[PART I. FINANCIAL INFORMATION](index=2&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) The financial statements present S&T Bancorp's financial position as of March 31, 2024, and its performance for the first quarter. Total assets slightly decreased to $9.54 billion from $9.55 billion at year-end 2023. Net income for Q1 2024 was $31.2 million, a decrease from $39.8 million in Q1 2023, primarily driven by lower net interest income and a higher provision for credit losses. Total shareholders' equity increased to $1.30 billion from $1.28 billion at year-end 2023 [Consolidated Balance Sheets](index=2&type=section&id=Consolidated%20Balance%20Sheets) Balance Sheet Highlights (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$9,539,103** | **$9,551,526** | | Portfolio loans, net | $7,551,232 | $7,545,375 | | Goodwill | $373,424 | $373,424 | | **Total Deposits** | **$7,600,347** | **$7,521,769** | | Short-term borrowings | $285,000 | $415,000 | | **Total Liabilities** | **$8,244,029** | **$8,268,081** | | **Total Shareholders' Equity** | **$1,295,074** | **$1,283,445** | - Total assets saw a slight decrease of **$12.4 million**, while total deposits grew by **$78.6 million**, allowing for a **$130.0 million** reduction in short-term borrowings[8](index=8&type=chunk) [Condensed Consolidated Statements of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Income Statement Highlights (in thousands, except per share data) | Metric | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Net Interest Income | $83,477 | $88,791 | | Provision for credit losses | $2,627 | $922 | | Total Noninterest Income | $12,830 | $13,190 | | Total Noninterest Expense | $54,520 | $51,699 | | **Net Income** | **$31,239** | **$39,799** | | **Earnings per share—diluted** | **$0.81** | **$1.02** | | Dividends declared per share | $0.33 | $0.32 | - Net income decreased by **21.5% YoY**, driven by a **6.0%** decline in Net Interest Income, a **185%** increase in the Provision for credit losses, and a **5.5%** rise in Noninterest Expense[10](index=10&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (in thousands) | Activity | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $46,378 | $44,255 | | Net Cash Used in Investing Activities | ($8,338) | ($55,745) | | Net Cash (Used in) Provided by Financing Activities | ($64,190) | $45,633 | | **Net (decrease) increase in cash** | **($26,150)** | **$34,143** | - The net decrease in cash was primarily due to financing activities, including a **$130.0 million** net decrease in short-term borrowings and **$12.6 million** in dividend payments, which was partially offset by a net increase in deposits[13](index=13&type=chunk) [Notes to Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Key notes detail the adoption of new accounting standards, particularly ASU 2023-02 for tax credit investments, which resulted in a $1.0 million adjustment to retained earnings. The loan portfolio composition remained stable at $7.66 billion. Nonperforming loans increased to $33.2 million from $22.9 million at year-end. The Allowance for Credit Losses (ACL) decreased to $104.8 million, representing 1.37% of total loans. Derivative liabilities, primarily for hedging, stood at $91.0 million - Adopted ASU 2023-02 for tax credit investments, using the proportional amortization method (PAM). This resulted in a **$1.0 million** cumulative effect adjustment to retained earnings as of January 1, 2024[19](index=19&type=chunk)[70](index=70&type=chunk) Loan Portfolio Composition (in thousands) | Loan Category | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Commercial real estate | $2,699,782 | $2,659,135 | | Commercial and industrial | $1,410,517 | $1,436,183 | | Business banking | $1,307,155 | $1,360,765 | | Consumer real estate | $1,782,973 | $1,731,778 | | **Total Portfolio Loans** | **$7,656,034** | **$7,653,341** | Allowance for Credit Losses (ACL) Activity (in thousands) | Description | Three Months Ended Mar 31, 2024 | | :--- | :--- | | Balance at beginning of period | $107,966 | | Provision for credit losses on loans | $3,425 | | Net Charge-offs | ($6,589) | | **Balance at End of