loans:
|
|
|
|
|
|
|
|
Commercial real
estate
|
$412
|
|
$304
|
|
$1,352
|
|
|
Commercial and
industrial
|
150
|
|
80
|
|
16,053
|
|
|
Commercial
construction
|
—
|
|
—
|
|
(10)
|
|
|
Total Commercial
Loan Charge-offs
|
562
|
|
384
|
|
17,395
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
Residential
mortgage
|
51
|
|
41
|
|
104
|
|
|
Home equity
|
136
|
|
111
|
|
8
|
|
|
Installment and other
consumer
|
161
|
|
174
|
|
148
|
|
|
Total Consumer Loan
Charge-offs
|
348
|
|
326
|
|
260
|
|
|
Total Net Loan
Charge-offs
|
$910
|
|
$710
|
|
$17,655
|
|
|
|
|
|
|
|
Twelve Months Ended
December 31,
|
|
|
(dollars in
thousands)
|
|
|
2022
|
|
2021
|
|
|
Loan Charge-offs
(Recoveries)
|
|
|
|
|
|
|
|
Charge-offs
|
|
|
$11,617
|
|
$37,524
|
|
|
Recoveries
|
|
|
(9,022)
|
|
(2,994)
|
|
|
Net Loan
Charge-offs
|
|
|
$2,595
|
|
$34,530
|
|
|
|
|
|
|
|
|
|
|
Net Loan Charge-offs
(Recoveries)
|
|
|
|
|
|
|
|
Commercial
loans:
|
|
|
|
|
|
|
|
Commercial real
estate
|
|
|
$768
|
|
$12,296
|
|
|
Commercial and
industrial
|
|
|
213
|
|
21,483
|
|
|
Commercial
construction
|
|
|
(1)
|
|
42
|
|
|
Total Commercial
Loan Charge-offs
|
|
|
980
|
|
33,821
|
|
|
Consumer
loans:
|
|
|
|
|
|
|
|
Residential
mortgage
|
|
|
186
|
|
121
|
|
|
Home equity
|
|
|
233
|
|
288
|
|
|
Installment and other
consumer
|
|
|
1,196
|
|
300
|
|
|
Total Consumer Loan
Charge-offs
|
|
|
1,615
|
|
709
|
|
|
Total Net Loan
Charge-offs
|
|
|
$2,595
|
|
$34,530
|
|
|
|
|
|
|
|
|
|
|
S&T Bancorp,
Inc.
|
Consolidated
Selected Financial Data
|
Unaudited
|
|
|
2022
|
|
2022
|
|
2021
|
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
(dollars in
thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Asset Quality
Data
|
|
|
|
|
|
|
Nonaccrual
loans
|
$19,052
|
|
$22,777
|
|
$66,291
|
|
OREO
|
3,065
|
|
6,022
|
|
13,313
|
|
Total nonperforming
assets
|
22,117
|
|
28,799
|
|
79,604
|
|
Troubled debt
restructurings (nonaccruing)
|
2,894
|
|
3,860
|
|
21,774
|
|
Troubled debt
restructurings (accruing)
|
8,891
|
|
8,925
|
|
9,921
|
|
Total troubled debt
restructurings
|
11,785
|
|
12,785
|
|
31,695
|
|
Nonaccrual loans /
total loans
|
0.27 %
|
|
0.32 %
|
|
0.95 %
|
|
Nonperforming assets /
total loans plus OREO
|
0.31 %
|
|
0.41 %
|
|
1.13 %
|
|
Allowance for credit
losses / total portfolio loans
|
1.41 %
|
|
1.40 %
|
|
1.41 %
|
|
Allowance for credit
losses / total portfolio loans excluding PPP
|
1.41 %
|
|
1.41 %
|
|
1.43 %
|
|
Allowance for credit
losses / nonaccrual loans
|
532 %
|
|
438 %
|
|
149 %
|
|
Net loan
charge-offs
|
$910
|
|
$710
|
|
$17,655
|
|
Net loan charge-offs
(annualized) / average loans
|
0.05 %
|
|
0.04 %
|
|
1.02 %
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
December 31,
|
|
(dollars in
thousands)
|
|
|
2022
|
|
2021
|
|
Asset Quality
Data
|
|
|
|
|
|
|
Net loan
charge-offs
|
|
|
$2,595
|
|
$34,530
|
|
Net loan charge-offs /
average loans
|
|
|
0.04 %
|
|
0.49 %
|
|
S&T Bancorp,
Inc.
