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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ______________________________________
FORM 10-Q
______________________________________ 
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to                
Commission file number 0-12508
______________________________________ 
S&T BANCORP INC.
(Exact name of registrant as specified in its charter)
______________________________________ 
Pennsylvania
 25-1434426
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)
800 Philadelphia StreetIndianaPA 15701
(Address of principal executive offices) (zip code)
800-325-2265
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address, and former fiscal year, if changed since last report)
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐ 
Smaller reporting company
☐
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date.
Common Stock, $2.50 Par Value - 38,234,797 shares as of October 31, 2023


Table of Contents

S&T BANCORP, INC. AND SUBSIDIARIES



INDEX
S&T BANCORP, INC. AND SUBSIDIARIES
 
  Page No.



1
Table of Contents

S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, 2023December 31, 2022
(in thousands, except share and per share data)(Unaudited)(Audited)
ASSETS
Cash and due from banks, including interest-bearing deposits of $163,117 and $138,149 at September 30, 2023 and December 31, 2022
$238,453 $210,009 
Securities available for sale, at fair value955,262 1,002,778 
Loans held for sale257 16 
Portfolio loans, net of unearned income7,515,918 7,183,969 
Allowance for credit losses(108,206)(101,340)
Portfolio loans, net7,407,712 7,082,629 
Bank owned life insurance84,724 85,185 
Premises and equipment, net49,522 49,285 
Federal Home Loan Bank and other restricted stock, at cost38,576 23,035 
Goodwill373,424 373,424 
Other intangible assets, net4,379 5,378 
Other assets313,768 278,828 
Total Assets$9,466,077 $9,110,567 
LIABILITIES
Deposits:
Noninterest-bearing demand$2,276,009 $2,588,692 
Interest-bearing demand868,624 846,653 
Money market1,615,445 1,731,521 
Savings974,940 1,118,511 
Certificates of deposit1,487,879 934,593 
Total Deposits7,222,897 7,219,970 
Short-term borrowings630,000 370,000 
Long-term borrowings39,396 14,741 
Junior subordinated debt securities49,343 54,453 
Other liabilities300,909 266,744 
Total Liabilities8,242,545 7,925,908 
SHAREHOLDERS’ EQUITY
Common stock ($2.50 par value)
Authorized—50,000,000 shares
Issued—41,449,444 shares at September 30, 2023 and December 31, 2022
Outstanding—38,244,309 shares at September 30, 2023 and 38,999,733 shares at December 31, 2022
103,623 103,623 
Additional paid-in capital407,976 406,283 
Retained earnings935,162 863,948 
Accumulated other comprehensive loss(125,636)(112,125)
Treasury stock — 3,205,135 shares at September 30, 2023 and 2,449,711 shares at December 31, 2022, at cost
(97,593)(77,070)
Total Shareholders’ Equity1,223,532 1,184,659 
Total Liabilities and Shareholders’ Equity$9,466,077 $9,110,567 
See Notes to Consolidated Financial Statements
2
Table of Contents

S&T BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands, except per share data)2023202220232022
INTEREST AND DIVIDEND INCOME
Loans, including fees$114,258 $83,035 $325,681 $218,646 
Investment Securities:
Taxable7,857 6,305 23,120 17,236 
Tax-exempt213 380 642 1,346 
Dividends631 115 1,752 315 
Total Interest and Dividend Income122,959 89,835 351,195 237,543 
INTEREST EXPENSE
Deposits24,910 5,197 59,915 8,840 
Borrowings, junior subordinated debt securities and other10,662 840 26,979 1,978 
Total Interest Expense35,572 6,037 86,894 10,818 
NET INTEREST INCOME87,387 83,798 264,301 226,725 
Provision for credit losses5,498 2,498 16,949 5,190 
Net Interest Income After Provision for Credit Losses81,889 81,300 247,352 221,535 
NONINTEREST INCOME
Net gain on sale of securities— 198 — 198 
Debit and credit card4,690 4,768 13,708 14,587 
Service charges on deposit accounts4,060 4,333 12,064 12,488 
Wealth management3,003 3,212 9,136 9,701 
Mortgage banking294 425 884 1,906 
Other135 1,824 3,771 3,736 
Total Noninterest Income12,182 14,760 39,563 42,616 
NONINTEREST EXPENSE
Salaries and employee benefits27,521 26,700 80,513 75,223 
Data processing and information technology4,479 4,220 12,914 12,759 
Occupancy3,671 3,490 11,216 11,006 
Furniture, equipment and software3,125 2,915 9,178 8,631 
Professional services and legal1,965 1,851 5,855 6,180 
Marketing1,741 1,367 5,053 4,252 
Other taxes1,831 1,559 4,943 4,778 
FDIC insurance1,029 598 3,073 2,417 
Other7,441 6,933 21,390 20,225 
Total Noninterest Expense52,803 49,633 154,135 145,471 
Income Before Taxes41,268 46,427 132,780 118,680 
Income tax expense7,800 9,178 25,046 23,430 
Net Income$33,468 $37,249 $107,734 $95,250 
Earnings per share—basic$0.88 $0.95 $2.79 $2.43 
Earnings per share—diluted$0.87 $0.95 $2.78 $2.43 
Dividends declared per share$0.32 $0.30 $0.96 $0.89 
Comprehensive Income (Loss)$21,875 $(10,547)$94,223 $(12,627)
See Notes to Consolidated Financial Statements
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S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)

Three months ended September 30, 2022
(dollars in thousands, except share and per share data)Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive Loss		Treasury
Stock		Total
Balance at June 30, 2022$103,623 $404,841 $809,644 $(67,171)$(72,579)$1,178,358 
Net income for the three months ended September 30, 2022— — 37,249 — — 37,249 
Other comprehensive loss, net of tax— — — (47,796)— (47,796)
Cash dividends declared ($0.30 per share)
— — (11,747)— — (11,747)
Forfeitures of restricted stock awards (18,943 shares)
— — 538 — (602)(64)
Repurchase of S&T Stock (117,283 shares)
— — — — (3,484)(3,484)
Recognition of restricted stock compensation expense— 665 — — — 665 
Balance at September 30, 2022$103,623 $405,506 $835,684 $(114,967)$(76,665)$1,153,181 
See Notes to Consolidated Financial Statements
Three months ended September 30, 2023
(dollars in thousands, except share and per share data)Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive Loss		Treasury
Stock		Total
Balance at June 30, 2023$103,623 $406,969 $913,974 $(114,043)$(97,670)$1,212,853 
Net Income for the three months ended September 30, 2023— — 33,468 — — 33,468 
Other comprehensive loss, net of tax— — — (11,593)— (11,593)
Cash dividends declared ($0.32 per share)
— — (12,280)— — (12,280)
Treasury stock issued for restricted stock awards (3,795 shares)
— (116)— — 116 — 
Forfeitures of restricted stock awards (1,404 shares)
— — — — (39)(39)
Recognition of restricted stock compensation expense— 1,123 — — — 1,123 
Balance at September 30, 2023$103,623 $407,976 $935,162 $(125,636)$(97,593)$1,223,532 
See Notes to Consolidated Financial Statements
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S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)
Nine months ended September 30, 2022
(dollars in thousands, except share and per share data)Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive Loss		Treasury
Stock		Total
Balance at January 1, 2022$103,623 $403,095 $773,659 $(7,090)$(66,833)$1,206,454 
Net income for the nine months ended September 30, 2022— — 95,250 — — 95,250 
Other comprehensive loss, net of tax— — — (107,877)— (107,877)
Cash dividends declared ($0.89 per share)
— — (34,922)— — (34,922)
Treasury stock issued for restricted stock awards (4,250 shares)
— — (135)— 135 — 
Forfeitures of restricted stock awards (74,168 shares)
— — 1,832 — (2,330)(498)
Repurchase of S&T stock (268,503 shares)
— — — — (7,637)(7,637)
Recognition of restricted stock compensation expense— 2,411 — — — 2,411 
Balance at September 30, 2022$103,623 $405,506 $835,684 $(114,967)$(76,665)$1,153,181 
See Notes to Consolidated Financial Statements
Nine months ended September 30, 2023
(dollars in thousands, except share and per share data)Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive Loss		Treasury
Stock		Total
Balance at January 1, 2023$103,623 $406,283 $863,948 $(112,125)$(77,070)$1,184,659 
Net Income for nine months ended September 30, 2023— — 107,734 — — 107,734 
Other comprehensive loss, net of tax— — — (13,511)— (13,511)
Impact of adoption of ASU 2022-02— — (447)— — (447)
Cash dividends declared ($0.96 per share)
— — (37,190)— — (37,190)
Treasury stock issued for restricted stock awards (35,836 shares)
— (1,113)— — 1,113 — 
Forfeitures of restricted stock awards (51,834 shares)
— — 1,117 — (1,638)(521)
Repurchase of S&T Stock (739,426 shares)
— — — — (19,998)(19,998)
Recognition of restricted stock compensation expense— 2,806 — — — 2,806 
Balance at September 30, 2023$103,623 $407,976 $935,162 $(125,636)$(97,593)$1,223,532 
See Notes to Consolidated Financial Statements


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S&T BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended September 30,
(dollars in thousands)20232022
Net Cash Provided by Operating Activities$132,070 $205,236 
INVESTING ACTIVITIES
Purchases of securities(65,148)(353,088)
Proceeds from maturities, prepayments and calls of securities95,967 117,377 
Proceeds from sales of securities— 30,490 
(Purchases) redemption of Federal Home Loan Bank stock(15,541)(1,381)
Net increase in loans(348,844)(101,919)
Proceeds from sale of portfolio loans8,333 4,326 
Proceeds from sale of other real estate owned30 — 
Purchases of premises and equipment(4,921)(2,877)
Proceeds from the sale of premises and equipment698 251 
Proceeds from life insurance settlement597 214 
Net Cash Used in Investing Activities(328,829)(306,607)
FINANCING ACTIVITIES
Net decrease in demand, money market and savings deposits(550,359)(450,642)
Net increase (decrease) in certificates of deposit553,333 (135,227)
Net increase (decrease) in short-term borrowings260,000 (49,491)
Proceeds from long-term borrowings25,000 — 
Repayments on long-term borrowings(5,346)(7,577)
Repurchase of shares for taxes on restricted stock(521)(498)
Cash dividends paid to common shareholders(37,096)(34,869)
Repurchase of common stock(19,808)(7,637)
Net Cash Provided by (Used in) Financing Activities225,203 (685,941)
Net increase (decrease) in cash and due from banks28,444 (787,312)
Cash and due from banks at beginning of period210,009 922,215 
Cash and Due From Banks at End of Period$238,453 $134,903 
Supplemental Disclosures
Right of use assets obtained in exchange for lease obligations$1,846 $— 
Cash paid for interest$74,939 $10,152 
Cash paid for income taxes, net of refunds$27,727 $19,725 
Transfers of loans to other real estate owned$88 $23 
See Notes to Consolidated Financial Statements

