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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, 2022
OR
| | | | | |
☐ | 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 | PA | | 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 - 39,311,317 shares as of April 29, 2022
S&T BANCORP, INC. AND SUBSIDIARIES
INDEX
S&T BANCORP, INC. AND SUBSIDIARIES
S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | | | | | | | | | | | | | | | |
| March 31, 2022 | | December 31, 2021 |
(in thousands, except share and per share data) | (Unaudited) | | (Audited) |
ASSETS | | | | | |
Cash and due from banks, including interest-bearing deposits of $751,378 and $857,192 at March 31, 2022 and December 31, 2021 | | $ | 823,757 | | | | $ | 922,215 | |
Securities, at fair value | | 1,028,218 | | | | 910,793 | |
Loans held for sale | | 1,346 | | | | 1,522 | |
Portfolio loans, net of unearned income | | 6,963,911 | | | | 6,999,990 | |
Allowance for credit losses | | (99,915) | | | | (98,576) | |
Portfolio loans, net | | 6,863,996 | | | | 6,901,414 | |
Bank owned life insurance | | 84,093 | | | | 83,685 | |
Premises and equipment, net | | 51,671 | | | | 52,632 | |
Federal Home Loan Bank and other restricted stock, at cost | | 9,349 | | | | 9,519 | |
Goodwill | | 373,424 | | | | 373,424 | |
Other intangible assets, net | | 6,497 | | | | 6,895 | |
Other assets | | 189,930 | | | | 226,430 | |
Total Assets | | $ | 9,432,281 | | | | $ | 9,488,529 | |
LIABILITIES | | | | | |
Deposits: | | | | | |
Noninterest-bearing demand | | $ | 2,740,315 | | | | $ | 2,748,586 | |
Interest-bearing demand | | 1,070,656 | | | | 979,133 | |
Money market | | 1,992,916 | | | | 2,070,579 | |
Savings | | 1,117,985 | | | | 1,110,155 | |
Certificates of deposit | | 1,038,586 | | | | 1,088,071 | |
| | | | | |
Total Deposits | | 7,960,458 | | | | 7,996,524 | |
Securities sold under repurchase agreements | | 70,112 | | | | 84,491 | |
| | | | | |
Long-term borrowings | | 22,171 | | | | 22,430 | |
Junior subordinated debt securities | | 54,408 | | | | 54,393 | |
| | | | | |
Other liabilities | | 140,182 | | | | 124,237 | |
Total Liabilities | | 8,247,331 | | | | 8,282,075 | |
SHAREHOLDERS’ EQUITY | | | | | |
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—41,449,444 shares at March 31, 2022 and December 31, 2021 Outstanding—39,351,688 shares at March 31, 2022 and 39,351,194 shares at December 31, 2021 | | 103,623 | | | | 103,623 | |
Additional paid-in capital | | 403,841 | | | | 403,095 | |
Retained earnings | | 791,345 | | | | 773,659 | |
Accumulated other comprehensive loss | | (47,043) | | | | (7,090) | |
Treasury stock — 2,097,756 shares at March 31, 2022 and 2,098,250 shares at December 31, 2021, at cost | | (66,816) | | | | (66,833) | |
Total Shareholders’ Equity | | 1,184,950 | | | | 1,206,454 | |
Total Liabilities and Shareholders’ Equity | | $ | 9,432,281 | | | | $ | 9,488,529 | |
See Notes to Consolidated Financial Statements
S&T BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, |
(dollars in thousands, except per share data) | | | | | 2022 | | 2021 |
INTEREST AND DIVIDEND INCOME | | | | | | | | | | | |
Loans, including fees | | | | | | | | $ | 64,593 | | | | $ | 70,232 | |
Investment Securities: | | | | | | | | | | | |
Taxable | | | | | | | | 4,936 | | | | 3,563 | |
Tax-exempt | | | | | | | | 482 | | | | 813 | |
Dividends | | | | | | | | 98 | | | | 173 | |
Total Interest and Dividend Income | | | | | | | | 70,109 | | | | 74,781 | |
INTEREST EXPENSE | | | | | | | | | | | |
Deposits | | | | | | | | 1,853 | | | | 3,481 | |
Borrowings and junior subordinated debt securities | | | | | | | | 523 | | | | 641 | |
Total Interest Expense | | | | | | | | 2,376 | | | | 4,122 | |
NET INTEREST INCOME | | | | | | | | 67,733 | | | | 70,659 | |
Provision for credit losses | | | | | | | | (512) | | | | 3,137 | |
Net Interest Income After Provision for Credit Losses | | | | | | | | 68,245 | | | | 67,522 | |
NONINTEREST INCOME | | | | | | | | | | | |
| | | | | | | | | | | |
Debit and credit card | | | | | | | | 5,063 | | | | 4,162 | |
Service charges on deposit accounts | | | | | | | | 3,974 | | | | 3,474 | |
Wealth management | | | | | | | | 3,242 | | | | 2,944 | |
Mortgage banking | | | | | | | | 1,015 | | | | 4,310 | |
| | | | | | | | | | | |
Other | | | | | | | | 1,932 | | | | 2,346 | |
Total Noninterest Income | | | | | | | | 15,226 | | | | 17,236 | |
NONINTEREST EXPENSE | | | | | | | | | | | |
Salaries and employee benefits | | | | | | | | 23,712 | | | | 23,327 | |
Data processing and information technology | | | | | | | | 4,435 | | | | 4,225 | |
Occupancy | | | | | | | | 3,882 | | | | 3,827 | |
Furniture, equipment and software | | | | | | | | 2,777 | | | | 2,640 | |
