S&T Bancorp, Inc. Announces First Quarter 2025 Results
S&T Bancorp (NASDAQ: STBA) reported strong Q1 2025 financial results with net income of $33.4 million, or $0.87 per diluted share, compared to $33.1 million in Q4 2024 and $31.2 million in Q1 2024.
Key highlights include:
- Return on average assets (ROA) of 1.41% and return on average equity (ROE) of 9.67%
- Net interest margin increased to 3.81%, up 4 basis points from Q4 2024
- Total portfolio loans grew by $93.4 million (4.89% annualized)
- Customer deposits increased by $134.7 million (7.23% annualized)
- Asset quality improved with nonperforming assets decreasing to $22.4 million (0.29% of total loans)
The bank maintained strong capital ratios while reducing higher-cost borrowings by $55.0 million to $195.3 million.
S&T Bancorp (NASDAQ: STBA) ha riportato solidi risultati finanziari nel primo trimestre 2025 con un utile netto di 33,4 milioni di dollari, pari a 0,87 dollari per azione diluita, rispetto a 33,1 milioni nel quarto trimestre 2024 e 31,2 milioni nel primo trimestre 2024.
Principali punti salienti:
- Rendimento medio degli attivi (ROA) dell'1,41% e rendimento medio del patrimonio netto (ROE) del 9,67%
- Miglioramento del margine di interesse netto al 3,81%, in aumento di 4 punti base rispetto al quarto trimestre 2024
- Incremento del portafoglio prestiti di 93,4 milioni di dollari (4,89% su base annua)
- Aumento dei depositi clienti di 134,7 milioni di dollari (7,23% su base annua)
- Miglioramento della qualità degli attivi con una riduzione degli attivi non performanti a 22,4 milioni di dollari (0,29% del totale prestiti)
La banca ha mantenuto solidi coefficienti patrimoniali riducendo i finanziamenti a costo più elevato di 55,0 milioni di dollari, portandoli a 195,3 milioni di dollari.
S&T Bancorp (NASDAQ: STBA) reportó sólidos resultados financieros en el primer trimestre de 2025 con un ingreso neto de 33.4 millones de dólares, o 0.87 dólares por acción diluida, en comparación con 33.1 millones en el cuarto trimestre de 2024 y 31.2 millones en el primer trimestre de 2024.
Puntos clave:
- Retorno sobre activos promedio (ROA) del 1.41% y retorno sobre patrimonio promedio (ROE) del 9.67%
- El margen neto de interés aumentó a 3.81%, subiendo 4 puntos básicos desde el cuarto trimestre de 2024
- El total de préstamos en cartera creció 93.4 millones de dólares (4.89% anualizado)
- Los depósitos de clientes aumentaron 134.7 millones de dólares (7.23% anualizado)
- Mejora en la calidad de activos con activos no productivos disminuyendo a 22.4 millones de dólares (0.29% del total de préstamos)
El banco mantuvo sólidos índices de capital mientras reducía préstamos con costos más altos en 55.0 millones de dólares, quedando en 195.3 millones de dólares.
S&T Bancorp (NASDAQ: STBA)는 2025년 1분기에 3,340만 달러의 순이익을 기록하며 강력한 실적을 발표했습니다. 희석 주당 순이익은 0.87달러로, 2024년 4분기 3,310만 달러와 2024년 1분기 3,120만 달러와 비교됩니다.
주요 내용은 다음과 같습니다:
- 평균자산수익률(ROA) 1.41%, 평균자기자본수익률(ROE) 9.67%
- 순이자마진이 3.81%로 2024년 4분기 대비 4베이시스포인트 상승
- 총 대출 포트폴리오가 9,340만 달러(연율 4.89%) 증가
- 고객 예금이 1억 3,470만 달러(연율 7.23%) 증가
- 부실자산이 2,240만 달러(총 대출의 0.29%)로 감소하며 자산 건전성 개선
은행은 자본 비율을 견고하게 유지하면서 고비용 차입금을 5,500만 달러 줄여 1억 9,530만 달러로 낮췄습니다.
S&T Bancorp (NASDAQ : STBA) a annoncé de solides résultats financiers pour le premier trimestre 2025 avec un bénéfice net de 33,4 millions de dollars, soit 0,87 dollar par action diluée, contre 33,1 millions au quatrième trimestre 2024 et 31,2 millions au premier trimestre 2024.
