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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 March 31, 2024
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 - 38,235,882 shares as of April 30, 2024


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




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S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2024December 31, 2023
(in thousands, except share and per share data)(Unaudited)(Audited)
ASSETS
Cash and due from banks, including interest-bearing deposits of $143,927 and $160,802 at March 31, 2024 and December 31, 2023
$207,462 $233,612 
Securities available for sale, at fair value970,728 970,391 
Loans held for sale— 153 
Portfolio loans, net of unearned income7,656,034 7,653,341 
Allowance for credit losses(104,802)(107,966)
Portfolio loans, net7,551,232 7,545,375 
Bank owned life insurance83,900 84,008 
Premises and equipment, net47,956 49,006 
Federal Home Loan Bank and other restricted stock, at cost13,703 25,082 
Goodwill373,424 373,424 
Other assets290,698 270,475 
Total Assets$9,539,103 $9,551,526 
LIABILITIES
Deposits:
Noninterest-bearing demand$2,188,927 $2,221,942 
Interest-bearing demand848,729 825,787 
Money market1,882,157 1,941,842 
Savings936,056 950,546 
Certificates of deposit1,744,478 1,581,652 
Total Deposits7,600,347 7,521,769 
Short-term borrowings285,000 415,000 
Long-term borrowings39,156 39,277 
Junior subordinated debt securities49,373 49,358 
Other liabilities270,153 242,677 
Total Liabilities8,244,029 8,268,081 
SHAREHOLDERS’ EQUITY
Common stock ($2.50 par value)
Authorized—50,000,000 shares
Issued—41,449,444 shares at March 31, 2024 and December 31, 2023
Outstanding—38,233,280 shares at March 31, 2024 and 38,232,806 shares at December 31, 2023
103,623 103,623 
Additional paid-in capital409,857 409,034 
Retained earnings977,195 959,604 
Accumulated other comprehensive loss(97,697)(90,901)
Treasury stock — 3,216,164 shares at March 31, 2024 and 3,216,638 shares at December 31, 2023, at cost
(97,904)(97,915)
Total Shareholders’ Equity1,295,074 1,283,445 
Total Liabilities and Shareholders’ Equity$9,539,103 $9,551,526 
See Notes to Consolidated Financial Statements
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S&T BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended March 31,
(dollars in thousands, except per share data)20242023
INTEREST AND DIVIDEND INCOME
Loans, including fees$118,577 $102,724 
Investment Securities:
Taxable8,595 7,457 
Tax-exempt193 214 
Dividends389 508 
Total Interest and Dividend Income
127,754 110,903 
INTEREST EXPENSE
Deposits36,662 14,903 
Borrowings, junior subordinated debt securities and other7,615 7,209 
Total Interest Expense
44,277 22,112 
NET INTEREST INCOME
83,477 88,791 
Provision for credit losses2,627 922 
Net Interest Income After Provision for Credit Losses
80,850 87,869 
NONINTEREST INCOME
Debit and credit card4,235 4,373 
Service charges on deposit accounts3,828 4,076 
Wealth management3,042 2,948 
Mortgage banking277 301 
Other1,448 1,492 
Total Noninterest Income
12,830 13,190 
NONINTEREST EXPENSE
Salaries and employee benefits29,512 27,601 
Data processing and information technology4,954 4,258 
Occupancy3,870 3,835 
Furniture, equipment and software3,472 2,861 
Marketing1,943 1,853 
Other taxes1,871 1,790 
Professional services and legal1,720 1,821 
FDIC insurance1,049 1,012 
Other6,129 6,668 
Total Noninterest Expense
54,520 51,699 
Income Before Taxes
39,160 49,360 
Income tax expense7,921 9,561 
Net Income
$31,239 $39,799 
Earnings per share—basic$0.82 $1.02 
Earnings per share—diluted$0.81 $1.02 
Dividends declared per share$0.33 $0.32 
Comprehensive Income
$24,443 $55,266 
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 March 31, 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 the three months ended March 31, 2023— — 39,799 — — 39,799 
Other comprehensive income, net of tax— — — 15,467 — 15,467 
Impact of adoption of ASU 2022-02— — (447)— — (447)
Cash dividends declared ($0.32 per share)
— — (12,494)— — (12,494)
Forfeitures of restricted stock awards (1,577 shares)
— — 34 — (53)(19)
Recognition of restricted stock compensation expense— 830 — — — 830 
Balance at March 31, 2023$103,623 $407,113 $890,840 $(96,658)$(77,123)$1,227,795 
See Notes to Consolidated Financial Statements
Three months ended March 31, 2024
(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, 2024$103,623 $409,034 $959,604 $(90,901)$(97,915)$1,283,445 
Net Income for the three months ended March 31, 2024— — 31,239 — — 31,239 
Other comprehensive loss, net of tax— — — (6,796)— (6,796)
Impact of adoption of ASU 2023-02— — (1,002)— — (1,002)
Cash dividends declared ($0.33 per share)
— — (12,661)— — (12,661)
Treasury stock issued for restricted stock awards (2,062 shares)
— (63)— — 63 — 
Forfeitures of restricted stock awards (1,588 shares)
— — 15 — (52)(37)
Recognition of restricted stock compensation expense— 886 — — — 886 
Balance at March 31, 2024$103,623 $409,857 $977,195 $(97,697)$(97,904)$1,295,074 
See Notes to Consolidated Financial Statements
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S&T BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended March 31,
(dollars in thousands)20242023
OPERATING ACTIVITIES
Net Cash Provided by Operating Activities
$46,378 $44,255 
INVESTING ACTIVITIES
Purchases of securities(34,243)(11,226)
Proceeds from maturities, prepayments and calls of securities27,018 28,140 
Proceeds from sales of securities74 — 
Redemption (purchases) of Federal Home Loan Bank stock
11,379 (7,227)
Net increase in loans
(18,004)(63,646)
Proceeds from sale of portfolio loans8,923 1,947 
Purchases of premises and equipment(643)(1,439)
Proceeds from the sale of premises and equipment110 57 
Proceeds from life insurance settlement584 — 
Net payments from cash flow hedge(3,536)(2,351)
Net Cash Used in Investing Activities
(8,338)(55,745)
FINANCING ACTIVITIES
Net decrease in demand, money market and savings deposits
(84,247)(307,521)
Net increase in certificates of deposit
162,831 240,664 
Net (decrease) increase in short-term borrowings
(130,000)125,000 
Repayments on long-term borrowings(121)(113)
Repurchase of shares for taxes on restricted stock(37)(19)
Cash dividends paid to common shareholders(12,616)(12,378)
Net Cash (Used in) Provided by Financing Activities
(64,190)45,633 
Net (decrease) increase in cash and due from banks
(26,150)34,143 
Cash and due from banks at beginning of period233,612 210,009 
Cash and Due From Banks at End of Period$207,462 $244,152 
Supplemental Disclosures
Right of use assets obtained in exchange for lease obligations$— $1,270 
Cash paid for interest$40,656 $18,095 
Cash paid for income taxes, net of refunds$140 $(7)
Transfers of loans to other real estate owned$65 $11 
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, 2023, filed with the Securities and Exchange Commission, or SEC, on February 27, 2024 (2023 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
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, or PAM, 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 using the PAM regardless of the program from which it receives income tax credits, instead of only using it for low-income-housing tax credit, or LIHTC, structures. This amendment also eliminates the ability to account for LIHTC investments using the cost method. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. We adopted this ASU, as of January 1, 2024, using a modified retrospective transition approach, which resulted in a $1.0 million cumulative effect adjustment being recorded to retained earnings related to the transition of the cost method to the proportional amortization method on LIHTC partnerships. We also elected to apply PAM to our qualifying historic tax credit, or HTC, equity investments. Results for reporting periods beginning after January 1, 2024 are presented using the PAM, while prior period amounts continue to be reported in accordance with previously applicable GAAP. Under the previously applicable accounting guidance, tax credit investments were accounted for using the cost method. The investment was amortized on a straight-line basis over a maximum of 10 years, which represents the period over which the tax credits will be utilized. The amortization expense was recognized in other noninterest expense and the tax credits offset income tax expense. Under the PAM, the equity investment is amortized in proportion to the income tax credits and other income tax benefits received. The amortization expense and the income tax credits are required to be presented on a net basis in income tax expense on the Condensed Consolidated Statements of Comprehensive Income. Refer to Note 7 Tax Credit Equity Investments for additional disclosures.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Recently Issued Accounting Standards Not Yet Adopted
Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This update does not change how a public entity identifies its operating segments; however, it does require that an entity that has a single reportable segment provide all the disclosures required by the amendments in this update. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. A public entity should apply the amendments in this update retrospectively to all prior periods presented in the consolidated financial statements. Early adoption is permitted. We currently have one reportable operating segment, Community Banking. This ASU will not impact our consolidated financial statements and will have minimal impact to our disclosures, requiring identification of the chief operating decision maker and the information used to make operating decisions and to allocate resources.
Income Taxes (Topic 740) Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to enhance the transparency and decision usefulness of the disclosures. The amendments in this update address investor requests for more transparency about income tax information through improvements to disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual consolidated financial statements that have not yet been issued. This ASU is not expected to have a significant impact on disclosures, and will not impact our consolidated financial statements.
NOTE 2. EARNINGS PER SHARE
Diluted EPS is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted EPS. The two-class method was used to determine EPS for the three months ended March 31, 2024 and the treasury stock method was used to determined earnings per share for the three months ended March 31, 2023.
The following table reconciles the numerators and denominators of basic and diluted EPS calculations for the periods presented:
Three months ended March 31,
(in thousands, except share and per share data)20242023
Numerator for Earnings per Share—Basic and Diluted:
Net income—Treasury Stock Method—Basic and Diluted
$31,239 $39,799 
Less: Income allocated to participating shares12 45 
Net Income Allocated to Shareholders—Two-Class Method—Basic and Diluted
$31,227 $39,754 
Denominator for Earnings per Share—Treasury Stock Method—Basic and Diluted:
Weighted Average Shares Outstanding—Basic38,192,235 38,865,669 
Add: Potentially dilutive shares239,514 166,393 
Denominator for Treasury Stock Method—Diluted38,431,749 39,032,062 
Denominator for Earnings per Share—Two-Class Method—Basic and Diluted:
Weighted Average Shares Outstanding—Basic38,192,235 38,865,669 
Add: Average participating shares outstanding225,850 108,991 
Denominator for Two-Class Method—Diluted38,418,085 38,974,660 
Earnings per share—basic$0.82 $1.02 
Earnings per share—diluted$0.81 $1.02 
Restricted stock considered anti-dilutive excluded from potentially dilutive shares71 1,133 
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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.
