STBA 10-Q Quarterly Report March 31, 2023 | Alphaminr
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STBA 10-Q Quarter ended March 31, 2023

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S&T BANCORP INC
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stba-20230331
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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, 2023
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to
Commission file number 0-12508
______________________________________
S&T BANCORP INC .
(Exact name of registrant as specified in its charter)
______________________________________
Pennsylvania
25-1434426
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)
800 Philadelphia Street Indiana PA 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 class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $2.50 par value STBA The NASDAQ Stock Market LLC
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 - 38,967,075 shares as of April 28, 2023



S&T BANCORP, INC. AND SUBSIDIARIES



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



1

S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2023 December 31, 2022
(in thousands, except share and per share data) (Unaudited) (Audited)
ASSETS
Cash and due from banks, including interest-bearing deposits of $ 151,209 and $ 138,149 at March 31, 2023 and December 31, 2022
$ 244,152 $ 210,009
Securities, at fair value 998,708 1,002,778
Loans held for sale 81 16
Portfolio loans, net of unearned income 7,251,064 7,183,969
Allowance for credit losses ( 108,113 ) ( 101,340 )
Portfolio loans, net 7,142,951 7,082,629
Bank owned life insurance 85,476 85,185
Premises and equipment, net 49,126 49,285
Federal Home Loan Bank and other restricted stock, at cost 30,262 23,035
Goodwill 373,424 373,424
Other intangible assets, net 5,039 5,378
Other assets 264,223 278,828
Total Assets $ 9,193,442 $ 9,110,567
LIABILITIES
Deposits:
Noninterest-bearing demand $ 2,468,638 $ 2,588,692
Interest-bearing demand 841,130 846,653
Money market 1,599,814 1,731,521
Savings 1,068,274 1,118,511
Certificates of deposit 1,175,238 934,593
Total Deposits 7,153,094 7,219,970
Short-term borrowings 495,000 370,000
Long-term borrowings 14,628 14,741
Junior subordinated debt securities 54,468 54,453
Other liabilities 248,457 266,744
Total Liabilities 7,965,647 7,925,908
SHAREHOLDERS’ EQUITY
Common stock ($ 2.50 par value)
Authorized— 50,000,000 shares
Issued— 41,449,444 shares at March 31, 2023 and December 31, 2022
Outstanding— 38,998,156 shares at March 31, 2023 and 38,999,733 shares at December 31, 2022
103,623 103,623
Additional paid-in capital 407,113 406,283
Retained earnings 890,840 863,948
Accumulated other comprehensive loss ( 96,658 ) ( 112,125 )
Treasury stock — 2,451,288 shares at March 31, 2023 and 2,449,711 shares at December 31, 2022, at cost
( 77,123 ) ( 77,070 )
Total Shareholders’ Equity 1,227,795 1,184,659
Total Liabilities and Shareholders’ Equity $ 9,193,442 $ 9,110,567
See Notes to Consolidated Financial Statements
2

S&T BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended March 31,
(dollars in thousands, except per share data) 2023 2022
INTEREST AND DIVIDEND INCOME
Loans, including fees $ 102,724 $ 64,593
Investment Securities:
Taxable 7,457 4,936
Tax-exempt 214 482
Dividends 508 98
Total Interest and Dividend Income 110,903 70,109
INTEREST EXPENSE
Deposits 14,903 1,853
Borrowings, junior subordinated debt securities and other 7,209 523
Total Interest Expense 22,112 2,376
NET INTEREST INCOME 88,791 67,733
Provision for credit losses 922 ( 512 )
Net Interest Income After Provision for Credit Losses 87,869 68,245
NONINTEREST INCOME
Debit and credit card 4,373 5,063
Service charges on deposit accounts 4,076 3,974
Wealth management 2,948 3,242
Mortgage banking 301 1,015
Other 1,492 1,932
Total Noninterest Income 13,190 15,226
NONINTEREST EXPENSE
Salaries and employee benefits 27,601 23,712
Data processing and information technology 4,258 4,435
Occupancy 3,835 3,882
Furniture, equipment and software 2,861 2,777
Marketing 1,853 1,361
Professional services and legal 1,821 1,949
Other taxes 1,790 1,537
FDIC insurance 1,012 937
Other 6,668 6,824
Total Noninterest Expense 51,699 47,414
Income Before Taxes 49,360 36,057
Income tax expense 9,561 6,914
Net Income $ 39,799 $ 29,143
Earnings per share—basic $ 1.02 $ 0.74
Earnings per share—diluted $ 1.02 $ 0.74
Dividends declared per share $ 0.32 $ 0.29
Comprehensive Income (Loss) $ 55,266 $ ( 10,810 )
See Notes to Consolidated Financial Statements
3

S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)

Three months ended March 31, 2022
(dollars in thousands, except share and per share data) Common
Stock 		Additional
Paid-in
Capital 		Retained
Earnings 		Accumulated
Other
Comprehensive Income (Loss) 		Treasury
Stock 		Total
Balance at January 1, 2022 $ 103,623 $ 403,095 $ 773,659 $ ( 7,090 ) $ ( 66,833 ) $ 1,206,454
Net income for the three months ended March 31, 2022 — — 29,143 — — 29,143
Other comprehensive loss, net of tax — — — ( 39,953 ) — ( 39,953 )
Cash dividends declared ($ 0.29 per share)
— — ( 11,384 ) — — ( 11,384 )
Treasury stock issued for restricted stock awards ( 4,250 shares)
— ( 135 ) — 135 —
Forfeitures of restricted stock awards ( 3,756 shares)
— — 62 — ( 118 ) ( 56 )
Recognition of restricted stock compensation expense — 746 — — — 746
Balance at March 31, 2022 $ 103,623 $ 403,841 $ 791,345 $ ( 47,043 ) $ ( 66,816 ) $ 1,184,950
See Notes to Consolidated Financial Statements
Three months ended March 31, 2023
(dollars in thousands, except share and per share data) Common
Stock 		Additional
Paid-in
Capital 		Retained
Earnings 		Accumulated
Other
Comprehensive Loss 		Treasury
Stock 		Total
Balance at January 1, 2023 $ 103,623 $ 406,283 $ 863,948 $ ( 112,125 ) $ ( 77,070 ) $ 1,184,659
Net Income for the three months ended March 31, 2023 — — 39,799 — — 39,799
Other comprehensive income, net of tax — — — 15,467 — 15,467
Impact of adoption of ASU 2022-02 — — ( 447 ) — — ( 447 )
Cash dividends declared ($ 0.32 per share)
— — ( 12,494 ) — — ( 12,494 )
Forfeitures of restricted stock awards ( 1,577 shares)
— — 34 — ( 53 ) ( 19 )
Recognition of restricted stock compensation expense — 830 — — — 830
Balance at March 31, 2023 $ 103,623 $ 407,113 $ 890,840 $ ( 96,658 ) $ ( 77,123 ) $ 1,227,795
See Notes to Consolidated Financial Statements
4

