Document


Report of Independent Registered Public Accounting Firm			1
Audited Financial Statements
Statements of Net Assets Available for Benefits			2
Statements of Changes in Net Assets Available for Benefits			3
Notes to Financial Statements			4
Schedule H, Line 4(a)-Schedule of Delinquent Participant Contributions			10
Schedule H, Line 4(i)-Schedule of Assets (Held at End of Year)			11
Signatures			12

We have audited the accompanying statements of net assets available for benefits of the Thrift Plan for Employees of S&T Bank (the Plan) as of December 31, 2021 and 2020, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2021 and 2020, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with U.S. federal securities laws and applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

The supplemental information in the schedule of delinquent participant contributions and schedule of assets (held at end of year) as of and for the year ended December 31, 2021 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.


	December 31
	2021		2020
Assets:
Investments:
Short-term investment funds	7,677,008		7,903,793
Mutual funds	94,073,298		82,096,353
S&T Bancorp, Inc. common stock	12,463,492		11,661,481
Total investments	114,213,798		101,661,627

Total Assets	114,213,798		101,661,627

Net assets available for benefits	$	114,213,798	$	101,661,627


	Years Ended December 31
	2021		2020
Additions
Contributions:
Employer	$	2,280,578	$	2,434,869
Employee-payroll	6,688,329		6,710,040
Employee-rollover	365,186		2,219,923
	9,334,093		11,364,832

Investment income:
Dividends	1,959,489		2,156,628
Net appreciation in fair value of investments	17,784,506		—
	19,743,995		2,156,628
Total Additions	29,078,088		13,521,460

Deductions
Net depreciation in fair value of investments	—		(1,065,493)
Distributions to participants	(16,489,682)		(9,971,273)
Participant administrative fees	(36,235)		(30,956)

Total Deductions	(16,525,917)		(11,067,722)

Net increase	12,552,171		2,453,738
Net assets available for benefits at beginning of year	101,661,627		99,207,889
Net assets available for benefits at end of year	$	114,213,798	$	101,661,627

The following description of the Thrift Plan for Employees of S&T Bank (the Plan) provides only general information. For more complete information about the Plan, including participation, vesting and benefit provisions, refer to the Plan Document, which can be obtained from S&T Bank (the Plan Sponsor and Employer).

The Plan was adopted effective May 1, 1984 and made retroactive to January 1, 1984 by the Plan Sponsor. The Plan is a defined contribution plan that covers substantially all employees of S&T Bank who have reached one hour of service, except leased and collectively bargained employees.

In November 2019, the Plan Sponsor acquired DNB First, National Association. (Acquired Bank). Employees of the Acquired Bank who were retained by the employer were immediately eligible to participate in the Plan at the time of acquisition and received credit for prior service at the Acquired Bank at which they were formerly employed. The Acquired Bank had its own defined contribution plan, the DNB First, N.A. 401(k) Retirement Plan (DNB Plan),which the Acquired Bank’s board of directors approved for termination immediately prior to Acquired Bank’s acquisition date with the Plan Sponsor. Per the merger agreement, these employees were not permitted to take a distribution from the DNB Plan until the termination application for the DNB Plan was approved by the Internal Revenue Service. The Internal Revenue Service approved the termination of the DNB Plan in April 2020, and active participants were permitted to roll over the balance during 2020. During the plan year ended December 31, 2020, rollover contributions into the Plan related to the DNB Plan termination totaled approximately $1,468,000.

The Plan is a vehicle for accepting employee pre- or after-tax contributions and employer tax-deferred contributions. Participants determine the amount of their pre- or after-tax cash contributions to the Plan up to 50% of their eligible compensation. Employer matching contributions are equal to 100% on the first 1% of eligible compensation and 50% on the next 5% of eligible compensation, not to exceed 3.5% of eligible compensation. Employer discretionary contributions are determined by the Board of Directors of the Plan Sponsor. There were no discretionary employer contributions during 2021 or 2020. Participants may also contribute amounts representing distributions from other qualified retirement plans (rollovers). Participants who have attained age 50 before the end of the plan year are eligible to make catch-up contributions.

