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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, 2025
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 - 38,330,330 shares as of April 30, 2025


Table of Contents
S&T BANCORP, INC. AND SUBSIDIARIES
  Page No.



1
Table of Contents
S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2025December 31, 2024
(in thousands, except share and per share data)(Unaudited)(Audited)
ASSETS
Cash and due from banks, including interest-bearing deposits of $125,457 and $175,606 at March 31, 2025 and December 31, 2024
$211,836 $244,820 
Securities available for sale, at fair value1,011,111 987,591 
Portfolio loans, net of unearned income7,836,349 7,742,958 
Allowance for credit losses(99,010)(101,494)
Portfolio loans, net7,737,339 7,641,464 
Bank owned life insurance85,267 85,012 
Premises and equipment, net45,319 45,033 
Federal Home Loan Bank and other restricted stock, at cost13,445 15,231 
Goodwill373,424 373,424 
Other intangible assets, net2,813 3,055 
Other assets237,722 262,342 
Total Assets$9,718,276 $9,657,972 
LIABILITIES
Deposits:
Noninterest-bearing demand$2,164,491 $2,185,242 
Interest-bearing demand809,722 812,768 
Money market2,210,081 2,040,285 
Savings886,007 877,859 
Certificates of deposit1,822,632 1,866,963 
Total Deposits7,892,933 7,783,117 
Short-term borrowings95,000 150,000 
Long-term borrowings50,876 50,896 
Junior subordinated debt securities49,433 49,418 
Other liabilities212,000 244,247 
Total Liabilities8,300,242 8,277,678 
SHAREHOLDERS’ EQUITY
Common stock ($2.50 par value)
Authorized—50,000,000 shares
Issued—41,449,444 shares at March 31, 2025 and December 31, 2024
Outstanding—38,261,299 shares at March 31, 2025 and 38,259,449 shares at December 31, 2024
103,623 103,623 
Additional paid-in capital412,787 411,785 
Retained earnings1,059,367 1,039,035 
Accumulated other comprehensive loss(60,635)(76,992)
Treasury stock — 3,188,145 shares at March 31, 2025 and 3,189,995 shares at December 31, 2024, at cost
(97,108)(97,157)
Total Shareholders’ Equity1,418,034 1,380,294 
Total Liabilities and Shareholders’ Equity$9,718,276 $9,657,972 
See Notes to Condensed Consolidated Financial Statements
2
Table of Contents
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)20252024
INTEREST AND DIVIDEND INCOME
Loans, including fees$114,340 $118,577 
Investment Securities:
Taxable10,073 8,595 
Tax-exempt157 193 
Dividends278 389 
Total Interest and Dividend Income
124,848 127,754 
INTEREST EXPENSE
Deposits38,354 36,662 
Borrowings, junior subordinated debt securities and other3,171 7,615 
Total Interest Expense
41,525 44,277 
NET INTEREST INCOME
83,323 83,477 
Provision for credit losses(3,040)2,627 
Net Interest Income After Provision for Credit Losses
86,363 80,850 
NONINTEREST INCOME
Net (loss) gain on sale of securities
(2,295)3 
Debit and credit card4,188 4,235 
Service charges on deposit accounts3,962 3,828 
Wealth management3,084 3,042 
Other1,490 1,722 
Total Noninterest Income
10,429 12,830 
NONINTEREST EXPENSE
Salaries and employee benefits29,853 29,512 
Data processing and information technology4,930 4,954 
Occupancy4,302 3,870 
Furniture, equipment and software3,483 3,472 
Marketing1,615 1,943 
Other taxes1,494 1,871 
Professional services and legal1,286 1,720 
FDIC insurance1,040 1,049 
Other7,088 6,129 
Total Noninterest Expense
55,091 54,520 
Income Before Taxes
41,701 39,160 
Income tax expense8,300 7,921 
Net Income
$33,401 $31,239 
Earnings per share—basic$0.87 $0.82 
Earnings per share—diluted$0.87 $0.81 
Dividends declared per share$0.34 $0.33 
Comprehensive Income
$49,758 $24,443 
See Notes to Condensed Consolidated Financial Statements
3
Table of Contents
S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)

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 Condensed Consolidated Financial Statements
Three Months Ended March 31, 2025
(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, 2025$103,623 $411,785 $1,039,035 $(76,992)$(97,157)$1,380,294 
Net Income for the three months ended March 31, 2025— — 33,401 — — 33,401 
Other comprehensive income, net of tax— — — 16,357 — 16,357 
Cash dividends declared ($0.34 per share)
— — (13,069)— — (13,069)
Treasury stock issued for restricted stock awards (2,971 shares)
— (90)— — 90 — 
Forfeitures of restricted stock awards (1,121 shares)
— — — — (41)(41)
Recognition of restricted stock compensation expense— 1,092 — — — 1,092 
Balance at March 31, 2025$103,623 $412,787 $1,059,367 $(60,635)$(97,108)$1,418,034 
See Notes to Condensed 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)20252024
OPERATING ACTIVITIES
Net Cash Provided by Operating Activities
$28,692 $46,378 
INVESTING ACTIVITIES
Purchases of securities(85,052)(34,243)
Proceeds from maturities, prepayments and calls of securities29,665 27,018 
Proceeds from sales of securities47,038 74 
Redemption of Federal Home Loan Bank stock1,786 11,379 
Net increase in loans
(93,312)(18,004)
Proceeds from sale of portfolio loans— 8,923 
Purchases of premises and equipment, net of proceeds from sales
(1,726)(533)
Proceeds from life insurance settlement218 584 
Net payments from cash flow hedge(2,031)(3,536)
Net Cash Used in Investing Activities
(103,414)(8,338)
FINANCING ACTIVITIES
Net increase (decrease) in demand, money market and savings deposits
154,147 (84,247)
Net (decrease) increase in certificates of deposit
(44,331)162,831 
Net decrease in short-term borrowings
(55,000)(130,000)
Repayments on long-term borrowings(20)(121)
Repurchase of shares for taxes on restricted stock(41)(37)
Cash dividends paid to common shareholders(13,017)(12,616)
Net Cash Provided by (Used in) Financing Activities
41,738 (64,190)
Net decrease in cash and due from banks
(32,984)(26,150)
Cash and due from banks at beginning of period244,820 233,612 
Cash and Due From Banks at End of Period$211,836 $207,462 
Supplemental Disclosures
Right of use assets obtained in exchange for lease obligations$2,400 $— 
Cash paid for interest$44,058 $40,656 
Cash paid for income taxes, net of refunds$93 $140 
See Notes to Condensed 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 Condensed 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 Condensed 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, 2024, or 2024 Form 10-K, filed with the Securities and Exchange Commission, or SEC, on March 3, 2025. 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 consolidated financial statements.
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.
Segments

We have one operating segment, Community Banking, based upon our current reporting structure at the consolidated level. The chief operating decision maker, or CODM, uses consolidated net income when allocating resources and making operating decisions. The accounting policies used to measure the profit and loss of the Community Banking segment are the same as those described in the summary of significant accounting policies. The CODM does not review segment revenue or expense information at a lower level than what is included in our Consolidated Statements of Net Income. Expenses included within other expenses in the Condensed Consolidated Statements of Comprehensive Income include loan related expenses, travel and entertainment, telephone and contributions.
Recently Adopted Accounting Standards Updates, or ASU, or Updated
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. We adopted ASU 2023-09, as of January 1, 2025 with no impact to the consolidated financial statements. We will provide the required updated disclosures in our Form 10-K for the year ended December 31, 2025.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Recently Issued Accounting Standards Not Yet Adopted
Income Statement (Subtopic 220-40)—Reporting Comprehensive Income—Expense Disaggregation Disclosures
In November 2024, the FASB issued ASU 2024-03, Income Statement (Subtopic 220-40)—Reporting Comprehensive Income—Expense Disaggregation Disclosures to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. This ASU will not impact our consolidated financial statements and we are currently evaluating the impact of the new disclosure requirements.
NOTE 2. EARNINGS PER SHARE
Diluted earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted earnings per share. The treasury stock method was used to determine earnings per share for the three months ended March 31, 2025 and the two-class method was used to determine earnings per share for the three months ended March 31, 2024.
