EX-99.1 2 stba-20200930xex991.htm EX-99.1

CONTACT: Mark Kochvar Chief Financial Officer 724.465.4826 800 Philadelphia Street Indiana, PA 15701 mark.kochvar@stbank.com www.stbancorp.com |  |

FOR IMMEDIATE RELEASE
S&T Bancorp, Inc. Announces Third Quarter 2020 Results
Indiana, Pa. - October 22, 2020 - 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 net income of $16.7 million, or $0.43 per diluted share, for the third quarter of 2020 compared to a net loss of ($33.1) million, or ($0.85) per diluted share, for the second quarter of 2020, and net income of $26.9 million, or $0.79 per diluted share, for the third quarter of 2019. The net loss in the second quarter of 2020 was due to a customer fraud resulting from a check kiting scheme which reduced net income by $46.3 million, or $1.19 per diluted share. S&T continues to pursue all available sources of recovery to mitigate the loss.
Third Quarter of 2020 Highlights:
•Return on average assets (ROA) was 0.72%, return on average equity (ROE) was 5.80% and return on average tangible equity (ROTE) (non-GAAP) was 8.96%. Pre-tax pre-provision to average assets (non-GAAP) was 1.61%.
•Net interest margin (FTE) (non-GAAP) was stable at 3.29% compared to 3.31% for the second quarter of 2020.
•Portfolio loans decreased $153.7 million compared to June 30, 2020.
•Deposits decreased $234.1 million to $7.6 billion at September 30, 2020 due to the pay down of $269.0 million of brokered deposits during the third quarter.
•Mortgage banking revenue increased $1.3 million compared to the second quarter due to continued strong refinance activity.
•The allowance for credit losses to total portfolio loans was 1.64% at September 30, 2020 compared to 1.52% at June 30, 2020. Excluding PPP loans, the allowance for credit losses to total portfolio loans was 1.77% at September 30, 2020 compared to 1.64% at June 30, 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 continue to navigate through this difficult environment related to the COVID-19 pandemic,” said Todd Brice, Chief Executive Officer. “I have every confidence in the S&T team to work through these difficult times, and I am impressed by their strong resilience and desire to help our customers and communities.”
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S&T Earnings Release -2
Net Interest Income
Net interest income decreased $0.8 million to $69.3 million for the third quarter of 2020 compared to $70.1 million for the second quarter of 2020. The decrease in net interest income was primarily due to lower loan balances as lower yields on loans were mostly offset by decreased rates on deposits. Average loans decreased $154.2 million compared to the second quarter of 2020. Net interest margin on a fully taxable equivalent basis (FTE) (non-GAAP) was stable at 3.29% for the third quarter of 2020 compared to 3.31% in the second quarter of 2020. Loan rates decreased 13 basis points to 3.87% and total interest-bearing deposit costs decreased 19 basis points to 0.48%.
Asset Quality
The provision for credit losses was $17.5 million for the third quarter of 2020 compared to $86.8 million in the second quarter of 2020. The customer fraud that resulted in a $58.7 million charge-off to the bank had a significant impact on the provision for credit losses during the second quarter of 2020. Net loan charge-offs were $12.9 million for the third quarter of 2020 compared to $68.1 million in the second quarter of 2020. During the third quarter, a $21.3 million CRE relationship, which was placed on nonaccrual in the first quarter of 2020, was charged down by $10.0 million leaving a remaining outstanding balance of $11.3 million. The relationship experienced continued deterioration as a result of the COVID-19 pandemic. Total nonperforming loans decreased $6.0 million to $84.1 million, or 1.13% of total loans, at September 30, 2020 compared to $90.1 million, or 1.19% of total loans at June 30, 2020. The allowance for credit losses was 1.64% of total portfolio loans as of September 30, 2020 compared to 1.52% at June 30, 2020. Excluding PPP loans, the allowance for credit losses was 1.77% of total portfolio loans at September 30, 2020 compared to 1.64% at June 30, 2020. The impact of the COVID-19 pandemic on our hotel loan portfolio and a $6.2 million increase in specific reserves contributed to the higher allowance for credit losses at September 30, 2020 compared to June 30, 2020.
Noninterest Income and Expense
Noninterest income increased $1.3 million to $16.5 million in the third quarter of 2020 compared to $15.2 million in the second quarter of 2020. Mortgage banking income increased $1.3 million compared to the second quarter of 2020 due to continued strong refinance activity. Both debit and credit card fees and service charges on deposit accounts increased due to improved customer activity compared to the second quarter of 2020.
Noninterest expense increased $4.8 million to $48.3 million for the third quarter of 2020 compared to $43.5 million in the second quarter of 2020. Salaries and employee benefits increased $3.2 million due to lower deferred origination costs related to PPP loans, higher pension costs due to an increase in retirements and a return to more normal medical costs compared to the second quarter of 2020. FDIC insurance increased $0.9 million due to the impact of recent results on certain components of the assessment calculation. Marketing expense increased
$0.8 million due to the timing of marketing initiatives and the redesign of our website.
Financial Condition
Total assets decreased $283.7 million to $9.2 billion at September 30, 2020 compared to $9.5 billion at June 30, 2020. Portfolio loans decreased $153.7 million compared to June 30, 2020 as loan originations continue to be impacted by the COVID-19 pandemic. The securities portfolio declined $86.2 million compared to June 30, 2020 mainly due to short term investments maturing in conjunction with our planned reduction of $269 million in brokered deposits. The decrease in brokered deposits resulted in a decline in total deposits of $234.1 million to $7.6 billion at September 30, 2020 compared to $7.9 billion at June 30, 2020. Customer deposits, which increased significantly during the second quarter of 2020, remained relatively unchanged in the third quarter despite decreases in deposit rates.
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All regulatory capital ratios increased at September 30, 2020 compared to June 30, 2020. 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 October 19, 2020. This is unchanged from the same period in the prior year. The dividend is payable November 19, 2020 to shareholders of record on November 5, 2020.
Conference Call
S&T will host its third quarter 2020 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, October 22, 2020. To access the webcast, go to S&T’s webpage at www.stbancorp.com and click on “Events & Presentations.” Select “3rd Quarter 2020 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 October 29, 2020, by dialing 1.877.481.4010; the Conference ID is 37817.
About S&T Bancorp, Inc. and S&T Bank
S&T Bancorp, Inc. is a $9.2 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 recently ranked #1 in customer satisfaction with retail banking in the Mid-Atlantic including best in communication and advice by J.D. Power. Established in 1902, S&T Bank 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”, “believe”, “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; 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
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S&T Earnings Release -4
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; 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; 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, 2019, 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.
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S&T Bancorp, Inc. |  | S&T Earnings Release - | 5
Consolidated Selected Financial Data |  |  |
Unaudited |  |  |