|
Consolidated
Selected Financial Data
|
Unaudited
|
|
Definitions and
Reconciliation of GAAP to Non-GAAP Financial
Measures:
|
|
|
2022
|
|
2022
|
|
2021
|
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
(dollars and shares
in thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
(1) Tangible Book
Value (non-GAAP)
|
|
|
|
|
|
|
Total shareholders'
equity
|
$1,184,659
|
|
$1,153,181
|
|
$1,206,454
|
|
Less: goodwill and
other intangible assets, net of deferred tax
liability
|
(377,673)
|
|
(377,961)
|
|
(378,871)
|
|
Tangible common equity
(non-GAAP)
|
$806,986
|
|
$775,220
|
|
$827,583
|
|
Common shares
outstanding
|
39,000
|
|
39,013
|
|
39,351
|
|
Tangible book value
(non-GAAP)
|
$20.69
|
|
$19.87
|
|
$21.03
|
|
|
|
|
|
|
|
|
(2) Return on
Average Tangible Shareholders' Equity (non-GAAP)
|
|
|
|
|
|
|
Net income
(annualized)
|
$159,765
|
|
$147,781
|
|
$89,176
|
|
Plus: amortization of
intangibles (annualized), net of tax
|
1,144
|
|
1,181
|
|
1,376
|
|
Net income before
amortization of intangibles (annualized)
|
$160,909
|
|
$148,962
|
|
$90,552
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
$1,168,023
|
|
$1,185,162
|
|
$1,206,216
|
|
Less: average goodwill
and other intangible assets, net of deferred
tax liability
|
(377,857)
|
|
(378,154)
|
|
(379,090)
|
|
Average tangible
equity (non-GAAP)
|
$790,166
|
|
$807,008
|
|
$827,126
|
|
Return on average
tangible shareholders' equity (non-GAAP)
|
20.36 %
|
|
18.46 %
|
|
10.95 %
|
|
|
|
|
|
|
|
|
(3) PPNR / Average
Assets (non-GAAP)
|
|
|
|
|
|
|
Income before
taxes
|
$50,250
|
|
$46,427
|
|
$27,225
|
|
Plus: Provision for
credit losses
|
3,176
|
|
2,498
|
|
7,128
|
|
Total
|
$53,426
|
|
$48,925
|
|
$34,353
|
|
Total (annualized)
(non-GAAP)
|
$211,961
|
|
$194,106
|
|
$136,292
|
|
Average
assets
|
$8,984,616
|
|
$9,009,369
|
|
$9,490,357
|
|
PPNR / Average Assets
(non-GAAP)
|
2.36 %
|
|
2.15 %
|
|
1.44 %
|
|
|
|
|
|
|
|
|
(4) Efficiency Ratio
(non-GAAP)
|
|
|
|
|
|
|
Noninterest
expense
|
$51,275
|
|
$49,633
|
|
$50,189
|
|
|
|
|
|
|
|
|
Net interest income
per consolidated statements of net income
|
89,058
|
|
83,798
|
|
68,438
|
|
Plus: taxable
equivalent adjustment
|
532
|
|
521
|
|
510
|
|
Net interest income
(FTE) (non-GAAP)
|
$89,590
|
|
$84,319
|
|
$68,948
|
|
Noninterest
income
|
15,643
|
|
14,760
|
|
16,104
|
|
Less: net gains on
sale of securities
|
—
|
|
(198)
|
|
—
|
|
Net interest income
(FTE) (non-GAAP) plus noninterest income
|
$105,233
|
|
$98,881
|
|
$85,052
|
|
Efficiency ratio
(non-GAAP)
|
48.73 %
|
|
50.19 %
|
|
59.01 %
|
|
|
|
|
|
|
|
|
S&T Bancorp,
Inc.