Professional services and legal | | | | | | | | 1,949 | | | | 1,531 | |
Other taxes | | | | | | | | 1,537 | | | | 1,436 | |
Marketing | | | | | | | | 1,361 | | | | 1,322 | |
FDIC insurance | | | | | | | | 937 | | | | 1,046 | |
| | | | | | | | | | | |
Other | | | | | | | | 6,824 | | | | 6,226 | |
Total Noninterest Expense | | | | | | | | 47,414 | | | | 45,580 | |
Income Before Taxes | | | | | | | | 36,057 | | | | 39,178 | |
Income tax expense | | | | | | | | 6,914 | | | | 7,276 | |
Net Income | | | | | | | | $ | 29,143 | | | | $ | 31,902 | |
Earnings per share—basic | | | | | | | | $ | 0.74 | | | | $ | 0.81 | |
Earnings per share—diluted | | | | | | | | $ | 0.74 | | | | $ | 0.81 | |
Dividends declared per share | | | | | | | | $ | 0.29 | | | | $ | 0.28 | |
Comprehensive Income (Loss) | | | | | | | | $ | (10,810) | | | | $ | 23,992 | |
| | | | | | | | | | | |
See Notes to Consolidated Financial Statements
S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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) | | — | | | | — | | | | 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 | | | | | | | | | | | | | | | | | |
| For the Three Months Ended March 31, 2022 |
(dollars in thousands, except share and per share data) | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Treasury Stock | | Total |
Balance at January 1, 2022 | | $ | 103,623 | | | | $ | 403,095 | | | | $ | 773,659 | | | | $ | (7,090) | | | | $ | (66,833) | | | | $ | 1,206,454 | |
Net income for the three months ended March 31, 2022 | | — | | | | — | | | | 29,143 | | | | — | | | | — | | | | 29,143 | |
Other comprehensive loss, net of tax | | — | | | | — | | | | — | | | | (39,953) | | | | — | | | | (39,953) | |
| | | | | | | | | | | | | | | | | |
Cash dividends declared ($0.29 per share) | | — | | | | — | | | | (11,384) | | | | — | | | | — | | | | (11,384) | |
Treasury stock issued for restricted stock awards (4,250 shares, net of forfeitures of 3,756 shares) | | — | | | | — | | | | (73) | | | | — | | | | 17 | | | | (56) | |
| | | | | | | | | | | | | | | | | |
Recognition of restricted stock compensation expense | | — | | | | 746 | | | | — | | | | — | | | | — | | | | 746 | |
Balance at March 31, 2022 | | $ | 103,623 | | | | $ | 403,841 | | | | $ | 791,345 | | | | $ | (47,043) | | | | $ | (66,816) | | | | $ | 1,184,950 | |
See Notes to Consolidated Financial Statements | | | | | | | | | | | | | | | | | |
S&T BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | |
(dollars in thousands) | | 2022 | | | 2021 | |
OPERATING ACTIVITIES | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Net Cash Provided by Operating Activities | | $ | 86,596 | | | | $ | 90,000 | | |
INVESTING ACTIVITIES | | | | | | |
Purchases of securities | | (211,265) | | | | (89,038) | | |
Proceeds from maturities, prepayments and calls of securities | | 44,025 | | | | 34,715 | | |
Proceeds from redemption of FHLB stock | | 5,818 | | | | 3,988 | | |
Purchases of FHLB stock | | (5,648) | | | | (3,157) | | |
Net decrease in loans | | 38,449 | | | | 33,937 | | |
Proceeds from sale of portfolio loans | | — | | | | 640 | | |
Proceeds from sale of other real estate owned | | 6,285 | | | | 145 | | |
Purchases of premises and equipment | | (660) | | | | (811) | | |
Proceeds from the sale of premises and equipment | | 56 | | | | 74 | | |
| | | | | | |
| | | | | | |
| | | | | | |
Net Cash Used in Investing Activities | | (122,940) | | | | (19,507) | | |
FINANCING ACTIVITIES | | | | | | |
Net increase in core deposits | | 13,419 | | | | 522,528 | | |
Net decrease in certificates of deposit | | (49,465) | | | | (67,003) | | |
Net (decrease) increase in securities sold under repurchase agreements | | (14,379) | | | | 2,254 | | |
Net decrease in short-term borrowings | | — | | | | (75,000) | | |
| | | | | | |
Repayments on long-term borrowings | | (259) | | | | (399) | | |
| | | | | | |
Treasury shares issued-net | | (56) | | | | (135) | | |
| | | | | | |
Cash dividends paid to common shareholders | | (11,374) | | | | (10,975) | | |
| | | | | | |
| | | | | | |
| | | | | | |
Net Cash (Used in) Provided by Financing Activities | | (62,114) | | | | 371,270 | | |
Net (decrease) increase in cash and cash equivalents | | (98,458) | | | | 441,763 | | |
Cash and cash equivalents at beginning of period | | 922,215 | | | | 229,666 | | |
Cash and Cash Equivalents at End of Period | | $ | 823,757 | | | | $ | 671,429 | | |
| | | | | | |
Supplemental Disclosures | | | | | | |
Loans transferred to held for sale | | $ | — | | | | $ | 2,798 | | |
| | | | | | |
| | | | | | |
| | | | | | |
Cash paid for interest | | $ | 2,507 | | | | $ | 5,368 | | |
Cash paid for income taxes, net of refunds | | $ | 75 | | | | $ | 197 | | |
| | | | | | |
Transfers of loans to other real estate owned | | $ | — | | | | $ | 77 | | |
See Notes to Consolidated Financial Statements
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. BASIS OF PRESENTATION
Principles of Consolidation
The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting.
Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission, or SEC, on February 28, 2022. In the opinion of management, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period.
Reclassification
Amounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no effect on our results of operations or financial condition.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
Accounting Policy for Derivative Instruments and Hedging Activities
During the three months ended March 31, 2022, we entered into four interest rate swaps designated as cash flow hedges to hedge the variable cash flows associated with existing variable rate assets. We have updated our accounting policy for derivative instruments and hedging activities to include hedge accounting.
All derivatives are evaluated at inception to determine whether it is a hedging or non-hedging activity. The accounting for changes in the fair value of derivatives depends on whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. As long as the cash flow hedge continues to qualify for hedge accounting, the entire change in the fair value of the hedging instrument is recorded in Accumulated Other Comprehensive Income (Loss), or AOCI, and recognized in earnings as the hedged transaction affects earnings.
Refer to our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on February 28, 2022, for our complete Accounting Policy for Derivative Instruments and Hedging Activities.
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued
NOTE 1. BASIS OF PRESENTATION - continued
Recently Adopted Accounting Standards Updates, or ASU or Updated
Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. The optional guidance generally allows for the modified contract to be accounted for as a continuation of the existing contract and does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The amendments in this ASU are effective as of March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Addendum (Topic 848) which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. We adopted ASU 2020-04 and ASU 2021-01 on January 1, 2022. We are utilizing the LIBOR transition relief as contract modifications are made during the course of the reference rate reform transition period. ASU 2020-04 and ASU 2021-01 did not have a material impact on our consolidated financial statements.
Accounting Standards Issued But Not Yet Adopted
Accounting Policy for Troubled Debt Restructurings and Vintage Disclosure
In March 2022, the FASB issued ASU 2022-02, Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosures. The guidance eliminates the “once a TDR, always a TDR” requirement for loan disclosures and requires disclosures about the performance of modified loans to borrowers experiencing financial difficulty in the 12 months following the modification.
The amendments eliminate the recognition and measurement guidance related to TDRs for creditors that have adopted ASC 326 Financial Instruments - Credit Losses. We adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, on January 1, 2020. Once applying ASC 326, the required accounting and disclosures for a loan modified in a TDR no longer provide decision-useful information. ASC 326 requires the recognition of lifetime expected credit losses when a loan is originated or acquired, so the effect of credit losses that occur in loans modified in TDRs is already included in the allowance for credit losses.
ASU 2022-02 requires a creditor to apply the loan refinancing and restructuring guidance in ASC 310-205 (consistent with the accounting for other loan modifications) to determine whether a modification results in a new loan or a continuation of an existing loan. It also requires enhanced disclosures for modifications in the form of interest rate reductions, principal forgiveness, other-than-insignificant payment delays, or term extensions (or combinations thereof) of loans made to borrowers experiencing financial difficulty. Disclosures are required regardless of whether a modification of a loan to a borrower experiencing financial difficulty results in a new loan. The objective of the disclosures is to provide information about the type and magnitude of modifications and the degree of their success in mitigating potential credit losses.
The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, and interim periods therein. We are evaluating the impact of this ASU, but do not expect it to have a material impact on our consolidated financial statements.