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)20252024
Numerator for Earnings per Share—Basic and Diluted:
Net income—Treasury Stock Method—Basic and Diluted
$33,401 $31,239 
Less: Income allocated to participating shares— 12 
Net Income Allocated to Shareholders—Two-Class Method—Basic and Diluted
$33,401 $31,227 
Denominator for Earnings per Share—Treasury Stock Method:
Weighted Average Shares Outstanding—Basic38,260,746 38,192,235 
Add: Potentially dilutive shares338,910 239,514 
Denominator for Treasury Stock Method—Diluted38,599,656 38,431,749 
Denominator for Earnings per Share—Two-Class Method:
Weighted Average Shares Outstanding—Basic38,260,746 38,192,235 
Add: Average participating shares outstanding— 225,850 
Denominator for Two-Class Method—Diluted38,260,746 38,418,085 
Earnings per share—basic$0.87 $0.82 
Earnings per share—diluted$0.87 $0.81 
Restricted stock considered anti-dilutive excluded from potentially dilutive shares— 71 
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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, securities held in a deferred compensation plan 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, loans individually evaluated, 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, 2025. Refer to Note 1. Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in our 2024 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, 2025
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities$93,605 $— $— $93,605 
Obligations of U.S. government corporations and agencies— 10,127 — 10,127 
Collateralized mortgage obligations of U.S. government corporations and agencies— 648,818 — 648,818 
Residential mortgage-backed securities of U.S. government corporations and agencies— 33,143 — 33,143 
Commercial mortgage-backed securities of U.S. government corporations and agencies— 219,285 — 219,285 
Obligations of states and political subdivisions— 4,972 — 4,972 
Total Available-for-Sale Debt Securities93,605 916,345 — 1,009,950 
Equity securities1,161 — — 1,161 
Total Securities Available for Sale94,766 916,345 — 1,011,111 
Securities held in a deferred compensation plan10,692 — — 10,692 
Derivative financial assets:
Interest rate swap contracts - commercial loans— 48,493 — 48,493 
Total Assets$105,458 $964,838 $— $1,070,296 
LIABILITIES
Derivative financial liabilities:
Interest rate swap contracts - commercial loans$— $48,865 $— $48,865 
Interest rate swap contracts - cash flow hedge— 6,473 — 6,473 
Total Liabilities$— $55,338 $— $55,338 

December 31, 2024
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities$92,768 $— $— $92,768 
Obligations of U.S. government corporations and agencies— 15,071 — 15,071 
Collateralized mortgage obligations of U.S. government corporations and agencies— 596,284 — 596,284 
Residential mortgage-backed securities of U.S. government corporations and agencies— 33,207 — 33,207 
Commercial mortgage-backed securities of U.S. government corporations and agencies— 224,798 — 224,798 
Obligations of states and political subdivisions— 24,287 — 24,287 
Total Available-for-Sale Debt Securities92,768 893,647 — 986,415 
Equity securities1,176 — — 1,176 
Total Securities Available for Sale93,944 893,647 — 987,591 
Securities held in a deferred compensation plan10,876 — — 10,876 
Derivative financial assets:
Interest rate swap contracts - commercial loans— 60,890 — 60,890 
Total Assets$104,820 $954,537 $— $1,059,357 
LIABILITIES
Derivative financial liabilities:
Interest rate swap contracts - commercial loans$— $61,271 $— $61,271 
Interest rate swap contracts - cash flow hedge— 9,589 — 9,589 
Total Liabilities$— $70,860 $— $70,860 
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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 both March 31, 2025 and December 31, 2024. There were no Level 3 assets measured at fair value on a nonrecurring basis and one Level 2 individually evaluated loan measured at a fair value on a nonrecurring basis for $1.0 million as of March 31, 2025. At December 31, 2024 there was $6.8 million of individually evaluated loans measured at fair value and classified as Level 3 on a nonrecurring basis.
Significant unobservable inputs used in the fair value measurements of Level 3 assets on a nonrecurring basis were as follows at December 31, 2024:
December 31, 2024Valuation TechniqueSignificant Unobservable InputsRangeWeighted Average
(dollars in thousands)
Loans individually evaluated$6,830Appraisals of collateral
Appraisal adjustments(1)
20%-75%63.06%
(1) Represents adjustments to appraised values related to market conditions and liquidation estimates based on management judgement.
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, 2025
(dollars in thousands)TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$211,836 $211,836 $211,836 $— $— 
Securities available for sale1,011,111 1,011,111 94,766 916,345 — 
Portfolio loans, net7,737,339 7,507,010 — — 7,507,010 
Collateral receivable595 595 595 — — 
Securities held in a deferred compensation plan10,692 10,692 10,692 — — 
Mortgage servicing rights5,478 8,126 — — 8,126 
Interest rate swap contracts - commercial loans48,493 48,493 — 48,493 — 
LIABILITIES
Deposits$7,892,933 $7,888,880 $6,070,301 $1,818,579 $— 
Collateral payable42,834 42,834 42,834 — — 
Short-term borrowings95,000 95,000 — 95,000 — 
Long-term borrowings50,876 50,815 — 50,815 — 
Junior subordinated debt securities49,433 49,433 — 49,433 — 
Interest rate swap contracts - commercial loans48,865 48,865 — 48,865 — 
Interest rate swap contracts - cash flow hedge6,473 6,473 — 6,473 — 
(1) As reported in the Consolidated Balance Sheets
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Carrying
Value(1)
Fair Value Measurements at December 31, 2024
(dollars in thousands)TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$244,820 $244,820 $244,820 $— $— 
Securities available for sale987,591 987,591 93,944 893,647 — 
Portfolio loans, net7,641,464 7,362,898 — — 7,362,898 
Collateral receivable2,034 2,034 2,034 — — 
Securities held in a deferred compensation plan10,876 10,876 10,876 — — 
Mortgage servicing rights5,646 8,533 — — 8,533 
Interest rate swaps - commercial loans60,890 60,890 — 60,890 — 
LIABILITIES
Deposits$7,783,117 $7,778,740 $5,916,154 $1,862,586 $— 
Collateral payable52,516 52,516 52,516 — — 
Short-term borrowings150,000 150,000 — 150,000 — 
Long-term borrowings50,896 50,652 — 50,652 — 
Junior subordinated debt securities49,418 49,418 — 49,418 — 
Interest rate swaps - commercial loans61,271 61,271 — 61,271 — 
Interest rate swaps - cash flow hedge9,589 9,589 — 9,589 — 
(1) As reported in the Consolidated Balance Sheets
NOTE 4. SECURITIES
The following table presents the fair values of our securities portfolio at the dates presented:
(dollars in thousands)March 31, 2025December 31, 2024
Debt securities$1,009,950 $986,415 
Equity securities1,161 1,176 
Total Securities Available for Sale$1,011,111 $987,591 
The following table presents the amortized cost and fair value of available-for-sale debt securities as of the dates presented:
 March 31, 2025December 31, 2024
(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$96,881 $55 $(3,331)$93,605 $97,045 $— $(4,277)$92,768 
Obligations of U.S. government corporations and agencies10,239 — (112)10,127 15,260 — (189)15,071 
Collateralized mortgage obligations of U.S. government corporations and agencies686,862 2,389 (40,433)648,818 643,690 872 (48,278)596,284 
Residential mortgage-backed securities of U.S. government corporations and agencies39,156 5 (6,018)33,143 40,109 3 (6,905)33,207 
Commercial mortgage-backed securities of U.S. government corporations and agencies226,228 923 (7,866)219,285 237,270 115 (12,587)224,798 
Obligations of states and political subdivisions4,981 — (9)4,972 24,780 — (493)24,287 
Total Available-for-Sale Debt Securities(1)
$1,064,347 $3,372 $(57,769)$1,009,950 $1,058,154 $990 $(72,729)$986,415 
(1) Excludes interest receivable of $3.4 million at March 31, 2025 and $3.7 million at December 31, 2024. 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, 2025
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 securities4$40,198 $(170)5$48,375 $(3,161)9$88,573 $(3,331)
Obligations of U.S. government corporations and agencies—— — 110,127 (112)110,127 (112)
Collateralized mortgage obligations of U.S. government corporations and agencies11107,047 (1,308)56311,651 (39,125)67418,698 (40,433)
Residential mortgage-backed securities of U.S. government corporations and agencies16 — 2132,970 (6,018)2232,976 (6,018)
Commercial mortgage-backed securities of U.S. government corporations and agencies438,852 (562)893,395 (7,304)12132,247 (7,866)
Obligations of states and political subdivisions24,972 (9)—— — 24,972 (9)
Total22$191,075 $(2,049)91$496,518 $(55,720)113$687,593 $(57,769)
December 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 securities5$45,045 $(362)5$47,723 $(3,915)10$92,768 $(4,277)
Obligations of U.S. government corporations and agencies—— — 215,071 (189)215,071 (189)
Collateralized mortgage obligations of U.S. government corporations and agencies22209,511 (3,393)56318,104 (44,885)78527,615 (48,278)
Residential mortgage-backed securities of U.S. government corporations and agencies18 — 2133,030 (6,905)2233,038 (6,905)
Commercial mortgage-backed securities of U.S. government corporations and agencies988,040 (1,741)12122,833 (10,846)21210,873 (12,587)
Obligations of states and political subdivisions424,286 (493)—— — 424,286 (493)
Total41$366,890 $(5,989)96$536,761 $(66,740)137$903,651 $(72,729)
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, 2025 represents a credit impairment. 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. At March 31, 2025, 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, 2025December 31, 2024
(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$3,372 $(57,769)$(54,397)$990 $(72,729)$(71,739)
Income tax (expense) benefit(725)12,426 11,701 (213)15,644 15,431 
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss)$2,647 $(45,343)$(42,696)$777 $(57,085)$(56,308)
The amortized cost and fair value of available-for-sale debt securities at March 31, 2025 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, 2025
(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$30,317 $30,191 
Due after one year through five years81,784 78,513 
Due after five years through ten years— — 
Due after ten years— — 
Available-for-Sale Debt Securities With Fixed Maturities112,101 108,704 
Debt Securities without a single maturity date
Collateralized mortgage obligations of U.S. government corporations and agencies686,862 648,818 
Residential mortgage-backed securities of U.S. government corporations and agencies39,156 33,143 
Commercial mortgage-backed securities of U.S. government corporations and agencies226,228 219,285 
Total Available-for-Sale Debt Securities$1,064,347 $1,009,950 
Debt securities are pledged in order to meet various regulatory and legal requirements. Restricted pledged securities had a carrying value of $26.4 million at March 31, 2025 and $27.8 million at December 31, 2024. Unrestricted pledged securities had a carrying value of $184.9 million at March 31, 2025 and $195.6 million at December 31, 2024. Any sales or changes to the pledged status of restricted pledged securities requires approval of the beneficiary. Approval is not required in order to sell or make changes to the pledged status for unrestricted pledged securities.
