8-K
S&T BANCORP INC (STBA)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
April 19, 2021
Date of Report (date of earliest event reported)
S&T BANCORP, INC
(Exact name of registrant as specified in its charter)
| Pennsylvania | 0-12508 | 25-1434426 | |
|---|---|---|---|
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |
| 800 Philadelphia Street | Indiana | PA | 15701 |
| (Address of Principal Executive Offices) | (Zip Code) |
(800) 325-2265
Registrant's telephone number, including area code
(Not applicable)
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $2.50 par value | STBA | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 22, 2021 S&T Bancorp, Inc. announced by press release its earnings for the three months ended March 31, 2021. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference in this Item 2.02. The information contained in this Item 2.02 of this Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Exchange Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure
In connection with the issuance of its earnings for the three months ended March 31, 2021, S&T has also made available on its website materials that contain supplemental information about S&T’s financial results (“Supplemental Information”). A copy of the supplemental information is attached hereto aswebcalldeck2021-03.htmExhibit 99.2 and is incorporated by reference in this Item 7.01. The information contained in this Item 7.01 of this Report on Form 8-K, including Exhibit 99.2, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Exchange Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 8.01 Other Events.
The Board of Directors of S&T declared a $0.28 per share cash dividend on April 19, 2021. A copy of the press release is attached hereto as Exhibit 99.3. This is comparable to a dividend of $0.28 per share declared in the same period last year. The dividend is payable May 20, 2021 to shareholders of record on May 6, 2021.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description of Exhibit |
|---|---|
| 99.1 | Press Release |
| 99.2 | Supplemental Information |
| 99.3 | Dividend Release |
| 104 | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned thereunto duly authorized.
| S&T Bancorp, Inc. | |
|---|---|
| /s/ Mark Kochvar | |
| April 22, 2021 | Mark Kochvar<br>Senior Executive Vice President,<br>Chief Financial Officer |
Document
| CONTACT:<br><br>Mark Kochvar<br><br>Chief Financial Officer<br><br>724.465.4826<br><br>mark.kochvar@stbank.com<br><br>stbancorp.com |
|---|
FOR IMMEDIATE RELEASE
S&T Bancorp, Inc. Announces Record First Quarter 2021 Net Income
Indiana, Pa. - April 22, 2021 - 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 record net income of $31.9 million, or $0.81 per diluted share, for the first quarter of 2021 compared to net income of $24.2 million, or $0.62 per diluted share, for the fourth quarter of 2020, and net income of $13.2 million, or $0.34 per diluted share, for the first quarter of 2020.
First Quarter of 2021 Highlights:
•Record net income of $31.9 million.
•Return metrics were strong with return on average assets (ROA) of 1.42%, return on average equity (ROE) of 11.15%, return on average tangible equity (ROTE) (non-GAAP) of 16.78% and pre-tax pre-provision income to average assets (PTPP) (non-GAAP) of 1.89%.
•Net interest margin (FTE) (non-GAAP) increased 9 basis points to 3.47% compared to 3.38% for the fourth quarter of 2020.
•Portfolio loans decreased $42.7 million to $7.2 billion at March 31, 2021 compared to December 31, 2020.
•Deposits increased $455.5 million to $7.9 billion at March 31, 2021 compared to December 31, 2020.
•Mortgage banking revenue increased $1.2 million to $4.3 million for the first quarter of 2021 compared to the fourth quarter of 2020.
•The allowance for credit losses to total portfolio loans was 1.60% at March 31, 2021 compared to 1.63% at December 31, 2020.
•S&T's Board of Directors declared a $0.28 per share dividend which was consistent with the $0.28 per share dividend declared in the same period in the prior year.
"We are pleased to start the year with record quarterly net income and results that reflect what our company is capable of delivering," said David Antolik, president and interim chief executive officer. "We are optimistic about where S&T is headed in 2021, even with the challenging environment, and are well positioned to take advantage of the growth opportunities that will arise."
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S&T Earnings Release -2
Net Interest Income
Net interest income increased $0.8 million to $70.7 million for the first quarter of 2021 compared to $69.9 million for the fourth quarter of 2020. The increase in net interest income was primarily due to a reduction in deposit costs and the increased contribution of Paycheck Protection Program (PPP) loans to net interest income. Total interest-bearing deposit costs decreased 9 basis points to 0.27% as higher cost certificates of deposits matured. The PPP contribution increased by $0.8 million to $5.8 million for the first quarter of 2021 compared to the fourth quarter of 2020 due to more loan forgiveness. This higher PPP contribution increased the loan yield by 7 basis points to 3.96%. Net interest margin on a fully taxable equivalent basis (FTE) (non-GAAP) increased 9 basis points to 3.47% compared to 3.38% in the prior quarter. Excluding PPP, net interest margin (FTE) (non-GAAP) increased 2 basis points to 3.37% compared to 3.35% in the prior quarter.
