S&T Bancorp - 10-Q quarterly report FY2024 Q1

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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, 2024


☐			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	NASDAQ Global Select Market

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 - 38,235,882 shares as of April 30, 2024

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S&T BANCORP, INC. AND SUBSIDIARIES

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S&T BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)





	March 31, 2024			December 31, 2023
(in thousands, except share and per share data)	(Unaudited)			(Audited)
ASSETS
Cash and due from banks, including interest-bearing deposits of $143,927 and $160,802 at March 31, 2024 and December 31, 2023		$	207,462		$	233,612
Securities available for sale, at fair value		970,728			970,391
Loans held for sale		—			153
Portfolio loans, net of unearned income		7,656,034			7,653,341
Allowance for credit losses		(104,802)			(107,966)
Portfolio loans, net		7,551,232			7,545,375
Bank owned life insurance		83,900			84,008
Premises and equipment, net		47,956			49,006
Federal Home Loan Bank and other restricted stock, at cost		13,703			25,082
Goodwill		373,424			373,424

Other assets		290,698			270,475
Total Assets		$	9,539,103		$	9,551,526
LIABILITIES
Deposits:
Noninterest-bearing demand		$	2,188,927		$	2,221,942
Interest-bearing demand		848,729			825,787
Money market		1,882,157			1,941,842
Savings		936,056			950,546
Certificates of deposit		1,744,478			1,581,652
Total Deposits		7,600,347			7,521,769

Short-term borrowings		285,000			415,000
Long-term borrowings		39,156			39,277
Junior subordinated debt securities		49,373			49,358

Other liabilities		270,153			242,677
Total Liabilities		8,244,029			8,268,081
SHAREHOLDERS’ EQUITY
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—41,449,444 shares at March 31, 2024 and December 31, 2023 Outstanding—38,233,280 shares at March 31, 2024 and 38,232,806 shares at December 31, 2023		103,623			103,623
Additional paid-in capital		409,857			409,034
Retained earnings		977,195			959,604
Accumulated other comprehensive loss		(97,697)			(90,901)
Treasury stock — 3,216,164 shares at March 31, 2024 and 3,216,638 shares at December 31, 2023, at cost		(97,904)			(97,915)
Total Shareholders’ Equity		1,295,074			1,283,445
Total Liabilities and Shareholders’ Equity		$	9,539,103		$	9,551,526

See Notes to Consolidated Financial Statements

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S&T BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)




	Three Months Ended March 31,
(dollars in thousands, except per share data)	2024			2023
INTEREST AND DIVIDEND INCOME
Loans, including fees		$	118,577		$	102,724
Investment Securities:
Taxable		8,595			7,457
Tax-exempt		193			214
Dividends		389			508
Total Interest and Dividend Income		127,754			110,903
INTEREST EXPENSE
Deposits		36,662			14,903
Borrowings, junior subordinated debt securities and other		7,615			7,209
Total Interest Expense		44,277			22,112
NET INTEREST INCOME		83,477			88,791
Provision for credit losses		2,627			922
Net Interest Income After Provision for Credit Losses		80,850			87,869
NONINTEREST INCOME

Debit and credit card		4,235			4,373
Service charges on deposit accounts		3,828			4,076
Wealth management		3,042			2,948
Mortgage banking		277			301
Other		1,448			1,492
Total Noninterest Income		12,830			13,190
NONINTEREST EXPENSE
Salaries and employee benefits		29,512			27,601
Data processing and information technology		4,954			4,258
Occupancy		3,870			3,835
Furniture, equipment and software		3,472			2,861
Marketing		1,943			1,853
Other taxes		1,871			1,790
Professional services and legal		1,720			1,821
FDIC insurance		1,049			1,012
Other		6,129			6,668
Total Noninterest Expense		54,520			51,699
Income Before Taxes		39,160			49,360
Income tax expense		7,921			9,561
Net Income		$	31,239		$	39,799
Earnings per share—basic		$	0.82		$	1.02
Earnings per share—diluted		$	0.81		$	1.02
Dividends declared per share		$	0.33		$	0.32
Comprehensive Income		$	24,443		$	55,266

See Notes to Consolidated Financial Statements

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S&T BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(Unaudited)



	Three Months Ended March 31, 2023
(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, 2023		$	103,623		$	406,283		$	863,948		$	(112,125)		$	(77,070)		$	1,184,659
Net income for the three months ended March 31, 2023		—			—			39,799			—			—			39,799
Other comprehensive income, net of tax		—			—			—			15,467			—			15,467
Impact of adoption of ASU 2022-02		—			—			(447)			—			—			(447)
Cash dividends declared ($0.32 per share)		—			—			(12,494)			—			—			(12,494)

Forfeitures of restricted stock awards (1,577 shares)		—			—			34			—			(53)			(19)


Recognition of restricted stock compensation expense		—			830			—			—			—			830





Balance at March 31, 2023		$	103,623		$	407,113		$	890,840		$	(96,658)		$	(77,123)		$	1,227,795
See Notes to Consolidated Financial Statements

	Three months ended March 31, 2024
(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, 2024		$	103,623		$	409,034		$	959,604		$	(90,901)		$	(97,915)		$	1,283,445
Net Income for the three months ended March 31, 2024		—			—			31,239			—			—			31,239
Other comprehensive loss, net of tax		—			—			—			(6,796)			—			(6,796)
Impact of adoption of ASU 2023-02		—			—			(1,002)			—			—			(1,002)
Cash dividends declared ($0.33 per share)		—			—			(12,661)			—			—			(12,661)
Treasury stock issued for restricted stock awards (2,062 shares)		—			(63)			—			—			63			—
Forfeitures of restricted stock awards (1,588 shares)		—			—			15			—			(52)			(37)


Recognition of restricted stock compensation expense		—			886			—			—			—			886





Balance at March 31, 2024		$	103,623		$	409,857		$	977,195		$	(97,697)		$	(97,904)		$	1,295,074
See Notes to Consolidated Financial Statements

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S&T BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



	Three months ended March 31,

(dollars in thousands)	2024		2023
OPERATING ACTIVITIES






















Net Cash Provided by Operating Activities	$	46,378	$	44,255
INVESTING ACTIVITIES
Purchases of securities	(34,243)		(11,226)
Proceeds from maturities, prepayments and calls of securities	27,018		28,140
Proceeds from sales of securities	74		—

Redemption (purchases) of Federal Home Loan Bank stock	11,379		(7,227)
Net increase in loans	(18,004)		(63,646)
Proceeds from sale of portfolio loans	8,923		1,947

Purchases of premises and equipment	(643)		(1,439)
Proceeds from the sale of premises and equipment	110		57
Proceeds from life insurance settlement	584		—
Net payments from cash flow hedge	(3,536)		(2,351)


Net Cash Used in Investing Activities	(8,338)		(55,745)
FINANCING ACTIVITIES
Net decrease in demand, money market and savings deposits	(84,247)		(307,521)
Net increase in certificates of deposit	162,831		240,664
Net (decrease) increase in short-term borrowings	(130,000)		125,000

Repayments on long-term borrowings	(121)		(113)

Repurchase of shares for taxes on restricted stock	(37)		(19)

Cash dividends paid to common shareholders	(12,616)		(12,378)



Net Cash (Used in) Provided by Financing Activities	(64,190)		45,633
Net (decrease) increase in cash and due from banks	(26,150)		34,143
Cash and due from banks at beginning of period	233,612		210,009
Cash and Due From Banks at End of Period	$	207,462	$	244,152







Supplemental Disclosures



Right of use assets obtained in exchange for lease obligations	$	—	$	1,270
Cash paid for interest	$	40,656	$	18,095
Cash paid for income taxes, net of refunds	$	140	$	(7)


Transfers of loans to other real estate owned	$	65	$	11

See Notes to Consolidated Financial Statements

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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, 2023, filed with the Securities and Exchange Commission, or SEC, on February 27, 2024 (2023 Form 10-K). 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.

Recently Adopted Accounting Standards

Investments Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

In March 2023, the FASB issued ASU 2023-02, Investments Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, or PAM, to allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. If certain conditions are met, a reporting entity may elect to account for its tax equity investments using the PAM regardless of the program from which it receives income tax credits, instead of only using it for low-income-housing tax credit, or LIHTC, structures. This amendment also eliminates the ability to account for LIHTC investments using the cost method. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. We adopted this ASU, as of January 1, 2024, using a modified retrospective transition approach, which resulted in a $1.0 million cumulative effect adjustment being recorded to retained earnings related to the transition of the cost method to the proportional amortization method on LIHTC partnerships. We also elected to apply PAM to our qualifying historic tax credit, or HTC, equity investments. Results for reporting periods beginning after January 1, 2024 are presented using the PAM, while prior period amounts continue to be reported in accordance with previously applicable GAAP. Under the previously applicable accounting guidance, tax credit investments were accounted for using the cost method. The investment was amortized on a straight-line basis over a maximum of 10 years, which represents the period over which the tax credits will be utilized. The amortization expense was recognized in other noninterest expense and the tax credits offset income tax expense. Under the PAM, the equity investment is amortized in proportion to the income tax credits and other income tax benefits received. The amortization expense and the income tax credits are required to be presented on a net basis in income tax expense on the Condensed Consolidated Statements of Comprehensive Income. Refer to Note 7 Tax Credit Equity Investments for additional disclosures.

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Recently Issued Accounting Standards Not Yet Adopted

Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This update does not change how a public entity identifies its operating segments; however, it does require that an entity that has a single reportable segment provide all the disclosures required by the amendments in this update. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. A public entity should apply the amendments in this update retrospectively to all prior periods presented in the consolidated financial statements. Early adoption is permitted. We currently have one reportable operating segment, Community Banking. This ASU will not impact our consolidated financial statements and will have minimal impact to our disclosures, requiring identification of the chief operating decision maker and the information used to make operating decisions and to allocate resources.

Income Taxes (Topic 740) Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to enhance the transparency and decision usefulness of the disclosures. The amendments in this update address investor requests for more transparency about income tax information through improvements to disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual consolidated financial statements that have not yet been issued. This ASU is not expected to have a significant impact on disclosures, and will not impact our consolidated financial statements.

NOTE 2. EARNINGS PER SHARE

Diluted EPS is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted EPS. The two-class method was used to determine EPS for the three months ended March 31, 2024 and the treasury stock method was used to determined earnings per share for the three months ended March 31, 2023.

The following table reconciles the numerators and denominators of basic and diluted EPS calculations for the periods presented:


	Three months ended March 31,
(in thousands, except share and per share data)	2024			2023
Numerator for Earnings per Share—Basic and Diluted:
Net income—Treasury Stock Method—Basic and Diluted		$	31,239		$	39,799
Less: Income allocated to participating shares		12			45
Net Income Allocated to Shareholders—Two-Class Method—Basic and Diluted		$	31,227		$	39,754













Denominator for Earnings per Share—Treasury Stock Method—Basic and Diluted:
Weighted Average Shares Outstanding—Basic		38,192,235			38,865,669
Add: Potentially dilutive shares		239,514			166,393
Denominator for Treasury Stock Method—Diluted		38,431,749			39,032,062

Denominator for Earnings per Share—Two-Class Method—Basic and Diluted:
Weighted Average Shares Outstanding—Basic		38,192,235			38,865,669
Add: Average participating shares outstanding		225,850			108,991
Denominator for Two-Class Method—Diluted		38,418,085			38,974,660


Earnings per share—basic		$	0.82		$	1.02
Earnings per share—diluted		$	0.81		$	1.02

Restricted stock considered anti-dilutive excluded from potentially dilutive shares		71			1,133

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 financial instruments 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.

There have been no changes in our valuation methodologies during the three months ended March 31, 2024. Refer to Note 1 Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in our 2023 Form 10-K for more information on the valuation methodologies that we use for financial instruments recorded at fair value on a recurring or nonrecurring basis.

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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, 2024
(dollars in thousands)	Level 1		Level 2		Level 3		Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities	$	132,586	$	—	$	—	$	132,586
Obligations of U.S. government corporations and agencies	—		32,593		—		32,593
Collateralized mortgage obligations of U.S. government corporations and agencies	—		467,198		—		467,198
Residential mortgage-backed securities of U.S. government corporations and agencies	—		36,662		—		36,662
Commercial mortgage-backed securities of U.S. government corporations and agencies	—		275,749		—		275,749

Obligations of states and political subdivisions	—		25,005		—		25,005
Total Available-for-Sale Debt Securities	132,586		837,207		—		969,793
Equity securities	935		—		—		935
Total Securities Available for Sale	133,521		837,207		—		970,728
Securities held in a deferred compensation plan	10,257		—		—		10,257
Derivative financial assets:
Interest rate swaps - commercial loans	—		72,093		—		72,093



Total Assets	$	143,778	$	909,300	$	—	$	1,053,078
LIABILITIES
Derivative financial liabilities:
Interest rate swaps - commercial loans	$	—	$	72,578	$	—	$	72,578


Interest rate swaps - cash flow hedge	—		18,404		—		18,404
Total Liabilities	$	—	$	90,982	$	—	$	90,982


	December 31, 2023
(dollars in thousands)	Level 1		Level 2		Level 3		Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities	$	133,786	$	—	$	—	$	133,786
Obligations of U.S. government corporations and agencies	—		32,513		—		32,513
Collateralized mortgage obligations of U.S. government corporations and agencies	—		460,939		—		460,939
Residential mortgage-backed securities of U.S. government corporations and agencies	—		38,177		—		38,177
Commercial mortgage-backed securities of U.S. government corporations and agencies	—		273,425		—		273,425

Obligations of states and political subdivisions	—		30,468		—		30,468
Total Available-for-Sale Debt Securities	133,786		835,522		—		969,308
Equity securities	1,010		73		—		1,083
Total Securities Available for Sale	134,796		835,595		—		970,391
Securities held in a deferred compensation plan	9,399		—		—		9,399
Derivative financial assets:
Interest rate swaps - commercial loans	—		63,018		—		63,018



Total Assets	$	144,195	$	898,613	$	—	$	1,042,808
LIABILITIES
Derivative financial liabilities:
Interest rate swaps - commercial loans	$	—	$	63,554	$	—	$	63,554

Interest rate swaps - cash flow hedge	—		14,739		—		14,739
Total Liabilities	$	—	$	78,293	$	—	$	78,293

Assets Recorded at Fair Value on a Nonrecurring Basis

We may be required to measure certain assets and liabilities at fair value on a nonrecurring basis. Nonrecurring assets are recorded at the lower of cost or fair value in our consolidated financial statements. There were no liabilities measured at fair value on a nonrecurring basis at either March 31, 2024 or December 31, 2023. There were no Level 3 assets measured at fair

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

value on a nonrecurring basis as of March 31, 2024 or December 31, 2023. There was one Level 2 individually assessed loan measured at fair value on a nonrecurring basis for $13.4 million at March 31, 2024 and $5.9 million at December 31, 2023.

