STBA 8-K
S&T Bancorp Inc (STBA)
8-K
2021-01-28
For: 2021-01-25
View Original
Added on
April 09, 2026
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
Date of Report (date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(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):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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 January 28, 2021 S&T Bancorp, Inc. announced by press release its earnings for the three and twelve months ended December 31, 2020. 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 and twelve months ended December 31, 2020, 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 included in this Current Report as Exhibit 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 hereto, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of 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 Act or the Exchange Act, except as shall be expressly set forth by reference in such a filing.
Item 8.01 Other Events.
The Board of Directors of S&T declared a $0.28 per share cash dividend on January 25, 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 February 25, 2021 to shareholders of record on February 11, 2021.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description of Exhibit | |||||||
| Press Release | ||||||||
| Supplemental Information | ||||||||
| 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 | |||||
January 28, 2021 | Mark Kochvar Senior Executive Vice President, Chief Financial Officer | ||||
CONTACT: Mark Kochvar Chief Financial Officer 724.465.4826 800 Philadelphia St. Indiana, PA www.stbancorp.com |  | |||||||
FOR IMMEDIATE RELEASE
S&T Bancorp, Inc. Announces Fourth Quarter and Full Year 2020 Results
Indiana, Pa. - January 28, 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 its fourth quarter and full year 2020 earnings. Net income was $24.2 million, or $0.62 per diluted share, for the fourth quarter compared to net income of $16.7 million, or $0.43 per diluted share, for the third quarter of 2020, and $22.3 million, or $0.62 per diluted share, for the fourth quarter of 2019.
Net income was $21.0 million, or $0.53 per diluted share, for the year ended December 31, 2020 compared to net income of $98.2 million, or $2.82 per diluted share, for 2019. A loss of $58.7 million was recognized during the second quarter of 2020 related to a customer fraud resulting from a check kiting scheme. This fraud loss reduced net income by $46.3 million, or $1.19 per diluted share, for the full year 2020.
Fourth Quarter of 2020 Highlights:
Return on average assets (ROA) was 1.05%, return on average equity (ROE) was 8.35% and return on average tangible equity (ROTE) (non-GAAP) was 12.71%.
Net income was $21.0 million, or $0.53 per diluted share, for the year ended December 31, 2020 compared to net income of $98.2 million, or $2.82 per diluted share, for 2019. A loss of $58.7 million was recognized during the second quarter of 2020 related to a customer fraud resulting from a check kiting scheme. This fraud loss reduced net income by $46.3 million, or $1.19 per diluted share, for the full year 2020.
Fourth Quarter of 2020 Highlights:
Return on average assets (ROA) was 1.05%, return on average equity (ROE) was 8.35% and return on average tangible equity (ROTE) (non-GAAP) was 12.71%.
•Pre-tax pre-provision to average assets (PTPP) (non-GAAP) was 1.61%.
•Net interest margin (FTE) (non-GAAP) increased 9 basis points to 3.38% compared to 3.29% for the third quarter of
2020.
2020.
•Portfolio loans decreased $169.0 million compared to September 30, 2020.
•Deposits decreased $213.3 million compared to September 30, 2020.
•The allowance for credit losses to total portfolio loans was 1.63% at December 31, 2020 compared to 1.64% at September 30, 2020.
•S&T's Board of Directors declared a $0.28 per share dividend which is consistent with the same period last year.
Full Year 2020 Highlights:
•ROA was 0.23%, ROE was 1.80% and ROTE (non-GAAP) was 2.92%. Excluding the loss from the customer fraud
ROA (non-GAAP) was 0.74%, ROE (non-GAAP) was 5.76% and ROTE (non-GAAP) was 8.80%.
ROA (non-GAAP) was 0.74%, ROE (non-GAAP) was 5.76% and ROTE (non-GAAP) was 8.80%.
•PTPP (non-GAAP) was 1.67%.
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S&T Earnings Release - 2
•Portfolio loans increased $88.7 million, or 1.2%, compared to December 31, 2019.
•Deposits increased $384.0 million, or 5.5%, compared to December 31, 2019.
•Mortgage banking income increased $8.4 million to $10.9 million compared to 2019 due to strong refinance activity.
•Full year 2020 dividends declared increased 2.8% to $1.12 compared to $1.09 in 2019.
“The year 2020 was challenging for our country, the banking industry and S&T. I continue to be amazed by the resilience of our team of bankers and the communities that we serve during these difficult times," said Todd Brice, chief executive officer of S&T. "As I move on to my next chapter of retirement this coming March, I’m gratified to know that the S&T team will continue to perform at a high level for the benefit of all of our stakeholders."
Fourth Quarter of 2020 Results (three months ended December 31, 2020)
Net Interest Income
Net interest income increased $0.6 million to $69.9 million compared to $69.3 million in the third 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 12 basis points to 0.36% as higher cost Certificates of Deposits and Money Market accounts repriced. The PPP contribution increased by $1.7 million compared to the third quarter of 2020 due to the beginning of loan forgiveness, which led to an increase in loan yield of 2 basis points to 3.89%. Net interest margin on a fully taxable equivalent basis (FTE) (non-GAAP) increased 9 basis points to 3.38% compared to 3.29% in the prior quarter. Excluding PPP, net interest margin (FTE) (non-GAAP) declined 1 basis point to 3.35% compared to 3.36%.
Asset Quality
The provision for credit losses decreased $10.4 million to $7.1 million for the fourth quarter of 2020 compared to $17.5 million in the third quarter of 2020. Net loan charge-offs were $11.2 million for the fourth quarter of 2020 compared to $12.9 million in the third quarter of 2020. Total nonperforming loans increased $62.7 million to $146.8 million, or 2.03% of total loans, at December 31, 2020 compared to $84.1 million, or 1.13% of total loans at September 30, 2020. The increase in nonperforming loans primarily related to the addition of $56.7 million of hotel loans. The hotel loans have specific reserves of $6.7 million at December 31, 2020 which were based upon updated appraisals received during the fourth quarter of 2020. The allowance for credit losses was 1.63% of total portfolio loans at December 31, 2020 compared to 1.64% at September 30, 2020. Excluding PPP loans, the allowance for credit losses was 1.74% of total portfolio loans at December 31, 2020 compared to 1.77% at September 30, 2020.
Noninterest Income and Expense
Noninterest income decreased $0.9 million to $15.6 million in the fourth quarter of 2020 compared to $16.5 million in the third quarter of 2020. The decrease in noninterest income was primarily due to a decline in mortgage banking income due to lower activity compared to the third quarter of 2020. Noninterest expense increased $0.3 million to $48.5 million in the fourth
quarter of 2020 compared to $48.2 million in the third quarter of 2020. Other noninterest expense increased $1.8 million mainly related to higher loan workout costs compared to the prior quarter. Salaries and employee benefits decreased $1.8 million due to lower incentives, pension and medical costs compared to the prior quarter.
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S&T Earnings Release - 3
Financial Condition
Total assets decreased $222.7 million to $9.0 billion at December 31, 2020 compared to $9.2 billion at September 30, 2020. Portfolio loans decreased $169.0 million compared to September 30, 2020 as loan originations continue to be
impacted by the pandemic and $85.0 million of PPP loans were forgiven during the fourth quarter of 2020. Securities increased $55.5 million compared to September 30, 2020 due to cash being redeployed to higher yielding assets. Total deposits decreased $213.3 million mainly due to decreases in interest-bearing demand of $118.4 million, money market of $96.5 million and certificates of deposits of $58.6 million compared to September 30, 2020.
All capital ratios increased at December 31, 2020 compared to September 30, 2020 and remain above the well-capitalized thresholds of federal bank regulatory agencies.