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 $4.2 million at March 31, 2025 and $4.3 million at December 31, 2024 and a discount related to purchase accounting fair value adjustments of $2.4 million at March 31, 2025 and $2.5 million at December 31, 2024.
The following table summarizes the composition of originated and acquired loans as of the dates presented:
(dollars in thousands)March 31, 2025December 31, 2024
Commercial real estate$2,776,065 $2,708,531 
Commercial and industrial1,331,091 1,351,637 
Commercial construction367,869 341,266 
Business banking1,314,482 1,303,258 
Consumer real estate1,948,677 1,933,509 
Other consumer98,165 104,757 
Total Loans(1)
$7,836,349 $7,742,958 
(1) Excludes interest receivable of $32.9 million at March 31, 2025 and $32.7 million at December 31, 2024. Interest receivable is included in other assets in the Consolidated Balance Sheets.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Modifications to Borrowers Experiencing Financial Difficulty
The following tables present the amortized cost of loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the periods presented:
Three Months Ended March 31, 2025
(dollars in thousands)Term ExtensionTerm Extension and Payment DelaysTotal% of Portfolio Segment
Commercial and industrial$— $2,092 $2,092 0.16 %
Commercial construction— 1,006 1,006 0.27 %
Consumer real estate265 640 905 0.05 %
Total
$265 $3,738 $4,003 0.05 %
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 %
The following tables describe the effect of loan modifications made to borrowers experiencing financial difficulty during the periods presented:
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Weighted-Average Term Extension (in months)Weighted-Average Term Extension and Payment Delays (in months)Weighted-Average Term Extension (in Months)
Commercial real estate——6
Commercial and industrial—13—
Commercial construction—13—
Consumer real estate12215—
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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 in the last 12 months to borrowers experiencing financial difficulty as of the dates presented:
March 31, 2025
(dollars in thousands)Current30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotal
Commercial real estate$616 $— $— $— $616 
Commercial and industrial16,536 — — 3,778 20,314 
Commercial construction— 1,006 — — 1,006 
Consumer real estate1,128 224 40 — 1,392 
Total$18,280 $1,230 $40 $3,778 $23,328 
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 
A payment default is defined as a loan having a payment past due 90 days or more. There was one payment default in the amount of $3.8 million during the three months ended March 31, 2025 compared to none in the same period in 2024. The payment default during the three months ended March 31, 2025 was related to a term extension for a C&I relationship. Additionally, we had 10 commitments to lend an additional $0.5 million to borrowers experiencing financial difficulty that had a modification during the twelve months ended March 31, 2025 and three commitments to lend an additional $0.5 million to borrowers experiencing financial difficulty that had a modification during the same period in 2024.
The effect of modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses, or 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, 2025December 31, 2024
Nonperforming Assets
Nonaccrual Loans$22,339 $27,937 
OREO29 8 
Total Nonperforming Assets$22,368 $27,945 
Allowance for Credit Losses
We maintain an ACL, at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) 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 and business banking 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.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables present loan balances by year of origination and internally assigned risk rating for our portfolio segments as of the dates presented:
March 31, 2025
Risk Rating by Year of Origination
(dollars in thousands)202520242023202220212020 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Pass$146,775 $270,301 $290,555 $349,795 $410,355 $1,190,080 $44,262 $— $2,702,123 
Special mention— — 2,000 350 1,827 44,064 254 — 48,495 
Substandard— — 3,967 979 — 20,501 — — 25,447 
Doubtful— — — — — — — — — 
Total Commercial Real Estate146,775 270,301 296,522 351,124 412,182 1,254,645 44,516 — 2,776,065 
Year-to-date Gross Charge-offs— — — — — — — — — 
Commercial and Industrial
Pass27,389 122,961 132,157 192,211 125,781 188,982 454,870 — 1,244,351 
Special mention— — 2,077 691 12 14,558 7,696 — 25,034 
Substandard— 547 1,874 — 19,951 6,341 32,993 — 61,706 
Doubtful— — — — — — — — — 
Total Commercial and Industrial27,389 123,508 136,108 192,902 145,744 209,881 495,559 — 1,331,091 
Year-to-date Gross Charge-offs— — — 172 — — — — 172 
Commercial Construction
Pass36,944 131,040 104,310 56,662 13,054 2,111 6,910 — 351,031 
Special mention— 869 — 14,963 — — — — 15,832 
Substandard— — — 1,006 — — — — 1,006 
Doubtful— — — — — — — — — 
Total Commercial Construction36,944 131,909 104,310 72,631 13,054 2,111 6,910 — 367,869 
Year-to-date Gross Charge-offs— — — 30 — — — — 30 
Business Banking
Pass46,684 146,837 222,869 219,286 168,159 391,390 95,632 354 1,291,211 
Special mention— 390 76 99 886 4,657 34 264 6,406 
Substandard— 20 2,307 1,534 3,581 8,774 209 440 16,865 
Doubtful— — — — — — — — — 
Total Business Banking46,684 147,247 225,252 220,919 172,626 404,821 95,875 1,058 1,314,482 
Year-to-date Gross Charge-offs— — 106 — 34 3 — — 143 
Consumer Real Estate
Pass38,600 221,466 318,280 321,289 129,619 309,314 572,232 26,317 1,937,117 
Special mention— — — — — 94 — — 94 
Substandard— — 1,199 241 191 5,395 1,762 2,678 11,466 
Doubtful— — — — — — — — — 
Total Consumer Real Estate38,600 221,466 319,479 321,530 129,810 314,803 573,994 28,995 1,948,677 
Year-to-date Gross Charge-offs— — 38 — — 5 23 96 162 
Other Consumer
Pass2,498 7,083 5,941 6,322 2,578 1,776 65,189 6,578 97,965 
Special mention— — — — — — — — 
Substandard— — — — 20 154 — 26 200 
Doubtful— — — — — — — — — 
Total Other Consumer2,498 7,083 5,941 6,322 2,598 1,930 65,189 6,604 98,165 
Year-to-date Gross Charge-offs198 — 16 29 7 4 — 123 377 
Pass298,890 899,688 1,074,112 1,145,565 849,546 2,083,653 1,239,095 33,249 7,623,798 
Special mention— 1,259 4,153 16,103 2,725 63,373 7,984 264 95,861 
Substandard— 567 9,347 3,760 23,743 41,165 34,964 3,144 116,690 
Doubtful— — — — — — — — — 
Total Loan Balance$298,890 $901,514 $1,087,612 $1,165,428 $876,014 $2,188,191 $1,282,043 $36,657 $7,836,349 
Year-to-date Gross Charge-offs$198 $— $160 $231 $41 $12 $23 $219 $884 
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2024
Risk Rating by Year of Origination
(dollars in thousands)202420232022202120202019 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Pass$278,187 $287,081 $362,174 $413,781 $213,384 $1,040,703 $35,737 $— $2,631,047 
Special mention— 2,000 370 1,840 — 46,104 254 — 50,568 
Substandard— — 985 — 1,834 23,683 — — 26,502 
Doubtful— — — — 414 — — — 414 
Total Commercial Real Estate278,187 289,081 363,529 415,621 215,632 1,110,490 35,991 — 2,708,531 
Year-to-date Gross Charge-offs— — — — — 5,205 — — 5,205 
Commercial and Industrial
Pass119,580 147,007 194,363 131,877 30,093 175,359 466,640 — 1,264,919 
Special mention— 20 1,221 142 10 14,896 11,033 — 27,322 
Substandard563 1,073 172 20,586 740 7,171 25,355 — 55,660 
Doubtful— — — 366 469 — 2,901 — 3,736 
Total Commercial and Industrial120,143 148,100 195,756 152,971 31,312 197,426 505,929 — 1,351,637 
Year-to-date Gross Charge-offs— 78 — 1,235 — 91 1,032 — 2,436 
Commercial Construction
Pass119,355 121,816 57,853 14,911 884 2,139 8,310 — 325,268 
Special mention— — 15,998 — — — — — 15,998 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total Commercial Construction119,355 121,816 73,851 14,911 884 2,139 8,310 — 341,266 