Fair Value of Financial Instruments

The following tables present the carrying values and fair values of our financial instruments at the dates presented:


	Carrying Value(1)		Fair Value Measurements at March 31, 2024
(dollars in thousands)			Total		Level 1		Level 2		Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits	$	207,462	$	207,462	$	207,462	$	—	$	—
Securities available for sale	970,728		970,728		133,521		837,207		—

Portfolio loans, net	7,551,232		7,247,276		—		—		7,247,276
Collateral receivable	6,770		6,770		6,770		—		—
Securities held in a deferred compensation plan	10,257		10,257		10,257		—		—
Mortgage servicing rights	6,153		8,809		—		—		8,809
Interest rate swaps - commercial loans	72,093		72,093		—		72,093		—



LIABILITIES
Deposits	$	7,600,347	$	7,588,523	$	5,855,869	$	1,732,654	$	—
Collateral payable	58,587		58,587		58,587		—		—

Short-term borrowings	285,000		284,631		—		284,631		—
Long-term borrowings	39,156		38,924		—		38,924		—
Junior subordinated debt securities	49,373		49,373		—		49,373		—
Interest rate swaps - commercial loans	72,578		72,578		—		72,578		—
Interest rate swaps - cash flow hedge	18,404		18,404		—		18,404		—


(1) As reported in the Consolidated Balance Sheets


	Carrying Value(1)		Fair Value Measurements at December 31, 2023
(dollars in thousands)			Total		Level 1		Level 2		Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits	$	233,612	$	233,612	$	233,612	$	—	$	—
Securities available for sale	970,391		970,391		134,796		835,595		—
Loans held for sale	153		153		—		153		—
Portfolio loans, net	7,545,375		7,263,270		—		—		7,263,270
Collateral receivable	5,356		5,356		5,356		—		—
Securities held in a deferred compensation plan	9,399		9,399		9,399		—		—
Mortgage servicing rights	6,345		8,704		—		—		8,704
Interest rate swaps - commercial loans	63,018		63,018		—		63,018		—


LIABILITIES
Deposits	$	7,521,769	$	7,511,598	$	5,940,117	$	1,571,481	$	—
Collateral payable	50,920		50,920		50,920		—		—

Short-term borrowings	415,000		415,000		—		415,000		—
Long-term borrowings	39,277		38,995		—		38,995		—
Junior subordinated debt securities	49,358		49,358		—		49,358		—
Interest rate swaps - commercial loans	63,554		63,554		—		63,554		—
Interest rate swaps - cash flow hedge	14,739		14,739		—		14,739		—

(1) As reported in the Consolidated Balance Sheets

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 4. SECURITIES

The following table presents the fair values of our securities portfolio at the dates presented:


(dollars in thousands)	March 31, 2024		December 31, 2023
Debt securities	$	969,793	$	969,308
Equity securities		935		1,083
Total Securities Available for Sale	$	970,728	$	970,391

The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented:


	March 31, 2024												December 31, 2023
(dollars in thousands)	Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value			Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
U.S. Treasury securities		$	144,009		$	—		$	(11,423)		$	132,586		$	144,292		$	—		$	(10,506)		$	133,786
Obligations of U.S. government corporations and agencies		33,302			—			(709)			32,593			33,342			—			(829)			32,513
Collateralized mortgage obligations of U.S. government corporations and agencies		517,555			405			(50,762)			467,198			507,942			1,068			(48,071)			460,939
Residential mortgage-backed securities of U.S. government corporations and agencies		43,714			4			(7,056)			36,662			44,707			7			(6,537)			38,177
Commercial mortgage-backed securities of U.S. government corporations and agencies		293,868			214			(18,333)			275,749			290,775			458			(17,808)			273,425

Obligations of states and political subdivisions		25,133			—			(128)			25,005			30,255			213			—			30,468
Total Available-for-Sale Debt Securities(1)		$	1,057,581		$	623		$	(88,411)		$	969,793		$	1,051,313		$	1,746		$	(83,751)		$	969,308

(1) Excludes interest receivable of $3.4 million at March 31, 2024 and $3.8 million at December 31, 2023. Interest receivable is included in other assets in the Consolidated Balance Sheets.

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented:


	March 31, 2024
	Less Than 12 Months					12 Months or More					Total
(dollars in thousands)	Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
U.S. Treasury securities	1	$	9,956	$	(119)	13	$	122,630	$	(11,304)	14	$	132,586	$	(11,423)
Obligations of U.S. government corporations and agencies	—	—		—		5	32,593		(709)		5	32,593		(709)
Collateralized mortgage obligations of U.S. government corporations and agencies	8	74,366		(741)		58	355,094		(50,021)		66	429,460		(50,762)
Residential mortgage-backed securities of U.S. government corporations and agencies	11	91		(1)		14	36,394		(7,055)		25	36,485		(7,056)
Commercial mortgage-backed securities of U.S. government corporations and agencies	1	10,274		(74)		28	241,659		(18,259)		29	251,933		(18,333)
Obligations of states and political subdivisions	4	25,005		(128)		—	—		—		4	25,005		(128)


Total	25	$	119,692	$	(1,063)	118	$	788,370	$	(87,348)	143	$	908,062	$	(88,411)


	December 31, 2023
	Less Than 12 Months					12 Months or More					Total
(dollars in thousands)	Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses		Number of Securities	Fair Value		Unrealized Losses
U.S. Treasury securities	1	$	10,036	$	(52)	13	$	123,750	$	(10,454)	14	$	133,786	$	(10,506)
Obligations of U.S. government corporations and agencies	—	—		—		5	32,513		(829)		5	32,513		(829)
Collateralized mortgage obligations of U.S. government corporations and agencies	4	35,161		(318)		57	351,220		(47,753)		61	386,381		(48,071)
Residential mortgage-backed securities of U.S. government corporations and agencies	10	100		(1)		14	37,877		(6,536)		24	37,977		(6,537)
Commercial mortgage-backed securities of U.S. government corporations and agencies	—	—		—		29	249,005		(17,808)		29	249,005		(17,808)



Total	15	$	45,297	$	(371)	118	$	794,365	$	(83,380)	133	$	839,662	$	(83,751)

We evaluate securities with unrealized losses quarterly to determine if the decline in fair value has resulted from credit impairment or other factors. We do not believe any individual unrealized loss as of March 31, 2024 represents a credit impairment. There were 143 debt securities in an unrealized loss position at March 31, 2024 and 133 debt securities in an unrealized loss position at December 31, 2023. The unrealized losses on debt securities were attributable to changes in interest rates and not related to the credit quality of the issuers. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. We do not intend to sell, and it is more likely than not that we will not be required to sell, the securities in an unrealized loss position before recovery of their amortized cost.

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive income (loss), for the periods presented:


	March 31, 2024						December 31, 2023
(dollars in thousands)	Gross Unrealized Gains		Gross Unrealized Losses		Net Unrealized Losses		Gross Unrealized Gains		Gross Unrealized Losses		Net Unrealized Losses
Total unrealized gains (losses) on available-for-sale debt securities	$	623	$	(88,411)	$	(87,788)	$	1,746	$	(83,751)	$	(82,005)
Income tax (expense) benefit	(134)		19,041		18,907		(372)		17,824		17,452
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss)	$	489	$	(69,370)	$	(68,881)	$	1,374	$	(65,927)	$	(64,553)

The amortized cost and fair value of available-for-sale debt securities at March 31, 2024 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


	March 31, 2024
(dollars in thousands)	Amortized Cost		Fair Value
Obligations of the U.S. Treasury, U.S. government corporations and agencies and obligations of states and political subdivisions
Due in one year or less	$	22,976	$	22,705
Due after one year through five years	156,965		145,090
Due after five years through ten years	22,503		22,389
Due after ten years	—		—
Available-for-Sale Debt Securities With Fixed Maturities	202,444		190,184
Debt Securities without a single maturity date
Collateralized mortgage obligations of U.S. government corporations and agencies	517,555		467,198
Residential mortgage-backed securities of U.S. government corporations and agencies	43,714		36,662
Commercial mortgage-backed securities of U.S. government corporations and agencies	293,868		275,749


Total Available-for-Sale Debt Securities	$	1,057,581	$	969,793

Debt securities are pledged in order to meet various regulatory and legal requirements. Restricted pledged securities had a carrying value of $194.4 million at March 31, 2024 and $18.4 million at December 31, 2023. Unrestricted pledged securities had a carrying value of $207.7 million at March 31, 2024 and $214.0 million at December 31, 2023. Any changes to restricted pledged securities require approval of the pledge beneficiary. Approval is not required for unrestricted pledged securities.

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loans and Loans Held for Sale

Loans are presented net of unearned income. Unearned income consisted of net deferred loan fees and costs of $5.8 million at March 31, 2024 and $6.6 million at December 31, 2023 and a discount related to purchase accounting fair value adjustments of $2.9 million at March 31, 2024 and $3.1 million at December 31, 2023.

The following table summarizes the composition of originated and acquired loans as of the dates presented:


(dollars in thousands)	March 31, 2024		December 31, 2023
Commercial real estate	$	2,699,782	$	2,659,135
Commercial and industrial	1,410,517		1,436,183
Commercial construction	347,375		350,583
Business banking	1,307,155		1,360,765
Consumer real estate	1,782,973		1,731,778
Other consumer	108,232		114,897
Total Portfolio Loans	$	7,656,034	$	7,653,341
Loans held for sale	—		153
Total Loans(1)	$	7,656,034	$	7,653,494

(1) Excludes interest receivable of $36.1 million at March 31, 2024 and $35.3 million at December 31, 2023. Interest receivable is included in other assets in the Consolidated Balance Sheets.

Modifications to Borrowers Experiencing Financial Difficulty

The following tables present the amortized cost of loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the periods presented:














	Three Months Ended March 31, 2024
(dollars in thousands)	Term Extension		Term Extension and Interest Rate Reduction		Total		% of Portfolio Segment
Commercial real estate	$	833	$	—	$	833	0.03	%





Total	$	833	$	—	$	833	0.01	%














	Three Months Ended March 31, 2023
(dollars in thousands)	Term Extension		Term Extension and Interest Rate Reduction		Total		% of Portfolio Segment
Commercial real estate	$	15,849	$	—	$	15,849	0.63	%
Commercial and industrial	594		—		594		0.04	%


Consumer real estate	63		196		259		0.02	%

Total	$	16,506	$	196	$	16,702	0.23	%

The following tables describe the effect of loan modifications made to borrowers experiencing financial difficulty during the periods presented:

Three Months Ended March 31, 2024

Weighted-Average Term Extension (in months)

Weighted-Average Interest Rate Reduction

Commercial real estate

—



	Three Months Ended March 31, 2023
		Weighted-Average Term Extension (in months)	Weighted-Average Interest Rate Reduction
Commercial real estate			6	—
Commercial and industrial			72	—


Consumer real estate			168	2%

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We closely monitor the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts.

The following tables present the aging analysis of modifications to borrowers experiencing financial difficulty in the last 12 months as of the date presented:


	March 31, 2024
(dollars in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Total
Commercial real estate	$	8,579	$	—	$	—	$	—	$	8,579
Commercial and industrial	—		2,105		7,998		—		10,103

Business banking	115		—		—		—		115


Total	$	8,694	$	2,105	$	7,998	$	—	$	18,797


	March 31, 2023
(dollars in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Total
Commercial real estate	$	15,849	$	—	$	—	$	—	$	15,849
Commercial and industrial	594		—		—		—		594


Consumer real estate	259		—		—		—		259

Total	$	16,702	$	—	$	—	$	—	$	16,702

A payment default is defined as a loan having a payment past due 90 days or more. There were no payment defaults during the three months ended March 31, 2024 and March 31, 2023 related to loans that were modified within the 12 months prior to default. Additionally, we had three commitments to lend an additional $0.5 million to borrowers experiencing financial difficulty that had a modification during the three months ended March 31, 2024 and three commitments to lend an additional $1.6 million to borrowers experiencing financial difficulty that had a modification during 2023.