Points clés :
- Retour sur actifs moyens (ROA) de 1,41 % et retour sur capitaux propres moyens (ROE) de 9,67 %
- Marge nette d’intérêt en hausse à 3,81 %, soit une augmentation de 4 points de base par rapport au quatrième trimestre 2024
- Le portefeuille total de prêts a augmenté de 93,4 millions de dollars (4,89 % annualisé)
- Les dépôts clients ont augmenté de 134,7 millions de dollars (7,23 % annualisé)
- Amélioration de la qualité des actifs avec une baisse des actifs non performants à 22,4 millions de dollars (0,29 % du total des prêts)
La banque a maintenu des ratios de capital solides tout en réduisant les emprunts à coût élevé de 55,0 millions de dollars pour atteindre 195,3 millions de dollars.
S&T Bancorp (NASDAQ: STBA) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 33,4 Millionen US-Dollar bzw. 0,87 US-Dollar je verwässerter Aktie, im Vergleich zu 33,1 Millionen im vierten Quartal 2024 und 31,2 Millionen im ersten Quartal 2024.
Wichtige Highlights:
- Rendite auf durchschnittliche Vermögenswerte (ROA) von 1,41 % und Rendite auf durchschnittliches Eigenkapital (ROE) von 9,67 %
- Nettozinsmarge stieg auf 3,81 %, ein Anstieg um 4 Basispunkte gegenüber dem vierten Quartal 2024
- Gesamtportfolio der Kredite wuchs um 93,4 Millionen US-Dollar (annualisiert 4,89 %)
- Kundeneinlagen stiegen um 134,7 Millionen US-Dollar (annualisiert 7,23 %)
- Verbesserte Vermögensqualität durch Rückgang notleidender Kredite auf 22,4 Millionen US-Dollar (0,29 % der Gesamtkredite)
Die Bank hielt starke Kapitalquoten aufrecht und reduzierte gleichzeitig hochverzinsliche Verbindlichkeiten um 55,0 Millionen US-Dollar auf 195,3 Millionen US-Dollar.
- Net income increased to $33.4 million, up from $31.2 million year-over-year
- Net interest margin improved by 4 basis points to 3.81%
- Strong loan growth of $93.4 million (4.89% annualized)
- Robust customer deposit growth of $134.7 million (7.23% annualized)
- Asset quality improved with nonperforming assets decreasing by $5.5 million
- Net loan recoveries and negative provision for credit losses of $3.0 million
- Noninterest income decreased by $0.7 million to $10.4 million
- Realized loss of $2.3 million from securities repositioning
- Commercial and industrial loans decreased by $19.9 million
Insights
S&T Bancorp delivered improved Q1 earnings with expanding margin, strong deposit growth, and exceptional asset quality, demonstrating effective balance sheet management.
S&T Bancorp's Q1 2025 results demonstrate positive momentum across key performance metrics. Net income reached
The bank achieved this growth while improving profitability metrics, with return on average assets (ROA) increasing to
Balance sheet growth was robust, with total portfolio loans increasing
Asset quality metrics showed remarkable strength. Nonperforming assets declined to
While noninterest income decreased slightly by
First Quarter of 2025 Highlights:
- Strong return metrics with return on average assets (ROA) of
1.41% , return on average equity (ROE) of9.67% and return on average tangible equity (ROTE) (non-GAAP) of13.29% compared to ROA of1.37% , ROE of9.57% and ROTE (non-GAAP) of13.25% for the fourth quarter of 2024. - Pre-provision net revenue to average assets (PPNR) (non-GAAP) was
1.73% compared to1.72% for the fourth quarter of 2024. - Net interest margin on a fully taxable equivalent basis (NIM) (FTE) (non-GAAP) increased 4 basis points to
3.81% compared to3.77% in the fourth quarter of 2024. - Total portfolio loans increased
$93.4 million 4.89% annualized, compared to December 31, 2024. - Total deposits increased
$109.8 million $134.7 million 7.23% annualized, offset by a decrease in brokered deposits of$24.9 million - Asset quality remained solid with net recoveries and a negative
$3.0 million $2.5 million - Nonperforming assets decreased
$5.5 million $22.4 million 0.29% of total loans plus other real estate owned (OREO), compared to$27.9 million 0.36% , at December 31, 2024.
"We are pleased to report a strong first quarter driven by solid customer deposit and loan growth, an increase in net interest margin and excellent asset quality," said Chief Executive Officer Chris McComish. "As we navigate the current environment, our focus remains firmly in support of our customers while executing on our growth-oriented business drivers."
