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S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2013 Results and Declares Fourth Quarter Dividend

INDIANA, Pa., Jan. 28, 2014 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA)  has announced its fourth quarter and full year 2013 earnings.  Fourth quarter earnings were $11.9 million, or $0.40 per diluted share, compared to the third quarter of 2013 earnings of $12.2 million, or $0.41 per diluted share, and the fourth quarter of 2012 earnings of $9.5 million, or $0.32 per diluted share.  Full year 2013 earnings increased 48% to $50.5 million, or $1.70 per diluted share, compared to 2012 earnings of $34.2 million, or $1.18 per diluted share.

(Logo: http://photos.prnewswire.com/prnh/20070917/NEM099LOGO )

Fourth Quarter Highlights:

  • Total average loans increased $60.5 million, or 1.7%, from the third quarter of 2013.
  • Net interest income increased $0.4 million from the third quarter of 2013 and net interest margin (FTE) was stable, increasing two basis points to 3.52%. 
  • Asset quality improved significantly with a decrease in nonperforming assets of $14.0 million, or 38%, from the third quarter of 2013 and $33.0 million, or 59%, from the fourth quarter of 2012.
  • S&T declared a $0.16 per share dividend for the fourth quarter. 

"The fourth quarter was a strong finish to our much improved performance in 2013," said Todd Brice, president and chief executive officer of S&T.  "The investment we made in expanding our sales team has paid off with a return to solid loan growth in 2013, and our focus on managing problem loans has resulted in a sizeable decrease in nonperforming assets."

Net Interest Income

Net interest income increased $0.4 million, or 1.1%, to $35.7 million compared to $35.3 million in the prior quarter. Net interest margin on a fully taxable equivalent basis (FTE) increased two basis points to 3.52% compared to 3.50% in the third quarter of 2013.  Net interest income and net interest margin were positively impacted by an improved asset mix and lower costs on certificates of deposits. The improved asset mix was mainly a result of loan growth, which increased on average by $60.5 million.    

Asset Quality

Asset quality improved significantly from the prior quarter. Total nonperforming loans were $22.5 million, or 0.63%, of total loans at December 31, 2013, which represents a 38% decrease from $36.4 million, or 1.04% of total loans at September 30, 2013.  Special mention and substandard loans also decreased $34.6 million, or 16%, to $187.7 million from $222.3 million at September 30, 2013. Net charge-offs for the fourth quarter of 2013 were $3.3 million compared to net charge-offs of $1.5 million in the third quarter of 2013. The provision for loan losses was $1.6 million in the fourth quarter of 2013 compared to $3.4 million in the third quarter of 2013. The allowance for loan losses decreased to $46.3 million, or 1.30% of total loans, compared to $48.0 million, or 1.37% of total loans at September 30, 2013.

Noninterest Income and Expense

Noninterest income decreased $1.2 million to $11.3 million compared to $12.5 million in the third quarter of 2013.  Debit and credit card fees decreased $0.2 million due to a decrease in our merchant services revenue. Insurance fees decreased $0.6 million due to a $0.4 million decrease in commission income caused by seasonality of policy renewals and a $0.2 million decrease in revenue related to our credit insurance products.  Other income decreased by $0.3 million primarily due to higher interest rate swap fees from our commercial customers in the third quarter of 2013.

Noninterest expense increased $1.5 million to $29.4 million compared to $27.9 million in the third quarter of 2013.  Salaries and benefits increased $0.3 million primarily due to higher medical costs.  Furniture and equipment increased $0.2 million and marketing increased $0.2 million due to the timing of purchases and marketing campaigns.  Other expense increased $1.0 million due to higher charitable donations in the fourth quarter of 2013 and a $0.5 million expense recovery related to one of our bank acquisitions that occurred in the third quarter of 2013. 