| 2020 |  | 2020 |  | 2019 |
| Third |  | Second |  | Third |
(dollars in thousands, except per share data) | Quarter |  | Quarter |  | Quarter |
INTEREST AND DIVIDEND INCOME |  |  |  |  |  |
Loans, including fees | $72,263 |  |  | $75,498 |  |  | $75,080 |  |
Investment securities: |  |  |  |  |  |
Taxable | 3,473 |  |  | 3,791 |  |  | 3,552 |  |
Tax-exempt | 885 |  |  | 959 |  |  | 787 |  |
Dividends | 227 |  |  | 231 |  |  | 394 |  |
Total Interest and Dividend Income | 76,848 |  |  | 80,479 |  |  | 79,813 |  |
INTEREST EXPENSE |  |  |  |  |  |
Deposits | 6,626 |  |  | 9,227 |  |  | 16,207 |  |
Borrowings and junior subordinated debt securities | 946 |  |  | 1,104 |  |  | 2,410 |  |
Total Interest Expense | 7,572 |  |  | 10,331 |  |  | 18,617 |  |
NET INTEREST INCOME | 69,276 |  |  | 70,148 |  |  | 61,196 |  |
Provision for credit losses | 17,485 |  |  | 86,759 |  |  | 4,913 |  |
Net Interest Income (Loss) After Provision for Credit Losses | 51,791 |  |  | (16,611) |  |  | 56,283 |  |
NONINTEREST INCOME |  |  |  |  |  |
Net gain on sale of securities | — |  |  | 142 |  |  | — |  |
Debit and credit card | 4,171 |  |  | 3,612 |  |  | 3,475 |  |
Mortgage banking | 3,964 |  |  | 2,623 |  |  | 594 |  |
Service charges on deposit accounts | 2,820 |  |  | 2,342 |  |  | 3,412 |  |
Wealth management | 2,522 |  |  | 2,586 |  |  | 2,101 |  |
Commercial loan swap income | 499 |  |  | 945 |  |  | 1,464 |  |
Other | 2,507 |  |  | 2,974 |  |  | 2,017 |  |
Total Noninterest Income | 16,483 |  |  | 15,224 |  |  | 13,063 |  |
NONINTEREST EXPENSE |  |  |  |  |  |
Salaries and employee benefits | 24,571 |  |  | 21,419 |  |  | 19,936 |  |
Data processing and information technology | 4,218 |  |  | 3,585 |  |  | 3,681 |  |
Net occupancy | 3,441 |  |  | 3,437 |  |  | 2,898 |  |
Furniture, equipment and software | 2,440 |  |  | 3,006 |  |  | 2,090 |  |
Professional services and legal | 1,911 |  |  | 1,932 |  |  | 1,054 |  |
FDIC insurance | 1,900 |  |  | 1,048 |  |  | (675) |  |
Marketing | 1,793 |  |  | 979 |  |  | 1,062 |  |
Other taxes | 1,612 |  |  | 1,604 |  |  | 1,540 |  |
Merger related expense | — |  |  | — |  |  | 552 |  |
Other | 6,360 |  |  | 6,468 |  |  | 5,529 |  |
Total Noninterest Expense | 48,246 |  |  | 43,478 |  |  | 37,667 |  |
Income (Loss) Before Taxes | 20,028 |  |  | (44,865) |  |  | 31,679 |  |
Income tax expense (benefit) | 3,323 |  |  | (11,793) |  |  | 4,743 |  |
Net Income (Loss) | $16,705 |  |  | ($33,072) |  |  | $26,936 |  |
Per Share Data |  |  |  |  |  |
Shares outstanding at end of period | 39,251,638 |  |  | 39,253,460 |  |  | 34,244,719 |  |
Average shares outstanding - diluted | 39,020,811 |  |  | 39,013,161 |  |  | 34,277,270 |  |
Diluted earnings (loss) per share | $0.43 |  |  | ($0.85) |  |  | $0.79 |  |
Dividends declared per share | $0.28 |  |  | $0.28 |  |  | $0.27 |  |
Dividend yield (annualized) | 6.33 | % |  | 4.78 | % |  | 2.96 | % |
Dividends paid to net income | 65.61 | % |  | NM |  | 34.30 | % |
Book value | $29.10 |  |  | $28.93 |  |  | $28.69 |  |
Tangible book value (1) | $19.40 |  |  | $19.22 |  |  | $20.25 |  |
Market value | $17.69 |  |  | $23.45 |  |  | $36.53 |  |
Profitability Ratios (Annualized) |  |  |  |  |  |
Return on average assets | 0.72 | % |  | (1.41 | %) |  | 1.45 | % |
Return on average shareholders' equity | 5.80 | % |  | (11.17 | %) |  | 10.97 | % |
Return on average tangible shareholders' equity (2) | 8.96 | % |  | (16.19 | %) |  | 15.69 | % |
Efficiency ratio (FTE) (3) | 55.75 | % |  | 50.51 | % |  | 50.09 | % |
NM - Not Meaningful |  |  |  |  |  |