S&T BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended March 31,
(dollars in thousands) 2023 2022
Net Cash Provided by Operating Activities $ 41,904 $ 86,596
INVESTING ACTIVITIES
Purchases of securities ( 11,226 ) ( 211,265 )
Proceeds from maturities, prepayments and calls of securities 28,140 44,025
Proceeds from redemption of Federal Home Loan Bank stock 15,174 5,818
Purchases of Federal Home Loan Bank stock ( 22,401 ) ( 5,648 )
Net (increase) decrease in loans ( 63,646 ) 38,449
Proceeds from sale of portfolio loans 1,947 —
Proceeds from sale of other real estate owned — 6,285
Purchases of premises and equipment ( 1,439 ) ( 660 )
Proceeds from the sale of premises and equipment 57 56
Net Cash Used in Investing Activities ( 53,394 ) ( 122,940 )
FINANCING ACTIVITIES
Net (decrease) increase in core deposits ( 307,521 ) 13,419
Net increase (decrease) in certificates of deposit 240,664 ( 49,465 )
Net increase (decrease) in short-term borrowings 125,000 ( 14,379 )
Repayments on long-term borrowings ( 113 ) ( 259 )
Repurchase of shares for taxes on restricted stock ( 19 ) ( 56 )
Cash dividends paid to common shareholders ( 12,378 ) ( 11,374 )
Net Cash Provided by (Used in) Financing Activities 45,633 ( 62,114 )
Net increase (decrease) in cash and cash equivalents 34,143 ( 98,458 )
Cash and cash equivalents at beginning of period 210,009 922,215
Cash and Cash Equivalents at End of Period $ 244,152 $ 823,757
Supplemental Disclosures
Right of use assets obtained in exchange for lease obligations $ 1,270 $ —
Cash paid for interest $ 18,095 $ 2,507
Cash paid for income taxes, net of refunds $ ( 7 ) $ 75
Transfers of loans to other real estate owned $ 11 $ —
See Notes to Consolidated Financial Statements

5

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

NOTE 1. BASIS OF PRESENTATION
Principles of Consolidation
The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting.
Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission, or SEC, on February 24, 2023 (2022 Form 10-K). In the opinion of management, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period.
Reclassification
A mounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no effect on our results of operations or financial condition.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
Recently Adopted Accounting Standards Updates, or ASU or Updated
Financial Instruments Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures
In March 2022, the FASB issued ASU 2022-02 , Financial Instruments Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosures. The guidance eliminates the “once a TDR, always a TDR” requirement for loan disclosures and requires disclosures about the performance of modified loans to borrowers experiencing financial difficulty in the 12 months following the modification.
The amendments eliminate the recognition and measurement guidance related to TDRs for creditors that have adopted ASC 326 Financial Instruments - Credit Losses. We adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, on January 1, 2020. ASC 326 requires the recognition of lifetime expected credit losses when a loan is originated or acquired, so the effect of credit losses that occur in loans modified in TDRs is already included in the allowance for credit losses.
ASU 2022-02 requires a creditor to apply the loan refinancing and restructuring guidance in ASC 310-20 (consistent with the accounting for other loan modifications) to determine whether a modification results in a new loan or a continuation of an existing loan. It also requires enhanced disclosures for modifications in the form of interest rate reductions, principal forgiveness, other-than-insignificant payment delays or term extensions (or combinations thereof) of loans made to borrowers experiencing financial difficulty. Disclosures are required regardless of whether a modification of a loan to a borrower experiencing financial difficulty results in a new loan. The objective of the disclosures is to provide information about the type and magnitude of modifications and the degree of their success in mitigating potential credit losses.
The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, and interim periods therein. We adopted ASU 2022-02, as of January 1, 2023, using a modified retrospective transition approach. Results for reporting periods beginning after January 1, 2023 are presented under ASU 2022-02 while prior period amounts continue to be reported in accordance with previously applicable GAAP. Under the previously applicable accounting guidance, commercial TDRs were individually assessed to determine if a specific reserve was required in the allowance for credit losses, or ACL. The elimination
6

S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
of TDRs resulted in these loans being included in homogenous pools. The adoption of this ASU resulted in a day one cumulative effective adjustment recorded as an increase to our ACL of $ 0.6 million, with the offset being recorded as a decrease to retained earnings, net of tax. Refer to Note 5 Loans and Allowance for Credit Losses for additional disclosures related to modifications of loans to borrowers experiencing financial difficulty as well as gross charge-off vintage disclosures.
Accounting Standards Updates Issued But Not Yet Adopted
Investments Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method
In March 2023, the FASB issued ASU 2023-02, Investments Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method to allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. If certain conditions are met, a reporting entity may elect to account for its tax equity investments by using the proportional amortization method regardless of the program from which it receives income tax credits, instead of only low-income-housing tax credit (“LIHTC”) structures. This amendment also eliminates certain LIHTC-specific guidance aligning the accounting with other equity investments in tax credit structures. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. We are evaluating the accounting and disclosure requirements of ASU 2023-02 and do not expect them to have a material effect on our consolidated financial statements.
7