The effect of modifications made to borrowers experiencing financial difficulty is already included in the ACL because of the measurement methodologies used to estimate the ACL, therefore, a change to the ACL is generally not recorded upon modification. If principal forgiveness is provided, that portion of the loan will be charged-off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the ACL. An assessment of whether the borrower is experiencing financial difficulty is made on the date of a modification.

The following table is a summary of nonperforming assets as of the dates presented:


	Nonperforming Assets
(dollars in thousands)	March 31, 2024			December 31, 2023
Nonperforming Assets
Nonaccrual Loans		$	33,209		$	22,947
OREO		140			75
Total Nonperforming Assets		$	33,349		$	23,022

Allowance for Credit Losses

We maintain an Allowance for Credit Losses, or ACL, at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) CRE, 2) C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer.

The following are key risks within each portfolio segment:

CRE—Loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes such as hotels, retail, multifamily and health care. Operations of the individual projects and global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and the business prospects of the lessee, if the project is not owner-occupied.

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

C&I—Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt.

Commercial Construction—Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While these loans are generally confined to the construction/development period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer.

Business Banking—Commercial purpose loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. The business banking portfolio is monitored by utilizing a standard and closely managed process focusing on behavioral and performance criteria. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and business.

Consumer Real Estate—Loans secured by first and second liens such as 1-4 family residential mortgages, home equity loans and home equity lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt.

Other Consumer—Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans, unsecured loans and lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values.

Management monitors various credit quality indicators for the commercial, business banking and consumer loan portfolios, including changes in risk ratings, nonperforming status and delinquency on a monthly basis.

We monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention or substandard.

Our risk ratings are consistent with regulatory guidance and are as follows:

Pass—The loan is currently performing and is of high quality.

Special Mention—A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date.

Substandard—A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.

Doubtful—Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable.

The following tables present loan balances by year of origination and internally assigned risk rating for our portfolio segments as of the dates presented:

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	March 31, 2024
	Risk Rating
(dollars in thousands)	2024		2023		2022		2021		2020		2019 and Prior		Revolving		Revolving-Term		Total

Commercial Real Estate
Pass	$	25,970	$	281,115	$	349,797	$	458,810	$	226,569	$	1,144,226	$	34,138	$	—	$	2,520,625
Special mention	—		—		1,429		5,984		—		95,502		—		—		102,915
Substandard	—		—		—		—		2,330		73,912		—		—		76,242
Doubtful	—		—		—		—		—		—		—		—		—
Total Commercial Real Estate	25,970		281,115		351,226		464,794		228,899		1,313,640		34,138		—		2,699,782
Year-to-date Gross Charge-offs	—		—		—		—		—		5,205		—		—		5,205

Commercial and Industrial
Pass	13,824		173,323		226,390		165,616		50,753		212,441		482,770		—		1,325,117
Special mention	—		1,375		949		9,849		—		9,831		15,485		—		37,489
Substandard	—		—		224		13,404		1,500		6,099		26,684		—		47,911
Doubtful	—		—		—		—		—		—		—		—		—
Total Commercial and Industrial	13,824		174,698		227,563		188,869		52,253		228,371		524,939		—		1,410,517
Year-to-date Gross Charge-offs	—		—		—		537		—		91		500		—		1,128

Commercial Construction
Pass	13,086		90,954		141,982		65,353		14,758		4,048		12,234		—		342,415
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		4,960		—		—		4,960
Doubtful	—		—		—		—		—		—		—		—		—
Total Commercial Construction	13,086		90,954		141,982		65,353		14,758		9,008		12,234		—		347,375
Year-to-date Gross Charge-offs	—		—		—		—		—		—		—		—		—

Business Banking
Pass	32,910		252,607		241,227		186,203		84,354		392,973		94,920		508		1,285,702
Special mention	—		1,689		54		1,344		222		3,311		44		165		6,829
Substandard	—		—		78		2,492		495		10,848		104		607		14,624
Doubtful	—		—		—		—		—		—		—		—		—
Total Business Banking	32,910		254,296		241,359		190,039		85,071		407,132		95,068		1,280		1,307,155
Year-to-date Gross Charge-offs	—		—		—		—		—		98		—		—		98

Consumer Real Estate
Pass	46,543		327,577		336,058		144,925		101,267		245,620		548,769		23,048		1,773,807
Special mention	—		—		—		—		—		109		—		—		109
Substandard	—		—		582		196		41		5,054		713		2,471		9,057
Doubtful	—		—		—		—		—		—		—		—		—
Total Consumer Real Estate	46,543		327,577		336,640		145,121		101,308		250,783		549,482		25,519		1,782,973
Year-to-date Gross Charge-offs	—		—		—		—		9		14		—		116		139

Other Consumer
Pass	3,026		9,488		10,789		5,528		3,259		1,101		71,612		3,210		108,013
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		30		12		163		—		14		219
Doubtful	—		—		—		—		—		—		—		—		—
Total Other Consumer	3,026		9,488		10,789		5,558		3,271		1,264		71,612		3,224		108,232
Year-to-date Gross Charge-offs	191		9		27		38		8		9		—		87		369

Pass	135,359		1,135,064		1,306,243		1,026,435		480,960		2,000,409		1,244,443		26,766		7,355,679
Special mention	—		3,064		2,432		17,177		222		108,753		15,529		165		147,342
Substandard	—		—		884		16,122		4,378		101,036		27,501		3,092		153,013
Doubtful	—		—		—		—		—		—		—		—		—
Total Loan Balance	$	135,359	$	1,138,128	$	1,309,559	$	1,059,734	$	485,560	$	2,210,198	$	1,287,473	$	30,023	$	7,656,034

Year-to-date Gross Charge-offs	$	191	$	9	$	27	$	575	$	17	$	5,417	$	500	$	203	$	6,939

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	December 31, 2023
	Risk Rating
(dollars in thousands)	2023		2022		2021		2020		2019		2018 and Prior		Revolving		Revolving-Term		Total

Commercial Real Estate
Pass	$	276,677	$	323,463	$	433,308	$	237,901	$	383,799	$	781,465	$	32,418	$	—	$	2,469,031
Special mention	—		1,006		6,000		—		24,887		75,428		—		—		107,321
Substandard	—		—		—		2,355		10,685		69,743		—		—		82,783
Doubtful	—		—		—		—		—		—		—		—		—
Total Commercial Real Estate	276,677		324,469		439,308		240,256		419,371		926,636		32,418		—		2,659,135
Year-to-date Gross Charge-offs	—		—		—		—		—		1,706		—		—		1,706

Commercial and Industrial
Pass	171,672		231,114		185,884		53,101		47,063		183,165		482,490		—		1,354,489
Special mention	189		620		10,242		—		—		8,848		4,126		—		24,025
Substandard	—		244		14,510		1,595		5,795		1,892		33,633		—		57,669
Doubtful	—		—		—		—		—		—		—		—		—
Total Commercial and Industrial	171,861		231,978		210,636		54,696		52,858		193,905		520,249		—		1,436,183
Year-to-date Gross Charge-offs	—		—		—		—		3,412		15,842		—		—		19,254

Commercial Construction
Pass	75,596		154,456		82,313		14,845		151		4,054		14,208		—		345,623
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		4,576		384		—		—		4,960
Doubtful	—		—		—		—		—		—		—		—		—
Total Commercial Construction	75,596		154,456		82,313		14,845		4,727		4,438		14,208		—		350,583
Year-to-date Gross Charge-offs	—		—		—		—		451		—		—		—		451

Business Banking
Pass	270,129		262,535		204,874		87,346		96,371		321,360		96,618		523		1,339,756
Special mention	—		55		251		224		33		3,508		37		172		4,280
Substandard	—		16		2,486		448		3,170		9,898		99		612		16,729
Doubtful	—		—		—		—		—		—		—		—		—
Total Business Banking	270,129		262,606		207,611		88,018		99,574		334,766		96,754		1,307		1,360,765
Year-to-date Gross Charge-offs	—		67		43		1		88		1,073		34		—		1,306

Consumer Real Estate
Pass	311,887		334,879		147,652		101,999		67,402		183,283		551,368		22,206		1,720,676
Special mention	—		—		—		—		—		189		—		—		189
Substandard	—		583		198		42		488		6,322		712		2,568		10,913
Doubtful	—		—		—		—		—		—		—		—		—
Total Consumer Real Estate	311,887		335,462		147,850		102,041		67,890		189,794		552,080		24,774		1,731,778
Year-to-date Gross Charge-offs	—		1		—		5		1		43		75		296		421

Other Consumer
Pass	11,286		11,965		6,483		3,842		1,062		526		76,426		3,109		114,699
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		24		5		20		146		—		3		198
Doubtful	—		—		—		—		—		—		—		—		—
Total Other Consumer	11,286		11,965		6,507		3,847		1,082		672		76,426		3,112		114,897
Year-to-date Gross Charge-offs	830		146		175		19		37		5		—		288		1,500


Pass	1,117,247		1,318,412		1,060,514		499,034		595,848		1,473,853		1,253,528		25,838		7,344,274
Special Mention	189		1,681		16,493		224		24,920		87,973		4,163		172		135,815
Substandard	—		843		17,218		4,445		24,734		88,385		34,444		3,183		173,252
Doubtful	—		—		—		—		—		—		—		—		—
Total Loan Balance	$	1,117,436	$	1,320,936	$	1,094,225	$	503,703	$	645,502	$	1,650,211	$	1,292,135	$	29,193	$	7,653,341

Year-to-date Gross Charge-offs	$	830	$	214	$	218	$	25	$	3,989	$	18,669	$	109	$	584	$	24,638

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We monitor the delinquent status of the commercial and consumer portfolios on a monthly basis. Loans are considered nonaccrual when interest and principal are 90 days or more past due or management has determined that a material deterioration in the borrower’s financial condition exists. The risk of loss is generally highest for nonaccrual loans.

The following tables present loan balances by year of origination and accrual and nonaccrual status for our portfolio segments as of the dates presented:


	March 31, 2024
(dollars in thousands)	2024		2023		2022		2021		2020		2019 and Prior		Revolving		Revolving-Term		Total

Commercial Real Estate
Accrual	$	25,970	$	281,115	$	351,226	$	464,794	$	228,899	$	1,296,487	$	34,138	$	—	$	2,682,629
Nonaccrual	—		—		—		—		—		17,153		—		—		17,153
Total Commercial Real Estate	25,970		281,115		351,226		464,794		228,899		1,313,640		34,138		—		2,699,782

Commercial and Industrial
Accrual	13,824		174,698		227,563		188,869		52,253		227,989		524,709		—		1,409,905
Nonaccrual	—		—		—		—		—		382		230		—		612
Total Commercial and Industrial	13,824		174,698		227,563		188,869		52,253		228,371		524,939		—		1,410,517

Commercial Construction
Accrual	13,086		90,954		141,982		65,353		14,758		4,048		12,234		—		342,415
Nonaccrual	—		—		—		—		—		4,960		—		—		4,960
Total Commercial Construction	13,086		90,954		141,982		65,353		14,758		9,008		12,234		—		347,375

Business Banking
Accrual	32,910		254,296		241,359		190,039		84,986		403,333		95,068		1,257		1,303,248
Nonaccrual	—		—		—		—		85		3,799		—		23		3,907
Total Business Banking	32,910		254,296		241,359		190,039		85,071		407,132		95,068		1,280		1,307,155

Consumer Real Estate
Accrual	46,543		327,577		336,103		145,084		100,671		247,704		549,221		23,699		1,776,602
Nonaccrual	—		—		537		37		637		3,079		261		1,820		6,371
Total Consumer Real Estate	46,543		327,577		336,640		145,121		101,308		250,783		549,482		25,519		1,782,973

Other Consumer
Accrual	3,026		9,488		10,789		5,552		3,202		1,133		71,612		3,224		108,026
Nonaccrual	—		—		—		6		69		131		—		—		206
Total Other Consumer	3,026		9,488		10,789		5,558		3,271		1,264		71,612		3,224		108,232

Accrual	135,359		1,138,128		1,309,022		1,059,691		484,769		2,180,694		1,286,982		28,180		7,622,825
Nonaccrual	—		—		537		43		791		29,504		491		1,843		33,209
Total Loan Balance	$	135,359	$	1,138,128	$	1,309,559	$	1,059,734	$	485,560	$	2,210,198	$	1,287,473	$	30,023	$	7,656,034

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	December 31, 2023
(dollars in thousands)	2023		2022		2021		2020		2019		2018 and Prior		Revolving		Revolving-Term		Total

Commercial Real Estate
Accrual	$	276,677	$	324,469	$	439,308	$	240,256	$	419,371	$	920,316	$	32,418	$	—	$	2,652,815
Nonaccrual	—		—		—		—		—		6,320		—		—		6,320
Total Commercial Real Estate	276,677		324,469		439,308		240,256		419,371		926,636		32,418		—		2,659,135

Commercial and Industrial
Accrual	171,861		231,978		210,636		54,696		52,858		193,257		520,019		—		1,435,305
Nonaccrual	—		—		—		—		—		648		230		—		878
Total Commercial and Industrial	171,861		231,978		210,636		54,696		52,858		193,905		520,249		—		1,436,183

Commercial Construction
Accrual	75,596		154,456		82,313		14,845		151		4,054		14,208		—		345,623
Nonaccrual	—		—		—		—		4,576		384		—		—		4,960
Total Commercial Construction	75,596		154,456		82,313		14,845		4,727		4,438		14,208		—		350,583

