S&T Bancorp, Inc. Announces Improved Third Quarter Earnings
INDIANA, Pa., Oct. 25 /PRNewswire-FirstCall/ -- S&T Bancorp, Inc. (Nasdaq: STBA), a full-service financial institution with office locations in 10 Pennsylvania counties, has announced its third quarter earnings.
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Todd D. Brice, president and chief executive officer of S&T Bancorp, Inc., offered the following highlights:
- Third quarter earnings were $10.9 million, an increase of 39% from the prior quarter, with diluted earnings per common share of $0.39 compared to $0.28 in the second quarter of 2010 and $0.28 in the third quarter of 2009.
- Mortgage banking activities resulted in net revenue of $1.6 million in the third quarter of 2010 compared to $0.2 million in the second quarter of 2010.
- Nonperforming assets remain stable at 2.45% of total loans plus OREO compared to 2.41% in the second quarter of 2010 and down from 2.64% in the third quarter of 2009.
- Net interest margin increased to 4.09%, an improvement of four basis points from the prior quarter and 15 basis points from the third quarter of 2009.
"We are extremely pleased to deliver a positive quarter with improved results to our shareholders," said Brice. "Overall, the business performed very well for the quarter, including a strong performance from our mortgage banking business. We continue to see signs of stabilization in our loan portfolio as evidenced by improving asset quality metrics. At the same time, we remain focused on the challenges that lie ahead as we move forward in these unprecedented times."
Net Interest Income
Net interest income on a fully taxable equivalent basis for the third quarter of 2010 was $38.1 million compared to $37.8 million in the second quarter of 2010 and $38.1 million in the third quarter of 2009. The net interest margin on a fully taxable equivalent basis increased to 4.09% in the third quarter compared to 4.05% in the second quarter of 2010 and 3.94% in the third quarter of 2009. Net interest income remains strong despite declines in average loans of $24.8 million and average securities of $27.0 million from the second quarter of 2010. The increase in net interest margin is a result of lower deposit costs and an increase in interest collected on nonperforming loans.
Noninterest Income
Noninterest income increased to $12.3 million compared to $11.4 million in the second quarter of 2010 and $10.3 million in the third quarter of 2009. The increase is primarily a result of mortgage banking activities including net derivative gains and higher loan sales. Net gains on our mortgage derivatives of $0.7 million were reported in the third quarter compared to a loss in the second quarter of $0.1 million. Gains on loan sales increased to $0.5 million from the prior quarter gains of $0.2 million due to a higher volume of loan activity and an improvement on the pricing of mortgage sales. Mortgage banking gains were offset by a decrease in NSF fees of $0.2 million and a decrease in letter of credit fees of $0.3 million from the second quarter of 2010.
Asset Quality
Nonperforming assets remain stable at $82.7 million or 2.45% of total loans plus other real estate owned ("OREO") compared to $82.0 million or 2.41% in the second quarter of 2010 and down from $91.2 million or 2.64% in the third quarter of 2009. Included in nonperforming assets were troubled debt restructurings (TDRs) of $14.6 million. These TDRs are a result of our efforts to work directly with our customers in these challenging times. Delinquency improved for the third quarter with total portfolio delinquency at 2.69% compared to 3.10% in the second quarter of 2010 and 3.57% in the third quarter of 2009. Further, criticized and classified assets decreased $31.8 million or 8.7% from the second quarter of 2010.
"We are encouraged by the improving asset quality metrics that we experienced in the third quarter. Our focus remains on resolving these problem credits and moving them out of the portfolio as quickly and favorably as possible," Brice said.
The provision for loan losses was $8.3 million for the third quarter compared to $9.1 million for the second quarter of 2010 and $8.4 million in the third quarter of 2009. Net charge-offs were $6.0 million for the third quarter compared to $18.2 million in the second quarter and $5.4 million in the third quarter of 2009.
The allowance for loan losses at September 30, 2010 was $56.3 million or 1.67% of total loans, as compared to $54.0 million or 1.59% at June 30, 2010 and $60.9 million or 1.77% at September 30, 2009. The allowance to nonperforming loans was 75% at September 30, 2010, 70% at June 30, 2010 and 70% at September 30, 2009. Included in the allowance is $10.5 million of specific reserves compared to $8.0 million in the second quarter of 2010 and $17.9 million in the third quarter of 2009.