S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2. EARNINGS PER SHARE
Diluted earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted earnings per share. The treasury stock method was used to determined earnings per share for the three months ended March 31, 2023 and the two-class method was used to determine earnings per share for the three months ended March 31, 2022. The following table reconciles the numerators and denominators of basic and diluted earnings per share calculations for the periods presented:
Three months ended March 31,
(in thousands, except share and per share data) 2023 2022
Numerator for Earnings per Share—Basic and Diluted
Net income $ 39,799 $ 29,143
Less: Income allocated to participating shares 45 109
Net Income Allocated to Shareholders $ 39,754 $ 29,034
Denominator for Earnings per Share—Basic:
Weighted Average Shares Outstanding—Basic 38,865,669 39,073,754
Denominator for Earnings per Share—Treasury Stock Method—Diluted:
Weighted Average Shares Outstanding—Basic 38,865,669 39,073,754
Add: Potentially dilutive shares 166,393 112,268
Denominator for Treasury Stock Method—Diluted 39,032,062 39,186,022
Denominator for Earnings per Share—Two Class Method —Diluted:
Weighted Average Shares Outstanding—Basic 38,865,669 39,073,754
Add: Average participating shares outstanding 108,991 16,179
Denominator for Two-Class Method—Diluted 38,974,660 39,089,933
Earnings per share—Basic $ 1.02 $ 0.74
Earnings per share—Diluted $ 1.02 $ 0.74
Restricted stock considered anti-dilutive excluded from potentially dilutive shares 1,133 —
NOTE 3. FAIR VALUE MEASUREMENTS
We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other financial instruments at fair value on a nonrecurring basis, such as loans held for sale, individually assessed loans, other real estate owned, or OREO, and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which are developed based on market data that we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances.
The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows:
Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets.
Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data.
8

S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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, 2023. Refer to Note 1 of the Notes to Consolidated Financial Statements in our 2022 Form 10-K for more information on the valuation methodologies that we use for financial instruments recorded at fair value on a recurring or nonrecurring basis.
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at the dates presented:
March 31, 2023
(dollars in thousands) Level 1 Level 2 Level 3 Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities $ 133,704 $ — $ — $ 133,704
Obligations of U.S. government corporations and agencies — 42,095 — 42,095
Collateralized mortgage obligations of U.S. government corporations and agencies — 432,739 — 432,739
Residential mortgage-backed securities of U.S. government corporations and agencies — 41,170 — 41,170
Commercial mortgage-backed securities of U.S. government corporations and agencies — 317,099 — 317,099
Obligations of states and political subdivisions — 30,895 — 30,895
Total Available-for-sale Debt Securities 133,704 863,998 — 997,702
Marketable equity securities 953 53 — 1,006
Total Securities 134,657 864,051 — 998,708
Securities held in a deferred compensation plan 7,790 — — 7,790
Derivative financial assets:
Interest rate swaps - commercial loans — 67,397 — 67,397
Interest rate lock commitments — — 6 6
Total Assets $ 142,447 $ 931,448 $ 6 $ 1,073,901
LIABILITIES
Derivative financial liabilities:
Interest rate swaps - commercial loans $ — $ 67,397 $ — $ 67,397
Interest rate swaps - cash flow hedge — 15,288 — 15,288
Total Liabilities $ — $ 82,685 $ — $ 82,685
9

S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022
(dollars in thousands) Level 1 Level 2 Level 3 Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities $ 131,695 $ — $ — $ 131,695
Obligations of U.S. government corporations and agencies — 41,811 — 41,811
Collateralized mortgage obligations of U.S. government corporations and agencies — 428,407 — 428,407
Residential mortgage-backed securities of U.S. government corporations and agencies — 41,587 — 41,587
Commercial mortgage-backed securities of U.S. government corporations and agencies — 327,313 — 327,313
Corporate obligations — 500 — 500
Obligations of states and political subdivisions — 30,471 — 30,471
Total Available-for-sale Debt Securities 131,695 870,089 — 1,001,784
Marketable equity securities 952 42 — 994
Total Securities 132,647 870,131 — 1,002,778
Securities held in a deferred compensation plan 8,087 — — 8,087
Derivative financial assets:
Interest rate swaps - commercial loans — 83,449 — 83,449
Interest rate lock commitments — — 5 5
Forward sale contracts - mortgage loans — — 2 2
Total Assets $ 140,734 $ 953,580 $ 7 $ 1,094,321
LIABILITIES
Derivative financial liabilities:
Interest rate swaps - commercial loans $ — $ 83,449 $ — $ 83,449
Interest rate swaps - cash flow hedge — 21,368 — 21,368
Total Liabilities $ — $ 104,817 $ — $ 104,817
Assets Recorded at Fair Value on a Nonrecurring Basis
We may be required to measure certain assets and liabilities at fair value on a nonrecurring basis. Nonrecurring assets are recorded at the lower of cost or fair value in our consolidated financial statements. There were no liabilities measured at fair value on a nonrecurring basis at either March 31, 2023 or December 31, 2022.
There were no Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2023. Level 3 assets measured at fair value on a nonrecurring basis and the significant unobservable inputs used in the fair value measurements as of December 31, 2022 were as follows:
December 31, 2022 Valuation Technique Significant Unobservable Inputs Range Weighted Average
(dollars in thousands)
Other real estate owned 3,060 Collateral method Discount rate 13.00 % 13.00 %
10