Net Interest Income
Net interest income was
Asset Quality
Asset quality remained solid for the first quarter of 2025. The allowance for credit losses, or ACL, was
Noninterest Income and Expense
Noninterest income decreased
Financial Condition
Total assets were
S&T continues to maintain a strong regulatory capital position with all capital ratios above the well-capitalized thresholds of federal bank regulatory agencies.
Conference Call
S&T will host its first quarter 2025 earnings conference call live via webcast at 1:00 p.m. ET on Thursday, April 24, 2025. To access the webcast, go to S&T Bancorp Inc.'s Investor Relations webpage stbancorp.com. After the live presentation, the webcast will be archived at stbancorp.com for 12 months.
About S&T Bancorp, Inc. and S&T Bank
S&T Bancorp, Inc. is a
Forward-Looking Statements
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, or ACL; cybersecurity 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, a rapid increase in interest rates or a change in the shape of the yield curve; a change in spreads on interest-earning assets and interest-bearing liabilities; regulatory supervision and oversight, including changes in regulatory capital requirements and our ability to address those requirements; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; changes in accounting policies, practices or guidance; legislation affecting the financial services industry as a whole, and S&T, in particular; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and
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, 2024, 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.
Non-GAAP Financial Measures
In addition to traditional measures presented in accordance with GAAP, our management uses, and this information contains or references, certain non-GAAP financial measures, such as tangible book value, return on average tangible shareholder's equity, PPNR to average assets, efficiency ratio, tangible common equity to tangible assets and net interest margin on an FTE basis. We believe 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 other companies in the financial services industry. Although we believe that these non-GAAP financial measures enhance investors' understanding of our business and performance, these non-GAAP financial measures should not be considered alternatives to GAAP or considered to be more important than financial results determined in accordance with GAAP, nor are they necessarily comparable with non-GAAP measures which may be presented by other companies. See Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures for more information related to these financial measures.
S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | ||||||
2025 | 2024 | 2024 | ||||
First | Fourth | First | ||||
(dollars in thousands, except per share data) | Quarter | Quarter | Quarter | |||
INTEREST AND DIVIDEND INCOME | ||||||
Loans, including fees | ||||||
Investment Securities: | ||||||
Taxable | 10,073 | 10,167 | 8,595 | |||
Tax-exempt | 157 | 164 | 193 | |||
Dividends | 278 | 214 | 389 | |||
Total Interest and Dividend Income | 124,848 | 127,879 | 127,754 | |||
INTEREST EXPENSE | ||||||
Deposits | 38,354 | 40,627 | 36,662 | |||
Borrowings, junior subordinated debt securities and other | 3,171 | 3,994 | 7,615 | |||
Total Interest Expense | 41,525 | 44,621 | 44,277 | |||
NET INTEREST INCOME | 83,323 | 83,258 | 83,477 | |||
Provision for credit losses | (3,040) | (2,462) | 2,627 | |||
Net Interest Income After Provision for Credit Losses | 86,363 | 85,720 | 80,850 | |||
NONINTEREST INCOME | ||||||
(Loss) gain on sale of securities | (2,295) | (2,592) | 3 | |||
Debit and credit card | 4,188 | 4,627 | 4,235 | |||
