S&T Bancorp, Inc. Reports Second Quarter 2010 Results
INDIANA, Pa., July 19 /PRNewswire-FirstCall/ -- S&T Bancorp, Inc. (Nasdaq: STBA), a full-service financial institution with office locations in 10 Pennsylvania counties, has announced its second quarter earnings.
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Todd D. Brice, president and chief executive officer of S&T Bancorp, Inc., offered the following highlights:
- Diluted earnings per common share were $0.28 compared to $0.35 in the first quarter of 2010 and a $0.37 loss in the second quarter of 2009.
- Net interest margin increased to 4.05%, an increase of five basis points from the prior quarter and 19 basis points from the second quarter of 2009.
- Nonperforming assets totaled 2.41% of total loans plus OREO compared to 2.94% in the first quarter of 2010 and 2.13% in the second quarter of 2009.
- Provision for loan losses was $9.1 million versus $4.4 million in the first quarter of 2010 and $32.2 million in the second quarter of 2009.
"We are pleased with our second quarter earnings results for 2010," said Brice. "While our loan portfolio is beginning to show signs of stabilization, we are cognizant of the fact that the economic recovery has not fully taken shape. It will be important to remain proactive in monitoring our portfolio to identify any potential problems as early as possible. We continue to believe that S&T Bank's strong capital position will enable us to meet the challenges presented by the current economic times."
Earnings
Net income available to common shareholders was $7.9 million compared to $9.8 million in the first quarter of 2010 and a $10.2 million loss in the second quarter of 2009. Net income for the second quarter, before preferred stock dividends and amortization expense related to the Capital Purchase Program ("CPP") was $9.4 million compared to $11.3 million in the first quarter of 2010 and an $8.7 million loss in the second quarter of 2009.
Net Interest Income
Net interest income on a fully taxable equivalent basis for the second quarter of 2010 was $37.8 million compared to $37.1 million in the first quarter of 2010 and $37.9 million in the second quarter of 2009. The net interest margin on a fully taxable equivalent basis was 4.05% in the second quarter compared to 4.00% in the first quarter of 2010 and 3.86% in the second quarter of 2009. The expansion of net interest margin over the past 12 months was due to deposit and borrowing repricing.
Earning Assets
Earning assets remain consistent with the first quarter of 2010 with less than a 1% decline. Earning assets decreased $132.3 million from the comparable period in 2009 driven by decreases of $63.0 million in loans and $69.3 million in securities. Loan originations remain challenging in our market as businesses and consumers continue to be cautious. Our focus continues to be on maintaining strict underwriting standards to position us to take advantage of quality lending relationships when the opportunities arise.
Deposits
Total deposits were $3.3 billion at June 30, 2010 and March 31, 2010, and $3.2 billion at June 30, 2009. Especially encouraging is our continued growth of demand deposit accounts including a $23.2 million or 3% increase from the prior quarter and $102.7 million or 16% increase from the second quarter of 2009.
Security Gains (Losses)
No significant investment impairment charges were recorded in the first or second quarter of 2010 compared to the second quarter of 2009 when charges were taken for other-than-temporary impairment on equity securities of $1.3 million.
Noninterest Income
Noninterest income totaled $11.4 million for the second quarter of 2010 compared to $11.2 million for the first quarter of 2010. The increase in the second quarter relates to an increase in letter of credit and debit card fees offset by lower insurance income, due to annual bonus commission income received in the first quarter. Noninterest income decreased $0.4 million from $11.8 million in the second quarter of 2009. The decrease was primarily driven by a decrease in loan volume related income and mortgage banking income from record high refinances in the prior year.
Noninterest Expense
Noninterest expense for the second quarter was $25.7 million, a decrease of $2.2 million from the first quarter of 2010 and a decrease of $7.0 million from the second quarter of 2009. The decrease from the prior quarter primarily relates to one time legal and consulting costs incurred in the first quarter. The decrease from the second quarter of 2009 relates to a reduction in FDIC expense due to a one time assessment, lower provision for unfunded commitments and impairment charges recorded on joint ventures.