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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. BASIS OF PRESENTATION
Principles of Consolidation
The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting.
Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission, or SEC, on February 24, 2023 (2022 Form 10-K). In the opinion of management, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period.
Reclassification
Amounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no effect on our results of operations or financial condition.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
Recently Adopted Accounting Standards Updates, or ASU, or Updated
Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provided optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provided optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts and other transactions affected by the anticipated transition away from the London Inter-Bank Offered Rate, or LIBOR, toward new interest rate benchmarks. The optional guidance generally allowed for the modified contract to be accounted for as a continuation of the existing contract and does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The amendments in this ASU were effective as of March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Addendum (Topic 848) which clarified that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The guidance was effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The amendments in this ASU defer the sunset date for applying the reference rate reform relief by two years to December 31, 2024. We adopted ASU 2020-04 and ASU 2021-01 on January 1, 2022 and ASU 2022-06 upon issuance. We utilized the LIBOR transition relief as contract modifications were made during the course of the reference rate reform transition period. ASU 2020-04, ASU 2021-01 and ASU 2022-06 did not have a material impact on our consolidated financial statements.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Financial Instruments Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures
In March 2022, the FASB issued ASU 2022-02, Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosures. The guidance eliminates the “once a TDR, always a TDR” requirement for loan disclosures and requires disclosures about the performance of modified loans to borrowers experiencing financial difficulty in the 12 months following the modification.
The amendments eliminate the recognition and measurement guidance related to TDRs for creditors that have adopted ASC 326 Financial Instruments - Credit Losses. We adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, on January 1, 2020. ASC 326 requires the recognition of lifetime expected credit losses when a loan is originated or acquired, so the effect of credit losses that occur in loans modified in TDRs is already included in the allowance for credit losses.
ASU 2022-02 requires a creditor to apply the loan refinancing and restructuring guidance in ASC 310-20 (consistent with the accounting for other loan modifications) to determine whether a modification results in a new loan or a continuation of an existing loan. It also requires enhanced disclosures for modifications in the form of interest rate reductions, principal forgiveness, other-than-insignificant payment delays or term extensions (or combinations thereof) of loans made to borrowers experiencing financial difficulty. Disclosures are required regardless of whether a modification of a loan to a borrower experiencing financial difficulty results in a new loan. The objective of the disclosures is to provide information about the type and magnitude of modifications and the degree of their success in mitigating potential credit losses.
The amendments in this ASU were effective for fiscal years beginning after December 15, 2022, and interim periods therein. We adopted ASU 2022-02, as of January 1, 2023, using a modified retrospective transition approach. Results for reporting periods beginning after January 1, 2023 are presented under ASU 2022-02 while prior period amounts continue to be reported in accordance with previously applicable GAAP. Under the previously applicable accounting guidance, commercial TDRs were individually assessed to determine if a specific reserve was required in the allowance for credit losses, or ACL. The elimination of TDRs resulted in these loans being included in homogenous pools. The adoption of this ASU resulted in a day one cumulative effective adjustment of $0.6 million which increased our ACL and decreased retained earnings. Refer to Note 5 Loans and Allowance for Credit Losses for additional disclosures related to modifications of loans to borrowers experiencing financial difficulty as well as gross charge-off vintage disclosures.
Accounting Standards Updates Issued But Not Yet Adopted
Investments Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method
In March 2023, the FASB issued ASU 2023-02, Investments Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method to allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. If certain conditions are met, a reporting entity may elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits, instead of only low-income-housing tax credit (“LIHTC”) structures. This amendment also eliminates certain LIHTC specific guidance aligning the accounting with other equity investments in tax credit structures. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. We are evaluating the accounting and disclosure requirements of ASU 2023-02 and do not expect them to have a material effect on our consolidated financial statements.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2. EARNINGS PER SHARE
Diluted earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted earnings per share. The two-class method was used to determine earnings per share for the three and nine months ended September 30, 2023 and 2022. The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented:
Three months ended September 30,Nine months ended September 30,
(in thousands, except share and per share data)2023202220232022
Numerator for Earnings per Share—Basic and Diluted:
Net income$33,468 $37,249 $107,734 $95,250 
Less: Income allocated to participating shares32 98 138 223 
Net Income Allocated to Shareholders$33,436 $37,151 $107,596 $95,027 
Denominator for Earnings per Share—Basic:
Weighted Average Shares Outstanding—Basic38,174,804 38,937,771 38,514,617 39,030,325 
Denominator for Earnings per Share—Two-Class Method—Diluted:
Weighted Average Shares Outstanding—Basic38,174,804 38,937,771 38,514,617 39,030,325 
Add: Average participating shares outstanding161,212 37,374 154,347 18,826 
Denominator for Two-Class Method—Diluted38,336,016 38,975,145 38,668,964 39,049,151 
Earnings per share—basic$0.88 $0.95 $2.79 $2.43 
Earnings per share—diluted$0.87 $0.95 $2.78 $2.43 
Restricted stock considered anti-dilutive excluded from potentially dilutive shares721 655 231 1,027 
NOTE 3. FAIR VALUE MEASUREMENTS
We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other financial instruments at fair value on a nonrecurring basis, such as loans held for sale, individually assessed loans, other real estate owned, or OREO, and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which are developed based on market data that we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances.
The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows:
Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets.
Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data.
Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
There have been no changes in our valuation methodologies during the three and nine months ended September 30, 2023. Refer to Note 1 Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in our 2022 Form 10-K for more information on the valuation methodologies that we use for financial instruments recorded at fair value on a recurring or nonrecurring basis.
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at the dates presented:
September 30, 2023
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities$130,037 $— $— $130,037 
Obligations of U.S. government corporations and agencies— 42,049 — 42,049 
Collateralized mortgage obligations of U.S. government corporations and agencies— 429,978 — 429,978 
Residential mortgage-backed securities of U.S. government corporations and agencies— 36,886 — 36,886 
Commercial mortgage-backed securities of U.S. government corporations and agencies— 286,107 — 286,107 
Obligations of states and political subdivisions— 29,210 — 29,210 
Total Available-for-Sale Debt Securities130,037 824,230 — 954,267 
Equity securities923 72 — 995 
Total Securities Available for Sale130,960 824,302 — 955,262 
Securities held in a deferred compensation plan8,289 — — 8,289 
Derivative financial assets:
Interest rate swaps - commercial loans— 93,601 — 93,601 
Total Assets$139,249 $917,903 $— $1,057,152 
LIABILITIES
Derivative financial liabilities:
Interest rate swaps - commercial loans$— $94,438 $— $94,438 
Interest rate swaps - cash flow hedge— 25,668 — 25,668 
Total Liabilities$— $120,106 $— $120,106 
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities$131,695 $— $— $131,695 
Obligations of U.S. government corporations and agencies— 41,811 — 41,811 
Collateralized mortgage obligations of U.S. government corporations and agencies— 428,407 — 428,407 
Residential mortgage-backed securities of U.S. government corporations and agencies— 41,587 — 41,587 
Commercial mortgage-backed securities of U.S. government corporations and agencies— 327,313 — 327,313 
Corporate obligations— 500 — 500 
Obligations of states and political subdivisions— 30,471 — 30,471 
Total Available-for-Sale Debt Securities131,695 870,089 — 1,001,784 
Equity securities952 42 — 994 
Total Securities Available for Sale132,647 870,131 — 1,002,778 
Securities held in a deferred compensation plan8,087 — — 8,087 
Derivative financial assets:
Interest rate swaps - commercial loans— 83,449 — 83,449 
Interest rate lock commitments— — 5 5 
Forward sale contracts - mortgage loans— — 2 2 
Total Assets$140,734 $953,580 $7 $1,094,321 
LIABILITIES
Derivative financial liabilities:
Interest rate swaps - commercial loans$— $83,449 $— $83,449 
Interest rate swaps - cash flow hedge— 21,368 — 21,368 
Total Liabilities$— $104,817 $— $104,817 
Assets Recorded at Fair Value on a Nonrecurring Basis
We may be required to measure certain assets and liabilities at fair value on a nonrecurring basis. Nonrecurring assets are recorded at the lower of cost or fair value in our consolidated financial statements. There were no liabilities measured at fair value on a nonrecurring basis at either September 30, 2023 or December 31, 2022. There were no Level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2023. At December 31, 2022, there was one Level 3 OREO property measured at fair value for $3.1 million.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables present the carrying values and fair values of our financial instruments at the dates presented:
Carrying
Value(1)
Fair Value Measurements at September 30, 2023
(dollars in thousands)TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$238,453 $238,453 $238,453 $— $— 
Securities available for sale955,262 955,262 130,960 824,302 
Loans held for sale257 257 — 257 — 
Portfolio loans, net7,407,712 7,059,741 — — 7,059,741 
Collateral receivable10,506 10,506 10,506 — — 
Securities held in a deferred compensation plan8,289 8,289 8,289 — — 
Mortgage servicing rights6,534 9,411 — — 9,411 
Interest rate swaps - commercial loans93,601 93,601 — 93,601 — 
LIABILITIES
Deposits$7,222,897 $7,205,014 $5,735,018 $1,469,996 $— 
Collateral payable77,049 77,049 77,049 — — 
Short-term borrowings630,000 630,000 — 630,000 — 
Long-term borrowings39,396 38,983 — 38,983 — 
Junior subordinated debt securities49,343 49,343 — 49,343 — 
Interest rate swaps - commercial loans94,438 94,438 — 94,438 — 
Interest rate swaps - cash flow hedge25,668 25,668 — 25,668 — 
(1) As reported in the Consolidated Balance Sheets
Carrying
Value(1)
Fair Value Measurements at December 31, 2022
(dollars in thousands)TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$210,009 $210,009 $210,009 $— $— 
Securities available for sale1,002,778 1,002,778 132,647 870,131 — 
Loans held for sale16 16 — 16 — 
Portfolio loans, net7,082,629 6,815,167 — — 6,815,167 
Collateral receivable6,307 6,307 6,307 — — 
Securities held in a deferred compensation plan8,087 8,087 8,087 — — 
Mortgage servicing rights7,147 9,994 — — 9,994 
Interest rate swaps - commercial loans83,449 83,449 — 83,449 — 
Interest rate lock commitments5 5 — — 5 
Forward sale contracts2 2 — — 2 
LIABILITIES
Deposits$7,219,970 $7,194,225 $6,285,377 $908,848 $— 
Collateral payable65,065 65,065 65,065 — — 
Short-term borrowings370,000 370,000 — 370,000 — 
Long-term borrowings14,741 14,174 — 14,174 — 
Junior subordinated debt securities54,453 54,453 — 54,453 — 
Interest rate swaps - commercial loans83,449 83,449 — 83,449 — 
Interest rate swaps - cash flow hedge21,368 21,368 — 21,368 — 
(1) As reported in the Consolidated Balance Sheets
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4. SECURITIES
The following table presents the fair values of our securities portfolio at the dates presented:
(dollars in thousands)September 30, 2023December 31, 2022
Debt securities$954,267 $1,001,784 
Equity securities995 994 
Total Securities Available for Sale$955,262 $1,002,778 
The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented:
 September 30, 2023December 31, 2022
(dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		Amortized
Cost		Gross Unrealized GainsGross
Unrealized
Losses		Fair
Value
U.S. Treasury securities$144,575 $— $(14,538)$130,037 $145,416 $— $(13,721)$131,695 
Obligations of U.S. government corporations and agencies43,377 — (1,328)42,049 43,479 — (1,668)41,811 
Collateralized mortgage obligations of U.S. government corporations and agencies493,359 — (63,381)429,978 482,039 203 (53,835)428,407 
Residential mortgage-backed securities of U.S. government corporations and agencies45,802 — (8,916)36,886 49,418 3 (7,834)41,587 
Commercial mortgage-backed securities of U.S. government corporations and agencies312,191 — (26,084)286,107 352,465 — (25,152)327,313 
Corporate obligations— — — — 500 — — 500 
Obligations of states and political subdivisions30,391 — (1,181)29,210 30,788 55 (372)30,471 
Total Available-for-Sale Debt Securities(1)
$1,069,695 $— $(115,428)$954,267 $1,104,105 $261 $(102,582)$1,001,784 
(1) Excludes interest receivable of $3.4 million at September 30, 2023 and $3.7 million at December 31, 2022. Interest receivable is included in other assets in the Consolidated Balance Sheets.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented:
September 30, 2023
Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses
U.S. Treasury securities1$9,895 $(203)13$120,142 $(14,335)14$130,037 $(14,538)
Obligations of U.S. government corporations and agencies—— — 642,049 (1,328)642,049 (1,328)
Collateralized mortgage obligations of U.S. government corporations and agencies878,608 (2,402)57351,370 (60,979)65429,978 (63,381)
Residential mortgage-backed securities of U.S. government corporations and agencies12319 (7)1436,567 (8,909)2636,886 (8,916)
Commercial mortgage-backed securities of U.S. government corporations and agencies218,525 (591)31267,582 (25,493)33286,107 (26,084)
Obligations of states and political subdivisions529,210 (1,181)—— — 529,210 (1,181)
Total28$136,557 $(4,384)121$817,710 $(111,044)149$954,267 $(115,428)
December 31, 2022
Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses
U.S. Treasury securities6$57,057 $(3,363)8$74,638 $(10,358)14$131,695 $(13,721)
Obligations of U.S. government corporations and agencies641,811 (1,668)—— — 641,811 (1,668)
Collateralized mortgage obligations of U.S. government corporations and agencies47296,509 (28,153)13112,902 (25,682)60409,411 (53,835)
Residential mortgage-backed securities of U.S. government corporations and agencies257,143 (589)334,223 (7,245)2841,366 (7,834)
Commercial mortgage-backed securities of U.S. government corporations and agencies30241,009 (11,975)786,304 (13,177)37327,313 (25,152)
Obligations of states and political subdivisions220,127 (372)—— — 220,127 (372)
Total116$663,656 $(46,120)31$308,067 $(56,462)147$971,723 $(102,582)
We evaluate securities with unrealized losses quarterly to determine if the decline in fair value has resulted from credit impairment or other factors. We do not believe any individual unrealized loss as of September 30, 2023 represents a credit impairment. There were 149 debt securities in an unrealized loss position at September 30, 2023 and 147 debt securities in an unrealized loss position at December 31, 2022. The unrealized losses on debt securities were primarily attributable to changes in interest rates and not related to the credit quality of the issuers. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. We do not intend to sell, and it is more likely than not that we will not be required to sell, the securities in an unrealized loss position before recovery of their amortized cost.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive income (loss), for the periods presented:
September 30, 2023December 31, 2022
(dollars in thousands)Gross Unrealized GainsGross Unrealized LossesNet Unrealized LossesGross Unrealized GainsGross Unrealized LossesNet Unrealized Losses
Total unrealized gains (losses) on available-for-sale debt securities$— $(115,428)$(115,428)$261 $(102,582)$(102,321)
Income tax (expense) benefit— 24,567 24,567 (56)21,915 21,859 
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss)$— $(90,861)$(90,861)$205 $(80,667)$(80,462)
The amortized cost and fair value of available-for-sale debt securities at September 30, 2023 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
September 30, 2023
(dollars in thousands)Amortized
Cost		Fair Value
Obligations of the U.S. Treasury, U.S. government corporations and agencies and obligations of states and political subdivisions
Due in one year or less$28,010 $27,485 
Due after one year through five years162,599 147,194 
Due after five years through ten years16,357 15,835 
Due after ten years11,377 10,782 
Available-for-Sale Debt Securities With Fixed Maturities218,343 201,296 
Debt Securities without a single maturity date
Collateralized mortgage obligations of U.S. government corporations and agencies493,359 429,978 
Residential mortgage-backed securities of U.S. government corporations and agencies45,802 36,886 
Commercial mortgage-backed securities of U.S. government corporations and agencies312,191 286,107 
Total Available-for-Sale Debt Securities$1,069,695 $954,267 
Debt securities are pledged in order to meet various regulatory and legal requirements. Restricted pledged securities had a carrying value of $18.3 million at September 30, 2023 and $17.9 million at December 31, 2022. Unrestricted pledged securities had a carrying value of $213.2 million at September 30, 2023 and $251.5 million at December 31, 2022. Any changes to restricted pledged securities require approval of the pledge beneficiary. Approval is not required for unrestricted pledged securities.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans and Loans Held for Sale
Loans are presented net of unearned income. Unearned income consisted of net deferred loan fees and costs of $7.1 million at September 30, 2023 and $7.5 million at December 31, 2022 and a discount related to purchase accounting fair value adjustments of $3.6 million at September 30, 2023 and $4.7 million at December 31, 2022.
The following table summarizes the composition of originated and acquired loans as of the dates presented:
(dollars in thousands)September 30, 2023December 31, 2022
Commercial real estate$2,591,189 $2,538,839 
Commercial and industrial1,424,141 1,510,392 
Commercial construction372,839 381,963 
Business banking1,363,314 1,205,944 
Consumer real estate1,649,056 1,421,953 
Other consumer115,379 124,878 
Total Portfolio Loans$7,515,918 $7,183,969 
Loans held for sale257 16 
Total Loans(1)
$7,516,175 $7,183,985 
(1) Excludes interest receivable of $34.2 million at September 30, 2023 and $28.3 million at December 31, 2022. Interest receivable is included in other assets in the Consolidated Balance Sheets.
Modifications to Borrowers Experiencing Financial Difficulty
The following table presents the amortized cost of loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the periods presented:
Three Months Ended September 30, 2023
(dollars in thousands)Term ExtensionTerm Extension and Interest Rate ReductionTotal% of Portfolio Segment
Commercial real estate$— $— $— — %
Commercial industrial6,347 — 6,347 0.45 %
Commercial construction— — — — %
Business banking— — — — %
Consumer real estate— — — — %
Total(1)
$6,347 $— $6,347 0.08 %
(1) Excludes loans that were fully paid off or fully charged-off by period end.
Nine Months Ended September 30, 2023
(dollars in thousands)Term ExtensionTerm Extension and Interest Rate ReductionTotal% of Portfolio Segment
Commercial real estate$13,505 $— $13,505 0.52 %
Commercial industrial6,892 — 6,892 0.48 %
Commercial construction1,610 — 1,610 0.43 %
Business banking658 — 658 0.05 %
Consumer real estate62 191 253 0.02 %
Total(1)
$22,727 $191 $22,918 0.30 %
(1) Excludes loans that were fully paid off or fully charged-off by period end.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
    The following table describes the effect of loan modifications made to borrowers experiencing financial difficulty during the periods presented:
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
Weighted-Average
Term Extension (in Months)		Weighted-Average
Interest Rate Reduction		Weighted-Average
Term Extension (in Months)		Weighted-Average
Interest Rate Reduction
Commercial real estate0—7—
Commercial industrial2—6—
Commercial construction0—5—
Business banking0—5—
Consumer real estate0—1682%
We closely monitor the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts. The following table presents the aging analysis of modifications to borrowers experiencing financial difficulty in the last 12 months as of the date presented:
September 30, 2023
(dollars in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		90+ Days Past DueTotal
Commercial real estate$13,505 $— $— $— $13,505 
Commercial and industrial6,447 — — 445 6,892 
Commercial construction— 1,610 — — 1,610 
Business banking658 — — — 658 
Consumer real estate191 — 62 — 253 
Total$20,801 $1,610 $62 $445 $22,918 
A payment default is defined as a loan having a payment past due 90 days or more after a modification took place. There were no loans that were modified within the last 12 months that had a payment default during the three and nine months ended September 30, 2023. Additionally, we had one commitment to lend an additional $0.2 million to borrowers experiencing financial difficulty that had a modification during the three and nine months ended September 30, 2023.
The effect of modifications made to borrowers experiencing financial difficulty is already included in the ACL because of the measurement methodologies used to estimate the ACL, therefore, a change to the ACL is generally not recorded upon modification. If principal forgiveness is provided, that portion of the loan will be charged-off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the ACL. An assessment of whether the borrower is experiencing financial difficulty is made on the date of a modification.
Troubled Debt Restructurings
Prior to the adoption of ASU 2022-02, we evaluated all substandard commercial and consumer loans that had experienced a forbearance or modification of existing terms to determine if they should be designated as troubled debt restructurings, or TDRs.
TDRs returned to accruing status if the ultimate collectability of all contractual amounts due, according to the restructured agreement, was not in doubt and there was a period of a minimum of six months of satisfactory payment performance by the borrower either immediately before or after the restructuring. There was one $0.2 million TDR returned to accruing status during 2022.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table summarizes TDRs as of the date presented:
December 31, 2022
(dollars in thousands)Accruing
TDRs		Nonaccruing
TDRs		Total
TDRs
Commercial real estate$— $— $— 
Commercial and industrial626 — 626 
Commercial construction1,655 — 1,655 
Business banking438 1,087 1,525 
Consumer real estate6,168 1,798 7,966 
Other consumer4 9 13 
Total$8,891 $2,894 $11,785 
The following tables present the TDRs by portfolio segment and type of concession for the periods presented:
Three Months Ended September 30, 2022
Number
of
Contracts		Type of Modification
Total
Post-Modification Outstanding Recorded Investment(2)
Total
Pre-Modification Outstanding Recorded Investment(2)
(dollars in thousands)
Bankruptcy(1)
OtherExtend
Maturity		Modify
Rate		Modify
Payments
Commercial real estate— $— $— $— $— $— $— $— 
Commercial industrial— — — — — — — — 
Commercial construction— — — — — — — — 
Business banking— — — — — — — — 
Consumer real estate6 172 — — — — 172 173 
Other consumer1 9 — — — — 9 12 
Total7 $181 $— $— $— $— $181 $185 
(1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed.
(2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end.
Nine Months Ended September 30, 2022
Number
of
Contracts		Type of Modification
Total
Post-Modification Outstanding Recorded Investment(2)
Total
Pre-Modification Outstanding Recorded Investment(2)
(dollars in thousands)
Bankruptcy(1)
OtherExtend
Maturity		Modify
Rate		Modify
Payments
Commercial real estate— $— $— $— $— $— $— $— 
Commercial industrial— — — — — — — — 
Commercial construction— — — — — — — — 
Business banking— — — — — — — — 
Consumer real estate21 1,204 — 862 — — 2,066 2,530 
Other consumer2 11 — — — — 11 15 
Total23 $1,215 $— $862 $— $— $2,077 $2,545 
(1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed.
(2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end.
As of September 30, 2022, we had 16 commitments to lend an additional $0.4 million on TDRs.
Defaulted TDRs are defined as loans having a payment default of 90 days or more after the restructuring took place that were restructured within the last 12 months prior to defaulting. There was one TDR totaling $0.1 million that defaulted during the three months ended September 30, 2022 and two TDRs totaling $0.2 million that defaulted during the nine months ended September 30, 2022.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table is a summary of nonperforming assets as of the dates presented:
Nonperforming Assets
(dollars in thousands)September 30, 2023December 31, 2022
Nonperforming Assets
Nonaccrual Loans$12,677 $19,052 
OREO3,715 3,065 
Total Nonperforming Assets$16,392 $22,117 