Financial Condition

Total assets decreased $55.0 million to $4.5 billion at December 31, 2013 compared to $4.6 billion at September 30, 2013 and $4.5 billion at December 31, 2012. Loan growth was strong during the quarter with an increase of $54.9 million, or 1.6%, in total portfolio loans. Commercial loans grew $46.2 million, or 1.8%, during the quarter, primarily due to growth in the commercial real estate portfolio. Consumer loans increased $8.7 million during the quarter with growth in residential mortgages of $10.0 million, or 2.1%, offset by declines in the installment and construction portfolios. Total deposits were essentially unchanged at $3.7 billion at both December 31, 2013 and September 30, 2013. S&T's risk-based capital ratios increased this quarter due to retained earnings growth outpacing loan growth.  All capital ratios remain significantly above the well-capitalized thresholds of federal bank regulatory agencies.

2013 Full Year

Full year 2013 earnings increased $16.3 million, or 48%, to $50.5 million, or $1.70 per diluted share, compared to $34.2 million, or $1.18 per diluted share for 2012. The increase in earnings was due to higher net interest income of $4.0 million, or 3%, a decrease in the provision for loans losses of $14.5 million, or 64%, and a decrease in noninterest expense of $5.5 million, or 4%.  Net interest income increased due to the improvement in funding costs coupled with an increase of $203.5 million in average earning assets which helped to offset the impact of declining earning asset yields. The provision for loan losses decreased due to significant improvements in asset quality, including a decrease in net charge-offs of $16.6 million, or 66%, from the prior year. The decrease in noninterest expense was primarily a result of $6.1 million of merger related expense in 2012 and expense control initiatives implemented throughout 2013. 

"We are extremely pleased with the progress we made in 2013 and look forward to carrying this momentum into the coming year.  We enter 2014 with a clear strategic vision that is focused on growing our Bank through the addition of high quality assets and improvements in our fee revenue businesses, while maintaining a strong expense discipline," said Todd Brice, president and chief executive officer of S&T.

Asset quality improved significantly throughout 2013.  Total nonperforming loans were $22.5 million, or 0.63%, of total loans at December 31, 2013, which represents a 59% decrease from $55.0 million, or 1.63% of total loans at December 31, 2012.  Special mention and substandard loans also decreased $149.4 million, or 44%, to $187.7 million from $337.1 million at December 31, 2012. The allowance for loan losses decreased to $46.3 million, or 1.30% of total loans, compared to $46.5 million, or 1.38% of total loans at December 31, 2012.

Dividend

The Board of Directors of S&T declared a $0.16 per share cash dividend at its regular meeting held January 27, 2014.  The dividend is payable February 27, 2014 to shareholders of record on February 13, 2014.  This dividend compares to a common stock dividend of $0.16 per share declared during the fourth quarter of 2013. 

Conference Call

S&T will host its fourth quarter 2013 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, January 28, 2014. To access the webcast, go to S&T's webpage at www.stbancorp.com and click on "Events & Presentations." Select "4th Quarter 2013 Conference Call" and follow the instructions. 

About S&T Bancorp, Inc.

Headquartered in Indiana, PA, S&T operates offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson, Washington and Westmoreland counties as well as a loan production office in northeast Ohio. With assets of $4.5 billion, S&T stock trades on the NASDAQ Global Select Market System under the symbol STBA. For more information, visit www.stbancorp.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
















For the Twelve Months Ended December 31,


(in thousands, except per share data)



2013


2012


INTEREST INCOME







Loans, including fees



$     142,492


$     145,181


Investment securities:







Taxable



7,478


7,544


Tax-exempt



3,401


3,121


Dividends



385


405


Total Interest Income



153,756


156,251









INTEREST EXPENSE







Deposits



11,406


16,796


Borrowings and junior subordinated debt securities



3,157


4,228


Total Interest Expense



14,563


21,024









NET INTEREST INCOME



139,193


135,227


Provision for loan losses



8,311


22,815


Net Interest Income After Provision for Loan Losses



130,882


112,412









NONINTEREST INCOME







Debit and credit card fees



10,931


11,134


Wealth management fees



10,696


9,808


Service charges on deposit accounts



10,488


9,992


Insurance fees



6,248


6,131


Gain on sale of merchant card servicing business 



3,093


-


Mortgage banking



2,123


2,878


Securities gains, net



5


3,016


Other



7,943


8,953


Total Noninterest Income



51,527


51,912









NONINTEREST EXPENSE







Salaries and employee benefits



60,902


60,256


Data processing



9,021


9,620


Net occupancy



8,023


7,605


Furniture and equipment



4,883


5,262


Professional services and legal



4,186


5,659


Other taxes



3,743


3,200


Marketing



2,929


3,302


FDIC insurance



2,772


2,926


Other



20,933


25,033


Total Noninterest Expense



117,392


122,863









Income Before Taxes



65,017


41,461


Provision for income taxes



14,478


7,261









Net Income



$       50,539


$       34,200









Per Share Data: 







Average shares outstanding - diluted



29,682,553


29,008,880


Average shares outstanding - two-class method



29,733,721


29,083,893


Diluted earnings per share(1)



$1.70


$1.18


Dividends declared per share



$0.61


$0.60


Dividends paid to net income



35.89%


50.75%









Profitability Ratios







Return on average assets



1.12%


0.79%


Return on average tangible assets(3)



1.17%


0.83%


Return on average shareholders' equity 



9.21%


6.62%


Return on average tangible shareholders' equity(4)



13.72%


10.07%


Efficiency ratio (FTE)(2)



60.03%


65.15%


 

S&T Bancorp, Inc.







Consolidated Selected Financial Data







Unaudited















2013


2013


2012



Fourth


Third


Fourth


(in thousands, except per share data)

Quarter


Quarter


Quarter


INTEREST INCOME







Loans, including fees

$       35,949


$       35,733


$       36,127


Investment securities:







Taxable

1,847


1,889


1,883


Tax-exempt

888


865


802


Dividends

95


94


108


Total Interest Income

38,779


38,581


38,920









INTEREST EXPENSE







Deposits

2,536


2,717


3,612


Borrowings and junior subordinated debt securities

589


590


1,017


Total Interest Expense

3,125


3,307


4,629









NET INTEREST INCOME

35,654


35,274


34,291


Provision for loan losses

1,562


3,419


4,215


Net Interest Income After Provision For Loan Losses

34,092


31,855


30,076









NONINTEREST INCOME







Debit and credit card fees

2,566


2,764


2,662


Wealth management fees

2,553


2,747


2,415


Service charges on deposit accounts

2,744


2,801


2,585


Insurance fees

1,092


1,738


1,190


Mortgage banking

465


265


704


Securities gains, net

-


3


-


Other

1,892


2,224


2,009


Total Noninterest Income

11,312


12,542


11,565









NONINTEREST EXPENSE







Salaries and employee benefits

15,201


14,910


14,323


Data processing

2,083


2,137


2,172


Net occupancy

1,986


1,910


2,011


Furniture and equipment

1,260


1,084


1,401


Professional services and legal

1,045


996


1,111


Other taxes

790


1,039


667


Marketing

841


607


1,146


FDIC insurance

660


629


762


Other

5,581


4,631


6,124


Total Noninterest Expense

29,447


27,943


29,717









Income Before Taxes

15,957


16,454


11,924


Provision for income taxes

4,098


4,207


2,400









Net Income

$       11,859


$       12,247


$         9,524









Per Share Data: 







Shares outstanding at end of period

29,737,725


29,738,305


29,732,209


Average shares outstanding - diluted

29,691,844


29,685,600


29,659,999


Average shares outstanding - two-class method

29,737,725


29,738,305


29,733,367


Diluted earnings per share(1)

$0.40


$0.41


$0.32


Dividends declared per share

$0.16


$0.15


$0.15


Dividend yield (annualized)