There have been no changes in our valuation methodologies during the three months ended March 31, 2024. Refer to Note 1 Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in our 2023 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.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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:
March 31, 2024
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities$132,586 $— $— $132,586 
Obligations of U.S. government corporations and agencies— 32,593 — 32,593 
Collateralized mortgage obligations of U.S. government corporations and agencies— 467,198 — 467,198 
Residential mortgage-backed securities of U.S. government corporations and agencies— 36,662 — 36,662 
Commercial mortgage-backed securities of U.S. government corporations and agencies— 275,749 — 275,749 
Obligations of states and political subdivisions— 25,005 — 25,005 
Total Available-for-Sale Debt Securities132,586 837,207 — 969,793 
Equity securities935 — — 935 
Total Securities Available for Sale133,521 837,207 — 970,728 
Securities held in a deferred compensation plan10,257 — — 10,257 
Derivative financial assets:
Interest rate swaps - commercial loans— 72,093 — 72,093 
Total Assets$143,778 $909,300 $— $1,053,078 
LIABILITIES
Derivative financial liabilities:
Interest rate swaps - commercial loans$— $72,578 $— $72,578 
Interest rate swaps - cash flow hedge— 18,404 — 18,404 
Total Liabilities$— $90,982 $— $90,982 

December 31, 2023
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities$133,786 $— $— $133,786 
Obligations of U.S. government corporations and agencies— 32,513 — 32,513 
Collateralized mortgage obligations of U.S. government corporations and agencies— 460,939 — 460,939 
Residential mortgage-backed securities of U.S. government corporations and agencies— 38,177 — 38,177 
Commercial mortgage-backed securities of U.S. government corporations and agencies— 273,425 — 273,425 
Obligations of states and political subdivisions— 30,468 — 30,468 
Total Available-for-Sale Debt Securities133,786 835,522 — 969,308 
Equity securities1,010 73 — 1,083 
Total Securities Available for Sale134,796 835,595 — 970,391 
Securities held in a deferred compensation plan9,399 — — 9,399 
Derivative financial assets:
Interest rate swaps - commercial loans— 63,018 — 63,018 
Total Assets$144,195 $898,613 $— $1,042,808 
LIABILITIES
Derivative financial liabilities:
Interest rate swaps - commercial loans$— $63,554 $— $63,554 
Interest rate swaps - cash flow hedge— 14,739 — 14,739 
Total Liabilities$— $78,293 $— $78,293 
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 March 31, 2024 or December 31, 2023. There were no Level 3 assets measured at fair
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
value on a nonrecurring basis as of March 31, 2024 or December 31, 2023. There was one Level 2 individually assessed loan measured at fair value on a nonrecurring basis for $13.4 million at March 31, 2024 and $5.9 million at December 31, 2023.
Fair Value of Financial Instruments
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 March 31, 2024
(dollars in thousands)TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$207,462 $207,462 $207,462 $— $— 
Securities available for sale970,728 970,728 133,521 837,207 — 
Portfolio loans, net7,551,232 7,247,276 — — 7,247,276 
Collateral receivable6,770 6,770 6,770 — — 
Securities held in a deferred compensation plan10,257 10,257 10,257 — — 
Mortgage servicing rights6,153 8,809 — — 8,809 
Interest rate swaps - commercial loans72,093 72,093 — 72,093 — 
LIABILITIES
Deposits$7,600,347 $7,588,523 $5,855,869 $1,732,654 $— 
Collateral payable58,587 58,587 58,587 — — 
Short-term borrowings285,000 284,631 — 284,631 — 
Long-term borrowings39,156 38,924 — 38,924 — 
Junior subordinated debt securities49,373 49,373 — 49,373 — 
Interest rate swaps - commercial loans72,578 72,578 — 72,578 — 
Interest rate swaps - cash flow hedge18,404 18,404 — 18,404 — 
(1) As reported in the Consolidated Balance Sheets
Carrying
Value(1)
Fair Value Measurements at December 31, 2023
(dollars in thousands)TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$233,612 $233,612 $233,612 $— $— 
Securities available for sale970,391 970,391 134,796 835,595 — 
Loans held for sale153 153 — 153 — 
Portfolio loans, net7,545,375 7,263,270 — — 7,263,270 
Collateral receivable5,356 5,356 5,356 — — 
Securities held in a deferred compensation plan9,399 9,399 9,399 — — 
Mortgage servicing rights6,345 8,704 — — 8,704 
Interest rate swaps - commercial loans63,018 63,018 — 63,018 — 
LIABILITIES
Deposits$7,521,769 $7,511,598 $5,940,117 $1,571,481 $— 
Collateral payable50,920 50,920 50,920 — — 
Short-term borrowings415,000 415,000 — 415,000 — 
Long-term borrowings39,277 38,995 — 38,995 — 
Junior subordinated debt securities49,358 49,358 — 49,358 — 
Interest rate swaps - commercial loans63,554 63,554 — 63,554 — 
Interest rate swaps - cash flow hedge14,739 14,739 — 14,739 — 
(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)March 31, 2024December 31, 2023
Debt securities$969,793 $969,308 
Equity securities935 1,083 
Total Securities Available for Sale$970,728 $970,391 
The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented:
 March 31, 2024December 31, 2023
(dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
U.S. Treasury securities$144,009 $— $(11,423)$132,586 $144,292 $— $(10,506)$133,786 
Obligations of U.S. government corporations and agencies33,302 — (709)32,593 33,342 — (829)32,513 
Collateralized mortgage obligations of U.S. government corporations and agencies517,555 405 (50,762)467,198 507,942 1,068 (48,071)460,939 
Residential mortgage-backed securities of U.S. government corporations and agencies43,714 4 (7,056)36,662 44,707 7 (6,537)38,177 
Commercial mortgage-backed securities of U.S. government corporations and agencies293,868 214 (18,333)275,749 290,775 458 (17,808)273,425 
Obligations of states and political subdivisions25,133 — (128)25,005 30,255 213 — 30,468 
Total Available-for-Sale Debt Securities(1)
$1,057,581 $623 $(88,411)$969,793 $1,051,313 $1,746 $(83,751)$969,308 
(1) Excludes interest receivable of $3.4 million at March 31, 2024 and $3.8 million at December 31, 2023. Interest receivable is included in other assets in the Consolidated Balance Sheets.

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S&T BANCORP, INC. AND SUBSIDIARIES
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:
March 31, 2024
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$9,956 $(119)13$122,630 $(11,304)14$132,586 $(11,423)
Obligations of U.S. government corporations and agencies—— — 532,593 (709)532,593 (709)
Collateralized mortgage obligations of U.S. government corporations and agencies874,366 (741)58355,094 (50,021)66429,460 (50,762)
Residential mortgage-backed securities of U.S. government corporations and agencies1191 (1)1436,394 (7,055)2536,485 (7,056)
Commercial mortgage-backed securities of U.S. government corporations and agencies110,274 (74)28241,659 (18,259)29251,933 (18,333)
Obligations of states and political subdivisions425,005 (128)—— — 425,005 (128)
Total25$119,692 $(1,063)118$788,370 $(87,348)143$908,062 $(88,411)
December 31, 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$10,036 $(52)13$123,750 $(10,454)14$133,786 $(10,506)
Obligations of U.S. government corporations and agencies—— — 532,513 (829)532,513 (829)
Collateralized mortgage obligations of U.S. government corporations and agencies435,161 (318)57351,220 (47,753)61386,381 (48,071)
Residential mortgage-backed securities of U.S. government corporations and agencies10100 (1)1437,877 (6,536)2437,977 (6,537)
Commercial mortgage-backed securities of U.S. government corporations and agencies—— — 29249,005 (17,808)29249,005 (17,808)
Total15$45,297 $(371)118$794,365 $(83,380)133$839,662 $(83,751)
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 March 31, 2024 represents a credit impairment. There were 143 debt securities in an unrealized loss position at March 31, 2024 and 133 debt securities in an unrealized loss position at December 31, 2023. The unrealized losses on debt securities were 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:
March 31, 2024December 31, 2023
(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$623 $(88,411)$(87,788)$1,746 $(83,751)$(82,005)
Income tax (expense) benefit(134)19,041 18,907 (372)17,824 17,452 
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss)$489 $(69,370)$(68,881)$1,374 $(65,927)$(64,553)
The amortized cost and fair value of available-for-sale debt securities at March 31, 2024 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.
March 31, 2024
(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$22,976 $22,705 
Due after one year through five years156,965 145,090 
Due after five years through ten years22,503 22,389 
Due after ten years— — 
Available-for-Sale Debt Securities With Fixed Maturities202,444 190,184 
Debt Securities without a single maturity date
Collateralized mortgage obligations of U.S. government corporations and agencies517,555 467,198 
Residential mortgage-backed securities of U.S. government corporations and agencies43,714 36,662 
Commercial mortgage-backed securities of U.S. government corporations and agencies293,868 275,749 
Total Available-for-Sale Debt Securities$1,057,581 $969,793 
Debt securities are pledged in order to meet various regulatory and legal requirements. Restricted pledged securities had a carrying value of $194.4 million at March 31, 2024 and $18.4 million at December 31, 2023. Unrestricted pledged securities had a carrying value of $207.7 million at March 31, 2024 and $214.0 million at December 31, 2023. Any changes to restricted pledged securities require approval of the pledge beneficiary. Approval is not required for unrestricted pledged securities.

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S&T BANCORP, INC. AND SUBSIDIARIES
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 $5.8 million at March 31, 2024 and $6.6 million at December 31, 2023 and a discount related to purchase accounting fair value adjustments of $2.9 million at March 31, 2024 and $3.1 million at December 31, 2023.
The following table summarizes the composition of originated and acquired loans as of the dates presented:
(dollars in thousands)March 31, 2024December 31, 2023
Commercial real estate$2,699,782 $2,659,135 
Commercial and industrial1,410,517 1,436,183 
Commercial construction347,375 350,583 
Business banking1,307,155 1,360,765 
Consumer real estate1,782,973 1,731,778 
Other consumer108,232 114,897 
Total Portfolio Loans$7,656,034 $7,653,341 
Loans held for sale— 153 
Total Loans(1)
$7,656,034 $7,653,494 
(1) Excludes interest receivable of $36.1 million at March 31, 2024 and $35.3 million at December 31, 2023. Interest receivable is included in other assets in the Consolidated Balance Sheets.