Allowance for Credit Losses
We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) Commercial Real Estate, or CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer.
The following are key risks within each portfolio segment:
CRE—Loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes such as hotels, retail, multifamily and health care. Operations of the individual projects and global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and the business prospects of the lessee, if the project is not owner-occupied.
C&I—Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt.
Commercial Construction—Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While these loans are generally confined to the construction/development period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer.
Business Banking—Commercial purpose loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. The business banking portfolio is monitored by utilizing a standard and closely managed process focusing on behavioral and performance criteria. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and business.
Consumer Real Estate—Loans secured by first and second liens such as 1-4 family residential mortgages, home equity loans and home equity lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt.
Other Consumer—Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans, unsecured loans and lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values.
Management monitors various credit quality indicators for the commercial, business banking and consumer loan portfolios, including changes in risk ratings, nonperforming status and delinquency on a monthly basis.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
We monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention or substandard.
Our risk ratings are consistent with regulatory guidance and are as follows:
Pass—The loan is currently performing and is of high quality.
Special Mention—A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date.
Substandard—A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.
Doubtful—Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable.
The following tables present loan balances by year of origination and internally assigned risk rating for our portfolio segments as of the dates presented:
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2023
Risk Rating
(dollars in thousands)202320222021202020192018 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Pass$221,775 $268,261 $416,345 $242,965 $377,358 $785,748 $35,469 $— $2,347,921 
Special mention— — 6,000 1,107 38,236 106,995 — — 152,338 
Substandard— — — 1,267 10,776 78,887 — — 90,930 
Doubtful— — — — — — — — — 
Total Commercial Real Estate221,775 268,261 422,345 245,339 426,370 971,630 35,469 — 2,591,189 
Year-to-date Gross Charge-offs— — — — — — — — — 
Commercial and Industrial
Pass143,170 234,153 199,719 56,549 53,214 173,188 478,363 — 1,338,356 
Special mention— 651 11,698 1,689 — 8,461 15,359 — 37,858 
Substandard— 254 13,476 — 6,059 2,691 25,447 — 47,927 
Doubtful— — — — — — — — — 
Total Commercial and Industrial143,170 235,058 224,893 58,238 59,273 184,340 519,169 — 1,424,141 
Year-to-date Gross Charge-offs— — — — 3,412 11,808 3,033 — 18,253 
Commercial Construction
Pass44,519 188,037 97,525 13,266 2,575 4,368 12,475 — 362,765 
Special mention— — — — — — — — — 
Substandard— — — — 8,240 1,834 — — 10,074 
Doubtful— — — — — — — — — 
Total Commercial Construction44,519 188,037 97,525 13,266 10,815 6,202 12,475 — 372,839 
Year-to-date Gross Charge-offs— — — — — — — — — 
Business Banking
Pass230,663 270,093 213,953 90,386 99,541 337,456 98,434 781 1,341,307 
Special mention— — 263 227 — 3,307 37 179 4,013 
Substandard— 17 2,513 554 3,220 10,706 114 870 17,994 
Doubtful— — — — — — — — — 
Total Business Banking230,663 270,110 216,729 91,167 102,761 351,469 98,585 1,830 1,363,314 
Year-to-date Gross Charge-offs— 67 43 1 88 1,018 35 — 1,252 
Consumer Real Estate
Pass225,529 326,499 149,042 101,799 67,478 192,173 553,737 22,393 1,638,650 
Special mention— — — — — 116 — — 116 
Substandard— 208 200 139 506 6,186 610 2,441 10,290 
Doubtful— — — — — — — — — 
Total Consumer Real Estate225,529 326,707 149,242 101,938 67,984 198,475 554,347 24,834 1,649,056 
Year-to-date Gross Charge-offs— 1 — 5 1 43 75 99 224 
Other Consumer
Pass10,284 13,136 7,503 3,483 1,523 728 75,803 2,703 115,163 
Special mention— — — — — — — — — 
Substandard— — 26 4 21 149 — 16 216 
Doubtful— — — — — — — — — 
Total Other Consumer10,284 13,136 7,529 3,487 1,544 877 75,803 2,719 115,379 
Year-to-date Gross Charge-offs551 116 148 8 28 5 — 173 1,029 
Pass875,940 1,300,179 1,084,087 508,448 601,689 1,493,661 1,254,281 25,877 7,144,162 
Special mention— 651 17,961 3,023 38,236 118,879 15,396 179 194,325 
Substandard— 479 16,215 1,964 28,822 100,453 26,171 3,327 177,431 
Doubtful— — — — — — — — — 
Total Loan Balance$875,940 $1,301,309 $1,118,263 $513,435 $668,747 $1,712,993 $1,295,848 $29,383 $7,515,918 
Current Year-to-date Gross Charge-offs$551 $184 $191 $14 $3,529 $12,874 $3,143 $272 $20,758 
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022
Risk Rating
(dollars in thousands)202220212020201920182017 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Pass$292,732 $360,423 $267,743 $422,872 $227,006 $704,600 $21,666 $— $2,297,042 
Special mention— — — 13,187 20,090 101,112 — — 134,389 
Substandard— — 1,306 13,434 14,845 77,823 — — 107,408 
Doubtful— — — — — — — — — 
Total Commercial Real Estate292,732 360,423 269,049 449,493 261,941 883,535 21,666 — 2,538,839 
Commercial and Industrial
Pass253,324 264,012 88,544 63,190 62,874 138,250 559,777 — 1,429,971 
Special mention— 25,436 — 5,103 1,885 7,132 19,280 — 58,836 
Substandard372 — — 5,705 1,152 1,891 12,465 — 21,585 
Doubtful— — — — — — — — — 
Total Commercial and Industrial253,696 289,448 88,544 73,998 65,911 147,273 591,522 — 1,510,392 
Commercial Construction
Pass120,655 159,737 40,762 6,338 3,953 2,297 27,284 — 361,026 
Special mention— 10,954 — 8,104 — — — — 19,058 
Substandard— — — — — 1,879 — — 1,879 
Doubtful— — — — — — — — — 
Total Commercial Construction120,655 170,691 40,762 14,442 3,953 4,176 27,284 — 381,963 
Business Banking
Pass287,520 233,499 87,926 107,819 80,549 276,843 104,354 645 1,179,155 
Special mention— 157 146 — 2,790 3,945 793 95 7,926 
Substandard159 67 3,077 1,912 1,550 11,391 124 551 18,831 
Doubtful— — — — — 32 — — 32 
Total Business Banking287,679 233,723 91,149 109,731 84,889 292,211 105,271 1,291 1,205,944 
Consumer Real Estate
Pass296,900 148,790 91,477 74,155 30,658 191,228 552,994 21,547 1,407,749 
Special mention— — — — — 882 — — 882 
Substandard48 213 136 428 1,373 8,059 655 2,410 13,322 
Doubtful— — — — — — — — — 
Total Consumer Real Estate296,948 149,003 91,613 74,583 32,031 200,169 553,649 23,957 1,421,953 
Other Consumer
Pass20,046 10,819 5,427 3,242 1,013 724 82,125 1,404 124,800 
Special mention— — — — — — — — — 
Substandard8 — — 28 21 — — 21 78 
Doubtful— — — — — — — — — 
Total Other Consumer20,054 10,819 5,427 3,270 1,034 724 82,125 1,425 124,878 
Pass1,271,177 1,177,280 581,879 677,616 406,053 1,313,942 1,348,200 23,596 6,799,743 
Special Mention— 36,547 146 26,394 24,765 113,071 20,073 95 221,091 
Substandard587 280 4,519 21,507 18,941 101,043 13,244 2,982 163,103 
Doubtful— — — — — 32 — — 32 
Total Loan Balance$1,271,764 $1,214,107 $586,544 $725,517 $449,759 $1,528,088 $1,381,517 $26,673 $7,183,969 
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
We monitor the delinquent status of the commercial and consumer portfolios on a monthly basis. Loans are considered nonaccrual when interest and principal are 90 days or more past due or management has determined that a material deterioration in the borrower’s financial condition exists. The risk of loss is generally highest for nonaccrual loans.
The following tables present loan balances by year of origination and accrual and nonaccrual status for our portfolio segments as of the dates presented:
September 30, 2023
(dollars in thousands)202320222021202020192018 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Accrual$221,775 $268,261 $422,345 $245,339 $426,370 $970,368 $35,469 $— $2,589,927 
Nonaccrual— — — — — 1,262 — — 1,262 
Total Commercial Real Estate221,775 268,261 422,345 245,339 426,370 971,630 35,469 — 2,591,189 
Commercial and Industrial
Accrual143,170 235,058 224,893 58,238 59,273 183,651 518,939 — 1,423,222 
Nonaccrual— — — — — 689 230 — 919 
Total Commercial and Industrial143,170 235,058 224,893 58,238 59,273 184,340 519,169 — 1,424,141 
Commercial Construction
Accrual44,519 188,037 97,525 13,266 10,815 5,818 12,475 — 372,455 
Nonaccrual— — — — — 384 — — 384 
Total Commercial Construction44,519 188,037 97,525 13,266 10,815 6,202 12,475 — 372,839 
Business Banking
Accrual230,663 270,110 216,729 91,128 102,469 347,909 98,585 1,711 1,359,304 
Nonaccrual— — — 39 292 3,560 — 119 4,010 
Total Business Banking230,663 270,110 216,729 91,167 102,761 351,469 98,585 1,830 1,363,314 
Consumer Real Estate
Accrual225,529 326,331 149,205 101,895 67,487 195,678 554,139 23,024 1,643,288 
Nonaccrual— 376 37 43 497 2,797 208 1,810 5,768 
Total Consumer Real Estate225,529 326,707 149,242 101,938 67,984 198,475 554,347 24,834 1,649,056 
Other Consumer
Accrual10,284 13,136 7,522 3,291 1,544 746 75,803 2,719 115,045 
Nonaccrual— — 7 196 — 131 — — 334 
Total Other Consumer10,284 13,136 7,529 3,487 1,544 877 75,803 2,719 115,379 
Accrual875,940 1,300,933 1,118,219 513,157 667,958 1,704,170 1,295,410 27,454 7,503,241 
Nonaccrual— 376 44 278 789 8,823 438 1,929 12,677 
Total Loan Balance$875,940 $1,301,309 $1,118,263 $513,435 $668,747 $1,712,993 $1,295,848 $29,383 $7,515,918 

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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022
(dollars in thousands)202220212020201920182017 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Accrual$292,732 $360,423 $269,049 $449,493 $261,941 $876,435 $21,666 $— $2,531,739 
Nonaccrual— — — — — 7,100 — — 7,100 
Total Commercial Real Estate292,732 360,423 269,049 449,493 261,941 883,535 21,666 — 2,538,839 
Commercial and Industrial
Accrual253,696 289,448 88,544 73,998 65,858 147,273 591,292 — 1,510,109 
Nonaccrual— — — — 53 — 230 — 283 
Total Commercial and Industrial253,696 289,448 88,544 73,998 65,911 147,273 591,522 — 1,510,392 
Commercial Construction
Accrual120,655 170,691 40,762 14,442 3,953 3,792 27,284 — 381,579 
Nonaccrual— — — — — 384 — — 384 
Total Commercial Construction120,655 170,691 40,762 14,442 3,953 4,176 27,284 — 381,963 
Business Banking
Accrual287,679 233,656 91,149 109,479 83,689 289,435 105,172 1,195 1,201,454 
Nonaccrual— 67 — 252 1,200 2,776 99 96 4,490 
Total Business Banking287,679 233,723 91,149 109,731 84,889 292,211 105,271 1,291 1,205,944 
Consumer Real Estate
Accrual296,948 148,868 91,085 73,947 31,646 196,384 553,441 23,108 1,415,427 
Nonaccrual— 135 528 636 385 3,785 208 849 6,526 
Total Consumer Real Estate296,948 149,003 91,613 74,583 32,031 200,169 553,649 23,957 1,421,953 
Other Consumer
Accrual20,054 10,819 5,303 3,270 1,034 593 82,125 1,411 124,609 
Nonaccrual— — 124 — — 131 — 14 269 
Total Other Consumer20,054 10,819 5,427 3,270 1,034 724 82,125 1,425 124,878 
Accrual1,271,764 1,213,905 585,892 724,629 448,121 1,513,912 1,380,980 25,714 7,164,917 
Nonaccrual— 202 652 888 1,638 14,176 537 959 19,052 
Total Loan Balance$1,271,764 $1,214,107 $586,544 $725,517 $449,759 $1,528,088 $1,381,517 $26,673 $7,183,969 
The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented:
September 30, 2023
(dollars in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		NonaccrualTotal Past
Due Loans		Total Loans
Commercial real estate$2,589,832 $— $95 $1,262 $1,357 $2,591,189 
Commercial and industrial1,423,222 — — 919 919 1,424,141 
Commercial construction366,269 6,186 — 384 6,570 372,839 
Business banking1,356,627 1,826 851 4,010 6,687 1,363,314 
Consumer real estate1,638,157 2,104 3,027 5,768 10,899 1,649,056 
Other consumer114,792 212 41 334 587 115,379 
Total$7,488,899 $10,328 $4,014 $12,677 $27,019 $7,515,918 

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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022
(dollars in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		NonaccrualTotal Past
Due Loans		Total Loans
Commercial real estate$2,523,315 $8,424 $— $7,100 $15,524 $2,538,839 
Commercial and industrial1,505,805 4,304 — 283 4,587 1,510,392 
Commercial construction381,579 — — 384 384 381,963 
Business banking1,199,586 1,583 285 4,490 6,358 1,205,944 
Consumer real estate1,409,907 3,617 1,903 6,526 12,046 1,421,953 
Other consumer124,384 165 60 269 494 124,878 
Total$7,144,576 $18,093 $2,248 $19,052 $39,393 $7,183,969 
The following tables present loans on nonaccrual status by class of loan for the year-to-date periods presented:
September 30, 2023
(dollars in thousands)Beginning of Period NonaccrualEnd of Period NonaccrualNonaccrual With No Related Allowance
Interest Income Recognized on Nonaccrual(1)
Commercial real estate$7,100 $1,262 $— $5 
Commercial and industrial283 919 — 1 
Commercial construction384 384 — — 
Business banking4,490 4,010 — 37 
Consumer real estate6,526 5,768 — 93 
Other consumer269 334 — — 
Total$19,052 $12,677 $— $136 
(1) Represents only cash payments received and applied to interest on nonaccrual loans.