Nonperforming Assets
Nonperforming assets totaled $82.0 million or 2.41% of total loans plus other real estate owned ("OREO") at June 30, 2010, as compared to $99.9 million or 2.94% at March 31, 2010, and $73.7 million or 2.13% at June 30, 2009.
"I'm particularly pleased with the progress we made in our nonperforming loans during the quarter. We were able to come to resolution on several large relationships, moving them out of the portfolio through asset sales or auctions. We will remain cautious and diligent in monitoring the portfolio until we see a certain turn in the economic climate," Brice said.
The most significant new commercial relationships that moved to nonperforming status included a $2.2 million multi-family apartment complex and a $1.4 million hotel property. Both properties are located in western Pennsylvania. These properties were written down to their current market value and specific reserves were established for the relationships for $0.7 million and $0.2 million, respectively. Additionally, a $1.8 million residential mortgage relationship moved to nonperforming status at the end of the second quarter. Based on a current market appraisal, a specific reserve was established for $0.7 million.
Allowance for Loan Losses
The allowance for loan losses at June 30, 2010 was $54.0 million or 1.59% of total loans, as compared to $63.0 million or 1.85% at March 31, 2010, and $57.9 million or 1.67% at June 30, 2009. Included in the allowance is $7.8 million of specific reserves compared to $20.4 million in the first quarter of 2010 and $15.0 million in the second quarter of 2009. In the second quarter of 2010, S&T recorded a provision for loan losses of $9.1 million as compared to $4.4 million in the first quarter of 2010 and $32.2 million in the second quarter of 2009. In addition to various collateral for nonperforming loans, two impaired credits are supported by approximately $6.8 million in United States Department of Agriculture (USDA) guarantees.
During the second quarter of 2010, S&T experienced net charge-offs of $18.2 million. The most significant charged-off loans were:
- $5.3 million on a mixed-use property located in western Pennsylvania. The property failed to achieve stabilization and a charge was taken to write down the property value to the current market value. A USDA guarantee of $3.9 million exists for this relationship which is included in the above mentioned $6.8 million.
- $4.1 million on a multi-family residential apartment complex located in western Pennsylvania. The property has been experiencing a high vacancy rate and declining cash flow. A charge was taken to write down the property to the current market value.
- $2.8 million on an industrial warehouse property located in North Carolina. The property is under contract to be sold and a charge was taken to write down the property to its current market value.
- $1.9 million on an office property located in western Pennsylvania. The property was written down to its current market value and moved to the bank's OREO portfolio.
Capital Position
S&T's capital ratios improved from the prior quarter and continue to exceed the "well-capitalized" thresholds of federal bank regulatory agencies with a tier 1 leverage capital ratio of 10.64%, tier 1 risk-based capital ratio of 12.52% and total risk-based capital ratio of 15.87%. S&T's tangible common equity ratio increased to 7.23% compared to 7.09% for the first quarter of 2010 and 6.23% for the second 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.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands, except per share data)