Asset Quality
Asset quality improved during the first quarter of 2021 compared to the fourth quarter of 2020. The provision for credit losses decreased to $3.1 million for the first quarter of 2021 compared to $7.1 million in the fourth quarter of 2020. Net loan charge-offs were $5.8 million for the first quarter of 2021 compared to $11.2 million in the fourth quarter of 2020. Total nonperforming loans decreased $11.6 million to $135.2 million, or 1.88% of total loans, at March 31, 2021 compared to $146.8 million, or 2.03% of total loans at December 31, 2020. The allowance for credit losses was 1.60% of total portfolio loans as of March 31, 2021 compared to 1.63% at December 31, 2020. Excluding PPP loans, the allowance for credit losses was 1.72% of total portfolio loans at March 31, 2021 compared to 1.74% at December 31, 2020.
Noninterest Income and Expense
Noninterest income increased $1.6 million to $17.2 million in the first quarter of 2021 compared to $15.6 million in the fourth quarter of 2020. Mortgage banking income increased $1.2 million due to higher gains on loans sold and an increase in the mortgage servicing rights valuation. Wealth management income increased $0.5 million due to higher assets under management from market appreciation and an increase in customer activity. Offsetting these increases was a decrease in commercial loan swap income of $0.7 million due to less demand for this product in the current environment.
Noninterest expense decreased $2.9 million to $45.6 million for the first quarter of 2021 compared to $48.5 million in the fourth quarter of 2020. Other expense decreased $1.9 million due to lower loan workout costs in the first quarter of 2021 compared to the fourth quarter of 2020. Marketing expense decreased $0.8 million due to the timing of marketing campaigns. These decreases were offset by an increase of $0.5 million in salaries and employee benefits due to higher incentives and pension costs in the first quarter of 2021 compared to the fourth quarter of 2020.
Financial Condition
Total assets increased $361.1 million to $9.3 billion at March 31, 2021 compared to $9.0 billion at December 31, 2020. Cash increased $441.8 million to $671.4 million at March 31, 2021 compared to December 31, 2020 due to a significant increase in deposits as a result of stimulus programs, the reopening of the PPP and our customer's liquidity preferences. Portfolio loans decreased $42.7 million compared to December 31, 2020 as loan activity continues to be impacted by the COVID-19 pandemic. PPP originations were $190.1 million and PPP forgiveness was $156.5 million during the first quarter of 2021. Deposits increased $455.5 million with a favorable mix of higher deposits across all categories except certificates of deposits. S&T continues to maintain a strong capital position with all capital ratios above the well-capitalized thresholds of federal bank regulatory agencies.
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S&T Earnings Release -3
Dividend
The Board of Directors of S&T declared a $0.28 per share cash dividend on April 19, 2021. This is unchanged from the same period in the prior year. The dividend is payable May 20, 2021 to shareholders of record on May 6, 2021.
Conference Call
S&T will host its first quarter 2021 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, April 22, 2021. To access the webcast, go to S&T’s webpage at www.stbancorp.com and click on “Events & Presentations.” Select “1st Quarter 2021 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 29, 2021, by dialing 1.877.481.4010; the Conference ID is 40575.
About S&T Bancorp, Inc. and S&T Bank
S&T Bancorp, Inc. is a $9.3 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. For more information visit stbancorp.com or stbank.com. 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; changes in accounting policies, practices, or guidance, for example, our adoption of CECL; 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, including DNB, 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
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S&T Earnings Release -4