Modifications to Borrowers Experiencing Financial Difficulty
The following tables present the amortized cost of loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the periods presented:
Three Months Ended March 31, 2024
(dollars in thousands)Term ExtensionTerm Extension and Interest Rate ReductionTotal% of Portfolio Segment
Commercial real estate$833 $— $833 0.03 %
Total
$833 $— $833 0.01 %
Three Months Ended March 31, 2023
(dollars in thousands)Term ExtensionTerm Extension and Interest Rate ReductionTotal% of Portfolio Segment
Commercial real estate$15,849 $— $15,849 0.63 %
Commercial and industrial594 — 594 0.04 %
Consumer real estate63 196 259 0.02 %
Total
$16,506 $196 $16,702 0.23 %
The following tables describe the effect of loan modifications made to borrowers experiencing financial difficulty during the periods presented:
Three Months Ended March 31, 2024
Weighted-Average Term Extension (in months)Weighted-Average Interest Rate Reduction
Commercial real estate6—
Three Months Ended March 31, 2023
Weighted-Average Term Extension (in months)Weighted-Average Interest Rate Reduction
Commercial real estate6—
Commercial and industrial72—
Consumer real estate1682%
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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 tables present the aging analysis of modifications to borrowers experiencing financial difficulty in the last 12 months as of the date presented:
March 31, 2024
(dollars in thousands)Current30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotal
Commercial real estate$8,579 $— $— $— $8,579 
Commercial and industrial— 2,105 7,998 — 10,103 
Business banking115 — — — 115 
Total$8,694 $2,105 $7,998 $— $18,797 
March 31, 2023
(dollars in thousands)Current30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotal
Commercial real estate$15,849 $— $— $— $15,849 
Commercial and industrial594 — — — 594 
Consumer real estate259 — — — 259 
Total$16,702 $— $— $— $16,702 
A payment default is defined as a loan having a payment past due 90 days or more. There were no payment defaults during the three months ended March 31, 2024 and March 31, 2023 related to loans that were modified within the 12 months prior to default. Additionally, we had three commitments to lend an additional $0.5 million to borrowers experiencing financial difficulty that had a modification during the three months ended March 31, 2024 and three commitments to lend an additional $1.6 million to borrowers experiencing financial difficulty that had a modification during 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.

The following table is a summary of nonperforming assets as of the dates presented:
Nonperforming Assets
(dollars in thousands)March 31, 2024December 31, 2023
Nonperforming Assets
Nonaccrual Loans$33,209 $22,947 
OREO140 75 
Total Nonperforming Assets$33,349 $23,022 
Allowance for Credit Losses
We maintain an Allowance for Credit Losses, or 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) CRE, 2) 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.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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.
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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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
Risk Rating
(dollars in thousands)202420232022202120202019 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Pass$25,970 $281,115 $349,797 $458,810 $226,569 $1,144,226 $34,138 $— $2,520,625 
Special mention— — 1,429 5,984 — 95,502 — — 102,915 
Substandard— — — — 2,330 73,912 — — 76,242 
Doubtful— — — — — — — — — 
Total Commercial Real Estate25,970 281,115 351,226 464,794 228,899 1,313,640 34,138 — 2,699,782 
Year-to-date Gross Charge-offs— — — — — 5,205 — — 5,205 
Commercial and Industrial
Pass13,824 173,323 226,390 165,616 50,753 212,441 482,770 — 1,325,117 
Special mention— 1,375 949 9,849 — 9,831 15,485 — 37,489 
Substandard— — 224 13,404 1,500 6,099 26,684 — 47,911 
Doubtful— — — — — — — — — 
Total Commercial and Industrial13,824 174,698 227,563 188,869 52,253 228,371 524,939 — 1,410,517 
Year-to-date Gross Charge-offs— — — 537 — 91 500 — 1,128 
Commercial Construction
Pass13,086 90,954 141,982 65,353 14,758 4,048 12,234 — 342,415 
Special mention— — — — — — — — — 
Substandard— — — — — 4,960 — — 4,960 
Doubtful— — — — — — — — — 
Total Commercial Construction13,086 90,954 141,982 65,353 14,758 9,008 12,234 — 347,375 
Year-to-date Gross Charge-offs— — — — — — — — — 
Business Banking
Pass32,910 252,607 241,227 186,203 84,354 392,973 94,920 508 1,285,702 
Special mention— 1,689 54 1,344 222 3,311 44 165 6,829 
Substandard— — 78 2,492 495 10,848 104 607 14,624 
Doubtful— — — — — — — — — 
Total Business Banking32,910 254,296 241,359 190,039 85,071 407,132 95,068 1,280 1,307,155 
Year-to-date Gross Charge-offs— — — — — 98 — — 98 
Consumer Real Estate
Pass46,543 327,577 336,058 144,925 101,267 245,620 548,769 23,048 1,773,807 
Special mention— — — — — 109 — — 109 
Substandard— — 582 196 41 5,054 713 2,471 9,057 
Doubtful— — — — — — — — — 
Total Consumer Real Estate46,543 327,577 336,640 145,121 101,308 250,783 549,482 25,519 1,782,973 
Year-to-date Gross Charge-offs— — — — 9 14 — 116 139 
Other Consumer
Pass3,026 9,488 10,789 5,528 3,259 1,101 71,612 3,210 108,013 
Special mention— — — — — — — — — 
Substandard— — — 30 12 163 — 14 219 
Doubtful— — — — — — — — — 
Total Other Consumer3,026 9,488 10,789 5,558 3,271 1,264 71,612 3,224 108,232 
Year-to-date Gross Charge-offs191 9 27 38 8 9 — 87 369 
Pass135,359 1,135,064 1,306,243 1,026,435 480,960 2,000,409 1,244,443 26,766 7,355,679 
Special mention— 3,064 2,432 17,177 222 108,753 15,529 165 147,342 
Substandard— — 884 16,122 4,378 101,036 27,501 3,092 153,013 
Doubtful— — — — — — — — — 
Total Loan Balance$135,359 $1,138,128 $1,309,559 $1,059,734 $485,560 $2,210,198 $1,287,473 $30,023 $7,656,034 
Year-to-date Gross Charge-offs$191 $9 $27 $575 $17 $5,417 $500 $203 $6,939 

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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2023
Risk Rating
(dollars in thousands)202320222021202020192018 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Pass$276,677 $323,463 $433,308 $237,901 $383,799 $781,465 $32,418 $— $2,469,031 
Special mention— 1,006 6,000 — 24,887 75,428 — — 107,321 
Substandard— — — 2,355 10,685 69,743 — — 82,783 
Doubtful— — — — — — — — — 
Total Commercial Real Estate276,677 324,469 439,308 240,256 419,371 926,636 32,418 — 2,659,135 
Year-to-date Gross Charge-offs— — — — — 1,706 — — 1,706 
Commercial and Industrial
Pass171,672 231,114 185,884 53,101 47,063 183,165 482,490 — 1,354,489 
Special mention189 620 10,242 — — 8,848 4,126 — 24,025 
Substandard— 244 14,510 1,595 5,795 1,892 33,633 — 57,669 
Doubtful— — — — — — — — — 
Total Commercial and Industrial171,861 231,978 210,636 54,696 52,858 193,905 520,249 — 1,436,183 
Year-to-date Gross Charge-offs— — — — 3,412 15,842 — — 19,254 
Commercial Construction
Pass75,596 154,456 82,313 14,845 151 4,054 14,208 — 345,623 
Special mention— — — — — — — — — 
Substandard— — — — 4,576 384 — — 4,960 
Doubtful— — — — — — — — — 
Total Commercial Construction75,596 154,456 82,313 14,845 4,727 4,438 14,208 — 350,583 
Year-to-date Gross Charge-offs— — — — 451 — — — 451 
Business Banking
Pass270,129 262,535 204,874 87,346 96,371 321,360 96,618 523 1,339,756 
Special mention— 55 251 224 33 3,508 37 172 4,280 
Substandard— 16 2,486 448 3,170 9,898 99 612 16,729 
Doubtful— — — — — — — — — 
Total Business Banking270,129 262,606 207,611 88,018 99,574 334,766 96,754 1,307 1,360,765 
Year-to-date Gross Charge-offs— 67 43 1 88 1,073 34 — 1,306 
Consumer Real Estate
Pass311,887 334,879 147,652 101,999 67,402 183,283 551,368 22,206 1,720,676 
Special mention— — — — — 189 — — 189 
Substandard— 583 198 42 488 6,322 712 2,568 10,913 
Doubtful— — — — — — — — — 
Total Consumer Real Estate311,887 335,462 147,850 102,041 67,890 189,794 552,080 24,774 1,731,778 
Year-to-date Gross Charge-offs— 1 — 5 1 43 75 296 421 
Other Consumer
Pass11,286 11,965 6,483 3,842 1,062 526 76,426 3,109 114,699 
Special mention— — — — — — — — — 
Substandard— — 24 5 20 146 — 3 198 
Doubtful— — — — — — — — — 
Total Other Consumer11,286 11,965 6,507 3,847 1,082 672 76,426 3,112 114,897 
Year-to-date Gross Charge-offs830 146 175 19 37 5 — 288 1,500 
Pass1,117,247 1,318,412 1,060,514 499,034 595,848 1,473,853 1,253,528 25,838 7,344,274 
Special Mention189 1,681 16,493 224 24,920 87,973 4,163 172 135,815 
Substandard— 843 17,218 4,445 24,734 88,385 34,444 3,183 173,252 
Doubtful— — — — — — — — — 
Total Loan Balance$1,117,436 $1,320,936 $1,094,225 $503,703 $645,502 $1,650,211 $1,292,135 $29,193 $7,653,341 
Year-to-date Gross Charge-offs$830 $214 $218 $25 $3,989 $18,669 $109 $584 $24,638 
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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:
March 31, 2024
(dollars in thousands)202420232022202120202019 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Accrual$25,970 $281,115 $351,226 $464,794 $228,899 $1,296,487 $34,138 $— $2,682,629 
Nonaccrual— — — — — 17,153 — — 17,153 
Total Commercial Real Estate25,970 281,115 351,226 464,794 228,899 1,313,640 34,138 — 2,699,782 
Commercial and Industrial
Accrual13,824 174,698 227,563 188,869 52,253 227,989 524,709 — 1,409,905 