Full Year 2020 Results (twelve months ended December 31, 2020)
Full year net income was $21.0 million, or $0.53 per diluted share, for the year ended December 31, 2020 compared to net income of $98.2 million, or $2.82 per diluted share, for 2019. A loss of $58.7 million was recognized during the second quarter of 2020 related to a customer fraud resulting from a check kiting scheme. This fraud loss reduced net income by $46.3 million or $1.19 per diluted share. Full year results were impacted by the DNB Financial Corporation (DNB) merger that occurred on November 30, 2019 with 12 months of impact in 2020 compared to only one month in 2019.
Net interest income increased $32.6 million, or 13.2%, compared to 2019 primarily due to the merger with DNB. Net interest income was impacted by the decrease in interest rates and the effects of the pandemic on loan growth throughout 2020. Net interest margin (FTE) (non-GAAP) decreased 26 basis points to 3.38% compared to 3.64% for 2019. Noninterest income increased $7.2 million compared to the prior year primarily related to higher mortgage banking income of $8.4 million offset by the impact of the pandemic mainly on service charges on deposit accounts. Noninterest expense increased $19.5 million compared to 2019. The DNB merger increased operating expenses which was offset by a reduction of $9.0 million in merger related expenses. FDIC insurance increased $4.3 million due to the DNB merger, the impact of recent financial results on certain components of the assessment calculation and Small Bank Assessment Credits received in 2019. Other expense increased $5.8 million in part due to higher loan collection costs in 2020 compared to 2019. The efficiency ratio (non-GAAP) for 2020, excluding merger related expenses, was 53.86% compared to 51.39% for 2019.
The provision for credit losses increased $116.5 million to $131.4 million for 2020 compared to $14.9 million for 2019. Excluding the customer fraud loss of $58.7 million, the provision was $72.7 million for 2020. The provision for credit losses increased significantly in 2020 due to the pandemic and the adoption of Current Expected Credit Losses (CECL) on January 1, 2020. Net loan charge-offs were $103.4 million for 2020 compared to $13.6 million for 2019. Excluding the customer fraud, charge-offs were $44.7 million for 2020. Total nonperforming loans increased $92.7 million to $146.8 million, or 2.03% of total loans, at December 31, 2020 compared to $54.1 million, or 0.76% of total loans at December 31, 2019. The increase in nonperforming loans primarily related to the addition of $56.7 million of hotel loans. The allowance for credit losses was 1.63% of total portfolio loans as of December 31, 2020 compared to 0.87% at December 31, 2019. Excluding PPP loans, the allowance for credit losses was 1.74% of total portfolio loans at December 31, 2020. The adoption of CECL increased the allowance for credit losses by $17.5 million on January 1, 2020.
Dividend
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S&T Earnings Release - 4
The Board of Directors of S&T declared a $0.28 per share cash dividend at its regular meeting held January 25, 2021. This is consistent with the common stock dividend declared in the same period in the prior year. The dividend is payable February 25, 2021 to shareholders of record on February 11, 2021. Dividends declared in 2020 increased $0.03, or 2.8%, to $1.12 compared to $1.09 for 2019.
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 2020 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, January 28, 2021. To access the webcast, go to S&T’s webpage at www.stbancorp.com and click on “Events & Presentations.” Select "4th Quarter 2020 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 February 4, 2021, by dialing 1.877.481.4010; the Conference ID is 39369.
About S&T Bancorp, Inc.
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 recently ranked #1 in customer satisfaction with retail banking in the Mid-Atlantic including best in communication and advice by J.D. Power. Established in 1902, S&T Bank 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”, “believe”, “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
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S&T Earnings Release - 5
and interest-bearing liabilities; 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; 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; 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, 2019, including Part I, Item 1A-"Risk Factors" and any of our subsequent filings with the SEC. Forward-looking statements are based on beliefs and assumptions using information available at the time the statements are made. We caution you not to unduly rely on forward-looking statements because the assumptions, beliefs, expectations and projections about future events may, and often do, differ materially from actual results. Any forward-looking statement speaks only as to the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made.
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S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 6 | ||||
| 2020 | 2020 | 2019 | ||||||||||||||||||
Fourth | Third Quarter | Fourth Quarter | ||||||||||||||||||
(dollars in thousands, except per share data) | Quarter | |||||||||||||||||||
INTEREST AND DIVIDEND INCOME | ||||||||||||||||||||
Loans, including fees | $71,148 | $72,263 | $77,426 | |||||||||||||||||
Investment securities: | ||||||||||||||||||||
Taxable | 3,371 | 3,473 | 3,744 | |||||||||||||||||
Tax-exempt | 851 | 885 | 836 | |||||||||||||||||
Dividends | 178 | 227 | 451 | |||||||||||||||||
Total Interest and Dividend Income | 75,548 | 76,848 | 82,457 | |||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||
Deposits | 4,795 | 6,626 | 15,783 | |||||||||||||||||
Borrowings and junior subordinated debt securities | 824 | 946 | 2,262 | |||||||||||||||||
Total Interest Expense | 5,619 | 7,572 | 18,045 | |||||||||||||||||
NET INTEREST INCOME | 69,929 | 69,276 | 64,412 | |||||||||||||||||
Provision for credit losses | 7,130 | 17,485 | 2,105 | |||||||||||||||||
Net Interest Income After Provision for Credit Losses | 62,799 | 51,791 | 62,307 | |||||||||||||||||
NONINTEREST INCOME | ||||||||||||||||||||
| Loss on sale of securities | — | — | (26) | |||||||||||||||||
| Debit and credit card fees | 3,830 | 4,171 | 3,454 | |||||||||||||||||
| Mortgage banking | 3,100 | 3,964 | 765 | |||||||||||||||||
| Service charges on deposit accounts | 2,984 | 2,820 | 3,540 | |||||||||||||||||
| Wealth management | 2,486 | 2,522 | 2,412 | |||||||||||||||||
| Commercial loan swap income | 812 | 499 | 2,356 | |||||||||||||||||