Period** | **$104,802** | - Total nonperforming assets increased to **$33.3 million** at March 31, 2024, from **$23.0 million** at December 31, 2023, primarily due to a rise in nonaccrual loans[45](index=45&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the $8.6 million year-over-year decrease in Q1 2024 net income to a $5.3 million decline in net interest income, a $1.7 million increase in the provision for credit losses, and a $2.8 million rise in noninterest expenses. The Net Interest Margin (NIM) compressed by 48 basis points to 3.84% due to higher funding costs. The financial condition remains stable with total assets at $9.5 billion. The loan portfolio was flat, while deposits grew by $78.6 million, reducing reliance on borrowings. Asset quality saw an increase in nonperforming loans, though capital levels remain strong and well above regulatory requirements - The company's strategic priorities for 2024 focus on its deposit franchise, core profitability, asset quality, and talent engagement[92](index=92&type=chunk) Key Profitability Metrics | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income | $31.2M | $39.8M | | Diluted EPS | $0.81 | $1.02 | | Return on average assets | 1.32% | 1.77% | | Return on average tangible shareholders' equity (non-GAAP) | 13.85% | 19.61% | [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Q1 2024 operating results declined compared to Q1 2023. Net interest income fell by $5.3 million as the cost of interest-bearing liabilities rose 131 basis points, outpacing the 47 basis point increase in asset yields. The provision for credit losses increased by $1.7 million, driven by higher net charge-offs of $6.6 million. Noninterest income was stable, while noninterest expense grew by $2.8 million, mainly from higher salaries and technology investments. The effective tax rate increased to 20.2% from 19.4% - Net interest margin (NIM) on an FTE basis (non-GAAP) decreased by **48 basis points** to **3.84%** in Q1 2024 from **4.32%** in Q1 2023, primarily due to higher interest rates and a shift in funding mix to more expensive money market accounts and certificates of deposit[94](index=94&type=chunk)[100](index=100&type=chunk) - Net loan charge-offs were **$6.6 million** in Q1 2024, compared to net recoveries of **$5.1 million** in Q1 2023. The 2024 charge-offs were mainly related to two CRE relationships and one C&I relationship[106](index=106&type=chunk) - Noninterest expense increased by **$2.8 million YoY**, driven by a **$1.9 million** rise in salaries and benefits (due to merit increases and new talent) and a **$0.7 million** increase in data processing and IT costs[108](index=108&type=chunk) [Financial Condition](index=34&type=section&id=Financial%20Condition) As of March 31, 2024, the company's financial condition remained solid. Total assets were stable at $9.5 billion. The loan portfolio was flat at $7.7 billion, with a slight mix shift from commercial to consumer real estate loans. Total deposits grew by $78.6 million to $7.6 billion, enabling a $130.1 million reduction in total borrowings. Nonperforming assets increased to $33.3 million from $23.0 million at year-end, primarily from one large CRE loan moving to nonaccrual status. Capital ratios improved and remain well-capitalized, with a Common Equity Tier 1 ratio of 13.59% Loan Portfolio Composition (in thousands) | Loan Type | March 31, 2024 | % of Total | | :--- | :--- | :--- | | Total Commercial Loans | $5,324,927 | 69.6% | | Total Consumer Loans | $2,331,107 | 30.4% | | **Total Portfolio Loans** | **$7,656,034** | **100.0%** | - Nonaccrual loans increased by **$10.3 million** to **$33.2 million**, mainly due to the addition of a **$16.4 million** CRE loan which was subsequently written down[129](index=129&type=chunk) - Total deposits increased by **$78.6 million** from year-end 2023, with customer deposits growing by **$77.8 million**, reflecting a focus on the deposit franchise[131](index=131&type=chunk)[132](index=132&type=chunk) Capital Ratios | Ratio | March 31, 2024 | Well-Capitalized Guideline | | :--- | :--- | :--- | | Tier 1 leverage | 11.30% | 5.00% | | Common equity