Business Banking
Accrual	270,129		262,606		207,611		87,979		99,354		330,902		96,754		1,283		1,356,618
Nonaccrual	—		—		—		39		220		3,864		—		24		4,147
Total Business Banking	270,129		262,606		207,611		88,018		99,574		334,766		96,754		1,307		1,360,765

Consumer Real Estate
Accrual	311,887		335,086		147,689		101,518		67,577		186,909		551,858		22,942		1,725,466
Nonaccrual	—		376		161		523		313		2,885		222		1,832		6,312
Total Consumer Real Estate	311,887		335,462		147,850		102,041		67,890		189,794		552,080		24,774		1,731,778

Other Consumer
Accrual	11,286		11,965		6,499		3,656		1,082		541		76,426		3,112		114,567
Nonaccrual	—		—		8		191		—		131		—		—		330
Total Other Consumer	11,286		11,965		6,507		3,847		1,082		672		76,426		3,112		114,897

Accrual	1,117,436		1,320,560		1,094,056		502,950		640,393		1,635,979		1,291,683		27,337		7,630,394
Nonaccrual	—		376		169		753		5,109		14,232		452		1,856		22,947
Total Loan Balance	$	1,117,436	$	1,320,936	$	1,094,225	$	503,703	$	645,502	$	1,650,211	$	1,292,135	$	29,193	$	7,653,341

The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented:


	March 31, 2024
(dollars in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		Nonaccrual		Total Past Due Loans		Total Loans
Commercial real estate	$	2,682,629	$	—	$	—	$	17,153	$	17,153	$	2,699,782
Commercial and industrial	1,399,799		2,109		7,997		612		10,718		1,410,517
Commercial construction	342,415		—		—		4,960		4,960		347,375
Business banking	1,297,451		5,487		310		3,907		9,704		1,307,155
Consumer real estate	1,769,518		6,204		880		6,371		13,455		1,782,973
Other consumer	107,615		219		192		206		617		108,232
Total	$	7,599,427	$	14,019	$	9,379	$	33,209	$	56,607	$	7,656,034


	December 31, 2023
(dollars in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		Nonaccrual		Total Past Due Loans		Total Loans
Commercial real estate	$	2,649,412	$	—	$	3,403	$	6,320	$	9,723	$	2,659,135
Commercial and industrial	1,435,301		4		—		878		882		1,436,183
Commercial construction	345,623		—		—		4,960		4,960		350,583
Business banking	1,351,048		3,525		2,045		4,147		9,717		1,360,765
Consumer real estate	1,719,751		3,352		2,363		6,312		12,027		1,731,778
Other consumer	114,138		366		63		330		759		114,897
Total	$	7,615,273	$	7,247	$	7,874	$	22,947	$	38,068	$	7,653,341

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following tables present loans on nonaccrual status by class of loan for the year-to-date periods presented:


	March 31, 2024
(dollars in thousands)	Beginning of Period Nonaccrual		End of Period Nonaccrual		Nonaccrual With No Related Allowance		Interest Income Recognized on Nonaccrual(1)
Commercial real estate	$	6,320	$	17,153	$	16,783	$	61
Commercial and industrial	878		612		—		—
Commercial construction	4,960		4,960		4,576		—
Business banking	4,147		3,907		—		44
Consumer real estate	6,312		6,371		—		83
Other consumer	330		206		—		—
Total	$	22,947	$	33,209	$	21,359	$	188

(1) Represents only cash payments received and applied to interest on nonaccrual loans.


	December 31, 2023
(dollars in thousands)	Beginning of Period Nonaccrual		End of Period Nonaccrual		Nonaccrual With No Related Allowance		Interest Income Recognized on Nonaccrual(1)
Commercial real estate	$	7,100	$	6,320	$	5,940	$	46
Commercial and industrial	283		878		—		38
Commercial construction	384		4,960		4,576		—
Business banking	4,490		4,147		—		209
Consumer real estate	6,526		6,312		—		308
Other consumer	269		330		—		2
Total	$	19,052	$	22,947	$	10,516	$	603

(1) Represents only cash payments received and applied to interest on nonaccrual loans.

The following tables present collateral-dependent loans as of the dates presented:


	March 31, 2024
	Type of Collateral
(dollars in thousands)	Real Estate		Business Assets		Other
Commercial real estate	$	16,783	$	—	$	—
Commercial and industrial	—		—		—
Commercial construction	4,576		—		—
Business banking	—		—		—
Consumer real estate	—		—		—

Total	$	21,359	$	—	$	—


	December 31, 2023
	Type of Collateral
(dollars in thousands)	Real Estate		Business Assets		Other
Commercial real estate	$	5,940	$	—	$	—
Commercial and industrial	—		—		—
Commercial construction	4,576		—		—
Business banking	—		—		—
Consumer real estate	—		—		—

Total	$	10,516	$	—	$	—

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following tables present activity in the ACL for the periods presented:



	Three Months Ended March 31, 2024
(dollars in thousands)	Commercial Real Estate		Commercial and Industrial		Commercial Construction		Business Banking		Consumer Real Estate		Other Consumer		Total Loans
Allowance for credit losses on loans:
Balance at beginning of period	$	37,886	$	34,538	$	5,382	$	12,858	$	14,663	$	2,639	$	107,966

Provision for credit losses on loans(1)	2,838		680		(233)		(995)		859		276		3,425
Charge-offs	(5,205)		(1,128)		—		(98)		(139)		(369)		(6,939)
Recoveries	93		117		—		33		27		80		350
Net Charge-offs	(5,112)		(1,011)		—		(65)		(112)		(289)		(6,589)
Balance at End of Period	$	35,612	$	34,207	$	5,149	$	11,798	$	15,410	$	2,626	$	104,802
(1) Excludes the provision for credits losses for unfunded commitments.


	Three Months Ended March 31, 2023
(dollars in thousands)	Commercial Real Estate		Commercial and Industrial		Commercial Construction		Business Banking		Consumer Real Estate		Other Consumer		Total Loans
Allowance for credit losses on loans:
Balance at beginning of period	$	41,428	$	25,710	$	6,264	$	12,547	$	12,105	$	3,286	$	101,340
Impact of ASU 2022-02	—		75		215		251		278		(251)		568
Provision for credit losses on loans(1)	(1,011)		(476)		412		1,497		488		180		1,090
Charge-offs	—		(3,412)		—		(652)		(77)		(318)		(4,459)
Recoveries	9		9,400		2		37		61		65		9,574
Net Recoveries/(Charge-offs)	9		5,988		2		(615)		(16)		(253)		5,115
Balance at End of Period	$	40,426	$	31,297	$	6,893	$	13,680	$	12,855	$	2,962	$	108,113
(1) Excludes the provision for credits losses for unfunded commitments.

NOTE 6. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Derivatives Designated as Hedging Instruments

The following table indicates the amounts representing the value of derivative assets and derivative liabilities as of the dates presented:


	Derivative Assets (Included in Other Assets)								Derivative Liabilities (Included in Other Liabilities)
	March 31, 2024				December 31, 2023				March 31, 2024				December 31, 2023
(dollars in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives Designated as Hedging Instruments
Interest rate swap contracts - cash flow hedge	$	—	$	—	$	—	$	—	$	500,000	$	18,404	$	500,000	$	14,739


Derivatives Not Designated as Hedging Instruments
Interest rate swap contracts - commercial loans	871,064		72,093		892,712		63,018		871,064		72,578		892,712		63,554




Total Derivatives	$	871,064	$	72,093	$	892,712	$	63,018	$	1,371,064	$	90,982	$	1,392,712	$	78,293

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table indicates the gross amounts of interest rate swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at the dates presented:


	Derivatives (included in Other Assets)				Derivatives (included in Other Liabilities)
(dollars in thousands)	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Gross amounts recognized	$	72,093	$	63,018	$	90,982	$	78,293
Gross amounts offset	—		—		—		—
Net amounts presented in the Consolidated Balance Sheets	72,093		63,018		90,982		78,293
Netting adjustments(1)	(12,220)		(10,424)		(12,220)		(10,424)
Cash collateral(2)	(58,587)		(50,920)		(6,770)		(5,356)
Net Amount	$	1,286	$	1,674	$	71,992	$	62,513
(1) Netting adjustments represent the amounts recorded to convert derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance.
(2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.

The following table presents the effect, net of tax, of the cash flow hedges on Other Comprehensive Income, or OCI and on the Condensed Consolidated Statements of Comprehensive Income for the three month periods presented:












	Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss)						Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Interest Income
(dollars in thousands)	March 31, 2024			March 31, 2023			March 31, 2024			March 31, 2023
Derivatives in Cash Flow Hedging Relationships:
Interest rate swap contracts - cash flow hedge		$	(2,838)		$	4,782		$	(2,738)		$	(1,849)

Total		$	(2,838)		$	4,782		$	(2,738)		$	(1,849)

Amounts reported in OCI related to derivatives that are designated as hedging instruments are reclassified to interest income as interest payments are received on variable rate assets. During the next twelve months, we estimate that an additional $11.7 million will be reclassified as a decrease to interest income. Our current interest rate swap agreements have 3-5 year terms with maturity dates extending into 2027.

The following table indicates the gain (loss) recognized in income on derivatives not designated as hedging instruments for the periods presented:


	Three months ended March 31,
(dollars in thousands)		2024	2023
Derivatives not Designated as Hedging Instruments
Interest rate swap contracts—commercial loans			$	34	$	—
Interest rate lock commitments—mortgage loans			—		1
Forward sale contracts—mortgage loans			—		(2)
Total Derivatives Gain (Loss)			$	34	$	(1)

NOTE 7. TAX CREDIT EQUITY INVESTMENTS

As part of our responsibilities under the Community Reinvestment Act and due to their favorable federal income tax benefits, we invest in LIHTC and HTC partnerships. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. Effective January 1, 2024, we adopted ASU 2023-02 and elected to apply the PAM to both LIHTC and HTC equity investments. The adoption of this ASU resulted in a $1.0 million cumulative effect adjustment, which decreased retained earnings and other assets. Tax credit equity investment balances of $44.4 million were included in other assets in the Consolidated Balance Sheets at March 31, 2024. Unfunded commitments of $7.2 million were included in other liabilities in the Consolidated Balance Sheets at March 31, 2024.

For the three months ended March 31, 2024, amortization expense of $0.8 million, tax credits of $0.8 million and other tax benefits of $0.1 million were recognized in income tax expense in the Condensed Consolidated Statements of Comprehensive Income. No impairment losses were recognized for the three months ended March 31, 2024.

Prior to the adoption of ASU 2023-02, we used the cost method to account for our investments in tax credit equity investments. For the three months ended March 31, 2023, amortization expense of $0.5 million was included in other expense

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

and LIH tax credits of $0.5 million was recognized as a reduction to income tax expense on our Consolidated Statements of Comprehensive Income. Other tax benefits of $3.1 million were included in deferred tax assets on our Consolidated Balance Sheets at March 31, 2023.

NOTE 8. COMMITMENTS AND CONTINGENCIES

Commitments

In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

The following table sets forth our commitments and letters of credit as of the dates presented:


(dollars in thousands)	March 31, 2024			December 31, 2023
Commitments to extend credit		$	2,477,920		$	2,566,154
Standby letters of credit		64,847			61,889
Total		$	2,542,767		$	2,628,043

Allowance for Credit Losses on Unfunded Loan Commitments

We maintain an ACL on unfunded commercial and consumer lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the ACL for loans, modified to take into account the probability of a draw-down on the commitment. The provision for credit losses on unfunded loan commitments is included in the provision for credit losses on our Condensed Consolidated Statements of Comprehensive Income. The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets.

The following table presents activity in the ACL on unfunded loan commitments for the periods presented:


	Three months ended March 31,
(dollars in thousands)		2024	2023
Balance at beginning of period			$	6,848	$	8,196


Provision for credit losses			(799)		(168)
Total			$	6,049	$	8,028

Litigation

In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that the outcome of such proceedings or claims pending will not have a material adverse effect on our consolidated financial position or results of operations.

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S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 9. OTHER COMPREHENISVE INCOME (LOSS)

The following tables present the change in components of other comprehensive (loss) income for the periods presented, net of tax effects.


	Three Months Ended March 31, 2024									Three Months Ended March 31, 2023
(dollars in thousands)	Pre-Tax Amount			Tax Benefit (Expense)			Net of Tax Amount			Pre-Tax Amount			Tax Benefit (Expense)			Net of Tax Amount
Change in net unrealized gains (losses) on available-for-sale debt securities		$	(5,783)		$	1,455		$	(4,328)		$	14,060		$	(3,001)		$	11,059

Change in interest rate swap		(3,665)			827			(2,838)			6,080			(1,298)			4,782
Adjustment to funded status of employee benefit plans		410			(40)			370			(475)			101			(374)
Other Comprehensive (Loss) Income		$	(9,038)		$	2,242		$	(6,796)		$	19,665		$	(4,198)		$	15,467

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S&T BANCORP, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, represents an overview of our consolidated results of operations and financial condition and highlights material changes in our financial condition and results of operations for the three months ended March 31, 2024 and 2023. Our MD&A should be read in conjunction with our Consolidated Financial Statements and Notes. The results of operations reported in the accompanying Consolidated Financial Statements are not necessarily indicative of results to be expected in future periods.