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S&T Bancorp, Inc. |  | S&T Earnings Release - | 6
Consolidated Selected Financial Data |  |  |
Unaudited |  |  |

|  |  | Nine Months Ended September 30, |  |  |
(dollars in thousands, except per share data) |  |  | 2020 |  | 2019 |
INTEREST INCOME |  |  |  |  |  |
Loans, including fees |  |  | $229,812 |  |  | $223,200 |  |
Investment securities: |  |  |  |  |  |
Taxable |  |  | 11,547 |  |  | 10,989 |  |
Tax-exempt |  |  | 2,646 |  |  | 2,466 |  |
Dividends |  |  | 911 |  |  | 1,373 |  |
Total Interest and Dividend Income |  |  | 244,916 |  |  | 238,028 |  |
INTEREST EXPENSE |  |  |  |  |  |
Deposits |  |  | 31,191 |  |  | 47,243 |  |
Borrowings and junior subordinated debt securities |  |  | 4,265 |  |  | 8,406 |  |
Total Interest Expense |  |  | 35,456 |  |  | 55,649 |  |
NET INTEREST INCOME |  |  | 209,460 |  |  | 182,379 |  |
Provision for credit losses |  |  | 124,294 |  |  | 12,767 |  |
Net Interest Income After Provision for Credit Losses |  |  | 85,166 |  |  | 169,612 |  |
NONINTEREST INCOME |  |  |  |  |  |
Net gain on sale of securities |  |  | 142 |  |  | — |  |
Debit and credit card |  |  | 11,264 |  |  | 9,951 |  |
Mortgage banking |  |  | 7,823 |  |  | 1,726 |  |
Service charges on deposit accounts |  |  | 8,720 |  |  | 9,777 |  |
Wealth management |  |  | 7,471 |  |  | 6,210 |  |
Commercial swap fee income |  |  | 3,928 |  |  | 3,147 |  |
Other |  |  | 4,762 |  |  | 6,515 |  |
Total Noninterest Income |  |  | 44,110 |  |  | 37,326 |  |
NONINTEREST EXPENSE |  |  |  |  |  |
Salaries and employee benefits |  |  | 67,326 |  |  | 61,135 |  |
Data processing and information technology |  |  | 11,671 |  |  | 10,327 |  |
Net occupancy |  |  | 10,643 |  |  | 8,883 |  |
Furniture, equipment and software |  |  | 7,965 |  |  | 6,621 |  |
Professional services and legal |  |  | 4,890 |  |  | 3,382 |  |
FDIC insurance |  |  | 3,718 |  |  | 536 |  |
Marketing |  |  | 3,883 |  |  | 3,514 |  |
Other taxes |  |  | 4,816 |  |  | 4,182 |  |
Merger related expense |  |  | 2,342 |  |  | 1,171 |  |
Other |  |  | 20,861 |  |  | 17,187 |  |
Total Noninterest Expense |  |  | 138,115 |  |  | 116,938 |  |
(Loss) Income Before Taxes |  |  | (8,839) |  |  | 90,000 |  |
Income tax (benefit) expense |  |  | (5,703) |  |  | 14,035 |  |
Net (Loss) Income |  |  | ($3,136) |  |  | $75,965 |  |
Per Share Data |  |  |  |  |  |
Average shares outstanding - diluted |  |  | 39,101,309 |  |  | 34,407,732 |  |
Diluted (loss) earnings per share |  |  | ($0.08) |  |  | $2.21 |  |
Dividends declared per share |  |  | $0.84 |  |  | $0.81 |  |
Dividends paid to net income |  |  | NM |  | 36.59 | % |
Profitability Ratios (annualized) |  |  |  |  |  |
Return on average assets |  |  | (0.05 | %) |  | 1.40 | % |
Return on average shareholders' equity |  |  | (0.36 | %) |  | 10.61 | % |
Return on average tangible shareholders' equity (6) |  |  | (0.27 | %) |  | 15.30 | % |
Efficiency ratio (FTE) (7) |  |  | 53.06 | % |  | 52.54 | % |
NM - Not Meaningful |  |  |  |  |  |

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S&T Bancorp, Inc. |  | S&T Earnings Release - | 7
Consolidated Selected Financial Data |  |  |
Unaudited |  |  |