| Other | 2,397 | 2,507 | 2,730 | |||||||||||||||||
Total Noninterest Income | 15,609 | 16,483 | 15,231 | |||||||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||||
| Salaries and employee benefits | 22,789 | 24,571 | 22,851 | |||||||||||||||||
| Net occupancy | 4,068 | 3,441 | 3,219 | |||||||||||||||||
| Data processing and information technology | 3,835 | 4,218 | 4,141 | |||||||||||||||||
| Furniture, equipment and software | 2,904 | 2,440 | 2,337 | |||||||||||||||||
| Marketing | 2,113 | 1,793 | 1,116 | |||||||||||||||||
| Other taxes | 1,806 | 1,612 | (818) | |||||||||||||||||
| Professional services and legal | 1,503 | 1,911 | 862 | |||||||||||||||||
| FDIC insurance | 1,372 | 1,900 | 222 | |||||||||||||||||
| Merger related expenses | — | — | 10,179 | |||||||||||||||||
| Other | 8,138 | 6,360 | 6,069 | |||||||||||||||||
Total Noninterest Expense | 48,528 | 48,246 | 50,178 | |||||||||||||||||
Income Before Taxes | 29,880 | 20,028 | 27,360 | |||||||||||||||||
Income Tax Expense | 5,703 | 3,323 | 5,091 | |||||||||||||||||
Net Income | $24,177 | $16,705 | $22,269 | |||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Shares outstanding at end of period | 39,298,007 | 39,251,638 | 39,560,304 | |||||||||||||||||
Average diluted shares outstanding | 39,021,008 | 39,020,811 | 35,913,237 | |||||||||||||||||
Diluted earnings per share | $0.62 | $0.43 | $0.62 | |||||||||||||||||
Dividends declared per share | $0.28 | $0.28 | $0.28 | |||||||||||||||||
Dividend yield (annualized) | 4.51 | % | 6.33 | % | 2.78 | % | ||||||||||||||
Dividends paid to net income | 45.40 | % | 65.61 | % | 42.94 | % | ||||||||||||||
Book value | $29.38 | $29.10 | $30.13 | |||||||||||||||||
Tangible book value (1) | $19.71 | $19.40 | $20.52 | |||||||||||||||||
Market value | $24.84 | $17.69 | $40.29 | |||||||||||||||||
Profitability Ratios (annualized) | ||||||||||||||||||||
Return on average assets | 1.05 | % | 0.72 | % | 1.11 | % | ||||||||||||||
Return on average shareholders' equity | 8.35 | % | 5.80 | % | 8.30 | % | ||||||||||||||
Return on average tangible shareholders' equity (2) | 12.71 | % | 8.96 | % | 12.04 | % | ||||||||||||||
Efficiency ratio (FTE) (3) | 56.26 | % | 55.75 | % | 49.64 | % | ||||||||||||||
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S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 7 | ||||
For the Twelve Months Ended December 31, | ||||||||||||||||||||
(dollars in thousands, except per share data) | 2020 | 2019 | ||||||||||||||||||
| INTEREST AND DIVIDEND INCOME | ||||||||||||||||||||
| Loans, including fees | $300,960 | $300,625 | ||||||||||||||||||
| Investment securities: | ||||||||||||||||||||
| Taxable | 14,918 | 14,733 | ||||||||||||||||||
| Tax-exempt | 3,497 | 3,302 | ||||||||||||||||||
| Dividends | 1,089 | 1,824 | ||||||||||||||||||
| Total Interest and Dividend Income | 320,464 | 320,484 | ||||||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||
| Deposits | 35,986 | 63,026 | ||||||||||||||||||
| Borrowings and junior subordinated debt securities | 5,090 | 10,667 | ||||||||||||||||||
| Total Interest Expense | 41,076 | 73,693 | ||||||||||||||||||
| NET INTEREST INCOME | 279,388 | 246,791 | ||||||||||||||||||
| Provision for credit losses | 131,424 | 14,873 | ||||||||||||||||||
| Net Interest Income After Provision for Credit Losses | 147,964 | 231,918 | ||||||||||||||||||
| NONINTEREST INCOME | ||||||||||||||||||||
| Net gain (loss) on sale of securities | 142 | (26) | ||||||||||||||||||
| Debit and credit card | 15,093 | 13,405 | ||||||||||||||||||
| Service charges on deposit accounts | 11,704 | 13,316 | ||||||||||||||||||
| Mortgage banking | 10,923 | 2,491 | ||||||||||||||||||
| Wealth management | 9,957 | 8,623 | ||||||||||||||||||
| Commercial loan swap income | 4,740 | 5,503 | ||||||||||||||||||
| Other | 7,160 | 9,246 | ||||||||||||||||||
| Total Noninterest Income | 59,719 | 52,558 | ||||||||||||||||||
| NONINTEREST EXPENSE | ||||||||||||||||||||
| Salaries and employee benefits | 90,115 | 83,986 | ||||||||||||||||||
| Data processing and information technology | 15,499 | 14,468 | ||||||||||||||||||
| Net occupancy | 14,529 | 12,103 | ||||||||||||||||||
| Furniture, equipment and software | 11,050 | 8,958 | ||||||||||||||||||
| Other taxes | 6,622 | 3,364 | ||||||||||||||||||
| Professional services and legal | 6,394 | 4,244 | ||||||||||||||||||
| Marketing | 5,996 | 4,631 | ||||||||||||||||||
| FDIC insurance | 5,089 | 758 | ||||||||||||||||||
| Merger related expenses | 2,342 | 11,350 | ||||||||||||||||||
| Other | 29,008 | 23,254 | ||||||||||||||||||
| Total Noninterest Expense | 186,644 | 167,116 | ||||||||||||||||||
| Income Before Taxes | 21,039 | 117,360 | ||||||||||||||||||
| Income taxes (benefit) expense | (1) | 19,126 | ||||||||||||||||||
| Net Income | $21,040 | $98,234 | ||||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Average diluted shares outstanding | 39,073,219 | 34,679,478 | ||||||||||||||||||
Diluted earnings per share | $0.53 | $2.82 | ||||||||||||||||||
Dividends declared per share | $1.12 | $1.09 | ||||||||||||||||||
Dividends paid to net income | 200.89 | % | 38.03 | % | ||||||||||||||||
Profitability Ratios | ||||||||||||||||||||
Return on average assets | 0.23 | % | 1.32 | % | ||||||||||||||||
Return on average shareholders' equity | 1.80 | % | 9.98 | % | ||||||||||||||||
Return on average tangible shareholders' equity (6) | 2.92 | % | 14.41 | % | ||||||||||||||||
Efficiency ratio (FTE) (7) | 53.86 | % | 51.39 | % | ||||||||||||||||
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S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 8 | ||||
| 2020 | 2020 | 2019 | ||||||||||||||||||
| Fourth | Third | Fourth | ||||||||||||||||||
(dollars in thousands) | Quarter | Quarter | Quarter | |||||||||||||||||
ASSETS | ||||||||||||||||||||
| Cash and due from banks, including interest-bearing deposits | $229,666 | $308,489 | $169,304 | |||||||||||||||||
| Federal funds sold | — | — | 28,519 | |||||||||||||||||
| Securities, at fair value | 773,693 | 718,169 | 784,283 | |||||||||||||||||
| Loans held for sale | 18,528 | 16,724 | 5,256 | |||||||||||||||||
| Commercial loans: | ||||||||||||||||||||
| Commercial real estate | 3,244,974 | 3,290,138 | 3,416,518 | |||||||||||||||||
| Commercial and industrial | 1,954,453 | 2,042,467 | 1,720,833 | |||||||||||||||||
| Commercial construction | 474,280 | 477,429 | 375,445 | |||||||||||||||||
| Total Commercial Loans | 5,673,707 | 5,810,034 | 5,512,796 | |||||||||||||||||
| Consumer loans: | ||||||||||||||||||||
| Residential mortgage | 918,398 | 950,887 | 998,585 | |||||||||||||||||
| Home equity | 535,165 | 537,869 | 538,348 | |||||||||||||||||
| Installment and other consumer | 80,915 | 80,735 | 79,033 | |||||||||||||||||
