Welcome to the S&T Bancorp, Inc. second quarter earnings conference call. (Operator Instructions) It is now my pleasure to introduce your host Robert E. Rout, Senior Executive Vice President, Chief Administrative Officer & Chief Financial Officer of S&T Bancorp, Inc.

Before beginning the presentation, I want to take time to refer you to our statement about forward-looking statements and risk factors on the third slide of our webcast presentation. This statement provides the cautionary language required by the Securities & Exchange Commission for forward-looking statements that may be included in this presentation. Listeners are also reminded that a copy of the second quarter earnings release can be investor relations website at www.STBancorp.com. A set of financial highlight slides is included with the webcast information and supports what we are about to discuss but we do not plan to review the slides in detail but would be more than happy to respond to any questions concerning them or any other aspect of our financial performance. I would like now to introduce Todd Brice S&T’s President and CEO who will provide an overview of S&Ts first quarter results.

As you can see from our earnings release and financial slides accompanying this webcast, we had another solid quarter and we’re very pleased with our quarter and year-to-date results. Growth in our core lines of business has been the primary driver in our performance and we continue to be positive about our growth prospects in spite of current market conditions. Earnings per share of $0.54 represents a slight decrease over the same period last year but this quarter’s results do include $4.2 million of one-time expenses relating to the IBT merger, write downs in our equities portfolio from some of our bank holdings and a write down in our low income and housing tax credit partnerships. We believe that the market disruptions created by the subprime loan crisis are presenting tremendous growth opportunities for banks like us that have not strayed from banking fundamentals and I never miss an opportunity to remind investors that we don’t have any subprime exposure in our loan or investment portfolios. Bob will provide a more comprehensive analysis of our financial statements in a few minutes. But, I do want to highlight several areas that are impacting our results. Commercial loan volume is running at a record pace along with solid performances in the retail side of our business. This increase is attributed to several factors, the relatively stable economy in Western Pennsylvania, which has not experienced a devaluation in real estate that other markets are dealing with, our credit issues that are impacting creditors and also a very tight securitization market. In addition to increased volumes we are taking advantage of market conditions to increase loan spreads as well as structuring transactions on more favorable terms. We believe that we are uniquely positioned with the depth of our lending staff to take advantages of…

As a follow up to Todd’s comments, we are very encouraged by the performance indicators that we’re seeing in the numbers after looking through the one-time issues. So, it is probably worthwhile to take a few minutes to walk through those one-time issues. The first being $900,000 of non-capitalized merger costs. These were mostly data processing, conversion, marketing and new account kits and new debt cards for the Irwin Bank customers. We also incurred a $700,000 loss on the sale of Irwin Bank debt securities. These securities were mark-to-market on Friday, June 6th when we consummated the merger and it was our plan to sell them since they really weren’t a good mix with our own portfolio. But, by Monday, long term rates had moved up significantly causing us to incur some additional loss beyond the original mark-to-market. The third item is S&T is currently a limited partner in 22 affordable housing partnerships. Five of those partnerships have reached the end of their tax credit period and were scheduled for impairment review. As a result we incurred a $1.4 million evaluation charge on these five partnerships. What we have done is also adjusted our future accounting for all of our partnerships so impairment will not be an issue going. We incurred a $1.1 million impairment charge this quarter for two bank common stock equity holdings. As we have stated previously we are in the process of methodically exiting our equity portfolios except for those with select strategic stake out positions. These portfolios currently have a market value of $23 million and are primarily made up of bank holding company common stock. Within that portfolio there is no preferred stock or any Fannie Mae or Freddy Mac issuance. Now, while this equity portfolio has started to swell over the years, we…

Thank you for participating in today’s conference call and Bob and I appreciate the opportunity to discuss this quarter’s results and we look forward to hearing from you at our next conference call.