Noninterest Expense
Noninterest expense for the third quarter was $25.0 million compared to $25.7 million for the second quarter of 2010 and $24.8 million for the third quarter of 2009. The decrease from the second quarter of 2010 primarily relates to a reduction in the reserve for unfunded loan commitments of $0.9 million compared to a reduction recorded in the second quarter of $0.4 million. The reduction in the reserve is a result of a decrease in the volume of unfunded commitments. Additionally, there was a $0.5 million reduction in legal expenses due to onetime legal costs incurred in the second quarter of 2010. These decreases were offset by a write-off of an uncollectible receivable related to excess expenses of $0.9 million for a mutual fund advised by an affiliate, compared to a write-off in the second quarter of 2010 of $0.4 million. The entire remaining receivable was written off in this quarter.
Financial Condition
Total assets were $4.1 billion at September 30, 2010 and June 30, 2010 compared to $4.2 billion at September 30, 2009. The decrease from September 30, 2009 is attributable to lower loan balances due to pay-offs and charge-offs outpacing customer demand and also lower investment balances. Total loans remain at $3.4 billion at September 30, 2010, June 30, 2010 and September 30, 2009. Total commercial loans are down $24.2 million from the previous quarter and $54.7 million from September 30, 2009.
Total deposits were $3.3 billion at September 30, 2010, June 30, 2010 and September 30, 2009. Demand deposits remain strong at $743.5 million as of September 30, 2010 compared to $732.6 million at June 30, 2010 and $673.9 million at September 30, 2009. Total borrowings decreased to $168.7 million at September 30, 2010 from $227.2 million at June 30, 2010 and have decreased from $330.8 million at September 30, 2009. Stable deposits and declines in earning assets have resulted in reductions in borrowings.
S&T's capital ratios continue to improve and exceed the "well-capitalized" thresholds of federal bank regulatory agencies with a tier 1 leverage capital ratio of 10.92%, tier 1 risk-based capital ratio of 12.97% and total risk-based capital ratio of 16.35%. The increase in capital ratios is attributable to earnings retention and a reduction in risk-weighted assets. S&T's tangible common equity ratio increased to 7.53% compared to 7.23% for the second quarter of 2010 and 6.48% for the third quarter of 2009.
About S&T Bancorp, Inc.
Headquartered in Indiana, PA, S&T Bancorp, Inc. operates 53 offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson and Westmoreland counties. With assets of $4.1 billion, S&T Bancorp, Inc. stock trades on the NASDAQ Global Select Market System under the symbol STBA.
This information may contain forward-looking statements regarding future financial performance which are not historical facts and which involve risks and uncertainties. Actual results and performance could differ materially from those anticipated by these forward-looking statements. Factors that could cause such a difference include, but are not limited to, general economic conditions, change in interest rates, deposit flows, loan demand, asset quality, including real estate and other collateral values and competition. In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), S&T management uses and this press release contains or references, certain non-GAAP financial measures, such as net interest income on a fully taxable equivalent basis. S&T believes these non-GAAP financial measures provide information useful to investors in understanding our underlying operational performance and our business and performance trends as they facilitate comparisons with the performance of others in the financial services industry. Although S&T believes that these non-GAAP financial measures enhance investors' understanding of S&T's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. A reconciliation of these non-GAAP financial measures is presented in the attached financial data spreadsheet. This information should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K for S&T Bancorp, Inc. and subsidiaries.
