Printer Friendly

S&T BANCORP REPORTS SECOND QUARTER EARNINGS

 S&T BANCORP REPORTS SECOND QUARTER EARNINGS
 INDIANA, Pa., July 21 /PRNewswire/ -- S&T Bancorp Inc.


(NASDAQ-NMS: STBA) today announced earnings of $3.7 million for the second quarter of 1992, exceeding earnings for the comparable 1991 period by 39 percent.
 Earnings per share increased to $0.66 vs. $0.48 in 1991. For the six months ending June 30, 1992, earnings increased 25 percent to $6.7 million, while earnings per share rose to $1.19 from $0.95.
 Robert D. Duggan, president and chief executive officer of S&T Bancorp Inc., attributed the strong quarterly earnings performance to a 29 percent increase in net interest income and a nonrecurring settlement for 1983 Pennsylvania shares tax of $1.1 million. These increases were partially offset by a $1.3 million increase to the loan loss provision. "The $200 million of deposits and $64 million of loans purchased last year from the Resolution Trust Co. (RTC) have contributed significantly to our net interest income and the 11 offices from these acquisitions have expanded S&T's market into Allegheny, Armstrong and Westmoreland counties. We are quite pleased with our core earnings performance and loan growth this year. In addition, the strong earnings performance in the quarter allowed us to further increase the loan loss reserve, which seemed prudent given management's concern about the slow economic recovery."
 Duggan added that asset quality measurements continue to remain strong. As of June 30, 1992, nonperforming loans were $4.6 million or 0.71 percent of total loans. The allowance for loan losses totaled $10.3 million or 227 percent of nonperforming loans and 1.61 percent of total loans.
 Total assets at June 30, 1992, were $1.1 billion representing a 34 percent increase over the June 30, 1991, balances. Equity capital was $103.2 million raising S&T's equity/asset ratio to 9.42 percent and total risk-based capital to 17.18 percent. Book value per share increased to $18.45 at June 13, 1992, and adjusted book value per share for the pre-tax unrealized appreciation in equities in the S&T Investment Co. was $20.77.
 In June 1992, S&T completed a 2-for-1 stock split in the form of a 100 percent stock dividend and declared an increase in the quarterly cash dividend from $0.175 to $0.20 a share. "Since S&T began trading on the NASDAQ National Market System on April 21, 1992, the market price per share has increased from $19.00 per share to $25.50 per share as of June 30, 1992. The broader exposure of S&T's performance to investors and the increased stock liquidity provided by these actions have proven to be beneficial to our stockholders," Duggan said. S&T trades under the symbol STBA.
 S&T Bancorp's principal subsidiary, S&T Bank, operates 33 offices in Allegheny, Armstrong, Clearfield, Indiana, Jefferson and Westmoreland counties.
 S&T Bancorp Inc.
 Consolidated Selected Financial Data
 June 30, 1992
 (Dollars in thousands except per share data)
 1991
 March June Sept. Dec.
 For the period 1Q 2Q 3Q 4Q
 Int. inc. (FTE) $19,734 $19,294 $21,893 $23,266
 Int. exp. 10,607 10,113 11,229 11,859
 Net int. inc. (FTE) 9,127 9,181 10,664 11,407
 Provs. for loan losses 1,000 650 750 1,933
 Net int. inc. after
 provisions (FTE) 8,127 8,531 9,914 9,474
 Net securities gains
 (losses) 90 3 124 27
 Service charges, fees
 and commissions 384 390 452 495
 Trust income 350 350 350 350
 Other 255 213 166 1,085
 Total other income 1,079 956 1,092 1,957
 Salaries and employee
 benefits 2,941 2,945 3,180 3,289
 Occupancy & equipment
 expense, net 647 633 735 954
 Data processing exp. 326 275 353 681
 FDIC expense 326 326 385 385
 Other 1,179 1,389 1,548 1,292
 Total other exps. 5,419 5,568 6,201 6,601
 Inc. bef. inc. taxes 3,787 3,919 4,805 4,830
 Taxable equiv. adj. 786 709 613 618
 Federal income taxes 335 544 1,140 1,383
 Net income 2,666 2,666 3,052 2,829
 Per share data:
 Shares outstanding 5,608,328 5,598,988 5,590,972 5,586,120
 Average shares
 outstanding 5,619,380 5,603,162 5,592,572 5,588,570
 Net income $0.48 $0.48 $0.55 $0.51
 Divs. declared $0.18 $0.18 $0.18 $0.18
 Book value $16.55 $16.86 $17.19 $17.61
 Adjusted book value(A) $18.09 $18.49 $19.02 $19.56
 Market value $15.75 $16.13 $16.63 $17.38
 (A) Includes pre-tax appreciation of equity portfolio.
 1992 Year-to-date
 March June June 30 June 30
 For the period 1Q 2Q 1992 1991