2010 2010 2009
---- ---- ----
Second First Second
Quarter Quarter Quarter
------- ------- -------
Income Statements
-----------------
Interest Income $45,561 $45,324 $49,226
Interest Expense 8,936 9,410 12,677
----- ----- ------
Net Interest Income 36,625 35,914 36,549
Taxable Equivalent
Adjustment 1,194 1,222 1,311
----- ----- -----
Net Interest Income (FTE) 37,819 37,136 37,860
Provision For Loan Losses 9,127 4,430 32,184
----- ----- ------
Net Interest Income After
Provisions (FTE) 28,692 32,706 5,676
------ ------ -----
Security Gains (Losses), Net 103 153 (1,296)
Service Charges and Fees 3,166 2,971 3,232
Wealth Management 1,916 1,984 1,912
Insurance 1,964 2,368 1,985
Other 4,380 3,867 4,624
----- ----- -----
Total Noninterest Income 11,426 11,190 11,753
Salaries and Employee Benefits 11,811 12,565 12,698
Occupancy and Equipment Expense, Net 2,987 3,072 3,023
Data Processing Expense 1,451 1,603 1,542
FDIC Expense 1,398 1,301 3,447
Other 8,088 9,389 12,052
----- ----- ------
Total Noninterest Expense 25,735 27,930 32,762
------ ------ ------
Income (Loss) Before Taxes 14,486 16,119 (16,629)
Taxable Equivalent Adjustment 1,194 1,222 1,311
Applicable Income Taxes 3,888 3,593 (9,284)
----- ----- ------
Net Income (Loss) 9,404 11,304 (8,656)
Preferred Stock Dividends 1,549 1,547 1,541
----- ----- -----
Net Income (Loss) Available to
Common Shareholders $7,855 $9,757 ($10,197)
====== ====== ========
Per Common Share Data:
Shares Outstanding at End of Period 27,819,757 27,777,931 27,654,530
Average Shares Outstanding -
Diluted 27,797,206 27,753,384 27,650,937
Net Income (Loss) - Diluted $0.28 $0.35 ($0.37)
Dividends Declared $0.15 $0.15 $0.15
Common Book Value $16.55 $16.39 $15.48
Tangible Common Book Value (1) $10.31 $10.12 $9.17
Market Value $19.76 $20.90 $12.16
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands, except per share data)
For the Six Months
Ended June 30,
2010 2009
---- ----
Income Statements
-----------------
Interest Income $90,885 $99,650
Interest Expense 18,345 26,956
------ ------
Net Interest Income 72,540 72,694
Taxable Equivalent
Adjustment 2,416 2,645
----- -----
Net Interest Income (FTE) 74,956 75,339
Provision For Loan Losses 13,557 53,573
------ ------
Net Interest Income After
Provisions (FTE) 61,399 21,766
------ ------
Security Gains (Losses), Net 257 (2,542)
Service Charges and Fees 6,136 6,288
Wealth Management 3,900 3,655
Insurance 4,332 3,847
Other 8,247 8,225
----- -----
Total Noninterest Income 22,615 22,015
Salaries and Employee Benefits 24,376 24,353
Occupancy and Equipment Expense,
Net 6,060 6,106
Data Processing Expense 3,054 3,010
FDIC Expense 2,699 5,388
Other 17,477 19,343
------ ------
Total Noninterest Expense 53,666 58,200
------ ------
Income (Loss) Before Taxes 30,605 (16,961)
Taxable Equivalent Adjustment 2,416 2,645
Applicable Income Taxes 7,481 (9,108)
----- ------
Net Income (Loss) 20,708 (10,498)
Preferred Stock Dividends 3,096 2,824
----- -----
Net Income (Loss) Available to
Common Shareholders $17,612 ($13,322)
======= ========
Per Common Share Data:
Average Shares Outstanding -
Diluted 27,779,963 27,644,152
Net Income (Loss) - Diluted $0.63 ($0.48)
Dividends Declared $0.30 $0.46
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands)
2010 2010 2009
---- ---- ----
Second First Second
Quarter Quarter Quarter
------- ------- -------
Balance Sheet (Period-End)
--------------------------
Assets
Cash $71,150 $72,605 $65,150
Securities 339,737 352,271 409,011