S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables present the carrying values and fair values of our financial instruments at the dates presented:
Carrying
Value (1)
Fair Value Measurements at March 31, 2023
(dollars in thousands) Total Level 1 Level 2 Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits $ 244,152 $ 244,152 $ 244,152 $ — $ —
Securities 998,708 998,708 134,657 864,051
Loans held for sale 81 81 — 81 —
Portfolio loans, net 7,142,951 6,883,297 — — 6,883,297
Collateral receivable 4,901 4,901 4,901 — —
Securities held in a deferred compensation plan 7,790 7,790 7,790 — —
Mortgage servicing rights 6,935 9,335 — — 9,335
Interest rate swaps - commercial loans 67,397 67,397 — 67,397 —
Interest rate lock commitments 6 6 — — 6
LIABILITIES
Deposits $ 7,153,094 $ 7,132,944 $ 5,977,856 $ 1,155,088 $ —
Collateral payable 55,301 55,301 55,301 — —
Short-term borrowings 495,000 495,000 — 495,000 —
Long-term borrowings 14,628 14,162 — 14,162 —
Junior subordinated debt securities 54,468 54,468 — 54,468 —
Interest rate swaps - commercial loans 67,397 67,397 — 67,397 —
Interest rate swaps - cash flow hedge 15,288 15,288 — 15,288 —
(1) As reported in the Consolidated Balance Sheets
Carrying
Value (1)
Fair Value Measurements at December 31, 2022
(dollars in thousands) Total Level 1 Level 2 Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits $ 210,009 $ 210,009 $ 210,009 $ — $ —
Securities 1,002,778 1,002,778 132,647 870,131 —
Loans held for sale 16 16 — 16 —
Portfolio loans, net 7,082,629 6,815,167 — — 6,815,167
Collateral receivable 6,307 6,307 6,307 — —
Securities held in a deferred compensation plan 8,087 8,087 8,087 — —
Mortgage servicing rights 7,147 9,994 — — 9,994
Interest rate swaps - commercial loans 83,449 83,449 — 83,449 —
Interest rate lock commitments 5 5 — — 5
Forward sale contracts 2 2 — — 2
LIABILITIES
Deposits $ 7,219,970 $ 7,194,225 $ 6,285,377 $ 908,848 $ —
Collateral payable 65,065 65,065 65,065 — —
Short-term borrowings 370,000 370,000 — 370,000 —
Long-term borrowings 14,741 14,174 — 14,174 —
Junior subordinated debt securities 54,453 54,453 — 54,453 —
Interest rate swaps - commercial loans 83,449 83,449 — 83,449 —
Interest rate swaps - cash flow hedge 21,368 21,368 — 21,368 —
(1) As reported in the Consolidated Balance Sheets
11

S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4. SECURITIES
The following table presents the fair values of our securities portfolio at the dates presented:
(dollars in thousands) March 31, 2023 December 31, 2022
Available-for-sale debt securities $ 997,702 $ 1,001,784
Marketable equity securities 1,006 994
Total Securities $ 998,708 $ 1,002,778
The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented:
March 31, 2023 December 31, 2022
(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 $ 145,139 $ 19 $ ( 11,454 ) $ 133,704 $ 145,416 $ — $ ( 13,721 ) $ 131,695
Obligations of U.S. government corporations and agencies 43,445 — ( 1,350 ) 42,095 43,479 — ( 1,668 ) 41,811
Collateralized mortgage obligations of U.S. government corporations and agencies 479,804 309 ( 47,374 ) 432,739 482,039 203 ( 53,835 ) 428,407
Residential mortgage-backed securities of U.S. government corporations and agencies 48,273 5 ( 7,108 ) 41,170 49,418 3 ( 7,834 ) 41,587
Commercial mortgage-backed securities of U.S. government corporations and agencies 338,646 115 ( 21,662 ) 317,099 352,465 — ( 25,152 ) 327,313
Corporate obligations — — — — 500 — — 500
Obligations of states and political subdivisions 30,656 239 — 30,895 30,788 55 ( 372 ) 30,471
Total Available-for-Sale Debt Securities (1)
$ 1,085,963 $ 687 $ ( 88,948 ) $ 997,702 $ 1,104,105 $ 261 $ ( 102,582 ) $ 1,001,784
(1) Excludes interest receivable of $ 3.3 million at March 31, 2023 and $ 3.7 million at December 31, 2022. Interest receivable is included in other assets in the Consolidated Balance Sheets.
12

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, 2023
Less Than 12 Months 12 Months or More Total
(dollars in thousands) Number of Securities Fair Value Unrealized
Losses 		Number of Securities Fair Value Unrealized
Losses 		Number of Securities Fair Value Unrealized
Losses
U.S. Treasury securities 1 $ 9,413 $ ( 112 ) 12 $ 114,151 $ ( 11,342 ) 13 $ 123,564 $ ( 11,454 )
Obligations of U.S. government corporations and agencies 4 27,382 ( 618 ) 2 14,713 ( 732 ) 6 42,095 ( 1,350 )
Collateralized mortgage obligations of U.S. government corporations and agencies 16 130,667 ( 3,867 ) 43 283,266 ( 43,507 ) 59 413,933 ( 47,374 )
Residential mortgage-backed securities of U.S. government corporations and agencies 3 1,487 ( 69 ) 12 39,280 ( 7,039 ) 15 40,767 ( 7,108 )
Commercial mortgage-backed securities of U.S. government corporations and agencies 9 63,174 ( 1,607 ) 25 243,481 ( 20,055 ) 34 306,655 ( 21,662 )
Obligations of states and political subdivisions — — — — — — — — —
Total 33 $ 232,123 $ ( 6,273 ) 94 $ 694,891 $ ( 82,675 ) 127 $ 927,014 $ ( 88,948 )
December 31, 2022
Less Than 12 Months 12 Months or More Total
(dollars in thousands) Number of Securities Fair Value Unrealized
Losses 		Number of Securities Fair Value Unrealized
Losses 		Number of Securities Fair Value Unrealized
Losses
U.S. Treasury securities 6 $ 57,057 $ ( 3,363 ) 8 $ 74,638 $ ( 10,358 ) 14 $ 131,695 $ ( 13,721 )
Obligations of U.S. government corporations and agencies 6 41,811 ( 1,668 ) — — — 6 41,811 ( 1,668 )
Collateralized mortgage obligations of U.S. government corporations and agencies 47 296,509 ( 28,153 ) 13 112,902 ( 25,682 ) 60 409,411 ( 53,835 )
Residential mortgage-backed securities of U.S. government corporations and agencies 25 7,143 ( 589 ) 3 34,223 ( 7,245 ) 28 41,366 ( 7,834 )
Commercial mortgage-backed securities of U.S. government corporations and agencies 30 241,009 ( 11,975 ) 7 86,304 ( 13,177 ) 37 327,313 ( 25,152 )
Obligations of states and political subdivisions 2 20,127 ( 372 ) — — — 2 20,127 ( 372 )
Total 116 $ 663,656 $ ( 46,120 ) 31 $ 308,067 $ ( 56,462 ) 147 $ 971,723 $ ( 102,582 )
We evaluate securities with unrealized losses quarterly to determine if the decline in fair value has resulted from credit impairment or other factors. We do not believe any individual unrealized loss as of March 31, 2023 represents a credit impairment. There were 127 debt securities in an unrealized loss position at March 31, 2023 and 147 debt securities in an unrealized loss position at December 31, 2022. The unrealized losses on debt securities were primarily attributable to changes in interest rates and not related to the credit quality of the issuers. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. We do not intend to sell and it is more likely than not that we will not be required to sell the securities in an unrealized loss position before recovery of their amortized cost.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive income (loss), for the periods presented:
March 31, 2023 December 31, 2022
(dollars in thousands) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Losses Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Losses
Total unrealized gains (losses) on available-for-sale debt securities $ 687 $ ( 88,948 ) $ ( 88,261 ) $ 261 $ ( 102,582 ) $ ( 102,321 )
Income tax (expense) benefit ( 147 ) 19,005 18,858 ( 56 ) 21,915 21,859
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss) $ 540 $ ( 69,943 ) $ ( 69,403 ) $ 205 $ ( 80,667 ) $ ( 80,462 )
The amortized cost and fair value of available-for-sale debt securities at March 31, 2023 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
March 31, 2023
(dollars in thousands) Amortized
Cost 		Fair Value
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions
Due in one year or less $ 9,988 $ 9,827
Due after one year through five years 159,631 149,422
Due after five years through ten years 38,147 35,922
Due after ten years 11,474 11,523
Available-for-Sale Debt Securities With Fixed Maturities 219,240 206,694
Debt Securities without a single maturity date
Collateralized mortgage obligations of U.S. government corporations and agencies 479,804 432,739
Residential mortgage-backed securities of U.S. government corporations and agencies 48,273 41,170
Commercial mortgage-backed securities of U.S. government corporations and agencies 338,646 317,099
Total Available-for-Sale Debt Securities $ 1,085,963 $ 997,702
Debt securities are pledged in order to meet various regulatory and legal requirements. Restricted pledged securities had a carrying value of $ 18.3 million at March 31, 2023 and $ 17.9 million at December 31, 2022. Unrestricted pledged securities had a carrying value of $ 212.3 million at March 31, 2023 and $ 251.5 million at December 31, 2022. Any changes to restricted pledged securities require approval of the pledge beneficiary. Approval is not required for unrestricted pledged securities.