Important Note Regarding Forward-Looking Statements

This quarterly Report on Form 10-Q 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,” “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, or ACL; 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, 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; any remaining uncertainties with the transition from LIBOR as a reference rate; regulatory supervision and oversight, including changes in regulatory capital requirements and our ability to address those requirements; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; changes in accounting policies, practices or guidance; legislation affecting the financial services industry as a whole, and S&T, in particular; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; the outcome of pending and future litigation and governmental proceedings; increasing price and product/service competition; the ability to continue to introduce 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 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; ESG practices and disclosures, including climate change, hiring practices, the diversity of the work force, and racial and social justice issues; 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 and geopolitical tensions and conflicts between nations.

Many of these factors, as well as other factors, are described elsewhere in this report, and in our 2023 Form 10-K, 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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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Critical Accounting Policies and Estimates

We view critical accounting policies to be those which are highly dependent on subjective or complex estimates, assumptions and judgments and where changes in those estimates and assumptions could have a significant impact on the Consolidated Financial Statements. Further, we view critical accounting estimates as those estimates made in accordance with GAAP that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results of operations. Our critical accounting policies and estimates as of March 31, 2024 remained unchanged from the disclosures presented in our 2023 Form 10-K under Part II, Item 7 - “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Explanation of Use of Non-GAAP Financial Measures

In addition to traditional financial measures presented in accordance with GAAP, our management uses, and this report contains or references, certain non-GAAP financial measures discussed below. We believe these non-GAAP financial measures provide information useful to investors in understanding our underlying business, operational performance and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Although we believe that these non-GAAP financial measures enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered alternatives to GAAP or considered to be more important than financial results determined in accordance with GAAP, nor are they necessarily comparable with non-GAAP measures which may be presented by other companies.

The interest income on interest-earning assets, net interest income and net interest margin are presented on an FTE basis (non-GAAP). The FTE basis (non-GAAP) adjusts for the tax benefit of income on certain tax-exempt loans and securities and the dividend-received deduction for equity securities using the federal statutory tax rate of 21 percent for each period. We believe this to be the preferred industry measurement of net interest income that provides a relevant comparison between taxable and non-taxable sources of interest income.

The following table reconciles interest and dividend income and net interest income per the Condensed Consolidated Statements of Comprehensive Income to interest income, net interest income and net interest margin on an FTE basis (non-GAAP) for the periods presented:




	Three Months Ended March 31,
(dollars in thousands)	2024				2023
Interest and dividend income		$	127,754			$	110,903
Plus: taxable equivalent adjustment		692				555
Interest Income on an FTE Basis (Non-GAAP)		$	128,446			$	111,458

Interest and dividend income		$	127,754			$	110,903
Less: Interest expense		44,277				22,112
Net Interest Income		83,477				88,791
Plus: taxable equivalent adjustment		692				555
Net Interest Income on an FTE Basis (Non-GAAP)		$	84,169			$	89,346

Net interest margin		3.81		%		4.29		%
Plus: taxable equivalent adjustment		0.03		%		0.03		%
Net Interest Margin on an FTE Basis (Non-GAAP)		3.84		%		4.32		%

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Return on average tangible shareholders' equity (non-GAAP) is a key profitability metric used by management to measure financial performance. The following table provides a reconciliation of return on average tangible shareholders' equity (non-GAAP) by reconciling net income (GAAP) per the Condensed Consolidated Statements of Comprehensive Income to net income before amortization of intangibles and average shareholder's equity to average tangible shareholders' equity for the periods presented:




	Three Months Ended March 31,
(dollars in thousands)	2024				2023
Net income (annualized)		$	125,643			$	161,407
Plus: amortization of intangibles (annualized), net of tax		944				1,085
Net income before amortization of intangibles (annualized)		$	126,587			$	162,492

Average shareholders' equity		$	1,290,514			$	1,206,358
Less: average goodwill and other intangible assets, net of deferred tax liability		(376,518)				(377,576)
Average tangible shareholders' equity		$	913,996			$	828,782
Return on Average Tangible Shareholders' Equity (non-GAAP)		13.85		%		19.61		%

Executive Overview

We are a bank holding company that is headquartered in Indiana, Pennsylvania with assets of $9.5 billion at March 31, 2024. We operate in Pennsylvania and Ohio providing a full range of financial services with retail and commercial banking products, cash management services, trust and brokerage services. Our common stock trades on the NASDAQ Global Select Market under the symbol “STBA”.

We earn revenue primarily from interest on loans and securities and fees charged for financial services provided to our customers. We incur expenses for the cost of deposits and other funding sources, provision for credit losses and other operating costs such as salaries and employee benefits, data processing, occupancy and tax expense.

Our purpose is building a better future together through people-forward banking. We believe that all banking should be personal. We cultivate relationships rooted in trust, strengthened by going above and beyond and renewed with every interaction. Our strategic priorities for 2024 and beyond will be focused on our deposit franchise, core profitability, asset quality and talent and engagement.

Earnings Summary

The following table presents a summary of key profitability metrics for the periods presented:




	Three Months Ended March 31,
(dollars in thousands)	2024				2023
Net income		$	31,239			$	39,799
Earnings per share - diluted		$	0.81			$	1.02
Return on average assets		1.32		%		1.77		%
Return on average shareholders' equity		9.74		%		13.38		%
Return on average tangible shareholders' equity (non-GAAP)(1)		13.85		%		19.61		%
(1) Reconciled to GAAP in the "Explanation of Use of Non-GAAP Financial Measures" section of this MD&A.

We recognized net income of $31.2 million, or $0.81 per diluted share, for the three months ended March 31, 2024, compared to net income of $39.8 million, or $1.02 per diluted share, for the same period in 2023. Net income decreased by $8.6 million for the three months ended March 31, 2024, compared to the same period in 2023. The decrease in net income was primarily due to a decrease in net interest income of $5.3 million, an increase in provision for credit losses of $1.7 million and an increase in noninterest expense of $2.8 million, which was offset by a decrease in income tax expense of $1.7 million.

Net interest income decreased $5.3 million for the three months ended March 31, 2024, compared to the same period in 2023. The net interest margin, or NIM, on an FTE basis (non-GAAP) decreased 48 basis points to 3.84% for the three months ended March 31, 2024, compared to 4.32% for the same period in 2023. The decrease in net interest income and NIM on an FTE basis (non-GAAP) were primarily due to higher cost of funds in the current period compared to the same period in 2023. NIM is reconciled to net interest margin adjusted to an FTE basis (non-GAAP) in the "Explanation of Use of Non-GAAP Financial Measures" section of this MD&A.

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The provision for credit losses increased $1.7 million to $2.6 million for the three months ended March 31, 2024, compared to $0.9 million for the same period in 2023. The increase in the provision for credit losses is primarily due to an increase in net loan charge-offs, which was partially offset by reductions in our specific reserve for loans individually evaluated and our qualitative reserve.

Noninterest income decreased by $0.4 million to $12.8 million for the three months ended March 31, 2024, compared to the same period in 2023. The decrease in noninterest income was primarily attributed to a decrease in service charges on deposit accounts of $0.2 million for the three months ended March 31, 2024 resulting from decreases in returned check fees and the elimination of non-sufficient funds, or NSF fees, compared to the same period in 2023. Noninterest expense increased $2.8 million to $54.5 million for the three months ended March 31, 2024, compared to the same period in 2023. The increase in noninterest expense can be attributed to increases in salaries and employee benefits of $1.9 million for the three months ended March 31, 2024 due to annual merit increases, inflationary wage pressure and the acquisition of new talent. The increase to noninterest expense is further related to increases in data processing and information technology of $0.7 million due to additional services provided through our third party provider. Furniture, equipment and software also increased $0.6 million as a result of software and technology investments.

The provision for income taxes decreased $1.7 million to $7.9 million for the three months ended March 31, 2024, compared to $9.6 million for the same period in 2023, primarily due to a $10.2 million decrease in income before taxes in 2024

compared to 2023. Our effective tax rate was 20.2 percent for the three months ended March 31, 2024 compared to 19.4 percent for the three months ended March 31, 2023. The increase in our effective tax rate for the three month period ended March 31, 2024 was primarily due to the adoption of new accounting guidance on January 1, 2024.

RESULTS OF OPERATIONS


			Three Months Ended March 31, 2024 Compared to Three Months Ended March 31, 2023

Net Interest Income

Our principal source of revenue is net interest income. Net interest income represents the difference between the interest and fees earned on interest-earning assets and the interest paid on interest-bearing liabilities. Net interest income is affected by changes in the average balance of interest-earning assets and interest-bearing liabilities and changes in interest rates and spreads. The level and mix of interest-earning assets and interest-bearing liabilities is managed by our Asset and Liability Committee, or ALCO, in order to mitigate interest rate and liquidity risks of the balance sheet. A variety of ALCO strategies were implemented, within prescribed ALCO risk parameters, to produce what we believe is an acceptable level of net interest income.

Average Balance Sheet and Net Interest Income Analysis (FTE) (non-GAAP)

The following tables provide information regarding the average balances, interest and rates earned on interest-earning assets and the average balances, interest and rates paid on interest-bearing liabilities for the periods presented:

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS




	Three months ended March 31, 2024							Three months ended March 31, 2023
(dollars in thousands)	Average Balance		Interest			Rate		Average Balance		Interest			Rate
ASSETS
Interest-bearing deposits with banks	$	144,637		$	2,066	5.75	%	$	140,499		$	1,482	4.22	%
Securities, at fair value(1)(2)	966,703			6,798		2.81	%	1,000,609			6,269		2.51	%
Loans held for sale	176			3		7.12	%	126			2		6.39	%
Commercial real estate	3,365,142			49,557		5.92	%	3,132,382			42,104		5.45	%
Commercial and industrial	1,626,633			29,768		7.36	%	1,711,113			28,515		6.76	%
Commercial construction	365,088			6,993		7.70	%	388,795			6,932		7.23	%
Total Commercial Loans	5,356,863			86,318		6.48	%	5,232,290			77,551		6.01	%
Residential mortgage	1,478,609			18,187		4.93	%	1,144,821			12,613		4.43	%
Home equity	648,265			11,269		6.99	%	650,385			10,067		6.28	%
Installment and other consumer	110,899			2,384		8.64	%	122,873			2,364		7.80	%
Consumer construction	69,676			970		5.60	%	45,870			528		4.67	%
Total Consumer Loans	2,307,449			32,810		5.71	%	1,963,949			25,572		5.26	%
Total Portfolio Loans	7,664,312			119,128		6.25	%	7,196,239			103,123		5.81	%
Total Loans(1)(3)	7,664,488			119,131		6.25	%	7,196,365			103,125		5.81	%
Total other earning assets	25,335			451		7.12	%	34,720			581		6.71	%
Total Interest-earning Assets	8,801,163			$	128,446	5.86	%	8,372,193			$	111,458	5.39	%
Noninterest-earning assets	737,742							754,677
Total Assets	$	9,538,905						$	9,126,870
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing demand	$	829,095		$	2,319	1.12	%	$	824,623		$	673	0.33	%
Money market	1,920,009			15,061		3.15	%	1,670,988			7,748		1.88	%
Savings	939,467			1,483		0.63	%	1,090,137			806		0.30	%
Certificates of deposit	1,639,059			17,798		4.37	%	1,052,460			5,676		2.19	%
Total Interest-bearing Deposits	5,327,630			36,661		2.77	%	4,638,208			14,903		1.30	%

Short-term borrowings	408,351			5,460		5.37	%	451,668			5,487		4.93	%
Long-term borrowings	39,221			442		4.53	%	14,689			98		2.71	%
Junior subordinated debt securities	49,364			1,010		8.23	%	54,458			1,007		7.50	%
Total Borrowings	496,936			6,912		5.59	%	520,815			6,592		5.13	%
Other interest-bearing liabilities	52,239			703		5.42	%	54,669			617		4.58	%
Total Interest-bearing Liabilities	5,876,805			44,276		3.03	%	5,213,692			22,112		1.72	%
Noninterest-bearing liabilities	2,371,586							2,706,820
Shareholders' equity	1,290,514							1,206,358
Total Liabilities and Shareholders' Equity	$	9,538,905						$	9,126,870
Net Interest Income(1)(2)				$	84,169						$	89,346
Net Interest Margin(1)(2)						3.84	%						4.32	%

(1) Tax-exempt interest income is on an FTE basis (non-GAAP) using the statutory federal corporate income tax rate of 21 percent.

(2) Taxable investment income is adjusted for the dividend-received deduction for equity securities.

(3) Nonaccruing loans are included in the daily average loan amounts outstanding.

Net interest income on an FTE basis (non-GAAP) decreased $5.2 million, or 5.8 percent, for the three months ended March 31, 2024, compared to the same period in 2023. The net interest margin, or NIM, on an FTE basis (non-GAAP) decreased 48 basis points for the three months ended March 31, 2024, compared to the same period in 2023. The decreases in net interest income and NIM on an FTE basis (non-GAAP) were primarily due to higher interest rates and a shift in our funding mix to higher cost money market and certificates of deposits.

Interest income on an FTE basis (non-GAAP) increased $17.0 million for the three months ended March 31, 2024, compared to the same period in 2023. The increased interest income on an FTE basis (non-GAAP) was primarily due to higher interest rates. Average loan balances increased $468.1 million for the three months ended March 31, 2024, compared to the same period in 2023. The average yield on loan balances increased 44 basis points for the three months ended March 31, 2024 compared to the same period in 2023, due to increased interest rates. Overall, the FTE rate (non-GAAP) on interest-earning assets increased 47 basis points for the three months ended March 31, 2024, compared to the same period in 2023.