Nonaccrual— — — — — 382 230 — 612 
Total Commercial and Industrial13,824 174,698 227,563 188,869 52,253 228,371 524,939 — 1,410,517 
Commercial Construction
Accrual13,086 90,954 141,982 65,353 14,758 4,048 12,234 — 342,415 
Nonaccrual— — — — — 4,960 — — 4,960 
Total Commercial Construction13,086 90,954 141,982 65,353 14,758 9,008 12,234 — 347,375 
Business Banking
Accrual32,910 254,296 241,359 190,039 84,986 403,333 95,068 1,257 1,303,248 
Nonaccrual— — — — 85 3,799 — 23 3,907 
Total Business Banking32,910 254,296 241,359 190,039 85,071 407,132 95,068 1,280 1,307,155 
Consumer Real Estate
Accrual46,543 327,577 336,103 145,084 100,671 247,704 549,221 23,699 1,776,602 
Nonaccrual— — 537 37 637 3,079 261 1,820 6,371 
Total Consumer Real Estate46,543 327,577 336,640 145,121 101,308 250,783 549,482 25,519 1,782,973 
Other Consumer
Accrual3,026 9,488 10,789 5,552 3,202 1,133 71,612 3,224 108,026 
Nonaccrual— — — 6 69 131 — — 206 
Total Other Consumer3,026 9,488 10,789 5,558 3,271 1,264 71,612 3,224 108,232 
Accrual135,359 1,138,128 1,309,022 1,059,691 484,769 2,180,694 1,286,982 28,180 7,622,825 
Nonaccrual— — 537 43 791 29,504 491 1,843 33,209 
Total Loan Balance$135,359 $1,138,128 $1,309,559 $1,059,734 $485,560 $2,210,198 $1,287,473 $30,023 $7,656,034 

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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2023
(dollars in thousands)202320222021202020192018 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Accrual$276,677 $324,469 $439,308 $240,256 $419,371 $920,316 $32,418 $— $2,652,815 
Nonaccrual— — — — — 6,320 — — 6,320 
Total Commercial Real Estate276,677 324,469 439,308 240,256 419,371 926,636 32,418 — 2,659,135 
Commercial and Industrial
Accrual171,861 231,978 210,636 54,696 52,858 193,257 520,019 — 1,435,305 
Nonaccrual— — — — — 648 230 — 878 
Total Commercial and Industrial171,861 231,978 210,636 54,696 52,858 193,905 520,249 — 1,436,183 
Commercial Construction
Accrual75,596 154,456 82,313 14,845 151 4,054 14,208 — 345,623 
Nonaccrual— — — — 4,576 384 — — 4,960 
Total Commercial Construction75,596 154,456 82,313 14,845 4,727 4,438 14,208 — 350,583 
Business Banking
Accrual270,129 262,606 207,611 87,979 99,354 330,902 96,754 1,283 1,356,618 
Nonaccrual— — — 39 220 3,864 — 24 4,147 
Total Business Banking270,129 262,606 207,611 88,018 99,574 334,766 96,754 1,307 1,360,765 
Consumer Real Estate
Accrual311,887 335,086 147,689 101,518 67,577 186,909 551,858 22,942 1,725,466 
Nonaccrual— 376 161 523 313 2,885 222 1,832 6,312 
Total Consumer Real Estate311,887 335,462 147,850 102,041 67,890 189,794 552,080 24,774 1,731,778 
Other Consumer
Accrual11,286 11,965 6,499 3,656 1,082 541 76,426 3,112 114,567 
Nonaccrual— — 8 191 — 131 — — 330 
Total Other Consumer11,286 11,965 6,507 3,847 1,082 672 76,426 3,112 114,897 
Accrual1,117,436 1,320,560 1,094,056 502,950 640,393 1,635,979 1,291,683 27,337 7,630,394 
Nonaccrual— 376 169 753 5,109 14,232 452 1,856 22,947 
Total Loan Balance$1,117,436 $1,320,936 $1,094,225 $503,703 $645,502 $1,650,211 $1,292,135 $29,193 $7,653,341 
The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented:
March 31, 2024
(dollars in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		NonaccrualTotal Past
Due Loans		Total Loans
Commercial real estate$2,682,629 $— $— $17,153 $17,153 $2,699,782 
Commercial and industrial1,399,799 2,109 7,997 612 10,718 1,410,517 
Commercial construction342,415 — — 4,960 4,960 347,375 
Business banking1,297,451 5,487 310 3,907 9,704 1,307,155 
Consumer real estate1,769,518 6,204 880 6,371 13,455 1,782,973 
Other consumer107,615 219 192 206 617 108,232 
Total$7,599,427 $14,019 $9,379 $33,209 $56,607 $7,656,034 

December 31, 2023
(dollars in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		NonaccrualTotal Past
Due Loans		Total Loans
Commercial real estate$2,649,412 $— $3,403 $6,320 $9,723 $2,659,135 
Commercial and industrial1,435,301 4 — 878 882 1,436,183 
Commercial construction345,623 — — 4,960 4,960 350,583 
Business banking1,351,048 3,525 2,045 4,147 9,717 1,360,765 
Consumer real estate1,719,751 3,352 2,363 6,312 12,027 1,731,778 
Other consumer114,138 366 63 330 759 114,897 
Total$7,615,273 $7,247 $7,874 $22,947 $38,068 $7,653,341 
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables present loans on nonaccrual status by class of loan for the year-to-date periods presented:
March 31, 2024
(dollars in thousands)Beginning of Period NonaccrualEnd of Period NonaccrualNonaccrual With No Related Allowance
Interest Income
Recognized
on Nonaccrual(1)
Commercial real estate$6,320 $17,153 $16,783 $61 
Commercial and industrial878 612 — — 
Commercial construction4,960 4,960 4,576 — 
Business banking4,147 3,907 — 44 
Consumer real estate6,312 6,371 — 83 
Other consumer330 206 — — 
Total$22,947 $33,209 $21,359 $188 
(1) Represents only cash payments received and applied to interest on nonaccrual loans.

December 31, 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 $6,320 $5,940 $46 
Commercial and industrial283 878 — 38 
Commercial construction384 4,960 4,576 — 
Business banking4,490 4,147 — 209 
Consumer real estate6,526 6,312 — 308 
Other consumer269 330 — 2 
Total$19,052 $22,947 $10,516 $603 
(1) Represents only cash payments received and applied to interest on nonaccrual loans.
The following tables present collateral-dependent loans as of the dates presented:
March 31, 2024
Type of Collateral
(dollars in thousands)Real EstateBusiness
Assets		Other
Commercial real estate$16,783$—$—
Commercial and industrial———
Commercial construction4,576——
Business banking———
Consumer real estate———
Total$21,359$—$—
December 31, 2023
Type of Collateral
(dollars in thousands)Real EstateBusiness
Assets		Other
Commercial real estate$5,940$—$—
Commercial and industrial———
Commercial construction4,576——
Business banking———
Consumer real estate———
Total$10,516$—$—
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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 March 31, 2024
(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$37,886 $34,538 $5,382 $12,858 $14,663 $2,639 $107,966 
Provision for credit losses on loans(1)
2,838 680 (233)(995)859 276 3,425 
Charge-offs(5,205)(1,128)— (98)(139)(369)(6,939)
Recoveries93 117 — 33 27 80 350 
Net Charge-offs(5,112)(1,011)— (65)(112)(289)(6,589)
Balance at End of Period$35,612 $34,207 $5,149 $11,798 $15,410 $2,626 $104,802 
(1) Excludes the provision for credits losses for unfunded commitments.
Three Months Ended March 31, 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)
(1,011)(476)412 1,497 488 180 1,090 
Charge-offs— (3,412)— (652)(77)(318)(4,459)
Recoveries9 9,400 2 37 61 65 9,574 
Net Recoveries/(Charge-offs)9 5,988 2 (615)(16)(253)5,115 
Balance at End of Period$40,426 $31,297 $6,893 $13,680 $12,855 $2,962 $108,113 
(1) Excludes the provision for credits losses for unfunded commitments.
NOTE 6. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivatives Designated as Hedging Instruments
The following table indicates the amounts representing the value of derivative assets and derivative liabilities as of the dates presented:
Derivative Assets
(Included in Other Assets)		Derivative Liabilities
(Included in Other Liabilities)
March 31, 2024December 31, 2023March 31, 2024December 31, 2023
(dollars in thousands)Notional
 Amount		Fair
Value		Notional
 Amount		Fair
Value		Notional
 Amount		Fair
 Value		Notional
 Amount		Fair
 Value
Derivatives Designated as Hedging Instruments
Interest rate swap contracts - cash flow hedge$— $— $— $— $500,000 $18,404 $500,000 $14,739 
Derivatives Not Designated as Hedging Instruments
Interest rate swap contracts - commercial loans871,064 72,093 892,712 63,018 871,064 72,578 892,712 63,554 
Total Derivatives$871,064 $72,093 $892,712 $63,018 $1,371,064 $90,982 $1,392,712 $78,293 
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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)March 31, 2024December 31, 2023March 31, 2024December 31, 2023
Gross amounts recognized$72,093 $63,018 $90,982 $78,293 
Gross amounts offset— — — — 
Net amounts presented in the Consolidated Balance Sheets72,093 63,018 90,982 78,293 
Netting adjustments(1)
(12,220)(10,424)(12,220)(10,424)
Cash collateral(2)
(58,587)(50,920)(6,770)(5,356)
Net Amount$1,286 $1,674 $71,992 $62,513 
(1) Netting adjustments represent the amounts recorded to convert derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance.
(2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.
The following table presents the effect, net of tax, of the cash flow hedges on Other Comprehensive Income, or OCI and on the Condensed Consolidated Statements of Comprehensive Income for the three month periods presented:
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss)Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Interest Income
(dollars in thousands)March 31, 2024March 31, 2023March 31, 2024March 31, 2023
Derivatives in Cash Flow Hedging Relationships:
Interest rate swap contracts - cash flow hedge$(2,838)$4,782 $(2,738)$(1,849)
Total$(2,838)$4,782 $(2,738)$(1,849)
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 $11.7 million will be reclassified as a decrease to interest income. Our current interest rate swap agreements have 3-5 year terms with maturity dates extending into 2027.