S&T Bancorp, Inc. S&T Earnings Release - 6
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands, except per share data)
2010 2010 2009
---------- ---------- ----------
Third Second Third
Quarter Quarter Quarter
---------- ---------- ----------
Income Statements
-----------------
Interest Income $45,325 $45,561 $48,310
Interest Expense 8,352 8,936 11,477
---------- ---------- ----------
Net Interest Income 36,973 36,625 36,833
Taxable Equivalent Adjustment 1,137 1,194 1,284
---------- ---------- ----------
Net Interest Income (FTE) 38,110 37,819 38,117
Provision For Loan Losses 8,278 9,127 8,382
---------- ---------- ----------
Net Interest Income After Provisions
(FTE) 29,832 28,692 29,735
---------- ---------- ----------
Security Gains (Losses), Net 6 103 (2,059)
Service Charges and Fees 2,974 3,166 3,305
Wealth Management 1,861 1,916 1,920
Insurance 2,125 1,964 2,020
Other 5,369 4,380 3,038
---------- ---------- ----------
Total Noninterest Income 12,329 11,426 10,283
Salaries and Employee Benefits 11,887 11,811 12,284
Occupancy and Equipment Expense, Net 2,863 2,987 2,882
Data Processing Expense 1,547 1,451 1,565
FDIC Expense 1,359 1,398 1,526
Other 7,292 8,088 6,582
---------- ---------- ----------
Total Noninterest Expense 24,948 25,735 24,839
---------- ---------- ----------
Income Before Taxes 17,219 14,486 13,120
Taxable Equivalent Adjustment 1,137 1,194 1,284
Applicable Income Taxes 3,600 3,888 2,578
---------- ---------- ----------
Net Income 12,482 9,404 9,258
Preferred Stock Dividends 1,551 1,549 1,543
---------- ---------- ----------
Net Income Available to Common
Shareholders $10,931 $7,855 $7,715
========== ========== ==========
Per Common Share Data:
Shares Outstanding at End of Period 27,849,171 27,819,757 27,684,807
Average Shares Outstanding -
Diluted 27,812,637 27,797,206 27,695,205
Diluted Earnings Per Share $0.39 $0.28 $0.28
Dividends Declared $0.15 $0.15 $0.15
Common Book Value $16.83 $16.55 $15.77
Tangible Common Book Value (1) $10.61 $10.31 $9.44
Market Value $17.42 $19.76 $12.96
S&T Bancorp, Inc. S&T Earnings Release - 7
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands, except per share data)
For the Nine Months
Ended September 30,
2010 2009
---------- ----------
Income Statements
-----------------
Interest Income $136,209 $147,961
Interest Expense 26,697 38,434
---------- ----------
Net Interest Income 109,512 109,527
Taxable Equivalent Adjustment 3,552 3,929
---------- ----------
Net Interest Income (FTE) 113,064 113,456
Provision For Loan Losses 21,835 61,954
---------- ----------
Net Interest Income After Provisions (FTE) 91,229 51,502
---------- ----------
Security Gains (Losses), Net 263 (4,601)
Service Charges and Fees 9,111 9,593
Wealth Management 5,761 5,575
Insurance 6,457 5,867
Other 13,616 11,263
---------- ----------
Total Noninterest Income 34,945 32,298
Salaries and Employee Benefits 36,263 36,637
Occupancy and Equipment Expense, Net 8,923 8,987
Data Processing Expense 4,601 4,575
FDIC Expense 4,059 6,914
Other 24,769 25,927
---------- ----------
Total Noninterest Expense 78,615 83,040
---------- ----------
Income (Loss) Before Taxes 47,822 (3,841)
Taxable Equivalent Adjustment 3,552 3,929
Applicable Income Taxes 11,080 (6,530)
---------- ----------
Net Income (Loss) 33,190 (1,240)
Preferred Stock Dividends 4,648 4,368
---------- ----------
Net Income (Loss) Available to Common
Shareholders $28,542 ($5,608)
========== ==========
Per Common Share Data:
Average Shares Outstanding - Diluted 27,789,910 27,654,570
Diluted Earnings (Loss) Per Share $1.03 ($0.20)
Dividends Declared $0.45 $0.61