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Interest expense increased $22.2 million for the three months ended March 31, 2024, compared to the same period in 2023. The increase in interest expense was primarily due to higher interest rates and a shift in our funding mix to higher cost products. Average interest-bearing deposits increased $689.4 million, of which $377.8 million was brokered deposits, for the three months ended March 31, 2024, compared to the same period in 2023. The average rate paid on interest-bearing deposits increased 147 basis points for the three months ended March 31, 2024, compared to the same period in 2023, due to higher interest rates. Certificates of deposits increased $586.6 million and the average rate paid on certificates of deposits increased 218 basis points. The increase to certificate of deposits was due to higher interest rates resulting in customers moving deposits to higher yield accounts and the addition of $199.8 million of brokered certificates of deposits. The average rate paid on borrowings increased 46 basis points for the three months ended March 31, 2024, compared to the same period in 2023, primarily due to increased interest rates. Overall, the cost of interest-bearing liabilities increased 131 basis points for the three months ended March 31, 2024, compared to the same period in 2023.

The following table sets forth a summary of the changes in interest earned and interest paid resulting from changes in volume and changes in rates for the periods presented:



	Three Months Ended March 31, 2024 Compared to March 31, 2023
(dollars in thousands)		Volume (4)		Rate (4)		Total
Interest earned on:
Interest-bearing deposits with banks		$	44	$	540	$	584
Securities, at fair value(1)(2)		(212)		741		529
Loans held for sale		1		—		1
Commercial real estate		3,129		4,324		7,453
Commercial and industrial		(1,408)		2,661		1,253
Commercial construction		(423)		484		61
Total Commercial Loans		1,298		7,469		8,767
Residential mortgage		3,677		1,896		5,573
Home equity		(33)		1,236		1,203
Installment and other consumer		(230)		250		20
Consumer construction		274		167		441
Total Consumer Loans		3,688		3,549		7,237
Total Portfolio Loans		4,986		11,018		16,004
Total Loans(1)(3)		4,987		11,018		16,005
Total other earning assets		(157)		27		(130)
Change in Interest Earned on Interest-earning Assets		$	4,662	$	12,326	$	16,988
Interest paid on:
Interest-bearing demand		$	4	$	1,642	$	1,646
Money market		1,153		6,159		7,310
Savings		(111)		788		677
Certificates of deposit		3,164		8,959		12,123
Total Interest-bearing Deposits		4,210		17,548		21,756

Short-term borrowings		(526)		500		(26)
Long-term borrowings		164		179		343
Junior subordinated debt securities		(94)		97		3
Total Borrowings		(456)		776		320
Other interest-bearing liabilities		(27)		113		86
Change in Interest Paid on Interest-bearing Liabilities		3,727		18,437		22,162
Change in Net Interest Income		$	935	$	(6,111)	$	(5,174)

(1) Tax-exempt income is on an FTE basis (non-GAAP) using the statutory federal corporate income tax rate of 21 percent.

(2) Taxable investment income is adjusted for the dividend-received deduction for equity securities.

(3) Nonaccruing loans are included in the daily average loan amounts outstanding.

(4) Changes to rate/volume are allocated to both rate and volume on a proportionate dollar basis.

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Provision for Credit Losses

The provision for credit losses includes a provision for losses on loans and on unfunded commitments. The provision for credit losses fluctuates based on changes in loan balances, risk ratings, net loan charge-offs/recoveries, the macro environment and our Current Expected Credit Loss, or CECL, forecast. The provision for credit losses increased $1.7 million to $2.6 million for the three months ended March 31, 2024, compared to $0.9 million for the same period in 2023. The increase in the

provision for credit losses for the three months ended March 31, 2024, compared to the same period in 2023 was primarily due

to an increase in net loan charge-offs, which was partially offset by reductions in our specific reserve for loans individually

evaluated due to the resolution of a $6.0 million commercial relationship and in our healthcare segment specific reserve due to reduced exposure. The provision for credit losses included a reduction of $0.8 million for the reserve for unfunded commitments for the three months ended March 31, 2024, compared to a reduction of $0.2 million for the same period in 2023.

Net loan charge-offs for the three months ended March 31, 2024 were $6.6 million, or 0.35 percent of average loans, compared to net recoveries of $5.1 million, or 0.29 percent of average loans, for the same period in 2023. Net loan charge-offs for the three months ended March 31, 2024 were primarily related to two commercial real estate, or CRE, relationships totaling $5.3 million and a commercial and industrial, or C&I, relationship totaling $1.1 million. Offsetting loan charge-offs of $4.5 million during the three months ended March 31, 2023 was a $9.3 million recovery related to a 2020 customer fraud. Refer to the "Allowance for Credit Losses" section of this MD&A for further details.

Noninterest Income




	Three Months Ended March 31,
(dollars in thousands)	2024			2023			$ Change			% Change

Debit and credit card		$	4,235		$	4,373		$	(138)		(3.2)	%
Service charges on deposit accounts		3,828			4,076			(248)			(6.1)	%
Wealth management		3,042			2,948			94			3.2	%
Mortgage banking		277			301			(24)			(8.0)	%

Other noninterest income		1,448			1,492			(44)			(2.9)	%
Total Noninterest Income		$	12,830		$	13,190		$	(360)		(2.7)	%

Noninterest income decreased $0.4 million to $12.8 million for the three months ended March 31, 2024, compared to the same period in 2023. Service charges on deposit accounts decreased $0.2 million for the three months ended March 31, 2024 due to decreases in returned check fees and the elimination of NSF fees in April 2023. Debit and credit card income decreased $0.1 million due to decreased customer activity and merchant referral revenue.

Noninterest Expense




	Three Months Ended March 31,
(dollars in thousands)		2024	2023	$ Change			% Change
Salaries and employee benefits					$	29,512		$	27,601	$	1,911	6.9	%
Data processing and information technology					4,954			4,258		696		16.3	%
Occupancy					3,870			3,835		35		0.9	%
Furniture, equipment and software					3,472			2,861		611		21.4	%
Professional services and legal					1,720			1,821		(101)		(5.5)	%
Other taxes					1,871			1,790		81		4.5	%
Marketing					1,943			1,853		90		4.9	%
FDIC insurance					1,049			1,012		37		3.7	%

Other					6,129			6,668		(539)		(8.1)	%
Total Noninterest Expense					$	54,520		$	51,699	$	2,821	5.5	%

Noninterest expense increased $2.8 million to $54.5 million for the three months ended March 31, 2024 compared to the same period in 2023. Salaries and employee benefits increased $1.9 million for the three months ended March 31, 2024 due to annual merit increases, inflationary wage pressure and the acquisition of new talent. Data processing and information technology increased $0.7 million due to additional services provided through our third party provider. Furniture, equipment and software expenses increased $0.6 million as a result of software and technology investments, which further contributed to the overall increase in noninterest expense. Other noninterest expense decreased $0.5 million primarily due to the adoption of new accounting guidance on January 1, 2024. Amortization expense of $0.8 million related to tax credit equity investments is included in income tax expense for the three months ended March 31, 2024, compared to amortization expense of $0.5 million included in other noninterest expense for the same period in 2023.

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Provision for Income Taxes

The provision for income taxes decreased $1.7 million to $7.9 million for the three months ended March 31, 2024, compared to $9.6 million for the three months ended March 31, 2023. The decrease in our income tax provision was primarily due to a $10.2 million decrease in income before taxes in 2024 compared to 2023.

The effective tax rate, which is total tax expense as a percentage of income before taxes, increased to 20.2 percent for the three months ended March 31, 2024, compared to 19.4 percent in the same period in 2023. The increase in the effective tax rate for the three months ended March 31, 2024 was primarily due to the adoption of the proportional amortization method, or PAM, related to tax credit equity investments on January 1, 2024. Under the PAM, amortization expense related to tax credit equity investments is included in income tax expense for the three months ended March 31, 2024, compared to other noninterest expense for the same period in 2023.

Financial Condition as of March 31, 2024

Total assets were $9.5 billion at March 31, 2024, compared to $9.6 billion at December 31, 2023. Total portfolio loans remained unchanged at $7.7 billion at March 31, 2024, compared to December 31, 2023. The commercial loan portfolio decreased $38.1 million at March 31, 2024, compared to December 31, 2023, primarily due to a decrease of $45.0 million in C&I loans, offset by an increase of $10.1 million in CRE.

Securities remained unchanged at $1.0 billion at March 31, 2024 and December 31, 2023. The bond portfolio was in a net unrealized loss position of $87.8 million at March 31, 2024, compared to a net unrealized loss position of $82.0 million at December 31, 2023. The increase in the net unrealized loss portion of the bond portfolio of $5.8 million was due to a change in interest rates.

Our total deposits increased $78.6 million at March 31, 2024, compared to December 31, 2023. Customer deposits increased $77.8 million compared to December 31, 2023, as a result of our focus on deposit franchise. The pace of customers moving deposits to higher costing deposit types has moderated compared to the prior year

Total borrowings decreased $130.1 million to $373.5 million at March 31, 2024 compared to $503.6 million at December 31, 2023 primarily due to deposit growth.

Total shareholders’ equity increased by $11.6 million to $1.3 billion at March 31, 2024, compared to December 31, 2023. The increase was primarily due to net income of $31.2 million, offset by other comprehensive loss of $6.8 million and dividends of $12.7 million.

Securities Activity





(dollars in thousands)	March 31, 2024			December 31, 2023			$ Change
U.S. Treasury securities		$	132,586		$	133,786		$	(1,200)
Obligations of U.S. government corporations and agencies		32,593			32,513			80
Collateralized mortgage obligations of U.S. government corporations and agencies		467,198			460,939			6,259
Residential mortgage-backed securities of U.S. government corporations and agencies		36,662			38,177			(1,515)
Commercial mortgage-backed securities of U.S. government corporations and agencies		275,749			273,425			2,324

Obligations of states and political subdivisions		25,005			30,468			(5,463)
Available-for-Sale Debt Securities		969,793			969,308			485
Equity securities		935			1,083			(148)
Total Securities Available for Sale		$	970,728		$	970,391		$	337

We invest in various securities in order to maintain a source of liquidity, to satisfy various pledging requirements, to increase net interest income and as a tool of ALCO to reposition the balance sheet for interest rate risk purposes. Securities are subject to market risks that could negatively affect the level of liquidity available to us. Security purchases are subject to an investment policy approved annually by our Board of Directors and administered through ALCO and our treasury function. Securities remained unchanged at $1.0 billion at March 31, 2024 compared to December 31, 2023.

At March 31, 2024, our bond portfolio was in a net unrealized loss position of $87.8 million compared to a net unrealized loss position of $82.0 million at December 31, 2023. At March 31, 2024, our bond portfolio had gross unrealized losses of $88.4 million and $0.6 million in gross unrealized gains, compared to December 31, 2023, when total gross unrealized losses were $83.8 million offset by gross unrealized gains of $1.8 million.

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S&T BANCORP, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Loan Composition

The following table summarizes our loan portfolio as of the dates presented:



	March 31, 2024				December 31, 2023

(dollars in thousands)	Amount		% of Total		Amount		% of Total		$ Change		% Change
Commercial
Commercial real estate	$	3,367,722	44.0	%	$	3,357,603	43.9	%	$	10,119	0.3	%
Commercial and industrial	1,597,119		20.9	%	1,642,106		21.5	%	(44,987)		(2.7)	%
Commercial construction	360,086		4.7	%	363,284		4.7	%	(3,198)		(0.9)	%
Total Commercial Loans	5,324,927		69.6	%	5,362,993		70.1	%	(38,066)		(0.7)	%
Consumer
Consumer real estate	2,222,875		29.0	%	2,175,451		28.4	%	47,424		2.2	%
Other consumer	108,232		1.4	%	114,897		1.5	%	(6,665)		(5.8)	%
Total Consumer Loans	2,331,107		30.4	%	2,290,348		29.9	%	40,759		1.8	%
Total Portfolio Loans	$	7,656,034	100.0	%	$	7,653,341	100.0	%	2,693		—	%

The loan portfolio represents the most significant source of interest income for us. The risk that borrowers will be unable to pay such obligations is inherent in the loan portfolio. Other conditions, such as downturns in the borrower’s industry or the overall economic climate, can significantly impact the borrower’s ability to pay.

Total portfolio loans remained unchanged at $7.7 billion at March 31, 2024 and December 31, 2023. As of March 31, 2024, 64 percent of our total loans were variable rate loans and 36 percent were fixed rate loans, compared to 65 percent variable rate and 35 percent fixed rate at December 31, 2023. Commercial loans, including CRE, C&I and commercial construction, comprised 69.6 percent of total portfolio loans at March 31, 2024 and 70.1 percent at December 31, 2023. The commercial loan portfolio decreased $38.1 million at March 31, 2024 compared to December 31, 2023, primarily due to a decrease of $45.0 million in C&I, offset by an increase of $10.1 million in CRE. Loan volume has slowed due to higher interest rates and an uncertain macro environment.