December 31, 2022
(dollars in thousands)Beginning of Period NonaccrualEnd of Period NonaccrualNonaccrual With No Related Allowance
Interest Income
Recognized
on Nonaccrual(1)
Commercial real estate$31,488 $7,100 $5,649 $580 
Commercial and industrial15,239 283 — 148 
Commercial construction2,471 384 — 171 
Business banking9,641 4,490 933 228 
Consumer real estate7,294 6,526 — 257 
Other consumer158 269 — 1 
Total$66,291 $19,052 $6,582 $1,385 
(1) Represents only cash payments received and applied to interest on nonaccrual loans.
There were no collateral-dependent loans as of September 30, 2023. The following table presents collateral-dependent loans by class of loans as of December 31, 2022:
December 31, 2022
Type of Collateral
(dollars in thousands)Real EstateBusiness
Assets		Other
Commercial real estate$5,649$—$—
Commercial and industrial—626—
Commercial construction1,655——
Business banking2601,112154
Consumer real estate561——
Total$8,125$1,738$154
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables present activity in the ACL for the periods presented:
Three Months Ended September 30, 2023
(dollars in thousands)Commercial
Real Estate		Commercial and
Industrial		Commercial
Construction		Business BankingConsumer
Real Estate		Other
Consumer		Total
Loans
Allowance for credit losses on loans:
Balance at beginning of period$40,837 $28,328 $6,739 $13,616 $13,418 $2,819 $105,757 
Provision for credit losses on loans(1)
(1,081)6,068 93 (15)896 198 6,159 
Charge-offs— (3,033)— (590)(107)(347)(4,077)
Recoveries1 161 — 90 42 73 367 
Net Recoveries/(Charge-offs)1 (2,872)— (500)(65)(274)(3,710)
Balance at End of Period$39,757 $31,524 $6,832 $13,101 $14,249 $2,743 $108,206 
(1) Excludes the provision for credits losses for unfunded commitments.
Three Months Ended September 30, 2022
(dollars in thousands)Commercial
Real Estate		Commercial and
Industrial 		Commercial
Construction		Business BankingConsumer
Real Estate		Other
Consumer		Total
Loans
Allowance for credit losses on loans:
Balance at beginning of period$45,314 $21,516 $6,583 $12,157 $9,673 $2,842 $98,085 
Provision for credit losses on loans(1)
(2,997)3,806 (1,159)950 1,075 634 2,309 
Charge-offs(628)— — (178)(161)(272)(1,239)
Recoveries145 6 — 242 39 97 529 
Net (Charge-offs)/Recoveries(483)6 — 64 (122)(175)(710)
Balance at End of Period$41,834 $25,338 $5,424 $13,171 $10,626 $3,301 $99,694 
(1) Excludes the provision for credit losses for unfunded commitments.
Nine Months Ended September 30, 2023
(dollars in thousands)Commercial
Real Estate		Commercial and
Industrial		Commercial
Construction		Business BankingConsumer
Real Estate		Other
Consumer		Total
Loans
Allowance for credit losses on loans:
Balance at beginning of period$41,428 $25,710 $6,264 $12,547 $12,105 $3,286 $101,340 
Impact of ASU 2022-02— 75 215 251 278 (251)568 
Provision for credit losses on loans(1)
(2,636)14,424 351 1,325 1,934 462 15,860 
Charge-offs— (18,253)— (1,252)(224)(1,029)(20,758)
Recoveries965 9,568 2 230 156 275 11,196 
Net Recoveries/(Charge-offs)965 (8,685)2 (1,022)(68)(754)(9,562)
Balance at End of Period$39,757 $31,524 $6,832 $13,101 $14,249 $2,743 $108,206 
(1) Excludes the provision for credits losses for unfunded commitments.
Nine Months Ended September 30, 2022
(dollars in thousands)Commercial
Real Estate		Commercial and
Industrial 		Commercial
Construction		Business BankingConsumer
Real Estate		Other
Consumer		Total
Loans
Allowance for credit losses on loans:
Balance at beginning of period$50,700 $19,727 $5,355 $11,338 $8,733 $2,723 $98,576 
Provision for credit losses on loans(1)
(8,471)4,573 68 3,158 2,083 1,393 2,804 
Charge-offs(827)(5,797)— (1,924)(299)(1,052)(9,899)
Recoveries432 6,835 1 599 109 237 8,213 
Net (Charge-offs)/Recoveries(395)1,038 1 (1,325)(190)(815)(1,686)
Balance at End of Period$41,834 $25,338 $5,424 $13,171 $10,626 $3,301 $99,694 
(1) Excludes the provision for credits losses for unfunded commitments.

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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivatives Designated as Hedging Instruments
The following table indicates the amounts representing the value of derivative assets and derivative liabilities as of the dates presented:
Derivative Assets
(Included in Other Assets)		Derivative Liabilities
(Included in Other Liabilities)
September 30, 2023December 31, 2022September 30, 2023December 31, 2022
(dollars in thousands)Notional
 Amount		Fair
Value		Notional AmountFair
Value		Notional
 Amount		Fair
 Value		Notional
 Amount		Fair
 Value
Derivatives Designated as Hedging Instruments
Interest rate swap contracts - cash flow hedge$— $— $— $— $500,000 $25,668 $500,000 $21,368 
Total Derivatives Designated as Hedging Instruments$— $— $— $— $500,000 $25,668 $500,000 $21,368 
Derivatives Not Designated as Hedging Instruments
Interest rate swap contracts - commercial loans$905,409 $93,601 $976,707 $83,449 $905,409 $94,438 $976,707 $83,449 
Interest rate lock commitments - mortgage loans— — 126 5 — — — — 
Forward sales contracts - mortgage loans— — 130 2 — — — — 
Total Derivatives Not Designated as Hedging Instruments$905,409 $93,601 $976,963 $83,456 $905,409 $94,438 $976,707 $83,449 
Total Derivatives$905,409 $93,601 $976,963 $83,456 $1,405,409 $120,106 $1,476,707 $104,817 
The following table indicates the gross amounts of interest rate swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at the dates presented:

Derivatives (included
in Other Assets)		Derivatives (included
in Other Liabilities)
(dollars in thousands)September 30, 2023December 31, 2022September 30, 2023December 31, 2022
Gross amounts recognized$93,601 $83,449 $120,106 $104,817 
Gross amounts offset— — — — 
Net amounts presented in the Consolidated Balance Sheets93,601 83,449 120,106 104,817 
Netting adjustments(1)
(16,465)(15,196)(16,465)(15,196)
Cash collateral(2)
(77,049)(65,065)(10,506)(6,307)
Net Amount$87 $3,188 $93,135 $83,314 
(1) Netting adjustments represent the amounts recorded to convert derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance.
(2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.
The following table presents the effect, net of tax, of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods presented:
Amount of Loss Recognized in Other Comprehensive Income (Loss)Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Interest Income
(dollars in thousands)September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Derivatives in Cash Flow Hedging Relationships:
Interest rate swap contracts - cash flow hedge$(1,647)$(13,256)$(2,749)$222 
Total$(1,647)$(13,256)$(2,749)$222 
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table presents the effect, net of tax, of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the nine month periods presented:
Amount of Loss Recognized in Other Comprehensive Income (Loss)Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Interest Income
(dollars in thousands)September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Derivatives in Cash Flow Hedging Relationships:
Interest rate swap contracts - cash flow hedge$(3,399)$(17,875)$(6,958)$947 
Total$(3,399)$(17,875)$(6,958)$947 
Amounts reported in OCI related to derivatives that are designated as hedging instruments are reclassified to interest income as interest payments are received on variable rate assets. During the next twelve months, we estimate that an additional $13.7 million will be reclassified as a decrease to interest income.
The following table indicates the gain or loss recognized in income on derivatives not designated as hedging instruments for the periods presented:
Three months ended September 30,Nine months ended September 30,
(dollars in thousands)2023202220232022
Derivatives not Designated as Hedging Instruments
Interest rate swap contracts—commercial loans$(851)$64 $(851)$71 
Interest rate lock commitments—mortgage loans— (58)(5)(404)
Forward sale contracts—mortgage loans— 9 (2)4 
Total Derivatives (Loss) Gain$(851)$15 $(858)$(329)
NOTE 7. COMMITMENTS AND CONTINGENCIES
Commitments
In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.
The following table sets forth our commitments and letters of credit as of the dates presented:
(dollars in thousands)September 30, 2023December 31, 2022
Commitments to extend credit$2,697,493 $2,713,586 
Standby letters of credit53,061 64,356 
Total$2,750,554 $2,777,942 
Allowance for Credit Losses on Unfunded Loan Commitments
We maintain an allowance for credit losses on unfunded commercial and consumer lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the allowance for credit losses for loans, modified to take into account the probability of a draw-down on the commitment. The provision for credit losses on unfunded loan commitments is included in the provision for credit losses on our Condensed Consolidated Statements of Comprehensive Income (Loss). The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table presents activity in the allowance for credit losses on unfunded loan commitments for the periods presented:
Three months ended September 30,Nine months ended September 30,
(dollars in thousands)2023202220232022
Balance at beginning of period$9,946 $7,387 $8,196 $5,189 
Provision for credit losses(661)189 1,089 2,387 
Total$9,285 $7,576 $9,285 $7,576 
Litigation
In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that the outcome of such proceedings or claims pending will not have a material adverse effect on our consolidated financial position or results of operations.
NOTE 8. OTHER COMPREHENSIVE INCOME (LOSS)
The following tables present the change in components of other comprehensive income (loss) for the periods presented, net of tax effects.
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
(dollars in thousands)Pre-Tax
Amount		Tax
Benefit		Net of Tax
Amount		Pre-Tax
Amount		Tax
Benefit 		Net of Tax
Amount
Change in net unrealized gains (losses) on available-for-sale debt securities$(12,977)$2,696 $(10,281)$(42,741)$9,121 $(33,620)
Change in interest rate swap(2,073)426 (1,647)(16,852)3,596 (13,256)
Adjustment to funded status of employee benefit plans440 (105)335 (1,170)250 (920)
Other Comprehensive Income (Loss)$(14,610)$3,017 $(11,593)$(60,763)$12,967 $(47,796)
Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
(dollars in thousands)Pre-Tax
Amount		Tax
Benefit		Net of Tax
Amount		Pre-Tax
Amount		Tax
Benefit		Net of Tax
Amount
Change in net unrealized gains (losses) on available-for-sale debt securities$(13,107)$2,708 $(10,399)$(114,011)$24,325 $(89,686)
Change in interest rate swap(4,300)902 (3,399)(22,724)4,849 (17,875)
Adjustment to funded status of employee benefit plans365 (79)287 (416)100 (316)
Other Comprehensive Income (Loss)$(17,042)$3,531 $(13,511)$(137,151)$29,274 $(107,877)
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 9. SHARE REPURCHASE PLAN
On January 25, 2023, our Board of Directors authorized an extension of its $50 million share repurchase plan, which was set to expire March 31, 2023. This authorization extended the expiration date of the repurchase plan through March 31, 2024. The plan permits S&T to repurchase shares up to the previously authorized $50 million in aggregate value of S&T's common stock through a combination of open market and privately negotiated repurchases. The specific timing, price and quantity of repurchases will be at the discretion of S&T and will depend on a variety of factors, including general market conditions, the trading price of common stock, legal and contractual requirements, applicable securities laws and S&T's financial performance. The repurchase plan does not obligate us to repurchase any particular number of shares. We expect to fund any repurchases from cash on hand and internally generated funds. Any share repurchases will not begin until permissible under applicable laws.
The following table presents repurchase activity for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except share and per share data)2023202220232022
Value of shares authorized to repurchase$50,000 $50,000 $50,000 $50,000 
Remaining plan capacity at the beginning of the period$9,807 $33,289 $29,805 $37,442 
Total shares repurchased— 117,283 739,426 268,503 
Average share price for the period$— $29.71 $27.05 $28.44 
Total cost of repurchases(1)
$(1)$3,484 $19,998 $7,637 
Remaining plan capacity at the end of the period$9,808 $29,805 $9,808 $29,805 
(1) Includes excise tax on repurchases, net of issuances for restricted stock awards.

