0000719220false00007192202023-10-192023-10-19

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

October 19, 2023
Date of Report (date of earliest event reported)

S&T BANCORP, INC
(Exact name of registrant as specified in its charter)
Pennsylvania
0-12508
25-1434426
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
800 Philadelphia Street
Indiana
PA
15701
(Address of Principal Executive Offices)
(Zip Code)
(800) 325-2265
Registrant's telephone number, including area code

(Not applicable)
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $2.50 par valueSTBANASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐




Item 2.02 Results of Operations and Financial Condition.
On October 19, 2023 S&T Bancorp Inc. (S&T) announced by press release its earnings for the three and nine months ended September 30, 2023. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference in this Item 2.02. The information contained in this Item 2.02 of this Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Exchange Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
In connection with the issuance of its earnings for the three and nine months ended September 30, 2023, S&T has also made available on its website materials that contain supplemental information about S&T’s financial results (“Supplemental Information”). A copy of the supplemental information is attached hereto as Exhibit 99.2 and is incorporated by reference in this Item 7.01. The information contained in this Item 7.01 of this Report on Form 8-K, including Exhibit 99.2, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Exchange Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.Description of Exhibit
Press Release
Supplemental Information
104Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned thereunto duly authorized.
S&T Bancorp, Inc.
/s/ Mark Kochvar
October 19, 2023
Mark Kochvar
Senior Executive Vice President,
Chief Financial Officer


INVESTOR CONTACT:
Mark Kochvar
S&T Bancorp, Inc.
Chief Financial Officer
724.465.4826
mark.kochvar@stbank.com
earn_image1a15.jpg
FOR IMMEDIATE RELEASE
S&T Bancorp, Inc. Announces Third Quarter 2023 Net Income
INDIANA, Pa. - October 19, 2023 - S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, announced net income of $33.5 million, or $0.87 per diluted share, for the third quarter of 2023 compared to net income of $34.5 million, or $0.89 per diluted share, for the second quarter of 2023 and net income of $37.2 million, or $0.95 per diluted share, for the third quarter of 2022.
Third Quarter of 2023 Highlights:
•Solid return metrics with return on average assets (ROA) of 1.42%, return on average equity (ROE) of 10.84% and return on average tangible equity (ROTE) (non-GAAP) of 15.78% compared to ROA of 1.51%, ROE of 11.23% and ROTE (non-GAAP) of 16.32% for the second quarter of 2023.
•Pre-provision net revenue to average assets (PPNR) (non-GAAP) was 1.99% compared to 2.30% for the second quarter of 2023.
•Net interest margin (NIM) (FTE) (non-GAAP) remains strong at 4.09% compared to 4.22% in the second quarter of 2023.     
•Total portfolio loans increased $196.3 million, or 10.6% annualized, compared to June 30, 2023.
•Total deposits of $7.2 billion remain relatively unchanged compared to June 30, 2023.
•Nonperforming assets decreased $1.6 million to $16.4 million, or 0.22% of total loans plus other real estate owned, or OREO, compared to 0.25% at June 30, 2023.
•Net charge-offs of $3.7 million, or 0.20% of average loans (annualized), compared to net charge-offs of $11.0 million, or 0.60% of average loans (annualized), in the second quarter of 2023.
"Our third quarter performance was strong with solid return metrics," said Chris McComish, chief executive officer. "While recognizing there are challenges across the industry, we are very proud of the core earnings growth we have had in this rising interest rate environment. Our net interest margin remains strong at 4.09%. Deposit balances stabilized during the quarter and the shift in the mix of our deposits slowed considerably compared to earlier in the year. We believe our team's efforts around our customer-focused initiatives are paying off in this competitive environment."
Net Interest Income
Net interest income was $87.4 million for the third quarter of 2023 compared to $88.1 million for the second quarter of 2023. The decrease of $0.7 million in net interest income was driven by higher funding costs, partially offset by higher yields on interest-earning assets. Net interest margin on a fully taxable equivalent basis (NIM)
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(FTE) (non-GAAP) was 4.09% compared to 4.22% in the prior quarter. The yield on total average loans increased 14 basis points to 6.15% compared to 6.01% in the second quarter of 2023 due to higher interest rates. Average loan balances increased $126.5 million to $7.4 billion compared to $7.3 billion in the second quarter of 2023. Total interest-bearing deposit costs increased 33 basis points to 2.04% compared to 1.71% in the second quarter of 2023. Higher interest-bearing deposit costs primarily related to an increase in interest rates and a continued shift in the mix of deposits with higher balances in certificates of deposit, or CDs. Average CD balances increased $147.0 million compared to the second quarter of 2023. Total borrowing costs increased 25 basis points to 5.77% compared to 5.52% in the second quarter of 2023. Average borrowings increased $58.8 million to $675.3 million compared to $616.5 million in the second quarter of 2023 due to average loan growth that exceeded average deposit growth.
Asset Quality
Total nonperforming assets decreased $1.6 million to $16.4 million at September 30, 2023 compared to $18.0 million at June 30, 2023. Nonperforming assets to total loans plus OREO decreased 3 basis points to 0.22% at September 30, 2023 compared to 0.25% at June 30, 2023. Net loan charge-offs were $3.7 million for the third quarter of 2023 compared to net loan charge-offs of $11.0 million in the second quarter of 2023. The provision for credit losses was $5.5 million for the third quarter of 2023 compared to $10.5 million in the second quarter of 2023. The decrease in the provision for credit losses primarily related to higher net charge-offs in the second quarter compared to the third quarter of 2023. The allowance for credit losses was $108.2 million, or 1.44% of total portfolio loans, as of September 30, 2023 compared to $105.8 million, or 1.44%, at June 30, 2023.
Noninterest Income and Expense
Noninterest income decreased $2.0 million to $12.2 million in the third quarter of 2023 compared to $14.2 million in the second quarter of 2023. The decrease mainly related to lower other income from changes in valuation adjustments of $1.6 million and due to a gain on OREO of $0.6 million in the second quarter of 2023. Noninterest expense increased $3.2 million to $52.8 million compared to $49.6 million in the second quarter of 2023. Salaries and employee benefits increased $2.1 million mainly due to higher incentives compared to the second quarter of 2023.
Financial Condition
Total assets were $9.5 billion at September 30, 2023 compared to $9.3 billion at June 30, 2023. Total portfolio loans increased $196.3 million, or 10.6% annualized, compared to June 30, 2023. The consumer loan portfolio increased $112.8 million with growth in residential mortgages of $97.4 million compared to June 30, 2023. The commercial loan portfolio increased $83.5 million with growth in commercial real estate of $62.1 million and commercial construction of $25.4 million compared to June 30, 2023. Total deposits increased $81.7 million compared to June 30, 2023. CDs increased $154.7 million mainly due to an increase in brokered CDs of $75.0 million and a continued shift from other deposit types compared to June 30, 2023. Total borrowings increased $94.7 million to $718.7 million compared to $624.0 million at June 30, 2023 primarily related to loan growth.
S&T continues to maintain a strong regulatory capital position with all capital ratios above the well-capitalized thresholds of federal bank regulatory agencies.
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Conference Call
S&T will host its third quarter 2023 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, October 19, 2023. To access the webcast, go to S&T Bancorp, Inc.’s Investor Relations webpage www.stbancorp.com. After the live presentation, the webcast will be archived at www.stbancorp.com for 12 months.
About S&T Bancorp, Inc. and S&T Bank
S&T Bancorp, Inc. is a $9.5 billion bank holding company that is headquartered in Indiana, Pennsylvania and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was established in 1902 and operates in Pennsylvania and Ohio. S&T Bank was named by Forbes as a 2023 Best-in-State Bank. For more information visit stbancorp.com or stbank.com. Follow us on Facebook, Instagram and LinkedIn.
Forward-Looking Statements
This information contains or incorporates statements that we believe are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial position and other matters regarding or affecting S&T and its future business and operations. Forward-looking statements are typically identified by words or phrases such as “will likely result,” “expect,” “anticipate,” “estimate,” “forecast,” “project,” “intend,” “believe,” “assume,” “strategy,” “trend,” “plan,” “outlook,” “outcome,” “continue,” “remain,” “potential,” “opportunity,” “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; 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
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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; environmental, social and governance 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.
Many of these factors, as well as other factors, are described in our Annual Report on Form 10-K for the year ended December 31, 2022, 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.
Non-GAAP Financial Measures
In addition to traditional measures presented in accordance with GAAP, our management uses, and this information contains or references, certain non-GAAP financial measures, such as tangible book value, return on average tangible shareholder's equity, PPNR to average assets, efficiency ratio, tangible common equity to tangible assets and net interest margin on an FTE basis. We believe these non-GAAP financial measures provide information useful to investors in understanding our underlying operational performance and our business 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. See Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures for more information related to these financial measures.

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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
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202320232022
ThirdSecondThird
(dollars in thousands, except per share data)QuarterQuarterQuarter
INTEREST AND DIVIDEND INCOME
Loans, including fees$114,258 $108,699 $83,035 
Investment Securities:
Taxable7,857 7,806 6,305 
Tax-exempt213 215 380 
Dividends631 613 115 
Total Interest and Dividend Income122,959 117,333 89,835 
INTEREST EXPENSE
Deposits24,910 20,102 5,197 
Borrowings, junior subordinated debt securities and other10,662 9,108 840 
Total Interest Expense35,572 29,210 6,037 
NET INTEREST INCOME87,387 88,123 83,798 
Provision for credit losses5,498 10,529 2,498 
Net Interest Income After Provision for Credit Losses81,889 77,594 81,300 
NONINTEREST INCOME
Net gain on sale of securities— — 198 
Debit and credit card4,690 4,645 4,768 
Service charges on deposit accounts4,060 3,928 4,333 
Wealth management3,003 3,185 3,212 
Mortgage banking294 289 425 
Other135 2,144 1,824 
Total Noninterest Income12,182 14,191 14,760 
NONINTEREST EXPENSE
Salaries and employee benefits27,521 25,391 26,700 
Data processing and information technology4,479 4,177 4,220 
Occupancy3,671 3,710 3,490 
Furniture, equipment and software3,125 3,192 2,915 
Professional services and legal1,965 2,069 1,851 
Other taxes1,831 1,322 1,559 
Marketing1,741 1,459 1,367 
FDIC insurance1,029 1,032 598 
Other 7,441 7,281 6,933 
Total Noninterest Expense52,803 49,633 49,633 
Income Before Taxes41,268 42,152 46,427 
Income tax expense7,800 7,685 9,178 
Net Income$33,468 $34,467 $37,249 
Per Share Data
Shares outstanding at end of period38,244,309 38,241,918 39,012,773 
Average shares outstanding - diluted38,336,016 38,614,022 38,975,145 
Diluted earnings per share$0.87 $0.89 $0.95 
Dividends declared per share$0.32 $0.32 $0.30 
Dividend yield (annualized)4.73 %4.71 %4.09 %
Dividends paid to net income36.55 %35.98 %31.39 %
Book value$31.99 $31.72 $29.56 
Tangible book value (1)
$22.14 $21.85 $19.87 
Market value$27.08 $27.19 $29.31 
Profitability Ratios (Annualized)
Return on average assets1.42 %1.51 %1.64 %
Return on average shareholders' equity10.84 %11.23 %12.47 %
Return on average tangible shareholders' equity(2)
15.78 %16.32 %18.46 %
Pre-provision net revenue / average assets(3)
1.99 %2.30 %2.15 %
Efficiency ratio (FTE)(4)
52.68 %48.21 %50.19 %
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Consolidated Selected Financial Data
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Nine Months Ended September 30,
(dollars in thousands, except per share data)20232022
INTEREST AND DIVIDEND INCOME
Loans, including fees$325,681 $218,646 
Investment Securities:
Taxable23,120 17,236 
Tax-exempt642 1,346 
Dividends1,752 315 
Total Interest and Dividend Income351,195 237,543 
INTEREST EXPENSE
Deposits59,915 8,840 
Borrowings, junior subordinated debt securities and other26,979 1,978 
Total Interest Expense86,894 10,818 
NET INTEREST INCOME264,301 226,725 
Provision for credit losses16,949 5,190 
Net Interest Income After Provision for Credit Losses247,352 221,535 
NONINTEREST INCOME
Net gain on sale of securities— 198 
Debit and credit card13,708 14,587 
Service charges on deposit accounts12,064 12,488 
Wealth management9,136 9,701 
Mortgage banking884 1,906 
Other3,771 3,736 
Total Noninterest Income39,563 42,616 
NONINTEREST EXPENSE
Salaries and employee benefits80,513 75,223 
Data processing and information technology12,914 12,759 
Occupancy11,216 11,006 
Furniture, equipment and software9,178 8,631 
Professional services and legal5,855 6,180 
Marketing5,053 4,252 
Other taxes4,943 4,778 
FDIC insurance3,073 2,417 
Other21,390 20,225 
Total Noninterest Expense154,135 145,471 
Income Before Taxes132,780 118,680 
Income tax expense25,046 23,430 
Net Income$107,734 $95,250 
Per Share Data
Average shares outstanding - diluted38,668,964 39,049,151 
Diluted earnings per share$2.78 $2.43 
Dividends declared per share$0.96 $0.89 
Dividends paid to net income34.43 %36.61 %
Profitability Ratios (annualized)
Return on average assets1.56 %1.38 %
Return on average shareholders' equity11.80 %10.73 %
Return on average tangible shareholders' equity(5)
17.20 %15.91 %
Pre-provision net revenue / average assets(6)
2.17 %1.79 %
Efficiency ratio (FTE)(7)
50.42 %53.75 %
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Consolidated Selected Financial Data
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202320232022
ThirdSecondThird
(dollars in thousands)QuarterQuarterQuarter
ASSETS
Cash and due from banks, including interest-bearing deposits$238,453 $227,867 $134,903 
Securities, at fair value955,262 970,372 997,428 
Loans held for sale257 541 1,039 
Commercial loans:
Commercial real estate3,286,272 3,224,180 3,134,841 
Commercial and industrial1,635,354 1,639,332 1,714,714 
Commercial construction388,470 363,100 390,093 
Total Commercial Loans5,310,096 5,226,612 5,239,648 
Consumer loans:
Residential mortgage1,384,133 1,286,771 1,043,973 
Home equity649,122 645,897 642,937 
Installment and other consumer115,379 115,634 126,629 
Consumer construction57,188 44,697 43,729 
Total Consumer Loans2,205,822 2,092,999 1,857,268 
Total Portfolio Loans7,515,918 7,319,611 7,096,916 
Allowance for credit losses(108,206)(105,757)(99,694)
Total Portfolio Loans, Net7,407,712 7,213,854 6,997,222 
Federal Home Loan Bank and other restricted stock, at cost38,576 31,271 10,900 
Goodwill373,424 373,424 373,424 
Other assets452,393 435,593 421,053 
Total Assets$9,466,077 $9,252,922 $8,935,969 
LIABILITIES
Deposits:
Noninterest-bearing demand$2,276,009 $2,330,237 $2,663,176 
Interest-bearing demand868,624 875,174 847,825 
Money market1,615,445 1,583,717 1,818,642 
Savings974,940 1,018,936 1,128,169 
Certificates of deposit1,487,879 1,333,146 952,785 
Total Deposits7,222,897 7,141,210 7,410,597 
Borrowings:
Short-term borrowings630,000 530,000 35,000 
Long-term borrowings39,396 39,513 14,853 
Junior subordinated debt securities49,343 54,483 54,438 
Total Borrowings718,739 623,996 104,291 
Other liabilities300,909 274,863 267,900 
Total Liabilities8,242,545 8,040,069 7,782,788 
SHAREHOLDERS' EQUITY
Total Shareholders' Equity1,223,532 1,212,853 1,153,181 
Total Liabilities and Shareholders' Equity$9,466,077 $9,252,922 $8,935,969 
Capitalization Ratios
Shareholders' equity / assets12.93 %13.11 %12.90 %
Tangible common equity / tangible assets(9)
9.31 %9.42 %9.06 %
Tier 1 leverage ratio11.12 %11.12 %10.75 %
Common equity tier 1 capital13.11 %13.07 %12.53 %
Risk-based capital - tier 113.43 %13.47 %12.93 %
Risk-based capital - total15.01 %15.06 %14.43 %
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Consolidated Selected Financial Data
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202320232022
ThirdSecondThird
(dollars in thousands)QuarterQuarterQuarter
Net Interest Margin (FTE) (QTD Averages)
ASSETS
Interest-bearing deposits with banks$144,3034.93%$132,9005.61%$158,7002.05%
Securities, at fair value964,9282.64%983,3492.54%1,051,5342.28%
Loans held for sale2076.70%926.87%1,0325.36%
Commercial real estate3,243,0565.83%3,176,1545.62%3,159,5434.63%
Commercial and industrial1,646,5727.22%1,684,9447.13%1,704,2715.10%
Commercial construction373,1117.80%384,3297.63%405,4605.05%
Total Commercial Loans5,262,7396.41%5,245,4276.25%5,269,2744.81%
Residential mortgage1,332,9134.66%1,229,1294.52%1,005,1394.12%
Home equity645,9496.80%647,0706.59%629,8274.34%
Installment and other consumer115,1118.52%118,6418.28%123,0106.10%
Consumer construction52,7834.89%42,8794.26%40,9753.47%
Total Consumer Loans2,146,7565.52%2,037,7195.39%1,798,9514.31%
Total Portfolio Loans7,409,4956.15%7,283,1466.01%7,068,2254.69%
Total Loans7,409,7026.15%7,283,2386.01%7,069,2574.69%
Total other earning assets42,6456.97%37,0037.26%8,3984.55%
Total Interest-earning Assets8,561,5785.74%8,436,4905.61%8,287,8894.33%
Noninterest-earning assets763,243740,299721,480
Total Assets$9,324,821$9,176,789$9,009,369
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand$868,7820.91%$847,7760.58%$872,3020.07%
Money market1,595,9642.34%1,599,0512.13%1,861,3890.69%
Savings996,9990.47%1,037,9240.38%1,131,5750.10%
Certificates of deposit1,382,5323.54%1,235,4963.06%962,8980.61%
Total Interest-bearing Deposits4,844,2772.04%4,720,2471.71%4,828,1640.43%
Securities sold under repurchase agreements——%——%12,6680.10%
Short-term borrowings585,1965.65%529,0135.39%10,3793.16%
Long-term borrowings39,4584.47%32,9804.14%17,2782.25%
Junior subordinated debt securities50,6498.16%54,4747.62%54,4284.78%
Total Borrowings675,3035.77%616,4675.52%94,7533.52%
Total Other Interest-bearing Liabilities62,584 5.33%49,5725.06%— —%
Total Interest-bearing Liabilities5,582,1642.53%5,386,2862.18%4,922,9170.49%
Noninterest-bearing liabilities2,517,7522,559,8882,901,290
Shareholders' equity1,224,9051,230,6151,185,162
Total Liabilities and Shareholders' Equity$9,324,821$9,176,789$9,009,369
Net Interest Margin(10)
4.09%4.22%4.04%
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Nine Months Ended September 30,
(dollars in thousands)20232022
Net Interest Margin (FTE) (YTD Averages)
ASSETS
Interest-bearing deposits with banks$139,2484.91%$478,8960.60%
Securities, at fair value982,8312.56%1,026,1312.19%
Loans held for sale1426.63%1,3264.15%
Commercial real estate3,184,2705.64%3,204,3714.14%
Commercial and industrial1,680,6407.03%1,700,9234.47%
Commercial construction382,0207.55%406,5134.05%
Total Commercial Loans5,246,9306.23%5,311,8074.24%
Residential mortgage1,236,3104.54%947,4544.04%
Home equity647,7856.56%598,5953.80%
Installment and other consumer118,8468.20%117,3885.64%
Consumer construction47,2034.63%31,4073.41%
Total Consumer Loans2,050,1445.39%1,694,8444.05%
Total Portfolio Loans7,297,0745.99%7,006,6514.19%
Total Loans7,297,2165.99%7,007,9774.19%
Total other earning assets38,1526.98%8,8693.86%
Total Interest-earning Assets8,457,4475.58%8,521,8733.75%
Noninterest-earning assets752,326706,640
Total Assets$9,209,773$9,228,513
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand$847,2220.61%$945,7330.07%
Money market1,621,7262.11%1,948,6530.32%
Savings1,041,3460.38%1,119,7390.06%
Certificates of deposit1,224,7042.99%1,011,2280.41%
Total Interest-bearing deposits4,734,9981.69%5,025,3530.24%
Securities sold under repurchase agreements——%47,9120.10%
Short-term borrowings522,4485.36%3,4983.16%
Long-term borrowings29,1334.05%20,5352.06%
Junior subordinated debt securities53,1807.75%54,4133.79%
Total Borrowings604,7615.50%126,3582.09%
Total Other Interest-bearing Liabilities55,6375.01%——%
Total Interest-bearing Liabilities5,395,3962.15%5,151,7110.28%
Noninterest-bearing liabilities2,593,6832,890,375
Shareholders' equity1,220,6941,186,427
Total Liabilities and Shareholders' Equity$9,209,773$9,228,513
Net Interest Margin(8)
4.21%3.58%
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release -
10
202320232022
ThirdSecondThird
(dollars in thousands)QuarterQuarterQuarter
Nonaccrual Loans
Commercial loans:% Loans% Loans% Loans
Commercial real estate$1,735 0.05%$1,859 0.06%$8,556 0.27%
Commercial and industrial3,468 0.21%4,842 0.30%3,847 0.22%
Commercial construction384 0.10%384 0.11%384 0.10%
Total Nonaccrual Commercial Loans5,587 0.11%7,085 0.14%12,787 0.24%
Consumer loans:
Residential mortgage4,139 0.30%4,167 0.32%7,357 0.70%
Home equity2,617 0.40%2,700 0.42%2,216 0.34%
Installment and other consumer334 0.29%367 0.32%417 0.33%
Total Nonaccrual Consumer Loans7,090 0.32%7,234 0.35%9,990 0.54%
Total Nonaccrual Loans$12,677 0.17%$14,319 0.20%$22,777 0.32%
202320232022
ThirdSecondThird
(dollars in thousands)QuarterQuarterQuarter
Loan Charge-offs (Recoveries)
Charge-offs$4,077 $12,222 $1,239 
Recoveries(367)(1,255)(529)
Net Loan Charge-offs$3,710 $10,967 $710 
Net Loan Charge-offs (Recoveries)
Commercial loans:
Commercial real estate(13)(1,030)304 
Commercial and industrial3,389 11,296 80 
Total Commercial Loan Charge-offs3,376 10,266 384 
Consumer loans:
Residential mortgage(11)(1)41 
Home equity71 (12)111 
Installment and other consumer274 714 174 
Total Consumer Loan Charge-offs334 701 326 
Total Net Loan Charge-offs$3,710 $10,967 $710 
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release -
11
Nine Months Ended September 30,
(dollars in thousands)20232022
Loan Charge-offs (Recoveries)
Charge-offs$20,758 $9,899 
Recoveries(11,196)(8,213)
Net Loan Charge-offs$9,562$1,686
Net Loan Charge-offs (Recoveries)
Commercial loans:
Customer fraud($9,329)$—
Commercial real estate(1,068)356
Commercial and industrial18,633285
Commercial construction(2)(1)
Total Commercial Loan Charge-offs8,234640
Consumer loans:
Residential mortgage(3)135
Home equity9097
Installment and other consumer1,241814
Total Consumer Loan Charge-offs1,3281,046
Total Net Loan Charge-offs$9,562$1,686
202320232022
ThirdSecondThird
(dollars in thousands)QuarterQuarterQuarter
Asset Quality Data
Nonaccrual loans$12,677 $14,319 $22,777 
OREO3,715 3,666 6,022 
Total nonperforming assets16,392 17,985 28,799 
Troubled debt restructurings (nonaccruing)*— — 3,860 
Troubled debt restructurings (accruing)*— — 8,925 
Total troubled debt restructurings*— — 12,785 
Nonaccrual loans / total loans0.17 %0.20 %0.32 %
Nonperforming assets / total loans plus OREO0.22 %0.25 %0.41 %
Allowance for credit losses / total portfolio loans1.44 %1.44 %1.40 %
Allowance for credit losses / nonaccrual loans854 %739 %438 %
Net loan charge-offs (recoveries)$3,710 $10,967 $710 
Net loan charge-offs (recoveries) (annualized) / average loans0.20 %0.60 %0.04 %
*TDR's were eliminated as of January 1, 2023 as part of implementing ASU 2022-02, Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.
Nine Months Ended September 30,
(dollars in thousands)20232022
Asset Quality Data
Net loan charge-offs$9,562 $1,686 
Net loan charge-offs (annualized) / average loans0.18 %0.03 %
- more -
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release -
12
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
202320232022
ThirdSecondThird
(dollars and shares in thousands)QuarterQuarterQuarter
(1) Tangible Book Value (non-GAAP)
Total shareholders' equity$1,223,532 $1,212,853 $1,153,181 
Less: goodwill and other intangible assets, net of deferred tax liability(376,883)(377,144)(377,961)
Tangible common equity (non-GAAP)$846,649 $835,709 $775,220 
Common shares outstanding38,244 38,242 39,013 
Tangible book value (non-GAAP)$22.14 $21.85 $19.87 
Tangible book value is a preferred industry metric used to measure our company's value and commonly used by investors and analysts.
(2) Return on Average Tangible Shareholders' Equity (non-GAAP)
Net income (annualized)$132,779 $138,248 $147,781 
Plus: amortization of intangibles (annualized), net of tax1,034 1,046 1,181 
Net income before amortization of intangibles (annualized)$133,813 $139,294 $148,962 
Average total shareholders' equity$1,224,905 $1,230,615 $1,185,162 
Less: average goodwill and other intangible assets, net of deferred tax liability(377,020)(377,280)(378,154)
Average tangible equity (non-GAAP)$847,885 $853,335 $807,008 
Return on average tangible shareholders' equity (non-GAAP)15.78 %16.32 %18.46 %
Return on average tangible shareholders' equity is a key profitability metric used by management to measure financial performance.
(3) Pre-provision Net Revenue / Average Assets (non-GAAP)
Income before taxes$41,268 $42,152 $46,427 
Plus: Provision for credit losses5,498 10,529 2,498 
Total$46,766 $52,681 $48,925 
Total (annualized) (non-GAAP)$185,538 $211,302 $194,106 
Average assets$9,324,821 $9,176,789 $9,009,369 
Pre-provision Net Revenue / Average Assets (non-GAAP)1.99 %2.30 %2.15 %
Pre-provision net revenue to average assets is income before taxes adjusted to exclude provision for credit losses. We believe this to be a preferred industry measurement to help evaluate our ability to fund credit losses or build capital.
(4) Efficiency Ratio (non-GAAP)
Noninterest expense$52,803 $49,633 $49,633 
Net interest income per consolidated statements of net income87,387 88,123 83,798 
Plus: taxable equivalent adjustment674 639 521 
Net interest income (FTE) (non-GAAP)$88,061 $88,762 $84,319 
Noninterest income12,182 14,191 14,760 
Less: net gains on sale of securities— — (198)
Net interest income (FTE) (non-GAAP) plus noninterest income$100,243 $102,953 $98,881 
Efficiency ratio (non-GAAP)52.68 %48.21 %50.19 %
 The efficiency ratio is noninterest expense divided by noninterest income plus net interest income, on an FTE basis (non-GAAP), which ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice.
- more -
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release -
13
Nine Months Ended September 30,
(dollars in thousands)20232022
(5) Return on Average Tangible Shareholders' Equity (non-GAAP)
Net income (annualized)$144,040 $127,350 
Plus: amortization of intangibles (annualized), net of tax1,055 1,217 
Net income before amortization of intangibles (annualized)$145,095 $128,567 
Average total shareholders' equity$1,220,694 $1,186,427 
Less: average goodwill and other intangible assets, net of deferred tax liability(377,290)(378,454)
Average tangible equity (non-GAAP)$843,404 $807,973 
Return on average tangible shareholders' equity (non-GAAP)17.20 %15.91 %
Return on average tangible shareholders' equity is a key profitability metric used by management to measure financial performance.
(6) Pre-provision Net Revenue / Average Assets (non-GAAP)
Income before taxes$132,780 $118,680 
Plus: Provision for credit losses16,949 5,190 
Total$149,729 $123,870 
Total (annualized) (non-GAAP)$200,186 $165,614 
Average assets$9,209,773 $9,228,513 
Pre-provision Net Revenue / Average Assets (non-GAAP)2.17 %1.79 %
Pre-provision net revenue to average assets is income before taxes adjusted to exclude provision for credit losses. We believe this to be a preferred industry measurement to help evaluate our ability to fund credit losses or build capital.
(7) Efficiency Ratio (non-GAAP)
Noninterest expense$154,135 $145,471 
Net interest income per consolidated statements of net income264,301 226,725 
Plus: taxable equivalent adjustment1,868 1,520 
Net interest income (FTE) (non-GAAP)$266,169 $228,245 
Noninterest income39,563 42,616 
Less: net gains on sale of securities— (198)
Net interest income (FTE) (non-GAAP) plus noninterest income$305,732 $270,663 
Efficiency ratio (non-GAAP)50.42 %53.75 %
The efficiency ratio is noninterest expense divided by noninterest income plus net interest income, on an FTE basis (non-GAAP), which ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice.
(8) Net Interest Margin Rate (FTE) (non-GAAP)
Interest income and dividend income$351,195 $237,543 
Less: interest expense(86,894)(10,818)
Net interest income per consolidated statements of net income$264,301 $226,725 
Plus: taxable equivalent adjustment1,868 1,520 
Net interest income (FTE) (non-GAAP)$266,169 $228,245 
Net interest income (FTE) (annualized)$355,867 $305,163 
Average interest-earning assets$8,457,447 $8,521,873 
Net interest margin - (FTE) (non-GAAP)4.21 %3.58 %
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.



- more -

S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release -
14
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
202320232022
ThirdSecondThird
(dollars in thousands)QuarterQuarterQuarter
(9) Tangible Common Equity / Tangible Assets (non-GAAP)
Total shareholders' equity$1,223,532 $1,212,853 $1,153,181 
Less: goodwill and other intangible assets, net of deferred tax liability(376,883)(377,144)(377,961)
Tangible common equity (non-GAAP)$846,649 $835,709 $775,220 
Total assets$9,466,077 $9,252,922 $8,935,969 
Less: goodwill and other intangible assets, net of deferred tax liability(376,883)(377,144)(377,961)
Tangible assets (non-GAAP)$9,089,194 $8,875,778 $8,558,008 
Tangible common equity to tangible assets (non-GAAP)9.31 %9.42 %9.06 %
Tangible common equity to tangible assets is a preferred industry measurement to evaluate capital adequacy.
(10) Net Interest Margin Rate (FTE) (non-GAAP)
Interest income and dividend income$122,959 $117,333 $89,835 
Less: interest expense(35,572)(29,210)(6,037)
Net interest income per consolidated statements of net income$87,387 $88,123 $83,798 
Plus: taxable equivalent adjustment674 639 521 
Net interest income (FTE) (non-GAAP)$88,061 $88,762 $84,319 
Net interest income (FTE) (annualized)$349,373 $356,022 $334,526 
Average interest-earning assets$8,561,578 $8,436,490 $8,287,889 
Net interest margin (FTE) (non-GAAP)4.09 %4.22 %4.04 %
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.
###
Third Quarter 2023 Earnings Supplement

 
Forward Looking Statements and Risk Factors This information contains or incorporates statements that we believe are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial position and other matters regarding or affecting S&T and its future business and operations. Forward-looking statements are typically identified by words or phrases such as “will likely result,” “expect,” “anticipate,” “estimate,” “forecast,” “project,” “intend,” “believe,” “assume,” “strategy,” “trend,” “plan,” “outlook,” “outcome,” “continue,” “remain,” “potential,” “opportunity,” “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; 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; environmental, social and governance 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. Many of these factors, as well as other factors, are described in our Annual Report on Form 10-K for the year ended December 31, 2022, 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. Non-GAAP Financial Measures In addition to the traditional measures presented in accordance with Generally Accepted Accounting Principles (GAAP), S&T management uses and this presentation contains or references certain non-GAAP financial measures, such as net interest income on a fully taxable equivalent basis. S&T believes these non-GAAP financial measures provide information useful to investors in understanding our underlying business, operational performance and performance trends which facilitate comparisons with the performance of others in the financial services industry. Although S&T believes that these non-GAAP financial measures enhance investors’ understanding of S&T’s business and performance, these non-GAAP financial measures should not be considered an alternative 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 non-GAAP financial measures contained within this presentation should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K as well as the unaudited financial statements and analyses as presented in the respective Quarterly Reports in Exhibit 99.1 of Form 8-K for S&T Bancorp, Inc. and subsidiaries. 2

 
3 Third Quarter Overview RETURNS EARNINGS *Refer to appendix for reconciliation of non-GAAP financial measures EPS $0.87 Net Income $33.5 million ROA 1.42% ROE 10.84% ROTE* 15.78% PPNR* 1.99% HIGHLIGHTS • Strong earnings and solid return metrics • NIM remains strong at 4.09%; a decline of 13 basis points compared to 2Q23 • Net charge-offs of $3.7 million, or 0.20% of average loans (annualized) • Efficiency ratio remains low at 52.58% NIM* 4.09% NCO 0.20% OTHER Efficiency Ratio* 52.68%

 
Balance Sheet • Loans increased $196.3 million, or 10.6% annualized, since June 30, 2023 • Deposits stable with mix shifts moderating • Added $75 million of brokered CDs Dollars in millions 4 3Q23 2Q23 Var $238 $228 $10 955 970 (15) 7,516 7,320 196 7,223 7,141 82 Cash & Int Bear Bal Securities Loans Deposits ($50) $0 $50 $100 $150 $200 3Q23 vs 2Q23: 3Q23 vs 2Q23 DEPOSIT CHANGES DECREASES/INCREASES Brokered CDs

 
Asset Quality ACL Trend: Dollars in millions 5 ASSET QUALITY TRENDS • ACL stable at 1.44% • Net charge-offs of $3.7 million, or 0.20% of average loans (annualized) • NPAs decreased $1.6 million to 0.22% of total loans plus OREO

 
• NIM remains strong at 4.09%; a decline of 13 basis points from 2Q23 • NIM has increased 97 basis points through this interest rate cycle • Quarterly net interest income has improved $19.0 million, or 27.8%, since the fourth quarter of 2021 Net Interest Income Dollars in millions; *Refer to appendix for reconciliation of non-GAAP financial measures 6

 
3Q23 3Q23 vs 2Q23 3Q23 vs 3Q22 Debit and Credit Card $4.7 $0.0 ($0.1) Service Charges 4.1 0.2 (0.3) Wealth 3.0 (0.2) (0.2) Mortgage 0.3 0.0 (0.1) Security Gain 0.0 0.0 (0.2) Other 0.1 (2.0) (1.7) Noninterest Income $12.2 ($2.0) ($2.6) Noninterest Income 7Dollars in millions • Decrease in other mainly related to changes in valuation adjustments of $1.6 million and a $0.6 million gain on OREO in 2Q23

 
3Q23 3Q23 vs 2Q23 3Q23 vs 3Q22 Salaries & Benefits $27.5 $2.1 $0.8 Data Processing 4.5 0.3 0.3 Occupancy 3.7 — 0.2 FF&E 3.1 (0.1) 0.2 Professional Services 2.0 (0.1) 0.1 Other Taxes 1.8 0.5 0.3 Marketing 1.7 0.3 0.4 FDIC 1.0 — 0.4 Other 7.5 0.2 0.5 Noninterest Expense $52.8 $3.2 $3.2 Noninterest Expense Dollars in millions; *Refer to appendix for reconciliation of non-GAAP financial measures 8 • Expenses were well controlled • Salaries & benefits higher primarily due to incentives

 
Capital Dollars in millions; *Refer to appendix for reconciliation of non-GAAP financial measures 9 TCE / TA* • We have strong capital levels and are well positioned for growth • TCE / TA is relatively stable despite AOCI adjustments

 
3Q23 Return on Average Tangible Shareholders' Equity (ROTE) (non-GAAP) Net income (annualized) $132,779 Plus: amortization of intangibles (annualized), net of tax 1,034 Net income before amortization of intangibles (annualized) $133,813 Average total shareholders' equity $1,224,905 Less: average goodwill and other intangible assets, net of deferred tax liability (377,020) Average tangible equity (non-GAAP) $847,885 Return on average tangible shareholders' equity (non-GAAP) 15.78 % Return on average tangible shareholders' equity is a key profitability metric used by management to measure financial performance. Pre-provision Net Revenue (PPNR)/Average Assets (non-GAAP) Income before taxes $41,268 Plus: Provision for credit losses 5,498 Total $46,766 Total (annualized) (non-GAAP) $185,538 Average assets $9,324,821 PPNR/Average Assets (non-GAAP) 1.99 % Pre-provision net revenue to average assets is income before taxes adjusted to exclude provision for credit losses. We believe this to be a preferred industry measurement to help evaluate our ability to fund credit losses or build capital. Appendix Definitions of GAAP to Non-GAAP Financial Measures 10

 
3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 Tangible Common Equity (TCE)/Tangible Assets (non-GAAP) Total shareholders' equity $1,223,532 $1,212,853 $1,227,795 $1,184,659 $1,153,181 Less: goodwill and other intangible assets, net of deferred tax liability (376,883) (377,144) (377,405) (377,673) (377,961) Tangible common equity (non-GAAP) $846,649 $835,709 $850,390 $806,986 $775,220 Total assets $9,466,077 $9,252,922 $9,193,442 $9,110,567 $8,935,969 Less: goodwill and other intangible assets, net of deferred tax liability (376,883) (377,144) (377,405) (377,673) (377,961) Tangible assets (non-GAAP) $9,089,194 $8,875,778 $8,816,037 $8,732,894 $8,558,008 Tangible common equity to tangible assets (non-GAAP) 9.31 % 9.42 % 9.65 % 9.24 % 9.06 % Tangible common equity to tangible assets is a preferred industry measurement to evaluate capital adequacy. Efficiency Ratio (non-GAAP) Noninterest expense $52,803 $49,633 $51,699 $51,275 $49,633 Net interest income per consolidated statements of net income 87,387 88,123 88,791 89,058 83,798 Plus: taxable equivalent adjustment 674 639 555 532 521 Net interest income (FTE) (non-GAAP) $88,061 $88,762 $89,346 $89,590 $84,319 Noninterest income 12,182 14,191 13,190 15,643 14,760 Less: net gains on sale of securities — — — — (198) Net interest income (FTE) (non-GAAP) plus noninterest income $100,243 $102,953 $102,536 $105,233 $98,881 Efficiency ratio (non-GAAP) 52.68 % 48.21 % 50.42 % 48.73 % 50.19 % The efficiency ratio is noninterest divided by noninterest income plus net interest income, on an FTE basis (non-GAAP), which ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice. Net Interest Margin Rate (NIM) (FTE) (non-GAAP) Interest income and dividend income $122,959 $117,333 $110,903 $103,208 $89,835 $77,599 $70,109 $71,135 Less: interest expense (35,572) (29,210) (22,112) (14,150) (6,037) (2,405) (2,376) (2,697) Net interest income per consolidated statements of net income $87,387 $88,123 $88,791 $89,058 $83,798 $75,194 $67,733 $68,438 Plus: taxable equivalent adjustment 674 639 555 532 521 506 493 510 Net interest income (FTE) (non-GAAP) $88,061 $88,762 $89,346 $89,590 $84,319 $75,700 $68,226 $68,948 Net interest income (FTE) (annualized) $349,373 $356,022 $362,348 $355,438 $334,526 $303,633 $276,694 $273,537 Average interest-earning assets $8,561,578 $8,436,490 $8,372,193 $8,220,689 $8,287,889 $8,535,384 $8,747,398 $8,768,329 Net interest margin (FTE) (non-GAAP) 4.09 % 4.22 % 4.32 % 4.33 % 4.04 % 3.56 % 3.16 % 3.12 % 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. Appendix Definitions of GAAP to Non-GAAP Financial Measures 11

 
Third Quarter 2023 Earnings Supplement

 
v3.23.3
Cover
Oct. 19, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 19, 2023
Entity Registrant Name S&T BANCORP, INC
Entity Incorporation, State or Country Code PA
Entity File Number 0-12508
Entity Tax Identification Number 25-1434426
Entity Address, Address Line One 800 Philadelphia Street
Entity Address, City or Town Indiana
Entity Address, State or Province PA
Entity Address, Postal Zip Code 15701
City Area Code 800
Local Phone Number 325-2265
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $2.50 par value
Trading Symbol STBA
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0000719220
Amendment Flag false
S and T Bancorp (NASDAQ:STBA)
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