| Consumer construction | 17,675 | 15,343 | 8,390 | |||||||||||||||||
| Total Consumer Loans | 1,552,153 | 1,584,834 | 1,624,356 | |||||||||||||||||
| Total Portfolio Loans | 7,225,860 | 7,394,868 | 7,137,152 | |||||||||||||||||
| Allowance for credit losses | (117,612) | (120,998) | (62,224) | |||||||||||||||||
| Total Portfolio Loans, Net | 7,108,248 | 7,273,870 | 7,074,928 | |||||||||||||||||
| Federal Home Loan Bank and other restricted stock, at cost | 13,030 | 15,777 | 22,977 | |||||||||||||||||
| Goodwill | 373,424 | 373,417 | 371,621 | |||||||||||||||||
| Other assets | 451,308 | 484,126 | 307,762 | |||||||||||||||||
| Total Assets | $8,967,897 | $9,190,572 | $8,764,649 | |||||||||||||||||
| LIABILITIES | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Noninterest-bearing demand | $2,261,994 | $2,232,706 | $1,698,082 | |||||||||||||||||
| Interest-bearing demand | 864,510 | 982,956 | 962,331 | |||||||||||||||||
| Money market | 1,937,063 | 2,033,585 | 1,949,811 | |||||||||||||||||
| Savings | 969,508 | 938,475 | 830,919 | |||||||||||||||||
| Certificates of deposit | 1,387,463 | 1,446,096 | 1,595,433 | |||||||||||||||||
| Total Deposits | 7,420,538 | 7,633,818 | 7,036,576 | |||||||||||||||||
| Borrowings: | ||||||||||||||||||||
| Securities sold under repurchase agreements | 65,163 | 42,706 | 19,888 | |||||||||||||||||
| Short-term borrowings | 75,000 | 83,000 | 281,319 | |||||||||||||||||
| Long-term borrowings | 23,681 | 49,076 | 50,868 | |||||||||||||||||
| Junior subordinated debt securities | 64,083 | 64,068 | 64,277 | |||||||||||||||||
| Total Borrowings | 227,927 | 238,850 | 416,352 | |||||||||||||||||
| Other liabilities | 164,721 | 175,789 | 119,723 | |||||||||||||||||
| Total Liabilities | 7,813,186 | 8,048,457 | 7,572,651 | |||||||||||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||||||||
| Total Shareholders' Equity | 1,154,711 | 1,142,115 | 1,191,998 | |||||||||||||||||
| Total Liabilities and Shareholders' Equity | $8,967,897 | $9,190,572 | $8,764,649 | |||||||||||||||||
| Capitalization Ratios | ||||||||||||||||||||
| Shareholders' equity / assets | 12.88 | % | 12.43 | % | 13.60 | % | ||||||||||||||
Tangible common equity / tangible assets (4) | 9.02 | % | 8.64 | % | 9.68 | % | ||||||||||||||
| Tier 1 leverage ratio | 9.43 | % | 9.11 | % | 10.29 | % | ||||||||||||||
| Common equity tier 1 capital | 11.33 | % | 11.05 | % | 11.43 | % | ||||||||||||||
| Risk-based capital - tier 1 | 11.74 | % | 11.46 | % | 11.84 | % | ||||||||||||||
| Risk-based capital - total | 13.44 | % | 13.18 | % | 13.22 | % | ||||||||||||||
- more -
S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 9 | ||||
| 2020 | 2020 | 2019 | ||||||||||||||||||
Fourth | Third Quarter | Fourth Quarter | ||||||||||||||||||
(dollars in thousands) | Quarter | |||||||||||||||||||
Net Interest Margin (FTE) (QTD Averages) | ||||||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Interest-bearing deposits with banks | $242,778 | 0.11% | $213,051 | 0.11% | $82,255 | 1.44% | ||||||||||||||
| Securities, at fair value | 726,535 | 2.43% | 759,094 | 2.41% | 696,889 | 2.61% | ||||||||||||||
| Loans held for sale | 4,206 | 2.98% | 4,432 | 3.09% | 3,582 | 3.56% | ||||||||||||||
| Commercial Loans: | ||||||||||||||||||||
| Commercial real estate | 3,269,109 | 3.77% | 3,322,656 | 4.02% | 3,056,513 | 4.77% | ||||||||||||||
| Commercial and industrial | 2,012,774 | 3.95% | 2,107,750 | 3.45% | 1,666,061 | 4.77% | ||||||||||||||
| Commercial construction | 481,136 | 3.42% | 469,214 | 3.43% | 339,274 | 4.71% | ||||||||||||||
| Total Commercial Loans | 5,763,019 | 3.81% | 5,899,620 | 3.77% | 5,061,848 | 4.77% | ||||||||||||||
| Consumer Loans: | ||||||||||||||||||||
| Residential mortgage | 936,735 | 4.29% | 954,861 | 4.33% | 850,566 | 4.42% | ||||||||||||||
| Home equity | 537,201 | 3.66% | 536,735 | 3.73% | 499,520 | 5.03% | ||||||||||||||
| Installment and other consumer | 80,849 | 6.43% | 79,649 | 6.47% | 76,029 | 7.13% | ||||||||||||||
| Consumer construction | 16,154 | 4.21% | 14,475 | 4.32% | 12,021 | 4.96% | ||||||||||||||
| Total Consumer Loans | 1,570,939 | 4.18% | 1,585,720 | 4.24% | 1,438,136 | 4.78% | ||||||||||||||
| Total Portfolio Loans | 7,333,958 | 3.89% | 7,485,340 | 3.87% | 6,499,984 | 4.77% | ||||||||||||||
| Total Loans | 7,338,164 | 3.89% | 7,489,772 | 3.87% | 6,503,566 | 4.77% | ||||||||||||||
| Federal Home Loan Bank and other restricted stock | 14,545 | 3.97% | 15,157 | 5.11% | 21,791 | 7.44% | ||||||||||||||
| Total Interest-earning Assets | 8,322,022 | 3.65% | 8,477,074 | 3.65% | 7,304,501 | 4.53% | ||||||||||||||
| Noninterest-earning assets | 802,037 | 815,930 | 619,586 | |||||||||||||||||
| Total Assets | $9,124,059 | $9,293,004 | $7,924,087 | |||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Interest-bearing demand | $904,190 | 0.11% | $967,735 | 0.18% | $810,909 | 0.75% | ||||||||||||||
| Money market | 2,015,248 | 0.20% | 2,074,862 | 0.33% | 1,791,981 | 1.53% | ||||||||||||||
| Savings | 956,438 | 0.07% | 923,208 | 0.07% | 783,990 | 0.26% | ||||||||||||||
| Certificates of deposit | 1,423,727 | 0.93% | 1,486,016 | 1.16% | 1,417,619 | 1.91% | ||||||||||||||
| Total Interest-bearing Deposits | 5,299,603 | 0.36% | 5,451,821 | 0.48% | 4,804,499 | 1.30% | ||||||||||||||
| Borrowings: | ||||||||||||||||||||
| Securities sold under repurchase agreements | 50,607 | 0.25% | 64,000 | 0.25% | 14,046 | 0.75% | ||||||||||||||
| Short-term borrowings | 75,728 | 0.22% | 84,310 | 0.38% | 241,368 | 2.08% | ||||||||||||||
| Long-term borrowings | 40,986 | 2.43% | 49,269 | 2.52% | 56,026 | 2.63% | ||||||||||||||
| Junior subordinated debt securities | 64,073 | 3.11% | 64,057 | 3.19% | 54,801 | 4.33% | ||||||||||||||
| Total Borrowings | 231,394 | 1.42% | 261,636 | 1.44% | 366,241 | 2.45% | ||||||||||||||
| Total Interest-bearing Liabilities | 5,530,997 | 0.40% | 5,713,457 | 0.53% | 5,170,740 | 1.38% | ||||||||||||||
| Noninterest-bearing liabilities | 2,441,129 | 2,433,665 | 1,689,076 | |||||||||||||||||
| Shareholders' Equity | 1,151,933 | 1,145,882 | 1,064,271 | |||||||||||||||||
| Total Liabilities and Shareholders' Equity | $9,124,059 | $9,293,004 | $7,924,087 | |||||||||||||||||
Net Interest Margin (5) | 3.38% | 3.29% | 3.55% | |||||||||||||||||
- more -
S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 10 | ||||
For the Twelve Months Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | ||||||||||||||||||
Net Interest Margin (FTE) (YTD Averages) | ||||||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Interest-bearing deposits with banks | $179,887 | 0.29% | $59,941 | 2.06% | ||||||||||||||||
| Securities, at fair value | 764,311 | 2.49% | 678,069 | 2.64% | ||||||||||||||||