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S&T BANCORP, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management’s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, represents an overview of our consolidated results of operations and financial condition and highlights material changes in our financial condition and results of operations for the three and nine months ended September 30, 2023 and 2022. Our MD&A should be read in conjunction with our Consolidated Financial Statements and Notes. The results of operations reported in the accompanying Consolidated Financial Statements are not necessarily indicative of results to be expected in future periods.
Important Note Regarding Forward-Looking Statements
This quarterly report on Form 10-Q contains or incorporates statements that we believe are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial position and other matters regarding or affecting S&T and its future business and operations. Forward-looking statements are typically identified by words or phrases such as “will likely result,” “expect,” “anticipate,” “estimate,” “forecast,” “project,” “intend,” “believe,” “assume,” “strategy,” “trend,” “plan,” “outlook,” “outcome,” “continue,” “remain,” “potential,” “opportunity,” “comfortable,” “current,” “position,” “maintain,” “sustain,” “seek,” “achieve,” and variations of such words and similar expressions, or future or conditional verbs such as will, would, should, could or may. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to: credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL; cyber-security concerns; rapid technological developments and changes; operational risks or risk management failures by us or critical third parties, including fraud risk; our ability to manage our reputational risks; sensitivity to the interest rate environment, a rapid increase in interest rates or a change in the shape of the yield curve; a change in spreads on interest-earning assets and interest-bearing liabilities; the transition from LIBOR as a reference rate; regulatory supervision and oversight, including changes in regulatory capital requirements and our ability to address those requirements; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; changes in accounting policies, practices or guidance; legislation affecting the financial services industry as a whole, and S&T, in particular; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; the outcome of pending and future litigation and governmental proceedings; increasing price and product/service competition; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; managing our internal growth and acquisitions; the possibility that the anticipated benefits from acquisitions cannot be fully realized in a timely manner or at all, or that integrating the acquired operations will be more difficult, disruptive or costly than anticipated; containing costs and expenses; reliance on significant customer relationships; an interruption or cessation of an important service by a third-party provider; our ability to attract and retain talented executives and employees; general economic or business conditions, including the strength of regional economic conditions in our market area; environmental, social and governance practices and disclosures, including climate change, hiring practices, the diversity of the work force, and racial and social justice issues; deterioration of the housing market and reduced demand for mortgages; deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge to net income; the stability of our core deposit base and access to contingency funding; re-emergence of turbulence in significant portions of the global financial and real estate markets that could impact our performance, both directly, by affecting our revenues and the value of our assets and liabilities, and indirectly, by affecting the economy generally and access to capital in the amounts, at the times and on the terms required to support our future businesses.
Many of these factors, as well as other factors, are described elsewhere in this report, and in our 2022 Form 10-K, 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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Critical Accounting Policies and Estimates
We view critical accounting policies to be those which are highly dependent on subjective or complex estimates, assumptions and judgments and where changes in those estimates and assumptions could have a significant impact on the Consolidated Financial Statements. Further, we view critical accounting estimates as those estimates made in accordance with GAAP that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results of operations. Our critical accounting policies and estimates as of September 30, 2023 remained unchanged from the disclosures presented in our 2022 Form 10-K under Part II, Item 7 - “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Overview
We are a bank holding company that is headquartered in Indiana, Pennsylvania with assets of $9.5 billion at September 30, 2023. We operate in Pennsylvania and Ohio providing a full range of financial services with retail and commercial banking products, cash management services, trust and brokerage services. Our common stock trades on the NASDAQ Global Select Market under the symbol “STBA”.
We earn revenue primarily from interest on loans and securities and fees charged for financial services provided to our customers. We incur expenses for the cost of deposits and other funding sources, provision for credit losses and other operating costs such as salaries and employee benefits, data processing, occupancy and tax expense.
Our purpose is building a better future together through people-forward banking. We believe that all banking should be personal. We cultivate relationships rooted in trust, strengthened by going above and beyond and renewed with every interaction. Our strategic priorities for 2023 and beyond will be focused on our deposit franchise, core profitability, asset quality and talent and engagement.
During the first quarter of 2023, the banking industry experienced significant volatility with several high-profile bank failures and industry wide concerns related to liquidity, deposit outflows, unrealized securities losses and eroding consumer confidence in the banking system. Despite these negative industry developments, our liquidity position and balance sheet remain well-positioned. We have a well-diversified deposit base with a balance mix of 57.4 percent personal, 35.2 percent business, 5.0 percent public funds and 2.4 percent brokered deposits at September 30, 2023. Total deposits were relatively unchanged compared to December 31, 2022. We have total uninsured deposits of $2.2 billion, or 31 percent of our total deposit base. At September 30, 2023, we had remaining borrowing availability of $3.8 billion, which includes $2.3 billion with the FHLB of Pittsburgh, $770 million from the Federal Reserve Discount Window and $676 million from the Federal Reserve Bank Term Funding Program. Furthermore, our capital remains strong with a Common Equity Tier 1 Ratio of 13.11 percent and a total capital ratio of 15.01 percent at September 30, 2023.
Earnings Summary
The following table presents a summary of key profitability metrics for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2023202220232022
Net income$33,468 $37,249 $107,734 $95,250 
Earnings per share - diluted$0.87 $0.95 $2.78 $2.43 
Return on average assets1.42 %1.64 %1.56 %1.38 %
Return on average shareholders' equity10.84 %12.47 %11.80 %10.73 %
Return on average tangible shareholders' equity (non-GAAP)(1)
15.78 %18.46 %17.20 %15.91 %
(1) Reconciled to GAAP in the "Explanation of Use of Non-GAAP Financial Measures" section of this MD&A.
We recognized net income of $33.5 million, or $0.87 per diluted share, for the three months ended September 30, 2023 compared to net income of $37.2 million, or $0.95 per diluted share, for the same period in 2022. Net income decreased $3.7 million for the three months ended September 30, 2023 compared to the same period in 2022 due to an increase in the provision for credit losses of $3.0 million, a decrease in noninterest income of $2.6 million and an increase in noninterest expense of $3.2 million offset by an increase in net interest income of $3.6 million and a decrease in income tax expense of $1.4 million. We recognized net income of $107.7 million, or $2.78 per diluted share, for the nine months ended September 30, 2023 compared to net income of $95.3 million, or $2.43 per diluted share, for the same period in 2022. The increase in net income of $12.4 million for the nine months ended September 30, 2023 compared to the same period in 2022 is primarily related to an increase
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in net interest income of $37.6 million offset by an increase in the provision for credit losses of $11.8 million, an increase in noninterest expense of $8.7 million, a decrease in noninterest income of $3.1 million and an increase in income tax expense of $1.6 million.
Net interest income increased $3.6 million and $37.6 million for the three and nine months ended September 30, 2023 compared to the same periods in 2022. Interest and dividend income increased $33.1 million and $113.7 million for the three and nine months ended September 30, 2023 compared to the same periods in 2022. Interest expense increased $29.5 million and $76.1 million for the three and nine months ended September 30, 2023 compared to the same periods in 2022. Net interest margin, or NIM, on an FTE basis (non-GAAP) increased 5 and 63 basis points for the three and nine months ended September 30, 2023 compared to the same periods in 2022. The increases in net interest income and NIM on an FTE basis (non-GAAP) were primarily due to higher interest rates during 2023. NIM is reconciled to net interest margin adjusted to an FTE basis (non-GAAP) in the "Explanation of Use of Non-GAAP Financial Measures" section of this MD&A.
The provision for credit losses increased $3.0 million and $11.8 million to $5.5 million and $17.0 million for the three and nine months ended September 30, 2023 compared to $2.5 million and $5.2 million for the same periods in 2022. The increase in the provision for credit losses for the three and nine months ended September 30, 2023 compared to the same periods in 2022 was due to increases in net loan charge-offs and in our qualitative reserve.
Noninterest income decreased $2.6 million and $3.1 million to $12.2 million and $39.6 million for the three and nine months ended September 30, 2023 compared to the same periods in 2022. Other noninterest income decreased $1.7 million for the three months ended September 30, 2023 primarily due to a valuation adjustment for our commercial loan swaps of $0.9 million as well a gain on the sale of OREO of $0.6 million in the same period in 2022. Mortgage banking decreased $0.1 million and $1.0 million for the three and nine months ended September 30, 2023 compared to the same periods in 2022 due to a continued decline in loan sale activity caused by rising interest rates and a shift to holding originated mortgage loans on our balance sheet. Debit and credit card income decreased $0.1 million and $0.9 million for the three and nine months ended September 30, 2023 compared to the three and nine months ended September 30, 2022 due to decreased debit card incentive income and timing of referral merchant revenue.
Noninterest expense increased $3.2 million to $52.8 million for the three months ended September 30, 2023 and increased $8.7 million to $154.1 million for the nine months ended September 30, 2023 compared to the same periods in 2022. Salaries and employee benefits increased $0.8 million for the three months ended September 30, 2023 due to higher salary expense caused by new positions and increased restricted stock expense, offset by decreases in expense for medical claims, employee pension and incentive payouts. Salaries and employee benefits increased $5.3 million for the nine months ended September 30, 2023 due to higher salary expense as well as a change in the valuation of our deferred compensation plan, which has a corresponding offset in other income within noninterest income resulting in no impact to net income, partially offset by a decrease in incentive expense.
The provision for income taxes decreased $1.4 million to $7.8 million for the three months ended September 30, 2023 compared to $9.2 million for the same period in 2022 due to an increase in tax credits and increased $1.6 million to $25.0 million for the nine months ended September 30, 2023 compared to $23.4 million for the same period in 2022 mainly due to an increase in income before taxes. Our effective tax rate was 18.9 percent for both the three and nine months ended September 30, 2023 compared to 19.8 percent and 19.7 percent for the three and nine months ended September 30, 2022. The decrease in our effective tax rate for the three and nine month periods ended September 30, 2023 was primarily due to an increase in tax credits compared to the same periods in 2022.
Explanation of Use of Non-GAAP Financial Measures
In addition to traditional financial measures presented in accordance with GAAP, our management uses, and this quarterly report contains or references, certain non-GAAP financial measures discussed below. We believe these non-GAAP financial measures provide information useful to investors in understanding our underlying business, operational performance 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.
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.
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The following table reconciles interest and dividend income and net interest income per the Condensed Consolidated Statements of Comprehensive Income (Loss) to interest income, net interest income and net interest margin on an FTE basis (non-GAAP) for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2023202220232022
Total interest and dividend income per Condensed Consolidated Statements of Comprehensive Income (Loss)$122,959 $89,835 $351,195 $237,543 
Adjustment to FTE basis674 521 1,868 1,520 
Interest Income on an FTE Basis (Non-GAAP)$123,633 $90,356 $353,063 $239,063 
Total interest and dividend income per Condensed Consolidated Statements of Comprehensive Income (Loss)$122,959 $89,835 $351,195 $237,543 
Total interest expense35,572 6,037 86,894 10,818 
Net Interest Income per Condensed Consolidated Statements of Comprehensive Income (Loss)87,387 83,798 264,301 226,725 
Adjustment to FTE basis674 521 1,868 1,520 
Net Interest Income on an FTE Basis (Non-GAAP)$88,061 $84,319 $266,169 $228,245 
Net interest margin4.06 %4.02 %4.18 %3.56 %
Adjustment to FTE basis0.03 %0.02 %0.03 %0.02 %
Net Interest Margin on an FTE Basis (Non-GAAP)4.09 %4.04 %4.21 %3.58 %
Return on average tangible shareholders' equity (non-GAAP) is a key profitability metric used by management to measure financial performance. The following table provides a reconciliation of return on average tangible shareholders' equity (non-GAAP) by reconciling net income (GAAP) per the Condensed Consolidated Statements of Comprehensive Income (Loss) to net income before amortization and intangibles and average shareholder's equity to average tangible shareholders' equity for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2023202220232022
Net income (annualized)$132,779 $147,781 $144,040 $127,350 
Plus: amortization of intangibles (annualized), net of tax1,034 1,181 1,055 1,217 
Net income before amortization of intangibles (annualized)$133,813 $148,962 $145,095 $128,567 
Average shareholders' equity$1,224,905 $1,185,162 $1,220,694 $1,186,427 
Less: average goodwill and other intangible assets, net of deferred tax liability(377,020)(378,154)(377,290)(378,454)
Average tangible shareholders' equity
$847,885 $807,008 $843,404 $807,973 
Return on Average Tangible Shareholders' Equity (non-GAAP)15.78 %18.46 %17.20 %15.91 %





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RESULTS OF OPERATIONS
Three and Nine Months Ended September 30, 2023 Compared to
Three and Nine Months Ended September 30, 2022
Net Interest Income
Our principal source of revenue is net interest income. Net interest income represents the difference between the interest and fees earned on interest-earning assets and the interest paid on interest-bearing liabilities. Net interest income is affected by changes in the average balance of interest-earning assets and interest-bearing liabilities and changes in interest rates and spreads. The level and mix of interest-earning assets and interest-bearing liabilities is managed by our Asset and Liability Committee, or ALCO, in order to mitigate interest rate and liquidity risks of the balance sheet. A variety of ALCO strategies were implemented, within prescribed ALCO risk parameters, to produce what we believe is an acceptable level of net interest income.

