0000719220false00007192202024-07-182024-07-18

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

July 18, 2024
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
IndianaPA
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 July 18, 2024 S&T Bancorp Inc. (S&T) announced by press release its earnings for the three and six months ended June 30, 2024. 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 six months ended June 30, 2024, 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
July 18, 2024Mark 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_image1a15a.jpg
FOR IMMEDIATE RELEASE
S&T Bancorp Inc. Announces Second Quarter 2024 Results
INDIANA, Pa., - July 18, 2024 – S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, announced net income of $34.4 million, or $0.89 per diluted share, for the second quarter of 2024 compared to net income of $31.2 million, or $0.81 per diluted share, for the first quarter of 2024 and net income of $34.5 million, or $0.89 per diluted share, for the second quarter of 2023.
Second Quarter of 2024 Highlights:
•Solid return metrics with return on average assets (ROA) of 1.45%, return on average equity (ROE) of 10.61% and return on average tangible equity (ROTE) (non-GAAP) of 15.01% compared to ROA of 1.32%, ROE of 9.74% and ROTE (non-GAAP) of 13.85% for the first quarter of 2024.
•Pre-provision net revenue to average assets (PPNR) (non-GAAP) was 1.82% compared to 1.76% for the first quarter of 2024.
•Net interest margin (NIM) (FTE) (non-GAAP) increased to 3.85% compared to 3.84% in the first quarter of 2024.
•Customer deposit growth of $155.1 million, or 8.63% annualized, which was offset by lower brokered deposits of $75.1 million, resulting in total deposit growth of $80.0 million for the second quarter of 2024.
•Nonperforming assets remain low at $35.0 million, or 0.45% of total loans plus other real estate owned, or OREO, compared to $33.3 million, or 0.44% of total loans plus OREO, at March 31, 2024.
"I am extremely proud of our second quarter financial results with solid return metrics and a strong net interest margin," said chief executive officer Chris McComish. "The investments we have made in our people, processes and products to grow our customer base are producing results. We remain focused on our strategic priorities of deepening our customer deposit franchise, strengthening asset quality and maintaining solid core profitability all driven by our highly talented and engaged team."
Net Interest Income
Net interest income increased $0.1 million to $83.6 million for the second quarter of 2024 compared to $83.5 million for the first quarter of 2024. Net interest margin on a fully taxable equivalent basis (NIM) (FTE) (non-GAAP) increased one basis point to 3.85% compared to 3.84% in the prior quarter. The yield on total average loans increased four basis points to 6.29% compared to 6.25% in the first quarter of 2024. NIM continues to be positively impacted by a reduction in wholesale funding due to strong customer deposit growth. Total interest-bearing deposit cost increased 15 basis points to 2.92% compared to 2.77% in the first quarter of 2024. Higher interest-bearing deposit cost was primarily due to growth in higher costing average certificates of deposit, which increased $135.0 million compared to the first quarter of 2024. Average borrowings decreased $146.5 million to $350.4 million compared to $496.9 million in the first quarter of
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2024 due to higher average deposit balances. Total borrowing cost decreased 13 basis points to 5.46% compared to 5.59% in the first quarter of 2024.
Asset Quality
The allowance for credit losses was $106.2 million, or 1.38% of total portfolio loans, as of June 30, 2024, compared to $104.8 million, or 1.37%, at March 31, 2024. The provision for credit losses was $0.4 million for the second quarter of 2024 compared to $2.6 million in the first quarter of 2024. The decrease in the provision for the second quarter was primarily due to net loan recoveries. Net loan recoveries were $0.4 million for the second quarter of 2024 compared to net loan charge-offs of $6.6 million in the first quarter of 2024. Nonperforming assets to total loans plus OREO remained low at 0.45% as of June 30, 2024 compared to 0.44% at March 31, 2024.
Noninterest Income and Expense
Noninterest income increased $0.5 million to $13.3 million in the second quarter of 2024 compared to $12.8 million in the first quarter of 2024. Debit and credit card income increased $0.5 million compared to the first quarter mainly due to seasonality. Other income increased $3.0 million primarily related to a fair value adjustment from the Visa exchange offer for Visa Class B-1 common stock during the second quarter of 2024. This was offset by a loss of $3.2 million during the second quarter related to the repositioning of $49.0 million of securities into longer duration higher-yielding securities.
Total noninterest expense decreased $0.9 million to $53.6 million compared to $54.5 million in the first quarter of 2024 mainly due to the timing of expenses. Salaries and employee benefits increased $0.9 million primarily related to higher medical costs compared to the first quarter of 2024.
Financial Condition
Total assets were $9.6 billion at June 30, 2024 compared to $9.5 billion at March 31, 2024. Total portfolio loans increased $57.5 million, or 3.02% annualized, to $7.7 billion compared to March 31, 2024. The increase in loans primarily related to growth in residential mortgages of $61.5 million compared to March 31, 2024. Total deposits increased $80.0 million, or 4.23% annualized, compared to March 31, 2024 with growth in customer deposits of $155.1 million, or 8.63% annualized, offset by lower brokered deposits of $75.1 million. DDA increased $17.7 million in the second quarter of 2024 compared to a decline of $33.0 million in the first quarter of 2024. Total borrowings decreased $10.1 million to $363.4 million compared to $373.5 million at March 31, 2024 primarily related to deposit 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.
Conference Call
S&T will host its second quarter 2024 earnings conference call live via webcast at 1:00 p.m. ET on Thursday, July 18, 2024. To access the webcast, go to S&T Bancorp Inc.’s investor Relations webpage stbancorp.com. After the live presentation, the webcast will be archived at stbancorp.com for 12 months.
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About S&T Bancorp, Inc. and S&T Bank
S&T Bancorp, Inc. is a $9.6 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. 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; 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