S&T Bancorp, Inc. S&T Earnings Release - 8
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands)
2010 2010 2009
---------- ---------- ----------
Third Second Third
Quarter Quarter Quarter
---------- ---------- ----------
Balance Sheet (Period-End)
-------------------------
Assets
Cash $88,157 $71,150 $68,111
Securities 301,260 339,737 389,980
Loans, Net 3,314,702 3,342,761 3,385,466
Other Assets 393,989 385,590 364,667
Total Assets $4,098,108 $4,139,238 $4,208,224
========== ========== ==========
Liabilities and Shareholders' Equity
Noninterest-bearing
Deposits $743,453 $732,618 $673,863
Interest-bearing
Deposits 2,561,117 2,564,578 2,605,921
Short-term
Borrowings 48,189 96,246 143,980
Long-term Debt 120,468 130,947 186,772
Other Liabilities 50,374 48,646 56,006
Shareholders'
Equity 574,507 566,203 541,682
Total
Liabilities and
Shareholders'
Equity $4,098,108 $4,139,238 $4,208,224
========== ========== ==========
Net Interest Margin (Quarterly Averages)
---------------------------------------
Assets
Loans - FTE $3,377,607 5.10% $3,402,494 5.12% $3,439,700 5.25%
Securities/
Other - FTE 315,823 3.82% 342,813 3.89% 397,106 4.11%
Total Interest-
earning
Assets 3,693,430 4.99% 3,745,307 5.01% 3,836,806 5.13%
Noninterest-
earning Assets 412,247 390,075 371,160
Total Assets $4,105,677 $4,135,382 $4,207,966
========== ========== ==========
Liabilities and Shareholders' Equity
Now/Money
Market/
Savings $1,250,278 0.24% $1,280,421 0.28% $1,190,637 0.39%
Certificates
of Deposits 1,309,880 1.89% 1,308,614 2.01% 1,413,302 2.20%
Borrowed
funds < 1 year 62,011 0.24% 74,779 0.36% 162,450 0.34%
Borrowed
funds > 1 year 121,218 4.26% 135,906 4.13% 199,945 4.63%
Total Interest-
bearing
Liabilities 2,743,387 1.21% 2,799,720 1.28% 2,966,334 1.54%
Noninterest-bearing Liabilities:
Demand Deposits 743,265 728,517 647,325
Shareholders'
Equity/Other 619,025 607,145 594,307
Total Noninterest-
bearing
Liabilities 1,362,290 1,335,662 1,241,632
--------- --------- ---------
Total
Liabilities
and
Shareholders'
Equity $4,105,677 $4,135,382 $4,207,966
========== ========== ==========
Net Yield on Interest-
Earning Assets 4.09% 4.05% 3.94%
S&T Bancorp, Inc. S&T Earnings Release - 9
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands)
2010 2010 2009
--------- --------- ---------
Third Second Third
Quarter Quarter Quarter
--------- --------- ---------
Loans (Period-End)
------------------
Consumer
Home Equity $451,275 $451,274 $459,190
Residential
Mortgage 365,390 363,660 367,743
Consumer
Installment 76,148 76,755 81,454
Construction 6,946 9,624 12,029
Total Consumer
Loans 899,759 901,313 920,416
Commercial
Commercial Real
Estate 1,436,971 1,424,212 1,425,552
Commercial &
Industrial 728,091 734,077 747,656
Construction 306,162 337,127 352,723
Total
Commercial
Loans 2,471,224 2,495,416 2,525,931
--------- --------- ---------
Total Loans $3,370,983 $3,396,729 $3,446,347
========== ========== ==========
Nonperforming Loans (NPL) % NPL % NPL % NPL
------------------------- ----- ----- -----
Consumer
Home Equity $1,700 0.38% $1,777 0.39% $2,190 0.48%
Residential
Mortgage 5,159 1.41% 7,398 2.03% 5,302 1.44%
Consumer Installment 89 0.12% 93 0.12% 46 0.06%
Construction 530 7.63% - - - -
Total Consumer
Loans 7,478 0.83% 9,268 1.03% $7,538 0.82%
Commercial
Commercial Real
Estate 51,792 3.60% 51,070 3.59% 38,734 2.72%
Commercial &
Industrial 8,469 1.16% 2,265 0.31% 12,595 1.68%
Construction 7,600 2.48% 14,686 4.36% 27,587 7.82%
Total Commercial
Loans 67,861 2.75% 68,021 2.73% 78,916 3.12%
Total Nonperforming
Loans $75,339 2.23% $77,289 2.28% $86,454 2.51%
========== ========== ==========