| Loans held for sale | 5,105 | 3.13% | 2,169 | 3.88% | ||||||||||||||||
| Commercial Loans: | ||||||||||||||||||||
| Commercial real estate | 3,347,234 | 4.19% | 2,945,278 | 4.92% | ||||||||||||||||
| Commercial and industrial | 2,018,318 | 3.85% | 1,575,485 | 5.04% | ||||||||||||||||
| Commercial construction | 442,088 | 3.78% | 278,665 | 5.11% | ||||||||||||||||
| Total Commercial Loans | 5,807,640 | 4.04% | 4,799,428 | 4.97% | ||||||||||||||||
| Consumer Loans: | ||||||||||||||||||||
| Residential mortgage | 964,740 | 4.25% | 765,604 | 4.43% | ||||||||||||||||
| Home equity | 539,461 | 3.98% | 475,149 | 5.31% | ||||||||||||||||
| Installment and other consumer | 80,032 | 6.56% | 72,283 | 7.16% | ||||||||||||||||
| Consumer construction | 13,484 | 4.40% | 10,896 | 5.44% | ||||||||||||||||
| Total Consumer Loans | 1,597,717 | 4.28% | 1,323,932 | 4.90% | ||||||||||||||||
| Total Portfolio Loans | 7,405,357 | 4.09% | 6,123,360 | 4.95% | ||||||||||||||||
| Total Loans | 7,410,462 | 4.09% | 6,125,529 | 4.95% | ||||||||||||||||
| Federal Home Loan Bank and other restricted stock | 18,234 | 5.10% | 21,833 | 7.52% | ||||||||||||||||
| Total Interest-earning Assets | 8,372,894 | 3.87% | 6,885,372 | 4.71% | ||||||||||||||||
| Noninterest-earning assets | 779,853 | 550,164 | ||||||||||||||||||
| Total Assets | $9,152,747 | $7,435,536 | ||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Interest-bearing demand | $961,823 | 0.28% | $641,403 | 0.61% | ||||||||||||||||
| Money market | 2,040,116 | 0.57% | 1,691,910 | 1.79% | ||||||||||||||||
| Savings | 899,717 | 0.11% | 766,142 | 0.25% | ||||||||||||||||
| Certificates of deposit | 1,517,643 | 1.36% | 1,396,706 | 1.93% | ||||||||||||||||
| Total Interest-bearing Deposits | 5,419,299 | 0.66% | 4,496,161 | 1.40% | ||||||||||||||||
| Borrowings: | ||||||||||||||||||||
| Securities sold under repurchase agreements | 57,673 | 0.29% | 16,863 | 0.65% | ||||||||||||||||
| Short-term borrowings | 155,753 | 0.92% | 255,264 | 2.51% | ||||||||||||||||
| Long-term borrowings | 47,953 | 2.50% | 66,392 | 2.76% | ||||||||||||||||
| Junior subordinated debt securities | 64,092 | 3.57% | 47,934 | 4.82% | ||||||||||||||||
| Total Borrowings | 325,471 | 1.56% | 386,453 | 2.76% | ||||||||||||||||
| Total Interest-bearing Liabilities | 5,744,770 | 0.72% | 4,882,614 | 1.51% | ||||||||||||||||
| Noninterest-bearing liabilities | 2,238,488 | 1,569,014 | ||||||||||||||||||
| Total Shareholders' Equity | 1,169,489 | 983,908 | ||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $9,152,747 | $7,435,536 | ||||||||||||||||||
Net Interest Margin (8) | 3.38% | 3.64% | ||||||||||||||||||
- more -
S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 11 | ||||
| 2020 | 2020 | 2019 | ||||||||||||||||||
Fourth | Third Quarter | Fourth Quarter | ||||||||||||||||||
(dollars in thousands) | Quarter | |||||||||||||||||||
Nonperforming Loans (NPL) | ||||||||||||||||||||
Commercial loans: | % Loans | % Loans | % Loans | |||||||||||||||||
Commercial real estate | $105,014 | 3.24% | $52,805 | 1.60% | $29,140 | 0.85% | ||||||||||||||
Commercial and industrial | 23,337 | 1.19% | 12,498 | 0.61% | 13,982 | 0.81% | ||||||||||||||
Commercial construction | 384 | 0.08% | 1,504 | 0.31% | 737 | 0.20% | ||||||||||||||
Total Nonperforming Commercial Loans | 128,735 | 2.27% | 66,807 | 1.15% | 43,859 | 0.80% | ||||||||||||||
Consumer loans: | ||||||||||||||||||||
Residential mortgage | 13,008 | 1.42% | 13,018 | 1.37% | 7,519 | 0.75% | ||||||||||||||
Home equity | 4,935 | 0.92% | 4,106 | 0.76% | 2,639 | 0.49% | ||||||||||||||
Installment and other consumer | 96 | 0.12% | 141 | 0.17% | 40 | 0.05% | ||||||||||||||
Total Nonperforming Consumer Loans | 18,039 | 1.15% | 17,265 | 1.08% | 10,198 | 0.63% | ||||||||||||||
Total Nonperforming Loans | $146,774 | 2.03% | $84,072 | 1.13% | $54,057 | 0.76% | ||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| Loan Charge-offs/(Recoveries) | ||||||||||||||||||||
| Charge-offs | $12,951 | $13,667 | $2,798 | |||||||||||||||||
| Recoveries | (1,713) | (754) | (802) | |||||||||||||||||
| Net Loan Charge-offs/(Recoveries) | $11,238 | $12,913 | $1,996 | |||||||||||||||||
| Net Loan Charge-offs (Recoveries) | ||||||||||||||||||||
| Commercial Loans: | ||||||||||||||||||||
| Commercial real estate | $10,185 | $10,963 | $829 | |||||||||||||||||
| Commercial and industrial | 412 | 1,267 | (121) | |||||||||||||||||
| Commercial construction | 293 | (1) | 404 | |||||||||||||||||
| Total Commercial Loan Charge-offs/(Recoveries) | 10,890 | 12,229 | 1,112 | |||||||||||||||||
| Consumer loans: | ||||||||||||||||||||
| Residential mortgage | 68 | 274 | 112 | |||||||||||||||||
| Home equity | 132 | 204 | 383 | |||||||||||||||||
| Installment and other consumer | 148 | 206 | 389 | |||||||||||||||||
| Total Consumer Loan Charge-offs | 348 | 684 | 884 | |||||||||||||||||
| Total Net Loan Charge-offs/(Recoveries) | $11,238 | $12,913 | $1,996 | |||||||||||||||||
| For the Twelve Months Ended December 31, | ||||||||||||||||||||
| (dollars in thousands) | 2020 | 2019 | ||||||||||||||||||
| Loan Charge-offs/(Recoveries) | ||||||||||||||||||||
| Charge-offs | $106,365 | $16,189 | ||||||||||||||||||
| Recoveries | (2,986) | (2,544) | ||||||||||||||||||
| Net Loan Charge-offs/(Recoveries) | $103,379 | $13,645 | ||||||||||||||||||
| Net Loan Charge-offs (Recoveries) | ||||||||||||||||||||
| Commercial loans: | ||||||||||||||||||||
| Customer fraud | $58,671 | $0 | ||||||||||||||||||
| Commercial real estate | 27,164 | 3,527 | ||||||||||||||||||
| Commercial and industrial | 15,004 | 7,540 | ||||||||||||||||||
| Commercial construction | 271 | 401 | ||||||||||||||||||
| Total Commercial Loan Charge-offs/(Recoveries) | 101,110 | 11,468 | ||||||||||||||||||
| Consumer loans: | ||||||||||||||||||||
| Residential mortgage | 435 | 364 | ||||||||||||||||||
| Home equity | 433 | 434 | ||||||||||||||||||
| Installment and other consumer | 1,401 | 1,461 | ||||||||||||||||||
| Consumer construction | — | (82) | ||||||||||||||||||
| Total Consumer Loan Charge-offs/(Recoveries) | 2,269 | 2,177 | ||||||||||||||||||
| Total Net Loan Charge-offs/(Recoveries) | $103,379 | $13,645 | ||||||||||||||||||
- more -
S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 12 | ||||
| 2020 | 2020 | 2019 | ||||||||||||||||||
Fourth | Third | Fourth | ||||||||||||||||||
(dollars in thousands) | Quarter | Quarter | Quarter | |||||||||||||||||
Asset Quality Data | ||||||||||||||||||||
Nonperforming loans | $146,774 | $84,072 | $54,057 | |||||||||||||||||
OREO | 2,155 | 2,317 | 3,525 | |||||||||||||||||
Nonperforming assets | 148,929 | 86,389 | 57,582 | |||||||||||||||||