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, 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, 2020, 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. | S&T Earnings Release - | 5 | |
|---|---|---|---|
| Consolidated Selected Financial Data | |||
| Unaudited | |||
| 2021 | 2020 | 2020 | |
| --- | --- | --- | --- |
| First | Fourth | First | |
| (dollars in thousands, except per share data) | Quarter | Quarter | Quarter |
| INTEREST AND DIVIDEND INCOME | |||
| Loans, including fees | 70,232 | 71,148 | 82,051 |
| Investment Securities: | |||
| Taxable | 3,563 | 3,371 | 4,215 |
| Tax-exempt | 813 | 851 | 870 |
| Dividends | 173 | 178 | 453 |
| Total Interest and Dividend Income | 74,781 | 75,548 | 87,589 |
| INTEREST EXPENSE | |||
| Deposits | 3,481 | 4,795 | 15,338 |
| Borrowings and junior subordinated debt securities | 641 | 824 | 2,215 |
| Total Interest Expense | 4,122 | 5,619 | 17,553 |
| NET INTEREST INCOME | 70,659 | 69,929 | 70,036 |
| Provision for credit losses | 3,137 | 7,130 | 20,050 |
| Net Interest Income After Provision for Credit Losses | 67,522 | 62,799 | 49,986 |
| NONINTEREST INCOME | |||
| Net gain on sale of securities | — | — | — |
| Mortgage banking | 4,310 | 3,100 | 1,236 |
| Debit and credit card | 4,162 | 3,830 | 3,482 |
| Service charges on deposit accounts | 3,474 | 3,492 | 4,008 |
| Wealth management | 2,944 | 2,486 | 2,362 |
| Commercial loan swap income | 95 | 812 | 2,484 |
| Other | 2,251 | 1,889 | (1,169) |
| Total Noninterest Income | 17,236 | 15,609 | 12,403 |
| NONINTEREST EXPENSE | |||
| Salaries and employee benefits | 23,327 | 22,789 | 21,335 |
| Data processing and information technology | 4,225 | 3,835 | 3,868 |
| Net occupancy | 3,827 | 4,068 | 3,765 |
| Furniture, equipment and software | 2,640 | 2,904 | 2,519 |
| Professional services and legal | 1,531 | 1,503 | 1,048 |
| Other taxes | 1,436 | 1,806 | 1,600 |
| Marketing | 1,322 | 2,113 | 1,111 |
| FDIC insurance | 1,046 | 1,372 | 770 |
| Merger related expenses | — | — | 2,342 |
| Other | 6,226 | 8,138 | 8,033 |
| Total Noninterest Expense | 45,580 | 48,528 | 46,391 |
| Income Before Taxes | 39,178 | 29,880 | 15,998 |
| Income tax expense | 7,276 | 5,703 | 2,767 |
| Net Income | 31,902 | 24,177 | 13,231 |
| Per Share Data | |||
| Shares outstanding at end of period | 39,268,359 | 39,298,007 | 39,125,425 |
| Average shares outstanding - diluted | 39,021,208 | 39,021,008 | 39,325,938 |
| Diluted earnings per share | 0.81 | 0.62 | 0.34 |
| Dividends declared per share | 0.28 | 0.28 | 0.28 |
| Dividend yield (annualized) | 3.34 | 4.51 | 4.10 |
| Dividends paid to net income | 34.40 | 45.40 | 83.52 |
| Book value | 29.75 | 29.38 | 30.06 |
| Tangible book value (1) | 20.08 | 19.71 | 20.29 |
| Market value | 33.50 | 24.84 | 27.32 |
| Profitability Ratios (Annualized) | |||
| Return on average assets | 1.42 | 1.05 | 0.61 |
| Return on average shareholders' equity | 11.15 | 8.35 | 4.47 |
| Return on average tangible shareholders' equity (2) | 16.78 | 12.71 | 6.82 |
| Pre-tax pre-provision income/ average assets(3) | 1.89 | 1.61 | 1.65 |
| Efficiency ratio (FTE) (4) | 51.47 | 56.26 | 52.89 |
All values are in US Dollars.
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| S&T Bancorp, Inc. | S&T Earnings Release - | 6 | |
|---|---|---|---|
| Consolidated Selected Financial Data | |||
| Unaudited | |||
| 2021 | 2020 | 2020 | |
| --- | --- | --- | --- |
| First | Fourth | First | |
| (dollars in thousands) | Quarter | Quarter | Quarter |
| ASSETS | |||
| Cash and due from banks, including interest-bearing deposits | 671,429 | 229,666 | 187,684 |
| Securities, at fair value | 817,299 | 773,693 | 799,532 |
| Loans held for sale | 12,794 | 18,528 | 7,309 |
| Commercial loans: | |||
| Commercial real estate | 3,284,555 | 3,244,974 | 3,442,495 |
| Commercial and industrial | 1,931,711 | 1,954,453 | 1,781,402 |
| Commercial construction | 460,417 | 474,280 | 396,518 |
| Total Commercial Loans | 5,676,683 | 5,673,707 | 5,620,415 |
| Consumer loans: | |||
| Residential mortgage | 881,245 | 918,398 | 988,816 |
| Home equity | 530,350 | 535,165 | 544,405 |
| Installment and other consumer | 80,646 | 80,915 | 79,887 |
| Consumer construction | 14,244 | 17,675 | 13,222 |
| Total Consumer Loans | 1,506,485 | 1,552,153 | 1,626,330 |
| Total Portfolio Loans | 7,183,168 | 7,225,860 | 7,246,745 |