Construction and Commercial Real Estate (CRE) by Location
---------------------------------------------------------
Pennsylvania $1,382,894 $1,404,508 $1,450,293
New York 102,315 101,741 90,006
Ohio 70,363 78,244 74,451
West Virginia 21,852 15,994 11,834
Tennessee 20,379 17,917 12,647
Southeast Region 54,802 49,442 48,530
Southwest Region 30,547 32,735 30,061
Midwest Region 23,417 26,141 24,035
Western Region 13,170 13,207 12,645
Mid-Atlantic Region 12,327 11,925 12,296
New England 11,067 9,485 11,477
Total Construction
and CRE by
Location $1,743,133 $1,761,339 $1,778,275
========== ========== ==========
S&T Bancorp, Inc. S&T Earnings Release - 10
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands)
2010 2010 2009
---------- ---------- ----------
Third Second Third
Quarter Quarter Quarter
---------- ---------- ----------
Construction and
Commercial Real Estate -
NPL by Location % NPL % NPL % NPL
------------------------- ----- ----- -----
Pennsylvania $45,760 3.31% $50,100 3.57% $43,342 2.99%
New York 1,815 1.77% 3,253 3.20% 10,560 11.73%
Ohio - - - - - -
West Virginia - - - - - -
Tennessee - - - - - -
Southeast Region 2,457 4.48% 2,534 5.13% 1,836 3.78%
Southwest Region 1,406 4.60% 3,522 10.76% 2,318 7.71%
Midwest Region - - - - - -
Western Region - - - - - -
Mid-Atlantic Region - - - - - -
New England 7,954 71.87% 6,347 66.92% 8,265 72.01%
Total
Construction and
CRE-NPL by
Location $59,392 3.41% $65,756 3.73% $66,321 3.73%
========== ========== ==========
Construction and Commercial Real Estate by Type
-----------------------------------------------
Retail/Strip Malls $298,956 $297,864 $311,885
Offices 227,663 224,011 242,321
Residential Rental
Properties 218,436 285,705 261,573
Hotels 195,841 192,416 153,065
Manufacturing/
Industrial/
Warehouse 128,820 137,427 126,222
Flex/Mixed Use 112,081 102,616 101,811
Real Estate
Development -
Commercial 103,110 104,927 104,476
Real Estate
Development -
Residential 92,855 74,799 96,716
Healthcare/
Education 91,755 94,648 95,977
Miscellaneous 273,616 246,926 284,229
Total
Construction and
CRE by Type $1,743,133 $1,761,339 $1,778,275
========== ========== ==========
Construction and
Commercial Real Estate -
NPL by Type % NPL % NPL % NPL
------------------------- ----- ----- -----
Retail/Strip Malls $3,866 1.29% $5,463 1.83% $6,568 2.11%
Offices 3,036 1.33% 1,868 0.83% 1,195 0.49%
Residential Rental
Properties 12,653 5.79% 15,706 5.50% 4,524 1.73%
Hotels 2,562 1.31% 3,562 1.85% 2,095 1.37%
Manufacturing/
Industrial/Warehouse 555 0.43% 3,634 2.64% - -
Flex/Mixed Use 3,182 2.84% 2,375 2.31% 1,655 1.63%
Real Estate
Development -
Commercial 9,181 8.90% 7,449 7.10% 12,165 11.64%
Real Estate
Development -
Residential 4,965 5.35% 5,079 6.79% 14,445 14.94%
Healthcare/Education 3,951 4.31% 3,423 3.62% 3,939 4.10%
Miscellaneous 15,440 5.64% 17,197 6.96% 19,735 6.94%
Total Construction
and CRE-NPL
by Type $59,391 3.41% $65,756 3.73% $66,321 3.73%
========== ========== ==========
S&T Bancorp, Inc. S&T Earnings Release - 11
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands, except per share data)
2010 2010 2009
------- ------- -------
Third Second Third
Quarter Quarter Quarter
------- ------- -------
Asset Quality Data
------------------
Nonaccrual Loans and Nonperforming
Loans $75,339 $77,289 $86,454
Assets Acquired through Foreclosure
or Repossession 7,367 4,737 4,745
Nonperforming Assets 82,706 82,026 91,199
Allowance for Loan Losses 56,281 53,968 60,880
Nonperforming Loans / Loans 2.23% 2.28% 2.51%
Nonperforming Assets / Loans plus OREO 2.45% 2.41% 2.64%
Allowance for Loan Losses / Loans 1.67% 1.59% 1.77%