Loans, Net 3,342,761 3,335,380 3,401,896
Other Assets 385,590 375,511 367,819
------- ------- -------
Total Assets $4,139,238 $4,135,767 $4,243,876
========== ========== ==========
Liabilities and
Shareholders' Equity
Noninterest-bearing
Deposits $732,618 $709,422 $629,967
Interest-bearing
Deposits 2,564,578 2,636,394 2,525,885
Short-term
Borrowings 96,246 47,996 291,763
Long-term Debt 130,947 136,250 207,028
Other Liabilities 48,646 44,962 56,139
Shareholders' Equity 566,203 560,743 533,094
------- ------- -------
Total Liabilities
and
Shareholders'
Equity $4,139,238 $4,135,767 $4,243,876
========== ========== ==========
Net Interest Margin (Quarterly Averages)
----------------------------------------
Assets
Interest-earning Assets:
Loans, Gross $3,402,494 5.08% $3,404,096 5.08% $3,508,104 5.25%
Securities 342,861 4.20% 352,915 4.35% 427,285 4.30%
------- ------- -------
Total Interest-
earning Assets 3,745,355 5.05% 3,757,011 5.02% 3,935,389 5.15%
Noninterest-earning
Assets 390,027 380,469 369,017
------- ------- -------
Total Assets $4,135,382 $4,137,480 $4,304,406
========== ========== ==========
Liabilities and
Shareholders' Equity
Interest-bearing
Liabilities:
Interest-bearing
Demand Deposits and
Savings $1,280,421 0.29% $1,249,940 0.29% $1,232,733 0.39%
Certificates of
Deposits 1,308,614 2.01% 1,316,673 2.08% 1,362,427 2.54%
Short-term
Borrowings 74,779 0.36% 132,300 0.28% 243,148 0.37%
Long-term Debt 135,906 4.13% 157,386 4.32% 229,959 4.60%
------- ------- -------
Total Interest-
bearing
Liabilities 2,799,720 1.27% 2,856,299 1.33% 3,068,267 1.66%
Noninterest-bearing
Liabilities and Capital:
Noninterest-bearing
Demand Deposits 728,517 683,973 625,601
Other Liabilities 44,244 41,549 60,570
Shareholders' Equity 562,901 555,659 549,968
------- ------- -------
Total Noninterest-
bearing
Liabilities 1,335,662 1,281,181 1,236,139
--------- --------- ---------
Total Liabilities and
Shareholders'
Equity $4,135,382 $4,137,480 $4,304,406
========== ========== ==========
Net Yield on Interest-
Earning Assets 4.05% 4.00% 3.86%
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands)
2010 2010 2009
---- ---- ----
Second First Second
Quarter Quarter Quarter
------- ------- -------
Loans (Period-End)
------------------
Consumer
Home Equity $451,274 $457,178 $454,394
Residential
Mortgage 363,660 360,113 380,735
Consumer
Installment 76,755 76,997 82,639
Construction 9,624 8,899 11,162
----- ----- ------
Total Consumer
Loans 901,313 903,187 928,930
Commercial
Commercial Real
Estate 1,424,212 1,422,761 1,388,166
Commercial &
Industrial 734,077 715,178 766,618
Construction 337,127 357,277 376,058
------- ------- -------
Total
Commercial
Loans 2,495,416 2,495,216 2,530,842
--------- --------- ---------
Total Loans $3,396,729 $3,398,403 $3,459,772
========== ========== ==========
Nonperforming Loans (NPL) % NPL % NPL % NPL
------------------------- ----- ----- -----
Consumer
Home Equity $1,777 0.39% $1,618 0.35% $2,224 0.49%
Residential
Mortgage 7,398 2.03% 4,695 1.30% 4,509 1.18%
Consumer
Installment 93 0.12% 99 0.13% 11 0.01%
Construction - - - - - -
-- -- --
Total Consumer
Loans 9,268 1.03% 6,412 0.71% $6,744 0.73%
Commercial
Commercial Real
Estate 51,070 3.59% 66,138 4.65% 23,436 1.69%
Commercial &
Industrial 2,265 0.31% 3,356 0.47% 11,833 1.54%
Construction 14,686 4.36% 20,884 5.85% 29,420 7.82%
------ ------ ------
Total
Commercial
Loans 68,021 2.73% 90,378 3.62% 64,689 2.56%
------ ------ ------
Total Nonperforming
Loans $77,289 2.28% $96,790 2.85% $71,433 2.06%
======= ======= =======