Year-to-date Gross Charge-offs— — — — — — — — — 
Business Banking
Pass149,603 230,784 225,318 173,763 76,087 332,707 92,756 597 1,281,615 
Special mention— — 49 130 147 4,302 35 268 4,931 
Substandard21 2,257 1,287 3,790 409 8,318 190 440 16,712 
Doubtful— — — — — — — — — 
Total Business Banking149,624 233,041 226,654 177,683 76,643 345,327 92,981 1,305 1,303,258 
Year-to-date Gross Charge-offs— 79 124 — 56 1,486 — — 1,745 
Consumer Real Estate
Pass217,250 334,532 324,346 133,155 95,301 223,799 569,386 24,940 1,922,709 
Special mention— — — — — 99 — — 99 
Substandard— 1,231 43 192 203 5,564 1,172 2,296 10,701 
Doubtful— — — — — — — — — 
Total Consumer Real Estate217,250 335,763 324,389 133,347 95,504 229,462 570,558 27,236 1,933,509 
Year-to-date Gross Charge-offs— — — — 9 37 86 1,216 1,348 
Other Consumer
Pass8,456 6,849 7,349 3,228 1,758 468 71,039 5,425 104,572 
Special mention— — — — — — — 
Substandard— — — 21 10 150 — 4 185 
Doubtful— — — — — — — — — 
Total Other Consumer8,456 6,849 7,349 3,249 1,768 618 71,039 5,429 104,757 
Year-to-date Gross Charge-offs839 34 164 103 26 18 — 270 1,454 
Pass892,431 1,128,069 1,171,403 870,715 417,507 1,775,175 1,243,868 30,962 7,530,130 
Special mention— 2,020 17,638 2,112 157 65,401 11,322 268 98,918 
Substandard584 4,561 2,487 24,589 3,196 44,886 26,717 2,740 109,760 
Doubtful— — — 366 883 — 2,901 — 4,150 
Total Loan Balance$893,015 $1,134,650 $1,191,528 $897,782 $421,743 $1,885,462 $1,284,808 $33,970 $7,742,958 
Year-to-date Gross Charge-offs$839 $191 $288 $1,338 $91 $6,837 $1,118 $1,486 $12,188 
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented:
March 31, 2025
(dollars in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		NonaccrualTotal Past
Due Loans		Total Loans
Commercial real estate$2,762,834 $10,967 $— $2,264 $13,231 $2,776,065 
Commercial and industrial1,325,706 — — 5,385 5,385 1,331,091 
Commercial construction365,994 869 — 1,006 1,875 367,869 
Business banking1,308,969 1,596 745 3,172 5,513 1,314,482 
Consumer real estate1,931,861 5,681 841 10,294 16,816 1,948,677 
Other consumer96,749 912 286 218 1,416 98,165 
Total$7,792,113 $20,025 $1,872 $22,339 $44,236 $7,836,349 
December 31, 2024
(dollars in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		NonaccrualTotal Past
Due Loans		Total Loans
Commercial real estate$2,705,303 $— $— $3,228 $3,228 $2,708,531 
Commercial and industrial1,338,053 415 1,996 11,173 13,584 1,351,637 
Commercial construction340,230 — 1,036 — 1,036 341,266 
Business banking1,297,651 2,336 283 2,988 5,607 1,303,258 
Consumer real estate1,918,150 2,464 2,577 10,318 15,359 1,933,509 
Other consumer104,156 216 155 230 601 104,757 
Total$7,703,543 $5,431 $6,047 $27,937 $39,415 $7,742,958 
The following tables present loans on nonaccrual status by class of loan for the year-to-date periods presented:
March 31, 2025
(dollars in thousands)Beginning of Period NonaccrualEnd of Period NonaccrualNonaccrual With No Related Allowance
Interest Income
Recognized
on Nonaccrual(1)
Commercial real estate$3,228 $2,264 $2,004 $47 
Commercial and industrial11,173 5,385 4,447 43 
Commercial construction— 1,006 1,006 25 
Business banking2,988 3,172 — 17 
Consumer real estate10,318 10,294 — 149 
Other consumer230 218 — — 
Total$27,937 $22,339 $7,457 $281 
(1) Represents only cash payments received and applied to interest on nonaccrual loans.
December 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 $3,228 $984 $116 
Commercial and industrial878 11,173 311 85 
Commercial construction4,960 — — 700 
Business banking4,147 2,988 — 93 
Consumer real estate6,312 10,318 — 392 
Other consumer330 230 — 3 
Total$22,947 $27,937 $1,295 $1,389 
(1) Represents only cash payments received and applied to interest on nonaccrual loans.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables present collateral-dependent loans as of the dates presented:
March 31, 2025
Type of Collateral
(dollars in thousands)Real EstateBusiness
Assets
Commercial real estate$2,004$—
Commercial and industrial—4,447
Commercial construction1,006—
Total$3,010$4,447
December 31, 2024
Type of Collateral
(dollars in thousands)Real EstateBusiness
Assets
Commercial real estate$2,028$—
Commercial and industrial—9,937
Total$2,028$9,937
The following tables present activity in the ACL for the periods presented:
Three Months Ended March 31, 2025
(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$30,254 $37,084 $4,893 $10,681 $15,776 $2,806 $101,494 
Provision for credit losses on loans(1)
(493)(3,643)1,017 650 160 (202)(2,511)
Charge-offs— (172)(30)(143)(162)(377)(884)
Recoveries134 145 — 25 133 474 911 
Net Recoveries (Charge-offs)134 (27)(30)(118)(29)97 27 
Balance at End of Period$29,895 $33,414 $5,880 $11,213 $15,907 $2,701 $99,010 
(1) Excludes the provision for credits losses for unfunded commitments.
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.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivatives Designated as Hedging Instruments
The following table indicates the amounts representing the value of derivative assets and derivative liabilities as of the dates presented:
Derivative Assets
(Included in Other Assets)		Derivative Liabilities
(Included in Other Liabilities)
March 31, 2025December 31, 2024March 31, 2025December 31, 2024
(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 hedges
$— $— $— $— $450,000 $6,473 $500,000 $9,589 
Total Derivatives Designated as Hedging Instruments— — — — 450,000 6,473 500,000 9,589 
Derivatives Not Designated as Hedging Instruments
Interest rate swap contracts - commercial loans830,871 48,493 850,104 60,890 830,871 48,865 850,104 61,271 
Total Derivatives Not Designated as Hedging Instruments830,871 48,493 850,104 60,890 830,871 48,865 850,104 61,271 
Total Derivatives$830,871 $48,493 $850,104 $60,890 $1,280,871 $55,338 $1,350,104 $70,860 

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:
Derivative Assets
(Included in Other Assets)		Derivative Liabilities
(Included in Other Liabilities)
(dollars in thousands)March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Gross amounts recognized$48,493 $60,890 $55,338 $70,860 
Gross amounts offset— — — — 
Net amounts presented in the Consolidated Balance Sheets48,493 60,890 55,338 70,860 
Netting adjustments(1)
(6,429)(8,317)(6,429)(8,317)
Cash collateral(2)
(42,064)(52,516)(595)(2,034)
Net Amount$— $57 $48,314 $60,509 
(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.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table presents the effect, net of tax, of the cash flow hedges on Other Comprehensive Income (Loss), or OCI, and on the Condensed Consolidated Statements of Comprehensive Income for the periods presented:
Amount of Gain (Loss) Recognized in Other Comprehensive IncomeAmount of Loss Reclassified from Accumulated Other Comprehensive Loss into Interest Income
(dollars in thousands)Three months ended March 31, 2025Three months ended March 31, 2024Three months ended March 31, 2025Three months ended March 31, 2024
Derivatives in Cash Flow Hedging Relationships:
Interest rate swap contracts - cash flow hedges
$2,446 $(2,838)$(1,692)$(2,738)
Total$2,446 $(2,838)$(1,692)$(2,738)
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 $5.1 million will be reclassified as a decrease to interest income. Our current interest rate swap agreements have three to five 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)20252024
Derivatives not Designated as Hedging Instruments
Interest rate swap contracts—commercial loans$48 $34 
Total Derivatives Gain$48 $34 
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 low-income-housing tax credit, or LIHTC, and historic tax credit, or HTC, partnerships. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. No impairment losses were recognized for the three months ended March 31, 2025 and March 31, 2024.