Troubled debt restructurings (nonaccruing) | 29,289 | 18,648 | 8,912 | |||||||||||||||||
Troubled debt restructurings (accruing) | 17,460 | 18,478 | 36,960 | |||||||||||||||||
Total troubled debt restructurings | 46,749 | 37,126 | 45,872 | |||||||||||||||||
Nonperforming loans / total loans | 2.03 | % | 1.13 | % | 0.76 | % | ||||||||||||||
Nonperforming assets / total loans plus OREO | 2.06 | % | 1.17 | % | 0.81 | % | ||||||||||||||
Allowance for credit losses / total portfolio loans | 1.63 | % | 1.64 | % | 0.87 | % | ||||||||||||||
Allowance for credit losses / nonperforming loans | 80 | % | 144 | % | 115 | % | ||||||||||||||
Net loan charge-offs | $11,238 | $12,913 | $1,996 | |||||||||||||||||
Net loan charge-offs (annualized) / average loans | 0.61 | % | 0.69 | % | 0.12 | % | ||||||||||||||
For the Twelve Months Ended December 31, | ||||||||||||||||||||
(dollars in thousands) | 2020 | 2019 | ||||||||||||||||||
Asset Quality Data | ||||||||||||||||||||
Net loan charge-offs | $103,379 | $13,645 | ||||||||||||||||||
Net loan charge-offs / average loans | 1.40 | % | 0.22 | % | ||||||||||||||||
- more -
S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 13 | ||||
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
| 2020 | 2020 | 2019 | ||||||||||||||||||
| Fourth | Third | Fourth | ||||||||||||||||||
| Quarter | Quarter | Quarter | ||||||||||||||||||
(1) Tangible Book Value (non-GAAP) | ||||||||||||||||||||
Total shareholders' equity | $1,154,711 | $1,142,115 | $1,191,998 | |||||||||||||||||
Less: goodwill and other intangible assets, net of deferred tax liability | (380,278) | (380,735) | (380,247) | |||||||||||||||||
Tangible common equity (non-GAAP) | $774,434 | $761,380 | $811,751 | |||||||||||||||||
Common shares outstanding | 39,298 | 39,252 | 39,560 | |||||||||||||||||
Tangible book value (non-GAAP) | $19.71 | $19.40 | $20.52 | |||||||||||||||||
(2) Return on Average Tangible Shareholders' Equity (non-GAAP) | ||||||||||||||||||||
Net income (annualized) | $96,181 | $66,455 | $88,350 | |||||||||||||||||
Plus: amortization of intangibles (annualized), net of tax | 1,853 | 2,069 | 1,025 | |||||||||||||||||
Net income before amortization of intangibles (annualized) | $98,034 | $68,524 | $89,375 | |||||||||||||||||
Average total shareholders' equity | $1,151,933 | $1,145,882 | $1,064,271 | |||||||||||||||||
Less: average goodwill and other intangible assets, net of deferred tax liability | (380,734) | (380,781) | (322,204) | |||||||||||||||||
Average tangible equity (non-GAAP) | $771,199 | $765,101 | $742,067 | |||||||||||||||||
Return on average tangible shareholders' equity (non-GAAP) | 12.71 | % | 8.96 | % | 12.04 | % | ||||||||||||||
(3) Efficiency Ratio (non-GAAP) | ||||||||||||||||||||
Noninterest expense | $48,528 | $48,246 | $50,178 | |||||||||||||||||
Less: merger related expenses | — | — | (10,179) | |||||||||||||||||
Noninterest expense excluding nonrecurring items | $48,528 | $48,246 | $39,999 | |||||||||||||||||
Net interest income per consolidated statements of net income | $69,929 | $69,276 | $64,412 | |||||||||||||||||
Plus: taxable equivalent adjustment | 725 | 780 | 903 | |||||||||||||||||
Net interest income (FTE) (non-GAAP) | 70,654 | 70,056 | 65,315 | |||||||||||||||||
Noninterest income | 15,609 | 16,483 | 15,231 | |||||||||||||||||
Less: net losses on sale of securities | — | — | 26 | |||||||||||||||||
Net interest income (FTE) (non-GAAP) plus noninterest income | $86,263 | $86,539 | $80,572 | |||||||||||||||||
Efficiency ratio (non-GAAP) | 56.26 | % | 55.75 | % | 49.64 | % | ||||||||||||||
(4) Tangible Common Equity / Tangible Assets (non-GAAP) | ||||||||||||||||||||
Total shareholders' equity | $1,154,711 | $1,142,115 | $1,191,998 | |||||||||||||||||
| Less: goodwill and other intangible assets, net of deferred tax liability | (380,278) | (380,735) | (380,247) | |||||||||||||||||
Tangible common equity (non-GAAP) | $774,434 | $761,380 | $811,751 | |||||||||||||||||
Total assets | $8,967,896 | $9,190,572 | $8,764,649 | |||||||||||||||||
| Less: goodwill and other intangible assets, net of deferred tax liability | (380,278) | (380,735) | (380,247) | |||||||||||||||||
Tangible assets (non-GAAP) | $8,587,618 | $8,809,837 | $8,384,402 | |||||||||||||||||
Tangible common equity to tangible assets (non-GAAP) | 9.02 | % | 8.64 | % | 9.68 | % | ||||||||||||||
(5) Net Interest Margin Rate (FTE) (non-GAAP) | ||||||||||||||||||||
Interest income | $75,548 | $76,848 | $82,457 | |||||||||||||||||
Less: interest expense | (5,619) | (7,572) | (18,045) | |||||||||||||||||
Net interest income per consolidated statements of net income | 69,929 | 69,276 | 64,412 | |||||||||||||||||
Plus: taxable equivalent adjustment | 725 | 780 | 903 | |||||||||||||||||
Net interest income (FTE) (non-GAAP) | $70,654 | $70,056 | $65,315 | |||||||||||||||||
Net interest income (FTE) (annualized) | $281,080 | $278,701 | $259,130 | |||||||||||||||||
Average earning assets | $8,322,022 | $8,477,074 | $7,304,501 | |||||||||||||||||
Net interest margin (FTE) (non-GAAP) | 3.38 | % | 3.29 | % | 3.55 | % | ||||||||||||||
- more -
S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 14 | ||||
| Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures - continued: | ||||||||||||||||||||
| 2020 | 2020 | 2019 | ||||||||||||||||||
| Fourth | Third | Fourth | ||||||||||||||||||
| Quarter | Quarter | Quarter | ||||||||||||||||||
PTPP / Average Assets (non-GAAP) | ||||||||||||||||||||
| Income before taxes | $29,880 | $20,028 | $27,360 | |||||||||||||||||
| Plus: Provision for credit losses | 7,130 | 17,485 | 2,238 | |||||||||||||||||
| Total | 37,010 | 37,513 | 29,598 | |||||||||||||||||
| Total (annualized) (non-GAAP) | $147,235 | $149,237 | $117,427 | |||||||||||||||||
| Average assets | $9,124,059 | $9,293,004 | $7,924,087 | |||||||||||||||||
| PTPP / Average Assets (non-GAAP) | 1.61 | % | 1.61 | % | 1.48 | % | ||||||||||||||
For the Twelve Months Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | |||||||||||||||||||
(6) Return on Average Tangible Shareholders' Equity (non-GAAP) | ||||||||||||||||||||
Net income | $21,040 | $98,234 | ||||||||||||||||||
Plus: amortization of intangibles, net of tax | 2,001 | 660 | ||||||||||||||||||
Net income before amortization of intangibles | $23,041 | $98,894 | ||||||||||||||||||
Average total shareholders' equity | $1,169,489 | $983,908 | ||||||||||||||||||
Less: average goodwill and other intangible assets, net of deferred tax liability | (380,846) | (297,589) | ||||||||||||||||||
Average tangible equity (non-GAAP) | $788,643 | $686,319 | ||||||||||||||||||
Return on average tangible shareholders' equity (non-GAAP) | 2.92 | % | 14.41 | % | ||||||||||||||||