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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans and Loans Held for Sale
Loans are presented net of unearned income. Unearned income consisted of net deferred loan fees and costs of $ 7.4 million at March 31, 2023 and $ 7.5 million at December 31, 2022 and a discount related to purchase accounting fair value adjustments of $ 4.4 million at March 31, 2023 and $ 4.7 million at December 31, 2022.
The following table summarizes the composition of originated and acquired loans as of the dates presented:
(dollars in thousands) March 31, 2023 December 31, 2022
Commercial real estate $ 2,523,434 $ 2,538,839
Commercial and industrial 1,493,519 1,510,392
Commercial construction 376,855 381,963
Business banking 1,261,842 1,205,944
Consumer real estate 1,475,575 1,421,953
Other consumer 119,839 124,878
Total Portfolio Loans $ 7,251,064 $ 7,183,969
Loans held for sale 81 16
Total Loans (1)
$ 7,251,145 $ 7,183,985
(1) Excludes interest receivable of $ 29.7 million at March 31, 2023 and $ 28.3 million at December 31, 2022. Interest receivable is included in other assets in the Consolidated Balance Sheets.
Modifications to Borrowers Experiencing Financial Difficulty
The following table presents the amortized cost of loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the period presented:
Three Months Ended March 31, 2023
(dollars in thousands) Term Extension Term Extension and Interest Rate Reduction Total % of Portfolio Segment
Commercial real estate $ 15,849 $ — $ 15,849 0.63 %
Commercial industrial 594 — 594 0.04 %
Consumer real estate 63 196 259 0.02 %
Total (1)
$ 16,506 $ 196 $ 16,702 0.23 %
(1) Excludes loans that were fully paid off or fully charged-off by period end.
The following table describes the effect of loan modifications made to borrowers experiencing financial difficulty during the period presented:
Three Months Ended March 31, 2023
Weighted-Average Term Extension (in Months) Weighted-Average Interest Rate Reduction
Commercial real estate 6 —
Commercial industrial 72 —
Consumer real estate 168 2 %

15

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 table presents the aging analysis of modifications to borrowers experiencing financial difficulty in the last 12 months as of the date presented:
March 31, 2023
(dollars in thousands) Current 30-59 Days
Past Due 		60-89 Days
Past Due 		90+ Days Past Due Nonaccrual Total
Commercial real estate $ 15,849 $ — $ — $ — $ — $ 15,849
Commercial and industrial 594 — — — — 594
Consumer real estate 196 — — — 63 259
Total $ 16,639 $ — $ — $ — $ 63 $ 16,702

There were no loans that had a payment default during the three months ended March 31, 2023 that were modified in the 12 months before default to borrowers experiencing financial difficulty. Additionally, we had no commitments to lend additional funds to borrowers experiencing financial difficulty that had a modification during the three months ended March 31, 2023.
The effect of modifications made to borrowers experiencing financial difficulty is already included in the ACL because of the measurement methodologies used to estimate the ACL, therefore, a change to the ACL is generally not recorded upon modification. If principal forgiveness is provided, that portion of the loan will be charged-off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the ACL. An assessment of whether the borrower is experiencing financial difficulty is made on the date of a modification.
Troubled Debt Restructurings
Prior to the adoption of ASU 2022-02, we evaluated all substandard commercial and consumer loans that had experienced a forbearance or modification of existing terms to determine if they should be designated as troubled debt restructurings, or TDRs.
TDRs returned to accruing status if the ultimate collectability of all contractual amounts due, according to the restructured agreement, was not in doubt and there was a period of a minimum of six months of satisfactory payment performance by the borrower either immediately before or after the restructuring. There was one $ 0.2 million TDR returned to accruing status during 2022.
The following tables summarize TDRs as of the dates presented:
December 31, 2022
(dollars in thousands) Accruing
TDRs 		Nonaccruing
TDRs 		Total
TDRs
Commercial real estate $ — $ — $ —
Commercial and industrial 626 — 626
Commercial construction 1,655 — 1,655
Business banking 438 1,087 1,525
Consumer real estate 6,168 1,798 7,966
Other consumer 4 9 13
Total $ 8,891 $ 2,894 $ 11,785