The following table presents the balances included in the Consolidated Balance Sheets as of the dates presented:
(dollars in thousands)
March 31, 2025December 31, 2024
Tax credit equity investment(1)
$39,346 $40,577 
Unfunded commitments(2)
4,893 5,887 
(1) Included in other assets in the Consolidated Balance Sheets
(2) Included in other liabilities in the Consolidated Balance Sheets
The following table summarizes the amortization expense and tax credits included in income tax expense in the Condensed Consolidated Statements of Comprehensive Income for the periods presented:
Three Months Ended March 31,
(dollars in thousands)
20252024
Amortization$1,231 $768 
Tax credits and other tax benefits recognized1,388 906 
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
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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, 2025December 31, 2024
Commitments to extend credit$2,398,243 $2,382,847 
Standby letters of credit66,387 69,558 
Total$2,464,630 $2,452,405 
Litigation
In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that the outcome of such proceedings or claims pending will not have a material adverse effect on our consolidated financial position or results of operations.
NOTE 9. OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents the change in components of other comprehensive income (loss) for the periods presented, net of tax effects.
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
(dollars in thousands)Pre-Tax
Amount		Tax
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$15,047 $(3,237)$11,810 $(5,783)$1,455 $(4,328)
Net available-for-sale securities losses reclassified into earnings
2,295 (493)1,802 — — — 
Change in interest rate swap3,117 (671)2,446 (3,665)827 (2,838)
Adjustment to funded status of employee benefit plans381 (82)299 410 (40)370 
Other Comprehensive Income (Loss)$20,840 $(4,483)$16,357 $(9,038)$2,242 $(6,796)
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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, 2025 and 2024. 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; cybersecurity 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; regulatory supervision and oversight, including changes in regulatory capital requirements and our ability to address those requirements; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; changes in accounting policies, practices or guidance; legislation affecting the financial services industry as a whole, and S&T, in particular; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; the outcome of pending and future litigation and governmental proceedings; increasing price and product/service competition; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; managing our internal growth and acquisitions; the possibility that the anticipated benefits from acquisitions cannot be fully realized in a timely manner or at all, or that integrating the acquired operations will be more difficult, disruptive or costly than anticipated; containing costs and expenses; reliance on significant customer relationships; an interruption or cessation of an important service by a third-party provider; our ability to attract and retain talented executives and other employees; general economic or business conditions, including the strength of regional economic conditions in our market area; ESG practices and disclosures, including climate change, hiring practices, the diversity of the work force and racial and social justice issues; deterioration of the housing market and reduced demand for mortgages; deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge to net income; the stability of our core deposit base and access to contingency funding; re-emergence of turbulence in significant portions of the global financial and real estate markets that could impact our performance, both directly, by affecting our revenues and the value of our assets and liabilities, and indirectly, by affecting the economy generally and access to capital in the amounts, at the times and on the terms required to support our future businesses and geopolitical tensions and conflicts between nations.
Many of these factors, as well as other factors, are described elsewhere in this report, and under Part I, Item 1A - “Risk Factors” of our 2024 Form 10-K, and any of our subsequent filings with the SEC. Forward-looking statements are based on beliefs and assumptions using information available at the time the statements are made. We caution you not to unduly rely on forward-looking statements because the assumptions, beliefs, expectations and projections about future events may, and often do, differ materially from actual results. Any forward-looking statement speaks only as to the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made. 
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Critical Accounting Policies and Estimates
We view critical accounting policies to be those which are highly dependent on subjective or complex estimates, assumptions and judgments and where changes in those estimates and assumptions could have a significant impact on the Consolidated Financial Statements. Further, we view critical accounting estimates as those estimates made in accordance with GAAP that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results of operations. Our critical accounting policies and estimates as of March 31, 2025 remained unchanged from the disclosures presented in our 2024 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)20252024
Total Interest and Dividend Income
$124,848 $127,754 
Plus: taxable equivalent adjustment617 692 
Interest and Dividend Income on an FTE Basis (Non-GAAP)
$125,465 $128,446 
Total Interest and Dividend Income
$124,848 $127,754 
Less: Interest expense(41,525)(44,277)
Net Interest Income
83,323 83,477 
Plus: taxable equivalent adjustment617 692 
Net Interest Income on an FTE Basis (Non-GAAP)$83,940 $84,169 
Net interest margin3.78 %3.81 %
Plus: taxable equivalent adjustment0.03 %0.03 %
Net Interest Margin on an FTE Basis (Non-GAAP)3.81 %3.84 %
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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)20252024
Net income (annualized)$135,460 $125,643 
Plus: amortization of intangibles (annualized) net of tax772 944 
Net income before amortization of intangibles (annualized)$136,232 $126,587 
Average shareholders' equity$1,400,999 $1,290,514 
Less: average goodwill and other intangible assets, net of deferred tax liability(375,741)(376,518)
Average tangible shareholders' equity
$1,025,258 $913,996 
Return on Average Tangible Shareholders' Equity (non-GAAP)13.29 %13.85 %
Executive Overview
We are a bank holding company that is headquartered in Indiana, Pennsylvania with assets of $9.7 billion at March 31, 2025. 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 2025 and beyond will be focused on growing 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)20252024
Net income$33,401 $31,239 
Earnings per share - diluted$0.87 $0.81 
Return on average assets1.41 %1.32 %
Return on average shareholders' equity9.67 %9.74 %
Return on average tangible shareholders' equity (non-GAAP)(1)
13.29 %13.85 %
(1) Reconciled to GAAP in the "Explanation of Use of Non-GAAP Financial Measures" section of this MD&A.
We recognized net income of $33.4 million, or $0.87 per diluted share, for the three months ended March 31, 2025 compared to net income of $31.2 million, or $0.81 per diluted share, for the same period in 2024. Net income increased by $2.2 million for the three months ended March 31, 2025 compared to the same period in 2024.
Net interest income was relatively unchanged at $83.3 million for the three months ended March 31, 2025 compared to $83.5 million for the same period in 2024. The net interest margin, or NIM, on an FTE basis (non-GAAP) was 3.81% for the three months ended March 31, 2025 compared to 3.84% for the same period in 2024. We experienced similar declines in both interest income and interest expense due to lower interest rates in the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Interest expense also benefited from an improvement in our overall funding mix.
The provision for credit losses decreased $5.6 million to negative $3.0 million for the three months ended March 31, 2025 compared to $2.6 million for the same period in 2024. The decrease in the provision for credit losses was primarily due to a lower level of ACL and a decrease in net loan charge-offs. The decrease in ACL was due to a $4.2 million reduction in specific reserves for individually evaluated loans.
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Noninterest income decreased $2.4 million to $10.4 million for the three months ended March 31, 2025 compared to the same period in 2024. The decrease was mainly related to $2.3 million of realized losses from the repositioning of securities into longer duration, higher-yielding securities. Noninterest expense remained relatively consistent at $55.1 million for the three months ended March 31, 2025 compared to $54.5 million in the same period in 2024.
The provision for income taxes increased $0.4 million to $8.3 million for the three months ended March 31, 2025 compared to $7.9 million for the same period in 2024. Our effective tax rate was 19.9 percent for the three months ended March 31, 2025 compared to 20.2 percent for the three months ended March 31, 2024. The decrease in our effective tax rate for the three month period ended March 31, 2025 was primarily due to an increase in low-income housing tax credits compared to the same period in 2024.
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Three months ended March 31, 2025 Compared to
 Three months ended March 31, 2024
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 interest and rates paid on interest-bearing liabilities for the periods presented:
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Three Months Ended March 31, 2025Three Months Ended March 31, 2024
(dollars in thousands)Average BalanceInterestRateAverage BalanceInterestRate
ASSETS
Interest-bearing deposits with banks$128,739 $1,416 4.46 %$144,637 $2,066 5.75 %
Securities, at fair value(1)(2)
990,414 8,875 3.59 %966,703 6,798 2.81 %
Loans held for sale— — — %176 3 7.12 %
Commercial real estate3,395,599 48,740 5.82 %3,365,142 49,557 5.92 %
Commercial and industrial1,535,235 25,319 6.69 %1,626,633 29,768 7.36 %
Commercial construction374,881 6,422 6.95 %365,088 6,993 7.70 %
Total Commercial Loans5,305,715 80,481 6.15 %5,356,863 86,318 6.48 %
Residential mortgage1,660,177 21,545 5.21 %1,478,609 18,187 4.93 %
Home equity653,113 10,148 6.30 %648,265 11,269 6.99 %
Installment and other consumer99,402 1,954 7.97 %110,899 2,384 8.64 %
Consumer construction45,157 763 6.86 %69,676 970 5.60 %
Total Consumer Loans2,457,849 34,410 5.64 %2,307,449 32,810 5.71 %
Total Portfolio Loans7,763,564 114,891 5.99 %7,664,312 119,128 6.25 %
Total Loans(1)(3)
7,763,564 114,891 5.99 %7,664,488 119,131 6.25 %
Total other earning assets16,768 283 6.74 %25,335 451 7.12 %
Total Interest-earning Assets8,899,485 $125,465 5.70 %8,801,163 $128,446 5.86 %
Noninterest-earning assets727,176 737,742 
Total Assets$9,626,661 $9,538,905 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing demand$779,309 $1,930 1.00 %$829,095 $2,319 1.12 %
Money market2,088,346 15,276 2.97 %1,920,009 15,061 3.15 %
Savings884,636 1,450 0.66 %939,467 1,483 0.63 %
Certificates of deposit1,860,840 19,698 4.29 %1,639,059 17,798 4.37 %
Total Interest-bearing Deposits5,613,131 38,354 2.77 %5,327,630 36,661 2.77 %
Short-term borrowings117,722 1,344 4.63 %408,351 5,460 5.37 %
Long-term borrowings50,886 477 3.80 %39,221 442 4.53 %
Junior subordinated debt securities49,423 874 7.17 %49,364 1,010 8.23 %
Total Borrowings218,031 2,695 5.01 %496,936 6,912 5.59 %
Other interest-bearing liabilities43,926 476 4.40 %52,239 703 5.42 %
Total Interest-bearing Liabilities5,875,088 41,525 2.87 %5,876,805 44,276 3.03 %
Noninterest-bearing liabilities2,350,574 2,371,586 
Shareholders' equity1,400,999 1,290,514 
Total Liabilities and Shareholders' Equity$9,626,661 $9,538,905 
Net Interest Income (FTE) (non-GAAP)(1)(2)
$83,940 $84,169 
Net Interest Margin (FTE) (non-GAAP)(1)(2)
3.81 %3.84 %
(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 $0.2 million for the three months ended March 31, 2025 compared to the same period in 2024. The net interest margin, or NIM, on an FTE basis (non-GAAP) decreased 3 basis points to 3.81 percent for the three months ended March 31, 2025 compared to 3.84 percent in the same period in 2024. The decreases in net interest income and NIM on an FTE basis (non-GAAP) were primarily due to decreased interest rates resulting in lower interest income partially offset by lower interest expense driven by an improvement in our overall funding mix. Strong customer deposit growth in 2024 and 2025 has reduced our levels of wholesale funding.