(7) Efficiency Ratio (non-GAAP) | ||||||||||||||||||||
Noninterest expense | $186,643 | $167,116 | ||||||||||||||||||
Less: merger related expenses | (2,342) | (11,350) | ||||||||||||||||||
Noninterest expense excluding nonrecurring items | $184,301 | $155,766 | ||||||||||||||||||
Net interest income per consolidated statements of net income | $279,388 | $246,791 | ||||||||||||||||||
Plus: taxable equivalent adjustment | 3,202 | 3,757 | ||||||||||||||||||
Net interest income (FTE) (non-GAAP) | 282,590 | 250,548 | ||||||||||||||||||
Noninterest income | 59,719 | 52,558 | ||||||||||||||||||
Less: net (gains)losses on sale of securities | (142) | 26 | ||||||||||||||||||
Net interest income (FTE) (non-GAAP) plus noninterest income | $342,167 | $303,132 | ||||||||||||||||||
Efficiency ratio (non-GAAP) | 53.86 | % | 51.39 | % | ||||||||||||||||
(8) Net Interest Margin Rate (FTE) (non-GAAP) | ||||||||||||||||||||
Interest income | $320,464 | $320,484 | ||||||||||||||||||
Less: interest expense | (41,076) | (73,693) | ||||||||||||||||||
Net interest income per consolidated statements of net income | 279,388 | 246,791 | ||||||||||||||||||
Plus: taxable equivalent adjustment | 3,202 | 3,757 | ||||||||||||||||||
Net interest income (FTE) (non-GAAP) | $282,590 | $250,548 | ||||||||||||||||||
Average earning assets | $8,372,894 | $6,885,372 | ||||||||||||||||||
Net interest margin (FTE) (non-GAAP) | 3.38 | % | 3.64 | % | ||||||||||||||||
PTPP / Average Assets (non-GAAP) | ||||||||||||||||||||
| Income before taxes | $21,039 | $117,360 | ||||||||||||||||||
| Plus: Provision for credit losses | 131,424 | 14,873 | ||||||||||||||||||
| Total | 152,463 | 132,233 | ||||||||||||||||||
| Total (non-GAAP) | $152,463 | $132,233 | ||||||||||||||||||
| Average assets | $9,152,747 | $7,435,536 | ||||||||||||||||||
| PTPP / Average Assets (non-GAAP) | 1.67 | % | 1.78 | % | ||||||||||||||||
- more -
S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 15 | ||||
The following profitability metrics for the twelve months ended December 31, 2020 are adjusted to exclude a $58.7 million loss related to a customer fraud.
| 2020 | ||||||||||||||
| Twelve Months Ended December 31, | ||||||||||||||
| Return on Average Tangible Shareholders' Equity (non-GAAP) | ||||||||||||||
| Net Income | $21,040 | |||||||||||||
| Provision for credit losses | 58,671 | |||||||||||||
| Tax effect | (12,321) | |||||||||||||
| Net income excluding fraud | $67,390 | |||||||||||||
| Net income excluding fraud | $67,390 | |||||||||||||
| Plus: amortization of intangibles , net of tax | 2,001 | |||||||||||||
| Net income before amortization of intangibles | $69,391 | |||||||||||||
| Average total shareholders' equity | $1,169,489 | |||||||||||||
| Less: average goodwill and intangible assets, net of deferred tax liability | (380,846) | |||||||||||||
| Average tangible equity (non-GAAP) | $788,643 | |||||||||||||
| Return on average tangible shareholders' equity (non-GAAP) | 8.80 | % | ||||||||||||
Return on Average Assets (non-GAAP) | ||||||||||||||
| Net income excluding fraud | $67,390 | |||||||||||||
| Average total assets | 9,152,747 | |||||||||||||
| Return on average assets (non-GAAP) | 0.74 | % | ||||||||||||
Return on Average Equity (non-GAAP) | ||||||||||||||
| Net income excluding fraud | $67,390 | |||||||||||||
| Average total shareholders' equity | 1,169,489 | |||||||||||||
| Return on average assets (non-GAAP) | 5.76 | % | ||||||||||||
###
MEMBER FDIC Fourth Quarter 2020 Earnings Supplement
2 Forward Looking Statements and Risk Factors This information contains certain 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”, “believe”, “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 loan 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; 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; general economic or business conditions, including the strength of regional economic conditions in our market area; the duration and severity of the corona virus (“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; 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 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 Fourth Quarter 2020 Highlights EPS: Net Income: Returns: Asset Quality: $ 0.62 ROTE 12.71% ROE 8.35% ROA 1.05% $24.2 million Provision $7.1 million ACL 1.63% ex-PPP 1.74% NCO 0.61% • PTPP* 1.61%, $37.0 million • NIM improvement due to forgiveness of PPP loans • Mortgage banking • Stable ACL • Dividend of $0.28 declared
*Refer to appendix for reconciliation of non-GAAP financial measures 4 Fourth Quarter 2020 Key Metrics 2020 2020 2019 Fourth Third Fourth Quarter Quarter Quarter Reported Metrics: Net income $24.2 million $16.7 million $22.3 million Diluted earnings per share $0.62 $0.43 $0.62 Dividends declared per share $0.28 $0.28 $0.28 Book value $29.38 $29.10 $30.13 Tangible book value* $19.71 $19.40 $20.52 Return on average assets 1.05 % 0.72% 1.11% Return on average shareholders' equity 8.35 % 5.80% 8.30% Return on average tangible shareholders' equity* 12.71 % 8.96% 12.04% PTPP* $37.0 million $37.5 million $29.6 million PTPP / average assets* 1.61 % 1.61% 1.48% Efficiency ratio (FTE)* 56.26 % 55.75% 49.64% Net interest margin (FTE)* 3.38 % 3.29% 3.55% Credit Metrics: Nonperforming loans / loans 2.03 % 1.13 % 0.76% Net loan charge-offs / average loans 0.61 % 0.69 % 0.12% ACL / total portfolio loans 1.63 % 1.64 % 0.87% ACL / total portfolio loans, ex-PPP 1.74 % 1.77 % NA
Ratios as of December 31, 2020 $ in millions *Refer to appendix for reconciliation of non-GAAP financial measures 5 Fourth Quarter 2020 SBA PPP 25% of our round 1 PPP loans have been forgiven and we are participating in round 2: Date Balance % Forgiven September 30, 2020 $550 December 31, 2020 465 15 % January 22, 2021 412 25 % PPP loans impacted selected ratios as below: Ratio Excluding PPP Including PPP Impact Net Interest Margin 3.35 % 3.38 % 0.03 % ACL / total portfolio loans 1.74 % 1.63 % (0.11) % Nonperforming loans / loans 2.17 % 2.03 % (0.14) % TCE / TA* 9.53 % 9.02 % (0.51) % Leverage Ratio 10.02 % 9.43 % (0.59) %
*Reported as Consumer Loans $ in millions Excludes PPP loans 6 Fourth Quarter 2020 Loan Modifications We continue to see declines in customers requiring needs-based payment deferrals and modifications to interest only periods. Modifications have been reduced to 3% of loans. Loan Type June 30, 2020 September 30, 2020 December 31, 2020 Total Balance Mod Balance Mod % Total Balance Mod Balance Mod % Total Balance Mod Balance Mod % CRE (excluding hotels) $3,113 $770 30% $3,047 $92 3 % $2,997 $9 0 % CRE Hotels 233 223 96 % 243 230 95 % 248 177 71 % Resi Secured Business* 425 53 13% 427 1 0 % 430 0 0 % Construction 459 47 10% 477 2 0 % 474 6 1 % C&I 1,593 203 13% 1,493 25 2 % 1,489 3 0 % Total Commercial 5,822 1,297 22% 5,687 350 6 % 5,638 196 3 % Total Consumer 1,179 69 6% 1,158 0 0 % 1,122 0 0 % Total $7,001 $1,365 20% $6,845 $350 5 % $6,760 $196 3 %