Our multifamily and office segments are the most significant CRE and commercial construction concentrations within our portfolio. Approximately 95 percent of multifamily and office CRE loans are located within our market area, which includes Pennsylvania and the contiguous states of Ohio, New York, West Virginia, New Jersey, Delaware and Maryland

In the CRE segment, multifamily represented $580.8 million, or 7.6 percent of total portfolio loans, at March 31, 2024, compared to $569.4 million, or 7.4 percent, at December 31, 2023. The average loan size of multifamily CRE is $1.0 million, with an average loan-to-value of 56 percent. There were no special mention loans and $6.9 million substandard in the multifamily CRE segment at March 31, 2024, compared to special mention loans of $3.8 million and substandard of $13.0 million at December 31, 2023.

Office CRE was $482.0 million, or 6.3 percent of total portfolio loans, at March 31, 2024, compared to $480.5 million, or 6.3 percent, at December 31, 2023. The average loan size within the office CRE portfolio is $1.1 million, with an average loan-to-value of approximately 55 percent. Special mention loans in the office CRE segment were $12.3 million and substandard were $2.1 million at March 31, 2024, compared to special mention loans of $9.1 million and substandard of $2.5 million at December 31, 2023. Approximately 90 percent of the office portfolio is located in non-central business districts, with the remaining 10 percent in central business districts within our market area.

In addition, within the commercial construction segment, multifamily represented $115.3 million, or 1.5 percent of total portfolio loans, at March 31, 2024, compared to $119.0 million, or 1.6 percent, at December 31, 2023. Commercial construction office was $29.5 million, or 0.4 percent of total portfolio loans, at December 31, 2024, compared to $36.0 million, or 0.5 percent, at December 31, 2023. There were no special mention or substandard commercial construction loans within our multifamily or office segments for the periods presented.

Consumer loans represent 30.4 percent of our total portfolio loans at March 31, 2024 and 29.9 percent at December 31, 2023. The consumer loan portfolio increased $40.8 million at March 31, 2024, primarily due to growth in our consumer real estate portfolio of $47.4 million compared to December 31, 2023. Consistent with 2023, we continue to retain consumer real estate loans on our balance sheet as portfolio loans, versus selling these loans due to the loan pricing in the secondary market.

Allowance for Credit Losses

We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on

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S&T BANCORP, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

the following portfolio segments: 1) CRE, 2) C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. Refer to Part 1. Financial Information, Note 5 Loans and Allowance for Credit Losses for details on our portfolio segments.

The following table presents activity in the ACL for the periods presented:


	Three Months Ended March 31, 2024
(dollars in thousands)	Commercial Real Estate		Commercial and Industrial		Commercial Construction		Business Banking		Consumer Real Estate		Other Consumer		Total Loans
Allowance for credit losses on loans:
Balance at beginning of period	$	37,886	$	34,538	$	5,382	$	12,858	$	14,663	$	2,639	$	107,966
Provision for credit losses on loans(1)	2,838		680		(233)		(995)		859		276		3,425
Charge-offs	(5,205)		(1,128)		—		(98)		(139)		(369)		(6,939)
Recoveries	93		117		—		33		27		80		350
Net Charge-offs	(5,112)		(1,011)		—		(65)		(112)		(289)		(6,589)
Balance at End of Period	$	35,612	$	34,207	$	5,149	$	11,798	$	15,410	$	2,626	$	104,802
(1) Excludes the provision for credit losses for unfunded commitments.

The following table presents key ACL ratios for the periods presented:


	March 31, 2024		December 31, 2023
Ratio of net charge-offs to average loans outstanding(1)	0.35	%	0.18	%
Allowance for credit losses as a percentage of total portfolio loans	1.37	%	1.41	%
Allowance for credit losses to nonaccrual loans	316	%	471	%

(1) Year-to-date net charge-offs annualized

Net loan charge-offs were $6.6 million, or 0.35 percent of average loans, for the three months ended March 31, 2024. Refer to the "Provision for Credit Losses" section of this MD&A for further details.

The ACL was $104.8 million, or 1.37 percent of total portfolio loans, at March 31, 2024, compared to $108.0 million, or 1.41 percent of total portfolio loans, at December 31, 2023. The decrease in the ACL of $3.2 million was primarily related to decreased exposure in our healthcare portfolio.

Substandard loans decreased $20.3 million to $153.0 million at March 31, 2024, compared to $173.3 million at December 31, 2023. The decrease in substandard loans was primarily due to loan payoffs and commercial charge-offs of $6.6 million. Special mention loans increased $11.5 million to $147.3 million at March 31, 2024, compared to $135.8 million at December 31, 2023. The increase in special mention loans was primarily due to risk rating downgrades in our C&I portfolio.

Our allowance on unfunded loan commitments and letters of credit provide for the risk of expected loss in these arrangements. The allowance is computed using a methodology similar to that used to determine the ACL for loans, modified to take into account the probability of a draw-down on the commitment. The provision for credit losses on unfunded loan commitments is included in the provision for credit losses on the Condensed Consolidated Statements of Comprehensive Income. The allowance for unfunded loan commitments decreased $0.8 million to $6.0 million at March 31, 2024, compared to $6.8 million at December 31, 2023. The decrease was due to decreased loss rates and a reduction in unused commitments in our construction portfolio. The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets.

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S&T BANCORP, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Nonperforming assets, or NPA's, consist of nonaccrual loans and OREO. The following represents NPA's as of the dates presented:


(dollars in thousands)	March 31, 2024				December 31, 2023				$ Change
Nonaccrual Loans
Commercial real estate		$	18,082			$	7,267			$	10,815
Commercial and industrial		3,092				3,244				(152)
Commercial construction		4,960				4,960				—
Consumer real estate		6,869				7,146				(277)
Other Consumer		206				330				(124)
Total Nonaccrual Loans		33,209				22,947				10,262
OREO		140				75				65
Total Nonperforming Assets		$	33,349			$	23,022			$	10,327
Asset Quality Ratios:
Nonaccrual loans as a percent of total portfolio loans		0.43		%		0.30		%
Nonperforming assets as a percent of total portfolio loans plus OREO		0.44		%		0.30		%

Our policy is to place loans in all categories in nonaccrual status when collection of interest or principal is doubtful, or generally when interest or principal payments are 90 days or more past the contractual due date. Nonaccrual loans increased $10.3 million to $33.2 million at March 31, 2024, compared to $22.9 million at December 31, 2023. The increase in nonaccrual loans primarily related to the addition of a $16.4 million CRE loan, which was written down to the value of an asset sale agreement and a $3.2 million partial charge-off was processed. The sale is expected to take place later in 2024. Partially offsetting the increase in nonaccrual loans for the three months ended March 31, 2024, was the payoff of a $5.9 million CRE loan.

Deposits

Deposits are our primary source of funds. We have a well-diversified deposit base with a balance mix of 58.3 percent personal, 32.1 percent business, 4.6 percent public funds and 5.0 percent brokered at March 31, 2024.


	March 31, 2024				December 31, 2023
(dollars in thousands)	Amount		% of Deposits		Amount		% of Deposits		$ Change		% Change
Personal	$	4,429,093	58.3	%	$	4,244,387	56.4	%	$	184,706	4.4	%
Business	2,443,009		32.1	%	2,565,853		34.1	%	(122,844)		(4.8)	%
Public funds	351,806		4.6	%	335,876		4.5	%	15,930		4.7	%
Brokered	376,439		5.0	%	375,653		5.0	%	786		0.2	%
Total Deposits	$	7,600,347	100.0	%	$	7,521,769	100.0	%	$	78,578	1.0	%

The following table presents the composition of deposits for the periods presented:


(dollars in thousands)	March 31, 2024			December 31, 2023			$ Change
Customer Deposits
Noninterest-bearing demand		$	2,188,927		$	2,221,942		$	(33,015)
Interest-bearing demand		848,729			825,787			22,942
Money market		1,781,718			1,741,189			40,529
Savings		936,056			950,546			(14,490)
Certificates of deposit		1,468,478			1,406,652			61,826
Total Customer Deposits		7,223,908			7,146,116			77,792
Brokered Deposits

Money market		100,439			200,653			(100,214)
Certificates of deposit		276,000			175,000			101,000
Total Brokered Deposits		376,439			375,653			786

Total Deposits		$	7,600,347		$	7,521,769		$	78,578

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S&T BANCORP, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Our total deposits increased $78.6 million at March 31, 2024, compared to December 31, 2023. Customer deposits increased $77.8 million compared to December 31, 2023, as a result of our focus on deposit franchise. While we are still seeing movement by customers to higher cost certificate of deposits, the rate of customers moving deposits to higher costing deposit types has moderated compared to the prior year.

As a member of the IntraFi network, we are able to offer our customers insurance coverage on interest-bearing demand, money market and certificate of deposit balances in excess of the FDIC insurance limits. IntraFi balances increased $29.1 million to $306.8 million at March 31, 2024, compared to $277.7 million at December 31, 2023. We had total uninsured deposits of $2.3 billion, or 30 percent of our total deposit base, at both March 31, 2024 and December 31, 2023.

Borrowings


(dollars in thousands)	March 31, 2024			December 31, 2023			$ Change

Short-term borrowings		$	285,000		$	415,000		$	(130,000)
Long-term borrowings		39,156			39,277			(121)
Junior subordinated debt securities		49,373			49,358			15
Total Borrowings		$	373,529		$	503,635		$	(130,106)

Borrowings are an additional source of funding for us. Total borrowings decreased $130.1 million to $373.5 million at March 31, 2024, compared to $503.6 million at December 31, 2023, primarily due to deposit growth.

Information pertaining to short-term borrowings is summarized in the table below for the three months ended March 31, 2024 and the twelve months ended December 31, 2023.



	Short-Term Borrowings

(dollars in thousands)	March 31, 2024			December 31, 2023
Balance at the period end	$	285,000		$	415,000
Average balance during the period	$	408,351		$	500,421
Average interest rate during the period	5.37		%	5.44		%
Maximum month-end balance during the period	$	465,000		$	630,000
Average interest rate at the period end	5.11		%	5.65		%

Information pertaining to long-term borrowings and junior subordinated debt securities is summarized in the tables below for the three months ended March 31, 2024 and the twelve months ended December 31, 2023.



	Long-Term Borrowings

(dollars in thousands)	March 31, 2024			December 31, 2023
Balance at the period end	$	39,156		$	39,277
Average balance during the period	$	39,221		$	31,706
Average interest rate during the period	4.53		%	4.20		%
Maximum month-end balance during the period	$	39,237		$	39,589
Average interest rate at the period end	4.47		%	4.52		%

	Junior Subordinated Debt Securities

(dollars in thousands)	March 31, 2024			December 31, 2023
Balance at the period end	$	49,373		$	49,358
Average balance during the period	$	49,364		$	52,215
Average interest rate during the period	8.23		%	7.87		%
Maximum month-end balance during the period	$	49,373		$	54,483
Average interest rate at the period end	7.92		%	7.98		%

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S&T BANCORP, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

Liquidity is defined as a financial institution’s ability to meet its cash and collateral obligations at a reasonable cost. Our primary future cash needs are centered on the ability to (i) satisfy the financial needs of depositors who may want to withdraw funds or of borrowers needing to access funds to meet their credit needs and (ii) to meet our future cash commitments under contractual obligations with third parties. In order to manage liquidity risk, our Board of Directors has delegated authority to ALCO for the formulation, implementation and oversight of liquidity risk management for S&T. The ALCO’s goal is to maintain adequate levels of liquidity at a reasonable cost to meet funding needs in both a normal operating environment and for potential liquidity stress events. The ALCO monitors and manages liquidity through various ratios, reviewing cash flow projections, performing stress tests and having a detailed contingency funding plan. The ALCO policy guidelines define graduated risk tolerance levels. If our liquidity position moves to a level that has been defined as high risk, specific actions are required, such as increased monitoring or the development of an action plan to reduce the risk position.

Our primary funding and liquidity source is a stable customer deposit base. We believe S&T has the ability to retain existing deposits and attract new deposits, mitigating any funding dependency on other more volatile funding sources. Refer to the "Financial Condition as of March 31, 2024 - Deposits" section of this MD&A, for additional discussion on deposits. Although deposits are the primary source of funds, we have identified various other funding sources that can be used as part of our normal funding program. Additional funding sources accessible to S&T include borrowing availability at the Federal Home Loan Bank of Pittsburgh, or FHLB, federal funds lines with other financial institutions and the brokered deposit market. We also have availability at the Federal Reserve Discount Window through the Borrower-in-Custody Program.

In response to the bank failures in March 2023, the Federal Reserve authorized additional funding availability to eligible depository institutions through the Federal Reserve Bank Term Funding Program, or BTFP. The temporary program was intended to help assure depositors that their institutions have an additional source of liquidity to meet their needs. Under the program, any collateral eligible for purchase by the Federal Reserve Banks in open market operations could be pledged, including U.S. Treasury securities, U.S. Agencies and U.S. Agency mortgage-backed securities. Collateral advances were equal to 100 percent of the par value of the collateral pledged with a term of up to one year. Interest was charged at a fixed rate equal to the one-year overnight index swap rate plus 10 basis points with no prepayment penalty. The BTFP ceased making new loans as scheduled on March 11, 2024.

Available borrowing capacity exceeds uninsured deposits of $2.3 billion. The following table summarizes funding sources available as of the dates presented:


	March 31, 2024						December 31, 2023
(dollars in thousands)	Borrowing Capacity		Balance		Available		Borrowing Capacity		Balance		Available
FHLB	$	3,323,321	$	255,706	$	3,067,615	$	3,241,098	$	552,136	$	2,688,962
Borrower-in-Custody Program	775,278		—		775,278		769,653		—		769,653
Federal Reserve BTFP(1)	200,000		200,000		—		636,963		—		636,963
Total	$	4,298,599	$	455,706	$	3,842,893	$	4,647,714	$	552,136	$	4,095,578
(1) Lending program created by the Federal Reserve in March 2023, new loans under the program ended March 11, 2024.