tier 1 | 13.59% | 6.50% | | Total capital | 15.49% | 10.00% | [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company actively manages market risk, primarily interest rate risk, through its Asset and Liability Committee (ALCO). The balance sheet is asset-sensitive, meaning net interest income is projected to increase in a rising rate environment and decrease in a falling rate environment. As of March 31, 2024, a 100 basis point instantaneous increase in rates is estimated to increase pretax net interest income by 0.8% over 12 months, while a 100 basis point decrease would lower it by 4.2%. The company's risk exposure remains within its established policy limits - The company's balance sheet is positioned to be asset sensitive, meaning net interest income is expected to benefit from rising interest rates and be negatively impacted by falling rates[152](index=152&type=chunk) Interest Rate Sensitivity Analysis (Pretax Net Interest Income - 1-12 Months) | Change in Interest Rate (bps) | % Change at Mar 31, 2024 | % Change at Dec 31, 2023 | | :--- | :--- | :--- | | +200 | 2.6% | 1.2% | | +100 | 0.8% | 0.2% | | -100 | (4.2)% | (3.5)% | | -200 | (6.0)% | (4.2)% | [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2024. There were no material changes to the company's internal control over financial reporting during the first quarter of 2024 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective in all material respects as of the end of the period[156](index=156&type=chunk) - No changes were made to internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[157](index=157&type=chunk) [PART II. OTHER INFORMATION](index=42&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Other Information Summary](index=42&type=section&id=Other%20Information%20Summary) This section confirms there were no material changes to risk factors and no new legal proceedings. A new $50 million share repurchase plan was authorized in January 2024, replacing the previous plan, though no shares were repurchased during the first quarter. Other disclosures are standard and report no significant events - There have been no material changes to the risk factors previously disclosed in the 2023 Form 10-K[160](index=160&type=chunk) - On January 24, 2024, the Board of Directors authorized a new **$50 million** share repurchase plan, set to expire on May 30, 2025. No shares were purchased under this plan during the first quarter of 2024[161](index=161&type=chunk)

S&T Bancorp, Inc. (NASDAQ:STBA) Q1 2024 Earnings Conference Call April 18, 2024 1:00 PM ET Company Participants Mark Kochvar - CFO Chris McComish - CEO Dave Antolik - President Conference Call Participants Daniel Tamayo - Raymond James Kelly Motta - KBW Sharanjit Cheema - D.A. Davidson Companies Daniel Cardenas - Janney Montgomery Scott Matthew Breese - Stephens Inc. Operator Welcome to the S&T Bancorp First Quarter 2024 Conference Call. After the management’s remarks, there will be a question-and-answer ...

Income • Decrease in other related to a $3.3 million gain on OREO and $1.1 million of valuation adjustments in 4Q23 • Customer activity seasonally slower 1Q24 1Q24 vs 4Q23 1Q24 vs 1Q23 Noninterest Expense $54.5 ($1.7) $2.8 Expense • Salaries and benefits decreased $1.4 million mainly related to medical expense compared to 4Q23 ■ Noninterest Expense OEfficiency Ratio* Dollars in millions; *Refer to appendix for reconciliation of non-GAAP financial measures 10 Capital Common Equity Total Leverage Tier 1 Net I ...

| --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------|-----------------|------------------|---------------| | | 2024 | 2023 | 2023 | | (dollars and shares in thousands) (1) Tangible Book Value (non-GAAP) | First Quarter | Fourth Quarter | First Quarter | | Total shareholders' equity Less: goodwill and other intangible assets, net of deferred | $1,295,074 | $1,283,445 | $1,227,795 | | tax liability | (376,396) | (376,631) | ( ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-12508 S&T BANCORP, INC. (Exact name of registrant as specified in its charter) Pennsylvania 25-1434426 (State or other jurisdiction of incorporation ...