| 2020 |  | 2020 |  | 2019 |
| Third |  | Second |  | Third |
(dollars in thousands) | Quarter |  | Quarter |  | Quarter |
ASSETS |  |  |  |  |  |
Cash and due from banks, including interest-bearing deposits | $308,489 |  |  | $351,365 |  |  | $173,609 |  |
Securities, at fair value | 718,169 |  |  | 804,366 |  |  | 669,226 |  |
Loans held for sale | 16,724 |  |  | 14,259 |  |  | 8,371 |  |
Commercial loans: |  |  |  |  |  |
Commercial real estate | 3,290,138 |  |  | 3,345,513 |  |  | 2,922,197 |  |
Commercial and industrial | 2,042,467 |  |  | 2,140,355 |  |  | 1,626,854 |  |
Commercial construction | 477,429 |  |  | 459,264 |  |  | 314,813 |  |
Total Commercial Loans | 5,810,034 |  |  | 5,945,132 |  |  | 4,863,864 |  |
Consumer loans: |  |  |  |  |  |
Residential mortgage | 950,887 |  |  | 971,023 |  |  | 770,882 |  |
Home equity | 537,869 |  |  | 539,519 |  |  | 475,024 |  |
Installment and other consumer | 80,735 |  |  | 79,816 |  |  | 74,460 |  |
Consumer construction | 15,343 |  |  | 13,068 |  |  | 11,535 |  |
Total Consumer Loans | 1,584,834 |  |  | 1,603,426 |  |  | 1,331,901 |  |
Total Portfolio Loans | 7,394,868 |  |  | 7,548,558 |  |  | 6,195,765 |  |
Allowance for credit losses | (120,998) |  |  | (114,609) |  |  | (62,115) |  |
Total Portfolio Loans, Net | 7,273,870 |  |  | 7,433,949 |  |  | 6,133,650 |  |
Federal Home Loan Bank and other restricted stock, at cost | 15,777 |  |  | 15,151 |  |  | 25,397 |  |
Goodwill | 373,417 |  |  | 373,289 |  |  | 287,446 |  |
Other assets | 484,126 |  |  | 481,917 |  |  | 274,292 |  |
Total Assets | $9,190,572 |  |  | $9,474,296 |  |  | $7,571,991 |  |
LIABILITIES |  |  |  |  |  |
Deposits: |  |  |  |  |  |
Noninterest-bearing demand | $2,232,706 |  |  | $2,250,958 |  |  | $1,490,409 |  |
Interest-bearing demand | 982,956 |  |  | 1,055,261 |  |  | 751,881 |  |
Money market | 2,033,585 |  |  | 2,121,588 |  |  | 1,660,569 |  |
Savings | 938,475 |  |  | 916,268 |  |  | 753,464 |  |
Certificates of deposit | 1,446,096 |  |  | 1,523,841 |  |  | 1,326,369 |  |
Total Deposits | 7,633,818 |  |  | 7,867,916 |  |  | 5,982,692 |  |
Borrowings: |  |  |  |  |  |
Securities sold under repurchase agreements | 42,706 |  |  | 92,159 |  |  | 13,925 |  |
Short-term borrowings | 83,000 |  |  | 84,541 |  |  | 370,000 |  |
Long-term borrowings | 49,076 |  |  | 49,489 |  |  | 69,156 |  |
Junior subordinated debt securities | 64,068 |  |  | 64,053 |  |  | 45,619 |  |
Total Borrowings | 238,850 |  |  | 290,242 |  |  | 498,700 |  |
Other liabilities | 175,789 |  |  | 180,361 |  |  | 108,152 |  |
Total Liabilities | 8,048,457 |  |  | 8,338,519 |  |  | 6,589,544 |  |
SHAREHOLDERS' EQUITY |  |  |  |  |  |
Total Shareholders' Equity | 1,142,115 |  |  | 1,135,777 |  |  | 982,447 |  |
Total Liabilities and Shareholders' Equity | $9,190,572 |  |  | $9,474,296 |  |  | $7,571,991 |  |
Capitalization Ratios |  |  |  |  |  |
Shareholders' equity / assets | 12.43 | % |  | 11.99 | % |  | 12.97 | % |
Tangible common equity / tangible assets (4) | 8.64 | % |  | 8.30 | % |  | 9.52 | % |
Tier 1 leverage ratio | 9.11 | % |  | 8.89 | % |  | 10.20 | % |
Common equity tier 1 capital | 11.05 | % |  | 10.70 | % |  | 11.17 | % |
Risk-based capital - tier 1 | 11.46 | % |  | 11.10 | % |  | 11.49 | % |
Risk-based capital - total | 13.18 | % |  | 12.74 | % |  | 12.92 | % |

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S&T Bancorp, Inc. |  | S&T Earnings Release - | 8
Consolidated Selected Financial Data |  |  |
Unaudited |  |  |

| 2020 |  | 2020 |  | 2019 |
| Third |  | Second |  | Third |
(dollars in thousands) | Quarter |  | Quarter |  | Quarter |
Net Interest Margin (FTE) (QTD Averages) |  |  |  |  |  |
ASSETS |  |  |  |  |  |
Interest-bearing deposits with banks | $213,051 | 0.11% | $163,019 | 0.08% | $53,725 | 2.32%
Securities, at fair value | 759,094 | 2.41% | 785,229 | 2.56% | 661,752 | 2.59%
Loans held for sale | 4,432 | 3.09% | 9,931 | 3.08% | 2,712 | 3.98%
Commercial real estate | 3,322,656 | 4.02% | 3,389,616 | 4.23% | 2,922,767 | 4.89%
Commercial and industrial | 2,107,750 | 3.45% | 2,200,148 | 3.61% | 1,566,369 | 5.06%
Commercial construction | 469,214 | 3.43% | 430,912 | 3.75% | 282,175 | 5.14%
Total Commercial Loans | 5,899,620 | 3.77% | 6,020,676 | 3.97% | 4,771,311 | 4.96%
Residential mortgage | 954,861 | 4.33% | 976,916 | 4.20% | 753,649 | 4.41%
Home equity | 536,735 | 3.73% | 543,770 | 3.69% | 469,567 | 5.36%
Installment and other consumer | 79,649 | 6.47% | 79,944 | 6.34% | 72,606 | 7.10%
Consumer construction | 14,475 | 4.32% | 12,758 | 4.58% | 11,056 | 5.39%
Total Consumer Loans | 1,585,720 | 4.24% | 1,613,388 | 4.14% | 1,306,878 | 4.91%
Total Portfolio Loans | 7,485,340 | 3.87% | 7,634,064 | 4.00% | 6,078,189 | 4.95%
Total Loans | 7,489,772 | 3.87% | 7,643,995 | 4.00% | 6,080,901 | 4.95%
Federal Home Loan Bank and other restricted stock | 15,157 | 5.11% | 19,709 | 3.75% | 19,981 | 7.00%
Total Interest-earning Assets | 8,477,074 | 3.65% | 8,611,952 | 3.80% | 6,816,359 | 4.70%
Noninterest-earning assets | 815,930 |  | 817,767 |  | 538,514 |
Total Assets | $9,293,004 |  | $9,429,719 |  | $7,354,873 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |
Interest-bearing demand | $967,735 | 0.18% | $1,033,905 | 0.24% | $655,735 | 0.72%
Money market | 2,074,862 | 0.33% | 2,076,483 | 0.50% | 1,709,248 | 1.83%
Savings | 923,208 | 0.07% | 887,357 | 0.07% | 749,287 | 0.24%
Certificates of deposit | 1,486,016 | 1.16% | 1,560,885 | 1.51% | 1,345,474 | 1.97%
Total Interest-bearing Deposits | 5,451,821 | 0.48% | 5,558,630 | 0.67% | 4,459,744 | 1.44%
Securities sold under repurchase agreements | 64,000 | 0.25% | 85,302 | 0.25% | 14,030 | 0.73%
Short-term borrowings | 84,310 | 0.38% | 178,273 | 0.38% | 218,799 | 2.47%
Long-term borrowings | 49,269 | 2.52% | 49,774 | 2.53% | 69,421 | 2.68%
Junior subordinated debt securities | 64,057 | 3.19% | 64,044 | 3.58% | 45,619 | 4.82%
Total Borrowings | 261,636 | 1.44% | 377,393 | 1.18% | 347,869 | 2.75%
Total Interest-bearing Liabilities | 5,713,457 | 0.53% | 5,936,023 | 0.70% | 4,807,613 | 1.54%
Noninterest-bearing liabilities | 2,433,665 |  | 2,302,676 |  | 1,573,549 |
Shareholders' equity | 1,145,882 |  | 1,191,020 |  | 973,711 |
Total Liabilities and Shareholders' Equity | $9,293,004 |  | $9,429,719 |  | $7,354,873 |
Net Interest Margin (5) |  | 3.29% |  | 3.31% |  | 3.62%