The Plan provides for automatic enrollment of newly eligible employees. Automatic pre-tax contributions are 6% of eligible compensation. Additionally, unless the participant changes his or her deferral percentage, the withholding will increase by 1% annually, up to a maximum of 10%. These pre-tax contributions and the employer matching contributions are invested in the Dodge & Cox Balanced Fund unless otherwise directed by the participant. Automatically enrolled employees can decline to participate or modify participation in accordance with the requirements of the Pension Protection Act of 2006.

Participants may elect to invest their contributions in one or more of the available investment options or in one of the risk-based portfolios. The risk-based portfolios are composed of varying allocations of the available investment options, which participants may select, based on their risk profile, ranging from conservative to aggressive. Employer matching contributions are invested in the same proportions. The Employer discretionary contributions, if any, are made to the investment option holding S&T Bancorp, Inc. common stock. Participants are permitted to transfer all balances in their accounts between investment options at any time.

Individual accounts are maintained for each participant. Each participant’s account is credited with the participant’s contributions, employer matching contributions and allocations of other Employer contributions and fund earnings, which are allocated based on the participant’s compensation or fund balances, respectively. The Plan passes through quarterly administrative fees to those participants no longer employed by the Employer. Fees paid by participants and the Plan are further described under Administrative Fees in Note 2. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Participants are vested immediately in their contributions plus actual earnings thereon. Once the Participant completes two years of service with the Employer, Employer matching contributions and Employer discretionary contributions and the earnings thereon become 100% vested.

Retired participants may take partial distributions as frequently as once a quarter, however, they are required to receive a lump sum distribution at age 72 under Section 401(a)(9) of the Internal Revenue Code of 1986, as amended (the “Code”).

Terminated participants whose vested account balance is at least $1,000 but not more than $5,000 are subject to a mandatory rollover if the participant fails to make an affirmative election to either receive a lump sum payment or directly roll over the balance to an eligible plan. The participant’s account will be transferred to an individual retirement plan selected by the Thrift Plan Committee. Terminated participants whose vested account balance is less than $1,000 are subject to a mandatory lump sum distribution if the participant fails to make an affirmative election to either receive a lump sum payment or directly roll over the balance to an eligible plan.

During 2020, the Plan elected to adopt the hardship provisions associated with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Under this provision, the additional 10% tax for early withdrawals was waived for hardship distributions related to participants diagnosed with COVID-19, participants with a spouse or dependent diagnosed with COVID-19, and participants who have experienced adverse financial consequences as a result of COVID-19. Participants who met one of these requirements were eligible to withdrawal up to $100,000, spread the tax on the income due to the distribution over three years, and repay the amount to the Plan over the next three years. The withdrawal provisions ended as of December 31, 2020.

As of December 31, 2021 and 2020, participant forfeited accounts approximated $130,000 and $74,000, respectively. Forfeitures are used to reduce future Employer contributions. Forfeitures applied to Employer contributions in 2021 and 2020 approximated $86,000 and $0, respectively.

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein and disclosures of contingent assets and liabilities. Actual results could differ from those estimates.

Investments are reported at estimated fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Thrift Plan Committee is responsible for establishing an accounting and financial reporting process for fair value measurements. The Thrift Plan Committee may look to the investment manager, trustee, or other service provider to assist in the mechanics of the valuation. However, the Thrift Plan Committee is responsible for obtaining sufficient information to evaluate and independently challenge the valuation.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

The Plan uses a fair value hierarchy to prioritize the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:

Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

The asset’s and liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Mutual and money market funds - valued at the daily closing price as reported by the funds. Mutual and money market funds held by the Plan are open-end funds that are registered within the Securities and Exchange Commission (SEC). The funds are required to publish their daily net asset value and to transact at that price. These funds held by the Plan are deemed to be actively traded.

The methods described above might produce a fair value calculation that might not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.


