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S&T Bancorp

Financials

Price	36.82	EPS	2
Shares	34	P/E	17
MCap	1,264	P/FCF	14
Net Debt	-59	EBIT	167
TEV	1,205	TEV/EBIT	7
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2021-03-31	Filed 2021-05-06
10-K	2020-12-31	Filed 2021-03-01
10-Q	2020-09-30	Filed 2020-11-05
10-Q	2020-06-30	Filed 2020-08-06
10-Q	2020-03-31	Filed 2020-05-11
10-K	2019-12-31	Filed 2020-03-02
10-Q	2019-09-30	Filed 2019-10-31
10-Q	2019-06-30	Filed 2019-08-01
10-Q	2019-03-31	Filed 2019-05-01
10-K	2018-12-31	Filed 2019-02-21
10-Q	2018-09-30	Filed 2018-11-01
10-Q	2018-06-30	Filed 2018-08-01
10-Q	2018-03-31	Filed 2018-05-04
10-K	2017-12-31	Filed 2018-03-01
10-Q	2017-09-30	Filed 2017-11-02
10-Q	2017-06-30	Filed 2017-08-02
10-Q	2017-03-31	Filed 2017-05-04
10-K	2016-12-31	Filed 2017-02-24
10-Q	2016-09-30	Filed 2016-11-02
10-Q	2016-06-30	Filed 2016-08-03
10-Q	2016-03-31	Filed 2016-05-04
10-K	2015-12-31	Filed 2016-02-23
10-Q	2015-09-30	Filed 2015-11-03
10-Q	2015-06-30	Filed 2015-08-05
10-Q	2015-03-31	Filed 2015-05-06
10-K	2014-12-31	Filed 2015-02-23
10-Q	2014-09-30	Filed 2014-11-05
10-Q	2014-06-30	Filed 2014-08-07
10-Q	2014-03-31	Filed 2014-05-07
10-K	2013-12-31	Filed 2014-02-21
10-Q	2013-09-30	Filed 2013-10-31
10-Q	2013-06-30	Filed 2013-08-01
10-Q	2013-03-31	Filed 2013-05-01
10-K	2012-12-31	Filed 2013-02-25
10-Q	2012-09-30	Filed 2012-11-02
10-Q	2012-06-30	Filed 2012-08-02
10-Q	2012-03-31	Filed 2012-05-10
10-K	2011-12-31	Filed 2012-02-29
10-Q	2011-09-30	Filed 2011-11-04
10-Q	2011-06-30	Filed 2011-08-05
10-Q	2011-03-31	Filed 2011-05-06
10-K	2010-12-31	Filed 2011-03-16
10-Q	2010-09-30	Filed 2010-11-05
10-Q	2010-06-30	Filed 2010-08-05
10-Q	2010-03-31	Filed 2010-05-06
10-K	2009-12-31	Filed 2010-02-26

Reports

8-K	2020-11-16
8-K	2020-10-19
8-K	2020-10-12
8-K	2020-10-02
8-K	2020-09-09
8-K	2020-07-27
8-K	2020-07-14
8-K	2020-05-26
8-K	2020-05-18
8-K	2020-05-18
8-K	2020-05-06
8-K	2020-04-29
8-K	2020-02-12
8-K	2020-01-27
8-K	2019-11-30
8-K	2019-11-04
8-K	2019-10-21
8-K	2019-10-21
8-K	2019-09-17
8-K	2019-09-05
8-K	2019-09-03
8-K	2019-07-18
8-K	2019-07-15
8-K	2019-06-05
8-K	2019-05-21
8-K	2019-05-20
8-K	2019-05-17
8-K	2019-05-06
8-K	2019-05-06
8-K	2019-04-18
8-K	2019-02-12
8-K	2019-01-31
8-K	2019-01-30
8-K	2019-01-07
8-K	2018-12-07
8-K	2018-11-13
8-K	2018-10-18
8-K	2018-08-15
8-K	2018-08-01
8-K	2018-07-19
8-K	2018-06-07
8-K	2018-06-01
8-K	2018-05-24
8-K	2018-05-22
8-K	2018-05-21
8-K	2018-05-08
8-K	2018-04-16
8-K	2018-03-22
8-K	2018-02-07
8-K	2018-02-06
8-K	2018-01-22
8-K	2018-01-12

S&T Bancorp Earnings 2021-03-31

Balance Sheet	Income Statement	Cash Flow

stba-20210331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

FORM 10-Q

______________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 0-12508

______________________________________

S&T BANCORP INC.

(Exact name of registrant as specified in its charter)

______________________________________

Pennsylvania

25-1434426

(State or other jurisdiction of incorporation or organization)

(IRS Employer Identification No.)