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S&T Bancorp, Inc. |  | S&T Earnings Release - | 9
Consolidated Selected Financial Data |  |  |
Unaudited |  |  |

|  |  | Nine Months Ended September 30, |  |  |
(dollars in thousands) |  |  | 2020 |  | 2019 |
Net Interest Margin (FTE) (YTD Averages) |  |  |  |  |  |
ASSETS |  |  |  |  |  |
Interest-bearing deposits with banks |  |  | $158,771 | 0.38% | $52,421 | 2.38%
Securities, at fair value |  |  | 776,995 | 2.50% | 671,727 | 2.65%
Loans held for sale |  |  | 5,407 | 3.17% | 1,693 | 4.11%
Commercial real estate |  |  | 3,373,466 | 4.33% | 2,907,792 | 4.97%
Commercial and industrial |  |  | 2,020,179 | 3.82% | 1,544,962 | 5.14%
Commercial construction |  |  | 428,977 | 3.91% | 258,239 | 5.28%
Total Commercial Loans |  |  | 5,822,622 | 4.12% | 4,710,993 | 5.04%
Residential mortgage |  |  | 974,144 | 4.24% | 736,972 | 4.43%
Home equity |  |  | 540,220 | 4.09% | 466,936 | 5.41%
Installment and other consumer |  |  | 79,757 | 6.60% | 71,021 | 7.17%
Consumer construction |  |  | 12,587 | 4.49% | 10,517 | 5.63%
Total Consumer Loans |  |  | 1,606,708 | 4.31% | 1,285,446 | 4.95%
Total Portfolio Loans |  |  | 7,429,330 | 4.16% | 5,996,439 | 5.02%
Total Loans |  |  | 7,434,737 | 4.16% | 5,998,132 | 5.02%
Federal Home Loan Bank and other restricted stock |  |  | 19,473 | 5.38% | 21,848 | 7.55%
Total Interest-earning Assets |  |  | 8,389,976 | 3.94% | 6,744,128 | 4.77%
Noninterest-earning assets |  |  | 772,404 |  | 526,788 |
Total Assets |  |  | $9,162,380 |  | $7,270,916 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |
Interest-bearing demand |  |  | $981,174 | 0.33% | $584,280 | 0.54%
Money market |  |  | 2,048,466 | 0.69% | 1,658,187 | 1.88%
Savings |  |  | 880,673 | 0.12% | 760,128 | 0.25%
Certificates of deposit |  |  | 1,549,177 | 1.50% | 1,389,658 | 1.94%
Total Interest-bearing deposits |  |  | 5,459,490 | 0.76% | 4,392,253 | 1.44%
Securities sold under repurchase agreements |  |  | 60,045 | 0.30% | 17,812 | 0.63%
Short-term borrowings |  |  | 182,623 | 1.02% | 259,947 | 2.65%
Long-term borrowings |  |  | 50,292 | 2.52% | 69,886 | 2.79%
Junior subordinated debt securities |  |  | 64,099 | 3.72% | 45,619 | 5.02%
Total Borrowings |  |  | 357,059 | 1.60% | 393,264 | 2.86%
Total Interest-bearing Liabilities |  |  | 5,816,549 | 0.81% | 4,785,517 | 1.55%
Noninterest-bearing liabilities |  |  | 2,170,447 |  | 1,528,573 |
Shareholders' equity |  |  | 1,175,384 |  | 956,826 |
Total Liabilities and Shareholders' Equity |  |  | $9,162,380 |  | $7,270,916 |
Net Interest Margin (8) |  |  |  | 3.37% |  | 3.67%