| Allowance for credit losses | (115,101) | (117,612) | (96,850) |
| Total Portfolio Loans, Net | 7,068,067 | 7,108,248 | 7,149,895 |
| Federal Home Loan Bank and other restricted stock, at cost | 12,199 | 13,030 | 28,253 |
| Goodwill | 373,424 | 373,424 | 374,270 |
| Other assets | 373,767 | 451,308 | 458,553 |
| Total Assets | 9,328,979 | 8,967,897 | 9,005,496 |
| LIABILITIES | |||
| Deposits: | |||
| Noninterest-bearing demand | 2,539,594 | 2,261,994 | 1,702,960 |
| Interest-bearing demand | 976,225 | 864,510 | 962,937 |
| Money market | 2,002,857 | 1,937,063 | 1,967,692 |
| Savings | 1,036,927 | 969,508 | 836,237 |
| Certificates of deposit | 1,320,425 | 1,387,463 | 1,588,053 |
| Total Deposits | 7,876,028 | 7,420,538 | 7,057,879 |
| Borrowings: | |||
| Securities sold under repurchase agreements | 67,417 | 65,163 | 69,644 |
| Short-term borrowings | — | 75,000 | 410,240 |
| Long-term borrowings | 23,282 | 23,681 | 50,180 |
| Junior subordinated debt securities | 64,097 | 64,083 | 64,038 |
| Total Borrowings | 154,796 | 227,927 | 594,102 |
| Other liabilities | 129,877 | 164,721 | 177,264 |
| Total Liabilities | 8,160,701 | 7,813,186 | 7,829,245 |
| SHAREHOLDERS' EQUITY | |||
| Total Shareholders' Equity | 1,168,278 | 1,154,711 | 1,176,251 |
| Total Liabilities and Shareholders' Equity | 9,328,979 | 8,967,897 | 9,005,496 |
| Capitalization Ratios | |||
| Shareholders' equity / assets | 12.52 | 12.88 | 13.06 |
| Tangible common equity / tangible assets (5) | 8.81 | 9.02 | 9.21 |
| Tier 1 leverage ratio | 9.71 | 9.43 | 10.03 |
| Common equity tier 1 capital | 11.84 | 11.33 | 10.93 |
| Risk-based capital - tier 1 | 12.26 | 11.74 | 11.32 |
| Risk-based capital - total | 13.93 | 13.44 | 12.73 |
All values are in US Dollars.
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| S&T Bancorp, Inc. | S&T Earnings Release - | 7 | |
|---|---|---|---|
| Consolidated Selected Financial Data | |||
| Unaudited | |||
| 2021 | 2020 | 2020 | |
| --- | --- | --- | --- |
| First | Fourth | First | |
| (dollars in thousands) | Quarter | Quarter | Quarter |
| Net Interest Margin (FTE) (QTD Averages) | |||
| ASSETS | |||
| Interest-bearing deposits with banks | 302,219 | 242,778 | 99,646 |
| Securities, at fair value | 782,118 | 726,535 | 786,858 |
| Loans held for sale | 6,360 | 4,206 | 1,867 |
| Commercial real estate | 3,253,641 | 3,269,109 | 3,408,684 |
| Commercial and industrial | 1,957,459 | 2,012,774 | 1,751,678 |
| Commercial construction | 485,269 | 481,136 | 386,363 |
| Total Commercial Loans | 5,696,369 | 5,763,019 | 5,546,725 |
| Residential mortgage | 897,427 | 936,735 | 990,866 |
| Home equity | 532,708 | 537,201 | 540,193 |
| Installment and other consumer | 79,907 | 80,849 | 79,680 |
| Consumer construction | 15,908 | 16,154 | 10,508 |
| Total Consumer Loans | 1,525,950 | 1,570,939 | 1,621,247 |
| Total Portfolio Loans | 7,222,319 | 7,333,958 | 7,167,972 |
| Total Loans | 7,228,679 | 7,338,164 | 7,169,839 |
| Federal Home Loan Bank and other restricted stock | 11,242 | 14,545 | 23,601 |
| Total Interest-earning Assets | 8,324,259 | 8,322,022 | 8,079,944 |
| Noninterest-earning assets | 756,273 | 802,037 | 687,382 |
| Total Assets | 9,080,532 | 9,124,059 | 8,767,326 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||
| Interest-bearing demand | 895,891 | 904,190 | 942,030 |
| Money market | 1,968,779 | 2,015,248 | 1,993,764 |
| Savings | 995,228 | 956,438 | 830,985 |
| Certificates of deposit | 1,344,604 | 1,423,727 | 1,601,324 |
| Total Interest-bearing Deposits | 5,204,503 | 5,299,603 | 5,368,103 |
| Securities sold under repurchase agreements | 64,653 | 50,607 | 30,790 |
| Short-term borrowings | 25,556 | 75,728 | 286,365 |
| Long-term borrowings | 23,471 | 40,986 | 51,845 |
| Junior subordinated debt securities | 64,088 | 64,073 | 64,195 |
| Total Borrowings | 177,768 | 231,394 | 433,195 |
| Total Interest-bearing Liabilities | 5,382,271 | 5,530,997 | 5,801,298 |
| Noninterest-bearing liabilities | 2,538,149 | 2,441,129 | 1,776,453 |
| Shareholders' equity | 1,160,113 | 1,151,933 | 1,189,575 |
| Total Liabilities and Shareholders' Equity | 9,080,532 | 9,124,059 | 8,767,326 |
| Net Interest Margin (6) |
All values are in US Dollars.
