PR Newswire | Apr 22, 2021 07:31AM EDT

04/22 06:30 CDT

S&T Bancorp, Inc. Announces Record First Quarter 2021 Net Income INDIANA, Pa., April 22, 2021

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%, return on average equity (ROE) of 11.15%, return on average tangible equity (ROTE) (non-GAAP) of 16.78% and pre-tax pre-provision income to average assets (PTPP) (non-GAAP) of 1.89%. * Net interest margin (FTE) (non-GAAP) increased 9 basis points to 3.47% compared to 3.38% for the fourth quarter of 2020. * Portfolio loans decreased $42.7 million to $7.2 billion at March 31, 2021 compared to December 31, 2020. * Deposits increased $455.5 million to $7.9 billion at March 31, 2021 compared to December 31, 2020. * Mortgage banking revenue increased $1.2 million to $4.3 million for the first quarter of 2021 compared to the fourth quarter of 2020. * The allowance for credit losses to total portfolio loans was 1.60% at March 31, 2021 compared to 1.63% at December 31, 2020. * S&T's Board of Directors declared a $0.28 per share dividend which was consistent with the $0.28 per share dividend declared in the same period in the prior year.

"We are pleased to start the year with record quarterly net income and results that reflect what our company is capable of delivering," said David Antolik, president and interim chief executive officer. "We are optimistic about where S&T is headed in 2021, even with the challenging environment, and are well positioned to take advantage of the growth opportunities that will arise."

Net Interest Income

Net interest income increased $0.8 million to $70.7 million for the first quarter of 2021 compared to $69.9 million for the fourth quarter of 2020. The increase in net interest income was primarily due to a reduction in deposit costs and the increased contribution of Paycheck Protection Program (PPP) loans to net interest income. Total interest-bearing deposit costs decreased 9 basis points to 0.27% as higher cost certificates of deposits matured. The PPP contribution increased by $0.8 million to $5.8 million for the first quarter of 2021 compared to the fourth quarter of 2020 due to more loan forgiveness. This higher PPP contribution increased the loan yield by 7 basis points to 3.96%. Net interest margin on a fully taxable equivalent basis (FTE) (non-GAAP) increased 9 basis points to 3.47% compared to 3.38% in the prior quarter. Excluding PPP, net interest margin (FTE) (non-GAAP) increased 2 basis points to 3.37% compared to 3.35% in the prior quarter.

Asset Quality

Asset quality improved during the first quarter of 2021 compared to the fourth quarter of 2020. The provision for credit losses decreased to $3.1 million for the first quarter of 2021 compared to $7.1 million in the fourth quarter of 2020. Net loan charge-offs were $5.8 million for the first quarter of 2021 compared to $11.2 million in the fourth quarter of 2020. Total nonperforming loans decreased $11.6 million to $135.2 million, or 1.88% of total loans, at March 31, 2021 compared to $146.8 million, or 2.03% of total loans at December 31, 2020. The allowance for credit losses was 1.60% of total portfolio loans as of March 31, 2021 compared to 1.63% at December 31, 2020. Excluding PPP loans, the allowance for credit losses was 1.72% of total portfolio loans at March 31, 2021 compared to 1.74% at December 31, 2020.

Noninterest Income and Expense

Noninterest income increased $1.6 million to $17.2 million in the first quarter of 2021 compared to $15.6 million in the fourth quarter of 2020. Mortgage banking income increased $1.2 million due to higher gains on loans sold and an increase in the mortgage servicing rights valuation. Wealth management income increased $0.5 million due to higher assets under management from market appreciation and an increase in customer activity. Offsetting these increases was a decrease in commercial loan swap income of $0.7 million due to less demand for this product in the current environment.

Noninterest expense decreased $2.9 million to $45.6 million for the first quarter of 2021 compared to $48.5 million in the fourth quarter of 2020. Other expense decreased $1.9 million due to lower loan workout costs in the first quarter of 2021 compared to the fourth quarter of 2020. Marketing expense decreased $0.8 million due to the timing of marketing campaigns. These decreases were offset by an increase of $0.5 million in salaries and employee benefits due to higher incentives and pension costs in the first quarter of 2021 compared to the fourth quarter of 2020.

Financial Condition

Total assets increased $361.1 million to $9.3 billion at March 31, 2021 compared to $9.0 billion at December 31, 2020. Cash increased $441.8 million to $671.4 million at March 31, 2021 compared to December 31, 2020 due to a significant increase in deposits as a result of stimulus programs, the reopening of the PPP and our customer's liquidity preferences. Portfolio loans decreased $42.7 million compared to December 31, 2020 as loan activity continues to be impacted by the COVID-19 pandemic. PPP originations were $190.1 million and PPP forgiveness was $156.5 million during the first quarter of 2021. Deposits increased $455.5 million with a favorable mix of higher deposits across all categories except certificates of deposits. S&T continues to maintain a strong capital position with all capital ratios above the well-capitalized thresholds of federal bank regulatory agencies.