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Average Balance Sheet and Net Interest Income Analysis (FTE) (non-GAAP)
The following tables provide information regarding the average balances, interest and rates earned on interest-earning assets and the average balances, interest and rates paid on interest-bearing liabilities for the periods presented:
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
(dollars in thousands)Average BalanceInterestRateAverage BalanceInterestRate
ASSETS
Interest-bearing deposits with banks$144,303 $1,778 4.93 %$158,700 $813 2.05 %
Securities, at fair value(1)(2)
964,928 6,372 2.64 %1,051,534 5,994 2.28 %
Loans held for sale207 4 6.70 %1,032 14 5.36 %
Commercial real estate3,243,056 47,685 5.83 %3,159,543 36,865 4.63 %
Commercial and industrial1,646,572 29,952 7.22 %1,704,271 21,896 5.10 %
Commercial construction373,111 7,334 7.80 %405,460 5,163 5.05 %
Total Commercial Loans5,262,739 84,971 6.41 %5,269,274 63,924 4.81 %
Residential mortgage1,332,913 15,576 4.66 %1,005,139 10,376 4.12 %
Home equity645,949 11,063 6.80 %629,827 6,891 4.34 %
Installment and other consumer115,111 2,473 8.52 %123,010 1,890 6.10 %
Consumer construction52,783 651 4.89 %40,975 358 3.47 %
Total Consumer Loans2,146,756 29,763 5.52 %1,798,951 19,515 4.31 %
Total Portfolio Loans7,409,495 114,734 6.15 %7,068,225 83,439 4.69 %
Total Loans(1)(3)
7,409,702 114,738 6.15 %7,069,257 83,453 4.69 %
Total other earning assets42,645 745 6.97 %8,398 96 4.55 %
Total Interest-earning Assets8,561,578 123,633 5.74 %8,287,889 90,356 4.33 %
Noninterest-earning assets763,243 721,480 
Total Assets$9,324,821 $9,009,369 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing demand$868,782 $1,998 0.91 %$872,302 $165 0.07 %
Money market1,595,964 9,414 2.34 %1,861,389 3,258 0.69 %
Savings996,999 1,178 0.47 %1,131,575 290 0.10 %
Certificates of deposit1,382,532 12,320 3.54 %962,898 1,484 0.61 %
Total Interest-bearing Deposits4,844,277 24,910 2.04 %4,828,164 5,197 0.43 %
Securities sold under repurchase agreements— — — %12,668 3 0.10 %
Short-term borrowings585,196 8,335 5.65 %10,379 83 3.16 %
Long-term borrowings39,458 445 4.47 %17,278 98 2.25 %
Junior subordinated debt securities50,649 1,041 8.16 %54,428 656 4.78 %
Total Borrowings675,303 9,821 5.77 %94,753 840 3.52 %
Other interest-bearing liabilities62,584 841 5.33 %— — — %
Total Interest-bearing Liabilities5,582,164 35,572 2.53 %4,922,917 6,037 0.49 %
Noninterest-bearing liabilities2,517,752 2,901,290 
Shareholders' equity1,224,905 1,185,162 
Total Liabilities and Shareholders' Equity$9,324,821 $9,009,369 
Net Interest Income(1)(2)
$88,061 $84,319 
Net Interest Margin(1)(2)
4.09 %4.04 %
(1) Tax-exempt interest income is on an FTE basis (non-GAAP) using the statutory federal corporate income tax rate of 21 percent.
(2) Taxable investment income is adjusted for the dividend-received deduction for equity securities.
(3) Nonaccruing loans are included in the daily average loan amounts outstanding.
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Nine months ended September 30, 2023Nine months ended September 30, 2022
(dollars in thousands)Average BalanceInterestRateAverage BalanceInterestRate
ASSETS
Interest-bearing deposits with banks$139,248 $5,124 4.91 %$478,896 $2,146 0.60 %
Securities, at fair value(1)(2)
982,831 18,882 2.56 %1,026,131 16,860 2.19 %
Loans held for sale142 7 6.63 %1,326 42 4.15 %
Commercial real estate3,184,270 134,299 5.64 %3,204,371 99,187 4.14 %
Commercial and industrial1,680,640 88,426 7.03 %1,700,923 56,843 4.47 %
Commercial construction382,020 21,575 7.55 %406,513 12,304 4.05 %
Total Commercial Loans5,246,930 244,300 6.23 %5,311,807 168,334 4.24 %
Residential mortgage1,236,310 42,066 4.54 %947,454 28,674 4.04 %
Home equity647,785 31,768 6.56 %598,595 16,995 3.80 %
Installment and other consumer118,846 7,285 8.20 %117,388 4,955 5.64 %
Consumer construction47,203 1,634 4.63 %31,407 801 3.41 %
Total Consumer Loans2,050,144 82,753 5.39 %1,694,844 51,425 4.05 %
Total Portfolio Loans7,297,074 327,053 5.99 %7,006,651 219,759 4.19 %
Total Loans(1)(3)
7,297,216 327,060 5.99 %7,007,977 219,801 4.19 %
Total other earning assets38,152 1,998 6.98 %8,869 256 3.86 %
Total Interest-earning Assets8,457,447 353,064 5.58 %8,521,873 239,063 3.75 %
Noninterest-earning assets752,326 706,640 
Total Assets$9,209,773 $9,228,513 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing demand$847,222 $3,888 0.61 %$945,733 $526 0.07 %
Money market1,621,726 25,636 2.11 %1,948,653 4,714 0.32 %
Savings1,041,346 2,970 0.38 %1,119,739 496 0.06 %
Certificates of deposit1,224,704 27,421 2.99 %1,011,228 3,105 0.41 %
Total Interest-bearing Deposits4,734,998 59,915 1.69 %5,025,353 8,841 0.24 %
Securities sold under repurchase agreements— — — %47,912 36 0.10 %
Short-term borrowings522,448 20,929 5.36 %3,498 83 3.16 %
Long-term borrowings29,133 883 4.05 %20,535 316 2.06 %
Junior subordinated debt securities53,180 3,083 7.75 %54,413 1,542 3.79 %
Total Borrowings604,761 24,895 5.50 %126,358 1,977 2.09 %
Other interest-bearing liabilities55,637 2,085 5.01 %— — — %
Total Interest-bearing Liabilities5,395,396 86,895 2.15 %5,151,711 10,818 0.28 %
Noninterest-bearing liabilities2,593,683 2,890,375 
Shareholders' equity1,220,694 1,186,427 
Total Liabilities and Shareholders' Equity$9,209,773 $9,228,513 
Net Interest Income(1)(2)
$266,169 $228,245 
Net Interest Margin(1)(2)
4.21 %3.58 %
(1) Tax-exempt interest income is on an FTE basis (non-GAAP) using the statutory federal corporate income tax rate of 21 percent.
(2) Taxable investment income is adjusted for the dividend-received deduction for equity securities.
(3) Nonaccruing loans are included in the daily average loan amounts outstanding.
Net interest income on an FTE basis (non-GAAP) increased $3.7 million, or 4.4 percent, and $37.9 million, or 16.6 percent, for the three and nine months ended September 30, 2023 compared to the same periods in 2022. The net interest margin, or NIM, on an FTE basis (non-GAAP) increased 5 and 63 basis points for the three and nine months ended September 30, 2023 compared to the same periods in 2022. The increases in net interest income and NIM on an FTE basis (non-GAAP) were primarily due to higher interest rates during 2023.
Interest income on an FTE basis (non-GAAP) increased $33.3 million and $114.0 million for the three and nine months ended September 30, 2023 compared to the same periods in 2022. The increase in interest income on an FTE basis (non-GAAP) was primarily due to higher interest rates. Average loan balances increased $340.4 million and $289.2 million for the three and nine months ended September 30, 2023 compared to the same periods in 2022. The average yield on loans increased 146 and
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180 basis points for the three and nine months ended September 30, 2023 compared to the same periods in 2022 due to higher interest rates. Average interest-bearing deposits with banks decreased $14.4 million and $339.6 million for the three and nine months ended September 30, 2023 compared to the same periods in 2022 due to declines in deposit balances and loan growth. The average yield on interest-bearing deposits with banks increased 288 and 431 basis points for the three and nine months ended September 30, 2023 compared to the same periods in 2022 due to increased interest rates. Overall, the FTE rate (non-GAAP) on interest-earning assets increased 141 and 183 basis points for the three and nine months ended September 30, 2023 compared to the same periods in 2022.
Interest expense increased $29.5 million and $76.1 million for the three and nine months ended September 30, 2023 compared to the same periods in 2022. The increase in interest expense was primarily due to higher interest rates. Average interest-bearing deposits increased $16.1 million and decreased $290.4 million for the three and nine months ended September 30, 2023 compared to the same periods in 2022. The decrease for the nine months ended September 30, 2023 was due to the competitive market driven by rising interest rates. The average rate paid on interest-bearing deposits increased 161 and 145 basis points for the three and nine months ended September 30, 2023 compared to the same periods in 2022. Certificates of deposit increased $419.6 million and $213.5 million and the average rate paid increased 293 and 258 basis points for the three and nine months ended September 30, 2023 compared to the same periods in 2022. The increase in certificates of deposit was primarily due to higher interest rates resulting in customers moving deposits to higher yield accounts. Average borrowings increased $580.5 million and $478.4 million and the average rate paid on borrowings increased 225 and 341 basis points for the three and nine months ended September 30, 2023 compared to the same periods in 2022 primarily due to decreased deposit balances and increased loans. Overall, the cost of interest-bearing liabilities increased 204 and 187 basis points for the three and nine months ended September 30, 2023 compared to the same periods in 2022.
The following table sets forth for the periods presented a summary of the changes in interest earned and interest paid resulting from changes in volume and changes in rates:
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Three Months Ended September 30, 2023 Compared to September 30, 2022Nine Months Ended September 30, 2023 Compared to September 30, 2022
(dollars in thousands)
Volume (4)
Rate (4)
Total
Volume (4)
Rate (4)
Total
Interest earned on:
Interest-bearing deposits with banks$(74)$1,039 $965 $(1,522)$4,500 $2,979 
Securities, at fair value(1)(2)
(494)871 378 (711)2,733 2,021 
Loans held for sale(11)1 (10)(37)3 (34)
Commercial real estate974 9,847 10,821 (622)35,734 35,111 
Commercial and industrial(741)8,797 8,055 (678)32,261 31,583 
Commercial construction(412)2,582 2,170 (741)10,012 9,271 
Total Commercial Loans(179)21,226 21,046 (2,041)78,007 75,965 
Residential mortgage3,383 1,818 5,201 8,742 4,649 13,392 
Home equity176 3,996 4,173 1,397 13,376 14,773 
Installment and other consumer(121)704 583 62 2,269 2,330 
Consumer construction103 189 293 403 431 834 
Total Consumer Loans3,541 6,707 10,250 10,604 20,725 31,329 
Total Portfolio Loans3,362 27,933 31,296 8,563 98,732 107,294 
Total Loans(1)(3)
3,351 27,934 31,286 8,526 98,735 107,260 
Total other earning assets390 259 649 848 892 1,740 
Change in Interest Earned on Interest-earning Assets$3,173 $30,103 $33,278 $7,141 $106,860 $114,000 
Interest paid on:
Interest-bearing demand$(1)$1,834 $1,833 $(55)$3,417 $3,362 
Money market(465)6,619 6,155 (791)21,713 20,922 
Savings(34)922 888 (35)2,509 2,474 
Certificates of deposit647 10,190 10,837 655 23,661 24,316 
Total Interest-bearing Deposits147 19,565 19,713 (226)51,300 51,074 
Securities sold under repurchase agreements(3)— (3)(36)— (36)
Short-term borrowings4,584 3,668 8,252 12,282 8,565 20,847 
Long-term borrowings126 221 346 132 435 568 
Junior subordinated debt securities(46)431 386 (35)1,575 1,540 
Total Borrowings4,661 4,320 8,981 12,343 10,575 22,919 
Other interest-bearing liabilities841 — 841 2,084 — 2,084 
Change in Interest Paid on Interest-bearing Liabilities5,649 23,885 29,535 14,201 61,875 76,077 
Change in Net Interest Income$(2,476)$6,218 $3,743 $(7,060)$44,985 $37,923 
(1) Tax-exempt income is on an FTE basis (non-GAAP) using the statutory federal corporate income tax rate of 21 percent.
(2) Taxable investment income is adjusted for the dividend-received deduction for equity securities.
(3) Nonaccruing loans are included in the daily average loan amounts outstanding.
(4) Changes to rate/volume are allocated to both rate and volume on a proportionate dollar basis.
Provision for Credit Losses
The provision for credit losses includes a provision for losses on loans and on unfunded commitments. The provision for credit losses fluctuates based on changes in loan balances, risk ratings, net loan charge-offs/recoveries, the macro environment and our Current Expected Credit Loss, or CECL, forecast. The provision for credit losses increased $3.0 million and $11.8 million to $5.5 million and $17.0 million for the three and nine months ended September 30, 2023 compared to $2.5 million and $5.2 million for the same periods in 2022. The increase in the provision for credit losses for the three and nine months ended September 30, 2023 compared to the same periods in 2022 was primarily due to increases in net loan charge-offs and in our qualitative reserve. The increase in qualitative reserve was primarily due to deterioration in the CRE price index and our qualitative reserve capturing additional expected losses in commercial loans that are not included in the model. We also had an increase in our quantitative reserve due to downgrades in our C&I portfolio and loan growth in our consumer real estate portfolio.
For the three and nine months ended September 30, 2023, we had net loan charge-offs of $3.7 million and $9.6 million compared to $0.7 million and $1.7 million for the same periods in 2022. During the nine months ended September 30, 2023, our most significant charge-offs were three C&I relationships totaling $15.9 million, which was partially offset by a $9.3 million recovery from a customer fraud that occurred in 2020.
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Refer to the "Allowance for Credit Losses" section of this MD&A for further details.
Noninterest Income
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)20232022$ Change% Change20232022$ Change% Change
Net gain on sale of securities$— $198 $(198)(100.0)%$— $198 $(198)(100.0)%
Debit and credit card4,690 4,768 (78)(1.6)%13,708 14,587 (879)(6.0)%
Service charges on deposit accounts4,060 4,333 (273)(6.3)%12,064 12,488 (424)(3.4)%
Wealth management3,003 3,212 (209)(6.5)%9,136 9,701 (565)(5.8)%
Mortgage banking294 425 (131)(30.8)%884 1,906 (1,022)(53.6)%
Other135 1,824 (1,689)(92.6)%3,771 3,736 35 0.9 %
Total Noninterest Income$12,182 $14,760 $(2,578)(17.5)%$39,563 $42,616 $(3,053)(7.2)%
Noninterest income decreased $2.6 million and $3.1 million to $12.2 million and $39.6 million for the three and nine months ended September 30, 2023 compared to the same periods in 2022. Other noninterest income decreased $1.7 million for the three months ended September 30, 2023 primarily due to a valuation adjustment for our commercial loan swaps of $0.9 million as well as a gain on the sale of OREO of $0.6 million that occurred in the three months ending September 30, 2022 compared to no OREO activity in the same period for 2023. Other noninterest income remained relatively unchanged for the nine months ended September 30, 2023 compared to the same period in 2022 despite an increase of $3.0 million related to a change in the valuation of our deferred compensation plan, which has a corresponding offset in salaries and employee benefits resulting in no impact to net income. This increase was offset by a decrease of $0.8 million related to a reduction of commercial loan swap income and a $0.9 million valuation adjustment for our commercial loan swaps as well as a decrease of $0.5 million in gain on the sale of OREO compared to the same period in 2022. Wealth management decreased $0.2 million and $0.6 million for the three months and nine months ended September 30, 2023 compared to the same periods in 2022 due to decreased trust income fees. Mortgage banking decreased $0.1 million and $1.0 million for the three and nine months ended September 30, 2023 compared to the same periods in 2022 due to a continued decline in loan sale activity caused by rising interest rates and a shift to holding originated mortgage loans on our balance sheet. Debit and credit card income decreased $0.1 million and $0.9 million for the three and nine months ended September 30, 2023 compared to the three and nine months ended September 30, 2022 due to decreased debit card incentive income and timing of referral merchant revenue.
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Noninterest Expense
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)20232022$ Change% Change20232022$ Change% Change
Salaries and employee benefits$27,521 $26,700 $821 3.1 %$80,513 $75,223 $5,290 7.0 %
Data processing and information technology4,479 4,220 259 6.1 %12,914 12,759 155 1.2 %
Occupancy3,671 3,490 181 5.2 %11,216 11,006 210 1.9 %
Furniture, equipment and software3,125 2,915 210 7.2 %9,178 8,631 547 6.3 %
Professional services and legal1,965 1,851 114 6.2 %5,855 6,180 (325)(5.3)%
Marketing1,741 1,367 374 27.4 %5,053 4,252 801 18.8 %
Other taxes1,831 1,559 272 17.4 %4,943 4,778 165 3.5 %
FDIC insurance1,029 598 431 72.1 %3,073 2,417 656 27.1 %
Other7,441 6,933 508 7.3 %21,390 20,225 1,165 5.8 %
Total Noninterest Expense$52,803 $49,633 $3,170 6.4 %$154,135 $145,471 $8,664 6.0 %
Noninterest expense increased $3.2 million to $52.8 million for the three months ended September 30, 2023 and increased $8.7 million to $154.1 million for the nine months ended September 30, 2023 compared to the same periods in 2022. Salaries and employee benefits increased $0.8 million for the three months ended September 30, 2023 due to higher salary expense caused by new positions and increased restricted stock expense offset by decreases in expense for medical claims, employee pension and incentive payouts. Salaries and employee benefits increased $5.3 million for the nine months ended September 30, 2023 due to higher salary expense as well as a change in the valuation of our deferred compensation plan, which has a corresponding offset in other income within noninterest income resulting in no impact to net income, partially offset by a decrease in incentive expense. Other noninterest expense increased $0.5 million for the three months ended September 30, 2023 and increased $1.2 million for the nine months ended September 30, 2023 primarily due to higher loan related expense and increased expense in amortization related to our qualified affordable housing projects. FDIC Insurance expense increased $0.4 million for the three months ended September 30, 2023 and increased $0.7 million for the nine months ended September 30, 2023 due to an increase in the assessment rate. Marketing expense increased $0.4 million for the three months and $0.8 million for the nine months ended September 30, 2023 due to increased marketing efforts.
Provision for Income Taxes
The provision for income taxes decreased $1.4 million to $7.8 million for the three months ended September 30, 2023 compared to $9.2 million for the same period in 2022 due an increase in tax credits and increased $1.6 million to $25.0 million for the nine months ended September 30, 2023 compared to $23.4 million for the same periods in 2022, mainly due to an increase in income before taxes. Our effective tax rate was 18.9 percent for both the three and nine months ended September 30, 2023 compared to 19.8 percent and 19.7 percent for the three and nine months ended September 30, 2022. The decrease in our effective tax rate for the three and nine month periods ended September 30, 2023 was primarily due to an increase in tax credits compared to the same periods in 2022.