	Assets at Fair Value as of December 31, 2021
	Level 1		Level 2		Level 3		Total

Money Market Fund	7,677,008		—		—		7,677,008
Mutual Funds	94,073,298		—		—		94,073,298
Common Stock	12,463,492		—		—		12,463,492
Total Assets at Fair Value	$	114,213,798	$	—	$	—	$	114,213,798


	Assets at Fair Value as of December 31, 2020
	Level 1		Level 2		Level 3		Total

Money Market Fund	7,903,793		—		—		7,903,793
Mutual Funds	82,096,353		—		—		82,096,353
Common Stock	11,661,481		—		—		11,661,481
Total Assets at Fair Value	$	101,661,627	$	—	$	—	$	101,661,627

Participants pay fees for distributions from their accounts, for commissions on purchases and sales of S&T Bancorp, Inc. common stock, and for qualifications of domestic relations orders. The Plan passes through quarterly administrative fees to those participants who are no longer employed by the Employer. The Participants pay these fees directly to the Plan’s third-party administrator and record keeper, Transamerica. The Employer pays the quarterly administrative fees for active participants.

Legal, accounting, and other administrative fees are paid by the Plan Sponsor. The Plan is administered by the Plan Sponsor. Transamerica is the third-party administrator and record keeper for the Plan; however, the Plan Sponsor retains primary responsibility for administration. State Street Bank and Trust Company (the Trustee) acts as trustee and custodian for the Plan. Certain administrative functions are performed by employees of S&T Bancorp, Inc at no cost to the Plan.

At December 31, 2021 and 2020, respectively, the Plan held an aggregate of 395,415 and 469,464 shares of S&T Bancorp, Inc. common stock valued at $12,463,492 and $11,661,481. The Plan recorded dividend income of approximately $474,000 and $549,000 for the years ended December 31, 2021 and 2020, respectively.

The Plan has received a determination letter from the Internal Revenue Service (IRS) dated May 2, 2017, stating that the Plan is qualified under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. While the Plan has been amended since receiving the determination letter, the Plan Sponsor believes that the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified, and the related trust is tax-exempt.

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the plan and recognize a tax liability (or asset) if the plan has taken an uncertain tax position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2021 and 2020, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2018.

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

Although it has not expressed any interest to do so, the Plan Sponsor reserves the right to amend or discontinue the Plan. In the event of a termination of the Plan, participants will become 100% vested in their accounts and plan assets would be used for the benefit of participants and their beneficiaries, as prescribed by law.


Participant Contributions Transferred Late to Plan	Total That Constitute Nonexempt Prohibited Transactions			Total Fully Corrected Under Voluntary Fiduciary Correction Program (VFCP) and Prohibited Transaction Exemption 2002-51
Check Here if Late Participant Loan Repayments are Included	Contributions Not Corrected	Contributions Corrected Outside VFCP	Contributions Pending Correction in VFCP
2021	—	—	$ 349,430	—


(b) Identity of Issuer, Borrower, Lessor or Similar Party	(c) Description of Investment, Including Number of Units or Shares Held		(e) Current Value

Vanguard Treasury Money Market Investor Shares	7,677,008	Shares	7,677,008
Mutual Funds:
American Funds Fundamental Investors Fund R5	112,260	Units	8,533,987
Brandes Emerging Markets Value Fund I	113,819	Units	974,290
Delaware Small Cap Value R6	107,640	Units	8,779,119
Dodge & Cox Balanced Fund	218,569	Units	23,913,681
Dodge & Cox Income	136,113	Units	1,913,744
Dodge & Cox Stock	11,508	Units	2,822,402
Federated Short-Intermediate Total Ret Bond Fund R6	231,760	Units	2,445,069
Fidelity 500 Index	106,430	Units	17,595,047
Fidelity International Index	9,674	Units	476,846
Fidelity Mid Cap Index	418,627	Units	13,391,880
Gabelli ABC Advisor	120,098	Units	1,240,612
Neuberger Berman International Equity R6	266,103	Units	4,015,500
PIMCO Total Return Institutional	495,622	Units	5,090,041
Principal Edge Mid Cap R6	195,460	Units	2,881,080
Total Mutual Funds			94,073,298

S&T Bancorp, Inc. Common Stock*	395,415	Shares	12,463,492

Total assets held at end of year			$	114,213,798

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.



						Thrift Plan for Employees of S&T Bank

June 28, 2022						/s/ Mark Kochvar
						Mark Kochvar
						Senior Executive Vice President & Chief Financial Officer


/s/ Schneider Downs & Co., Inc.

Pittsburgh, Pennsylvania
June 28, 2022


2.			Summary of Significant Accounting Policies


2.			Summary of Significant Accounting Policies (continued)


4.			Income Tax Status


5.			Risks and Uncertainties