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S&T Bancorp, Inc. |  | S&T Earnings Release - | 10
Consolidated Selected Financial Data |  |  |
Unaudited |  |  |

| 2020 |  | 2020 |  | 2019 |
| Third |  | Second |  | Third |
(dollars in thousands) | Quarter |  | Quarter |  | Quarter |
Nonperforming Loans (NPL) |  |  |  |  |  |
Commercial loans: |  | % NPL |  | % NPL |  | % NPL
Commercial real estate | $52,805 |  | 1.60% | $61,643 |  | 1.84% | $33,740 |  | 1.15%
Commercial and industrial | 12,498 |  | 0.61% | 8,484 |  | 0.40% | 4,206 |  | 0.26%
Commercial construction | 1,504 |  | 0.31% | 1,504 |  | 0.33% | 1,143 |  | 0.36%
Total Nonperforming Commercial Loans | 66,807 |  | 1.15% | 71,631 |  | 1.20% | 39,089 |  | 0.80%
Consumer loans: |  |  |  |  |  |
Residential mortgage | 13,018 |  | 1.37% | 14,649 |  | 1.51% | 7,384 |  | 0.96%
Home equity | 4,106 |  | 0.76% | 3,814 |  | 0.71% | 3,492 |  | 0.74%
Installment and other consumer | 141 |  | 0.17% | 19 |  | 0.02% | 18 |  | 0.02%
Total Nonperforming Consumer Loans | 17,265 |  | 1.08% | 18,482 |  | 1.14% | 10,894 |  | 0.81%
Total Nonperforming Loans | $84,072 |  | 1.13% | $90,113 |  | 1.19% | $49,983 |  | 0.81%

| 2020 |  | 2020 |  | 2019 |
| Third |  | Second |  | Third |
(dollars in thousands) | Quarter |  | Quarter |  | Quarter |
Loan Charge-offs (Recoveries) |  |  |  |  |  |
Charge-offs | $13,667 |  |  | $68,304 |  |  | $4,700 |  |
Recoveries | (754) |  |  | (231) |  |  | (423) |  |
Net Loan Charge-offs (Recoveries) | $12,913 |  |  | $68,072 |  |  | $4,277 |  |
Net Loan Charge-offs (Recoveries) |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |
Customer fraud | $— |  |  | $58,671 |  |  | $— |  |
Commercial real estate | 10,963 |  |  | 5,588 |  |  | 2,298 |  |
Commercial and industrial | 1,267 |  |  | 3,060 |  |  | 1,257 |  |
Commercial construction | (1) |  |  | (19) |  |  | (1) |  |
Total Commercial Loan Charge-offs (Recoveries) | 12,229 |  |  | 67,300 |  |  | 3,554 |  |
Consumer loans: |  |  |  |  |  |
Residential mortgage | 274 |  |  | 74 |  |  | 289 |  |
Home equity | 204 |  |  | 16 |  |  | 13 |  |
Installment and other consumer | 206 |  |  | 682 |  |  | 421 |  |
Total Consumer Loan Charge-offs | 684 |  |  | 772 |  |  | 723 |  |
Total Net Loan Charge-offs (Recoveries) | $12,913 |  |  | $68,072 |  |  | $4,277 |  |

|  |  | Nine Months Ended September 30, |  |  |
(dollars in thousands) |  |  | 2020 |  | 2019 |
Loan Charge-offs (Recoveries) |  |  |  |  |  |
Charge-offs |  |  | $93,415 |  |  | $13,391 |  |
Recoveries |  |  | (1,273) |  |  | (1,743) |  |
Net Loan Charge-offs (Recoveries) |  |  | $92,142 |  | $11,648 |  |
Net Loan Charge-offs (Recoveries) |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |
Customer fraud |  |  | $58,671 |  | $— |  |
Commercial real estate |  |  | 16,979 |  | 2,699 |  |
Commercial and industrial |  |  | 14,592 |  | 7,661 |  |
Commercial construction |  |  | (22) |  | (4) |  |
Total Commercial Loan Charge-offs/(Recoveries) |  |  | 90,220 |  | 10,356 |  |
Consumer loans: |  |  |  |  |  |
Residential mortgage |  |  | 367 |  | 251 |  |
Home equity |  |  | 301 |  | 51 |  |
Installment and other consumer |  |  | 1,254 |  | 1,072 |  |
Consumer construction |  |  | — |  |  | (82) |  |
Total Consumer Loan Charge-offs |  |  | 1,922 |  | 1,292 |  |
Total Net Loan Charge-offs (Recoveries) |  |  | $92,142 |  | $11,648 |  |

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S&T Bancorp, Inc. |  | S&T Earnings Release - | 11
Consolidated Selected Financial Data |  |  |
Unaudited |  |  |

| 2020 |  | 2020 |  | 2019 |
| Third |  | Second |  | Third |
(dollars in thousands) | Quarter |  | Quarter |  | Quarter |
Asset Quality Data |  |  |  |  |  |
Nonperforming loans | $84,072 |  |  | $90,113 |  |  | $49,983 |  |
OREO | 2,317 |  |  | 2,740 |  |  | 1,724 |  |
Nonperforming assets | 86,389 |  |  | 92,853 |  |  | 51,707 |  |
Troubled debt restructurings (nonaccruing) | 18,648 |  |  | 31,755 |  |  | 14,496 |  |
Troubled debt restructurings (accruing) | 18,478 |  |  | 15,536 |  |  | 38,434 |  |
Total troubled debt restructurings | 37,126 |  |  | 47,291 |  |  | 52,930 |  |
Nonperforming loans / total loans | 1.13 | % |  | 1.19 | % |  | 0.81 | % |
Nonperforming assets / total loans plus OREO | 1.17 | % |  | 1.23 | % |  | 0.83 | % |
Allowance for credit losses / total portfolio loans | 1.64 | % |  | 1.52 | % |  | 1.00 | % |
Allowance for credit losses / nonperforming loans | 144 | % |  | 127 | % |  | 124 | % |
Net loan charge-offs (recoveries) | $12,913 |  |  | $68,072 |  |  | $4,277 |  |
Net loan charge-offs (recoveries)(annualized) / average loans | 0.69 | % |  | 3.58 | % |  | 0.28 | % |

|  |  | Nine Months Ended September 30, |  |  |
(dollars in thousands) |  |  | 2020 |  | 2019 |
Asset Quality Data |  |  |  |  |  |
Net loan charge-offs (recoveries) |  |  | $92,142 |  |  | $11,648 |  |
Net loan charge-offs (recoveries)(annualized) / average loans |  |  | 1.66 | % |  | 0.26 | % |