 Interest income (FTE) $22,804 $22,904 $45,708 $39,028
 Interest expense 11,846 11,045 22,891 20,720
 Net int. inc. (FTE) 10,958 11,859 22,817 18,308
 Provs. for loan losses 645 2,033 2,678 1,650
 Net int. inc. after
 provisions (FTE) 10,313 9,826 20,139 16,658
 Net securities gains
 (losses) 27 301 328 93
 Service charges, fees
 & commissions 457 472 929 774
 Trust income 418 417 835 700
 Other 331 1,082 1,413 468
 Total other income 1,233 2,272 3,505 2,035
 Salaries & employee
 benefits 3,511 3,494 7,005 5,886
 Occupancy & equipment
 exp., net 931 833 1,764 1,280
 Data processing expense 512 522 1,034 601
 FDIC expense 484 484 968 652
 Other 1,621 1,065 2,686 2,568
 Total other expense 7,059 6,398 13,457 10,987
 Inc. bef. inc. taxes 4,487 5,700 10,187 7,706
 Taxable equivalent
 adjustment 642 656 1,298 1,495
 Federal income taxes 897 1,334 2,231 879
 Net income 2,948 3,710 6,658 5,332
 Per share data:
 Shares outstanding 5,583,840 5,591,967 5,591,967 5,598,988
 Average shares
 outstanding 5,584,074 5,588,611 5,586,327 5,611,226
 Net income $0.53 $0.66 $1.19 $0.95
 Dividends declared $0.18 $0.20 $0.38 $0.35
 Book value $17.98 $18.45 $18.45 $16.86
 Adjusted book value(A) $20.09 $20.77 $20.77 $18.49
 Market value $19.00 $25.50 $25.50 $16.13
 (A) Includes pre-tax appreciation of equity portfolio.
 1991 1992
 March June Sept. Dec. March June
 Asset Quality 1Q 2Q 3Q 4Q 1Q 2Q
 Data
 Nonaccrual loans $4,960 $5,727 $5,926 $3,915 $3,250 $3,809
 Loans 90 days past
 due & accruing 1,430 986 1,271 1,178 909 742
 Nonperforming
 loans 6,390 6,713 7,197 5,093 4,159 4,551
 Assets acquired
 through foreclosure
 or repossession 2,256 1,758 1,917 1,414 1,337 953
 Nonperforming
 assets 8,646 8,471 9,114 6,507 5,496 5,504
 Loan loss reserve 9,068 8,492 7,692 9,321 9,409 10,344
 Nonperforming loans/
 loans (pct.) 1.14 1.22 1.17 0.82 0.66 0.71
 Loan loss reserve/
 loans (pct.) 1.62 1.55 1.29 1.50 1.50 1.61
 Loan loss reserve/
 nonperforming
 loans (pct.) 141.91 126.51 106.88 183.02 226.24 227.28
 Net loan
 charge-offs 810 1,226 1,550 904 557 1,098
 Net loan charge-offs
 (annualized)/avg.
 loans (pct.) 0.59 0.73 0.82 0.76 0.36 0.53
 Balance Sheet
 (period-end)
 Assets $820 $817 $941 $1,060 $1,062 $1,095
 Earning assets 781 775 849 1,014 1,013 1,047
 Investment
 securities 160 169 228 361 369 396
 Loans, net 551 540 589 609 620 633
 Total deposits 683 683 803 910 921 900
 Non-interest bearing
 deposits 71 76 76 79 77 78
 NOW, Money Market &
 Savings Acc. 234 242 284 313 346 345
 CD's $100,000
 and over 70 59 69 70 65 87
 Other time
 deposits 308 306 374 448 434 390
 Short-term
 borrowings 34 28 29 40 30 80
 Long-term debt 2 2 2 2 2 2
 Shareholders' equity 93 94 96 98 100 103
 Balance Sheet
 (daily averages)
 Assets 821 823 860 898 1,049 1,064
 Earning assets 783 784 828 858 1,009 1,021
 Investment
 securities 157 161 175 207 372 379
 Loans, net 563 552 587 584 611 618
 Deposits 717 718 756 792 938 933
 Shareholders' equity 92 93 94 95 99 100
 Profitability Ratios
 (annualized)
 Return on average
 assets (pct.) 1.31 1.31 1.30 1.25 1.13 1.26
 Return on average
 shareholders'
 equity (pct.) 11.68 11.57 11.94 11.81 11.96 13.33
 Yield on earning
 assets
 (FTE) (pct.) 10.22 10.04 9.84 9.81 9.09 9.00
 Cost of interest
 bearing
 funds (pct.) 6.63 6.44 6.23 6.08 5.51 5.24
 Net interest margin
 (FTE) (pct.) 4.73 4.71 4.68 4.71 4.37 4.50
 Efficiency ratio
 (FTE) (B) (pct.) 53.58 54.93 53.31 52.48 58.03 53.56
 Capitalization
 Ratios
 Dividends paid to
 net inc. (pct.) 36.95 36.87 35.15 35.00 33.14 29.35
 Shareholders' equity
 to assets (period-
 end) (pct.) 11.31 11.56 10.24 9.28 9.45 9.42
 Leverage
 ratio (C) (pct.) 11.19 11.44 10.16 9.20 9.37 9.33
 Risk based capital
 - Tier I (pct.) n/a 15.66 15.12 15.52 15.76 15.81
 Risk based capital
 - Tier II (pct.) n/a 16.73 16.06 16.74 17.00 17.18
 Other data
 Unrealized appreciation
 of marketable equity
 securities 8,652 9,215 10,006 10,882 11,835 12,973
 Shareholders of
 record 2,198 2,247 2,233 2,228 2,208 2,224
 Number of banking
 offices 24 24 32 35 35 33
 Definitions:
 (B) Recurring non-interest expense divided by recurring non-interest income plus net interest income, on a fully taxable equivalent basis.
 (C) Equity to total assets and allowance for loan losses.
 -0- 7/21/92
 /CONTACT: Jim Barone of S&T Bancorp, 412-465-1417/
 (STBA) CO: S&T Bancorp ST: Pennsylvania IN: FIN SU: ERN


