Profile: S&T Bancorp Inc (STBA.O)
S&T Bancorp, Inc. (S&T), incorporated on March 17, 1983, is a bank holding company and has three wholly owned subsidiaries, S&T Bank, 9th Street Holdings, Inc. and STBA Capital Trust I. The Company also owns certain interest in Commonwealth Trust Credit Life Insurance Company (CTCLIC). As of December 31, 2012, the Company had approximately $3.4 billion in loans and $3.6 billion in deposits. S&T Bank is a full service bank. It provides its services to its customers through offices located in Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson and Westmoreland counties of Pennsylvania. It operates in three segments: Community Banking, Wealth Management and Insurance. Its Community Banking segment offers services, which include accepting time and demand deposit accounts, originating commercial and consumer loans, and providing letters of credit and credit card services. The Wealth Management segment offers discount brokerage services, services as executor and trustee under wills and deeds, guardian and custodian of employee benefits and other trust and brokerage services, as well as an investment advisor that manages private investment accounts for individuals and institutions. Total Wealth Management assets under management and administration were approximately $1.7 billion at December 31, 2012. The Insurance segment includes a full-service insurance agency offering commercial property and casualty insurance, group life and health coverage, employee benefit solutions and personal insurance lines.
Commercial loans, including commercial real estate (CRE), commercial and industrial (C&I), and commercial construction, consisted of 72% of total portfolio loans at December 31, 2012. During the year ended December 31, 2011, home equity and residential mortgage loans consisted of 25% of the loan portfolio. The Company offers a variety of unsecured and secured consumer loan and credit card products. CRE loans are secured by commercial purpose real estate, including both owner occupied properties and investment properties for various purposes, such as hotels, strip malls and apartments.
C&I loans are made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Commercial construction loans are made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. Consumer real estate loans are secured by one- to four-family residences, including purchase money mortgages, first and second lien home equity loans and home equity lines of credit. Other consumer loans are made to individuals and may be secured by assets other than one- to four-family residences, or may be unsecured. This class of loans includes auto loans, unsecured lines and credit cards.
All securities, including both debt and equity securities, are classified as available-for-sale. As of December 31, 2011, the Company’s portfolio of securities available-for-sale included obligations of the United States Government corporations and agencies, collateralized mortgage obligations of the United States Government corporations and agencies, Mortgage-backed securities of the United States Government corporations and agencies, obligations of states and political subdivisions, and marketable equity securities.
Sources of Funds
Deposits are the primary source of funds for the Company. Borrowings are an additional source of funding for the Company. Certificates of deposit of $100,000 and over were 10% of total deposits at December 31, 2012. At December 31, 2012, its portfolio of deposits included noninterest-bearing demand account, interest-bearing demand account, money market account, savings account and certificates of deposit.
S&T Bank has four wholly owned subsidiaries: S&T Insurance Group, LLC, S&T Professional Resources Group, LLC, S&T Bancholdings, Inc. and Stewart Capital Advisors, LLC. S&T Insurance Group, LLC, through its subsidiaries, offers a variety of insurance products. S&T Professional Resources Group, LLC markets software developed by S&T Bank. S&T Bancholdings, Inc. is an investment company. Stewart Capital Advisors, LLC, is an investment advisor that manages private investment accounts for individuals and institutions and advises the Stewart Capital Mid Cap Fund.
S&T Bancorp Inc
800 PHILADELPHIA STREET,
PO Box 190
INDIANA PA 15701