Service charges on deposit accounts | 3,962 | 4,175 | 3,828 | |||
Wealth management | 3,084 | 3,151 | 3,042 | |||
Other | 1,490 | 1,710 | 1,722 | |||
Total Noninterest Income | 10,429 | 11,071 | 12,830 | |||
NONINTEREST EXPENSE | ||||||
Salaries and employee benefits | 29,853 | 30,816 | 29,512 | |||
Data processing and information technology | 4,930 | 5,338 | 4,954 | |||
Occupancy | 4,302 | 3,755 | 3,870 | |||
Furniture, equipment and software | 3,483 | 3,295 | 3,472 | |||
Marketing | 1,615 | 1,622 | 1,943 | |||
Other taxes | 1,494 | 2,274 | 1,871 | |||
Professional services and legal | 1,286 | 1,116 | 1,720 | |||
FDIC insurance | 1,040 | 1,045 | 1,049 | |||
Other noninterest expense | 7,088 | 6,184 | 6,129 | |||
Total Noninterest Expense | 55,091 | 55,445 | 54,520 | |||
Income Before Taxes | 41,701 | 41,346 | 39,160 | |||
Income tax expense | 8,300 | 8,281 | 7,921 | |||
Net Income | ||||||
Per Share Data | ||||||
Shares outstanding at end of period | 38,261,299 | 38,259,449 | 38,233,280 | |||
Average shares outstanding - diluted | 38,599,656 | 38,570,784 | 38,418,085 | |||
Diluted earnings per share | ||||||
Dividends declared per share | ||||||
Dividend yield (annualized) | 3.67 % | 3.56 % | 4.11 % | |||
Dividends paid to net income | 38.97 % | 39.36 % | 40.39 % | |||
Book value | ||||||
Tangible book value (1) | ||||||
Market value | ||||||
Profitability Ratios (Annualized) | ||||||
Return on average assets | 1.41 % | 1.37 % | 1.32 % | |||
Return on average shareholders' equity | 9.67 % | 9.57 % | 9.74 % | |||
Return on average tangible shareholders' equity(2) | 13.29 % | 13.25 % | 13.85 % | |||
Pre-provision net revenue / average assets(3) | 1.73 % | 1.72 % | 1.76 % | |||
Efficiency ratio (FTE)(4) | 56.99 % | 56.93 % | 56.21 % | |||
S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited
| ||||||
2025 | 2024 | 2024 | ||||
First | Fourth | First | ||||
(dollars in thousands) | Quarter | Quarter | Quarter | |||
ASSETS | ||||||
Cash and due from banks | ||||||
Securities available for sale, at fair value | 1,011,111 | 987,591 | 970,728 | |||
Commercial loans: | ||||||
Commercial real estate | 3,462,246 | 3,388,017 | 3,367,722 | |||
Commercial and industrial | 1,520,475 | 1,540,397 | 1,597,119 | |||
Commercial construction | 380,129 | 352,886 | 360,086 | |||
Total Commercial Loans | 5,362,850 | 5,281,300 | 5,324,927 | |||
Consumer loans: | ||||||
Residential mortgage | 1,670,750 | 1,649,639 | 1,500,499 | |||
Home equity | 660,594 | 653,756 | 645,780 | |||
Installment and other consumer | 98,165 | 104,757 | 108,232 | |||
Consumer construction | 43,990 | 53,506 | 76,596 | |||
Total Consumer Loans | 2,473,499 | 2,461,658 | 2,331,107 | |||
Total Portfolio Loans | 7,836,349 | 7,742,958 | 7,656,034 | |||
Allowance for credit losses | (99,010) | (101,494) | (104,802) | |||
Total Portfolio Loans, Net | 7,737,339 | 7,641,464 | 7,551,232 | |||
Federal Home Loan Bank and other restricted stock, at cost | 13,445 | 15,231 | 13,703 | |||
Goodwill | 373,424 | 373,424 | 373,424 | |||
Other Intangible assets, net | 2,813 | 3,055 | 3,762 | |||
Other assets | 368,308 | 392,387 | 418,792 | |||
Total Assets | ||||||
LIABILITIES | ||||||
Deposits: | ||||||
Noninterest-bearing demand | ||||||
Interest-bearing demand | 809,722 | 812,768 | 848,729 | |||
Money market | 2,210,081 | 2,040,285 | 1,882,157 | |||
Savings | 886,007 | 877,859 | 936,056 | |||
Certificates of deposit | 1,822,632 | 1,866,963 | 1,744,478 | |||
Total Deposits | 7,892,933 | 7,783,117 | 7,600,347 | |||
Borrowings: | ||||||
Short-term borrowings | 95,000 | 150,000 | 285,000 | |||
Long-term borrowings | 50,876 | 50,896 | 39,156 | |||
Junior subordinated debt securities | 49,433 | 49,418 | 49,373 | |||
Total Borrowings | 195,309 | 250,314 | 373,529 | |||
Other liabilities | 212,000 | 244,247 | 270,153 | |||
Total Liabilities | 8,300,242 | 8,277,678 | 8,244,029 | |||
SHAREHOLDERS' EQUITY | ||||||
Total Shareholders' Equity | 1,418,034 | 1,380,294 | 1,295,074 | |||
Total Liabilities and Shareholders' Equity | ||||||
Capitalization Ratios | ||||||
Shareholders' equity / assets | 14.59 % | 14.29 % | 13.58 % | |||
Tangible common equity / tangible assets(5) | 11.16 % | 10.82 % | 10.03 % | |||
Tier 1 leverage ratio | 12.09 % | 11.98 % | 11.30 % | |||
Common equity tier 1 capital | 14.67 % | 14.58 % | 13.59 % | |||
Risk-based capital - tier 1 | 14.99 % | 14.90 % | 13.91 % | |||
Risk-based capital - total | 16.57 % | 16.49 % | 15.49 % | |||
S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited
| |||||||
2025 | 2024 | 2024 | |||||
First | Fourth | First | |||||
(dollars in thousands) | Quarter | Quarter | Quarter | ||||
Net Interest Margin (FTE) (QTD Averages) | |||||||
ASSETS | |||||||
Interest-bearing deposits with banks | 4.46 % | 4.85 % | 5.75 % | ||||
Securities, at fair value | 990,414 | 3.59 % | 992,653 | 3.34 % | 966,703 | 2.81 % | |
Loans held for sale | — | 0.00 % | 117 | 6.61 % | 176 | 7.12 % | |
Commercial real estate | 3,395,599 | 5.82 % | 3,328,052 | 5.83 % | 3,365,142 | 5.92 % | |
Commercial and industrial | 1,535,235 | 6.69 % | 1,538,983 | 6.92 % | 1,626,633 | 7.36 % | |
Commercial construction | 374,881 | 6.95 % | 368,566 | 7.99 % | 365,088 | 7.70 % | |
Total Commercial Loans | 5,305,715 | 6.15 % | 5,235,601 | 6.30 % | 5,356,863 | 6.48 % | |
Residential mortgage | 1,660,177 | 5.21 % | 1,635,313 | 5.14 % | 1,478,609 | 4.93 % | |
Home equity | 653,113 | 6.30 % | 649,152 | 6.66 % | 648,265 | 6.99 % | |
Installment and other consumer | 99,402 | 7.97 % | 105,478 | 8.18 % | 110,899 | 8.64 % | |
Consumer construction | 45,157 | 6.86 % | 56,165 | 6.70 % | 69,676 | 5.60 % | |
Total Consumer Loans | 2,457,849 | 5.64 % | 2,446,108 | 5.71 % | 2,307,449 | 5.71 % | |
Total Portfolio Loans | 7,763,564 | 5.99 % | 7,681,709 | 6.11 % | 7,664,312 | 6.25 % | |
Total Loans | 7,763,564 | 5.99 % | 7,681,826 | 6.11 % | 7,664,488 | 6.25 % | |
Total other earning assets | 16,768 | 6.74 % | 13,680 | 6.59 % | 25,335 | 7.12 % | |
Total Interest-earning Assets | 8,899,485 | 5.70 % | 8,860,338 | 5.78 % | 8,801,163 | 5.86 % | |
Noninterest-earning assets | 727,176 | 711,374 | 737,742 | ||||
Total Assets | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Interest-bearing demand | 1.00 % | 1.03 % | 1.12 % | ||||
Money market | 2,088,346 | 2.97 % | 2,060,103 | 3.17 % | 1,920,009 | 3.15 % | |
Savings | 884,636 | 0.66 % | 874,699 | 0.70 % | 939,467 | 0.63 % | |
Certificates of deposit | 1,860,840 | 4.29 % | 1,818,755 | 4.52 % | 1,639,059 | 4.37 % | |
Total Interest-bearing Deposits | 5,613,131 | 2.77 % | 5,533,953 | 2.92 % | 5,327,630 | 2.77 % | |
Short-term borrowings | 117,722 | 4.63 % | 159,011 | 4.84 % | 408,351 | 5.37 % | |
Long-term borrowings | 50,886 | 3.80 % | 66,364 | 3.76 % | 39,221 | 4.53 % | |
Junior subordinated debt securities | 49,423 | 7.17 % | 49,408 | 7.69 % | 49,364 | 8.23 % | |
Total Borrowings | 218,031 | 5.01 % | 274,783 | 5.09 % | 496,936 | 5.59 % | |
Total Other Interest-bearing Liabilities | 43,926 | 4.40 % | 40,055 | 4.71 % | 52,239 | 5.42 % | |
Total Interest-bearing Liabilities | 5,875,088 | 2.87 % | 5,848,791 | 3.03 % | 5,876,805 | 3.03 % | |
Noninterest-bearing liabilities | 2,350,574 | 2,348,014 | 2,371,586 | ||||
Shareholders' equity | 1,400,999 | 1,374,907 | 1,290,514 | ||||
Total Liabilities and Shareholders' Equity | |||||||
Net Interest Margin(6) | 3.81 % | 3.77 % | 3.84 % | ||||
S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited
| |||||||
2025 | 2024 | 2024 | |||||
First | Fourth | First | |||||
(dollars in thousands) | Quarter | Quarter | Quarter | ||||
Nonaccrual Loans | |||||||
Commercial loans: | % Loans | % Loans | % Loans | ||||
Commercial real estate | 0.10 % | 0.12 % | 0.54 % | ||||
Commercial and industrial | 6,749 | 0.44 % | 12,570 | 0.82 % | 3,092 | 0.19 % | |
Commercial construction | 1,006 | 0.26 % | — | — % | 4,960 | 1.38 % | |
Total Nonaccrual Commercial Loans | 11,196 | 0.21 % | 16,743 | 0.32 % | 26,134 | 0.49 % | |
Consumer loans: | |||||||
Residential mortgage | 6,957 | 0.42 % | 7,628 | 0.46 % | 4,160 | 0.28 % | |
Home equity | 3,968 | 0.60 % | 3,336 | 0.51 % | 2,709 | 0.42 % | |
Installment and other consumer | 218 | 0.22 % | 230 | 0.22 % | 206 | 0.19 % | |
Total Nonaccrual Consumer Loans | 11,143 | 0.45 % | 11,194 | 0.45 % | 7,075 | 0.30 % | |
Total Nonaccrual Loans | 0.29 % | 0.36 % | 0.43 % | ||||
2025 | 2024 | 2024 | ||||
First | Fourth | First | ||||
(dollars in thousands) | Quarter | Quarter | Quarter | |||
Loan (Recoveries) Charge-offs | ||||||
Charge-offs | ||||||
Recoveries | (911) | (2,022) | (350) | |||
Net Loan (Recoveries) Charge-offs | ( | ( | ||||
Net Loan (Recoveries) Charge-offs | ||||||
Commercial loans: | ||||||
Commercial real estate | ( | ( | ||||
Commercial and industrial | 154 | 1,139 | 950 | |||
Commercial construction | 30 | — | — | |||
Total Commercial Loan Charge-offs (Recoveries) | 38 | (220) | 6,188 | |||
Consumer loans: | ||||||
Residential mortgage | 13 | 10 | 7 | |||
Home equity | 19 | 114 | 105 | |||
Installment and other consumer | (97) | 38 | 289 | |||
Total Consumer Loan (Recoveries) Charge-offs | (65) | 162 | 401 | |||
Total Net Loan (Recoveries) Charge-offs | ( | ( | ||||
2025 | 2024 | 2024 | ||||
First | Fourth | First | ||||
(dollars in thousands) | Quarter | Quarter | Quarter | |||
Asset Quality Data | ||||||
Nonaccrual loans | ||||||
OREO | 29 | 8 | 140 | |||
Total nonperforming assets | 22,368 | 27,945 | 33,349 | |||
Nonaccrual loans / total loans | 0.29 % | 0.36 % | 0.43 % | |||
Nonperforming assets / total loans plus OREO | 0.29 % | 0.36 % | 0.44 % | |||
Allowance for credit losses / total portfolio loans | 1.26 % | 1.31 % | 1.37 % | |||
Allowance for credit losses / nonaccrual loans | 443 % | 363 % | 316 % | |||
Net loan (recoveries) charge-offs | ( | ( | ||||
Net loan (recoveries) charge-offs (annualized) / average loans | (0.00 %) | (0.00 %) | 0.35 % | |||
S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures: | ||||||
2025 | 2024 | 2024 | ||||
First | Fourth | First | ||||
(dollars in thousands, except per share data) | Quarter | Quarter | Quarter | |||
(1) Tangible Book Value (non-GAAP) | ||||||
Total shareholders' equity | ||||||
Less: goodwill and other intangible assets, net of deferred tax liability | (375,646) | (375,837) | (376,396) | |||
Tangible common equity (non-GAAP) | ||||||
Common shares outstanding | 38,261,299 | 38,259,449 | 38,233,280 | |||
Tangible book value (non-GAAP) | ||||||
Tangible book value is a preferred industry metric used to measure our company's value and commonly used by investors and analysts. | ||||||
(2) Return on Average Tangible Shareholders' Equity (non-GAAP) | ||||||
Net income (annualized) | ||||||
Plus: amortization of intangibles (annualized), net of tax | 772 | 858 | 944 | |||
Net income before amortization of intangibles (annualized) | ||||||
Average total shareholders' equity | ||||||
Less: average goodwill and other intangible assets, net of deferred tax liability | (375,741) | (375,879) | (376,518) | |||
Average tangible equity (non-GAAP) | ||||||
Return on average tangible shareholders' equity (non-GAAP) | 13.29 % | 13.25 % | 13.85 % | |||
Return on average tangible shareholders' equity is a key profitability metric used by management to measure financial performance. | ||||||