16

S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables present the TDRs by portfolio segment and type of concession for the period presented:
Three Months Ended March 31, 2022
Number
of
Contracts 		Type of Modification
Total
Post-Modification Outstanding Recorded Investment (2)
Total
Pre-Modification Outstanding Recorded Investment (2)
(dollars in thousands)
Bankruptcy (1)
Other Extend
Maturity 		Modify
Rate 		Modify
Payments
Commercial real estate — $ — $ — $ — $ — $ — $ — $ —
Commercial industrial — — — — — — — —
Commercial construction — — — — — — — —
Business banking — — — — — — — —
Consumer real estate 7 766 — 1,112 — — 1,878 1,928
Other consumer — — — — — — — —
Total 7 $ 766 $ — $ 1,112 $ — $ — $ 1,878 $ 1,928
(1) Bankruptcy is consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed.
(2) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end.
As of December 31, 2022, we had 16 commitments to lend an additional $ 0.4 million on TDRs.
Defaulted TDRs were defined as loans having a payment default of 90 days or more after the restructuring took place that were restructured within the last 12 months prior to defaulting. There were no TDRs that defaulted during 2022.
The following table is a summary of nonperforming assets as of the dates presented:
Nonperforming Assets
(dollars in thousands) March 31, 2023 December 31, 2022
Nonperforming Assets
Nonaccrual Loans $ 24,644 $ 19,052
OREO 3,076 3,065
Total Nonperforming Assets $ 27,720 $ 22,117

Allowance for Credit Losses
We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) Commercial Real Estate, or CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer.
The following are key risks within each portfolio segment:
CRE —Loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes such as hotels, retail, multifamily and health care. Operations of the individual projects and global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and the business prospects of the lessee, if the project is not owner-occupied.
C&I —Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt.
Commercial Construction —Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is 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.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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 home equity loans, home equity lines of credit and 1-4 family residential mortgages. 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 and unsecured loans and lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values.
Management monitors various credit quality indicators for the commercial, business banking and consumer loan portfolios, including changes in risk ratings, nonperforming status and delinquency on a monthly basis.
We monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention or substandard.
Our risk ratings are consistent with regulatory guidance and are as follows:
Pass —The loan is currently performing and is of high quality.
Special Mention —A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date.
Substandard —A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.
Doubtful —Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable.
The following tables present loan balances by year of origination and internally assigned risk rating for our portfolio segments as of the dates presented:
18

S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2023
Risk Rating
(dollars in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Revolving-Term Total
Commercial Real Estate
Pass $ 59,710 $ 264,611 $ 379,447 $ 258,879 $ 409,858 $ 873,354 $ 21,283 $ — $ 2,267,142
Special mention — — — 497 26,721 135,007 — — 162,225
Substandard — — — 1,293 10,965 81,391 — — 93,649
Doubtful — — — — — 418 — — 418
Total Commercial Real Estate 59,710 264,611 379,447 260,669 447,544 1,090,170 21,283 — 2,523,434
Current Period Gross Charge-offs — — — — — — — — —
Commercial and Industrial
Pass 27,936 249,713 241,929 81,722 58,291 193,317 535,107 — 1,388,015
Special mention — 4,325 24,761 2,336 4,740 8,156 31,111 — 75,429
Substandard — 353 — — 5,517 3,742 16,679 — 26,291
Doubtful — — — — — 1,325 2,459 — 3,784
Total Commercial and Industrial 27,936 254,391 266,690 84,058 68,548 206,540 585,356 — 1,493,519
Current Period Gross Charge-offs — — — — 3,412 — — — 3,412
Commercial Construction
Pass 5,249 142,639 153,978 25,115 3,703 4,728 25,985 — 361,397
Special mention — — 5,444 — 8,153 — — — 13,597
Substandard — — — — — 1,861 — — 1,861
Doubtful — — — — — — — — —
Total Commercial Construction 5,249 142,639 159,422 25,115 11,856 6,589 25,985 — 376,855
Current Period Gross Charge-offs — — — — — — — — —
Business Banking
Pass 68,827 282,541 228,739 92,571 104,156 351,271 104,495 631 1,233,231
Special mention — — 1,940 319 — 6,415 858 95 9,627
Substandard — 18 3,064 3,301 11,938 114 549 18,984
Doubtful — — — — — — — — —
Total Business Banking 68,827 282,559 230,679 95,954 107,457 369,624 105,467 1,275 1,261,842
Current Period Gross Charge-offs — 67 43 — 70 447 25 — 652
Consumer Real Estate
Pass 51,356 313,568 146,465 90,586 72,047 213,915 552,909 21,043 1,461,889
Special mention — — — — — 867 — — 867
Substandard — 48 204 152 427 9,030 470 2,488 12,819
Doubtful — — — — — — — — —
Total Consumer Real Estate 51,356 313,616 146,669 90,738 72,474 223,812 553,379 23,531 1,475,575
Current Period Gross Charge-offs — — — 3 — 25 — 49 77
Other Consumer
Pass 4,550 16,527 9,581 4,791 2,575 1,321 78,676 1,737 119,758
Special mention — — — — — — — — —
Substandard — — 22 1 26 21 — 11 81
Doubtful — — — — — — — — —
Total Other Consumer 4,550 16,527 9,603 4,792 2,601 1,342 78,676 1,748 119,839
Current Period Gross Charge-offs 189 9 60 — 17 3 — 40 318
Pass 217,628 1,269,599 1,160,139 553,664 650,630 1,637,906 1,318,455 23,411 6,831,432
Special mention — 4,325 32,145 3,152 39,614 150,445 31,969 95 261,745
Substandard — 419 226 4,510 20,236 107,983 17,263 3,048 153,685
Doubtful — — — — — 1,743 2,459 — 4,202
Total Loan Balance $ 217,628 $ 1,274,343 $ 1,192,510 $ 561,326 $ 710,480 $ 1,898,077 $ 1,370,146 $ 26,554 $ 7,251,064
Current Period Gross Charge-offs $ 189 $ 76 $ 103 $ 3 $ 3,499 $ 475 $ 25 $ 89 $ 4,459
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022
Risk Rating
(dollars in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Revolving-Term Total
Commercial Real Estate
Pass $ 292,732 $ 360,423 $ 267,743 $ 422,872 $ 227,006 $ 704,600 $ 21,666 $ — $ 2,297,042
Special mention — — — 13,187 20,090 101,112 — — 134,389
Substandard — — 1,306 13,434 14,845 77,823 — — 107,408
Doubtful — — — — — — — — —
Total Commercial Real Estate 292,732 360,423 269,049 449,493 261,941 883,535 21,666 — 2,538,839
Commercial and Industrial
Pass 253,324 264,012 88,544 63,190 62,874 138,250 559,777 — 1,429,971
Special mention — 25,436 — 5,103 1,885 7,132 19,280 — 58,836
Substandard 372 — — 5,705 1,152 1,891 12,465 — 21,585
Doubtful — — — — — — — — —
Total Commercial and Industrial 253,696 289,448 88,544 73,998 65,911 147,273 591,522 — 1,510,392
Commercial Construction
Pass 120,655 159,737 40,762 6,338 3,953 2,297 27,284 — 361,026
Special mention — 10,954 — 8,104 — — — — 19,058
Substandard — — — — — 1,879 — — 1,879
Doubtful — — — — — — — — —
Total Commercial Construction 120,655 170,691 40,762 14,442 3,953 4,176 27,284 — 381,963
Business Banking
Pass 287,520 233,499 87,926 107,819 80,549 276,843 104,354 645 1,179,155
Special mention — 157 146 — 2,790 3,945 793 95 7,926
Substandard 159 67 3,077 1,912 1,550 11,391 124 551 18,831
Doubtful — — — — — 32 — — 32
Total Business Banking 287,679 233,723 91,149 109,731 84,889 292,211 105,271 1,291 1,205,944
Consumer Real Estate
Pass 296,900 148,790 91,477 74,155 30,658 191,228 552,994 21,547 1,407,749
Special mention — — — — — 882 — — 882
Substandard 48 213 136 428 1,373 8,059 655 2,410 13,322
Doubtful — — — — — — — — —
Total Consumer Real Estate 296,948 149,003 91,613 74,583 32,031 200,169 553,649 23,957 1,421,953
Other Consumer
Pass 20,046 10,819 5,427 3,242 1,013 724 82,125 1,404 124,800
Special mention — — — — — — — — —
Substandard 8 — — 28 21 — — 21 78
Doubtful — — — — — — — — —
Total Other Consumer 20,054 10,819 5,427 3,270 1,034 724 82,125 1,425 124,878
Pass 1,271,177 1,177,280 581,879 677,616 406,053 1,313,942 1,348,200 23,596 6,799,743
Special Mention — 36,547 146 26,394 24,765 113,071 20,073 95 221,091
Substandard 587 280 4,519 21,507 18,941 101,043 13,244 2,982 163,103
Doubtful — — — — — 32 — — 32
Total Loan Balance $ 1,271,764 $ 1,214,107 $ 586,544 $ 725,517 $ 449,759 $ 1,528,088 $ 1,381,517 $ 26,673 $ 7,183,969
20