S&T Bancorp, Inc. (NASDAQ:STBA) Q4 2023 Results Conference Call January 25, 2024 1:00 PM ET Company Participants Mark Kochvar - CFO Chris McComish - CEO Dave Antolik - President Conference Call Participants Daniel Tamayo - Raymond James Michael Perito - KBW Manuel Navas - D.A. Davidson Matthew Breese - Stephens Inc Daniel Cardenas - Janney Montgomery Scott Operator Welcome to the S&T Bancorp Fourth Quarter 2023 Conference Call. After the management's remarks, there will be a question-and-answer session. Now ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents S&T Bancorp's unaudited consolidated financial statements for Q3 and nine months ended September 30, 2023, including balance sheets, income, equity, cash flows, and notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to **$9.47 billion** by September 30, 2023, driven by loan growth, while deposits remained stable at **$7.2 billion** with a shift to higher-cost certificates Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$9,466,077** | **$9,110,567** | | Portfolio loans, net | $7,407,712 | $7,082,629 | | Securities available for sale | $955,262 | $1,002,778 | | **Total Liabilities** | **$8,242,545** | **$7,925,908** | | Total Deposits | $7,222,897 | $7,219,970 | | Short-term borrowings | $630,000 | $370,000 | | **Total Shareholders' Equity** | **$1,223,532** | **$1,184,659** | - The growth in total assets was primarily fueled by a **$325 million** increase in net portfolio loans[8](index=8&type=chunk) - A significant shift occurred in deposit composition: noninterest-bearing demand deposits fell by **$312.7 million**, while certificates of deposit grew by **$553.3 million**[8](index=8&type=chunk) [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Q3 2023 net income decreased to **$33.5 million** due to higher credit loss provision and interest expense, while nine-month net income increased to **$107.7 million** driven by net interest income growth Key Income Statement Data (in thousands, except per share data) | Metric | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $87,387 | $83,798 | $264,301 | $226,725 | | Provision for credit losses | $5,498 | $2,498 | $16,949 | $5,190 | | **Net Income** | **$33,468** | **$37,249** | **$107,734** | **$95,250** | | Earnings per share—diluted | $0.87 | $0.95 | $2.78 | $2.43 | - Total interest income for the nine-month period grew significantly to **$351.2 million** in 2023 from **$237.5 million** in 2022, reflecting the higher interest rate environment[10](index=10&type=chunk) - Total interest expense also saw a sharp increase, rising to **$86.9 million** for the first nine months of 2023 from just **$10.8 million** in the prior-year period, driven by higher deposit and borrowing costs[10](index=10&type=chunk) [Consolidated Statements of Changes in Shareholders' Equity](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity grew from **$1.18 billion** to **$1.22 billion** by September 30, 2023, primarily from net income, partially offset by dividends, repurchases, and other comprehensive loss Shareholders' Equity Activity - Nine Months Ended Sep 30, 2023 (in thousands) | Description | Amount | | :--- | :--- | | Balance at January 1, 2023 | $1,184,659 | | Net Income | $107,734 | | Other comprehensive loss, net of tax | ($13,511) | | Cash dividends declared | ($37,190) | | Repurchase of S&T Stock | ($19,998) | | **Balance at September 30, 2023** | **$1,223,532** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash and due from banks increased by **$28.4 million** for the nine months, with **$132.1 million** from operations, **$328.8 million** used in investing, and **$225.2 million** provided by financing activities Cash Flow Summary - Nine Months Ended Sep 30 (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $132,070 | $205,236 | | Net Cash Used in Investing Activities | ($328,829) | ($306,607) | | Net Cash Provided by (Used in) Financing Activities | $225,203 | ($685,941) | | **Net increase (decrease) in cash** | **$28,444** | **($787,312)** | - A significant shift in financing activities occurred, from a net cash use of **$685.9 million** in 2022 to a net cash provision of **$225.2 million** in 2023, largely due to increased borrowings[14](index=14&type=chunk) [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed disclosures for financial statements, covering accounting policies, fair value, portfolio risks, credit losses, derivatives, and off-balance sheet commitments - The company adopted ASU 2022-02 on January 1, 2023, which eliminated the Troubled Debt Restructuring (TDR) accounting model and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty, resulting in a **$0.6 million** increase to the Allowance for Credit Losses (ACL) and a decrease to retained earnings[20](index=20&type=chunk)[23](index=23&type=chunk) - The company's available-for-sale debt securities portfolio had gross unrealized losses of **$115.4 million** as of September 30, 2023, primarily attributed to changes in interest rates rather than credit quality