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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 in our Annual Report on Form 10-K for the year ended December 31, 2023, 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
S&T Earnings Release - 5
202420242023
SecondFirstSecond
(dollars in thousands, except per share data)QuarterQuarterQuarter
INTEREST AND DIVIDEND INCOME
Loans, including fees$119,564 $118,577 $108,699 
Investment Securities:
Taxable8,761 8,595 7,806 
Tax-exempt168 193 215 
Dividends272 389 613 
Total Interest and Dividend Income128,765 127,754 117,333 
INTEREST EXPENSE
Deposits39,629 36,662 20,102 
Borrowings, junior subordinated debt securities and other5,542 7,615 9,108 
Total Interest Expense45,171 44,277 29,210 
NET INTEREST INCOME83,594 83,477 88,123 
Provision for credit losses422 2,627 10,529 
Net Interest Income After Provision for Credit Losses83,172 80,850 77,594 
NONINTEREST INCOME
Net (loss) gain on sale of securities(3,150)3 — 
Debit and credit card4,713 4,235 4,645 
Service charges on deposit accounts4,089 3,828 3,928 
Wealth management2,995 3,042 3,185 
Mortgage banking254 277 289 
Other4,404 1,445 2,144 
Total Noninterest Income13,305 12,830 14,191 
NONINTEREST EXPENSE
Salaries and employee benefits30,388 29,512 25,391 
Data processing and information technology4,215 4,954 4,177 
Occupancy3,649 3,870 3,710 
Furniture, equipment and software3,382 3,472 3,192 
Marketing1,404 1,943 1,459 
Other taxes1,433 1,871 1,322 
Professional services and legal1,403 1,720 2,069 
FDIC insurance1,053 1,049 1,032 
Other noninterest expense6,681 6,129 7,281 
Total Noninterest Expense53,608 54,520 49,633 
Income Before Taxes42,869 39,160 42,152 
Income tax expense8,498 7,921 7,685 
Net Income$34,371 $31,239 $34,467 
Per Share Data
Shares outstanding at end of period38,256,204 38,233,280 38,241,918 
Average shares outstanding - diluted38,531,692 38,418,085 38,614,022 
Diluted earnings per share$0.89 $0.81 $0.89 
Dividends declared per share$0.33 $0.33 $0.32 
Dividend yield (annualized)3.95 %4.11 %4.71 %
Dividends paid to net income36.97 %40.39 %35.98 %
Book value$34.54 $33.87 $31.72 
Tangible book value (1)
$24.71 $24.03 $21.85 
Market value$33.39 $32.08 $27.19 
Profitability Ratios (Annualized)
Return on average assets1.45 %1.32 %1.51 %
Return on average shareholders' equity10.61 %9.74 %11.23 %
Return on average tangible shareholders' equity(2)
15.01 %13.85 %16.32 %
Pre-provision net revenue / average assets(3)
1.82 %1.76 %2.30 %
Efficiency ratio (FTE)(4)
54.94 %56.21 %48.21 %
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 6
Six Months Ended June 30,
(dollars in thousands, except per share data)20242023
INTEREST AND DIVIDEND INCOME
Loans, including fees$238,141 $211,423 
Investment Securities:
Taxable17,356 15,263 
Tax-exempt361 429 
Dividends661 1,121 
Total Interest and Dividend Income256,519 228,236 
INTEREST EXPENSE
Deposits76,291 35,005 
Borrowings, junior subordinated debt securities and other13,157 16,317 
Total Interest Expense89,448 51,322 
NET INTEREST INCOME167,071 176,914 
Provision for credit losses3,049 11,451 
Net Interest Income After Provision for Credit Losses164,022 165,463 
NONINTEREST INCOME
Net (loss) gain on sale of securities(3,147)— 
Debit and credit card8,948 9,018 
Service charges on deposit accounts7,917 8,004 
Wealth management6,037 6,133 
Mortgage banking531 590 
Other5,849 3,636 
Total Noninterest Income26,135 27,381 
NONINTEREST EXPENSE
Salaries and employee benefits59,900 52,992 
Data processing and information technology9,169 8,435 
Occupancy7,519 7,545 
Furniture, equipment and software6,854 6,053 
Professional services and legal3,123 3,890 
Other taxes3,304 3,112 
Marketing3,347 3,312 
FDIC insurance2,102 2,044 
Other noninterest expense12,810 13,949 
Total Noninterest Expense108,128 101,332 
Income Before Taxes82,029 91,512 
Income tax expense16,419 17,246 
Net Income$65,610 $74,266 
Per Share Data
Average shares outstanding - diluted38,495,622 38,821,886 
Diluted earnings per share$1.70 $1.91 
Dividends declared per share$0.66 $0.64 
Dividends paid to net income38.60 %33.48 %
Profitability Ratios (annualized)
Return on average assets1.38 %1.64 %
Return on average shareholders' equity10.17 %12.29 %
Return on average tangible shareholders' equity(5)
14.44 %17.93 %
Pre-provision net revenue / average assets(6)
1.79 %2.27 %
Efficiency ratio (FTE)(7)
55.57 %49.31 %
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 7
202420242023
SecondFirstSecond
(dollars in thousands)QuarterQuarterQuarter
ASSETS
Cash and due from banks$246,310 $207,462 $227,867 
Securities available for sale, at fair value977,958 970,728 970,372 
Loans held for sale188 — 541 
Commercial loans:
Commercial real estate3,347,699 3,367,722 3,224,180 
Commercial and industrial1,611,183 1,597,119 1,639,332 
Commercial construction380,128 360,086 363,100 
Total Commercial Loans5,339,010 5,324,927 5,226,612 
Consumer loans:
Residential mortgage1,562,026 1,500,499 1,286,771 
Home equity642,225 645,780 645,897 
Installment and other consumer102,660 108,232 115,634 
Consumer construction67,649 76,596 44,697 
Total Consumer Loans2,374,560 2,331,107 2,092,999 
Total Portfolio Loans7,713,570 7,656,034 7,319,611 
Allowance for credit losses(106,150)(104,802)(105,757)
Total Portfolio Loans, Net7,607,420 7,551,232 7,213,854 
Federal Home Loan Bank and other restricted stock, at cost12,056 13,703 31,271 
Goodwill373,424 373,424 373,424 
Other assets418,106 422,554 435,593 
Total Assets$9,635,462 $9,539,103 $9,252,922 
LIABILITIES
Deposits:
Noninterest-bearing demand$2,206,589 $2,188,927 $2,330,237 
Interest-bearing demand789,317 848,729 875,174 
Money market2,008,486 1,882,157 1,583,717 
Savings906,794 936,056 1,018,936 
Certificates of deposit1,769,150 1,744,478 1,333,146 
Total Deposits7,680,336 7,600,347 7,141,210 
Borrowings:
Short-term borrowings275,000 285,000 530,000 
Long-term borrowings39,034 39,156 39,513 
Junior subordinated debt securities49,388 49,373 54,483 
Total Borrowings363,422 373,529 623,996 
Other liabilities270,261 270,153 274,863 
Total Liabilities8,314,019 8,244,029 8,040,069 
SHAREHOLDERS’ EQUITY
Total Shareholders’ Equity1,321,443 1,295,074 1,212,853 
Total Liabilities and Shareholders’ Equity$9,635,462 $9,539,103 $9,252,922 
Capitalization Ratios
Shareholders' equity / assets13.71 %13.58 %13.11 %
Tangible common equity / tangible assets(9)
10.21 %10.03 %9.42 %
Tier 1 leverage ratio11.51 %11.30 %11.12 %
Common equity tier 1 capital13.89 %13.59 %13.07 %
Risk-based capital - tier 114.21 %13.91 %13.47 %
Risk-based capital - total15.79 %15.49 %15.06 %
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 8

202420242023
SecondFirstSecond
(dollars in thousands)QuarterQuarterQuarter
Net Interest Margin (FTE) (QTD Averages)
ASSETS
Interest-bearing deposits with banks$143,5215.47%$144,6375.75%$132,9005.61%
Securities, at fair value961,5522.93%966,7032.81%983,3492.54%
Loans held for sale277.37%1767.12%926.87%
Commercial real estate3,346,7255.97%3,365,1425.92%3,176,1545.62%
Commercial and industrial1,606,1737.38%1,626,6337.36%1,684,9447.13%
Commercial construction374,8567.82%365,0887.70%384,3297.63%
Total Commercial Loans5,327,7546.52%5,356,8636.48%5,245,4276.25%
Residential mortgage1,528,2005.00%1,478,6094.93%1,229,1294.52%
Home equity644,5457.01%648,2656.99%647,0706.59%
Installment and other consumer105,3138.63%110,8998.64%118,6418.28%
Consumer construction72,8995.97%69,6765.60%42,8794.26%
Total Consumer Loans2,350,9575.75%2,307,4495.71%2,037,7195.39%
Total Portfolio Loans7,678,7116.29%7,664,3126.25%7,283,1466.01%
Total Loans7,678,7386.29%7,664,4886.25%7,283,2386.01%
Total other earning assets20,0877.04%25,3357.12%37,0037.26%
Total Interest-earning Assets8,803,8985.91%8,801,1635.86%8,436,4905.61%
Noninterest-earning assets756,552737,742740,299
Total Assets$9,560,450$9,538,905$9,176,789
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand$822,6711.13%$829,0951.12%$847,7760.58%
Money market1,938,9633.25%1,920,0093.15%1,599,0512.13%
Savings915,7680.70%939,4670.63%1,037,9240.38%
Certificates of deposit1,774,0374.55%1,639,0594.37%1,235,4963.06%
Total Interest-bearing Deposits5,451,4392.92%5,327,6302.77%4,720,2471.71%
Short-term borrowings261,9235.09%408,3515.37%529,0135.39%
Long-term borrowings39,0994.53%39,2214.53%32,9804.14%
Junior subordinated debt securities49,3798.18%49,3648.23%54,4747.62%
Total Borrowings350,4015.46%496,9365.59%616,4675.52%
Total Other Interest-bearing Liabilities57,734 5.42%52,2395.42%49,572 5.06%
Total Interest-bearing Liabilities5,859,5743.10%5,876,8053.03%5,386,2862.18%
Noninterest-bearing liabilities2,397,6062,371,5862,559,888
Shareholders' equity1,303,2701,290,5141,230,615
Total Liabilities and Shareholders' Equity$9,560,450$9,538,905$9,176,789
Net Interest Margin(10)
3.85%3.84%4.22%
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 9
Six Months Ended June 30,
(dollars in thousands)20242023
Net Interest Margin (FTE) (YTD Averages)
ASSETS
Interest-bearing deposits with banks$144,0795.61%$136,6794.90%
Securities, at fair value964,1282.87%991,9312.52%
Loans held for sale1017.16%1086.60%
Commercial real estate3,355,9335.95%3,154,3905.54%
Commercial and industrial1,616,4037.37%1,697,9566.94%
Commercial construction369,9727.76%386,5497.43%
Total Commercial Loans5,342,3086.50%5,238,8956.13%
Residential mortgage1,503,4054.97%1,187,2084.48%
Home equity646,4057.00%648,7186.44%
Installment and other consumer108,1068.64%120,7468.04%
Consumer construction71,2885.79%44,3664.47%
Total Consumer Loans2,329,2045.73%2,001,0385.33%
Total Portfolio Loans7,671,5126.27%7,239,9335.91%
Total Loans7,671,6136.27%7,240,0415.91%
Total other earning assets22,7117.08%35,8686.99%
Total Interest-earning Assets8,802,5315.89%8,404,5195.50%
Noninterest-earning assets747,147747,464
Total Assets$9,549,678$9,151,983
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand$825,8831.13%$836,2630.46%
Money market1,929,4863.20%1,634,8202.00%
Savings927,6180.66%1,063,8870.34%
Certificates of deposit1,706,5484.46%1,144,4842.66%
Total Interest-bearing deposits5,389,5352.85%4,679,4541.51%
Short-term borrowings335,1375.26%490,5545.18%
Long-term borrowings39,1604.53%23,8853.71%
Junior subordinated debt securities49,3728.20%54,4667.56%
Total Borrowings423,6695.54%568,9055.34%
Total Other Interest-bearing Liabilities54,9865.42%52,1074.81%
Total Interest-bearing Liabilities5,868,1903.06%5,300,4661.95%
Noninterest-bearing liabilities2,384,5962,632,964
Shareholders' equity1,296,8921,218,553
Total Liabilities and Shareholders' Equity$9,549,678$9,151,983
Net Interest Margin(8)
3.84%4.27%
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 10
202420242023
SecondFirstSecond
(dollars in thousands)QuarterQuarterQuarter
Nonaccrual Loans
Commercial loans:% Loans% Loans% Loans
Commercial real estate$15,090 0.45%$18,082 0.54%$1,859 0.06%
Commercial and industrial7,075 0.44%3,092 0.19%4,842 0.30%
Commercial construction4,960 1.30%4,960 1.38%384 0.11%
Total Nonaccrual Commercial Loans27,125 0.51%26,134 0.49%7,085 0.14%
Consumer loans:
Residential mortgage4,698 0.30%4,160 0.28%4,167 0.32%
Home equity2,804 0.44%2,709 0.42%2,700 0.42%
Installment and other consumer230 0.22%206 0.19%367 0.32%
Total Nonaccrual Consumer Loans7,732 0.33%7,075 0.30%7,234 0.35%
Total Nonaccrual Loans$34,857 0.45%$33,209 0.43%$14,319 0.20%
202420242023
SecondFirstSecond
(dollars in thousands)QuarterQuarterQuarter
Loan (Recoveries) Charge-offs
Charge-offs$845 $6,939 $12,222 
Recoveries(1,233)(350)(1,255)
Net Loan (Recoveries) Charge-offs($388)$6,589 $10,967 
Net Loan (Recoveries) Charge-offs
Commercial loans:
Commercial real estate($379)$5,238 ($1,030)
Commercial and industrial(658)950 11,296 
Commercial construction— — — 
Total Commercial Loan (Recoveries) Charge-offs(1,037)6,188 10,266 
Consumer loans:
Residential mortgage33 7 (1)
Home equity274 105 (12)
Installment and other consumer342 289 714 
Total Consumer Loan Charge-offs649 401 701 
Total Net Loan (Recoveries) Charge-offs($388)$6,589 $10,967 
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 11
Six Months Ended June 30,
(dollars in thousands)20242023
Loan Charge-offs (Recoveries)
Charge-offs$7,784 $16,681 
Recoveries(1,583)(10,829)
Net Loan Charge-offs$6,201$5,852
Net Loan Charge-offs (Recoveries)
Commercial loans:
Customer fraud$—($9,329)
Commercial real estate4,859(1,055)
Commercial and industrial29215,244
Commercial construction— (2)
Total Commercial Loan Charge-offs5,1514,858
Consumer loans:
Residential mortgage408
Home equity37919
Installment and other consumer631967
Total Consumer Loan Charge-offs1,050994
Total Net Loan Charge-offs$6,201$5,852
202420242023
SecondFirstSecond
(dollars in thousands)QuarterQuarterQuarter
Asset Quality Data
Nonaccrual loans$34,857 $33,209 $14,319 
OREO95 140 3,666 
Total nonperforming assets34,952 33,349 17,985 
Nonaccrual loans / total loans0.45 %0.43 %0.20 %
Nonperforming assets / total loans plus OREO0.45 %0.44 %0.25 %
Allowance for credit losses / total portfolio loans1.38 %1.37 %1.44 %
Allowance for credit losses / nonaccrual loans305 %316 %739 %
Net loan (recoveries) charge-offs($388)$6,589 $10,967 
Net loan (recoveries) charge-offs (annualized) / average loans(0.02 %)0.35 %0.60 %
Six Months Ended June 30,
(dollars in thousands)20242023
Asset Quality Data
Net loan charge-offs$6,201 $5,852 
Net loan charge-offs / average loans0.16 %0.16 %
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 12
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
202420242023
SecondFirstSecond
(dollars and shares in thousands)QuarterQuarterQuarter
(1) Tangible Book Value (non-GAAP)
Total shareholders' equity$1,321,443 $1,295,074 $1,212,853 
Less: goodwill and other intangible assets, net of deferred tax liability(376,154)(376,396)(377,144)
Tangible common equity (non-GAAP)$945,289 $918,678 $835,709 
Common shares outstanding38,256 38,233 38,242 
Tangible book value (non-GAAP)$24.71 $24.03 $21.85 
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)$138,239 $125,643 $138,248 
Plus: amortization of intangibles (annualized), net of tax921 944 1,046 
Net income before amortization of intangibles (annualized)$139,160 $126,587 $139,294 
Average total shareholders' equity$1,303,270 $1,290,514 $1,230,615 
Less: average goodwill and other intangible assets, net of deferred tax liability(376,285)(376,518)(377,280)
Average tangible equity (non-GAAP)$926,985 $913,996 $853,335 
Return on average tangible shareholders' equity (non-GAAP)15.01 %13.85 %16.32 %
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$42,869 $39,160 $42,152 
Plus: Provision for credit losses422 2,627 10,529 
Total$43,291 $41,787 $52,681 
Total (annualized) (non-GAAP)$174,115 $168,066 $211,302 
Average assets$9,560,450 $9,538,905 $9,176,789 
Pre-provision Net Revenue / Average Assets (non-GAAP)1.82 %1.76 %2.30 %
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$53,608 $54,520 $49,633 
Net interest income per consolidated statements of net income$83,594 $83,477 $88,123 
Plus: taxable equivalent adjustment682 692 639 
Net interest income (FTE) (non-GAAP)84,276 84,169 88,762 
Noninterest income13,305 12,830 14,191 
Less: net gains on sale of securities3,150 (3)— 
Less: Visa Class B-1 exchange(3,156)— — 
Net interest income (FTE) (non-GAAP) plus noninterest income$97,575 $96,996 $102,953 
Efficiency ratio (non-GAAP)54.94 %56.21 %48.21 %
 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
Six Months Ended June 30,
(dollars in thousands)20242023
(5) Return on Average Tangible Shareholders' Equity (non-GAAP)
Net income (annualized)$131,941 $149,763 
Plus: amortization of intangibles (annualized), net of tax932 1,066 
Net income before amortization of intangibles (annualized)$132,873 $150,829 
Average total shareholders' equity$1,296,892 $1,218,553 
Less: average goodwill and other intangible assets, net of deferred tax liability(376,402)(377,427)
Average tangible equity (non-GAAP)$920,490 $841,126 
Return on average tangible shareholders' equity (non-GAAP)14.44 %17.93 %
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$82,029 $91,512 
Plus: Provision for credit losses3,049 11,451 
Total$85,078 $102,963 
Total (annualized) (non-GAAP)$171,091 $207,632 
Average assets$9,549,678 $9,151,983 
Pre-provision Net Revenue / Average Assets (non-GAAP)1.79 %2.27 %
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$108,128 $101,332 
Net interest income per consolidated statements of net income$167,071 $176,914 
Plus: taxable equivalent adjustment1,375 1,194 
Net interest income (FTE) (non-GAAP)168,446 178,108 
Noninterest income26,135 27,381 
Less: net gains on sale of securities3,147 — 
Less: Visa Class B-1 exchange(3,156)— 
Net interest income (FTE) (non-GAAP) plus noninterest income$194,572 $205,489 
Efficiency ratio (non-GAAP)55.57 %49.31 %
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$256,519 $228,236 
Less: interest expense(89,448)(51,322)
Net interest income per consolidated statements of net income167,071 176,914 
Plus: taxable equivalent adjustment1,375 1,194 
Net interest income (FTE) (non-GAAP)$168,446 $178,108 
Net interest income (FTE) (annualized)$338,743 $359,166 
Average interest-earning assets$8,802,531 $8,404,519 
Net interest margin - (FTE) (non-GAAP)3.84 %4.27 %
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:
202420242023
SecondFirstSecond
(dollars in thousands)QuarterQuarterQuarter
(9) Tangible Common Equity / Tangible Assets (non-GAAP)
Total shareholders' equity$1,321,443 $1,295,074 $1,212,853 
Less: goodwill and other intangible assets, net of deferred tax liability(376,154)(376,396)(377,144)
Tangible common equity (non-GAAP)$945,289 $918,678 $835,709 
Total assets$9,635,462 $9,539,103 $9,252,922 
Less: goodwill and other intangible assets, net of deferred tax liability(376,154)(376,396)(377,144)
Tangible assets (non-GAAP)$9,259,308 $9,162,707 $8,875,778 
Tangible common equity to tangible assets (non-GAAP)10.21 %10.03 %9.42 %
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$128,765 $127,754 $117,333 
Less: interest expense(45,171)(44,277)(29,210)
Net interest income per consolidated statements of net income83,594 83,477 88,123 
Plus: taxable equivalent adjustment682 692 639 
Net interest income (FTE) (non-GAAP)$84,276 $84,169 $88,762 
Net interest income (FTE) (annualized)$338,956 $338,526 $356,022 
Average interest-earning assets$8,803,898 $8,801,163 $8,436,490 
Net interest margin (FTE) (non-GAAP)3.85 %3.84 %4.22 %
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.
###
Second Quarter 2024 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; 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 in our Annual Report on Form 10-K for the year ended December 31, 2023, 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 Second Quarter Overview RETURN METRICS EARNINGS Net Income $34.4 million *Refer to appendix for reconciliation of non-GAAP financial measures EPS $0.89 ROA 1.45% ROE 10.61% ROTE* 15.01% PPNR* 1.82% HIGHLIGHTS • Solid earnings and return metrics • NIM increased one basis point to 3.85% • Strong customer deposit growth • Healthy ACL level with manageable NPAs • Forbes 2024 America’s Best Banks ACL 1.38% NCO (0.02)% ASSET QUALITY NPA 0.45% NIM* 3.85% BALANCE SHEET Loan growth $57.5 million 3.02% (annualized) Deposit growth $80.0 million 4.23% (annualized) Efficiency Ratio* 54.94%

 
Balance Sheet • Loan growth of $57.5 million (3.02% annualized) • Strong customer deposit growth of $155.1 million (8.63% annualized); brokered CDs declined $75.0 million • DDA growth of $17.7 million • Reduction in borrowings of $10.1 million Dollars in millions 4 2Q24 1Q24 Var $ 246 $ 207 $ 39 978 971 7 7,714 7,656 58 7,680 7,600 80 364 374 (10) Cash & Int Bear Bal Securities Loans Deposits Borrowings $(50) $0 $50 $100 2Q24 vs 1Q24: 2Q24 vs 1Q24 DEPOSIT CHANGES DECREASES/INCREASES

 
Asset Quality ACL Trend: Dollars in millions 5 ASSET QUALITY TRENDS • ACL of 1.38% of total loans compared to 1.37% as of March 31, 2024 • Net loan recoveries of ($0.4) million, or (0.02)% of average loans (annualized) • NPAs are manageable at 0.45% of total loans plus OREO % o f A verage Lo ans Net Loan Charge-Offs/(Recoveries) 2Q23 3Q23 4Q23 1Q24 2Q24 $(10) $(5) $0 $5 $10 $15 $20 -0.60% -0.30% 0.00% 0.30% 0.60% 0.90% 1.20% % o f G ro ss Lo ans and O R EO Nonperforming Assets 2Q23 3Q23 4Q23 1Q24 2Q24 $0 $20 $40 $60 $80 0.00% 0.25% 0.50% 0.75% 1.00%