S&T Bancorp, Inc. |  | S&T Earnings Release - | 12
Consolidated Selected Financial Data |  |  |
Unaudited |  |  |

Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:

| 2020 |  | 2020 |  | 2019 |
| Third |  | Second |  | Third |
| Quarter |  | Quarter |  | Quarter |
(1) Tangible Book Value (non-GAAP) |  |  |  |  |  |
Total shareholders' equity | $1,142,115 |  |  | $1,135,777 |  |  | $982,447 |  |
Less: goodwill and other intangible assets | (382,681) |  |  | (383,032) |  |  | (289,538) |  |
Tax effect of other intangible assets | 1,946 |  |  | 2,046 |  |  | 439 |  |
Tangible common equity (non-GAAP) | $761,380 |  |  | $754,791 |  |  | $693,348 |  |
Common shares outstanding | 39,252 |  |  | 39,263 |  |  | 34,245 |  |
Tangible book value (non-GAAP) | $19.40 |  |  | $19.22 |  |  | $20.25 |  |
(2) Return on Average Tangible Shareholders' Equity (non-GAAP) |  |  |  |  |  |
Net (loss) income (annualized) | $66,455 |  |  | ($133,016) |  |  | $106,865 |  |
Plus: amortization of intangibles (annualized) | 2,619 |  |  | 2,623 |  |  | 647 |  |
Tax effect of amortization of intangibles (annualized) | (550) |  |  | (551) |  |  | (136) |  |
Net (loss) income before amortization of intangibles (annualized) | $68,524 |  |  | ($130,944) |  |  | $107,376 |  |
Average total shareholders' equity | $1,145,882 |  |  | $1,191,020 |  |  | $973,711 |  |
Less: average goodwill and other intangible assets | (382,780) |  |  | (384,197) |  |  | (289,622) |  |
Tax effect of average goodwill and other intangible assets | 1,999 |  |  | 2,116 |  |  | 457 |  |
Average tangible equity (non-GAAP) | $765,101 |  |  | $808,939 |  |  | $684,546 |  |
Return on average tangible shareholders' equity (non-GAAP) | 8.96 | % |  | (16.19 | %) |  | 15.69 | % |
(3) Efficiency Ratio (non-GAAP) |  |  |  |  |  |
Noninterest expense | $48,246 |  |  | $43,478 |  |  | $37,667 |  |
Less: merger related expenses | — |  |  | — |  |  | — |  |
Noninterest expense excluding nonrecurring items | $48,246 |  |  | $43,478 |  |  | $37,667 |  |
Net interest income per consolidated statements of net income | $69,276 |  |  | $70,148 |  |  | $61,196 |  |
Less: net (gains) losses on sale of securities | — |  |  | (142) |  |  | — |  |
Plus: taxable equivalent adjustment | 780 |  |  | 847 |  |  | 934 |  |
Net interest income (FTE) (non-GAAP) | $70,056 |  |  | $70,853 |  |  | $62,130 |  |
Noninterest income | 16,483 |  |  | 15,224 |  |  | 13,063 |  |
Net interest income (FTE) (non-GAAP) plus noninterest income | $86,539 |  |  | $86,077 |  |  | $75,193 |  |
Efficiency ratio (non-GAAP) | 55.75 | % |  | 50.51 | % |  | 50.09 | % |
(4) Tangible Common Equity / Tangible Assets (non-GAAP) |  |  |  |  |  |
Total shareholders' equity | $1,142,115 |  |  | $1,135,777 |  |  | $982,447 |  |
Less: goodwill and other intangible assets | (382,681) |  |  | (383,032) |  |  | (289,538) |  |
Tax effect of goodwill and other intangible assets | 1,946 |  |  | 2,046 |  |  | 439 |  |
Tangible common equity (non-GAAP) | $761,380 |  |  | $754,791 |  |  | $693,348 |  |
Total assets | $9,190,572 |  |  | $9,474,296 |  |  | $7,571,991 |  |
Less: goodwill and other intangible assets | (382,681) |  |  | (383,032) |  |  | (289,538) |  |
Tax effect of goodwill and other intangible assets | 1,946 |  |  | 2,046 |  |  | 439 |  |
Tangible assets (non-GAAP) | $8,809,837 |  |  | $9,093,310 |  |  | $7,282,892 |  |
Tangible common equity to tangible assets (non-GAAP) | 8.64 | % |  | 8.30 | % |  | 9.52 | % |
(5) Net Interest Margin Rate (FTE) (non-GAAP) |  |  |  |  |  |
Interest income | $76,848 |  |  | $80,479 |  |  | $79,813 |  |
Less: interest expense | 7,572 |  |  | 10,331 |  |  | (18,617) |  |
Net interest income per consolidated statements of net income | $69,276 |  |  | $70,148 |  |  | $61,196 |  |
Plus: taxable equivalent adjustment | 780 |  |  | 847 |  |  | 934 |  |
Net interest income (FTE) (non-GAAP) | $70,056 |  |  | $70,995 |  |  | $62,130 |  |
Net interest income (FTE) (annualized) | $278,701 |  |  | $285,540 |  |  | $246,494 |  |
Average earning assets | $8,477,074 |  |  | $8,611,952 |  |  | $6,816,359 |  |
Net interest margin - (FTE) (non-GAAP) | 3.29 | % |  | 3.31 | % |  | 3.62 | % |