2.53%


2.48%


3.32%


Dividends paid to net income

40.12%


36.42%


46.83%


Book value 

$19.21


$18.68


$18.08


Tangible book value(5)

$13.17


$12.63


$11.98


Market value

$25.31


$24.22


$18.07









Profitability Ratios (Annualized)







Return on average assets

1.03%


1.07%


0.86%


Return on average tangible assets(3)

1.08%


1.12%


0.90%


Return on average shareholders' equity 

8.40%


8.86%


7.05%


Return on average tangible shareholders' equity(4)

12.38%


13.19%


10.65%


Efficiency ratio (FTE)(2)

61.04%


56.97%


63.29%


 

S&T Bancorp, Inc.







Consolidated Selected Financial Data







Unaudited















2013


2013


2012



Fourth


Third


Fourth


(in thousands)

Quarter


Quarter


Quarter


ASSETS







Cash and due from banks, including interest-bearing deposits

$     108,356


$     234,928


$     337,711


Securities available-for-sale, at fair value

509,425


488,162


452,266


Loans held for sale

2,136


3,695


22,499


Commercial loans:







Commercial real estate

1,607,756


1,567,814


1,452,133


Commercial and industrial

842,449


827,699


791,396


Construction

143,675


152,206


168,143


Total commercial loans

2,593,880


2,547,719


2,411,672


Consumer loans:







Residential mortgage

487,092


477,141


427,303


Home equity

414,195


413,097


431,335


Installment and other consumer

67,883


69,043


73,875


Construction

3,149


4,335


2,437


Total consumer loans

972,319


963,616


934,950


Total portfolio loans

3,566,199


3,511,335


3,346,622


Allowance for loan losses

(46,255)


(47,983)


(46,484)


Total portfolio loans, net

3,519,944


3,463,352


3,300,138


Goodwill

175,820


175,820


175,733


Other assets

217,509


222,171


238,355


Total Assets

$  4,533,190


$  4,588,128


$  4,526,702









LIABILITIES







Deposits:







Noninterest-bearing demand

$     992,779


$     974,262


$     960,980


Interest-bearing demand

312,790


324,291


316,760


Money market

281,403


308,445


361,233


Savings

994,805


1,039,115


965,571


Certificates of deposit

1,090,531


1,048,090


1,033,884


Total Deposits

3,672,308


3,694,203


3,638,428









Securities sold under repurchase agreements

33,847


33,290


62,582


Short-term borrowings

140,000


175,000


75,000


Long-term borrowings

21,810


22,390


34,101


Junior subordinated debt securities

45,619


45,619


90,619


Other liabilities

48,300


62,198


88,550


Total Liabilities

3,961,884


4,032,700


3,989,280









SHAREHOLDERS' EQUITY







Total Shareholders' Equity

571,306


555,428


537,422


Total Liabilities and Shareholders' Equity

$  4,533,190


$  4,588,128


$  4,526,702









Capitalization Ratios







Shareholders' equity / assets

12.60%


12.11%


11.87%


Tangible common equity / tangible assets(6)

9.00%


8.52%


8.20%


Tier 1 leverage ratio

9.75%


9.61%


9.31%


Risk-based capital - tier 1

12.37%


12.26%


11.98%


Risk-based capital - total

14.36%


14.27%


15.39%


 

S&T Bancorp, Inc.







Consolidated Selected Financial Data







Unaudited














(in thousands)


For the Twelve Months Ended December 31,

Net Interest Margin (FTE) (YTD Averages)



2013


2012


ASSETS







Loans



$  3,448,529

4.22%

$  3,213,018

4.59%

Taxable investment securities



371,099

2.01%

291,483

2.52%

Tax-exempt investment securities



110,009

4.76%

95,382

5.03%

Federal Home Loan Bank and other restricted stock



13,692

0.78%

17,945

0.21%

Interest-bearing deposits with banks



167,952

0.26%

289,947

0.25%

Total Interest-earning Assets (7)