|
Consolidated
Selected Financial Data
|
Unaudited
|
|
Definitions and
Reconciliation of GAAP to Non-GAAP Financial
Measures:
|
|
|
|
|
Twelve Months Ended
December 31,
|
|
(dollars in
thousands)
|
|
|
2022
|
|
2021
|
|
(5) Return on
Average Tangible Shareholders' Equity (non-GAAP)
|
|
|
|
|
|
|
Net income
|
|
|
$135,520
|
|
$110,343
|
|
Plus: amortization of
intangibles, net of tax
|
|
|
1,199
|
|
1,400
|
|
Net income before
amortization of intangibles
|
|
|
$136,719
|
|
$111,743
|
|
|
|
|
|
|
|
|
Average total
shareholders' equity
|
|
|
$1,181,788
|
|
$1,186,161
|
|
Less: average goodwill
and other intangible assets, net of deferred
tax liability
|
|
|
(378,303)
|
|
(379,612)
|
|
Average tangible
equity (non-GAAP)
|
|
|
$803,485
|
|
$806,549
|
|
Return on average
tangible shareholders' equity (non-GAAP)
|
|
|
17.02 %
|
|
13.85 %
|
|
|
|
|
|
|
|
|
(6) PPNR / Average
Assets (non-GAAP)
|
|
|
|
|
|
|
Income before
taxes
|
|
|
$168,930
|
|
$135,668
|
|
Plus: Provision for
credit losses
|
|
|
8,366
|
|
16,215
|
|
Total
|
|
|
$177,296
|
|
$151,883
|
|
Average
assets
|
|
|
$9,167,038
|
|
$9,375,850
|
|
PPNR / Average Assets
(non-GAAP)
|
|
|
1.93 %
|
|
1.62 %
|
|
|
|
|
|
|
|
|
(7) Efficiency Ratio
(non-GAAP)
|
|
|
|
|
|
|
Noninterest
expense
|
|
|
$196,746
|
|
$188,925
|
|
|
|
|
|
|
|
|
Net interest income
per consolidated statements of net income
|
|
|
315,783
|
|
276,112
|
|
Plus: taxable
equivalent adjustment
|
|
|
2,052
|
|
2,316
|
|
Net interest income
(FTE) (non-GAAP)
|
|
|
$317,835
|
|
$278,428
|
|
Noninterest
income
|
|
|
58,259
|
|
64,696
|
|
Less: net gains on
sale of securities
|
|
|
(198)
|
|
(29)
|
|
Net interest income
(FTE) (non-GAAP) plus noninterest income
|
|
|
$375,896
|
|
$343,095
|
|
Efficiency ratio
(non-GAAP)
|
|
|
52.34 %
|
|
55.06 %
|
|
|
|
|
|
|
|
|
(8) Net Interest
Margin Rate (FTE) (non-GAAP)
|
|
|
|
|
|
|
Interest income and
dividend income
|
|
|
$340,751
|
|
$289,262
|
|
Less: interest
expense
|
|
|
(24,968)
|
|
(13,150)
|
|
Net interest income
per consolidated statements of net income
|
|
|
$315,783
|
|
$276,112
|
|
Plus: taxable
equivalent adjustment
|
|
|
2,052
|
|
2,316
|
|
Net interest income
(FTE) (non-GAAP)
|
|
|
$317,835
|
|
$278,428
|
|
Average
interest-earning assets
|
|
|
$8,445,958
|
|
$8,649,372
|
|
Net interest margin -
(FTE) (non-GAAP)
|
|
|
3.76 %
|
|
3.22 %
|
|
S&T Bancorp,
Inc.
|
Consolidated
Selected Financial Data
|
Unaudited
|
|
Definitions and
Reconciliation of GAAP to Non-GAAP Financial
Measures:
|
|
|
2022
|
|
2022
|
|
2021
|
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
(dollars in
thousands)
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
(9) Tangible Common
Equity / Tangible Assets (non-GAAP)
|
|
|
|
|
|
|
Total shareholders'
equity
|
$1,184,659
|
|
$1,153,181
|
|
$1,206,454
|
|
Less: goodwill and
other intangible assets, net of deferred tax
liability
|
(377,673)
|
|
(377,961)
|
|
(378,871)
|
|
Tangible common equity
(non-GAAP)
|
$806,986
|
|
$775,220
|
|
$827,583
|
|
|
|
|
|
|
|
|
Total
assets
|
$9,110,567
|
|
$8,935,969
|
|
$9,488,529
|
|
Less: goodwill and
other intangible assets, net of deferred tax
liability
|
(377,673)
|
|
(377,961)
|
|
(378,871)
|
|
Tangible assets
(non-GAAP)
|
$8,732,894
|
|
$8,558,008
|
|
$9,109,658
|
|
Tangible common equity
to tangible assets (non-GAAP)
|
9.24 %
|
|
9.06 %
|
|
9.08 %
|
|
|
|
|
|
|
|
|
(10) Net Interest
Margin Rate (FTE) (non-GAAP)
|
|
|
|
|
|
|
Interest income and
dividend income
|
$103,208
|
|
$89,835
|
|
$71,135
|
|
Less: interest
expense
|
(14,150)
|
|
(6,037)
|
|
(2,697)
|
|
Net interest income
per consolidated statements of net income
|
$89,058
|
|
$83,798
|
|
$68,438
|
|
Plus: taxable
equivalent adjustment
|
532
|
|
521
|
|
510
|
|
Net interest income
(FTE) (non-GAAP)
|
$89,590
|
|
$84,319
|
|
$68,948
|
|
Net interest income
(FTE) (annualized)
|
$355,438
|
|
$334,526
|
|
$273,537
|
|
Average
interest-earning assets
|
$8,220,689
|
|
$8,287,889
|
|
$8,768,329
|
|
Net interest margin
(FTE) (non-GAAP)
|
4.33 %
|
|
4.04 %
|
|
3.12 %
|
|
|
|
|
|
|
|
|
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SOURCE S&T Bancorp, Inc.