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| S&T Bancorp, Inc. | S&T Earnings Release - | 8 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Selected Financial Data | |||||||||||
| Unaudited | 2021 | 2020 | 2020 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | |||||
| First | Fourth | First | |||||||||
| (dollars in thousands) | Quarter | Quarter | Quarter | ||||||||
| Nonperforming Loans (NPL) | |||||||||||
| Commercial loans: | % NPL | % NPL | % NPL | ||||||||
| Commercial real estate | $98,606 | 3.00% | $105,014 | 3.24% | $50,508 | 1.47% | |||||
| Commercial and industrial | 18,145 | 0.94% | 23,337 | 1.19% | 9,081 | 0.51% | |||||
| Commercial construction | 384 | 0.08% | 384 | 0.08% | 571 | 0.14% | |||||
| Commercial loan held for sale | 2,798 | NM | — | — | — | — | |||||
| Total Nonperforming Commercial Loans | 119,933 | 2.11% | 128,735 | 2.27% | 60,160 | 1.07% | |||||
| Consumer loans: | |||||||||||
| Residential mortgage | 11,737 | 1.33% | 13,008 | 1.42% | 10,582 | 1.07% | |||||
| Home equity | 3,441 | 0.65% | 4,935 | 0.92% | 2,797 | 0.51% | |||||
| Installment and other consumer | 100 | 0.12% | 96 | 0.12% | 258 | 0.32% | |||||
| Total Nonperforming Consumer Loans | 15,278 | 1.01% | 18,039 | 1.15% | 13,637 | 0.83% | |||||
| Total Nonperforming Loans | $135,211 | 1.88% | $146,774 | 2.03% | $73,797 | 1.02% | |||||
| NM-Not Meaningful | 2021 | 2020 | 2020 | ||||||||
| --- | --- | --- | --- | ||||||||
| First | Fourth | First | |||||||||
| (dollars in thousands) | Quarter | Quarter | Quarter | ||||||||
| Loan Charge-offs (Recoveries) | |||||||||||
| Charge-offs | $6,532 | $12,951 | $11,445 | ||||||||
| Recoveries | (721) | (1,713) | (289) | ||||||||
| Net Loan Charge-offs (Recoveries) | $5,812 | $11,238 | $11,156 | ||||||||
| Net Loan Charge-offs (Recoveries) | |||||||||||
| Commercial loans: | |||||||||||
| Commercial real estate | 698 | 10,185 | 428 | ||||||||
| Commercial and industrial | 4,913 | 412 | 10,265 | ||||||||
| Commercial construction | (1) | 293 | (2) | ||||||||
| Total Commercial Loan Charge-offs (Recoveries) | 5,610 | 10,890 | 10,691 | ||||||||
| Consumer loans: | |||||||||||
| Residential mortgage | 71 | 68 | 19 | ||||||||
| Home equity | 232 | 132 | 80 | ||||||||
| Installment and other consumer | (102) | 148 | 366 | ||||||||
| Total Consumer Loan Charge-offs | 202 | 348 | 465 | ||||||||
| Total Net Loan Charge-offs (Recoveries) | $5,812 | $11,238 | $11,156 | ||||||||
| 2021 | 2020 | 2020 | |||||||||
| --- | --- | --- | --- | ||||||||
| First | Fourth | First | |||||||||
| (dollars in thousands) | Quarter | Quarter | Quarter | ||||||||
| Asset Quality Data | |||||||||||
| Nonperforming loans | 135,211 | 146,774 | 73,797 | ||||||||
| OREO | 1,620 | 2,155 | 3,389 | ||||||||
| Nonperforming assets | 136,831 | 148,929 | 77,186 | ||||||||
| Troubled debt restructurings (nonaccruing) | 29,983 | 29,289 | 36,054 | ||||||||
| Troubled debt restructurings (accruing) | 17,916 | 17,460 | 15,189 | ||||||||
| Total troubled debt restructurings | 47,899 | 46,749 | 51,243 | ||||||||
| Nonperforming loans / total loans | 1.88 | 2.03 | 1.02 | ||||||||
| Nonperforming assets / total loans plus OREO | 1.90 | 2.06 | 1.06 | ||||||||
| Allowance for credit losses / total portfolio loans | 1.60 | 1.63 | 1.34 | ||||||||
| Allowance for credit losses / total portfolio loans excluding PPP | 1.72 | 1.74 | NA | ||||||||
| Allowance for credit losses / nonperforming loans | 85 | 80 | 131 | ||||||||
| Net loan charge-offs (recoveries) | 5,812 | 11,238 | 11,156 | ||||||||
| Net loan charge-offs (recoveries)(annualized) / average loans | 0.33 | 0.61 | 0.63 | ||||||||
| NA = Not Applicable |
All values are in US Dollars.