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 Quarter Quarter Quarter data)

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 641 824 2,215 securities

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 67,522 62,799 49,986 Credit Losses



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 4,225 3,835 3,868 technology

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 39,268,35939,298,00739,125,425

Average shares outstanding - diluted 39,021,20839,021,00839,325,938

Diluted earnings per share $0.81 $0.62 $0.34

Dividends declared per share $0.28 $0.28 $0.28

Dividend yield (annualized) 3.34% 4.51% 4.10%

Dividends paid to net income 34.40% 45.40% 83.52%

Book value $29.75 $29.38 $30.06

Tangible book value ^(1) $20.08 $19.71 $20.29

Market value $33.50 $24.84 $27.32

Profitability Ratios (Annualized)

Return on average assets 1.42% 1.05% 0.61%

Return on average shareholders' equity 11.15% 8.35% 4.47%

Return on average tangible shareholders'16.78% 12.71% 6.82% equity ^(2)

Pre-tax pre-provision income/ average 1.89% 1.61% 1.65% assets^(3)

Efficiency ratio (FTE) ^(4) 51.47% 56.26% 52.89%

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 $671,429 $229,666 $187,684 interest-bearing deposits

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 12,199 13,030 28,253 restricted stock, at cost

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 67,417 65,163 69,644 agreements

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' $9,328,979$8,967,897$9,005,496Equity



Capitalization Ratios

Shareholders' equity / assets 12.52% 12.88% 13.06%

Tangible common equity / tangible assets8.81% 9.02% 9.21% ^(5)

Tier 1 leverage ratio 9.71% 9.43% 10.03%

Common equity tier 1 capital 11.84% 11.33% 10.93%

Risk-based capital - tier 1 12.26% 11.74% 11.32%

Risk-based capital - total 13.93% 13.44% 12.73%

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 $302,219 0.09%$242,778 0.11%$99,646 1.42%with banks

Securities, at fair value 782,118 2.34%726,535 2.43%786,858 2.54%

Loans held for sale 6,360 2.83%4,206 2.98%1,867 3.76%

Commercial real estate 3,253,641 3.76%3,269,109 3.77%3,408,684 4.73%

Commercial and industrial 1,957,459 4.31%2,012,774 3.95%1,751,678 4.53%

Commercial construction 485,269 3.37%481,136 3.42%386,363 4.68%

Total Commercial Loans 5,696,369 3.91%5,763,019 3.81%5,546,725 4.66%

Residential mortgage 897,427 4.22%936,735 4.29%990,866 4.18%

Home equity 532,708 3.65%537,201 3.66%540,193 4.84%

Installment and other 79,907 6.33%80,849 6.43%79,680 7.01%consumer

Consumer construction 15,908 4.79%16,154 4.21%10,508 4.61%

Total Consumer Loans 1,525,950 4.14%1,570,939 4.18%1,621,247 4.54%

Total Portfolio Loans 7,222,319 3.96%7,333,958 3.89%7,167,972 4.64%

Total Loans 7,228,679 3.96%7,338,164 3.89%7,169,839 4.64%

Federal Home Loan Bank and11,242 4.94%14,545 3.97%23,601 6.90%other restricted stock

Total Interest-earning 8,324,259 3.67%8,322,022 3.65%8,079,944 4.40%Assets

Noninterest-earning assets756,273 802,037 687,382

Total Assets $9,080,532 $9,124,059 $8,767,326



LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing demand $895,891 0.10%$904,190 0.11%$942,030 0.59%

Money market 1,968,779 0.19%2,015,248 0.20%1,993,764 1.27%

Savings 995,228 0.06%956,438 0.07%830,985 0.23%

Certificates of deposit 1,344,604 0.65%1,423,727 0.93%1,601,324 1.80%

Total Interest-bearing 5,204,503 0.27%5,299,603 0.36%5,368,103 1.15%Deposits

Securities sold under 64,653 0.15%50,607 0.25%30,790 0.56%repurchase agreements

Short-term borrowings 25,556 0.19%75,728 0.22%286,365 1.61%

Long-term borrowings 23,471 2.00%40,986 2.43%51,845 2.52%

Junior subordinated debt 64,088 3.09%64,073 3.11%64,195 4.40%securities

Total Borrowings 177,768 1.46%231,394 1.42%433,195 2.06%

Total Interest-bearing 5,382,271 0.31%5,530,997 0.40%5,801,298 1.22%Liabilities

Noninterest-bearing 2,538,149 2,441,129 1,776,453 liabilities

Shareholders' equity 1,160,113 1,151,933 1,189,575

Total Liabilities and $9,080,532 $9,124,059 $8,767,326 Shareholders' Equity



Net Interest Margin ^(6) 3.47% 3.38% 3.53%



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: % NPL % NPL % NPL

Commercial real estate $98,606 3.00%$105,0143.24%$50,5081.47%

Commercial and industrial 18,145 0.94%23,337 1.19%9,081 0.51%

Commercial construction 384 0.08%384 0.08%571 0.14%

Commercial loan held for sale2,798 NM - - - -

Total Nonperforming 119,933 2.11%128,735 2.27%60,160 1.07%Commercial Loans

Consumer loans:

Residential mortgage 11,737 1.33%13,008 1.42%10,582 1.07%

Home equity 3,441 0.65%4,935 0.92%2,797 0.51%

Installment and other 100 0.12%96 0.12%258 0.32%consumer

Total Nonperforming Consumer 15,278 1.01%18,039 1.15%13,637 0.83%Loans

Total Nonperforming Loans $135,2111.88%$146,7742.03%$73,7971.02%

NM-Not Meaningful



2021 2020 2020

First Fourth First

(dollars in thousands) Quarter Quarter Quarter

Loan Charge-offs (Recoveries)

Charge-offs $6,532 $12,951 $11,445

Recoveries (721) (1,713) (289)

Net Loan Charge-offs $5,812 $11,238 $11,156 (Recoveries)



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 5,610 10,890 10,691 Charge-offs (Recoveries)

Consumer loans:

Residential mortgage 71 68 19

Home equity 232 132 80

Installment and other (102) 148 366 consumer

Total Consumer Loan 202 348 465 Charge-offs

Total Net Loan Charge-offs $5,812 $11,238 $11,156 (Recoveries)





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 29,983 29,289 36,054 (nonaccruing)

Troubled debt restructurings 17,916 17,460 15,189 (accruing)

Total troubled debt 47,899 46,749 51,243 restructurings

Nonperforming loans / total 1.88% 2.03% 1.02% loans

Nonperforming assets / total 1.90% 2.06% 1.06% loans plus OREO

Allowance for credit losses /1.60% 1.63% 1.34% total portfolio loans

Allowance for credit losses / total portfolio loans 1.72% 1.74% NA excluding PPP

Allowance for credit losses /85% 80% 131% nonperforming loans

Net loan charge-offs $5,812 $11,238 $11,156 (recoveries)

Net loan charge-offs (recoveries)(annualized) / 0.33% 0.61% 0.63% average loans

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 (379,911) (380,278) (382,397) assets, net of deferred tax liability

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 1,464 1,853 2,008 (annualized), net of tax

Net income before amortization of $130,842 $98,034 $55,224 intangibles (annualized)



Average total shareholders' equity $1,160,113$1,151,933$1,189,575

Less: average goodwill and other intangible assets, net of deferred tax(380,144) (380,734) (379,790) liability

Average tangible equity (non-GAAP) $779,969 $771,199 $809,785

Return on average tangible 16.78% 12.71% 6.82% shareholders' equity (non-GAAP)



^(3) PTPP / Average Assets (non-GAAP)

Income before taxes $39,178 $29,880 $15,998

Plus: Provision for credit losses 3,137 7,130 20,050

Total 42,315 37,010 36,048

Total (annualized) (non-GAAP) $171,611 $147,235 $144,984

Average assets $9,080,532$9,124,059$8,767,326

PTPP / Average Assets (non-GAAP) 1.89% 1.61% 1.65%



^(4) Efficiency Ratio (non-GAAP)

Noninterest expense $45,580 $48,528 $46,391

Less: merger related expenses - - (2,342)

Noninterest expense excluding $45,580 $48,528 $44,049 nonrecurring items



Net interest income per consolidated $70,659 $69,929 $70,036 statements of net income

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) $88,560 $86,263 $83,288 plus noninterest income

Efficiency ratio (non-GAAP) 51.47% 56.26% 52.89%





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 (379,911) (380,278) (382,397) assets, net of deferred tax liability

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 (379,911) (380,278) (382,397) assets, net of deferred tax liability

Tangible assets (non-GAAP) $8,949,068$8,587,618$8,623,100

Tangible common equity to tangible 8.81% 9.02% 9.21% assets (non-GAAP)



^(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 70,659 69,929 70,036 statements of net income

Plus: taxable equivalent adjustment 664 725 849

Net interest income (FTE) (non-GAAP) $71,323 $70,654 $70,885

Net interest income (FTE) (annualized)$289,253 $281,080 $285,098

Average earning assets $8,324,259$8,322,022$8,079,944

Net interest margin (FTE) (non-GAAP) 3.47% 3.38% 3.53%





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SOURCE S&T Bancorp, Inc.