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued
NOTE 2. EARNINGS PER SHARE
Diluted earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine earnings per share. The two-class method was used to determine earnings per share for the three months ended March 31, 2022 and 2021. The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | |
(in thousands, except share and per share data) | 2022 | | 2021 | | | | | |
Numerator for Earnings per Share—Basic and Diluted: | | | | | | | | | | | | |
Net income | | $ | 29,143 | | | | $ | 31,902 | | | | | | | | |
Less: Income allocated to participating shares | | 109 | | | | 141 | | | | | | | | |
Net Income Allocated to Shareholders | | $ | 29,034 | | | | $ | 31,761 | | | | | | | | |
Denominator for Earnings per Share - Basic and Diluted: | | | | | | | | | | | | |
Weighted Average Shares Outstanding—Basic | | 39,073,754 | | | | 39,021,208 | | | | | | | | |
Add: Average participating shares outstanding | | 16,179 | | | | — | | | | | | | | |
Denominator for Two-Class Method—Diluted | | 39,089,933 | | | | 39,021,208 | | | | | | | | |
| | | | | | | | | | | | |
Earnings per share—basic | | $ | 0.74 | | | | $ | 0.81 | | | | | | | | |
Earnings per share—diluted | | $ | 0.74 | | | | $ | 0.81 | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Restricted stock considered anti-dilutive excluded from potentially dilutive shares | | — | | | | 165 | | | | | | | | |
NOTE 3. FAIR VALUE MEASUREMENTS
We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other assets at fair value on a nonrecurring basis, such as loans held for sale, individually assessed loans, other real estate owned, or OREO, and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which are developed based on market data that we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances.
The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows:
Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets.
Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data.
Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our policy is to recognize transfers between any of the fair value hierarchy levels at the end of the reporting period in which the transfer occurred.
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued
NOTE 3. FAIR VALUE MEASUREMENTS - continued
There have been no changes in our valuation methodologies during the three months ended March 31, 2022. Refer to Note 1 of our Annual Report on Form 10-K for the year ended December 31, 2021 for more information on the valuation methodologies that we use for financial instruments recorded at fair value on a recurring or nonrecurring basis.
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at the dates presented:
| | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2022 |
(dollars in thousands) | Level 1 | | Level 2 | | Level 3 | | Total |
ASSETS | | | | | | | |
Available-for-sale debt securities: | | | | | | | |
U.S. Treasury securities | $ | 129,994 | | | $ | — | | | $ | — | | | $ | 129,994 | |
Obligations of U.S. government corporations and agencies | — | | | 58,493 | | | — | | | 58,493 | |
Collateralized mortgage obligations of U.S. government corporations and agencies | — | | | 385,602 | | | — | | | 385,602 | |
Residential mortgage-backed securities of U.S. government corporations and agencies | — | | | 50,446 | | | — | | | 50,446 | |
Commercial mortgage-backed securities of U.S. government corporations and agencies | — | | | 330,811 | | | — | | | 330,811 | |
Corporate obligations | — | | | 500 | | | — | | | 500 | |
Obligations of states and political subdivisions | — | | | 71,234 | | | — | | | 71,234 | |
Total Available-for-sale Debt Securities | 129,994 | | | 897,086 | | | — | | | 1,027,080 | |
Marketable equity securities | 1,060 | | | 78 | | | — | | | 1,138 | |
Total Securities | 131,054 | | | 897,164 | | | — | | | 1,028,218 | |
Securities held in a deferred compensation plan | 8,888 | | | — | | | — | | | 8,888 | |
Derivative financial assets: | | | | | | | |
Interest rate swaps - commercial loans | — | | | 29,056 | | | — | | | 29,056 | |
Interest rate lock commitments | — | | | — | | | 185 | | | 185 | |
Forward sale contracts - mortgage loans | — | | | — | | | 192 | | | 192 | |
Interest rate swaps - cash flow hedge | — | | | 135 | | | — | | | 135 | |
Total Assets | $ | 139,942 | | | $ | 926,355 | | | $ | 377 | | | $ | 1,066,674 | |
LIABILITIES | | | | | | | |
Derivative financial liabilities: | | | | | | | |
Interest rate swaps - commercial loans | $ | — | | | $ | 29,092 | | | $ | — | | | $ | 29,092 | |
| | | | | | | |
Interest rate swaps - cash flow hedge | — | | | 2,600 | | | — | | | 2,600 | |
Total Liabilities | $ | — | | | $ | 31,692 | | | $ | — | | | $ | 31,692 | |
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued
NOTE 3. FAIR VALUE MEASUREMENTS - continued
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| December 31, 2021 |
(dollars in thousands) | Level 1 | | Level 2 | | Level 3 | | Total |
ASSETS | |