Interest income on an FTE basis (non-GAAP) decreased $3.0 million for the three months ended March 31, 2025 compared to the same period in 2024. The decrease in interest income on an FTE basis (non-GAAP) was primarily due to lower interest rates. The average yield on loans decreased 26 basis points compared to the same period in 2024. Average loans increased $99.1 million for the three months ended March 31, 2025 compared to the same period in 2024. Partially offsetting the lower interest income on loans was higher interest income on securities due to the repositioning of $193.6 million of securities over
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the past four quarters into higher-yielding securities. The average yield on securities increased 78 basis points compared to the same period in 2024. Overall, the FTE rate (non-GAAP) on interest-earning assets decreased 16 basis points for the three months ended March 31, 2025 compared to the same period in 2024.
Interest expense decreased $2.8 million for the three months ended March 31, 2025 compared to the same period in 2024. The decrease in interest expense was primarily due to lower levels of wholesale funding and decreased interest rates. Average interest-bearing deposits increased $285.5 million for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to increases in certificates of deposit and money market balances. Average borrowings decreased $278.9 million for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to increased customer deposits. Overall, the cost of interest-bearing liabilities decreased 16 basis points for the three months ended March 31, 2025 compared to the same period in 2024.
The following table sets forth a summary of the changes in interest earned and interest paid resulting from changes in volume and changes in rates for the periods presented:
Three Months Ended March 31, 2025 Compared to March 31, 2024
(dollars in thousands)
Volume (4)
Rate (4)
Total
Interest earned on:
Interest-bearing deposits with banks$(227)$(423)$(650)
Securities, at fair value(1)(2)
167 1,911 2,078 
Loans held for sale(3)— (3)
Commercial real estate449 (1,265)(816)
Commercial and industrial(1,673)(2,777)(4,450)
Commercial construction188 (759)(571)
Total Commercial Loans(1,036)(4,801)(5,837)
Residential mortgage2,233 1,124 3,357 
Home equity84 (1,205)(1,121)
Installment and other consumer(247)(182)(429)
Consumer construction(341)135 (206)
Total Consumer Loans1,729 (128)1,601 
Total Portfolio Loans693 (4,929)(4,236)
Total Loans(1)(3)
690 (4,929)(4,239)
Total other earning assets(152)(16)(168)
Change in Interest Earned on Interest-earning Assets$478 $(3,457)$(2,979)
Interest paid on:
Interest-bearing demand$(139)$(249)$(388)
Money market1,320 (1,106)214 
Savings(87)53 (34)
Certificates of deposit2,408 (509)1,899 
Total Interest-bearing Deposits3,502 (1,811)1,691 
Short-term borrowings(3,886)(230)(4,116)
Long-term borrowings132 (97)35 
Junior subordinated debt securities1 (137)(136)
Total Borrowings(3,753)(464)(4,217)
Other interest-bearing liabilities(112)(115)(227)
Change in Interest Paid on Interest-bearing Liabilities(363)(2,390)(2,753)
Change in Net Interest Income$841 $(1,067)$(226)
(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, loan risk ratings, net loan charge-offs and recoveries, the macro environment and our CECL forecast. The provision for credit losses decreased $5.6 million to negative $3.0 million for the three months ended March 31, 2025 compared to $2.6 million for the same period in 2024. The decrease in the provision for credit losses was due to a lower level of ACL and a decrease in net loan charge-offs. The lower level of ACL was related to a reduction in specific reserves of $4.2 million for loans individually evaluated due to the partial pay-off of a $10.7 million C&I relationship that went nonperforming during the three months ended December 31, 2024. The provision for credit losses included a negative $0.5 million for the reserve for unfunded commitments for the three months ended March 31, 2025 compared to a negative $0.8 million for the same period in 2024.
Net loan recoveries were $0.0 million for the three months ended March 31, 2025 compared to net loan charge-offs of $6.6 million for the same period in 2024. Offsetting gross loan charge-offs of $0.9 million during the three months ended March 31, 2025 were $0.9 million in recoveries.
Refer to the "Allowance for Credit Losses" section of this MD&A for further details.
Noninterest Income
Three Months Ended March 31,
(dollars in thousands)20252024$ Change% Change
Net (loss) gain on sale of securities$(2,295)$3 $(2,298)NM
Debit and credit card4,188 4,235 (47)(1.1)%
Service charges on deposit accounts3,962 3,828 134 3.5 %
Wealth management3,084 3,042 42 1.4 %
Other noninterest income1,490 1,722 (232)(13.5)%
Total Noninterest Income$10,429 $12,830 $(2,401)(18.7)%
NM - not meaningful
Noninterest income decreased $2.4 million to $10.4 million for the three months ended March 31, 2025 compared to the same period in 2024. The decrease was mainly related to $2.3 million of realized losses from the repositioning of securities into longer duration, higher-yielding securities.
Noninterest Expense
Three Months Ended March 31,
(dollars in thousands)20252024$ Change% Change
Salaries and employee benefits$29,853 $29,512 $341 1.2 %
Data processing and information technology4,930 4,954 (24)(0.5)%
Occupancy4,302 3,870 432 11.2 %
Furniture, equipment and software3,483 3,472 11 0.3 %
Marketing1,615 1,943 (328)(16.9)%
Other taxes1,494 1,871 (377)(20.1)%
Professional services and legal1,286 1,720 (434)(25.2)%
FDIC insurance1,040 1,049 (9)(0.9)%
Other7,088 6,129 959 15.6 %
Total Noninterest Expense$55,091 $54,520 $571 1.0 %
Noninterest expense increased $0.6 million to $55.1 million for the three months ended March 31, 2025 compared to the same period in 2024. Salaries and employee benefits increased $0.3 million primarily due to annual merit increases, restricted stock expense and higher incentives. Occupancy increased $0.4 million due to increased maintenance and utility costs. Other noninterest expense increased $1.0 million primarily as a result of education and Neighborhood Assistance Program, or NAP, contributions occurring earlier in 2025 than in 2024. Offsetting these increases were decreases in our expenses for marketing of $0.3 million related to the timing of various promotions, other taxes of $0.4 million due to education and NAP contributions and professional services and legal of $0.4 million primarily due to reduced consulting and legal expenses.
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Provision for Income Taxes
The provision for income taxes increased $0.4 million to $8.3 million for the three months ended March 31, 2025 compared to $7.9 million for the same period in 2024. Our effective tax rate was 19.9 percent for the three months ended March 31, 2025 compared to 20.2 percent for the three months ended March 31, 2024. The decrease in our effective tax rate for the three month period ended March 31, 2025 was primarily due to an increase in low-income housing tax credits compared to the same period in 2024.
Financial Condition as of March 31, 2025
Total assets remained unchanged at $9.7 billion at March 31, 2025 and December 31, 2024. Total portfolio loans increased $93.4 million to $7.8 billion at March 31, 2025 compared to December 31, 2024. The commercial loan portfolio increased $81.6 million and the consumer loan portfolio increased $11.8 million compared to December 31, 2024.
Securities increased $23.5 million to $1.0 billion at March 31, 2025 compared to December 31, 2024. The securities portfolio was in a net unrealized loss position of $54.4 million at March 31, 2025 compared to a net unrealized loss position of $71.7 million at December 31, 2024. The improvement in the net unrealized loss position of the securities portfolio of $17.3 million was primarily due to a decline in interest rates from December 31, 2024.