Financial Condition as of September 30, 2023
Total assets increased $355.5 million to $9.5 billion at September 30, 2023 compared to $9.1 billion at December 31, 2022. Cash and due from banks increased $28.5 million to $238.5 million at September 30, 2023 compared to $210.0 million at December 31, 2022. Total portfolio loans increased $331.9 million to $7.5 billion at September 30, 2023 compared to $7.2 billion at December 31, 2022. The increase in loans primarily related to consumer loan growth of $268.4 million with an increase in consumer real estate of $277.9 million compared to December 31, 2022. The commercial loan portfolio increased $63.6 million at September 30, 2023 compared to December 31, 2022 due to an increase of $158.1 million in CRE loans offset by decreases of $83.6 million in C&I and $10.9 million in construction.
Securities decreased $47.5 million to $955.3 million at September 30, 2023 from $1.0 billion at December 31, 2022. The bond portfolio was in a net unrealized loss position of $115.4 million at September 30, 2023 compared to a net unrealized loss position of $102.3 million at December 31, 2022.
Our deposits were $7.2 billion at both September 30, 2023 and December 31, 2022. Certificates of deposit increased $553.3 million compared to December 31, 2022 mainly due to migration from other deposit categories and an increase in brokered certificates of deposit of $175.0 million. Noninterest-bearing demand deposits decreased $312.7 million, money market decreased $116.1 million and savings decreased $143.6 million compared to December 31, 2022. The decreases were primarily attributed to deposit fluctuations and competition in a higher interest rate environment.
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Total borrowings increased $279.5 million to $718.7 million at September 30, 2023 compared to $439.2 million at December 31, 2022 primarily due to loan growth.
Total shareholders’ equity increased by $38.9 million to $1.2 billion at September 30, 2023 compared to December 31, 2022. The increase was primarily due to net income of $107.7 million, offset by dividends of $37.2 million, common stock repurchases of $20.0 million and other comprehensive losses of $13.5 million.
Securities Activity
(dollars in thousands)September 30, 2023December 31, 2022$ Change
U.S. Treasury securities$130,037 $131,695 $(1,658)
Obligations of U.S. government corporations and agencies42,049 41,811 238 
Collateralized mortgage obligations of U.S. government corporations and agencies429,978 428,407 1,571 
Residential mortgage-backed securities of U.S. government corporations and agencies36,886 41,587 (4,701)
Commercial mortgage-backed securities of U.S. government corporations and agencies286,107 327,313 (41,206)
Corporate obligations— 500 (500)
Obligations of states and political subdivisions29,210 30,471 (1,261)
Available-for-Sale Debt Securities954,267 1,001,784 (47,517)
Equity securities995 994 1 
Total Securities Available for Sale$955,262 $1,002,778 $(47,516)
We invest in various securities in order to maintain a source of liquidity, to satisfy various pledging requirements, to increase net interest income and as a tool of ALCO to reposition the balance sheet for interest rate risk purposes. Securities are subject to market risks that could negatively affect the level of liquidity available to us. Security purchases are subject to an investment policy approved annually by our Board of Directors and administered through ALCO and our treasury function. Securities decreased $47.5 million to $955.3 million at September 30, 2023 compared to $1.0 billion at December 31, 2022.
At September 30, 2023, our bond portfolio was in a net unrealized loss position of $115.4 million compared to a net unrealized loss position of $102.3 million at December 31, 2022. At September 30, 2023, our bond portfolio had gross unrealized losses of $115.4 million and no gross unrealized gains, compared to December 31, 2022, when total gross unrealized losses were $102.6 million offset by gross unrealized gains of $0.3 million.
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Loan Composition
September 30, 2023December 31, 2022
(dollars in thousands)Amount% of LoansAmount% of Loans$ Change% Change
Commercial
Commercial real estate$3,286,272 43.7 %$3,128,187 43.5 %$158,085 5.1 %
Commercial and industrial1,635,354 21.8 %1,718,976 23.9 %(83,622)(4.9)%
Commercial construction388,470 5.2 %399,371 5.6 %(10,901)(2.7)%
Total Commercial Loans5,310,096 70.7 %5,246,534 73.0 %63,562 1.2 %
Consumer
Consumer real estate2,090,443 27.8 %1,812,539 25.2 %277,904 15.3 %
Other consumer115,379 1.5 %124,896 1.8 %(9,517)(7.6)%
Total Consumer Loans2,205,822 29.3 %1,937,435 27.0 %268,387 13.9 %
Total Portfolio Loans7,515,918 100.0 %7,183,969 100.0 %331,949 4.6 %
Loans held for sale257 16 241 NM
Total Loans$7,516,175 $7,183,985 $332,190 4.6 %
NM - not meaningful
The loan portfolio represents the most significant source of interest income for us. The risk that borrowers will be unable to pay such obligations is inherent in the loan portfolio. Other conditions such as downturns in the borrower’s industry or the overall economic climate can significantly impact the borrower’s ability to pay.
Total portfolio loans increased $331.9 million, or 4.6 percent, to $7.5 billion at September 30, 2023 compared to $7.2 billion at December 31, 2022.
As of September 30, 2023, 67 percent of our total loans were variable rate loans and 33 percent were fixed rate loans compared to 72 percent variable rate and 28 percent fixed rate at December 31, 2022. Commercial loans, including CRE, C&I and commercial construction, comprised 70.7 percent of total portfolio loans at September 30, 2023 and 73.0 percent at December 31, 2022. The commercial loan portfolio increased $63.6 million at September 30, 2023 compared to December 31, 2022 due to an increase of $158.1 million in CRE primarily due to fewer loan prepayments and decreases of $83.6 million in C&I and $10.9 million in construction loans as a result of loan pay-offs and lower origination volume due to the current macro environment.
Consumer loans represent 29.3 percent of our total portfolio loans at September 30, 2023 and 27.0 percent at December 31, 2022. The consumer loan portfolio increased $268.4 million at September 30, 2023 due to growth in our consumer real estate portfolio of $277.9 million compared to December 31, 2022. Consistent with 2022, we continue to retain consumer real estate loans on our balance sheet as portfolio loans versus selling these loans due to the loan pricing in the secondary market.
Allowance for Credit Losses
We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) Commercial Real Estate, or CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. Refer to Part 1. Financial Information, Note 5 Loans and Allowance for Credit Losses for details on our portfolio segments.
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The following table presents activity in the ACL for the periods presented:
Nine Months Ended September 30, 2023
(dollars in thousands)Commercial
Real Estate		Commercial and
Industrial		Commercial
Construction		Business BankingConsumer
Real Estate		Other
Consumer		Total
Loans
Allowance for credit losses on loans:
Balance at beginning of period$41,428 $25,710 $6,264 $12,547 $12,105 $3,286 $101,340 
Impact of ASU 2022-02— 75 215 251 278 (251)568 
Provision for credit losses on loans(1)
(2,636)14,424 351 1,325 1,934 462 15,860 
Charge-offs— (18,253)— (1,252)(224)(1,029)(20,758)
Recoveries965 9,568 2 230 156 275 11,196 
Net Recoveries/(Charge-offs)965 (8,685)2 (1,022)(68)(754)(9,562)
Balance at End of Period$39,757 $31,524 $6,832 $13,101 $14,249 $2,743 $108,206 
(1) Excludes the provision for credit losses for unfunded commitments.
The following table presents key ACL ratios for the periods presented:
September 30, 2023December 31, 2022
Ratio of net charge-offs to average loans outstanding(1)
0.18 %0.04 %
Allowance for credit losses as a percentage of total portfolio loans1.44 %1.41 %
Allowance for credit losses to nonaccrual loans854 %532 %
(1) Year-to-date net charge-offs annualized
Net loan charge-offs were $9.6 million, or 0.18 percent of average loans, for the nine months ended September 30, 2023. Refer to the "Provision for Credit Losses" section of this MD&A for further details.
The ACL was $108.2 million, or 1.44 percent of total portfolio loans, at September 30, 2023 compared to $101.3 million, or 1.41 percent of total portfolio loans, at December 31, 2022. The increase in the ACL of $6.9 million was primarily due to a $4.9 million increase in our qualitative reserve due to deterioration in the CRE price index and our qualitative reserve capturing additional expected losses in commercial loans that are not included in the model. We also had a $2.0 million increase in our quantitative reserve primarily due to downgrades in our C&I portfolio and loan growth in our consumer real estate portfolio.
Substandard loans increased $14.3 million to $177.4 million at September 30, 2023 compared to $163.1 million at December 31, 2022. The increase in substandard loans was primarily due to risk rating downgrades from special mention to substandard in our C&I and CRE portfolios which occurred during the nine months ended September 30, 2023. Special mention loans decreased $26.8 million to $194.3 million at September 30, 2023 compared to $221.1 million at December 31, 2022. The decrease in special mention loans was primarily due to the risk rating downgrades from special mention to substandard and loan payoffs.
Our allowance for credit losses on unfunded commercial loan commitments and letters of credit provide for the risk of expected loss in these arrangements. The allowance is computed using a methodology similar to that used to determine the ACL for loans, modified to take into account the probability of a draw-down on the commitment. The provision for credit losses on unfunded loan commitments is included in the provision for credit losses on our Condensed Consolidated Statements of Comprehensive Income (Loss). The allowance for unfunded loan commitments increased $1.1 million to $9.3 million at September 30, 2023 compared to $8.2 million at December 31, 2022. The increase was due to increased loss rates and an increase in unused C&I commitments. The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets.
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Nonperforming assets, or NPA's, consist of nonaccrual loans and OREO. The following represents NPA's as of the dates presented:
(dollars in thousands)September 30, 2023December 31, 2022$ Change
Nonaccrual Loans
Commercial real estate$1,735 $7,323 $(5,588)
Commercial and industrial3,468 2,974 494 
Commercial construction384 384 — 
Consumer real estate6,756 8,093 (1,337)
Other Consumer334 278 56 
Total Nonaccrual Loans12,677 19,052 (6,375)
OREO3,715 3,065 650 
Total Nonperforming Assets$16,392 $22,117 $(5,725)
Asset Quality Ratios:
Nonaccrual loans as a percent of total portfolio loans0.17 %0.27 %
Nonperforming assets as a percent of total portfolio loans plus OREO0.22 %0.31 %
Our policy is to place loans in all categories in nonaccrual status when collection of interest or principal is doubtful, or generally when interest or principal payments are 90 days or more past the contractual due date. Nonaccrual loans decreased $6.4 million, or 33.5 percent, to $12.7 million at September 30, 2023 compared to $19.1 million at December 31, 2022. The decrease in nonaccrual loans primarily related to the payoff of a $5.4 million CRE loan during the nine months ended September 30, 2023.
Deposits
Deposits are our primary source of funds. We have a well-diversified deposit base with a balance mix of 57.4 percent personal, 35.2 percent business, 5.0 percent public funds and 2.4 percent brokered at September 30, 2023.
September 30, 2023December 31, 2022
(dollars in thousands)Amount% of DepositsAmount% of Deposits$ Change% Change
Personal$4,143,246 57.4 %$4,171,701 57.8 %$(28,455)(0.4)%
Business2,546,849 35.2 %2,666,995 36.9 %(120,146)(1.7)%
Public funds357,802 5.0 %381,274 5.3 %(23,472)(0.3)%
Brokered175,000 2.4 %— — %175,000 2.4 %
Total Deposits$7,222,897 100.0 %$7,219,970 100.0 %$2,927 — %
The following table presents the composition of deposits for the periods presented:
(dollars in thousands)September 30, 2023December 31, 2022$ Change
Noninterest-bearing demand$2,276,009 $2,588,692 $(312,683)
Interest-bearing demand868,624 846,653 21,971 
Money market1,615,445 1,731,521 (116,076)
Savings974,940 1,118,511 (143,571)
Certificates of deposit1,487,879 934,593 553,286 
Total Deposits$7,222,897 $7,219,970 $2,927 
Our total deposits were $7.2 billion at both September 30, 2023 and December 31, 2022. Certificates of deposit increased $553.3 million compared to December 31, 2022 due to migration from other deposit categories as customers continue to seek higher interest rates, new deposit inflows and the issuance of $175.0 million of brokered certificates of deposit in 2023. We had no brokered deposits at December 31, 2022. As a member of the IntraFi network, we are able to offer our customers insurance coverage on interest-bearing demand, money market and certificate of deposit balances in excess of the FDIC insurance limits. IntraFi balances increased $154.5 million to $221.8 million at September 30, 2023 compared to $67.3 million at December 31, 2022. We have total uninsured deposits of $2.2 billion, or 31 percent of our total deposit base, compared to $2.5 billion, or 34 percent, at December 31, 2022.
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Borrowings
(dollars in thousands)September 30, 2023December 31, 2022$ Change
Short-term borrowings$630,000 $370,000 $260,000 
Long-term borrowings39,396 14,741 24,655 
Junior subordinated debt securities49,343 54,453 (5,110)
Total Borrowings$718,739 $439,194 $279,545 
Borrowings are an additional source of funding for us. Total borrowings increased $279.5 million to $718.7 million compared to $439.2 million at December 31, 2022 primarily due to loan growth.
Information pertaining to short-term borrowings is summarized in the table below for the nine months ended September 30, 2023 and for the twelve months ended December 31, 2022.
Short-Term Borrowings
(dollars in thousands)September 30, 2023December 31, 2022
Balance at the period end$630,000 $370,000 
Average balance during the period$522,448 $40,013 
Average interest rate during the period5.36 %4.15 %
Maximum month-end balance during the period$630,000 $370,000 
Average interest rate at the period end5.66 %4.49 %
Information pertaining to long-term borrowings and junior subordinated debt securities is summarized in the tables below for the nine months ended September 30, 2023 and for the twelve months ended December 31, 2022.
Long-Term Borrowings
(dollars in thousands)September 30, 2023December 31, 2022
Balance at the period end$39,396 $14,741 
Average balance during the period$29,133 $19,090 
Average interest rate during the period4.05 %2.15 %
Maximum month-end balance during the period$39,589 $22,344 
Average interest rate at the period end4.46 %2.61 %
Junior Subordinated Debt Securities
(dollars in thousands)September 30, 2023December 31, 2022
Balance at the period end$49,343 $54,453 
Average balance during the period$53,180 $54,421 
Average interest rate during the period7.75 %4.40 %
Maximum month-end balance during the period$54,483 $54,453 
Average interest rate at the period end8.00 %7.09 %
We redeemed $5.0 million of junior subordinated debt securities, along with $0.2 million in common equity issued by the Trust and held by us, on July 25, 2023.
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
Liquidity is defined as a financial institution’s ability to meet its cash and collateral obligations at a reasonable cost. Our primary future cash needs are centered on the ability to (i) satisfy the financial needs of depositors who may want to withdraw funds or of borrowers needing to access funds to meet their credit needs and (ii) to meet our future cash commitments under contractual obligations with third parties. In order to manage liquidity risk, our Board of Directors has delegated authority to ALCO for the formulation, implementation and oversight of liquidity risk management for S&T. The ALCO’s goal is to maintain adequate levels of liquidity at a reasonable cost to meet funding needs in both a normal operating environment and for potential liquidity stress events. The ALCO monitors and manages liquidity through various ratios, reviewing cash flow projections, performing stress tests and having a detailed contingency funding plan. The ALCO policy guidelines define graduated risk tolerance levels. If our liquidity position moves to a level that has been defined as high risk, specific actions are required, such as increased monitoring or the development of an action plan to reduce the risk position.
Our primary funding and liquidity source is a stable customer deposit base. We believe S&T has the ability to retain existing and attract new deposits, mitigating any funding dependency on other more volatile funding sources. Refer to the "Financial Condition as of September 30, 2023 - Deposits" section of this MD&A, for additional discussion on deposits. Although deposits are the primary source of funds, we have identified various other funding sources that can be used as part of our normal funding program. Additional funding sources accessible to S&T include borrowing availability at the Federal Home Loan Bank, or FHLB, of Pittsburgh, federal funds lines with other financial institutions and the brokered deposit market. Additionally, S&T has borrowing availability through the Federal Reserve Discount Window and the Federal Reserve Bank Term Funding Program, or BTFP.
In response to recent bank failures, the Federal Reserve authorized additional funding availability to eligible depository institutions through the BTFP. The program is intended to help assure depositors that their institutions have an additional source of liquidity to meet their needs. Under the program, any collateral eligible for purchase by the Federal Reserve Banks in open market operations can be pledged including U.S. Treasury securities, U.S. Agencies and U.S. Agency mortgage-backed securities. Collateral advances will be equal to 100 percent of the par value of the collateral pledged with a term of up to one year. Interest is charged at a fixed rate equal to the one-year overnight index swap rate plus 10 basis points with no prepayment penalty. As of September 30, 2023, we have $675.8 million of collateral available to pledge under the program and no outstanding balance.
Available borrowing capacity exceeds uninsured deposits of $2.2 billion. The following table summarizes funding sources available as of the dates presented:
September 30, 2023December 31, 2022