- more -

S&T Bancorp, Inc. |  | S&T Earnings Release - | 13
Consolidated Selected Financial Data |  |  |
Unaudited |  |  |

Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures - continued:

| 2020 |  |  |  |  |
| Third |  |  |  |  |
| Quarter |  |  |  |  |
PTPP / Average Assets (non-GAAP) |  |  |  |  |  |
Income before taxes | $20,028 |  |  |  |  |  |
Plus: Provision for credit losses | 17,485 |  |  |  |  |  |
Total | 37,513 |  |  |  |  |  |
Total (annualized) (non-GAAP) | $149,237 |  |  |  |  |  |
Average assets | $9,293,004 |  |  |  |  |  |
PTPP / Average Assets (non-GAAP) | 1.61 | % |  |  |  |  |
|  |  | Nine Months Ended September 30, |  |  |
|  |  | 2020 |  | 2019 |
(6) Return on Average Tangible Shareholders' Equity (non-GAAP) |  |  |  |  |  |
Net (loss) income (annualized) |  |  | ($4,189) |  |  | $101,564 |  |
Plus: amortization of intangibles (annualized) |  |  | 2,595 |  |  | 680 |  |
Tax effect of amortization of intangibles (annualized) |  |  | (545) |  |  | (143) |  |
Net (loss) income before amortization of intangibles (annualized) |  |  | ($2,140) |  |  | $102,101 |  |
Average total shareholders' equity |  |  | $1,175,384 |  |  | $956,826 |  |
Less: average goodwill and other intangible assets |  |  | (383,000) |  |  | (289,786) |  |
Tax effect of average goodwill and other intangible assets |  |  | 2,116 |  |  | 491 |  |
Average tangible equity (non-GAAP) |  |  | $794,500 |  |  | $667,531 |  |
Return on average tangible equity (non-GAAP) |  |  | (0.27 | %) |  | 15.30 | % |
(7) Efficiency Ratio (non-GAAP) |  |  |  |  |  |
Noninterest expense |  |  | $138,115 |  |  | $116,938 |  |
Less: merger related expenses |  |  | (2,342) |  |  | — |  |
Noninterest expense excluding nonrecurring items |  |  | $135,773 |  |  | $116,938 |  |
Net interest income per consolidated statements of net income |  |  | $209,460 |  |  | $182,379 |  |
Less: net (gains) losses on sale of securities |  |  | (142) |  |  | — |  |
Plus: taxable equivalent adjustment |  |  | 2,477 |  |  | 2,854 |  |
Net interest income (FTE) (non-GAAP) |  |  | $211,795 |  |  | $185,233 |  |
Noninterest income |  |  | 44,110 |  |  | 37,326 |  |
Net interest income (FTE) (non-GAAP) plus noninterest income |  |  | $255,905 |  |  | $222,559 |  |
Efficiency ratio (non-GAAP) |  |  | 53.06 | % |  | 52.54 | % |
(8) Net Interest Margin Rate (FTE) (non-GAAP) |  |  |  |  |  |
Interest income |  |  | $244,916 |  |  | $238,028 |  |
Less: interest expense |  |  | 35,456 |  |  | (55,649) |  |
Net interest income per consolidated statements of net income |  |  | 209,460 |  |  | 182,379 |  |
Plus: taxable equivalent adjustment |  |  | 2,477 |  |  | 2,854 |  |
Net interest income (FTE) (non-GAAP) |  |  | $211,937 |  |  | $185,233 |  |
Net interest income (FTE) (annualized) |  |  | $283,098 |  |  | $247,656 |  |
Average earning assets |  |  | $8,389,976 |  |  | $6,744,127 |  |
Net interest margin - (FTE) (non-GAAP) |  |  | 3.37 | % |  | 3.67 | % |

- more -

S&T Bancorp, Inc. |  | S&T Earnings Release - | 14
Consolidated Selected Financial Data |  |  |
Unaudited |  |  |

The following profitability metrics for the nine months ended September 30, 2020 are adjusted to exclude a $58.7 million loss related to a customer fraud.

|  |  |  |  | 2020 |
|  |  |  |  | Nine Months Ended September 30, |
Return on Average Tangible Shareholders' Equity (non-GAAP) |  |  |  |  |  |
Net loss |  |  |  |  | ($3,136) |  |
Provision for credit losses |  |  |  |  | 58,671 |  |
Tax effect |  |  |  |  | (12,321) |  |
Net income excluding fraud |  |  |  |  | $43,214 |  |
Net income excluding fraud (annualized) |  |  |  |  | $57,724 |  |
Plus: amortization of intangibles (annualized) |  |  |  |  | 2,595 |  |
Tax effect of amortization of intangibles (annualized) |  |  |  |  | (545) |  |
Net income before amortization of intangibles (annualized) |  |  |  |  | $59,774 |  |
Average total shareholders' equity |  |  |  |  | $1,175,384 |  |
Less: average goodwill and other intangible assets |  |  |  |  | (383,000) |  |
Tax effect of average goodwill and other intangible assets |  |  |  |  | 2,116 |  |
Average tangible equity (non-GAAP) |  |  |  |  | $794,500 |  |
Return on average tangible shareholders' equity (non-GAAP) |  |  |  |  | 7.52 | % |
Return on Average Assets (non-GAAP) |  |  |  |  |  |
Net income excluding fraud (annualized) |  |  |  |  | $57,724 |  |
Average total assets |  |  |  |  | 9,162,380 |  |
Return on average assets (non-GAAP) |  |  |  |  | 0.63 | % |
Return on Average Equity (non-GAAP) |  |  |  |  |  |
Net income excluding fraud (annualized) |  |  |  |  | $57,724 |  |
Average total shareholders' equity |  |  |  |  | 1,175,384 |  |
Return on average assets (non-GAAP) |  |  |  |  | 4.91 | % |

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