The following table indicates the gain (loss) recognized in income on derivatives not designated as hedging instruments for the periods presented:
Three months ended March 31,
(dollars in thousands)20242023
Derivatives not Designated as Hedging Instruments
Interest rate swap contracts—commercial loans$34 $— 
Interest rate lock commitments—mortgage loans— 1 
Forward sale contracts—mortgage loans— (2)
Total Derivatives Gain (Loss)$34 $(1)
NOTE 7. TAX CREDIT EQUITY INVESTMENTS
As part of our responsibilities under the Community Reinvestment Act and due to their favorable federal income tax benefits, we invest in LIHTC and HTC partnerships. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. Effective January 1, 2024, we adopted ASU 2023-02 and elected to apply the PAM to both LIHTC and HTC equity investments. The adoption of this ASU resulted in a $1.0 million cumulative effect adjustment, which decreased retained earnings and other assets. Tax credit equity investment balances of $44.4 million were included in other assets in the Consolidated Balance Sheets at March 31, 2024. Unfunded commitments of $7.2 million were included in other liabilities in the Consolidated Balance Sheets at March 31, 2024.
For the three months ended March 31, 2024, amortization expense of $0.8 million, tax credits of $0.8 million and other tax benefits of $0.1 million were recognized in income tax expense in the Condensed Consolidated Statements of Comprehensive Income. No impairment losses were recognized for the three months ended March 31, 2024.
Prior to the adoption of ASU 2023-02, we used the cost method to account for our investments in tax credit equity investments. For the three months ended March 31, 2023, amortization expense of $0.5 million was included in other expense
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
and LIH tax credits of $0.5 million was recognized as a reduction to income tax expense on our Consolidated Statements of Comprehensive Income. Other tax benefits of $3.1 million were included in deferred tax assets on our Consolidated Balance Sheets at March 31, 2023.
NOTE 8. 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)March 31, 2024December 31, 2023
Commitments to extend credit$2,477,920 $2,566,154 
Standby letters of credit64,847 61,889 
Total$2,542,767 $2,628,043 
Allowance for Credit Losses on Unfunded Loan Commitments
We maintain an ACL 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 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. The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets.
The following table presents activity in the ACL on unfunded loan commitments for the periods presented:
Three months ended March 31,
(dollars in thousands)20242023
Balance at beginning of period$6,848 $8,196 
Provision for credit losses(799)(168)
Total$6,049 $8,028 
Litigation
In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that the outcome of such proceedings or claims pending will not have a material adverse effect on our consolidated financial position or results of operations.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 9. OTHER COMPREHENISVE INCOME (LOSS)
The following tables present the change in components of other comprehensive (loss) income for the periods presented, net of tax effects.
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
(dollars in thousands)Pre-Tax
Amount		Tax
Benefit
(Expense)		Net of Tax
Amount		Pre-Tax
Amount		Tax
Benefit
(Expense)		Net of Tax
Amount
Change in net unrealized gains (losses) on available-for-sale debt securities$(5,783)$1,455 $(4,328)$14,060 $(3,001)$11,059 
Change in interest rate swap(3,665)827 (2,838)6,080 (1,298)4,782 
Adjustment to funded status of employee benefit plans410 (40)370 (475)101 (374)
Other Comprehensive (Loss) Income$(9,038)$2,242 $(6,796)$19,665 $(4,198)$15,467 
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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 months ended March 31, 2024 and 2023. 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; any remaining uncertainties with the transition from LIBOR as a reference rate; regulatory supervision and oversight, including changes in regulatory capital requirements and our ability to address those requirements; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; changes in accounting policies, practices or guidance; legislation affecting the financial services industry as a whole, and S&T, in particular; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; the outcome of pending and future litigation and governmental proceedings; increasing price and product/service competition; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; managing our internal growth and acquisitions; the possibility that the anticipated benefits from acquisitions cannot be fully realized in a timely manner or at all, or that integrating the acquired operations will be more difficult, disruptive or costly than anticipated; containing costs and expenses; reliance on significant customer relationships; an interruption or cessation of an important service by a third-party provider; our ability to attract and retain talented executives and employees; general economic or business conditions, including the strength of regional economic conditions in our market area; ESG practices and disclosures, including climate change, hiring practices, the diversity of the work force, and racial and social justice issues; deterioration of the housing market and reduced demand for mortgages; deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge to net income; the stability of our core deposit base and access to contingency funding; re-emergence of turbulence in significant portions of the global financial and real estate markets that could impact our performance, both directly, by affecting our revenues and the value of our assets and liabilities, and indirectly, by affecting the economy generally and access to capital in the amounts, at the times and on the terms required to support our future businesses and geopolitical tensions and conflicts between nations.
Many of these factors, as well as other factors, are described elsewhere in this report, and in our 2023 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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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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 March 31, 2024 remained unchanged from the disclosures presented in our 2023 Form 10-K under Part II, Item 7 - “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Explanation of Use of Non-GAAP Financial Measures
In addition to traditional financial measures presented in accordance with GAAP, our management uses, and this 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.
The following table reconciles interest and dividend income and net interest income per the Condensed Consolidated Statements of Comprehensive Income to interest income, net interest income and net interest margin on an FTE basis (non-GAAP) for the periods presented:
Three Months Ended March 31,
(dollars in thousands)20242023
Interest and dividend income
$127,754 $110,903 
Plus: taxable equivalent adjustment692 555 
Interest Income on an FTE Basis (Non-GAAP)$128,446 $111,458 
Interest and dividend income
$127,754 $110,903 
Less: Interest expense44,277 22,112 
Net Interest Income
83,477 88,791 
Plus: taxable equivalent adjustment692 555 
Net Interest Income on an FTE Basis (Non-GAAP)$84,169 $89,346 
Net interest margin3.81 %4.29 %
Plus: taxable equivalent adjustment0.03 %0.03 %
Net Interest Margin on an FTE Basis (Non-GAAP)3.84 %4.32 %
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S&T BANCORP, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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 to net income before amortization of intangibles and average shareholder's equity to average tangible shareholders' equity for the periods presented:
Three Months Ended March 31,
(dollars in thousands)20242023
Net income (annualized)$125,643 $161,407 
Plus: amortization of intangibles (annualized), net of tax944 1,085 
Net income before amortization of intangibles (annualized)$126,587 $162,492 
Average shareholders' equity$1,290,514 $1,206,358 
Less: average goodwill and other intangible assets, net of deferred tax liability(376,518)(377,576)
Average tangible shareholders' equity
$913,996 $828,782 
Return on Average Tangible Shareholders' Equity (non-GAAP)13.85 %19.61 %
Executive Overview
We are a bank holding company that is headquartered in Indiana, Pennsylvania with assets of $9.5 billion at March 31, 2024. 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 2024 and beyond will be focused on our deposit franchise, core profitability, asset quality and talent and engagement.
Earnings Summary
The following table presents a summary of key profitability metrics for the periods presented:
Three Months Ended March 31,
(dollars in thousands)20242023
Net income$31,239 $39,799 
Earnings per share - diluted$0.81 $1.02 
Return on average assets1.32 %1.77 %
Return on average shareholders' equity9.74 %13.38 %
Return on average tangible shareholders' equity (non-GAAP)(1)
13.85 %19.61 %
(1) Reconciled to GAAP in the "Explanation of Use of Non-GAAP Financial Measures" section of this MD&A.
We recognized net income of $31.2 million, or $0.81 per diluted share, for the three months ended March 31, 2024, compared to net income of $39.8 million, or $1.02 per diluted share, for the same period in 2023. Net income decreased by $8.6 million for the three months ended March 31, 2024, compared to the same period in 2023. The decrease in net income was primarily due to a decrease in net interest income of $5.3 million, an increase in provision for credit losses of $1.7 million and an increase in noninterest expense of $2.8 million, which was offset by a decrease in income tax expense of $1.7 million.
Net interest income decreased $5.3 million for the three months ended March 31, 2024, compared to the same period in 2023. The net interest margin, or NIM, on an FTE basis (non-GAAP) decreased 48 basis points to 3.84% for the three months ended March 31, 2024, compared to 4.32% for the same period in 2023. The decrease in net interest income and NIM on an FTE basis (non-GAAP) were primarily due to higher cost of funds in the current period compared to the same period in 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.
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The provision for credit losses increased $1.7 million to $2.6 million for the three months ended March 31, 2024, compared to $0.9 million for the same period in 2023. The increase in the provision for credit losses is primarily due to an increase in net loan charge-offs, which was partially offset by reductions in our specific reserve for loans individually evaluated and our qualitative reserve.
Noninterest income decreased by $0.4 million to $12.8 million for the three months ended March 31, 2024, compared to the same period in 2023. The decrease in noninterest income was primarily attributed to a decrease in service charges on deposit accounts of $0.2 million for the three months ended March 31, 2024 resulting from decreases in returned check fees and the elimination of non-sufficient funds, or NSF fees, compared to the same period in 2023. Noninterest expense increased $2.8 million to $54.5 million for the three months ended March 31, 2024, compared to the same period in 2023. The increase in noninterest expense can be attributed to increases in salaries and employee benefits of $1.9 million for the three months ended March 31, 2024 due to annual merit increases, inflationary wage pressure and the acquisition of new talent. The increase to noninterest expense is further related to increases in data processing and information technology of $0.7 million due to additional services provided through our third party provider. Furniture, equipment and software also increased $0.6 million as a result of software and technology investments.
The provision for income taxes decreased $1.7 million to $7.9 million for the three months ended March 31, 2024, compared to $9.6 million for the same period in 2023, primarily due to a $10.2 million decrease in income before taxes in 2024
compared to 2023. Our effective tax rate was 20.2 percent for the three months ended March 31, 2024 compared to 19.4 percent for the three months ended March 31, 2023. The increase in our effective tax rate for the three month period ended March 31, 2024 was primarily due to the adoption of new accounting guidance on January 1, 2024.
RESULTS OF OPERATIONS
Three Months Ended March 31, 2024 Compared to
 Three Months Ended March 31, 2023
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.