800 Philadelphia Street

Indiana

15701

(Address of principal executive offices)

(zip code)

800-325-2265

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address, and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $2.50 par value	STBA	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date.

Common Stock, $2.50 Par Value - 39,360,750 shares as of April 30, 2021

Table of Contents

S&T BANCORP, INC. AND SUBSIDIARIES

INDEX

S&T BANCORP, INC. AND SUBSIDIARIES


		Page No.
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Balance Sheets - March 31, 2021 and December 31, 2020	2

	Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2021 and 2020	3

	Consolidated Statements of Changes in Shareholders' Equity - Three Ended March 31, 2021 and 2020	4

	Consolidated Statements of Cash Flows - Three Months Ended March 31, 2021 and 2020	5

	Notes to Consolidated Financial Statements	6

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	37

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	53

Item 4.	Controls and Procedures	55

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	55

Item 1A.	Risk Factors	55

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	56

Item 3.	Defaults Upon Senior Securities	56

Item 4.	Mine Safety Disclosures	57

Item 5.	Other Information	57

Item 6.	Exhibits	57

	Signatures	58

Table of Contents

S&T BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)


	March 31, 2021			December 31, 2020
( in thousands, except share and per share data)	(Unaudited)			(Audited)
ASSETS
Cash and due from banks, including interest-bearing deposits of $601,134 and $158,903 at March 31, 2021 and December 31, 2020		$	671,429		$	229,666
Securities, at fair value		817,299			773,693
Loans held for sale		12,794			18,528
Portfolio loans, net of unearned income		7,183,168			7,225,860
Allowance for credit losses on loans		(115,101)			(117,612)
Portfolio loans, net		7,068,067			7,108,248
Bank owned life insurance		82,677			82,303
Premises and equipment, net		54,720			55,614
Federal Home Loan Bank and other restricted stock, at cost		12,199			13,030
Goodwill		373,424			373,424
Other intangible assets, net		8,211			8,675
Other assets		228,159			304,716
Total Assets		$	9,328,979		$	8,967,897
LIABILITIES
Deposits:
Noninterest-bearing demand		$	2,539,594		$	2,261,994
Interest-bearing demand		976,225			864,510
Money market		2,002,857			1,937,063
Savings		1,036,927			969,508
Certificates of deposit		1,320,425			1,387,463

Total Deposits		7,876,028			7,420,538
Securities sold under repurchase agreements		67,417			65,163
Short-term borrowings		—			75,000
Long-term borrowings		23,282			23,681
Junior subordinated debt securities		64,097			64,083

Other liabilities		129,877			164,721
Total Liabilities		8,160,701			7,813,186
SHAREHOLDERS’ EQUITY
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—41,449,444 shares at March 31, 2021 and December 31, 2020 Outstanding—39,268,359 shares at March 31, 2021 and 39,298,007 shares at December 31, 2020		103,623			103,623
Additional paid-in capital		401,353			400,668
Retained earnings		731,718			710,061
Accumulated other comprehensive income		1,061			8,971
Treasury stock — 2,181,085 shares at March 31, 2021 and 2,151,437 shares at December 31, 2020, at cost		(69,477)			(68,612)
Total Shareholders’ Equity		1,168,278			1,154,711
Total Liabilities and Shareholders’ Equity		$	9,328,979		$	8,967,897

See Notes to Consolidated Financial Statements

Table of Contents

S&T BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three months ended March 31,
(dollars in thousands, except per share data)	2021			2020
INTEREST AND DIVIDEND INCOME
Loans, including fees		$	70,232		$	82,051
Investment Securities:
Taxable		3,563			4,215
Tax-exempt		813			870
Dividends		173			453
Total Interest and Dividend Income		74,781			87,589
INTEREST EXPENSE
Deposits		3,481			15,338
Borrowings and junior subordinated debt securities		641			2,215
Total Interest Expense		4,122			17,553
NET INTEREST INCOME		70,659			70,036
Provision for credit losses		3,137			20,050
Net Interest Income After Provision for Credit Losses		67,522			49,986
NONINTEREST INCOME
Net gain on sale of securities		—			—
Mortgage banking		4,310			1,236
Debit and credit card		4,162			3,482
Service charges on deposit accounts		3,474			4,008
Wealth management		2,944			2,362
Commercial loan swap income		95			2,484
Other		2,252			(1,169)
Total Noninterest Income		17,236			12,403
NONINTEREST EXPENSE
Salaries and employee benefits		23,327			21,335
Data processing and information technology		4,225			3,868
Occupancy		3,827			3,765
Furniture, equipment and software		2,640			2,519
Professional services and legal		1,531			1,048
Other Taxes		1,436			1,600
Marketing		1,322			1,111
FDIC Insurance		1,046			770
Merger related expenses		—			2,342
Other		6,226			8,033
Total Noninterest Expense		45,580			46,391
Income Before Taxes		39,178			15,998
Income tax expense		7,276			2,767
Net Income		$	31,902		$	13,231
Earnings per share—basic		$	0.81		$	0.34
Earnings per share—diluted		$	0.81		$	0.34
Dividends declared per share		$	0.28		$	0.28
Comprehensive Income		$	23,992		$	30,573