DM-JT -- PG002 -- 1163 07/21/92 09:39 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 21, 1992
Words:1749
Previous Article:PIPER JAFFRAY REPORTS THIRD QUARTER EARNINGS
Next Article:APACHE REPORTS SECOND QUARTER INCOME OF $24 MILLION; HIGHER PRODUCTION AND PRICES LEAD TO RECORD SECOND QUARTER CASH FLOW
Topics:


Related Articles
EXECUFIRST BANCORP, INC., PARENT OF FIRST EXECUTIVE BANK, REPORTS PROFITABLE SECOND QUARTER AND FIRST HALF
SUBURBAN BANCORP SETS NEW EARNINGS RECORD
COMMERCIAL BANCORP REPORTS RECORD SECOND-QUARTER EARNINGS
CAPITAL BANCORP REPORTS 75 PERCENT INCREASE IN SECOND-QUARTER EARNINGS
REDWOOD EMPIRE BANCORP REPORTS 16 PERCENT INCREASE IN SECOND QUARTER; QUARTERLY RESULTS SET COMPANY RECORD
REDWOOD EMPIRE BANCORP REPORTS 16 PERCENT INCREASE IN SECOND QUARTER: QUARTERLY RESULTS SET COMPANY RECORD
TRANS FINANCIAL ANNOUNCES RECORD EARNINGS
CITIZENS FIRST BANCORP, INC. REPORTS DRAMATIC INCREASE IN EARNINGS
STERLING BANCORP REPORTS STRONG THIRD QUARTER AND NINE MONTHS EARNINGS
CAPITAL BANCORP REPORTS $3.3 MILLION SECOND-QUARTER EARNINGS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters