0000719220false00007192202025-01-302025-01-30

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

January 29, 2025
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 January 30, 2025 S&T Bancorp, Inc. (S&T) announced by press release its earnings for the three and twelve months ended December 31, 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 twelve months ended December 31, 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 Exhibit 99.3 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 and Exhibit 99.3, is being furnished and shall not be deemed "filed" for purposes of 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 Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 8.01 Other Events.
The Board of Directors of S&T ("Board") approved a $0.34 per share cash dividend on January 29, 2025. A copy of the press release is attached hereto as Exhibit 99.4. This is an increase of $0.01, or 3.03 percent, compared to a cash dividend of $0.33 in the same period in the prior year. The annualized yield using the January 28, 2025 closing price of $38.16 is 3.56 percent. The dividend is payable February 27, 2025 to shareholders of record on February 13, 2025.
The information in this Form 8-K and the exhibits attached to this Form 8-K contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and are subject to a number of factors that could cause actual events to differ materially from those anticipated, including without limitation fluctuations in the market price of the common stock, regulatory, legal and contractual requirements, other uses of capital, the company’s financial performance, market conditions generally or modification, extension or termination of the share repurchase authorization by the board of directors. 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. You should consider the above uncertainties as well as the precautionary statements included in S&T’s filings with the SEC, including without limitation the “risk factors” section of its Form 10-K. 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.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.Description of Exhibit
Earnings Press Release
2024 Highlights
Supplemental Information
Dividend Press Release
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
January 30, 2025Mark 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 Fourth Quarter and Full Year 2024 Results
INDIANA, Pa. - January 30, 2025 - S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, announced fourth quarter and full year 2024 earnings. Net income of $33.1 million, or $0.86 per diluted share, for the fourth quarter of 2024 compared to net income of $32.6 million, or $0.85 per diluted share, for the third quarter of 2024 and net income of $37.0 million, or $0.96 per diluted share, for the fourth quarter of 2023.
Net income was $131.3 million for 2024 compared to net income of $144.8 million for 2023. Earnings per diluted share (EPS) was $3.41 for 2024 compared to $3.74 in 2023. S&T had record net income and EPS in 2023 related to the impact of rising interest rates on net interest income.
Fourth Quarter of 2024 Highlights:
•Strong return metrics with return on average assets (ROA) of 1.37%, return on average equity (ROE) of 9.57% and return on average tangible equity (ROTE) (non-GAAP) of 13.25% compared to ROA of 1.35%, ROE of 9.58% and ROTE (non-GAAP) of 13.35% for the third quarter of 2024.
•Pre-provision net revenue to average assets (PPNR) (non-GAAP) was 1.72% compared to 1.78% for the third quarter of 2024.
•Net interest margin on a fully taxable equivalent basis (NIM) (FTE) (non-GAAP) was solid at 3.77% compared to 3.82% in the third quarter of 2024.     
•Total portfolio loans increased $53.9 million, or 2.79% annualized, compared to September 30, 2024.
•Total deposits increased $128.3 million, including customer deposit growth of $78.3 million, or 4.15% annualized, and higher brokered deposits of $50.0 million compared to the third quarter of 2024.
•Asset quality improvement drove a provision for credit losses of negative $2.5 million compared to negative $0.5 million in the third quarter of 2024.
•Net recoveries were $0.1 million compared to net charge-offs of $2.1 million in the third quarter of 2024.
•Nonperforming assets remained low at $27.9 million, or 0.36% of total loans plus other real estate owned (OREO), compared to $31.9 million, or 0.41%, at September 30, 2024.
Full Year 2024 Highlights:
•Full year 2024 results remained strong after having record net income and EPS in 2023 related to the impact of rising interest rates.
•Net income was $131.3 million compared to $144.8 million for 2023 and EPS was $3.41 per diluted share compared to $3.74 in 2023.
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S&T Earnings Release - 2

•Strong return metrics with ROA of 1.37%, ROE of 9.86% and ROTE (non-GAAP) of 13.84% compared to ROA of 1.56%, ROE of 11.80% and ROTE (non-GAAP) of 17.15% for the prior year.
•PPNR (non-GAAP) was 1.77% compared to 2.12% in the prior year.
•NIM (FTE) (non-GAAP) was solid at 3.82% compared to 4.13% for the prior year.     
•Total deposits increased $261.3 million compared to 2023. Customer deposit growth of $411.7 million, or 5.76%, was offset by lower brokered deposits of $150.4 million.
•Total portfolio loans increased $89.6 million, or 1.17%, compared to December 31, 2023.
•Improvement in asset quality drove a provision for credit losses of only $0.1 million compared to $17.9 million in 2023.
•Net charge-offs were $8.3 million, or 0.11% of average loans, compared to net charge-offs of $13.2 million, or 0.18% of average loans, in the prior year.
•Nonperforming assets remained low at $27.9 million, or 0.36% of total loans plus OREO, compared to $23.0 million, or 0.30%, at December 31, 2023.

"I’m incredibly proud of our results for the fourth quarter and all that we achieved in 2024," said Chris McComish, chief executive officer. "Our performance was driven through meaningful progress on our key business drivers, including consistent growth in our customer deposit franchise and ongoing improvement in asset quality. We achieved excellent return and profitability metrics and have record levels of capital. We remain steadfast in our commitment to living our people-forward purpose every day as evidenced by our industry leading customer and employee loyalty. As we enter 2025, we do so with great momentum and optimism about S&T’s growth prospects."
Fourth Quarter of 2024 Results (three months ended December 31, 2024)
Net Interest Income
Net interest income was $83.3 million for the fourth quarter of 2024 compared to $84.5 million for the third quarter of 2024. The decrease of $1.2 million in net interest income was driven by lower interest income on loans due to a decline in interest rates which was partially offset by lower funding costs. NIM (FTE) (non-GAAP) was 3.77% compared to 3.82% in the prior quarter. The yield on total average earning assets decreased 15 basis points to 5.78% compared to 5.93% in the third quarter of 2024. Total average interest-bearing liability costs decreased 14 basis points to 3.03% compared to 3.17% in the third quarter of 2024.
Asset Quality
Asset quality continued to improve in the fourth quarter of 2024. The provision for credit losses was negative $2.5 million for the fourth quarter of 2024 compared to negative $0.5 million in the third quarter of 2024. The decrease in the provision for credit losses primarily related to a lower allowance for credit losses driven by decreases in criticized and classified loans and net recoveries compared to the prior quarter. Net loan recoveries were $0.1 million for the fourth quarter of 2024 compared to net loan charge-offs of $2.1 million in the third quarter of 2024. The allowance for credit losses was $101.5 million, or 1.31% of total portfolio loans, at December 31, 2024 compared to $104.3 million, or 1.36%, at September 30, 2024. Nonperforming assets to total loans plus OREO was low at 0.36% at December 31, 2024 compared to 0.41% at September 30, 2024.
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S&T Earnings Release - 3

Noninterest Income and Expense
Noninterest income decreased $0.8 million to $11.1 million in the fourth quarter of 2024 compared to $11.9 million in the third quarter of 2024. The decrease was primarily due to a $2.6 million realized loss related to the repositioning of securities into longer duration, higher-yielding securities in the fourth quarter of 2024 compared to a similar $2.2 million realized loss on the sale of securities in the third quarter of 2024. Noninterest expense was $55.4 million in both the fourth and third quarters of 2024. Expenses were relatively consistent quarter over quarter with salaries and benefits lower by $0.5 million due to a decrease in incentives.
Financial Condition
Total assets were $9.7 billion at December 31, 2024 compared to $9.6 billion at September 30, 2024. Total portfolio loans increased $53.9 million, or 2.79% annualized, compared to September 30, 2024. The consumer loan portfolio increased $35.2 million with growth in residential mortgages of $37.0 million compared to September 30, 2024. The commercial loan portfolio increased $18.7 million with growth in commercial real estate of $60.1 million partially offset by a decrease in commercial construction of $33.6 million and a decrease in commercial and industrial of $7.8 million compared to September 30, 2024. Total deposits increased $128.3 million compared to September 30, 2024. Certificates of Deposits (CDs) increased $96.6 million which included $50.0 million of additional brokered CDs compared to September 30, 2024. Demand deposits increased $27.7 million, interest-bearing demand deposits increased $39.5 million and money market deposits decreased $33.8 million compared to September 30, 2024. Total borrowings decreased $88.1 million to $250.3 million compared to $338.4 million at September 30, 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.
Full Year 2024 Results (twelve months ended December 31, 2024)
Net income was $131.3 million for 2024 compared to net income of $144.8 million for 2023. EPS was $3.41 compared to $3.74 in 2023. S&T had record net income and EPS in 2023 related to the impact of rising interest rates on net interest income.
Net interest income decreased $14.6 million, or 4.18%, to $334.8 million compared to $349.4 million in 2023. NIM (FTE) (non-GAAP) decreased 31 basis points to 3.82% compared to 4.13% for 2023. The decreases in both net interest income and NIM (FTE) (non-GAAP) were primarily due to the impact of higher interest rates on funding costs in 2024. While higher interest rates positively impacted interest income, the increase in interest income was more than offset by higher interest expense. The yield on total average earning assets increased 23 basis points to 5.87% compared to 5.64% in 2023. Total average interest-bearing liability costs increased 75 basis points to 3.09% compared to 2.34% in 2023 due in part to a shift to higher-costing money market and certificates of deposit.
Noninterest income decreased $8.5 million to $49.1 million compared to $57.6 million in the prior year. The decrease was mainly related to $7.9 million of realized losses from the repositioning of securities into longer duration, higher-yielding securities. Other noninterest income decreased $0.8 million primarily related to a gain of $3.9 million on the sale of OREO in 2023 compared to a $3.5 million gain from the exchange offer for Visa Class B-1 common stock in 2024.
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S&T Earnings Release - 4

Noninterest expense increased $8.6 million, or 4.09%, to $218.9 million compared to $210.3 million in 2023. Salaries and employee benefits increased $10.5 million primarily due to annual merit increases, the acquisition of talent and higher incentives and medical costs. Offsetting the increase in salaries and benefits were decreases in professional services and legal of $2.4 million and other noninterest expense of $3.2 million compared to 2023. The decrease in professional services and legal was primarily due to higher consulting expense in 2023 compared to 2024. The decrease in other noninterest expense was due to a decrease of $2.1 million related to the adoption of new accounting guidance for tax credit equity investments where the amortization of these investments is now included in tax expense versus other expense in 2023 and a $2.1 million decrease in loan collection and appraisal expense compared to 2023.
Asset quality improved substantially in 2024 driving a lower allowance for credit losses and minimal provision for credit losses. The provision for credit losses was only $0.1 million compared to $17.9 million for 2023 primarily due to lower criticized and classified loans and lower net charge-offs. Net loan charge-offs were $8.3 million for 2024 compared to $13.2 million for 2023. The allowance for credit losses was 1.31% of total portfolio loans at December 31, 2024 compared to 1.41% at December 31, 2023. Nonperforming assets remained low at $27.9 million compared to $23.0 million in the prior year resulting in a nonperforming assets to total loans plus OREO ratio of 0.36% compared to 0.30% at December 31, 2023.
Dividend
S&T's Board of Directors approved a $0.34 per share cash dividend on January 29, 2025. This is an increase of $0.01, or 3.03%, compared to a $0.33 per share cash dividend declared in the same period in the prior year. The dividend is payable February 27, 2025 to shareholders of record on February 13, 2025. Dividends declared in 2024 increased $0.04, or 3.10%, to $1.33 compared to $1.29 for 2023.
Conference Call
S&T will host its fourth quarter 2024 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, January 30, 2025. 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 $9.7 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
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S&T Earnings Release - 5

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, 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.
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S&T Earnings Release - 6

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, pre-provision net revenue 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 - 7
202420242023
FourthThirdFourth
(dollars in thousands, except per share data)QuarterQuarterQuarter
INTEREST AND DIVIDEND INCOME
Loans, including fees$117,334 $120,907 $117,443 
Investment Securities:
Taxable10,167 10,221 8,491 
Tax-exempt164 165 210 
Dividends214 181 562 
Total Interest and Dividend Income127,879 131,474 126,706 
INTEREST EXPENSE
Deposits40,627 42,493 32,921 
Borrowings, junior subordinated debt securities and other3,994 4,504 8,676 
Total Interest Expense44,621 46,997 41,597 
NET INTEREST INCOME83,258 84,477 85,109 
Provision for credit losses(2,462)(454)943 
Net Interest Income After Provision for Credit Losses85,720 84,931 84,166 
NONINTEREST INCOME
Loss on sale of securities
(2,592)(2,199)— 
Debit and credit card4,627 4,688 4,540 
Service charges on deposit accounts4,175 4,181 4,129 
Wealth management3,151 3,071 3,050 
Other1,710 2,136 6,342 
Total Noninterest Income11,071 11,877 18,061 
NONINTEREST EXPENSE
Salaries and employee benefits30,816 31,274 30,949 
Data processing and information technology5,338 5,003 4,523 
Occupancy3,755 3,828 3,598 
Furniture, equipment and software3,295 3,410 3,734 
Other taxes2,274 1,874 1,870 
Marketing1,622 1,382 1,435 
Professional services and legal1,116 1,229 1,968 
FDIC insurance1,045 1,054 1,049 
Other noninterest expense6,184 6,311 7,077 
Total Noninterest Expense55,445 55,365 56,203 
Income Before Taxes41,346 41,443 46,024 
Income tax expense8,281 8,853 8,977 
Net Income$33,065 $32,590 $37,047 
Per Share Data
Shares outstanding at end of period38,259,449 38,259,730 38,232,806 
Average shares outstanding - diluted38,570,784 38,560,409 38,379,493 
Diluted earnings per share$0.86 $0.85 $0.96 
Dividends declared per share$0.34 $0.33 $0.33 
Dividend yield (annualized)3.56 %3.15 %3.95 %
Dividends paid to net income41.32 %38.77 %34.04 %
Book value$36.08 $35.96 $33.57 
Tangible book value (1)
$26.25 $26.13 $23.72 
Market value$38.22 $41.97 $33.42 
Profitability Ratios (Annualized)
Return on average assets1.37 %1.35 %1.55 %
Return on average shareholders' equity9.57 %9.58 %11.79 %
Return on average tangible shareholders' equity(2)
13.25 %13.35 %17.00 %
Pre-provision net revenue / average assets(3)
1.72 %1.78 %1.97 %
Efficiency ratio (FTE)(4)
56.93 %55.88 %54.12 %
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 8
Twelve Months Ended December 31,
(dollars in thousands, except per share data)20242023
INTEREST AND DIVIDEND INCOME
Loans, including fees$476,382 $443,124 
Investment Securities:
Taxable37,744 31,611 
Tax-exempt690 852 
Dividends1,056 2,314 
Total Interest and Dividend Income515,872 477,901 
INTEREST EXPENSE
Deposits159,411 92,836 
Borrowings, junior subordinated debt securities and other21,655 35,655 
Total Interest Expense181,066 128,491 
NET INTEREST INCOME334,806 349,410 
Provision for credit losses133 17,892 
Net Interest Income After Provision for Credit Losses334,673 331,518 
NONINTEREST INCOME
Loss on sale of securities
(7,938)— 
Debit and credit card18,263 18,248 
Service charges on deposit accounts16,273 16,193 
Wealth management12,259 12,186 
Other10,226 10,993 
Total Noninterest Income49,083 57,620 
NONINTEREST EXPENSE
Salaries and employee benefits121,990 111,462 
Data processing and information technology19,510 17,437 
Occupancy15,102 14,814 
Furniture, equipment and software13,559 12,912 
Other Taxes7,452 6,813 
Marketing6,351 6,488 
Professional services and legal5,468 7,823 
FDIC insurance4,201 4,122 
Other noninterest expense25,305 28,463 
Total Noninterest Expense218,938 210,334 
Income Before Taxes164,818 178,804 
Income tax expense33,553 34,023 
Net Income$131,265 $144,781 
Per Share Data
Average shares outstanding - diluted38,523,688 38,655,405 
Diluted earnings per share$3.41 $3.74 
Dividends declared per share$1.33 $1.29 
Dividends paid to net income38.83 %34.33 %
Profitability Ratios (annualized)
Return on average assets1.37 %1.56 %
Return on average shareholders' equity9.86 %11.80 %
Return on average tangible shareholders' equity(5)
13.84 %17.15 %
Pre-provision net revenue / average assets(6)
1.77 %2.12 %
Efficiency ratio (FTE)(7)
55.99 %51.35 %
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 9
202420242023
FourthThirdFourth
(dollars in thousands)QuarterQuarterQuarter
ASSETS
Cash and due from banks$244,820 $228,090 $233,612 
Securities available for sale, at fair value987,591 1,011,312 970,391 
Loans held for sale— 307 153 
Commercial loans:
Commercial real estate3,388,017 3,327,895 3,357,603 
Commercial and industrial1,540,397 1,548,172 1,642,106 
Commercial construction352,886 386,509 363,284 
Total Commercial Loans5,281,300 5,262,576 5,362,993 
Consumer loans:
Residential mortgage1,649,639 1,612,629 1,461,097 
Home equity653,756 645,966 650,666 
Installment and other consumer104,757 105,235 114,897 
Consumer construction53,506 62,648 63,688 
Total Consumer Loans2,461,658 2,426,478 2,290,348 
Total Portfolio Loans7,742,958 7,689,054 7,653,341 
Allowance for credit losses(101,494)(104,321)(107,966)
Total Portfolio Loans, Net7,641,464 7,584,733 7,545,375 
Federal Home Loan Bank and other restricted stock, at cost15,231 11,484 25,082 
Goodwill373,424 373,424 373,424 
Other Intangible assets, net3,055 3,173 4,059 
Other assets392,387 371,424 399,430 
Total Assets$9,657,972 $9,583,947 $9,551,526 
LIABILITIES
Deposits:
Noninterest-bearing demand$2,185,242 $2,157,537 $2,221,942 
Interest-bearing demand812,768 773,224 825,787 
Money market2,040,285 2,074,095 1,941,842 
Savings877,859 879,653 950,546 
Certificates of deposit1,866,963 1,770,332 1,581,652 
Total Deposits7,783,117 7,654,841 7,521,769 
Borrowings:
Short-term borrowings150,000 225,000 415,000 
Long-term borrowings50,896 64,015 39,277 
Junior subordinated debt securities49,418 49,403 49,358 
Total Borrowings250,314 338,418 503,635 
Other liabilities244,247 214,934 242,677 
Total Liabilities8,277,678 8,208,193 8,268,081 
SHAREHOLDERS’ EQUITY
Total Shareholders’ Equity1,380,294 1,375,754 1,283,445 
Total Liabilities and Shareholders’ Equity$9,657,972 $9,583,947 $9,551,526 
Capitalization Ratios
Shareholders' equity / assets14.29 %14.35 %13.44 %
Tangible common equity / tangible assets(8)
10.82 %10.86 %9.88 %
Tier 1 leverage ratio11.98 %11.70 %11.21 %
Common equity tier 1 capital14.58 %14.37 %13.37 %
Risk-based capital - tier 114.90 %14.70 %13.69 %
Risk-based capital - total16.49 %16.28 %15.27 %
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 10

202420242023
FourthThirdFourth
(dollars in thousands)QuarterQuarterQuarter
Net Interest Margin (FTE) (QTD Averages)
ASSETS
Interest-bearing deposits with banks$172,1794.85%$200,3015.44%$149,9855.92%
Securities, at fair value992,6533.34%990,3753.12%956,1072.75%
Loans held for sale1176.61%206.77%577.25%
Commercial real estate3,328,0525.83%3,298,6195.96%3,312,5095.86%
Commercial and industrial1,538,9836.92%1,566,1457.39%1,621,0917.29%
Commercial construction368,5667.99%406,3217.82%381,2947.55%
Total Commercial Loans5,235,6016.30%5,271,0856.53%5,314,8946.42%
Residential mortgage1,635,3135.14%1,589,7915.11%1,417,8914.81%
Home equity649,1526.66%642,3847.01%650,7216.94%
Installment and other consumer105,4788.18%103,3908.65%114,7209.15%
Consumer construction56,1656.70%62,9986.42%62,8505.22%
Total Consumer Loans2,446,1085.71%2,398,5635.81%2,246,1825.66%
Total Portfolio Loans7,681,7096.11%7,669,6486.30%7,561,0766.19%
Total Loans7,681,8266.11%7,669,6686.30%7,561,1336.19%
Total other earning assets13,6806.59%15,4136.21%37,5027.23%
Total Interest-earning Assets8,860,3385.78%8,875,7575.93%8,704,7275.81%
Noninterest-earning assets711,374744,609768,942
Total Assets$9,571,712$9,620,366$9,473,669
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand$780,3961.03%$785,8541.11%$836,7711.03%
Money market2,060,1033.17%2,051,7543.40%1,843,3382.98%
Savings874,6990.70%891,9520.75%957,9030.57%
Certificates of deposit1,818,7554.52%1,825,5304.60%1,533,2664.02%
Total Interest-bearing Deposits5,533,9532.92%5,555,0903.04%5,171,2782.53%
Short-term borrowings159,0114.84%202,5004.88%435,0605.75%
Long-term borrowings66,3643.76%40,3834.47%39,3414.53%
Junior subordinated debt securities49,4087.69%49,3948.11%49,3508.25%
Total Borrowings274,7835.09%292,2775.37%523,7515.90%
Total Other Interest-bearing Liabilities40,055 4.71%41,0385.36%65,547 5.40%
Total Interest-bearing Liabilities5,848,7913.03%5,888,4053.17%5,760,5762.86%
Noninterest-bearing liabilities2,348,0142,377,9142,466,063
Shareholders' equity1,374,9071,354,0471,247,030
Total Liabilities and Shareholders' Equity$9,571,712$9,620,366$9,473,669
Net Interest Margin(9)
3.77%3.82%3.92%
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 11
Twelve Months Ended December 31,
(dollars in thousands)20242023
Net Interest Margin (FTE) (YTD Averages)
ASSETS
Interest-bearing deposits with banks$165,2755.36%$141,9545.17%
Securities, at fair value977,8963.05%976,0952.61%
Loans held for sale856.95%1216.71%
Commercial real estate3,334,5185.92%3,216,5935.70%
Commercial and industrial1,584,3097.26%1,665,6307.10%
Commercial construction378,7557.84%381,8387.55%
Total Commercial Loans5,297,5826.46%5,264,0616.27%
Residential mortgage1,558,2775.05%1,282,0784.62%
Home equity646,0856.92%648,5256.65%
Installment and other consumer106,2608.52%117,8078.43%
Consumer construction65,4026.14%51,1464.81%
Total Consumer Loans2,376,0245.74%2,099,5565.46%
Total Portfolio Loans7,673,6066.24%7,363,6176.04%
Total Loans7,673,6916.24%7,363,7386.04%
Total other earning assets18,6066.82%37,9887.04%
Total Interest-earning Assets8,835,4685.87%8,519,7755.64%
Noninterest-earning assets737,366756,481
Total Assets$9,572,834$9,276,256
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand$804,3871.10%$844,5880.72%
Money market1,993,0533.24%1,677,5842.33%
Savings905,3510.69%1,020,3140.43%
Certificates of deposit1,764,6614.51%1,302,4783.30%
Total Interest-bearing deposits5,467,4522.92%4,844,9641.92%
Short-term borrowings257,5245.12%500,4215.44%
Long-term borrowings46,3064.24%31,7064.20%
Junior subordinated debt securities49,3868.05%52,2157.87%
Total Borrowings353,2165.41%584,3425.59%
Total Other Interest-bearing Liabilities47,7275.26%58,1355.12%
Total Interest-bearing Liabilities5,868,3953.09%5,487,4412.34%
Noninterest-bearing liabilities2,373,5692,561,483
Shareholders' equity1,330,8701,227,332
Total Liabilities and Shareholders' Equity$9,572,834$9,276,256
Net Interest Margin(10)
3.82%4.13%
- more -
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 12
202420242023
FourthThirdFourth
(dollars in thousands)QuarterQuarterQuarter
Nonaccrual Loans
Commercial loans:% Loans% Loans% Loans
Commercial real estate$4,173 0.12%$14,877 0.45%$7,267 0.22%
Commercial and industrial12,570 0.82%5,789 0.37%3,244 0.20%
Commercial construction— —%3,416 0.88%4,960 1.37%
Total Nonaccrual Commercial Loans16,743 0.32%24,082 0.46%15,471 0.29%
Consumer loans:
Residential mortgage7,628 0.46%4,478 0.28%4,579 0.31%
Home equity3,336 0.51%3,065 0.47%2,567 0.39%
Installment and other consumer230 0.22%264 0.25%330 0.29%
Total Nonaccrual Consumer Loans11,194 0.45%7,807 0.32%7,476 0.33%
Total Nonaccrual Loans$27,937 0.36%$31,889 0.41%$22,947 0.30%
202420242023
FourthThirdFourth
(dollars in thousands)QuarterQuarterQuarter
Loan (Recoveries) Charge-offs
Charge-offs$1,964 $2,440 $3,880 
Recoveries(2,022)(303)(260)
Net Loan (Recoveries) Charge-offs
($58)$2,137 $3,620 
Net Loan (Recoveries) Charge-offs
Commercial loans:
Commercial real estate($1,359)$47 $1,690 
Commercial and industrial1,139 1,255 949 
Commercial construction— — 451 
Total Commercial Loan (Recoveries) Charge-offs
(220)1,302 3,090 
Consumer loans:
Residential mortgage10 (5)(3)
Home equity114 580 148 
Installment and other consumer38 260 385 
Total Consumer Loan Charge-offs162 835 530 
Total Net Loan (Recoveries) Charge-offs
($58)$2,137 $3,620 
- more -
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 13
Twelve Months Ended December 31,
(dollars in thousands)20242023
Loan Charge-offs (Recoveries)
Charge-offs$12,187 $24,638 
Recoveries(3,907)(11,456)
Net Loan Charge-offs$8,280$13,182
Net Loan Charge-offs (Recoveries)
Commercial loans:
Customer fraud$—($9,329)
Commercial real estate3,547622
Commercial and industrial2,68620,068
Commercial construction— 449 
Total Commercial Loan Charge-offs6,23311,810
Consumer loans:
Residential mortgage45(6)
Home equity1,073238
Installment and other consumer9291,140
Total Consumer Loan Charge-offs2,0471,372
Total Net Loan Charge-offs$8,280$13,182
202420242023
FourthThirdFourth
(dollars in thousands)QuarterQuarterQuarter
Asset Quality Data
Nonaccrual loans$27,937 $31,889 $22,947 
OREO8 — 75 
Total nonperforming assets27,945 31,889 23,022 
Nonaccrual loans / total loans0.36 %0.41 %0.30 %
Nonperforming assets / total loans plus OREO0.36 %0.41 %0.30 %
Allowance for credit losses / total portfolio loans1.31 %1.36 %1.41 %
Allowance for credit losses / nonaccrual loans363 %327 %471 %
Net loan (recoveries) charge-offs
($58)$2,138 $3,620 
Net loan charge-offs (recoveries) (annualized) / average loans
0.00 %0.11 %0.19 %
Twelve Months Ended December 31,
(dollars in thousands)20242023
Asset Quality Data
Net loan charge-offs$8,280 $13,182 
Net loan charge-offs / average loans0.11 %0.18 %
- 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
FourthThirdFourth
(dollars and shares in thousands)QuarterQuarterQuarter
(1) Tangible Book Value (non-GAAP)
Total shareholders' equity$1,380,294 $1,375,754 $1,283,445 
Less: goodwill and other intangible assets, net of deferred tax liability(375,837)(375,931)(376,631)
Tangible common equity (non-GAAP)$1,004,457 $999,823 $906,814 
Common shares outstanding38,259 38,260 38,233 
Tangible book value (non-GAAP)$26.25 $26.13 $23.72 
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)$131,541 $129,652 $146,980 
Plus: amortization of intangibles (annualized), net of tax858 893 1,003 
Net income before amortization of intangibles (annualized)$132,399 $130,545 $147,983 
Average total shareholders' equity$1,374,907 $1,354,047 $1,247,030 
Less: average goodwill and other intangible assets, net of deferred tax liability(375,879)(376,048)(376,761)
Average tangible equity (non-GAAP)$999,028 $977,999 $870,269 
Return on average tangible shareholders' equity (non-GAAP)13.25 %13.35 %17.00 %
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$41,346 $41,443 $46,024 
Plus: net losses on sale of securities2,592 2,199 — 
Less: gain on Visa Class B-1 exchange
(186)(150)— 
Plus: Provision for credit losses(2,462)(454)943 
Total$41,290 $43,038 $46,967 
Total (annualized) (non-GAAP)$164,262 $171,216 $186,336 
Average assets$9,571,712 $9,620,366 $9,473,669 
Pre-provision Net Revenue / Average Assets (non-GAAP)1.72 %1.78 %1.97 %
Pre-provision net revenue to average assets is income before taxes adjusted to exclude provision for credit losses, losses on sale of securities and gain on Visa exchange. 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$55,445 $55,365 $56,203 
Net interest income per consolidated statements of net income$83,258 $84,477 $85,109 
Plus: taxable equivalent adjustment660 671 683 
Net interest income (FTE) (non-GAAP)83,918 85,148 85,792 
Noninterest income11,071 11,877 18,061 
Plus: net losses on sale of securities2,592 2,199 — 
Less: gain on Visa Class B-1 exchange
(186)(150)— 
Net interest income (FTE) (non-GAAP) plus noninterest income$97,395 $99,074 $103,853 
Efficiency ratio (non-GAAP)56.93 %55.88 %54.12 %
 The efficiency ratio is noninterest expense divided by noninterest income plus net interest income, on an FTE basis (non-GAAP), adjusted to exclude losses on sale of securities and gain on Visa exchange. We believe the FTE basis 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 - 15
Twelve Months Ended December 31,
(dollars in thousands)20242023
(5) Return on Average Tangible Shareholders' Equity (non-GAAP)
Net income$131,265 $144,781 
Plus: amortization of intangibles, net of tax904 1,042 
Net income before amortization of intangibles$132,169 $145,823 
Average total shareholders' equity$1,330,870 $1,227,332 
Less: average goodwill and other intangible assets, net of deferred tax liability(376,181)(377,157)
Average tangible equity (non-GAAP)$954,689 $850,175 
Return on average tangible shareholders' equity (non-GAAP)13.84 %17.15 %
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$164,818 $178,804 
Plus: net losses on sale of securities7,938 0 
Less: gain on Visa Class B-1 exchange
(3,492)0 
Plus: Provision for credit losses133 17,892 
Total$169,397 $196,696 
Average assets$9,572,834 $9,276,256 
Pre-provision Net Revenue / Average Assets (non-GAAP)1.77 %2.12 %
Pre-provision net revenue to average assets is income before taxes adjusted to exclude provision for credit losses, losses on sale of securities and gain on Visa exchange. 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$218,938 $210,334 
Net interest income per consolidated statements of net income$334,806 $349,410 
Plus: taxable equivalent adjustment2,706 2,550 
Net interest income (FTE) (non-GAAP)337,512 351,960 
Noninterest income49,083 57,620 
Plus: net losses on sale of securities7,938 — 
Less: gain on Visa Class B-1 exchange
(3,492)— 
Net interest income (FTE) (non-GAAP) plus noninterest income$391,041 $409,580 
Efficiency ratio (non-GAAP)55.99 %51.35 %
 The efficiency ratio is noninterest expense divided by noninterest income plus net interest income, on an FTE basis (non-GAAP), adjusted to exclude losses on sale of securities and gain on Visa exchange. We believe the FTE basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice.
(10) Net Interest Margin Rate (FTE) (non-GAAP)
Interest income and dividend income$515,872 $477,901 
Less: interest expense(181,066)(128,491)
Net interest income per consolidated statements of net income334,806 349,410 
Plus: taxable equivalent adjustment2,706 2,550 
Net interest income (FTE) (non-GAAP)$337,512 $351,960 
Average interest-earning assets$8,835,468 $8,519,775 
Net interest margin - (FTE) (non-GAAP)3.82 %4.13 %
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 - 16
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
202420242023
FourthThirdFourth
(dollars in thousands)QuarterQuarterQuarter
(8) Tangible Common Equity / Tangible Assets (non-GAAP)
Total shareholders' equity$1,380,294 $1,375,754 $1,283,445 
Less: goodwill and other intangible assets, net of deferred tax liability(375,837)(375,931)(376,631)
Tangible common equity (non-GAAP)$1,004,457 $999,823 $906,814 
Total assets$9,657,972 $9,583,947 $9,551,526 
Less: goodwill and other intangible assets, net of deferred tax liability(375,837)(375,931)(376,631)
Tangible assets (non-GAAP)$9,282,135 $9,208,016 $9,174,895 
Tangible common equity to tangible assets (non-GAAP)10.82 %10.86 %9.88 %
Tangible common equity to tangible assets is a preferred industry measurement to evaluate capital adequacy.
(9) Net Interest Margin Rate (FTE) (non-GAAP)
Interest income and dividend income$127,879 $131,474 $126,706 
Less: interest expense(44,621)(46,997)(41,597)
Net interest income per consolidated statements of net income83,258 84,477 85,109 
Plus: taxable equivalent adjustment660 671 683 
Net interest income (FTE) (non-GAAP)$83,918 $85,148 $85,792 
Net interest income (FTE) (annualized)$333,848 $338,741 $340,370 
Average interest-earning assets$8,860,338 $8,875,757 $8,704,727 
Net interest margin (FTE) (non-GAAP)3.77 %3.82 %3.92 %
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.
###
Asset Size $9.7 billion As of 12/31/24 Market Cap $1.5 billion As of 12/31/24 2024 Performance: 2024 Highlights “I’m incredibly proud of our results and all that we achieved in 2024. Our performance was driven through meaningful progress on our key business drivers, including consistent growth in our customer deposit franchise and ongoing improvement in asset quality.” – Chris McComish, Chief Executive Officer Financial Services Industry Top Workplaces 2024 S&T Bank was recognized as a top workplace in the United States, issued by Energage. This award is based solely on employee feedback. Forbes America’s Best Midsize Employers S&T was honored as one of America’s Best Midsize Employers by Forbes and Statista in 2023 and 2024. This annual ranking is based on a survey of more that 170,000 U.S.-based workers at American companies that were asked to rate their employer. Forbes America’s Best Banks S&T was named on the Forbes 2024 America’s Best Banks list. This annual ranking is based on metrics measuring growth, credit quality and profitability, as well as stock performance. Recognition: Earnings Per Share $3.41 million Net Income $131.3 1.37% IN 2024 9.86% IN 2024 3.56% AS OF 12/31/24 DIVIDEND YIELD

 
Full Year and Fourth 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 other 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 Full Year Overview RETURN METRICS EARNINGS *Refer to appendix for reconciliation of non-GAAP financial measures EPS $3.41 Net Income $131.3 million ROA 1.37% ROE 9.86% ROTE* 13.84% PPNR* 1.77% HIGHLIGHTS • Solid return metrics • Positioned for growth with strong capital levels • Strong NIM of 3.82% • Total deposit growth of $261.3 million with $411.7 million (5.76%) of customer deposit growth • Higher-costing wholesale funding decreased $404 million • Significant improvement in asset quality drove meaningful earnings impact NIM* 3.82% NCO 0.11% OTHER Efficiency Ratio* 55.99% BALANCE SHEET Loan growth $89.6 million 1.17% Deposit growth $261.3 million 3.47% ASSET QUALITY ACL 1.31% NPA 0.36%

 
4 Fourth Quarter Overview RETURN METRICS EARNINGS Net Income $33.1 million *Refer to appendix for reconciliation of non-GAAP financial measures EPS $0.86 ROA 1.37% ROE 9.57% ROTE* 13.25% PPNR* 1.72% HIGHLIGHTS • Solid return metrics • Strong NIM at 3.77% • Total deposit growth of $128.3 million with $78.3 million (4.15% annualized) of customer deposit growth • Improving asset quality drove ACL down 5 basis points • Net recoveries of $0.1 million and negative provision of $2.5 million ACL 1.31% NCO 0.00% ASSET QUALITY NPA 0.36% NIM* 3.77% Efficiency Ratio* 56.93% BALANCE SHEET Loan growth $53.9 million 2.79% (annualized) Deposit growth $128.3 million 6.67% (annualized) OTHER

 
Balance Sheet • Strong customer deposit growth of $78.3 million (4.15% annualized) • Reduction in borrowings of $88.1 million • Loan growth of $53.9 million impacted by significant pay-offs; positive momentum in loan pipelines Dollars in millions 5 4Q24 3Q24 Var $ 245 $ 228 $ 17 988 1,011 (23) 7,743 7,689 54 7,783 7,655 128 250 338 (88) (150) (100) (50) 0 50 100 150 Cash & Int Bear Bal Securities Loans Deposits Borrowings 4Q24 vs 3Q24: 4Q24 vs 3Q24 DEPOSIT CHANGES DECREASES/INCREASES

 
Asset Quality ACL Trend: Dollars in millions 6 ASSET QUALITY TRENDS • ACL down 5 basis points to 1.31% compared to 1.36% at September 30, 2024 • Net loan recoveries of $0.1 million • NPAs decreased 5 basis points to 0.36% of total portfolio loans plus OREO % o f A verage Lo ans Net Loan Charge-Offs/(Recoveries) 4Q23 1Q24 2Q24 3Q24 4Q24 (10) (5) 0 5 10 15 20 -0.60% -0.30% 0.00% 0.30% 0.60% 0.90% 1.20% % o f Po rtfo lio Lo ans and O R EO Nonperforming Assets 4Q23 1Q24 2Q24 3Q24 4Q24 0 20 40 60 80 0.00% 0.25% 0.50% 0.75% 1.00%

 
• NIM remains strong; decreased 5 basis points • Cost of funds improved 11 basis points due to deposit rate cuts and reduced levels of borrowings Net Interest Income Dollars in millions; *Refer to appendix for reconciliation of non-GAAP financial measures 7 $85.1 $83.5 $83.6 $84.5 $83.3 3.92% 3.84% 3.85% 3.82% 3.77% NII NIM FTE* 4Q23 1Q24 2Q24 3Q24 4Q24 Total Cost of Funds 0.28% 0.15% 0.05% 0.07% (0.11)% 2.04% 2.19% 2.24% 2.31% 2.20% Changes in Cost of Funds Cost of Funds 4Q23 1Q24 2Q24 3Q24 4Q24

 
4Q24 4Q24 vs 3Q24 4Q24 vs 4Q23 Debit and Credit Card $4.6 ($0.1) $0.1 Service Charges 4.2 — — Wealth 3.2 0.1 0.1 Security Loss (2.6) (0.4) (2.6) Other 1.7 (0.4) (4.6) Noninterest Income $11.1 ($0.8) ($7.0) Noninterest Income 8Dollars in millions • Security Loss of $2.6 million related to repositioning of bond portfolio $18.1 $12.8 $13.3 $11.9 $11.1 4Q23 1Q24 2Q24 3Q24 4Q24

 
4Q24 4Q24 vs 3Q24 4Q24 vs 4Q23 Salaries & Benefits $30.8 ($0.5) ($0.1) Data Processing 5.3 0.3 0.8 Occupancy 3.8 (0.1) 0.2 FF&E 3.3 (0.1) (0.5) Other Taxes 2.3 0.4 0.4 Marketing 1.6 0.2 0.2 Professional Services 1.1 (0.1) (0.9) FDIC 1.0 — — Other 6.2 (0.1) (0.9) Noninterest Expense $55.4 $0.0 ($0.8) Noninterest Expense 9Dollars in millions; *Refer to appendix for reconciliation of non-GAAP financial measures • Salaries & benefits lower primarily due to lower incentives

 
Capital Dollars in millions; *Refer to appendix for reconciliation of non-GAAP financial measures 10 TCE / TA* • We have strong capital levels and are well positioned for growth • TCE / TA down slightly from prior quarter due to higher AOCI 9.88% 10.03% 10.21% 10.86% 10.82% 4Q23 1Q24 2Q24 3Q24 4Q24

 
4Q24 Return on Average Tangible Shareholders' Equity (ROTE) (non-GAAP) Net income (annualized) $131,541 Plus: amortization of intangibles (annualized), net of tax 858 Net income before amortization of intangibles (annualized) $132,399 Average total shareholders' equity $1,374,907 Less: average goodwill and other intangible assets, net of deferred tax liability (375,879) Average tangible equity (non-GAAP) $999,028 Return on average tangible shareholders' equity (non-GAAP) 13.25 % 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 $41,346 Plus: net losses on sale of securities 2,592 Less: gain on Visa Class B-1 exchange (186) Plus: Provision for credit losses (2,462) Total $41,290 Total (annualized) (non-GAAP) $164,262 Average assets $9,571,712 PPNR/Average Assets (non-GAAP) 1.72 % Pre-provision net revenue to average assets is income before taxes adjusted to exclude provision for credit losses, losses on sale of securities and gain on Visa exchange. 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 11

