May 24, 2022

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S&T Bancorp, Inc. Announces Record First Quarter 2021 Net Income

26 min read

INDIANA, Pa., April 22, 2021 /PRNewswire/ — 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{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}, return on average equity (ROE) of 11.15{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}, return on average tangible equity (ROTE) (non-GAAP) of 16.78{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} and pre-tax pre-provision income to average assets (PTPP) (non-GAAP) of 1.89{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}.
  • Net interest margin (FTE) (non-GAAP) increased 9 basis points to 3.47{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} compared to 3.38{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} 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{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} at March 31, 2021 compared to 1.63{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} 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.”

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{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} 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{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}. Net interest margin on a fully taxable equivalent basis (FTE) (non-GAAP) increased 9 basis points to 3.47{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} compared to 3.38{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} in the prior quarter. Excluding PPP, net interest margin (FTE) (non-GAAP) increased 2 basis points to 3.37{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} compared to 3.35{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} 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{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} of total loans, at March 31, 2021 compared to $146.8 million, or 2.03{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} of total loans at December 31, 2020. The allowance for credit losses was 1.60{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} of total portfolio loans as of March 31, 2021 compared to 1.63{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} at December 31, 2020. Excluding PPP loans, the allowance for credit losses was 1.72{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} of total portfolio loans at March 31, 2021 compared to 1.74{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} 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.

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 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.

S&T Bancorp, Inc.
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{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



4.51{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



4.10{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



Dividends paid to net income

34.40{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



45.40{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



83.52{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



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{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



1.05{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



0.61{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



Return on average shareholders’ equity

11.15{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



8.35{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



4.47{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



Return on average tangible shareholders’ equity (2)

16.78{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



12.71{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



6.82{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



Pre-tax pre-provision income/ average assets(3)

1.89{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



1.61{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



1.65{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



Efficiency ratio (FTE) (4)

51.47{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



56.26{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



52.89{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



S&T Bancorp, Inc.
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{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



12.88{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



13.06{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



Tangible common equity / tangible assets (5)

8.81{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



9.02{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



9.21{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



Tier 1 leverage ratio

9.71{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



9.43{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



10.03{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



Common equity tier 1 capital

11.84{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



11.33{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



10.93{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



Risk-based capital – tier 1

12.26{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



11.74{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



11.32{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



Risk-based capital – total

13.93{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



13.44{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



12.73{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



S&T Bancorp, Inc.
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

0.09{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

$242,778

0.11{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

$99,646

1.42{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Securities, at fair value

782,118

2.34{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

726,535

2.43{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

786,858

2.54{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Loans held for sale

6,360

2.83{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

4,206

2.98{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

1,867

3.76{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Commercial real estate

3,253,641

3.76{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

3,269,109

3.77{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

3,408,684

4.73{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Commercial and industrial

1,957,459

4.31{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

2,012,774

3.95{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

1,751,678

4.53{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Commercial construction

485,269

3.37{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

481,136

3.42{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

386,363

4.68{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Total Commercial Loans

5,696,369

3.91{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

5,763,019

3.81{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

5,546,725

4.66{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Residential mortgage

897,427

4.22{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

936,735

4.29{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

990,866

4.18{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Home equity

532,708

3.65{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

537,201

3.66{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

540,193

4.84{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Installment and other consumer

79,907

6.33{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

80,849

6.43{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

79,680

7.01{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Consumer construction

15,908

4.79{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

16,154

4.21{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

10,508

4.61{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Total Consumer Loans

1,525,950

4.14{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

1,570,939

4.18{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

1,621,247

4.54{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Total Portfolio Loans

7,222,319

3.96{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

7,333,958

3.89{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

7,167,972

4.64{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Total Loans

7,228,679

3.96{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

7,338,164

3.89{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

7,169,839

4.64{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Federal Home Loan Bank and other restricted stock

11,242

4.94{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

14,545

3.97{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

23,601

6.90{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Total Interest-earning Assets

8,324,259

3.67{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

8,322,022

3.65{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

8,079,944

4.40{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

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

0.10{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

$904,190

0.11{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

$942,030

0.59{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Money market

1,968,779

0.19{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

2,015,248

0.20{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

1,993,764

1.27{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Savings

995,228

0.06{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

956,438

0.07{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

830,985

0.23{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Certificates of deposit

1,344,604

0.65{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

1,423,727

0.93{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

1,601,324

1.80{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Total Interest-bearing Deposits

5,204,503

0.27{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

5,299,603

0.36{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

5,368,103

1.15{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Securities sold under repurchase agreements

64,653

0.15{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

50,607

0.25{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

30,790

0.56{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Short-term borrowings

25,556

0.19{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

75,728

0.22{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

286,365

1.61{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Long-term borrowings

23,471

2.00{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

40,986

2.43{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

51,845

2.52{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Junior subordinated debt securities

64,088

3.09{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

64,073

3.11{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

64,195

4.40{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Total Borrowings

177,768

1.46{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

231,394

1.42{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

433,195

2.06{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

Total Interest-bearing Liabilities

5,382,271

0.31{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

5,530,997

0.40{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

5,801,298

1.22{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

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)


3.47{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}


3.38{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}


3.53{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}








S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited







2021


2020


2020




First


Fourth


First



(dollars in thousands)

Quarter


Quarter


Quarter



Nonperforming Loans (NPL)








Commercial loans:


{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} NPL


{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} NPL


{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6} NPL


Commercial real estate

$98,606


3.00{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

$105,014


3.24{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

$50,508


1.47{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}


Commercial and industrial

18,145


0.94{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

23,337


1.19{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

9,081


0.51{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}


Commercial construction

384


0.08{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

384


0.08{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

571


0.14{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}


Commercial loan held for sale

2,798


NM




Total Nonperforming Commercial Loans

119,933


2.11{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

128,735


2.27{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

60,160


1.07{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}


Consumer loans:








Residential mortgage

11,737


1.33{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

13,008


1.42{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

10,582


1.07{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}


Home equity

3,441


0.65{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

4,935


0.92{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

2,797


0.51{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}


Installment and other consumer

100


0.12{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

96


0.12{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

258


0.32{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}


Total Nonperforming Consumer Loans

15,278


1.01{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

18,039


1.15{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

13,637


0.83{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}


Total Nonperforming Loans

$135,211


1.88{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

$146,774


2.03{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

$73,797


1.02{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}


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{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



2.03{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



1.02{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}




Nonperforming assets / total loans plus OREO

1.90{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



2.06{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



1.06{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}




Allowance for credit losses / total portfolio loans

1.60{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



1.63{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



1.34{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}




Allowance for credit losses / total portfolio loans excluding PPP

1.72{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



1.74{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



NA




Allowance for credit losses / nonperforming loans

85{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



80{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



131{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}




Net loan charge-offs (recoveries)

$5,812



$11,238



$11,156




Net loan charge-offs (recoveries)(annualized) / average loans

0.33{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



0.61{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



0.63{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}




NA = Not Applicable








S&T Bancorp, Inc.
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{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



12.71{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



6.82{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}










(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{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



1.61{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



1.65{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}










(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{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



56.26{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



52.89{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}




















S&T Bancorp, Inc.
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{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



9.02{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



9.21{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}










(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{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



3.38{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}



3.53{888a2f61c345d2e855d0f46d172f155075abed3efdb13b6aef551f16df00e7f6}

















SOURCE S&T Bancorp, Inc.

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