See Notes to Consolidated Financial Statements

Table of Contents

S&T BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(Unaudited)


	For the three months ended March 31, 2020
(dollars in thousands, except share and per share data)	Common Stock			Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive (Loss) Income			Treasury Stock			Total
Balance at January 1, 2020		$	103,623		$	399,944		$	761,083		$	(11,670)		$	(60,982)		$	1,191,998
Net income for the three months ended March 31, 2020		—			—			13,231			—			—			13,231
Other comprehensive income, net of tax		—			—			—			17,342			—			17,342
Adoption of accounting standard - credit losses		—			—			(22,590)			—			—			(22,590)
Cash dividends declared ($0.28 per share)		—			—			(11,051)			—			—			(11,051)
Forfeitures of restricted stock, net of issuances (26,739 shares, net of issuance of 3,290 shares)		—			—			53			—			(616)			(563)

Repurchase of common stock (411,430 shares)		—			—			—			—			(12,559)			(12,559)
Recognition of restricted stock compensation expense		—			443			—			—			—			443
Balance at March 31, 2020		$	103,623		$	400,387		$	740,726		$	5,672		$	(74,157)		$	1,176,251
See Notes to Consolidated Financial Statements
	For the three months ended March 31, 2021
(dollars in thousands, except share and per share data)	Common Stock			Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Income			Treasury Stock			Total
Balance at January 1, 2021		$	103,623		$	400,668		$	710,061		$	8,971		$	(68,612)		$	1,154,711
Net income for the three months ended March 31, 2021		—			—			31,902			—			—			31,902
Other comprehensive loss, net of tax		—			—			—			(7,910)			—			(7,910)

Cash dividends declared ($0.28 per share)		—			—			(10,975)			—			—			(10,975)
Forfeitures of restricted stock, net of issuances (30,840 shares, net of issuance of 1,192 shares)		—			—			730			—			(865)			(135)

Recognition of restricted stock compensation expense		—			685			—			—			—			685
Balance at March 31, 2021		$	103,623		$	401,353		$	731,718		$	1,061		$	(69,477)		$	1,168,278
See Notes to Consolidated Financial Statements

Table of Contents

S&T BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three Months Ended March 31,
(dollars in thousands)		2021		2020
























Net Cash Provided by (Used in) Operating Activities		$	90,145	$	(59,961)

INVESTING ACTIVITIES
Purchases of securities		(89,038)		(30,292)
Proceeds from maturities, prepayments and calls of securities		34,715		33,869

Net proceeds from sales (purchases of) of Federal Home Loan Bank stock		831		(5,277)
Net decrease (increase) in loans		33,937		(122,507)
Proceeds from sale of loans not originated for resale		640		—
Purchases of premises and equipment		(811)		(1,429)
Proceeds from the sale of premises and equipment		74		—


Net Cash Used in Investing Activities		(19,652)		(125,636)
FINANCING ACTIVITIES
Net increase in core deposits		522,528		28,684
Net decrease in certificates of deposit		(67,003)		(7,042)
Net increase in securities sold under repurchase agreements		2,254		49,756
Net decrease (increase) in short-term borrowings		(75,000)		128,921

Repayments on long-term borrowings		(399)		(688)

Treasury shares issued-net		(135)		(563)

Cash dividends paid to common shareholders		(10,975)		(11,051)
Repurchase of common stock		—		(12,559)


Net Cash Provided by Financing Activities		371,270		175,458
Net increase (decrease) in cash and cash equivalents		441,763		(10,139)
Cash and cash equivalents at beginning of period		229,666		197,823
Cash and Cash Equivalents at End of Period		$	671,429	$	187,684
Supplemental Disclosures

EX-10.1	confidentialitytradesecr.htm
EX-10.2	severanceagreementdateda.htm
EX-31.1	exhibit311q1-2021.htm
EX-31.2	exhibit312q1-2021.htm
EX-32	exhibit32q3-2021.htm

STBA 10Q Quarterly Report

S&T Bancorp Earnings 2021-03-31