 
Office CRE Dollars in millions 6 CBD 15% $72 OFFICE LOANS BY SIZE: Size Total # Loans Avg Size Avg LTV 10mm+ $46.9 4 $11.7 68 % 5mm-10mm 157.2 23 6.8 55 % 1mm-5mm 172.1 76 2.3 57 % Under 1mm 86.2 335 0.3 48 % Total $462.4 438 $1.1 56 % OFFICE LOAN MATURITIES BY YEAR: Avg LTV: 52% 61% 49% 67% 49% OFFICE CRE BY MSA: Pittsburgh 38% Philadelphia 20% Buffalo 6% Harrisburg 5% Columbus 5% Other 26% • Office represents 6% of total loans • Granular portfolio with average loan size of $1.1 million • 90% of our office portfolio is in-market (PA and contiguous states) • 90% non-central business district (CBD) • Criticized of $16.0 million and classified of $2.1 million; only $0.4 million of NPLs

 
Multifamily - CRE Dollars in millions 7 MULTIFAMILY LOANS BY SIZE: Size Total # Loans Avg Size Avg LTV 10mm+ $142.1 10 $14.2 65 % 5mm-10mm 157.7 22 7.2 55 % 1mm-5mm 168.6 82 2.1 53 % Under 1mm 137.0 475 0.3 58 % Total $605.4 589 $1.0 58 % MULTIFAMILY LOAN MATURITIES BY YEAR: Avg LTV: 50% 51% 51% 52% 57% Pittsburgh 37% Philadelphia 16% Columbus 7% Lancaster 5% Other 28% MULTIFAMILY CRE BY MSA: • Multifamily represents 8% of total loans • Granular portfolio with average loan size of $1.0 million • 95% of our multifamily portfolio is in- market (PA and contiguous states) • No criticized loans; $6.9 million of classified; no NPLs • Additional multi-family construction exposure of $229.0 million, including $130.7 million outstanding and $98.3 million of construction commitments Harrisburg 7%

 
• Net interest income increased $0.1 million • NIM increased 1 basis point to 3.85% and remains well above pre-rate cycle level • Cost of funds increases are declining as deposit mix shift moderates and higher cost brokered deposits and borrowings are reduced Net Interest Income Dollars in millions; *Refer to appendix for reconciliation of non-GAAP financial measures 8 CURRENT RATE CYCLE Total Cost of Funds $68.4 $67.7 $75.2 $83.8 $89.1 $88.8 $88.1 $87.4 $85.1 $83.5 $83.6 3.12% 3.16% 3.56% 4.04% 4.33% 4.32% 4.22% 4.09% 3.92% 3.84% 3.85% NII NIM FTE* 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 0.43% 0.35% 0.27% 0.28% 0.15% 0.05% 1.14% 1.49% 1.76% 2.04% 2.19% 2.24% Changes in Cost of Funds Cost of Funds 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24

 
2Q24 2Q24 vs 1Q24 2Q24 vs 2Q23 Debit and Credit Card $4.7 $0.5 $— Service Charges 4.1 0.2 0.2 Wealth 3.0 — (0.2) Mortgage 0.3 — — Security Loss (3.2) (3.2) (3.2) Other 4.4 3.0 2.3 Noninterest Income $13.3 $0.5 ($0.9) Noninterest Income 9Dollars in millions • Debit and credit card increase due to seasonality • Increase in Other related to a $3.2 million gain on Visa Class B-1 conversion • Security Loss of $3.2 million related to repositioning of bond portfolio $14.2 $12.2 $18.1 $12.8 $13.3 2Q23 3Q23 4Q23 1Q24 2Q24