 
2024 Return on Average Tangible Shareholders' Equity (ROTE) (non-GAAP) Net income $131,265 Plus: amortization of intangibles, net of tax 904 Net income before amortization of intangibles $132,169 Average total shareholders' equity $1,330,870 Less: average goodwill and other intangible assets, net of deferred tax liability (376,181) Average tangible equity (non-GAAP) $954,689 Return on average tangible shareholders' equity (non-GAAP) 13.84 % 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 $164,818 Plus: net losses on sale of securities 7,938 Less: gain on Visa Class B-1 exchange (3,492) Plus: Provision for credit losses 133 Total $169,397 Average assets $9,572,834 PPNR/Average Assets (non-GAAP) 1.77 % Pre-provision net revenue to average assets is income before taxes adjusted to exclude provision for credit losses, losses on sale of securities and gain on Visa exchange. 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

 
2024 Net Interest Margin Rate (FTE) (non-GAAP) Interest income and dividend income $515,872 Less: interest expense (181,066) Net interest income per consolidated statements of net income 334,806 Plus: taxable equivalent adjustment 2,706 Net interest income (FTE) (non-GAAP) $337,512 Average interest-earning assets $8,835,468 Net interest margin - (FTE) (non-GAAP) 3.82 % 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. Efficiency Ratio (non-GAAP) Noninterest expense $218,938 Net interest income per consolidated statements of net income $334,806 Plus: taxable equivalent adjustment 2,706 Net interest income (FTE) (non-GAAP) 337,512 Noninterest income 49,083 Plus: net losses on sale of securities 7,938 Less: gain on Visa Class B-1 exchange (3,492) Net interest income (FTE) (non-GAAP) plus noninterest income $391,041 Efficiency ratio (non-GAAP) 55.99 % The efficiency ratio is noninterest expense divided by noninterest income plus net interest income, on an FTE basis (non-GAAP), adjusted to exclude losses on sale of securities and gain on Visa exchange. We believe the FTE basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice. Appendix Definitions of GAAP to Non-GAAP Financial Measures 13

 
4Q24 3Q24 2Q24 1Q24 4Q23 Tangible Common Equity (TCE)/Tangible Assets (non-GAAP) Total shareholders' equity $1,380,294 $1,375,754 $1,321,443 $1,295,074 $1,283,445 Less: goodwill and other intangible assets, net of deferred tax liability (375,837) (375,931) (376,154) (376,396) (376,631) Tangible common equity (non-GAAP) $1,004,457 $999,823 $945,289 $918,678 $906,814 Total assets $9,657,972 $9,583,947 $9,635,462 $9,539,103 $9,551,526 Less: goodwill and other intangible assets, net of deferred tax liability (375,837) (375,931) (376,154) (376,396) (376,631) Tangible assets (non-GAAP) $9,282,135 $9,208,016 $9,259,308 $9,162,707 $9,174,895 Tangible common equity to tangible assets (non-GAAP) 10.82 % 10.86 % 10.21 % 10.03 % 9.88 Tangible common equity to tangible assets is a preferred industry measurement to evaluate capital adequacy. Efficiency Ratio (non-GAAP) Noninterest expense $55,445 $55,365 $53,608 $54,520 $56,203 Net interest income $83,258 $84,477 $83,594 $83,477 $85,109 Plus: taxable equivalent adjustment 660 671 682 692 683 Net interest income (FTE) (non-GAAP) 83,918 85,148 84,276 84,169 85,792 Noninterest income 11,071 11,877 13,305 12,830 18,061 Plus: net losses on sale of securities 2,592 2,199 3,150 (3) — Less: gain on Visa Class B-1 exchange (186) (150) (3,156) — — Net interest income (FTE) (non-GAAP) plus noninterest income $97,395 $99,074 $97,575 $96,999 $103,853 Efficiency ratio (non-GAAP) 56.93 % 55.88 % 54.94 % 56.21 % 54.12 The efficiency ratio is noninterest expense divided by noninterest income plus net interest income, on an FTE basis (non-GAAP), adjusted to exclude losses on sale of securities and gain on Visa exchange. We believe the FTE basis 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 $127,879 $131,474 $128,765 $127,754 $126,706 Less: interest expense (44,621) (46,997) (45,171) (44,277) (41,597) Net interest income 83,258 84,477 83,594 83,477 85,109 Plus: taxable equivalent adjustment 660 671 682 692 683 Net interest income (FTE) (non-GAAP) $83,918 $85,148 $84,276 $84,169 $85,792 Net interest income (FTE) (annualized) $333,848 $338,741 $338,956 $338,526 $340,370 Average interest-earning assets $8,860,338 $8,875,757 $8,803,898 $8,801,163 $8,704,727 Net interest margin (FTE) (non-GAAP) 3.77 % 3.82 % 3.85 % 3.84 % 3.92 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 14

 
Fourth Quarter 2024 Earnings Supplement

 

INVESTOR CONTACT:
Mark Kochvar
S&T Bancorp, Inc.
Chief Financial Officer
724.465.4826
mark.kochvar@stbank.com

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FOR IMMEDIATE RELEASE
S&T Bancorp, Inc. Declares Dividend
INDIANA, Pa., - January 29, 2025 - The board of directors of S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, approved a $0.34 per share cash dividend on January 29, 2025. This is an increase of $0.01, or 3.03 percent, compared to a cash dividend of $0.33 in the same period in the prior year. The annualized yield using the January 28, 2025, closing price of $38.16 is 3.56 percent. The dividend is payable February 27, 2025, to shareholders of record on February 13, 2025.
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.

v3.24.4
Cover
Jan. 30, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 29, 2025
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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