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:
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Three months ended March 31, 2024Three months ended March 31, 2023
(dollars in thousands)Average BalanceInterestRateAverage BalanceInterestRate
ASSETS
Interest-bearing deposits with banks$144,637 $2,066 5.75 %$140,499 $1,482 4.22 %
Securities, at fair value(1)(2)
966,703 6,798 2.81 %1,000,609 6,269 2.51 %
Loans held for sale176 3 7.12 %126 2 6.39 %
Commercial real estate3,365,142 49,557 5.92 %3,132,382 42,104 5.45 %
Commercial and industrial1,626,633 29,768 7.36 %1,711,113 28,515 6.76 %
Commercial construction365,088 6,993 7.70 %388,795 6,932 7.23 %
Total Commercial Loans5,356,863 86,318 6.48 %5,232,290 77,551 6.01 %
Residential mortgage1,478,609 18,187 4.93 %1,144,821 12,613 4.43 %
Home equity648,265 11,269 6.99 %650,385 10,067 6.28 %
Installment and other consumer110,899 2,384 8.64 %122,873 2,364 7.80 %
Consumer construction69,676 970 5.60 %45,870 528 4.67 %
Total Consumer Loans2,307,449 32,810 5.71 %1,963,949 25,572 5.26 %
Total Portfolio Loans7,664,312 119,128 6.25 %7,196,239 103,123 5.81 %
Total Loans(1)(3)
7,664,488 119,131 6.25 %7,196,365 103,125 5.81 %
Total other earning assets25,335 451 7.12 %34,720 581 6.71 %
Total Interest-earning Assets8,801,163 $128,446 5.86 %8,372,193 $111,458 5.39 %
Noninterest-earning assets737,742 754,677 
Total Assets$9,538,905 $9,126,870 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing demand$829,095 $2,319 1.12 %$824,623 $673 0.33 %
Money market1,920,009 15,061 3.15 %1,670,988 7,748 1.88 %
Savings939,467 1,483 0.63 %1,090,137 806 0.30 %
Certificates of deposit1,639,059 17,798 4.37 %1,052,460 5,676 2.19 %
Total Interest-bearing Deposits5,327,630 36,661 2.77 %4,638,208 14,903 1.30 %
Short-term borrowings408,351 5,460 5.37 %451,668 5,487 4.93 %
Long-term borrowings39,221 442 4.53 %14,689 98 2.71 %
Junior subordinated debt securities49,364 1,010 8.23 %54,458 1,007 7.50 %
Total Borrowings496,936 6,912 5.59 %520,815 6,592 5.13 %
Other interest-bearing liabilities52,239 703 5.42 %54,669 617 4.58 %
Total Interest-bearing Liabilities5,876,805 44,276 3.03 %5,213,692 22,112 1.72 %
Noninterest-bearing liabilities2,371,586 2,706,820 
Shareholders' equity1,290,514 1,206,358 
Total Liabilities and Shareholders' Equity$9,538,905 $9,126,870 
Net Interest Income(1)(2)
$84,169 $89,346 
Net Interest Margin(1)(2)
3.84 %4.32 %
(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) decreased $5.2 million, or 5.8 percent, for the three months ended March 31, 2024, compared to the same period in 2023. The net interest margin, or NIM, on an FTE basis (non-GAAP) decreased 48 basis points for the three months ended March 31, 2024, compared to the same period in 2023. The decreases in net interest income and NIM on an FTE basis (non-GAAP) were primarily due to higher interest rates and a shift in our funding mix to higher cost money market and certificates of deposits.
Interest income on an FTE basis (non-GAAP) increased $17.0 million for the three months ended March 31, 2024, compared to the same period in 2023. The increased interest income on an FTE basis (non-GAAP) was primarily due to higher interest rates. Average loan balances increased $468.1 million for the three months ended March 31, 2024, compared to the same period in 2023. The average yield on loan balances increased 44 basis points for the three months ended March 31, 2024 compared to the same period in 2023, due to increased interest rates. Overall, the FTE rate (non-GAAP) on interest-earning assets increased 47 basis points for the three months ended March 31, 2024, compared to the same period in 2023.
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Interest expense increased $22.2 million for the three months ended March 31, 2024, compared to the same period in 2023. The increase in interest expense was primarily due to higher interest rates and a shift in our funding mix to higher cost products. Average interest-bearing deposits increased $689.4 million, of which $377.8 million was brokered deposits, for the three months ended March 31, 2024, compared to the same period in 2023. The average rate paid on interest-bearing deposits increased 147 basis points for the three months ended March 31, 2024, compared to the same period in 2023, due to higher interest rates. Certificates of deposits increased $586.6 million and the average rate paid on certificates of deposits increased 218 basis points. The increase to certificate of deposits was due to higher interest rates resulting in customers moving deposits to higher yield accounts and the addition of $199.8 million of brokered certificates of deposits. The average rate paid on borrowings increased 46 basis points for the three months ended March 31, 2024, compared to the same period in 2023, primarily due to increased interest rates. Overall, the cost of interest-bearing liabilities increased 131 basis points for the three months ended March 31, 2024, compared to the same period in 2023.
The following table sets forth a summary of the changes in interest earned and interest paid resulting from changes in volume and changes in rates for the periods presented:
Three Months Ended March 31, 2024 Compared to March 31, 2023
(dollars in thousands)
Volume (4)
Rate (4)
Total
Interest earned on:
Interest-bearing deposits with banks$44 $540 $584 
Securities, at fair value(1)(2)
(212)741 529 
Loans held for sale1 — 1 
Commercial real estate3,129 4,324 7,453 
Commercial and industrial(1,408)2,661 1,253 
Commercial construction(423)484 61 
Total Commercial Loans1,298 7,469 8,767 
Residential mortgage3,677 1,896 5,573 
Home equity(33)1,236 1,203 
Installment and other consumer(230)250 20 
Consumer construction274 167 441 
Total Consumer Loans3,688 3,549 7,237 
Total Portfolio Loans4,986 11,018 16,004 
Total Loans(1)(3)
4,987 11,018 16,005 
Total other earning assets(157)27 (130)
Change in Interest Earned on Interest-earning Assets$4,662 $12,326 $16,988 
Interest paid on:
Interest-bearing demand$4 $1,642 $1,646 
Money market1,153 6,159 7,310 
Savings(111)788 677 
Certificates of deposit3,164 8,959 12,123 
Total Interest-bearing Deposits4,210 17,548 21,756 
Short-term borrowings(526)500 (26)
Long-term borrowings164 179 343 
Junior subordinated debt securities(94)97 3 
Total Borrowings(456)776 320 
Other interest-bearing liabilities(27)113 86 
Change in Interest Paid on Interest-bearing Liabilities3,727 18,437 22,162 
Change in Net Interest Income$935 $(6,111)$(5,174)
(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.
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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 $1.7 million to $2.6 million for the three months ended March 31, 2024, compared to $0.9 million for the same period in 2023. The increase in the
provision for credit losses for the three months ended March 31, 2024, compared to the same period in 2023 was primarily due
to an increase in net loan charge-offs, which was partially offset by reductions in our specific reserve for loans individually
evaluated due to the resolution of a $6.0 million commercial relationship and in our healthcare segment specific reserve due to reduced exposure. The provision for credit losses included a reduction of $0.8 million for the reserve for unfunded commitments for the three months ended March 31, 2024, compared to a reduction of $0.2 million for the same period in 2023.
Net loan charge-offs for the three months ended March 31, 2024 were $6.6 million, or 0.35 percent of average loans, compared to net recoveries of $5.1 million, or 0.29 percent of average loans, for the same period in 2023. Net loan charge-offs for the three months ended March 31, 2024 were primarily related to two commercial real estate, or CRE, relationships totaling $5.3 million and a commercial and industrial, or C&I, relationship totaling $1.1 million. Offsetting loan charge-offs of $4.5 million during the three months ended March 31, 2023 was a $9.3 million recovery related to a 2020 customer fraud. Refer to the "Allowance for Credit Losses" section of this MD&A for further details.
Noninterest Income
Three Months Ended March 31,
(dollars in thousands)20242023$ Change% Change
Debit and credit card$4,235 $4,373 $(138)(3.2)%
Service charges on deposit accounts3,828 4,076 (248)(6.1)%
Wealth management3,042 2,948 94 3.2 %
Mortgage banking277 301 (24)(8.0)%
Other noninterest income1,448 1,492 (44)(2.9)%
Total Noninterest Income$12,830 $13,190 $(360)(2.7)%
Noninterest income decreased $0.4 million to $12.8 million for the three months ended March 31, 2024, compared to the same period in 2023. Service charges on deposit accounts decreased $0.2 million for the three months ended March 31, 2024 due to decreases in returned check fees and the elimination of NSF fees in April 2023. Debit and credit card income decreased $0.1 million due to decreased customer activity and merchant referral revenue.
Noninterest Expense
Three Months Ended March 31,
(dollars in thousands)20242023$ Change% Change
Salaries and employee benefits$29,512 $27,601 $1,911 6.9 %
Data processing and information technology4,954 4,258 696 16.3 %
Occupancy3,870 3,835 35 0.9 %
Furniture, equipment and software3,472 2,861 611 21.4 %
Professional services and legal1,720 1,821 (101)(5.5)%
Other taxes1,871 1,790 81 4.5 %
Marketing1,943 1,853 90 4.9 %
FDIC insurance1,049 1,012 37 3.7 %
Other6,129 6,668 (539)(8.1)%
Total Noninterest Expense$54,520 $51,699 $2,821 5.5 %
Noninterest expense increased $2.8 million to $54.5 million for the three months ended March 31, 2024 compared to the same period in 2023. Salaries and employee benefits increased $1.9 million for the three months ended March 31, 2024 due to annual merit increases, inflationary wage pressure and the acquisition of new talent. Data processing and information technology increased $0.7 million due to additional services provided through our third party provider. Furniture, equipment and software expenses increased $0.6 million as a result of software and technology investments, which further contributed to the overall increase in noninterest expense. Other noninterest expense decreased $0.5 million primarily due to the adoption of new accounting guidance on January 1, 2024. Amortization expense of $0.8 million related to tax credit equity investments is included in income tax expense for the three months ended March 31, 2024, compared to amortization expense of $0.5 million included in other noninterest expense for the same period in 2023.
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Provision for Income Taxes
The provision for income taxes decreased $1.7 million to $7.9 million for the three months ended March 31, 2024, compared to $9.6 million for the three months ended March 31, 2023. The decrease in our income tax provision was primarily due to a $10.2 million decrease in income before taxes in 2024 compared to 2023.