Data as of December 31, 2020 $ in millions (1) 6 of 10 appraisals completed in fourth quarter 2020. 3 of the remaining 4 ($4.9 million) are related to participations where S&T is not the lead bank. (2) 16 of 18 appraisals completed in fourth quarter 2020. 7 Fourth Quarter 2020 Hotels Internal Risk Rating Total Balance Total Number Average Size Average LTV Pass $6 11 $1 30 % Special Mention 125 18 7 60 % Substandard(1) 60 10 6 72 % Non-Accrual(2) 57 18 3 73 % Total $248 57 $4 65 % The COVID-19 pandemic is negatively impacting the hospitality industry and our hotel portfolio:
$ in millions Portfolio Changes: Includes balance changes, internal risk rating changes, and net charge-offs Economic/Qualitative Factors: Includes changes to the reasonable and supportable forecast and changes to qualitative factors 8 Fourth Quarter 2020 Allowance for Credit Losses After adopting CECL in 2020, we have prudently built our ACL in response to the pandemic, its impact on our customers, and the changing economic outlook:
Data as of December 31, 2020 $ in millions 9 Fourth Quarter 2020 Net Interest Income We are asset sensitive but have experienced core NIM stabilization: We expect favorable repricing on the following funding throughout the next six months: Funding type Balance Rate CD maturities $320 1.77 % Long-term wholesale funding 13 2.27 % Total $333 1.79 % • Our ex-PPP NIM declined 1bp from Q3 to Q4 • PPP loans contributed $4.9 million to our NII and 0.03% to our NIM in Q4 • We have improved our funding mix by reducing our higher-costing deposits We are proactively managing our interest-bearing deposit costs:
Data as of December 31, 2020 $ in millions *Refer to appendix for reconciliation of non-GAAP financial measures 10 Fourth Quarter 2020 Capital We are well-capitalized and have sufficient excess capital: Key points: • Our Total Capital Ratio improved 0.26% compared to September 30, 2020. • The Leverage Ratio and TCE / TA are impacted by PPP. The ex-PPP Leverage Ratio is 10.02% and TCE / TA is 9.53%. • We are taking a prudent approach to capital management, given economic uncertainty. • Our internally-run capital stress test results demonstrate that we have adequate capital cushions.
11 2020 2020 2019 Fourth Quarter Third Quarter Fourth Quarter (1) Tangible Book Value (non-GAAP) Total shareholders' equity $1,154,711 $1,142,115 $1,191,998 Less: goodwill and other intangible assets, net of deferred tax liability (380,278) (380,735) (380,247) Tangible common equity (non-GAAP) $774,434 $761,380 $811,751 Common shares outstanding 39,298 39,252 39,560 Tangible book value (non-GAAP) $19.71 $19.40 $20.52 (2) Return on Average Tangible Shareholders' Equity (non-GAAP) Net income (annualized) $96,181 $66,455 $88,350 Plus: amortization of intangibles (annualized), net of tax 1,853 2,069 1,025 Net income before amortization of intangibles (annualized) $98,034 $68,524 $89,375 Average total shareholders' equity $1,151,933 $1,145,882 $1,064,271 Less: average goodwill and other intangible assets, net of deferred tax liability (380,734) (380,781) (322,204) Average tangible equity (non-GAAP) $771,199 $765,101 $742,067 Return on average tangible shareholders' equity (non-GAAP) 12.71% 8.96% 12.04% (3) PTPP / Average Assets (non-GAAP) Income before taxes $29,880 $20,028 $27,360 Plus: Provision for credit losses 7,130 17,485 2,238 Total 37,010 37,513 29,598 Total (annualized) (non-GAAP) $147,235 $149,237 $117,427 Average assets $9,124,059 $9,293,004 $7,924,087 PTPP / Average Assets (non-GAAP) 1.61 % 1.61 % 1.48 % Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures: Fourth Quarter 2020 Appendix
12 2020 2020 2019 Fourth Quarter Third Quarter Fourth Quarter (4) Efficiency Ratio (non-GAAP) Noninterest expense $48,528 $48,246 $50,178 Less: merger related expenses — — (10,179) Noninterest expense excluding nonrecurring items $48,528 $48,246 $39,999 Net interest income per consolidated statements of net income $69,929 $69,276 $64,412 Plus: taxable equivalent adjustment 725 780 903 Net interest income (FTE) (non-GAAP) 70,654 70,056 65,315 Noninterest income 15,609 16,483 15,231 Less: net (gains)losses on sale of securities — — 26 Net interest income (FTE) (non-GAAP) plus noninterest income $86,263 $86,539 $80,572 Efficiency ratio (non-GAAP) 56.26% 55.75% 49.64% (5) Tangible Common Equity / Tangible Assets (non-GAAP) Total shareholders' equity $1,154,711 $1,142,115 $1,191,998 Less: goodwill and other intangible assets, net of deferred tax liability (380,278) (380,735) (380,247) Tangible common equity (non-GAAP) $774,434 $761,380 $811,751 Total assets $8,967,896 $9,190,572 $8,764,649 Less: goodwill and other intangible assets, net of deferred tax liability (380,278) (380,735) (380,247) Tangible assets (non-GAAP) $8,587,618 $8,809,837 $8,384,402 Tangible common equity to tangible assets (non-GAAP) 9.02% 8.64% 9.68% Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures: Fourth Quarter 2020 Appendix
13 2020 2020 2019 Fourth Quarter Third Quarter Fourth Quarter (6) Net Interest Margin Rate (FTE) (non-GAAP) Interest income $75,548 $76,848 $82,457 Less: interest expense (5,619) (7,572) (18,045) Net interest income per consolidated statements of net income 69,929 69,276 64,412 Plus: taxable equivalent adjustment 725 780 903 Net interest income (FTE) (non-GAAP) $70,654 $70,056 $65,315 Net interest income (FTE) (annualized) $281,080 $278,701 $259,130 Average earning assets $8,322,022 $8,477,074 $7,304,501 Net interest margin (FTE) (non-GAAP) 3.38% 3.29% 3.55% Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures: Fourth Quarter 2020 Appendix
MEMBER FDIC Fourth Quarter 2020 Earnings Supplement
CONTACT: Mark Kochvar Chief Financial Officer 724.465.4826 800 Philadelphia Street Indiana, PA 15701 www.stbancorp.com |  | |||||||
FOR IMMEDIATE RELEASE
S&T Bancorp, Inc. Declares Dividend
Indiana, Pa. - January 26, 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 January 25, 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 January 25, 2021 closing price of $28.01 is 4.0 percent. The dividend is payable February 25, 2021 to shareholders of record on February 11, 2021.
About S&T Bancorp, Inc. and S&T Bank
S&T Bancorp, Inc. is a $9.2 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 recently ranked #1 in customer satisfaction with retail banking in the Mid-Atlantic including best in communication and advice by J.D. Power. Established in 1902, S&T Bank 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.