 
2Q24 2Q24 vs 1Q24 2Q24 vs 2Q23 Salaries & Benefits $30.4 $0.9 $5.0 Data Processing 4.2 (0.7) — Occupancy 3.6 (0.2) (0.1) FF&E 3.4 (0.1) 0.2 Other Taxes 1.4 (0.4) 0.1 Marketing 1.4 (0.6) — Professional Services 1.4 (0.3) (0.6) FDIC 1.1 — — Other 6.7 0.5 (0.6) Noninterest Expense $53.6 ($0.9) $4.0 Noninterest Expense 10Dollars in millions; *Refer to appendix for reconciliation of non-GAAP financial measures • Overall expenses declined by $0.9 million mainly due to timing • Salaries & benefits higher primarily due to medical costs

 
Capital Dollars in millions; *Refer to appendix for reconciliation of non-GAAP financial measures 11 TCE / TA* • We have strong capital levels and are well positioned for growth • TCE / TA improvement due to solid earnings 9.42% 9.31% 9.88% 10.03% 10.21% 2Q23 3Q23 4Q23 1Q24 2Q24

 
2Q24 Return on Average Tangible Shareholders' Equity (ROTE) (non-GAAP) Net income (annualized) $138,239 Plus: amortization of intangibles (annualized), net of tax 921 Net income before amortization of intangibles (annualized) $139,160 Average total shareholders' equity $1,303,270 Less: average goodwill and other intangible assets, net of deferred tax liability (376,285) Average tangible equity (non-GAAP) $926,985 Return on average tangible shareholders' equity (non-GAAP) 15.01 % 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 $42,869 Plus: Provision for credit losses 422 Total $43,291 Total (annualized) (non-GAAP) $174,115 Average assets $9,560,450 PPNR/Average Assets (non-GAAP) 1.82 % 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 12

 
2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 Tangible Common Equity (TCE)/Tangible Assets (non-GAAP) Total shareholders' equity $1,321,443 $1,295,074 $1,283,445 $1,223,532 $1,212,853 Less: goodwill and other intangible assets, net of deferred tax liability (376,154) (376,396) (376,631) (376,883) (377,144) Tangible common equity (non-GAAP) $945,289 $918,678 $906,814 $846,649 $835,709 Total assets $9,635,462 $9,539,103 $9,551,526 $9,466,077 $9,252,922 Less: goodwill and other intangible assets, net of deferred tax liability (376,154) (376,396) (376,631) (376,883) (377,144) Tangible assets (non-GAAP) $9,259,308 $9,162,707 $9,174,895 $9,089,194 $8,875,778 Tangible common equity to tangible assets (non-GAAP) 10.21 % 10.03 % 9.88 % 9.31 % 9.42 % Tangible common equity to tangible assets is a preferred industry measurement to evaluate capital adequacy. Efficiency Ratio (non-GAAP) Noninterest expense $53,608 $54,520 $56,203 $52,799 $49,633 Net interest income $83,594 $83,477 $85,109 $87,387 $88,123 Plus: taxable equivalent adjustment 682 692 683 674 639 Net interest income (FTE) (non-GAAP) 84,276 84,169 85,792 88,061 88,762 Noninterest income 13,305 12,830 18,061 12,178 14,191 Less: net gains on sale of securities 3,150 (3) — — — Less: Visa Class B-1 exchange (3,156) — — — — Net interest income (FTE) (non-GAAP) plus noninterest income $97,575 $96,999 $103,853 $100,239 $102,953 Efficiency ratio (non-GAAP) 54.94 % 56.21 % 54.12 % 52.67 % 48.21 % 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. Net Interest Margin Rate (NIM) (FTE) (non-GAAP) Interest income and dividend income $128,765 $127,754 $126,706 $122,959 $117,333 $110,903 $103,208 $89,835 $77,599 $70,109 $71,135 Less: interest expense (45,171) (44,277) (41,597) (35,572) (29,210) (22,112) (14,150) (6,037) (2,405) (2,376) (2,697) Net interest income 83,594 83,477 85,109 87,387 88,123 88,791 89,058 83,798 75,194 67,733 68,438 Plus: taxable equivalent adjustment 682 692 683 674 639 555 532 521 506 493 510 Net interest income (FTE) (non-GAAP) $84,276 $84,169 $85,792 $88,061 $88,762 $89,346 $89,590 $84,319 $75,700 $68,226 $68,948 Net interest income (FTE) (annualized) $338,956 $338,526 $340,370 $349,373 $356,022 $362,348 $355,438 $334,526 $303,633 $276,694 $273,537 Average interest-earning assets $8,803,898 $8,801,163 $8,704,727 $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) 3.85 % 3.84 % 3.92 % 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 13

 
Second Quarter 2024 Earnings Supplement

 
v3.24.2
Cover
Jul. 18, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 18, 2024
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
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