The effective tax rate, which is total tax expense as a percentage of income before taxes, increased to 20.2 percent for the three months ended March 31, 2024, compared to 19.4 percent in the same period in 2023. The increase in the effective tax rate for the three months ended March 31, 2024 was primarily due to the adoption of the proportional amortization method, or PAM, related to tax credit equity investments on January 1, 2024. Under the PAM, amortization expense related to tax credit equity investments is included in income tax expense for the three months ended March 31, 2024, compared to other noninterest expense for the same period in 2023.
Financial Condition as of March 31, 2024
Total assets were $9.5 billion at March 31, 2024, compared to $9.6 billion at December 31, 2023. Total portfolio loans remained unchanged at $7.7 billion at March 31, 2024, compared to December 31, 2023. The commercial loan portfolio decreased $38.1 million at March 31, 2024, compared to December 31, 2023, primarily due to a decrease of $45.0 million in C&I loans, offset by an increase of $10.1 million in CRE.
Securities remained unchanged at $1.0 billion at March 31, 2024 and December 31, 2023. The bond portfolio was in a net unrealized loss position of $87.8 million at March 31, 2024, compared to a net unrealized loss position of $82.0 million at December 31, 2023. The increase in the net unrealized loss portion of the bond portfolio of $5.8 million was due to a change in interest rates.
Our total deposits increased $78.6 million at March 31, 2024, compared to December 31, 2023. Customer deposits increased $77.8 million compared to December 31, 2023, as a result of our focus on deposit franchise. The pace of customers moving deposits to higher costing deposit types has moderated compared to the prior year
Total borrowings decreased $130.1 million to $373.5 million at March 31, 2024 compared to $503.6 million at December 31, 2023 primarily due to deposit growth.
Total shareholders’ equity increased by $11.6 million to $1.3 billion at March 31, 2024, compared to December 31, 2023. The increase was primarily due to net income of $31.2 million, offset by other comprehensive loss of $6.8 million and dividends of $12.7 million.
Securities Activity
(dollars in thousands)March 31, 2024December 31, 2023$ Change
U.S. Treasury securities$132,586 $133,786 $(1,200)
Obligations of U.S. government corporations and agencies32,593 32,513 80 
Collateralized mortgage obligations of U.S. government corporations and agencies467,198 460,939 6,259 
Residential mortgage-backed securities of U.S. government corporations and agencies36,662 38,177 (1,515)
Commercial mortgage-backed securities of U.S. government corporations and agencies275,749 273,425 2,324 
Obligations of states and political subdivisions25,005 30,468 (5,463)
Available-for-Sale Debt Securities969,793 969,308 485 
Equity securities935 1,083 (148)
Total Securities Available for Sale$970,728 $970,391 $337 
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 remained unchanged at $1.0 billion at March 31, 2024 compared to December 31, 2023.
At March 31, 2024, our bond portfolio was in a net unrealized loss position of $87.8 million compared to a net unrealized loss position of $82.0 million at December 31, 2023. At March 31, 2024, our bond portfolio had gross unrealized losses of $88.4 million and $0.6 million in gross unrealized gains, compared to December 31, 2023, when total gross unrealized losses were $83.8 million offset by gross unrealized gains of $1.8 million.
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Loan Composition
The following table summarizes our loan portfolio as of the dates presented:
March 31, 2024December 31, 2023
(dollars in thousands)Amount% of TotalAmount% of Total$ Change% Change
Commercial
Commercial real estate$3,367,722 44.0 %$3,357,603 43.9 %$10,119 0.3 %
Commercial and industrial1,597,119 20.9 %1,642,106 21.5 %(44,987)(2.7)%
Commercial construction360,086 4.7 %363,284 4.7 %(3,198)(0.9)%
Total Commercial Loans5,324,927 69.6 %5,362,993 70.1 %(38,066)(0.7)%
Consumer
Consumer real estate2,222,875 29.0 %2,175,451 28.4 %47,424 2.2 %
Other consumer108,232 1.4 %114,897 1.5 %(6,665)(5.8)%
Total Consumer Loans2,331,107 30.4 %2,290,348 29.9 %40,759 1.8 %
Total Portfolio Loans$7,656,034 100.0 %$7,653,341 100.0 %2,693 — %
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 remained unchanged at $7.7 billion at March 31, 2024 and December 31, 2023. As of March 31, 2024, 64 percent of our total loans were variable rate loans and 36 percent were fixed rate loans, compared to 65 percent variable rate and 35 percent fixed rate at December 31, 2023. Commercial loans, including CRE, C&I and commercial construction, comprised 69.6 percent of total portfolio loans at March 31, 2024 and 70.1 percent at December 31, 2023. The commercial loan portfolio decreased $38.1 million at March 31, 2024 compared to December 31, 2023, primarily due to a decrease of $45.0 million in C&I, offset by an increase of $10.1 million in CRE. Loan volume has slowed due to higher interest rates and an uncertain macro environment.
Our multifamily and office segments are the most significant CRE and commercial construction concentrations within our portfolio. Approximately 95 percent of multifamily and office CRE loans are located within our market area, which includes Pennsylvania and the contiguous states of Ohio, New York, West Virginia, New Jersey, Delaware and Maryland
In the CRE segment, multifamily represented $580.8 million, or 7.6 percent of total portfolio loans, at March 31, 2024, compared to $569.4 million, or 7.4 percent, at December 31, 2023. The average loan size of multifamily CRE is $1.0 million, with an average loan-to-value of 56 percent. There were no special mention loans and $6.9 million substandard in the multifamily CRE segment at March 31, 2024, compared to special mention loans of $3.8 million and substandard of $13.0 million at December 31, 2023.
Office CRE was $482.0 million, or 6.3 percent of total portfolio loans, at March 31, 2024, compared to $480.5 million, or 6.3 percent, at December 31, 2023. The average loan size within the office CRE portfolio is $1.1 million, with an average loan-to-value of approximately 55 percent. Special mention loans in the office CRE segment were $12.3 million and substandard were $2.1 million at March 31, 2024, compared to special mention loans of $9.1 million and substandard of $2.5 million at December 31, 2023. Approximately 90 percent of the office portfolio is located in non-central business districts, with the remaining 10 percent in central business districts within our market area.
In addition, within the commercial construction segment, multifamily represented $115.3 million, or 1.5 percent of total portfolio loans, at March 31, 2024, compared to $119.0 million, or 1.6 percent, at December 31, 2023. Commercial construction office was $29.5 million, or 0.4 percent of total portfolio loans, at December 31, 2024, compared to $36.0 million, or 0.5 percent, at December 31, 2023. There were no special mention or substandard commercial construction loans within our multifamily or office segments for the periods presented.
Consumer loans represent 30.4 percent of our total portfolio loans at March 31, 2024 and 29.9 percent at December 31, 2023. The consumer loan portfolio increased $40.8 million at March 31, 2024, primarily due to growth in our consumer real estate portfolio of $47.4 million compared to December 31, 2023. Consistent with 2023, 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
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the following portfolio segments: 1) CRE, 2) 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.
The following table presents activity in the ACL for the periods presented:
Three Months Ended March 31, 2024
(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$37,886 $34,538 $5,382 $12,858 $14,663 $2,639 $107,966 
Provision for credit losses on loans(1)
2,838 680 (233)(995)859 276 3,425 
Charge-offs(5,205)(1,128)— (98)(139)(369)(6,939)
Recoveries93 117 — 33 27 80 350 
Net Charge-offs(5,112)(1,011)— (65)(112)(289)(6,589)
Balance at End of Period$35,612 $34,207 $5,149 $11,798 $15,410 $2,626 $104,802 
(1) Excludes the provision for credit losses for unfunded commitments.
The following table presents key ACL ratios for the periods presented:
March 31, 2024December 31, 2023
Ratio of net charge-offs to average loans outstanding(1)
0.35 %0.18 %
Allowance for credit losses as a percentage of total portfolio loans1.37 %1.41 %
Allowance for credit losses to nonaccrual loans316 %471 %
(1) Year-to-date net charge-offs annualized
Net loan charge-offs were $6.6 million, or 0.35 percent of average loans, for the three months ended March 31, 2024. Refer to the "Provision for Credit Losses" section of this MD&A for further details.
The ACL was $104.8 million, or 1.37 percent of total portfolio loans, at March 31, 2024, compared to $108.0 million, or 1.41 percent of total portfolio loans, at December 31, 2023. The decrease in the ACL of $3.2 million was primarily related to decreased exposure in our healthcare portfolio.
Substandard loans decreased $20.3 million to $153.0 million at March 31, 2024, compared to $173.3 million at December 31, 2023. The decrease in substandard loans was primarily due to loan payoffs and commercial charge-offs of $6.6 million. Special mention loans increased $11.5 million to $147.3 million at March 31, 2024, compared to $135.8 million at December 31, 2023. The increase in special mention loans was primarily due to risk rating downgrades in our C&I portfolio.
Our allowance on unfunded 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 the Condensed Consolidated Statements of Comprehensive Income. The allowance for unfunded loan commitments decreased $0.8 million to $6.0 million at March 31, 2024, compared to $6.8 million at December 31, 2023. The decrease was due to decreased loss rates and a reduction in unused commitments in our construction portfolio. The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets.
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Nonperforming assets, or NPA's, consist of nonaccrual loans and OREO. The following represents NPA's as of the dates presented:
(dollars in thousands)March 31, 2024December 31, 2023$ Change
Nonaccrual Loans
Commercial real estate$18,082 $7,267 $10,815 
Commercial and industrial3,092 3,244 (152)
Commercial construction4,960 4,960 — 
Consumer real estate6,869 7,146 (277)
Other Consumer206 330 (124)
Total Nonaccrual Loans33,209 22,947 10,262 
OREO140 75 65 
Total Nonperforming Assets$33,349 $23,022 $10,327 
Asset Quality Ratios:
Nonaccrual loans as a percent of total portfolio loans0.43 %0.30 %
Nonperforming assets as a percent of total portfolio loans plus OREO0.44 %0.30 %
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 increased $10.3 million to $33.2 million at March 31, 2024, compared to $22.9 million at December 31, 2023. The increase in nonaccrual loans primarily related to the addition of a $16.4 million CRE loan, which was written down to the value of an asset sale agreement and a $3.2 million partial charge-off was processed. The sale is expected to take place later in 2024. Partially offsetting the increase in nonaccrual loans for the three months ended March 31, 2024, was the payoff of a $5.9 million CRE loan.