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| S&T Bancorp, Inc. | S&T Earnings Release - | 9 |
|---|---|---|
| Consolidated Selected Financial Data | ||
| Unaudited |
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
| 2021 | 2020 | 2020 | |
|---|---|---|---|
| First | Fourth | First | |
| Quarter | Quarter | Quarter | |
| (1) Tangible Book Value (non-GAAP) | |||
| Total shareholders' equity | 1,168,278 | 1,154,711 | 1,176,251 |
| Less: goodwill and other intangible assets, net of deferred tax liability | (379,911) | (380,278) | (382,397) |
| Tangible common equity (non-GAAP) | 788,367 | 774,434 | 793,854 |
| Common shares outstanding | 39,268 | 39,298 | 39,125 |
| Tangible book value (non-GAAP) | 20.08 | 19.71 | 20.29 |
| (2) Return on Average Tangible Shareholders' Equity (non-GAAP) | |||
| Net income (annualized) | 129,378 | 96,181 | 53,216 |
| Plus: amortization of intangibles (annualized), net of tax | 1,464 | 1,853 | 2,008 |
| Net income before amortization of intangibles (annualized) | 130,842 | 98,034 | 55,224 |
| Average total shareholders' equity | 1,160,113 | 1,151,933 | 1,189,575 |
| Less: average goodwill and other intangible assets, net of deferred tax liability | (380,144) | (380,734) | (379,790) |
| Average tangible equity (non-GAAP) | 779,969 | 771,199 | 809,785 |
| Return on average tangible shareholders' equity (non-GAAP) | 16.78 | 12.71 | 6.82 |
| (3) PTPP / Average Assets (non-GAAP) | |||
| Income before taxes | 39,178 | 29,880 | 15,998 |
| Plus: Provision for credit losses | 3,137 | 7,130 | 20,050 |
| Total | 42,315 | 37,010 | 36,048 |
| Total (annualized) (non-GAAP) | 171,611 | 147,235 | 144,984 |
| Average assets | 9,080,532 | 9,124,059 | 8,767,326 |
| PTPP / Average Assets (non-GAAP) | 1.89 | 1.61 | 1.65 |
| (4) Efficiency Ratio (non-GAAP) | |||
| Noninterest expense | 45,580 | 48,528 | 46,391 |
| Less: merger related expenses | — | — | (2,342) |
| Noninterest expense excluding nonrecurring items | 45,580 | 48,528 | 44,049 |
| Net interest income per consolidated statements of net income | 70,659 | 69,929 | 70,036 |
| Plus: taxable equivalent adjustment | 664 | 725 | 849 |
| Net interest income (FTE) (non-GAAP) | 71,323 | 70,654 | 70,885 |
| Noninterest income | 17,236 | 15,609 | 12,403 |
| Less: net (gains) losses on sale of securities | — | — | — |
| Net interest income (FTE) (non-GAAP) plus noninterest income | 88,560 | 86,263 | 83,288 |
| Efficiency ratio (non-GAAP) | 51.47 | 56.26 | 52.89 |
All values are in US Dollars.
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| S&T Bancorp, Inc. | S&T Earnings Release - | 10 | |
|---|---|---|---|
| Consolidated Selected Financial Data | |||
| Unaudited | |||
| 2021 | 2020 | 2020 | |
| --- | --- | --- | --- |
| First | Fourth | First | |
| Quarter | Quarter | Quarter | |
| (5) Tangible Common Equity / Tangible Assets (non-GAAP) | |||
| Total shareholders' equity | 1,168,278 | 1,154,711 | 1,176,251 |
| Less: goodwill and other intangible assets, net of deferred tax liability | (379,911) | (380,278) | (382,397) |
| Tangible common equity (non-GAAP) | 788,367 | 774,434 | 793,854 |
| Total assets | 9,328,979 | 8,967,896 | 9,005,497 |
| Less: goodwill and other intangible assets, net of deferred tax liability | (379,911) | (380,278) | (382,397) |
| Tangible assets (non-GAAP) | 8,949,068 | 8,587,618 | 8,623,100 |
| Tangible common equity to tangible assets (non-GAAP) | 8.81 | 9.02 | 9.21 |
| (6) Net Interest Margin Rate (FTE) (non-GAAP) | |||
| Interest income | 74,781 | 75,548 | 87,589 |
| Less: interest expense | (4,122) | (5,619) | (17,553) |
| Net interest income per consolidated statements of net income | 70,659 | 69,929 | 70,036 |
| Plus: taxable equivalent adjustment | 664 | 725 | 849 |
| Net interest income (FTE) (non-GAAP) | 71,323 | 70,654 | 70,885 |
| Net interest income (FTE) (annualized) | 289,253 | 281,080 | 285,098 |
| Average earning assets | 8,324,259 | 8,322,022 | 8,079,944 |
| Net interest margin (FTE) (non-GAAP) | 3.47 | 3.38 | 3.53 |
All values are in US Dollars.