S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
We monitor the delinquent status of the commercial and consumer portfolios on a monthly basis. Loans are considered nonaccrual when interest and principal are 90 days or more past due or management has determined that a material deterioration in the borrower’s financial condition exists. The risk of loss is generally highest for nonaccrual loans.
The following tables present loan balances by year of origination and accrual and nonaccrual status for our portfolio segments as of the dates presented:
March 31, 2023
(dollars in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Revolving-Term Total
Commercial Real Estate
Accrual $ 59,710 $ 264,611 $ 379,447 $ 260,669 $ 447,544 $ 1,082,745 $ 21,283 $ — $ 2,516,009
Nonaccrual — — — — — 7,425 — — 7,425
Total Commercial Real Estate 59,710 264,611 379,447 260,669 447,544 1,090,170 21,283 — 2,523,434
Commercial and Industrial
Accrual 27,936 254,391 266,690 84,058 68,548 203,695 581,126 — 1,486,444
Nonaccrual — — — — — 2,845 4,230 — 7,075
Total Commercial and Industrial 27,936 254,391 266,690 84,058 68,548 206,540 585,356 — 1,493,519
Commercial Construction
Accrual 5,249 142,639 159,422 25,115 11,856 6,205 25,985 — 376,471
Nonaccrual — — — — — 384 — — 384
Total Commercial Construction 5,249 142,639 159,422 25,115 11,856 6,589 25,985 — 376,855
Business Banking
Accrual 68,827 282,559 230,679 95,938 107,271 366,007 105,467 1,179 1,257,927
Nonaccrual — — — 16 186 3,617 — 96 3,915
Total Business Banking 68,827 282,559 230,679 95,954 107,457 369,624 105,467 1,275 1,261,842
Consumer Real Estate
Accrual 51,356 313,451 146,543 90,682 71,834 220,441 553,135 22,604 1,470,046
Nonaccrual — 165 126 56 640 3,371 244 927 5,529
Total Consumer Real Estate 51,356 313,616 146,669 90,738 72,474 223,812 553,379 23,531 1,475,575
Other Consumer
Accrual 4,550 16,519 9,584 4,634 2,601 1,211 78,676 1,748 119,523
Nonaccrual — 8 19 158 — 131 — — 316
Total Other Consumer 4,550 16,527 9,603 4,792 2,601 1,342 78,676 1,748 119,839
Accrual 217,628 1,274,170 1,192,365 561,096 709,654 1,880,304 1,365,672 25,531 7,226,420
Nonaccrual — 173 145 230 826 17,773 4,474 1,023 24,644
Total Loan Balance $ 217,628 $ 1,274,343 $ 1,192,510 $ 561,326 $ 710,480 $ 1,898,077 $ 1,370,146 $ 26,554 $ 7,251,064