Construction and
Commercial Real
Estate (CRE) by
Location
----------------
Pennsylvania $1,404,508 $1,417,113 $1,437,372
New York 101,742 107,263 96,788
Ohio 78,244 75,698 75,098
North Carolina 16,740 20,113 14,905
Arizona 18,917 18,032 18,787
Florida 10,313 13,753 17,310
Southeast Region 56,299 54,701 40,888
Midwest Region 26,141 23,706 18,376
Southwest Region 13,818 13,552 10,142
Western Region 13,207 13,313 12,146
Mid-Atlantic Region 11,925 12,160 10,911
New England 9,485 10,634 11,501
----- ------ ------
Total Construction
and CRE by
Location $1,761,339 $1,780,038 $1,764,224
========== ========== ==========
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands)
2010 2010 2009
---- ---- ----
Second First Second
Quarter Quarter Quarter
------- ------- -------
Construction and
Commercial
Real Estate -
NPL by
Location % NPL % NPL % NPL
---------------- ----- ----- -----
Pennsylvania $50,100 3.57% $62,579 4.42% $27,547 1.92%
New York 3,253 3.20% 4,883 4.55% 10,793 11.15%
Ohio - - - - - -
North Carolina 2,534 15.14% 5,348 26.59% 181 1.21%
Arizona 461 2.44% 722 4.00% 1,994 10.61%
Florida - - 3,301 24.00% 3,087 17.83%
Southeast Region - - - - - -
Midwest Region - - - - - -
Southwest Region 3,061 22.15% 2,717 20.05% 989 9.75%
Western Region - - - - - -
Mid-Atlantic
Region - - - - - -
New England 6,347 66.92% 7,472 70.26% 8,265 71.86%
----- ----- -----
Total
Construction and
CRE - NPL by
Location $65,756 3.73% $87,022 4.89% $52,856 3.00%
======= ======= =======
Construction and
Commercial Real
Estate by Type
----------------
Retail/Strip Malls $297,864 $295,630 $297,607
Residential
Rental Properties 285,705 284,807 256,872
Offices 224,011 239,746 240,926
Hotels 192,416 175,870 144,159
Manufacturing/
Industrial/
Warehouse 137,427 131,854 116,069
Real Estate
Development -
Commercial 104,927 108,141 111,439
Flex/Mixed Use 102,616 107,537 102,190
Healthcare/
Education 94,648 99,632 93,977
Real Estate
Development -
Residential 74,799 83,718 112,536
Miscellaneous 246,926 253,103 288,449
------- ------- -------
Total
Construction and
CRE by Type $1,761,339 $1,780,038 $1,764,224
========== ========== ==========
Construction and
Commercial
Real Estate -
NPL by Type % NPL % NPL % NPL
----------------- ----- ----- -----
Retail/Strip Malls $5,463 1.83% $4,373 1.48% $5,039 1.69%
Residential
Rental Properties 15,706 5.50% 19,975 7.01% 3,527 1.37%
Offices 1,868 0.83% 1,296 0.54% 1,198 0.50%
Hotels 3,562 1.85% 2,095 1.19% 2,095 1.45%
Manufacturing/
Industrial/
Warehouse 3,634 2.64% 4,262 3.23% - -
Real Estate
Development -
Commercial 7,449 7.10% 10,652 9.85% 9,791 8.79%
Flex/Mixed Use 2,375 2.31% 6,046 5.62% 1,655 1.62%
Healthcare/
Education 3,423 3.62% 3,283 3.30% 3,678 3.91%
Real Estate
Development -
Residential 5,079 6.79% 9,043 10.80% 18,676 16.60%
Miscellaneous 17,197 6.96% 25,997 10.27% 7,197 2.50%
------ ------ -----
Total
Construction and
CRE - NPL by
Type $65,756 3.73% $87,022 4.89% $52,856 3.00%
======= ======= =======
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands, except per share data)
2010 2010 2009
---- ---- ----
Second First Second
Quarter Quarter Quarter
------- ------- -------
Asset Quality Data
------------------
Nonaccrual Loans and Nonperforming
Loans $77,289 $96,790 $71,433
Assets Acquired through
Foreclosure or Repossession 4,737 3,087 2,262
Nonperforming Assets 82,026 99,877 73,695
Allowance for Loan Losses 53,968 63,023 57,875
Nonperforming Loans / Loans 2.28% 2.85% 2.06%
Nonperforming Assets / Loans plus
OREO 2.41% 2.94% 2.13%
Allowance for Loan Losses / Loans 1.59% 1.85% 1.67%