(3) Pre-provision Net Revenue / Average Assets (non-GAAP) | ||||||
Income before taxes | ||||||
Plus: net loss (gain) on sale of securities | 2,295 | 2,592 | (3) | |||
Less: gain on Visa Class B-1 exchange | — | (186) | — | |||
Plus: Provision for credit losses | (3,040) | (2,462) | 2,627 | |||
Total | ||||||
Total (annualized) (non-GAAP) | ||||||
Average assets | ||||||
Pre-provision Net Revenue / Average Assets (non-GAAP) | 1.73 % | 1.72 % | 1.76 % | |||
Pre-provision net revenue to average assets is income before taxes adjusted to exclude provision for credit losses, losses (gains) on sale of securities and gain on Visa exchange. We believe this to be a preferred industry measurement to help evaluate our ability to fund credit losses or build capital. | ||||||
(4) Efficiency Ratio (non-GAAP) | ||||||
Noninterest expense | ||||||
Net interest income per consolidated statements of net income | ||||||
Plus: taxable equivalent adjustment | 617 | 660 | 692 | |||
Net interest income (FTE) (non-GAAP) | 83,940 | 83,918 | 84,169 | |||
Noninterest income | 10,429 | 11,071 | 12,830 | |||
Plus: net loss (gain) on sale of securities | 2,295 | 2,592 | (3) | |||
Less: gain on Visa Class B-1 exchange | — | (186) | — | |||
Net interest income (FTE) (non-GAAP) plus noninterest income | ||||||
Efficiency ratio (non-GAAP) | 56.99 % | 56.93 % | 56.21 % | |||
The efficiency ratio is noninterest expense divided by noninterest income plus net interest income, on an FTE basis (non-GAAP), adjusted to exclude losses (gains) on sale of securities and gain on Visa exchange. We believe the FTE basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice. | ||||||
S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures: | ||||||
2025 | 2024 | 2024 | ||||
First | Fourth | First | ||||
(dollars in thousands) | Quarter | Quarter | Quarter | |||
(5) Tangible Common Equity / Tangible Assets (non-GAAP) | ||||||
Total shareholders' equity | ||||||
Less: goodwill and other intangible assets, net of deferred tax liability | (375,646) | (375,837) | (376,396) | |||
Tangible common equity (non-GAAP) | ||||||
Total assets | ||||||
Less: goodwill and other intangible assets, net of deferred tax liability | (375,646) | (375,837) | (376,396) | |||
Tangible assets (non-GAAP) | ||||||
Tangible common equity to tangible assets (non-GAAP) | 11.16 % | 10.82 % | 10.03 % | |||
Tangible common equity to tangible assets is a preferred industry measurement to evaluate capital adequacy. | ||||||
(6) Net Interest Margin Rate (FTE) (non-GAAP) | ||||||
Interest income and dividend income | ||||||
Less: interest expense | (41,525) | (44,621) | (44,277) | |||
Net interest income per consolidated statements of net income | 83,323 | 83,258 | 83,477 | |||
Plus: taxable equivalent adjustment | 617 | 660 | 692 | |||
Net interest income (FTE) (non-GAAP) | ||||||
Net interest income (FTE) (annualized) | ||||||
Average interest-earning assets | ||||||
Net interest margin (FTE) (non-GAAP) | 3.81 % | 3.77 % | 3.84 % | |||
The interest income on interest-earning assets, net interest income and net interest margin are presented on an FTE basis (non-GAAP). The FTE basis (non-GAAP) adjusts for the tax benefit of income on certain tax-exempt loans and securities and the dividend-received deduction for equity securities using the federal statutory tax rate of 21 percent for each period. We believe this to be the preferred industry measurement of net interest income that provides a relevant comparison between taxable and non-taxable sources of interest income. | ||||||
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SOURCE S&T Bancorp, Inc.
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