(dollars in thousands)Borrowing CapacityBalanceAvailableBorrowing CapacityBalanceAvailable
FHLB$3,125,638 $787,701 $2,337,937 $2,925,614 $491,288 $2,434,326 
Federal Reserve Discount Window769,550 — 769,550 839,836 — 839,836 
Federal Reserve BTFP(1)
675,784 — 675,784 — — — 
Total$4,570,972 $787,701 $3,783,271 $3,765,450 $491,288 $3,274,162 
(1) Emergency lending program created by the Federal Reserve in March 2023.
We have contractual obligations representing required future payments on certificates of deposit, junior subordinated debt securities, short-term borrowings, long-term borrowings, operating and capital leases and purchase obligations. See the Liquidity and Capital Resources portion of our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2022 Form 10-K for more information on these future cash outflows. Certificates of deposit increased $553.3 million to $1.5 billion at September 30, 2023 compared to December 31, 2022 and short-term borrowings increased $260.0 million to $630.0 million at September 30, 2023 compared to December 31, 2022. Other than these changes, there have been no material changes to the contractual obligations previously disclosed in our 2022 Form 10-K.
An important component of our ability to effectively respond to potential liquidity stress events is maintaining a cushion of highly liquid assets. Highly liquid assets are those that can be converted to cash quickly to meet financial obligations. ALCO policy guidelines define a ratio of highly liquid assets to total assets by graduated risk tolerance levels of minimal, moderate and high. At September 30, 2023, S&T Bank had $885.6 million in highly liquid assets which consisted primarily of $162.6 million in interest-bearing deposits with banks and $722.7 million in unpledged securities. This resulted in a highly liquid assets to total assets ratio of 9.4 percent at September 30, 2023.
We continue to maintain a strong capital position with our leverage ratio at 11.12 percent at September 30, 2023 compared to 11.06 percent at December 31, 2022, both in excess of the well-capitalized regulatory guideline of 5.00 percent. We continue
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
to be well-capitalized with a risk-based Common Equity Tier 1 ratio of 13.11 percent at September 30, 2023 compared to 12.81 percent at December 31, 2022, both in excess of the well-capitalized regulatory guideline of 6.50 percent.
The following table summarizes capital amounts and ratios for S&T and S&T Bank for the dates presented:
(dollars in thousands)Adequately
Capitalized		Well-
Capitalized		September 30, 2023December 31, 2022
AmountRatioAmountRatio
S&T Bancorp, Inc.
Tier 1 leverage4.00 %5.00 %$1,009,448 11.12 %$967,708 11.06 %
Common equity tier 1 to risk-weighted assets4.50 %6.50 %985,448 13.11 %938,708 12.81 %
Tier 1 capital to risk-weighted assets6.00 %8.00 %1,009,448 13.43 %967,708 13.21 %
Total capital to risk-weighted assets8.00 %10.00 %1,128,526 15.01 %1,078,897 14.73 %
S&T Bank
Tier 1 leverage4.00 %5.00 %$972,966 10.72 %$938,377 10.73 %
Common equity tier 1 to risk-weighted assets4.50 %6.50 %972,966 12.95 %938,377 12.81 %
Tier 1 capital to risk-weighted assets6.00 %8.00 %972,966 12.95 %938,377 12.81 %
Total capital to risk-weighted assets8.00 %10.00 %1,091,980 14.53 %1,049,566 14.33 %
On March 27, 2020, the regulators issued interim final rule, or IFR, “Regulatory Capital Rule: Revised Transition of the Current Expected Credit Losses Methodology for Allowances” in response to the disrupted economic activity due to the COVID-19 pandemic. The IFR provides financial institutions that adopted CECL during 2020 with the option to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided by the initial two-year delay (“five-year transition”). We adopted CECL effective January 1, 2020 and elected to implement the five-year transition.
We have filed a shelf registration statement on Form S-3 under the Securities Act of 1933, as amended, with the SEC, which allows for the issuance of a variety of securities including debt and capital securities, preferred and common stock and warrants. We may use the proceeds from the sale of securities for general corporate purposes, which could include investments at the holding company level, investing in, or extending credit to subsidiaries, possible acquisitions and stock repurchases. As of September 30, 2023, we had not issued any securities pursuant to this shelf registration statement.
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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is defined as the degree to which changes in interest rates, foreign exchange rates, commodity prices or equity prices can adversely affect a financial institution’s earnings or capital. For most financial institutions, including S&T, market risk primarily reflects exposures to changes in interest rates. Interest rate fluctuations affect earnings by changing net interest income and other interest-sensitive income and expense levels. Interest rate changes also affect capital by changing the net present value of a bank’s future cash flows, and the cash flows themselves, as rates change. Accepting this risk is a normal part of banking and can be an important source of profitability and enhancing shareholder value. However, excessive interest rate risk can threaten a bank’s earnings, capital, liquidity and solvency. Our sensitivity to changes in interest rate movements is continually monitored by the ALCO. The ALCO monitors and manages market risk through rate shock analyses, economic value of equity, or EVE, analyses and by performing stress tests and simulations to mitigate earnings and market value fluctuations due to changes in interest rates.
Rate shock analyses results are compared to a base case to provide an estimate of the impact that market rate changes may have on 12 and 24 months of pretax net interest income. The base case and rate shock analyses are performed on a static balance sheet. A static balance sheet is a no growth balance sheet in which all maturing and/or repricing cash flows are reinvested in the same product at the existing product spread. Rate shock analyses assume an immediate parallel shift in market interest rates and also include management assumptions regarding the impact of interest rate changes on non-maturity deposit products (noninterest-bearing demand, interest-bearing demand, money market and savings) and changes in the prepayment behavior of loans and securities with optionality. S&T policy guidelines limit the change in pretax net interest income over 12 and 24 month horizons using rate shocks in increments of +/- 100 basis points. Policy guidelines define the percentage change in pretax net interest income by graduated risk tolerance levels of minimal, moderate and high.
In order to monitor interest rate risk beyond the 24 month time horizon of rate shocks on pretax net interest income, we also perform EVE analyses. EVE represents the present value of all asset cash flows minus the present value of all liability cash flows. EVE change results are compared to a base case to determine the impact that market rate changes may have on our EVE. As with rate shock analyses on pretax net interest income, EVE analyses incorporate management assumptions regarding prepayment behavior of fixed rate loans and securities with optionality and the behavior and value of non-maturity deposit products. S&T policy guidelines limit the change in EVE using rate shocks in increments of +/- 100 basis points. Policy guidelines define the percentage change in EVE by graduated risk tolerance levels of minimal, moderate and high.
The table below reflects the rate shock analyses results for the 1-12 and 13-24 month periods of pretax net interest income and EVE.
September 30, 2023December 31, 2022
1 - 12 Months13 - 24 Months% Change in EVE1 - 12 Months13 - 24 Months% Change in EVE
Change in Interest Rate (basis points)% Change in Pretax
 Net Interest Income		% Change in
 Pretax
Net Interest Income		% Change in Pretax
 Net Interest Income		% Change in Pretax
Net Interest Income
4007.7 10.9 (28.1)14.6 22.0 (13.2)
3005.7 7.9 (20.9)11.0 16.6 (8.5)
2003.7 5.0 (13.7)7.4 11.2 (4.6)
1001.7 2.4 (6.3)3.7 5.7 (1.5)
-100(4.1)(5.8)4.0 (6.1)(8.8)(2.6)
-200(5.9)(8.4)5.7 (10.2)(14.8)(7.7)
-300(7.9)(12.1)4.0 (14.1)(21.0)(17.0)
-400(13.0)(19.0)(5.8)(21.1)(30.1)(32.7)
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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The results from the rate shock analyses on net interest income are consistent with having an asset sensitive balance sheet. Having an asset sensitive balance sheet means more assets than liabilities will reprice during the measured time frames. The implications of an asset sensitive balance sheet will differ depending upon the change in market interest rates. For example, with an asset sensitive balance sheet in a declining interest rate environment, more assets than liabilities will decrease in rate. This situation could result in a decrease in net interest income and operating income. Conversely, with an asset sensitive balance sheet in a rising interest rate environment, more assets than liabilities will increase in rate. This situation could result in an increase in net interest income and operating income.
Our rate shock analyses show less improvement in the percentage change in pretax net interest income in the rates up scenarios when comparing September 30, 2023 to December 31, 2022 primarily because we have a different deposit mix, more short-term borrowings and a larger fixed-rate loan portfolio. The percentage change in pretax net interest income in the rates down scenario shows an improvement when comparing September 30, 2023 to December 31, 2022 because of our increased ability to cut liability costs as deposit rates have increased and we have more short-term borrowings. Our EVE analyses show a decline in the percentage change in EVE in the rates up scenarios and an improvement in rates down scenarios when comparing September 30, 2023 to December 31, 2022. These changes are mainly the result of the impact of interest rates on the value of nonmaturity deposits and deposit valuation methodology enhancements.
In addition to rate shocks and EVE analyses, we perform a market risk stress test at least annually. The market risk stress test includes sensitivity analyses and simulations. Sensitivity analyses are performed to help us identify which model assumptions cause the greatest impact on pretax net interest income. Sensitivity analyses may include changing prepayment behavior of loans and securities with optionality and the impact of interest rate changes on non-maturity deposit products. Simulation analyses may include the potential impact of rate changes other than the policy guidelines, yield curve shape changes, significant balance mix changes and various growth scenarios.
Item 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of S&T’s Chief Executive Officer, or CEO, and Chief Financial Officer, or CFO (its principal executive officer and principal financial officer, respectively), management has evaluated the effectiveness of the design and operation of S&T’s disclosure controls and procedures as of September 30, 2023. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, or the Exchange Act, is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission, or the SEC, and that such information is accumulated and communicated to S&T’s management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.
Based on and as of the date of such evaluation, our CEO and CFO concluded that the design and operation of our disclosure controls and procedures were effective in all material respects, as of the end of the period covered by this report.
Changes in Internal Control over Financial Reporting
During the quarter ended September 30, 2023, there were no changes made to S&T’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that materially affected, or are reasonably likely to materially affect, S&T’s internal control over financial reporting.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 1A. Risk Factors
There have been no material changes to the risk factors that we have previously disclosed in Part I, Item 1A – “Risk Factors” in our 2022 Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 24, 2023 other than the risks described below.
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Difficult market conditions, including rapidly rising interest rates and several bank receiverships may adversely affect our business, results of operations, liquidity and stock price. Further adverse developments affecting the financial services industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system may adversely affect our business, results of operations, liquidity and stock price.
The rapid rise in interest rates during 2022, the resulting industry-wide reduction in the fair value of securities portfolios, and the related bank runs resulting in the takeover by the FDIC of two banks placed in receivership in March 2023, have caused a current state of volatility in the financial services industry and uncertainty with respect to liquidity and the health of the U.S. banking system. Although we were not directly affected by these bank receiverships, this news caused fear among depositors, which caused them to withdraw or attempt to withdraw their funds from these and other financial institutions. Uncertainty may be compounded by the reach and depth of media attention, including social media, and its ability to disseminate concerns or rumors about any events of these kinds or other similar risks, and have in the past and may in the future lead to market-wide liquidity problems. Additionally, the stock prices of many financial institutions dropped and became volatile. While the FDIC resolution of these two banks was done in a manner that fully protects depositors, it is uncertain whether the steps taken by the government will be sufficient to calm the financial markets, alleviate concerns with respect to the U.S. banking system, reduce the risk of significant depositor withdrawals at other financial institutions and thereby reduce the risk of additional banks becoming insolvent, particularly in light of an additional bank being placed in receivership in the second quarter of 2023. Furthermore, financial services institutions are interrelated as a result of trading, clearing, counterparty, or other relationships, which may expose us to credit risk and losses in the event of a default by a counterparty or client. As a result of these recent events, we face the potential for reputational risk, deposit outflows and increased credit risk which, individually or in the aggregate, could have a material adverse effect on our business, financial condition and results of operations and liquidity.
Furthermore, if such levels of financial market and economic disruption and volatility continue, if actual events or concerns or rumors involving limited liquidity, defaults, or other adverse developments, or if other banks and financial institutions enter receivership or become insolvent in the future in response to financial conditions affecting the banking system and financial markets, our ability to access our existing cash, cash equivalents and investments may be threatened due to market-wide liquidity problems. While we maintain liquidity primarily through customer deposits and through access to other short-term funding sources, including advances from the Federal Home Loan Bank (FHLB), our efforts to monitor and manage liquidity risk may not be successful or sufficient to deal with dramatic or unanticipated increase or reductions in our liquidity, particularly in light of the impact of increased interest rates on the market value of investment securities. This situation could have a material adverse impact on our results of operations and financial condition.
Additionally, regulatory pressures and potential additional regulation of the financial institutions as a result of the industry developments could have material adverse effects on our business, results of operations, financial condition and growth prospects.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Purchases of Equity Securities
The following table is a summary of our purchases of common stock during the third quarter of 2023:
PeriodTotal number of shares purchasedAverage price paid per share
Total number of shares purchased as part of publicly announced plan(1)
Approximate dollar value of shares that may yet be purchased under the plan(2)
$9,807,857 
07/01/2023 - 07/31/2023— $— — 9,807,857 
08/01/2023 - 08/31/2023— — — 9,807,857 
09/01/2023 - 09/30/2023— — — $9,807,857 
(1) On January 25, 2023, our Board of Directors authorized an extension of its $50 million share repurchase plan, which was set to expire March 31, 2023. This authorization extended the expiration date of the repurchase plan through March 31, 2024. The plan permits S&T to repurchase shares up to the previously authorized $50 million in aggregate value of S&T's common stock through a combination of open market and privately negotiated repurchases. The specific timing, price and quantity of repurchases will be at the discretion of S&T and will depend on a variety of factors, including general market conditions, the trading price of common stock, legal and contractual requirements, applicable securities laws and S&T's financial performance. The repurchase plan does not obligate us to repurchase any particular number of shares. We expect to fund repurchases from cash on hand and internally generated funds. Share repurchases will not occur unless permissible under applicable laws.
(2)Includes excise tax on repurchases, net of issuances for restricted stock awards.
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Item 3. Defaults Upon Senior Securities
None
Item 4. Mine Safety Disclosures
Not Applicable
Item 5. Other Information
(c) During the three months ended September 30, 2023, no director or Section 16 officer of the Company adopted, terminated or modified a ‘Rule 10b5-1 trading arrangement’ or ‘non-Rule 10b5-1 trading arrangement,’ as each term is defined in Item 408(a) of Regulation S-K.
Item 6. Exhibits
Rule 13a-14(a) Certification of the Chief Executive Officer
Rule 13a-14(a) Certification of the Chief Financial Officer
Rule 13a-14(b) Certification of the Chief Executive Officer and Chief Financial Officer
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCHXBRL Taxonomy Extension Schema
101.CALXBRL Taxonomy Extension Calculation Linkbase
101.DEFXBRL Taxonomy Extension Definition Linkbase
101.LABXBRL Taxonomy Extension Label Linkbase
101.PREXBRL Taxonomy Extension Presentation Linkbase
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
S&T Bancorp, Inc.
(Registrant)
November 2, 2023/s/ Mark Kochvar
Mark Kochvar
Senior Executive Vice President and
Chief Financial Officer
(Principal Financial Officer and Duly Authorized Signatory)
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