Allowance for Loan Losses /
Nonperforming Loans 70% 65% 81%
Net Loan Charge-offs (Recoveries) 18,182 987 34,156
Net Loan Charge-offs (Recoveries)
(Annualized) / Average Loans 2.14% 0.12% 3.91%
Profitability Ratios (Annualized)
---------------------------------
Common Return on Average Assets 0.76% 0.96% -0.95%
Common Return on Average Tangible
Common Assets (2) 0.80% 1.00% -0.99%
Common Return on Average
Shareholders' Equity 5.60% 7.12% -7.44%
Common Return on Average Tangible
Common Equity (3) 11.12% 14.34% -15.13%
Efficiency Ratio (FTE) (4) 52.26% 57.79% 66.04%
Capitalization Ratios
---------------------
Dividends Paid to Net Income (Loss) 53.08% 42.67% NM
Common Equity / Assets 11.12% 11.01% 10.09%
Leverage Ratio 10.64% 10.51% 9.56%
Risk Based Capital - Tier I 12.52% 12.40% 11.33%
Risk Based Capital - Total 15.87% 15.75% 14.60%
Tangible Common Equity / Tangible
Assets (5) 7.23% 7.09% 6.23%
For the Six
Months Ended
June 30,
2010 2009
---- ----
Asset Quality Data
------------------
Net Loan Charge-offs (Recoveries) 19,169 38,387
Net Loan Charge-offs (Recoveries)
(Annualized) / Average Loans 1.14% 2.20%
Profitability Ratios (Annualized)
---------------------------------
Common Return on Average Assets 0.86% -0.62%
Common Return on Average Tangible Common
Assets (6) 0.90% -0.65%
Common Return on Average Shareholders'
Equity 6.35% -4.92%
Common Return on Average Tangible Common
Equity (7) 12.70% -9.77%
Efficiency Ratio (FTE) (4) 55.00% 59.78%
Capitalization Ratios
---------------------
Dividends Paid to Net Income (Loss) 47.31% NM
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
(Dollars in thousands, except per share data)
2010 2010 2009
---- ---- ----
Second First Second
Quarter Quarter Quarter
------- ------- -------
Definitions and Reconciliation of GAAP to
-----------------------------------------
Non-GAAP Financial Measures:
(1) Tangible Common Book Value
Common Book Value (GAAP Basis) $16.55 $16.39 $15.48
Effect of Excluding Intangible
Assets (6.24) (6.27) (6.31)
----- ----- -----
Tangible Common Book Value $10.31 $10.12 $9.17
(2) Common Return on Average Tangible
Common Assets
Common Return on Average Assets
(GAAP Basis) 0.76% 0.96% -0.95%
Effect of Excluding Intangible
Assets 0.04% 0.04% -0.04%
---- ---- -----
Common Return on Average Tangible
Common Assets 0.80% 1.00% -0.99%
(3) Common Return on Average Tangible
Common Equity
Common Return on Average
Shareholders' Equity (GAAP
Basis) 5.60% 7.12% -7.44%
Effect of Excluding Intangible
Assets 3.02% 3.97% -4.23%
Effect of Excluding Preferred
Stock 2.50% 3.25% -3.46%
---- ---- -----
Common Return on Average Tangible
Common Equity 11.12% 14.34% -15.13%
(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) 11.12% 11.01% 10.09%
Effect of Excluding Intangible
Assets -3.89% -3.92% -3.86%
----- ----- -----
Tangible Common Equity / Tangible
Assets 7.23% 7.09% 6.23%
For the Six
Months Ended
June 30,
2010 2009
---- ----
(6) Common Return on Average Tangible Common Assets
Common Return on Average Assets (GAAP
Basis) 0.86% -0.62%
Effect of Excluding Intangible Assets 0.04% -0.03%
---- -----
Common Return on Average Tangible Common
Assets 0.90% -0.65%
(7) Common Return on Average Tangible Common Equity
Common Return on Average Shareholders'
Equity (GAAP Basis) 6.35% -4.92%
Effect of Excluding Intangible Assets 3.48% -2.53%
Effect of Excluding Preferred Stock 2.87% -2.32%
---- -----
Common Return on Average Tangible Common
Equity 12.70% -9.77%
SOURCE S&T Bancorp, Inc.
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