Allowance for Loan Losses /
Nonperforming Loans 75% 70% 70%
Net Loan Charge-offs (Recoveries) 5,965 18,182 5,376
Net Loan Charge-offs (Recoveries)
(Annualized) /Average Loans 0.70% 2.14% 0.62%
Profitability Ratios (Annualized)
--------------------------------
Common Return on Average Assets 1.06% 0.76% 0.73%
Common Return on Average Tangible
Assets (2) 1.10% 0.80% 0.76%
Common Return on Average Common Equity 7.61% 5.60% 5.67%
Common Return on Average
Tangible Common Equity (3) 14.93% 11.12% 11.75%
Efficiency Ratio (FTE) (4) 49.46% 52.26% 51.32%
Capitalization Ratios
---------------------
Dividends Paid to Net Income 38.18% 53.08% 53.77%
Common Equity / Assets 11.43% 11.12% 10.37%
Leverage Ratio 10.92% 10.64% 9.92%
Risk Based Capital - Tier I 12.97% 12.52% 11.57%
Risk Based Capital - Total 16.35% 15.87% 14.86%
Tangible Common Equity /
Tangible Assets (5) 7.53% 7.23% 6.48%
For the Nine Months Ended
September 30,
2010 2009
------- -------
Asset Quality Data
------------------
Net Loan Charge-offs (Recoveries) 25,134 43,763
Net Loan Charge-offs (Recoveries) (Annualized) /
Average Loans 0.99% 1.67%
Profitability Ratios (Annualized)
--------------------------------
Common Return on Average Assets 0.92% -0.17%
Common Return on Average Tangible Assets (6) 0.97% -0.18%
Common Return on Average Common Equity 6.78% -1.38%
Common Return on Average Tangible Common Equity (7) 13.47% -2.78%
Efficiency Ratio (FTE) (4) 53.12% 56.97%
Capitalization Ratios
---------------------
Dividends Paid to Net Income (Loss) 43.81% -379.37%
S&T Bancorp, Inc. S&T Earnings Release - 12
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands, except per share data)
2010 2010 2009
------- ------- -------
Third Second Third
Quarter Quarter Quarter
------- ------- -------
Definitions and Reconciliation of GAAP to
-----------------------------------------
Non-GAAP Financial Measures:
----------------------------
(1) Tangible Common Book Value
Common Book Value (GAAP Basis) $16.83 $16.55 $15.77
Effect of Excluding Intangible Assets (6.22) (6.24) (6.33)
Tangible Common Book Value $10.61 $10.31 $9.44
(2) Common Return on Average Tangible Assets
Common Return on Average Assets
(GAAP Basis) 1.06% 0.76% 0.73%
Effect of Excluding Intangible Assets 0.04% 0.04% 0.03%
Common Return on Average Tangible Assets 1.10% 0.80% 0.76%
(3) Common Return on Average Tangible
Common Equity
Common Return on Average Common
Equity (GAAP Basis) 7.61% 5.60% 5.67%
Effect of Excluding Intangible Assets 3.99% 3.02% 3.38%
Effect of Excluding Preferred Stock 3.33% 2.50% 2.70%
Common Return on Average
Tangible Common Equity 14.93% 11.12% 11.75%
(4) Recurring noninterest expense divided by recurring noninterest
income plus net interest income, on a fully taxable equivalent basis.
(5) Tangible Common Equity / Tangible Assets
Common Equity /Assets (GAAP Basis) 11.43% 11.12% 10.37%
Effect of Excluding Intangible Assets -3.90% -3.89% -3.89%
Tangible Common Equity /Tangible Assets 7.53% 7.23% 6.48%
For the Nine Months Ended
September 30,
2010 2009
------- -------
(6) Common Return on Average Tangible Assets
Common Return on Average Assets (GAAP Basis) 0.92% -0.17%
Effect of Excluding Intangible Assets 0.05% -0.01%
Common Return on Average Tangible Assets 0.97% -0.18%
(7) Common Return on Average Tangible Common Equity
Common Return on Average Common Equity (GAAP Basis) 6.78% -1.38%
Effect of Excluding Intangible Assets 3.66% -0.75%
Effect of Excluding Preferred Stock 3.03% -0.65%
Common Return on Average Tangible Common Equity 13.47% -2.78%
SOURCE S&T Bancorp, Inc.
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