4,111,281

3.86%

3,907,775

4.10%








Noninterest-earning assets



394,511


404,763


Total Assets



$  4,505,792


$  4,312,538









LIABILITIES AND SHAREHOLDERS' EQUITY







Interest-bearing demand



$     309,748

0.02%

$     306,994

0.05%

Money market



319,831

0.14%

308,719

0.17%

Savings



1,001,209

0.17%

902,889

0.26%

Certificates of deposit



1,054,451

0.87%

1,104,262

1.24%

Securities sold under repurchase agreements



54,056

0.12%

47,388

0.17%

Short-term borrowings



101,973

0.27%

50,212

0.24%

Long-term borrowings



24,312

3.07%

33,841

3.26%

Junior subordinated debt securities



65,989

3.14%

90,619

3.21%

Total Interest-bearing Liabilities



2,931,569

0.50%

2,844,924

0.74%








Noninterest-bearing demand



955,475


877,056


Other liabilities



69,977


73,746


Shareholders' equity



548,771


516,812


Total Liabilities and Shareholders' Equity



$  4,505,792


$  4,312,538









Net Interest Margin (8)




3.50%


3.57%









2013


2013


2012



Fourth


Third


Fourth


Net Interest Margin (FTE) (QTD Averages)

Quarter


Quarter


Quarter


ASSETS







Loans

$  3,537,426

4.12%

$  3,476,914

4.16%

$  3,286,039

4.44%

Taxable investment securities

386,177

1.91%

378,678

1.98%

323,632

2.25%

Tax-exempt investment securities

114,301

4.78%

108,982

4.88%

105,430

4.68%

Federal Home Loan Bank and other restricted stock

14,021

1.41%

13,910

0.83%

15,998

0.46%

Interest-bearing deposits with banks

113,662

0.28%

162,381

0.27%

267,719

0.29%

Total Interest-earning Assets (7)

4,165,587

3.82%

4,140,865

3.82%

3,998,818

3.97%








Noninterest-earning assets

385,449


391,001


411,077


Total Assets

$  4,551,036


$  4,531,866


$  4,409,895









LIABILITIES AND SHAREHOLDERS' EQUITY







Interest-bearing demand

$     313,942

0.02%

$     311,369

0.02%

$     317,253

0.03%

Money market

290,159

0.13%

323,671

0.14%

336,943

0.17%

Savings

1,009,515

0.15%

1,019,647

0.15%

960,248

0.25%

Certificates of deposit

1,075,516

0.75%

1,050,954

0.83%

1,058,308

1.06%

Securities sold under repurchase agreements

26,384

0.01%

59,390

0.09%

47,421

0.20%

Short-term borrowings

146,957

0.30%

127,174

0.28%

14,168

0.04%

Long-term borrowings

22,043

3.00%

22,625

3.01%

34,328

3.21%

Junior subordinated debt securities

45,619

2.70%

45,619

2.72%

90,619

3.13%

Total Interest-bearing Liabilities

2,930,135

0.42%

2,960,449

0.44%

2,859,288

0.64%








Noninterest-bearing demand

993,653


955,337


929,575


Other liabilities

67,451


67,639


83,811


Shareholders' equity

559,797


548,441


537,221


Total Liabilities and Shareholders' Equity

$  4,551,036


$  4,531,866


$  4,409,895









Net Interest Margin (8)


3.52%


3.50%


3.51%

 

S&T Bancorp, Inc.







Consolidated Selected Financial Data







Unaudited
















For the Twelve Months Ended December 31,




2013


2012


Asset Quality Data







Net loan charge-offs



8,540


25,173


Net loan charge-offs / average loans



0.25%


0.78%

















2013


2013


2012



Fourth


Third


Fourth


(in thousands)

Quarter


Quarter


Quarter


Nonaccrual Loans (NPL)







Commercial loans:


% NPL


% NPL


% NPL

Commercial real estate

$       10,750

0.67%

$       16,479

1.05%

$       30,556

2.10%

Commercial and industrial

3,296

0.39%

3,897

0.47%

6,435

0.81%

Construction

2,742

1.91%

9,684

6.36%

6,778

4.03%

Total Nonaccrual Commercial Loans

16,788

0.65%

30,060

1.18%

43,769

1.81%

Consumer loans:







Residential mortgage

3,338

0.69%

3,021

0.63%

7,278

1.70%

Home equity

2,291

0.55%

3,291

0.80%

3,653

0.85%

Installment and other consumer

37

0.05%

27

0.04%

40

0.05%

Construction

-

-

-

-

218

8.95%

Total Nonaccrual Consumer Loans

5,666

0.58%

6,339

0.66%

11,189

1.20%

Total Nonaccrual Loans

$       22,454

0.63%

$       36,399

1.04%

$       54,958

1.64%









2013


2013


2012



Fourth


Third


Fourth



Quarter


Quarter


Quarter


Asset Quality Data







Nonaccrual loans

$       22,454


$       36,399


$       54,958


Assets acquired through foreclosure or repossession

410


460


911


Nonperforming assets

22,864


36,859


55,869


Troubled debt restructurings (nonaccruing)

10,067


20,394


18,940


Troubled debt restructurings (accruing)

39,229


35,624


41,521


Total troubled debt restructurings

49,296


56,018


60,461


Nonaccrual loans / loans

0.63%


1.04%


1.63%


Nonperforming assets / loans plus OREO

0.64%


1.05%


1.66%


Allowance for loan losses / loans

1.30%


1.37%


1.38%


Allowance for loan losses / nonaccrual loans

206%


132%


85%


Net loan charge-offs

3,290


1,541


4,011


Net loan charge-offs (annualized) / average loans

0.37%


0.18%


0.49%


 

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.









For the Twelve Months


2013

2013

2012


Ended December 31,


Fourth

Third

Fourth


2013

2012


Quarter

Quarter

Quarter








(3)  Return on Average Tangible Assets







     Return on average assets (GAAP basis)

1.12%

0.79%


1.03%

1.07%

0.86%

     Effect of excluding intangible assets

0.05%

0.04%


0.05%

0.05%

0.04%

     Return on average tangible assets

1.17%

0.83%


1.08%

1.12%

0.90%








(4)  Return on Average Tangible Shareholders' Equity







     Return on average shareholders' equity (GAAP basis)

9.21%

6.62%


8.40%

8.86%

7.05%

     Effect of excluding intangible assets

4.51%

3.45%


3.98%

4.33%

3.60%

     Return on average tangible shareholders' equity

13.72%

10.07%


12.38%

13.19%

10.65%








(5)  Tangible Book Value







     Book value (GAAP basis)




$19.21

$18.68

$18.08

     Effect of excluding intangible assets




(6.04)

(6.05)

(6.10)

     Tangible book value




$13.17

$12.63

$11.98








(6)  Tangible Common Equity / Tangible Assets







     Shareholders' equity / assets (GAAP basis)




12.60%

12.11%

11.87%

     Effect of excluding intangible assets




(3.60)%

(3.59)%

(3.67)%

     Tangible common equity / tangible assets




9.00%

8.52%

8.20%








(7) Interest Income Rate (FTE)







    Interest income (annualized) rate (GAAP basis)

3.74%

3.99%


3.69%

3.70%

3.86%

    Taxable equivalent adjustment

0.12%

0.11%


0.13%

0.12%

0.11%

    Interest income rate (FTE)

3.86%

4.10%


3.82%

3.82%

3.97%








(8)  Net Interest Margin Rate (FTE)







    Net interest margin rate (GAAP basis)

3.39%

3.45%


3.40%

3.38%

3.40%

    Taxable equivalent adjustment

0.11%

0.12%


0.12%

0.12%

0.11%

    Net interest margin rate (FTE)

3.50%

3.57%


3.52%

3.50%

3.51%

 

SOURCE S&T Bancorp, Inc.

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