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webcalldeck2021-03
MEMBER FDIC First Quarter 2021 Earnings Supplement
2 Forward Looking Statements and Risk Factors 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, for example, our adoption of CECL; 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, including DNB, 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, 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, 2020, 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. Non-GAAP Financial Measures In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), S&T management uses and this presentation contains or references certain non-GAAP financial measures, such as net interest income on a fully taxable equivalent basis. S&T believes these financial measures provide information useful to investors in understanding our operational performance and business and performance trends which 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. The non-GAAP financial measures contained therein should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K as well as the unaudited financial statements and analyses as presented in the respective Quarterly Reports in Exhibit 99.1 of Form 8-K for S&T Bancorp, Inc. and subsidiaries.
*Refer to appendix for reconciliation of non-GAAP financial measures 3 First Quarter 2021 Highlights EPS: Net Income: Returns: Asset Quality: $ 0.81 ROTE* 16.78% ROE 11.15% ROA 1.42% $31.9 million Provision $3.1 million ACL 1.60% ex-PPP 1.72% NCO 0.33% • Record quarterly net income • Strong return metrics • PTPP* 1.89%, $42.3 million • Core NIM remains stable • Mortgage banking • Improving asset quality • Dividend of $0.28 declared
*Refer to appendix for reconciliation of non-GAAP financial measures 4 First Quarter 2021 Key Metrics 2021 2020 2020 First Fourth First Quarter Quarter Quarter Reported Metrics: Net income $31.9 million $24.2 million $13.2 million Diluted earnings per share $0.81 $0.62 $0.34 Dividends declared per share $0.28 $0.28 $0.28 Book value $29.75 $29.38 $30.06 Tangible book value* $20.08 $19.71 $20.29 Return on average assets 1.42 % 1.05 % 0.61 % Return on average shareholders' equity 11.15 % 8.35 % 4.47% Return on average tangible shareholders' equity* 16.78 % 12.71 % 6.82% PTPP* $42.3 million $37.0 million $36.0 million PTPP / average assets* 1.89 % 1.61 % 1.65% Efficiency ratio (FTE)* 51.47 % 56.26 % 52.89% Net interest margin (FTE)* 3.47 % 3.38 % 3.53% Credit Metrics: Nonperforming loans / loans 1.88 % 2.03 % 1.02 % Net loan charge-offs / average loans 0.33 % 0.61 % 0.63 % ACL / total portfolio loans 1.60 % 1.63 % 1.34 % ACL / total portfolio loans, ex-PPP 1.72 % 1.74 % NA
Ratios as of March 31, 2021 $ in millions *Refer to appendix for reconciliation of non-GAAP financial measures 5 First Quarter 2021 SBA PPP 44% of our round 1 PPP loans have been forgiven and we booked $190 million in round 2: Date Round 1 Balance % Forgiven September 30, 2020 $550 December 31, 2020 465 15 % March 31, 2021 309 44 % PPP loans impacted selected ratios as below: Ratio Excluding PPP Including PPP Impact Net Interest Margin 3.37 % 3.47 % 0.10 % ACL / total portfolio loans 1.72 % 1.60 % (0.12) % Nonperforming loans / loans 2.02 % 1.88 % (0.14) % TCE / TA* 9.33 % 8.81 % (0.52) % Leverage Ratio 10.24 % 9.71 % (0.53) %
*Reported as Consumer Loans $ in millions Excludes PPP loans 6 First Quarter 2021 Loan Modifications Modifications have been reduced to <1% of loans. Loan Type June 30, 2020 December 31, 2020 March 31, 2021 Total Balance Mod Balance Mod % Total Balance Mod Balance Mod % Total Balance Mod Balance Mod % CRE (excluding hotels) $3,113 $770 30% $2,997 $9 0 % $3,042 $24 1 % CRE Hotels 233 223 96 % 248 177 71 % 243 32 13 % Resi Secured Business* 425 53 13% 430 0 0 % 422 0 0 % Construction 459 47 10% 474 6 1 % 460 3 1 % C&I 1,593 203 13% 1,489 3 0 % 1,433 4 0 % Total Commercial 5,822 1,297 22% 5,638 195 3 % 5,600 62 1 % Total Consumer 1,179 69 6% 1,122 0 0 % 1,084 0 0 % Total $7,001 $1,365 20% $6,760 $195 3 % $6,684 $62 1 %
Data as of March 31, 2021 $ in millions 7 First Quarter 2021 Net Interest Income Core NIM remains stable: • Our ex-PPP NIM improved 2 bps from 4Q20 to 1Q21 • PPP loans contributed $5.8 million to our NII and 0.10% to our NIM in 1Q21 • We have improved our funding mix by reducing our higher-costing deposits We are proactively managing our interest-bearing deposit costs:
Data as of March 31, 2021 $ in millions *Refer to appendix for reconciliation of non-GAAP financial measures 8 First Quarter 2021 Capital We have strong capital levels and are well-positioned for growth: PPP loans impacted selected ratios as below: Ratio Excluding PPP Including PPP Impact Leverage Ratio 10.24 % 9.71 % (0.53) % TCE / TA* 9.33 % 8.81 % (0.52) %