deterioration[37](index=37&type=chunk)[38](index=38&type=chunk) - Total commitments to extend credit were **$2.7 billion**, and standby letters of credit were **$53.1 million** as of September 30, 2023[80](index=80&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and operations, analyzing earnings, net interest income, credit losses, noninterest items, balance sheet changes, and highlighting strong liquidity and capital [Overview](index=33&type=section&id=Overview) S&T Bancorp, a **$9.5 billion** bank holding company, maintains a strong liquidity and balance sheet with a diversified deposit base, robust capital, and **$3.8 billion** in available borrowing capacity - The company's deposit base is well-diversified, consisting of **57.4%** personal, **35.2%** business, **5.0%** public funds, and **2.4%** brokered deposits as of September 30, 2023[97](index=97&type=chunk) - Total uninsured deposits amount to **$2.2 billion**, representing **31%** of the total deposit base[97](index=97&type=chunk) - Available borrowing capacity stood at **$3.8 billion** at September 30, 2023, including access to the FHLB, Federal Reserve Discount Window, and the Bank Term Funding Program (BTFP)[97](index=97&type=chunk) [Earnings Summary](index=33&type=section&id=Earnings%20Summary) Q3 2023 net income decreased to **$33.5 million** due to higher credit loss provision and expenses, while nine-month net income rose to **$107.7 million** driven by increased net interest income Key Profitability Metrics | Metric | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net income (in thousands) | $33,468 | $37,249 | $107,734 | $95,250 | | Earnings per share - diluted | $0.87 | $0.95 | $2.78 | $2.43 | | Return on average assets | 1.42% | 1.64% | 1.56% | 1.38% | | Return on average shareholders' equity | 10.84% | 12.47% | 11.80% | 10.73% | [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Net interest income grew despite rising interest expense, while credit loss provision increased, noninterest income declined due to valuation adjustments, and noninterest expense rose from higher salaries - Net interest margin (NIM) on a fully taxable equivalent (FTE) basis increased to **4.09%** in Q3 2023 from **4.04%** in Q3 2022, and to **4.21%** for the nine-month period from **3.58%** a year prior, driven by higher interest rates[100](index=100&type=chunk)[107](index=107&type=chunk)[113](index=113&type=chunk) - The provision for credit losses for the nine months ended Sep 30, 2023, was **$17.0 million**, an increase of **$11.8 million** from the same period in 2022, due to higher net charge-offs and an increased qualitative reserve[101](index=101&type=chunk)[119](index=119&type=chunk) - Noninterest income for Q3 2023 decreased by **$2.6 million** year-over-year, primarily due to a **$0.9 million** valuation adjustment for commercial loan swaps and a **$0.6 million** gain on OREO sale in the prior year period that did not recur[102](index=102&type=chunk)[122](index=122&type=chunk) - Noninterest expense for the nine months ended Sep 30, 2023, increased by **$8.7 million** year-over-year, mainly due to a **$5.3 million** rise in salaries and employee benefits[103](index=103&type=chunk)[124](index=124&type=chunk) [Financial Condition](index=42&type=section&id=Financial%20Condition) Total assets grew by **$355.5 million** to **$9.5 billion** driven by loan growth, deposits remained flat at **$7.2 billion** with a mix shift, and borrowings increased by **$279.5 million** - Total portfolio loans grew by **4.6%** to **$7.5 billion** at September 30, 2023, with consumer real estate loans increasing by **15.3%** and commercial loans increasing by **1.2%**[126](index=126&type=chunk)[134](index=134&type=chunk)[136](index=136&type=chunk) - The Allowance for Credit Losses (ACL) increased to **$108.2 million** (**1.44%** of loans) from **$101.3 million** (**1.41%** of loans) at year-end, reflecting a larger qualitative reserve and downgrades in the C&I portfolio[142](index=142&type=chunk) - Nonaccrual loans decreased by **33.5%** to **$12.7 million** (**0.17%** of loans) from **$19.1 million** (**0.27%** of loans) at year-end 2022, mainly due to the payoff of a large CRE loan[146](index=146&type=chunk) - Total borrowings increased to **$718.7 million** from **$439.2 million** at year-end 2022 to support loan growth[149](index=149&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity and capital, supported by a stable deposit base and **$3.8 billion** in borrowing capacity, with all capital ratios exceeding 'well-capitalized' minimums Available Funding Sources (in thousands) | Source | Borrowing Capacity | Balance | Available | | :--- | :--- | :--- | :--- | | FHLB | $3,125,638 | $787,701 | $2,337,937 | | Federal Reserve Discount Window | $769,550 | $0 | $769,550 | | Federal Reserve BTFP | $675,784 | $0 | $675,784 | | **Total** | **$4,570,972** | **$787,701** | **$3,783,271** | Regulatory Capital Ratios (S&T Bancorp, Inc.) | Ratio | September 30, 2023 | Well-Capitalized Guideline | | :--- | :--- | :--- | | Common equity tier 1 | 13.11% | 6.50% | | Tier 1 capital | 13.43% | 8.00% | | Total capital | 15.01% | 10.00% | | Tier 1 leverage | 11.12% | 5.00% | [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with an asset-sensitive balance sheet indicating net interest income increases in rising rates and decreases in falling rates Interest Rate Sensitivity Analysis (Pretax Net Interest Income % Change) | Change in Interest Rate (bps) | 1 - 12 Months % Change | 13 - 24 Months % Change | | :--- | :--- | :--- | | +400 | 7.7% | 10.9% | | +200 | 3.7% | 5.0% | | +100 | 1.7% | 2.4% | | -100 | (4.1)% | (5.8)% | | -200 | (5.9)% | (8.4)% | - The balance sheet is asset sensitive, meaning more assets than liabilities will reprice in a given period, leading to higher net interest income in a rising rate environment and lower net interest income in a falling rate environment[168](index=168&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, deemed disclosure controls effective as of September 30, 2023, with no material changes to internal control over financial reporting - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the period covered by the report[172](index=172&type=chunk) - No changes were made to internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[173](index=173&type=chunk) [PART II. OTHER INFORMATION](index=51&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no legal proceedings - None[175](index=175&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors from the 2022 Form 10-K, except for a new risk concerning adverse effects from difficult market conditions and bank failures - A new risk factor has been added concerning the potential adverse effects of difficult market conditions, such as rapidly rising interest rates and recent bank receiverships, on the company's business, operations, liquidity, and stock price[176](index=176&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased in Q3 2023; a **$50 million** share repurchase plan remains active with **$9.8 million** available as of September 30, 2023 - No shares were repurchased during the three months ended September 30, 2023[179](index=179&type=chunk) - The company has a **$50 million** share repurchase plan authorized through March 31, 2024, with **$9,807,857** remaining capacity at the end of the quarter[179](index=179&type=chunk) [Defaults Upon Senior Securities](index=53&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None[180](index=180&type=chunk) [Mine Safety Disclosures](index=53&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[180](index=180&type=chunk) [Other Information](index=53&type=section&id=Item%205.%20Other%20Information) No director or Section 16 officer adopted, terminated, or modified trading arrangements during the third quarter of 2023 - No director or Section 16 officer adopted, terminated, or modified a 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement' during the quarter[180](index=180&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists Form 10-Q exhibits, including CEO and CFO certifications and XBRL interactive data files - The report includes certifications from the Chief Executive Officer and Chief Financial Officer under Rule 13a-14(a) and Rule 13a-14(b)[181](index=181&type=chunk) - Interactive Data Files (XBRL documents) are included as exhibits[181](index=181&type=chunk)

S&T Bancorp, Inc. (NASDAQ:STBA) Q3 2023 Results Conference Call October 19, 2023 1:00 PM ET Company Participants Mark Kochvar - CFO Chris McComish - CEO Dave Antolik - President Conference Call Participants Daniel Tamayo - Raymond James Matthew Breese - Stephens Manuel Navas - D.A. Davidson Daniel Cardenas - Janney Montgomery Scott Michael Perito - KBW Operator Welcome to the S&T Bancorp Third Quarter 2023 Conference Call. After management’s remarks, there will be a question-and-answer session. Now, I’d lik ...

Financial Performance - Pre-provision Net Revenue (PPNR) to Average Assets (non-GAAP) was 2.30%[2], which increased by 7 basis points compared to 1Q23[11] - Return on Average Tangible Shareholders' Equity (ROTE) (non-GAAP) was 16.32%[3] - Net Interest Margin (NIM) remains strong at 4.22%, a modest decline of 10 basis points compared to 1Q23[11, 18] - The efficiency ratio was 48.21%[11] Asset Quality - Net charge-offs were $11.0 million, or 0.60% of average loans (annualized)[11] - Nonperforming Assets decreased $9.7 million to 0.25% of total loans plus OREO[30] Capital and Balance Sheet - Tangible common equity to tangible assets (non-GAAP) was 9.42%[5] - Loans increased $68.5 million, or 3.8% annualized, since March 31, 2023[12] - Share repurchases of $20.0 million occurred in 2Q23[48] Income and Expense - Quarterly net interest income has improved $19.7 million, or 28.8%, since the fourth quarter of 2021[32] - Noninterest expense decreased by $2.0 million compared to 1Q23[35]

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 June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-12508 ______________________________________ S&T BANC ...