Customer deposit growth continued to be strong during the three months ended March 31, 2025, allowing for a reduction in higher-cost borrowings and brokered deposits. Total deposits increased $109.8 million to $7.9 billion at March 31, 2025 compared to $7.8 billion at December 31, 2024.Customer deposits increased $134.7 million to $7.7 billion at March 31, 2025 compared to $7.6 billion at December 31, 2024. Brokered deposits decreased $24.9 million to $200.4 million at March 31, 2025 compared to $225.3 million at December 31, 2024. The increase in customer deposits is the result of our continued focus on growing our deposit franchise.
Total borrowings decreased $55.0 million, or 22.0 percent, to $195.3 million at March 31, 2025 compared to $250.3 million at December 31, 2024 primarily due to strong growth in customer deposits.
Total shareholders’ equity increased by $37.7 million to $1.4 billion at March 31, 2025 compared to December 31, 2024. The increase was primarily due to net income of $33.4 million and other comprehensive income of $16.4 million offset by dividends of $13.1 million.
Securities Activity
(dollars in thousands)March 31, 2025December 31, 2024$ Change
U.S. Treasury securities$93,605 $92,768 $837 
Obligations of U.S. government corporations and agencies10,127 15,071 (4,944)
Collateralized mortgage obligations of U.S. government corporations and agencies648,818 596,284 52,534 
Residential mortgage-backed securities of U.S. government corporations and agencies33,143 33,207 (64)
Commercial mortgage-backed securities of U.S. government corporations and agencies219,285 224,798 (5,513)
Obligations of states and political subdivisions4,972 24,287 (19,315)
Available-for-Sale Debt Securities1,009,950 986,415 23,535 
Equity securities1,161 1,176 (15)
Total Securities Available for Sale$1,011,111 $987,591 $23,520 
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.
The securities portfolio increased $23.5 million to $1.0 billion at March 31, 2025 compared to December 31, 2024. The increase in the debt securities portfolio was primarily related to an improvement in unrealized losses of $17.3 million from December 31, 2024 to March 31, 2025 as a result of lower interest rates. Additionally, we recognized $2.3 million of realized losses due to the repositioning of $49.3 million of our securities portfolio into longer duration, higher-yielding securities during the three months ended March 31, 2025.
Our debt securities portfolio was in a net unrealized loss position of $54.4 million at March 31, 2025 compared to a net unrealized loss position of $71.7 million at December 31, 2024. At March 31, 2025, our debt securities portfolio had gross unrealized losses of $57.8 million offset by $3.4 million of gross unrealized gains compared to gross unrealized losses of $72.7 million offset by gross unrealized gains of $1.0 million at December 31, 2024.
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Loan Composition
The following table summarizes our loan portfolio as of the dates presented:
March 31, 2025December 31, 2024
(dollars in thousands)Amount% of TotalAmount% of Total$ Change% Change
Commercial
Commercial real estate$3,462,246 44.2 %$3,388,017 43.8 %$74,229 2.2 %
Commercial and industrial1,520,475 19.4 %1,540,397 19.9 %(19,922)(1.3)%
Commercial construction380,129 4.8 %352,886 4.5 %27,243 7.7 %
Total Commercial Loans5,362,850 68.4 %5,281,300 68.2 %81,550 1.5 %
Consumer
Consumer real estate2,375,334 30.3 %2,356,901 30.4 %18,433 0.8 %
Other consumer98,165 1.3 %104,757 1.4 %(6,592)(6.3)%
Total Consumer Loans2,473,499 31.6 %2,461,658 31.8 %11,841 0.5 %
Total Portfolio Loans$7,836,349 100.0 %$7,742,958 100.0 %$93,391 1.2 %
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 were $7.8 billion at March 31, 2025 compared to $7.7 billion at December 31, 2024. For the periods ending March 31, 2025 and December 31, 2024, 24 percent of our total loans were adjustable rate, 37 percent were floating rate and 39 percent were fixed rate.
Commercial loans, including CRE, C&I and commercial construction, comprised 68.4 percent of total portfolio loans at March 31, 2025 and 68.2 percent at December 31, 2024. The commercial loan portfolio increased $81.6 million at March 31, 2025 compared to December 31, 2024 due to increases of $74.2 million in CRE and $27.3 million in commercial construction offset by a decrease of $19.9 million in C&I. The increase in commercial loans was due to improved demand and lower pay-offs in the first three months of 2025 compared to elevated payoffs experienced in 2024.
Consumer loans represent 31.6 percent of our total portfolio loans at March 31, 2025 and 31.8 percent at December 31, 2024. The consumer loan portfolio increased $11.8 million at March 31, 2025 compared to December 31, 2024, primarily due to growth in our consumer real estate portfolio of $18.4 million, as we continue to hold mortgages in our portfolio rather than sell them in the secondary market.
Allowance for Credit Losses
We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) 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 period presented:
Three Months Ended March 31, 2025
(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$30,254 $37,084 $4,893 $10,681 $15,776 $2,806 $101,494 
Provision for credit losses on loans(1)
(493)(3,643)1,017 650 160 (202)(2,511)
Charge-offs— (172)(30)(143)(162)(377)(884)
Recoveries134 145 — 25 133 474 911 
Net Recoveries (Charge-offs)134 (27)(30)(118)(29)97 27 
Balance at End of Period$29,895 $33,414 $5,880 $11,213 $15,907 $2,701 $99,010 
(1) Excludes the provision for credit losses for unfunded commitments.
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The following table presents key ACL ratios for the periods presented:
March 31, 2025December 31, 2024
Ratio of net charge-offs to average loans outstanding(1)
— %0.11 %
Allowance for credit losses as a percentage of total portfolio loans1.26 %1.31 %
Allowance for credit losses to nonaccrual loans443 %363 %
(1) Year-to-date net charge-offs annualized
Net loan recoveries were $0.0 million for the three months ended March 31, 2025. Refer to the "Provision for Credit Losses" section of this MD&A for further details.
The ACL decreased $2.5 million to $99.0 million, or 1.26 percent of total portfolio loans, at March 31, 2025 compared to $101.5 million, or 1.31 percent of total portfolio loans, at December 31, 2024. The decrease in the ACL is due to a reduction in specific reserves for loans individually evaluated related to the partial pay-off of a $10.7 million C&I relationship that went nonperforming during the three months ended December 31, 2024. The decrease in the ACL was partially offset by a $1.2 million increase in our quantitative reserve due to loan growth and downgrades in our C&I portfolio and a $0.5 million increase in our qualitative reserve and forecast due to the concerns in the economic environment.
Substandard loans increased $6.9 million to $116.7 million at March 31, 2025 compared to $109.8 million at December 31, 2024. The increase in substandard loans was primarily due to the downgrade of a $10.5 million C&I relationship which was partially offset by loan payoffs. Special mention loans decreased $3.0 million to $95.9 million at March 31, 2025 compared to $98.9 million at December 31, 2024 primarily due to loan payoffs.
Nonperforming assets, or NPAs, consist of nonaccrual loans and OREO. The following represents NPAs as of the dates presented:
(dollars in thousands)March 31, 2025December 31, 2024$ Change
Nonaccrual Loans
Commercial real estate$3,441 $4,173 $(732)
Commercial and industrial6,749 12,570 (5,821)
Commercial construction1,006 — 1,006 
Consumer real estate10,925 10,964 (39)
Other Consumer218 230 (12)
Total Nonaccrual Loans22,339 27,937 (5,598)
OREO29 8 21 
Total Nonperforming Assets$22,368 $27,945 $(5,577)
Asset Quality Ratios:
Nonaccrual loans as a percent of total portfolio loans0.29 %0.36 %(0.07)%
Nonperforming assets as a percent of total portfolio loans plus OREO0.29 %0.36 %(0.07)%
Our policy is to place loans in all categories in nonaccrual status when collection of interest or principal is doubtful, or generally when interest or principal payments are 90 days or more past the contractual due date. Nonaccrual loans decreased $5.6 million to $22.3 million at March 31, 2025 compared to $27.9 million at December 31, 2024. The decrease in nonaccrual loans was primarily due to the partial pay-off of the $10.7 million C&I relationship mentioned above.