9 2021 2020 2020 First Quarter Fourth Quarter First Quarter Tangible Book Value (non-GAAP) Total shareholders' equity $1,168,278 $1,154,711 $1,176,251 Less: goodwill and other intangible assets, net of deferred tax liability (379,911) (380,278) (382,397) Tangible common equity (non-GAAP) $788,367 $774,434 $793,854 Common shares outstanding 39,268 39,298 39,125 Tangible book value (non-GAAP) $20.08 $19.71 $20.29 Return on Average Tangible Shareholders' Equity (non-GAAP) Net income (annualized) $129,378 $96,181 $53,216 Plus: amortization of intangibles (annualized), net of tax 1,464 1,853 2,008 Net income before amortization of intangibles (annualized) $130,842 $98,034 $55,224 Average total shareholders' equity $1,160,113 $1,151,933 $1,189,575 Less: average goodwill and other intangible assets, net of deferred tax liability (380,144) (380,734) (379,790) Average tangible equity (non-GAAP) $779,969 $771,199 $809,785 Return on average tangible shareholders' equity (non-GAAP) 16.78% 12.71% 6.82% PTPP / Average Assets (non-GAAP) Income before taxes $39,178 $29,880 $15,998 Plus: Provision for credit losses 3,137 7,130 20,050 Total 42,315 37,010 36,048 Total (annualized) (non-GAAP) $171,611 $147,235 $144,984 Average assets $9,080,532 $9,124,059 $8,767,326 PTPP / Average Assets (non-GAAP) 1.89% 1.61% 1.65% Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures: Fourth Quarter 2020 Appendix
10 2021 2020 2020 First Quarter Fourth Quarter First Quarter Efficiency Ratio (non-GAAP) Noninterest expense $45,580 $48,528 $46,391 Less: merger related expenses — — (2,342) Noninterest expense excluding nonrecurring items $45,580 $48,528 $44,049 Net interest income per consolidated statements of net income $70,659 $69,929 $70,036 Plus: taxable equivalent adjustment 664 725 849 Net interest income (FTE) (non-GAAP) 71,323 70,654 70,885 Noninterest income 17,236 15,609 12,403 Less: net (gains)losses on sale of securities — — — Net interest income (FTE) (non-GAAP) plus noninterest income $88,559 $86,263 $83,288 Efficiency ratio (non-GAAP) 51.47% 56.26% 52.89% Tangible Common Equity / Tangible Assets (non-GAAP) Total shareholders' equity $1,168,278 $1,154,711 $1,176,251 Less: goodwill and other intangible assets, net of deferred tax liability (379,911) (380,278) (382,397) Tangible common equity (non-GAAP) $788,367 $774,434 $793,854 Total assets $9,328,979 $8,967,896 $9,005,497 Less: goodwill and other intangible assets, net of deferred tax liability (379,911) (380,278) (382,397) Tangible assets (non-GAAP) $8,949,068 $8,587,618 $8,623,100 Tangible common equity to tangible assets (non-GAAP) 8.81% 9.02% 9.21% Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures: First Quarter 2021 Appendix
11 2021 2020 2020 First Quarter Fourth Quarter First Quarter Net Interest Margin Rate (FTE) (non-GAAP) Interest income $74,781 $75,548 $87,589 Less: interest expense (4,123) (5,619) (17,553) Net interest income per consolidated statements of net income 70,658 69,929 70,036 Plus: taxable equivalent adjustment 664 725 849 Net interest income (FTE) (non-GAAP) $71,322 $70,654 $70,885 Net interest income (FTE) (annualized) $289,251 $281,080 $285,098 Average earning assets $8,324,259 $8,322,022 $8,079,944 Net interest margin (FTE) (non-GAAP) 3.47% 3.38% 3.53% Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures: First Quarter 2021 Appendix
MEMBER FDIC First Quarter 2021 Earnings Supplement
Document
| CONTACT:<br><br>Mark Kochvar<br><br>Chief Financial Officer<br><br>724.465.4826<br><br>800 Philadelphia Street<br><br>Indiana, PA 15701<br><br>mark.kochvar@stbank.com<br><br>www.stbancorp.com |
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FOR IMMEDIATE RELEASE
S&T Bancorp, Inc. Declares Dividend
Indiana, Pa. -April 20, 2021 - The Board of Directors of 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, declared a $0.28 per share cash dividend at its regular meeting held April 19, 2021. This is comparable to a common stock dividend of $0.28 per share declared in the same period in the prior year. The annualized yield using the April 19, 2021 closing price of $32.82 is 3.4 percent. The dividend is payable May 20, 2021 to shareholders of record on May 6, 2021.
About S&T Bancorp, Inc. and S&T Bank
S&T Bancorp, Inc. is a $9.0 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. For more information visit stbancorp.com or stbank.com. Follow us on Facebook, Instagram, and LinkedIn.