Deposits
Deposits are our primary source of funds. We have a well-diversified deposit base with a balance mix of 58.3 percent personal, 32.1 percent business, 4.6 percent public funds and 5.0 percent brokered at March 31, 2024.
March 31, 2024December 31, 2023
(dollars in thousands)Amount% of DepositsAmount% of Deposits$ Change% Change
Personal$4,429,093 58.3 %$4,244,387 56.4 %$184,706 4.4 %
Business2,443,009 32.1 %2,565,853 34.1 %(122,844)(4.8)%
Public funds351,806 4.6 %335,876 4.5 %15,930 4.7 %
Brokered376,439 5.0 %375,653 5.0 %786 0.2 %
Total Deposits$7,600,347 100.0 %$7,521,769 100.0 %$78,578 1.0 %
The following table presents the composition of deposits for the periods presented:
(dollars in thousands)March 31, 2024December 31, 2023$ Change
Customer Deposits
Noninterest-bearing demand$2,188,927 $2,221,942 $(33,015)
Interest-bearing demand848,729 825,787 22,942 
Money market1,781,718 1,741,189 40,529 
Savings936,056 950,546 (14,490)
Certificates of deposit1,468,478 1,406,652 61,826 
Total Customer Deposits7,223,908 7,146,116 77,792 
Brokered Deposits
Money market100,439 200,653 (100,214)
Certificates of deposit276,000 175,000 101,000 
Total Brokered Deposits376,439 375,653 786 
Total Deposits$7,600,347 $7,521,769 $78,578 
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Our total deposits increased $78.6 million at March 31, 2024, compared to December 31, 2023. Customer deposits increased $77.8 million compared to December 31, 2023, as a result of our focus on deposit franchise. While we are still seeing movement by customers to higher cost certificate of deposits, the rate of customers moving deposits to higher costing deposit types has moderated compared to the prior year.
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 $29.1 million to $306.8 million at March 31, 2024, compared to $277.7 million at December 31, 2023. We had total uninsured deposits of $2.3 billion, or 30 percent of our total deposit base, at both March 31, 2024 and December 31, 2023.
Borrowings
(dollars in thousands)March 31, 2024December 31, 2023$ Change
Short-term borrowings$285,000 $415,000 $(130,000)
Long-term borrowings39,156 39,277 (121)
Junior subordinated debt securities49,373 49,358 15 
Total Borrowings$373,529 $503,635 $(130,106)
Borrowings are an additional source of funding for us. Total borrowings decreased $130.1 million to $373.5 million at March 31, 2024, compared to $503.6 million at December 31, 2023, primarily due to deposit growth.
Information pertaining to short-term borrowings is summarized in the table below for the three months ended March 31, 2024 and the twelve months ended December 31, 2023.
Short-Term Borrowings
(dollars in thousands)March 31, 2024December 31, 2023
Balance at the period end$285,000 $415,000 
Average balance during the period$408,351 $500,421 
Average interest rate during the period5.37 %5.44 %
Maximum month-end balance during the period$465,000 $630,000 
Average interest rate at the period end5.11 %5.65 %
Information pertaining to long-term borrowings and junior subordinated debt securities is summarized in the tables below for the three months ended March 31, 2024 and the twelve months ended December 31, 2023.
Long-Term Borrowings
(dollars in thousands)March 31, 2024December 31, 2023
Balance at the period end$39,156 $39,277 
Average balance during the period$39,221 $31,706 
Average interest rate during the period4.53 %4.20 %
Maximum month-end balance during the period$39,237 $39,589 
Average interest rate at the period end4.47 %4.52 %
Junior Subordinated Debt Securities
(dollars in thousands)March 31, 2024December 31, 2023
Balance at the period end$49,373 $49,358 
Average balance during the period$49,364 $52,215 
Average interest rate during the period8.23 %7.87 %
Maximum month-end balance during the period$49,373 $54,483 
Average interest rate at the period end7.92 %7.98 %

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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 deposits and attract new deposits, mitigating any funding dependency on other more volatile funding sources. Refer to the "Financial Condition as of March 31, 2024 - 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 of Pittsburgh, or FHLB, federal funds lines with other financial institutions and the brokered deposit market. We also have availability at the Federal Reserve Discount Window through the Borrower-in-Custody Program.
In response to the bank failures in March 2023, the Federal Reserve authorized additional funding availability to eligible depository institutions through the Federal Reserve Bank Term Funding Program, or BTFP. The temporary program was 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 could be pledged, including U.S. Treasury securities, U.S. Agencies and U.S. Agency mortgage-backed securities. Collateral advances were equal to 100 percent of the par value of the collateral pledged with a term of up to one year. Interest was charged at a fixed rate equal to the one-year overnight index swap rate plus 10 basis points with no prepayment penalty. The BTFP ceased making new loans as scheduled on March 11, 2024.
Available borrowing capacity exceeds uninsured deposits of $2.3 billion. The following table summarizes funding sources available as of the dates presented:
March 31, 2024December 31, 2023
(dollars in thousands)Borrowing CapacityBalanceAvailableBorrowing CapacityBalanceAvailable
FHLB$3,323,321 $255,706 $3,067,615 $3,241,098 $552,136 $2,688,962 
Borrower-in-Custody Program775,278 — 775,278 769,653 — 769,653 
Federal Reserve BTFP(1)
200,000 200,000 — 636,963 — 636,963 
Total$4,298,599 $455,706 $3,842,893 $4,647,714 $552,136 $4,095,578 
(1) Lending program created by the Federal Reserve in March 2023, new loans under the program ended March 11, 2024.
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, funding commitments on tax credit equity investments 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 2023 Form 10-K for more information on these future cash outflows. Customer certificates of deposit increased $61.8 million to $1.5 billion at March 31, 2024, compared to December 31, 2023 and short-term borrowings decreased $130.0 million to $285.0 million at March 31, 2024, compared to December 31, 2023. Other than these changes, there have been no material changes to the contractual obligations previously disclosed in our 2023 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 March 31, 2024, S&T Bank had $711.0 million in highly liquid assets, which consisted primarily of $143.3 million in interest-bearing deposits with banks and $567.7 million in unpledged securities. This resulted in a highly liquid assets to total assets ratio of 7.5 percent at March 31, 2024.
We continue to maintain a strong capital position with our leverage ratio at 11.30 percent at March 31, 2024, compared to 11.21 percent at December 31, 2023, both in excess of the well-capitalized regulatory guideline of 5.00 percent. We continue to be well-capitalized with a risk-based Common Equity Tier 1 ratio of 13.59 percent at March 31, 2024, compared to 13.37 percent at December 31, 2023, both in excess of the well-capitalized regulatory guideline of 6.50 percent.
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following table summarizes capital amounts and ratios for S&T and S&T Bank as of the dates presented:
(dollars in thousands)Adequately
Capitalized		Well-
Capitalized		March 31, 2024December 31, 2023
AmountRatioAmountRatio
S&T Bancorp, Inc.
Tier 1 leverage4.00 %5.00 %$1,047,165 11.30 %$1,034,828 11.21 %
Common equity tier 1 to risk-weighted assets4.50 %6.50 %1,023,165 13.59 %1,010,828 13.37 %
Tier 1 capital to risk-weighted assets6.00 %8.00 %1,047,165 13.91 %1,034,828 13.69 %
Total capital to risk-weighted assets8.00 %10.00 %1,166,371 15.49 %1,154,376 15.27 %
S&T Bank
Tier 1 leverage4.00 %5.00 %$1,005,771 10.86 %$995,824 10.79 %
Common equity tier 1 to risk-weighted assets4.50 %6.50 %1,005,771 13.37 %995,824 13.18 %
Tier 1 capital to risk-weighted assets6.00 %8.00 %1,005,771 13.37 %995,824 13.18 %
Total capital to risk-weighted assets8.00 %10.00 %1,124,941 14.95 %1,115,315 14.76 %
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 March 31, 2024, 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.
March 31, 2024December 31, 2023
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
4007.0 6.5 (31.7)3.5 7.6 (31.4)
3004.8 4.4 (23.8)2.4 5.4 (23.5)
2002.6 2.3 (15.5)1.2 3.4 (15.2)
1000.8 0.9 (7.1)0.2 1.6 (7.3)
-100(4.2)(5.1)3.6 (3.5)(5.1)3.7 
-200(6.0)(7.4)4.3 (4.2)(6.7)3.8 
-300(9.0)(12.0)— (6.6)(11.2)(0.5)
-400(12.7)(17.2)(10.5)(9.3)(15.1)(13.7)
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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 more improvement in the percentage change in pretax net interest income in the rates up scenarios when comparing March 31, 2024 to December 31, 2023 primarily due to changes in our funding mix. The percentage change in pretax net interest income in the rates down scenario shows a decline when comparing March 31, 2024 to December 31, 2023 primarily due to changes in our funding mix. Our EVE analyses remain relatively unchanged in the rates up scenarios. The percentage change in our EVE show improvement in rates down scenarios when comparing March 31, 2024 to December 31, 2023. These changes are mainly the result of changes to our funding mix.
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 March 31, 2024. 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 March 31, 2024, 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.
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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 2023 Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 27, 2024.
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 first quarter of 2024:
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
$50,000,000 
01/01/2024-01/31/2024— $— — 50,000,000 
02/01/2024-02/29/2024— — — 50,000,000 
03/01/2024-03/31/2024— — — $50,000,000 
(1) On January 24, 2024, our Board of Directors authorized a new $50 million share repurchase plan. The new plan replaced the existing share repurchase plan effective immediately and is set to expire May 30, 2025. This repurchase authorization permits S&T to repurchase shares of S&T's common stock from time to time through a combination of open market and privately negotiated repurchases up to the authorized $50 million aggregate value of S&T's common stock. 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 the common stock, legal and contractual requirements and S&T’s financial performance. The repurchase plan does not obligate S&T to repurchase any particular number of shares. S&T expects to fund any repurchases from cash on hand and internally generated funds. Any share repurchases will not begin until permissible under applicable laws.
Item 3. Defaults Upon Senior Securities
None
Item 4. Mine Safety Disclosures
Not Applicable
Item 5. Other Information
(c) During the three months ended March 31, 2024, 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.
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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)
May 2, 2024/s/ Mark Kochvar
Mark Kochvar
Senior Executive Vice President and
Chief Financial Officer
(Principal Financial Officer and Duly Authorized Signatory)
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