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Deposits
Deposits are our primary source of funds. The following table presents the mix of deposits as of the dates presented:
March 31, 2025December 31, 2024
(dollars in thousands)Amount% of DepositsAmount% of Deposits$ Change% Change
Personal$4,674,337 59.2 %$4,533,149 58.2 %$141,188 3.1 %
Business2,619,202 33.2 %2,679,191 34.4 %(59,989)(2.2)%
Public funds399,026 5.1 %345,512 4.5 %53,514 15.5 %
Brokered200,368 2.5 %225,265 2.9 %(24,897)(11.1)%
Total Deposits$7,892,933 100.0 %$7,783,117 100.0 %$109,816 1.4 %
The following table presents the composition of deposits for the periods presented:
(dollars in thousands)March 31, 2025December 31, 2024$ Change
Customer Deposits
Noninterest-bearing demand$2,164,491 $2,185,242 $(20,751)
Interest-bearing demand809,722 812,768 (3,046)
Money market2,059,713 1,939,980 119,733 
Savings886,007 877,859 8,148 
Certificates of deposit1,772,632 1,742,003 30,629 
Total Customer Deposits7,692,565 7,557,852 134,713 
Brokered Deposits
Money market150,368 100,305 50,063 
Certificates of deposit50,000 124,960 (74,960)
Total Brokered Deposits200,368 225,265 (24,897)
Total Deposits$7,892,933 $7,783,117 $109,816 
Total deposits increased $109.8 million, or 1.4 percent, at March 31, 2025 compared to December 31, 2024. Customer deposits increased $134.7 million, or 1.8 percent compared to December 31, 2024, as a result of our focus on growing our deposit franchise. Total brokered deposits decreased $24.9 million from December 31, 2024 due to strong growth in customer deposits. Brokered deposits are an additional source of funds utilized by ALCO as a way to diversify funding sources, as well as manage our funding costs and structure.
As a member of the IntraFi network, we are able to offer our customers insurance coverage on interest-bearing demand, money market and certificates of deposit balances in excess of the FDIC insurance limits. IntraFi balances were $316.3 million at March 31, 2025 compared to $324.8 million at December 31, 2024.
We had total uninsured deposits of $2.7 billion, or 33.9 percent of our total deposit base, at March 31, 2025 compared to $2.6 billion, or 33.5 percent of our total deposit base, at December 31, 2024.
Borrowings
Borrowings are an additional source of funding for us. Short-term borrowings are for terms under or equal to one year at March 31, 2025 and are comprised of FHLB Advances. Long-term borrowings are for original terms greater than one year and are comprised of FHLB advances and finance leases. Total borrowings decreased $55.0 million to $195.3 million at March 31, 2025 compared to $250.3 million at December 31, 2024 primarily due to strong growth in customer deposits.
(dollars in thousands)March 31, 2025December 31, 2024$ Change
Short-term borrowings$95,000 $150,000 $(55,000)
Long-term borrowings50,876 50,896 (20)
Junior subordinated debt securities49,433 49,418 15 
Total Borrowings$195,309 $250,314 $(55,005)
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Information pertaining to short-term borrowings is summarized in the table below for the three months ended March 31, 2025 and for the twelve months ended December 31, 2024.
Short-Term Borrowings
(dollars in thousands)March 31, 2025December 31, 2024
Balance at the period end$95,000 $150,000 
Average balance during the period$117,721 $257,524 
Average interest rate during the period4.63 %5.12 %
Maximum month-end balance during the period$125,000 $465,000 
Average interest rate at the period end4.52 %4.60 %
Information pertaining to long-term borrowings and junior subordinated debt securities is summarized in the tables below for the three months ended March 31, 2025 and for the twelve months ended December 31, 2024.
Long-Term Borrowings
(dollars in thousands)March 31, 2025December 31, 2024
Balance at the period end$50,876 $50,896 
Average balance during the period$50,886 $46,306 
Average interest rate during the period3.80 %4.24 %
Maximum month-end balance during the period$50,890 $64,015 
Average interest rate at the period end3.75 %3.75 %
Junior Subordinated Debt Securities
(dollars in thousands)March 31, 2025December 31, 2024
Balance at the period end$49,433 $49,418 
Average balance during the period$49,423 $49,386 
Average interest rate during the period7.17 %8.05 %
Maximum month-end balance during the period$49,433 $49,418 
Average interest rate at the period end6.89 %6.96 %
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. 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. ALCO monitors and manages liquidity through various ratios, reviewing cash flow projections, performing stress tests and having a detailed contingency funding plan. 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, 2025 - 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 FHLB, federal funds lines with other financial institutions and the brokered deposit market. We also have borrowing availability at the Federal Reserve Discount Window through the Borrower-in-Custody Program.
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Available borrowing capacity exceeds uninsured deposits of $2.7 billion at March 31, 2025. The following table summarizes funding sources available as of the dates presented:
March 31, 2025December 31, 2024
(dollars in thousands)Borrowing Capacity
Balance (1)
AvailableBorrowing Capacity
Balance (1)
Available
FHLB(1)
$2,036,064 $310,234 $1,725,830 $1,980,615 $304,565 $1,676,050 
Borrower-in-Custody Program2,098,353 — 2,098,353 1,995,489 — 1,995,489 
Total$4,134,417 $310,234 $3,824,183 $3,976,104 $304,565 $3,671,539 
(1) FHLB balances include advances, letters of credit, interest due on advances and the credit enhancement obligation on mortgages sold to the FHLB.
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" section presented in our Form 2024 10-K under Part II, Item 7- "Management’s Discussion and Analysis of Financial Condition and Results of Operations" for more information on these future cash outflows. Total certificates of deposit decreased $44.3 million to $1.8 billion at March 31, 2025 compared to December 31, 2024 and short-term borrowings decreased $55.0 million to $95.0 million at March 31, 2025 compared to December 31, 2024. Other than these changes, there have been no material changes to the contractual obligations previously disclosed in our 2024 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, 2025, S&T Bank had $923.1 million in highly liquid assets, which consisted primarily of $124.4 million in interest-bearing deposits with banks and $798.7 million in unpledged securities. This resulted in a highly liquid assets to total assets ratio of 9.5 percent at March 31, 2025.
We continue to maintain a strong capital position with our leverage ratio at 12.09 percent at March 31, 2025 compared to 11.98 percent at December 31, 2024, 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 14.67 percent at March 31, 2025 compared to 14.58 percent at December 31, 2024, both in excess of the well-capitalized regulatory guideline of 6.50 percent.
The following table summarizes capital amounts and ratios for S&T and S&T Bank as of the dates presented:
(dollars in thousands)Adequately
Capitalized		Well-
Capitalized		March 31, 2025December 31, 2024
AmountRatioAmountRatio
S&T Bancorp, Inc.
Tier 1 leverage4.00 %5.00 %$1,127,467 12.09 %$1,112,126 11.98 %
Common equity tier 1 to risk-weighted assets4.50 %6.50 %1,103,467 14.67 %1,088,126 14.58 %
Tier 1 capital to risk-weighted assets6.00 %8.00 %1,127,467 14.99 %1,112,126 14.90 %
Total capital to risk-weighted assets8.00 %10.00 %1,246,607 16.57 %1,230,497 16.49 %
S&T Bank
Tier 1 leverage4.00 %5.00 %$1,072,716 11.51 %$1,060,010 11.43 %
Common equity tier 1 to risk-weighted assets4.50 %6.50 %1,072,716 14.27 %1,060,010 14.21 %
Tier 1 capital to risk-weighted assets6.00 %8.00 %1,072,716 14.27 %1,060,010 14.21 %
Total capital to risk-weighted assets8.00 %10.00 %1,191,816 15.85 %1,178,335 15.79 %
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. We have not issued any securities pursuant to this shelf registration statement at March 31, 2025.
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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 ALCO. 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, 2025December 31, 2024
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
4002.4 7.9 (13.2)3.2 8.4 (32.3)
3001.6 5.7 (8.5)1.9 5.8 (24.1)
2001.1 4.2 (4.0)0.8 3.7 (15.4)
1000.7 2.5 (0.7)(0.1)1.7 (7.2)
-100(1.8)(3.9)(2.6)(3.4)(5.2)3.0 
-200(4.3)(9.2)(9.2)(6.2)(10.3)3.5 
-300(7.6)(15.5)(20.4)(9.2)(16.2)0.2 
-400(10.5)(20.4)(38.2)(12.9)(22.7)(7.9)
The results from the rate shock analyses on net interest income are generally 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 remain relatively unchanged in the percentage change in pretax net interest income in the rates up scenarios when comparing March 31, 2025 to December 31, 2024. The percentage change in pretax net interest income in the rates down scenarios show a decline when comparing March 31, 2025 to December 31, 2024 primarily due to updates of our deposit beta and loan prepayment assumptions and upcoming maturities within our receive-fixed balance sheet swap portfolio. Our EVE analyses show an improvement in the rates up scenarios and a decline in the rates down scenarios when comparing March 31, 2025 to December 31, 2024 primarily due to updates of our deposit retention assumptions.
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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, 2025. 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, 2025, 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 2024 Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 3, 2025.
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 2025:
PeriodTotal number of shares purchasedAverage price paid per share
Total number of shares purchased as part of publicly announced plan (1)
Approximate dollar value of shares that may yet be purchased under the plan (2)
1/1/2025 - 1/31/2025— $— — $50,000,000 
2/1/2025 - 2/28/2025— — — 50,000,000 
3/1/2025 - 3/31/2025— — — 50,000,000 
Total— $— — $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, 2025, 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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S&T BANCORP, INC. AND SUBSIDIARIES
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 8, 2025/s/ Mark Kochvar
Mark Kochvar
Senior Executive Vice President and
Chief Financial Officer
(Principal Financial Officer and Duly Authorized Signatory)
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