We have contractual obligations representing required future payments on certificates of deposit, junior subordinated debt securities, short-term borrowings, long-term borrowings, operating and capital leases, funding commitments on tax credit equity investments and purchase obligations. See the Liquidity and Capital Resources portion of our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2023 Form 10-K for more information on these future cash outflows. Customer certificates of deposit increased $61.8 million to $1.5 billion at March 31, 2024, compared to December 31, 2023 and short-term borrowings decreased $130.0 million to $285.0 million at March 31, 2024, compared to December 31, 2023. Other than these changes, there have been no material changes to the contractual obligations previously disclosed in our 2023 Form 10-K.

An important component of our ability to effectively respond to potential liquidity stress events is maintaining a cushion of highly liquid assets. Highly liquid assets are those that can be converted to cash quickly to meet financial obligations. ALCO policy guidelines define a ratio of highly liquid assets to total assets by graduated risk tolerance levels of minimal, moderate and high. At March 31, 2024, S&T Bank had $711.0 million in highly liquid assets, which consisted primarily of $143.3 million in interest-bearing deposits with banks and $567.7 million in unpledged securities. This resulted in a highly liquid assets to total assets ratio of 7.5 percent at March 31, 2024.

We continue to maintain a strong capital position with our leverage ratio at 11.30 percent at March 31, 2024, compared to 11.21 percent at December 31, 2023, both in excess of the well-capitalized regulatory guideline of 5.00 percent. We continue to be well-capitalized with a risk-based Common Equity Tier 1 ratio of 13.59 percent at March 31, 2024, compared to 13.37 percent at December 31, 2023, both in excess of the well-capitalized regulatory guideline of 6.50 percent.

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S&T BANCORP, INC. AND SUBSIDIARIES

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following table summarizes capital amounts and ratios for S&T and S&T Bank as of the dates presented:


(dollars in thousands)	Adequately Capitalized		Well- Capitalized		March 31, 2024				December 31, 2023
					Amount		Ratio		Amount		Ratio
S&T Bancorp, Inc.
Tier 1 leverage	4.00	%	5.00	%	$	1,047,165	11.30	%	$	1,034,828	11.21	%
Common equity tier 1 to risk-weighted assets	4.50	%	6.50	%	1,023,165		13.59	%	1,010,828		13.37	%
Tier 1 capital to risk-weighted assets	6.00	%	8.00	%	1,047,165		13.91	%	1,034,828		13.69	%
Total capital to risk-weighted assets	8.00	%	10.00	%	1,166,371		15.49	%	1,154,376		15.27	%
S&T Bank
Tier 1 leverage	4.00	%	5.00	%	$	1,005,771	10.86	%	$	995,824	10.79	%
Common equity tier 1 to risk-weighted assets	4.50	%	6.50	%	1,005,771		13.37	%	995,824		13.18	%
Tier 1 capital to risk-weighted assets	6.00	%	8.00	%	1,005,771		13.37	%	995,824		13.18	%
Total capital to risk-weighted assets	8.00	%	10.00	%	1,124,941		14.95	%	1,115,315		14.76	%

On March 27, 2020, the regulators issued interim final rule, or IFR, “Regulatory Capital Rule: Revised Transition of the Current Expected Credit Losses Methodology for Allowances” in response to the disrupted economic activity due to the COVID-19 pandemic. The IFR provides financial institutions that adopted CECL during 2020 with the option to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided by the initial two-year delay (“five-year transition”). We adopted CECL effective January 1, 2020 and elected to implement the five-year transition.

We have filed a shelf registration statement on Form S-3 under the Securities Act of 1933, as amended, with the SEC, which allows for the issuance of a variety of securities including debt and capital securities, preferred and common stock and warrants. We may use the proceeds from the sale of securities for general corporate purposes, which could include investments at the holding company level, investing in, or extending credit to subsidiaries, possible acquisitions and stock repurchases. As of March 31, 2024, we had not issued any securities pursuant to this shelf registration statement.

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S&T BANCORP, INC. AND SUBSIDIARIES

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is defined as the degree to which changes in interest rates, foreign exchange rates, commodity prices or equity prices can adversely affect a financial institution’s earnings or capital. For most financial institutions, including S&T, market risk primarily reflects exposures to changes in interest rates. Interest rate fluctuations affect earnings by changing net interest income and other interest-sensitive income and expense levels. Interest rate changes also affect capital by changing the net present value of a bank’s future cash flows, and the cash flows themselves, as rates change. Accepting this risk is a normal part of banking and can be an important source of profitability and enhancing shareholder value. However, excessive interest rate risk can threaten a bank’s earnings, capital, liquidity and solvency. Our sensitivity to changes in interest rate movements is continually monitored by the ALCO. The ALCO monitors and manages market risk through rate shock analyses, economic value of equity, or EVE, analyses and by performing stress tests and simulations to mitigate earnings and market value fluctuations due to changes in interest rates.

Rate shock analyses results are compared to a base case to provide an estimate of the impact that market rate changes may have on 12 and 24 months of pretax net interest income. The base case and rate shock analyses are performed on a static balance sheet. A static balance sheet is a no growth balance sheet in which all maturing and/or repricing cash flows are reinvested in the same product at the existing product spread. Rate shock analyses assume an immediate parallel shift in market interest rates and also include management assumptions regarding the impact of interest rate changes on non-maturity deposit products (noninterest-bearing demand, interest-bearing demand, money market and savings) and changes in the prepayment behavior of loans and securities with optionality. S&T policy guidelines limit the change in pretax net interest income over 12 and 24 month horizons using rate shocks in increments of +/- 100 basis points. Policy guidelines define the percentage change in pretax net interest income by graduated risk tolerance levels of minimal, moderate and high.

In order to monitor interest rate risk beyond the 24 month time horizon of rate shocks on pretax net interest income, we also perform EVE analyses. EVE represents the present value of all asset cash flows minus the present value of all liability cash flows. EVE change results are compared to a base case to determine the impact that market rate changes may have on our EVE. As with rate shock analyses on pretax net interest income, EVE analyses incorporate management assumptions regarding prepayment behavior of fixed rate loans and securities with optionality and the behavior and value of non-maturity deposit products. S&T policy guidelines limit the change in EVE using rate shocks in increments of +/- 100 basis points. Policy guidelines define the percentage change in EVE by graduated risk tolerance levels of minimal, moderate and high.

The table below reflects the rate shock analyses results for the 1-12 and 13-24 month periods of pretax net interest income and EVE.


	March 31, 2024			December 31, 2023
	1 - 12 Months	13 - 24 Months	% Change in EVE	1 - 12 Months	13 - 24 Months	% Change in EVE
Change in Interest Rate (basis points)	% Change in Pretax Net Interest Income	% Change in Pretax Net Interest Income		% Change in Pretax Net Interest Income	% Change in Pretax Net Interest Income
400	7.0	6.5	(31.7)	3.5	7.6	(31.4)
300	4.8	4.4	(23.8)	2.4	5.4	(23.5)
200	2.6	2.3	(15.5)	1.2	3.4	(15.2)
100	0.8	0.9	(7.1)	0.2	1.6	(7.3)
-100	(4.2)	(5.1)	3.6	(3.5)	(5.1)	3.7
-200	(6.0)	(7.4)	4.3	(4.2)	(6.7)	3.8
-300	(9.0)	(12.0)	—	(6.6)	(11.2)	(0.5)
-400	(12.7)	(17.2)	(10.5)	(9.3)	(15.1)	(13.7)

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S&T BANCORP, INC. AND SUBSIDIARIES

The results from the rate shock analyses on net interest income are consistent with having an asset sensitive balance sheet. Having an asset sensitive balance sheet means more assets than liabilities will reprice during the measured time frames. The implications of an asset sensitive balance sheet will differ depending upon the change in market interest rates. For example, with an asset sensitive balance sheet in a declining interest rate environment, more assets than liabilities will decrease in rate. This situation could result in a decrease in net interest income and operating income. Conversely, with an asset sensitive balance sheet in a rising interest rate environment, more assets than liabilities will increase in rate. This situation could result in an increase in net interest income and operating income.

Our rate shock analyses show more improvement in the percentage change in pretax net interest income in the rates up scenarios when comparing March 31, 2024 to December 31, 2023 primarily due to changes in our funding mix. The percentage change in pretax net interest income in the rates down scenario shows a decline when comparing March 31, 2024 to December 31, 2023 primarily due to changes in our funding mix. Our EVE analyses remain relatively unchanged in the rates up scenarios. The percentage change in our EVE show improvement in rates down scenarios when comparing March 31, 2024 to December 31, 2023. These changes are mainly the result of changes to our funding mix.

In addition to rate shocks and EVE analyses, we perform a market risk stress test at least annually. The market risk stress test includes sensitivity analyses and simulations. Sensitivity analyses are performed to help us identify which model assumptions cause the greatest impact on pretax net interest income. Sensitivity analyses may include changing prepayment behavior of loans and securities with optionality and the impact of interest rate changes on non-maturity deposit products. Simulation analyses may include the potential impact of rate changes other than the policy guidelines, yield curve shape changes, significant balance mix changes and various growth scenarios.

Item 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of S&T’s Chief Executive Officer, or CEO, and Chief Financial Officer, or CFO (its principal executive officer and principal financial officer, respectively), management has evaluated the effectiveness of the design and operation of S&T’s disclosure controls and procedures as of March 31, 2024. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, or the Exchange Act, is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission, or the SEC, and that such information is accumulated and communicated to S&T’s management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

Based on and as of the date of such evaluation, our CEO and CFO concluded that the design and operation of our disclosure controls and procedures were effective in all material respects, as of the end of the period covered by this report.

Changes in Internal Control over Financial Reporting

During the quarter ended March 31, 2024, there were no changes made to S&T’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that materially affected, or are reasonably likely to materially affect, S&T’s internal control over financial reporting.

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S&T BANCORP, INC. AND SUBSIDIARIES

PART II

OTHER INFORMATION

Item 1. Legal Proceedings

None

Item 1A. Risk Factors

There have been no material changes to the risk factors that we have previously disclosed in Part I, Item 1A – “Risk Factors” in our 2023 Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 27, 2024.

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

Purchases of Equity Securities

The following table is a summary of our purchases of common stock during the first quarter of 2024:


Period	Total number of shares purchased	Average price paid per share	Total number of shares purchased as part of publicly announced plan(1)	Approximate dollar value of shares that may yet be purchased under the plan
				$50,000,000
01/01/2024-01/31/2024	—	$—	—	50,000,000

02/01/2024-02/29/2024	—	—	—	50,000,000

03/01/2024-03/31/2024	—	—	—	$50,000,000

(1) On January 24, 2024, our Board of Directors authorized a new $50 million share repurchase plan. The new plan replaced the existing share repurchase plan effective immediately and is set to expire May 30, 2025. This repurchase authorization permits S&T to repurchase shares of S&T's common stock from time to time through a combination of open market and privately negotiated repurchases up to the authorized $50 million aggregate value of S&T's common stock. The specific timing, price and quantity of repurchases will be at the discretion of S&T and will depend on a variety of factors, including general market conditions, the trading price of the common stock, legal and contractual requirements and S&T’s financial performance. The repurchase plan does not obligate S&T to repurchase any particular number of shares. S&T expects to fund any repurchases from cash on hand and internally generated funds. Any share repurchases will not begin until permissible under applicable laws.

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not Applicable

Item 5. Other Information

(c) During the three months ended March 31, 2024, no director or Section 16 officer of the Company adopted, terminated or modified a ‘Rule 10b5-1 trading arrangement’ or ‘non-Rule 10b5-1 trading arrangement,’ as each term is defined in Item 408(a) of Regulation S-K.

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S&T BANCORP, INC. AND SUBSIDIARIES

Item 6. Exhibits


31.1			Rule 13a-14(a) Certification of the Chief Executive Officer
31.2			Rule 13a-14(a) Certification of the Chief Financial Officer
32			Rule 13a-14(b) Certification of the Chief Executive Officer and Chief Financial Officer
101.INS			XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH			XBRL Taxonomy Extension Schema
101.CAL			XBRL Taxonomy Extension Calculation Linkbase
101.DEF			XBRL Taxonomy Extension Definition Linkbase
101.LAB			XBRL Taxonomy Extension Label Linkbase
101.PRE			XBRL Taxonomy Extension Presentation Linkbase
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101)

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S&T BANCORP, INC. AND SUBSIDIARIES

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			S&T Bancorp, Inc. (Registrant)

May 2, 2024			/s/ Mark Kochvar
			Mark Kochvar Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer and Duly Authorized Signatory)

S&T Bancorp - 10-Q quarterly report FY2024 Q1

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		Page No.
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Balance Sheets	2

	Condensed Consolidated Statements of Comprehensive Income	3

	Consolidated Statements of Changes in Shareholders' Equity	4

	Condensed Consolidated Statements of Cash Flows	5

	Notes to Consolidated Financial Statements	6

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	26

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40

Item 4.	Controls and Procedures	41

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	42

Item 1A.	Risk Factors	42

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42

Item 3.	Defaults Upon Senior Securities	42

Item 4.	Mine Safety Disclosures	42

Item 5.	Other Information	42

Item 6.	Exhibits	43

	Signatures	44