21

S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022
(dollars in thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Revolving-Term Total
Commercial Real Estate
Accrual $ 292,732 $ 360,423 $ 269,049 $ 449,493 $ 261,941 $ 876,435 $ 21,666 $ — $ 2,531,739
Nonaccrual — — — — — 7,100 — — 7,100
Total Commercial Real Estate 292,732 360,423 269,049 449,493 261,941 883,535 21,666 — 2,538,839
Commercial and Industrial
Accrual 253,696 289,448 88,544 73,998 65,858 147,273 591,292 — 1,510,109
Nonaccrual — — — — 53 — 230 — 283
Total Commercial and Industrial 253,696 289,448 88,544 73,998 65,911 147,273 591,522 — 1,510,392
Commercial Construction
Accrual 120,655 170,691 40,762 14,442 3,953 3,792 27,284 — 381,579
Nonaccrual — — — — — 384 — — 384
Total Commercial Construction 120,655 170,691 40,762 14,442 3,953 4,176 27,284 — 381,963
Business Banking
Accrual 287,679 233,656 91,149 109,479 83,689 289,435 105,172 1,195 1,201,454
Nonaccrual — 67 — 252 1,200 2,776 99 96 4,490
Total Business Banking 287,679 233,723 91,149 109,731 84,889 292,211 105,271 1,291 1,205,944
Consumer Real Estate
Accrual 296,948 148,868 91,085 73,947 31,646 196,384 553,441 23,108 1,415,427
Nonaccrual — 135 528 636 385 3,785 208 849 6,526
Total Consumer Real Estate 296,948 149,003 91,613 74,583 32,031 200,169 553,649 23,957 1,421,953
Other Consumer
Accrual 20,054 10,819 5,303 3,270 1,034 593 82,125 1,411 124,609
Nonaccrual — — 124 — — 131 — 14 269
Total Other Consumer 20,054 10,819 5,427 3,270 1,034 724 82,125 1,425 124,878
Accrual 1,271,764 1,213,905 585,892 724,629 448,121 1,513,912 1,380,980 25,714 7,164,917
Nonaccrual — 202 652 888 1,638 14,176 537 959 19,052
Total Loan Balance $ 1,271,764 $ 1,214,107 $ 586,544 $ 725,517 $ 449,759 $ 1,528,088 $ 1,381,517 $ 26,673 $ 7,183,969
The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented:
March 31, 2023
(dollars in thousands) Current 30-59 Days
Past Due 		60-89 Days
Past Due 		Nonaccrual Total Past
Due Loans 		Total Loans
Commercial real estate $ 2,514,689 $ — $ 1,320 $ 7,425 $ 8,745 $ 2,523,434
Commercial and industrial 1,486,444 — — 7,075 7,075 1,493,519
Commercial construction 376,471 — — 384 384 376,855
Business banking 1,255,124 2,714 89 3,915 6,718 1,261,842
Consumer real estate 1,464,321 4,383 1,342 5,529 11,254 1,475,575
Other consumer 119,285 162 76 316 554 119,839
Total $ 7,216,334 $ 7,259 $ 2,827 $ 24,644 $ 34,730 $ 7,251,064

22

S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2022
(dollars in thousands) Current 30-59 Days
Past Due 		60-89 Days
Past Due 		Nonaccrual Total Past
Due Loans 		Total Loans
Commercial real estate $ 2,523,315 $ 8,424 $ — $ 7,100 $ 15,524 $ 2,538,839
Commercial and industrial 1,505,805 4,304 — 283 4,587 1,510,392
Commercial construction 381,579 — — 384 384 381,963
Business banking 1,199,586 1,583 285 4,490 6,358 1,205,944
Consumer real estate 1,409,907 3,617 1,903 6,526 12,046 1,421,953
Other consumer 124,384 165 60 269 494 124,878
Total $ 7,144,576 $ 18,093 $ 2,248 $ 19,052 $ 39,393 $ 7,183,969
The following tables present loans on nonaccrual status by class of loan for the year-to-date periods presented:
March 31, 2023
(dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance
Interest Income Recognized on Nonaccrual (1)
Commercial real estate $ 7,100 $ 7,425 $ 5,442 $ 1
Commercial and industrial 283 7,075 — —
Commercial construction 384 384 — —
Business banking 4,490 3,915 — 108
Consumer real estate 6,526 5,529 — 91
Other consumer 269 316 — 1
Total $ 19,052 $ 24,644 $ 5,442 $ 201
(1) Represents only cash payments received and applied to interest on nonaccrual loans.

December 31, 2022
(dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance
Interest Income
Recognized
on Nonaccrual (1)
Commercial real estate $ 31,488 $ 7,100 $ 5,649 $ 580
Commercial and industrial 15,239 283 — 148
Commercial construction 2,471 384 — 171
Business banking 9,641 4,490 933 228
Consumer real estate 7,294 6,526 — 257
Other consumer 158 269 — 1
Total $ 66,291 $ 19,052 $ 6,582 $ 1,385
(1) Represents only cash payments received and applied to interest on nonaccrual loans.
23

S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables present collateral-dependent loans by class of loans as of the dates presented:
March 31, 2023
Type of Collateral
(dollars in thousands) Real Estate Business
Assets 		Investment/Cash Other
Commercial real estate $ 5,442 $ 595 $ — $ —
Commercial and industrial — 5,385 — —
Commercial construction — — — —
Business banking — — — —
Consumer real estate — — — —
Total $ 5,442 $ 5,980 $ — $ —
December 31, 2022
Type of Collateral
(dollars in thousands) Real Estate Business
Assets 		Investment/Cash Other
Commercial real estate $ 5,649 $ — $ — $ —
Commercial and industrial — 626 — —
Commercial construction 1,655 — — —
Business banking 260 1,112 — 154
Consumer real estate 561 — — —
Total $ 8,125 $ 1,738 $ — $ 154
The following tables present activity in the ACL for the periods presented:
Three Months Ended March 31, 2023
(dollars in thousands) Commercial
Real Estate 		Commercial and
Industrial 		Commercial
Construction 		Business Banking Consumer
Real Estate 		Other
Consumer 		Total
Loans
Allowance for credit losses on loans:
Balance at beginning of period $ 41,428 $ 25,710 $ 6,264 $ 12,547 $ 12,105 $ 3,286 $ 101,340
Impact of ASU 2022-02 — 75 215 251 278 ( 251 ) 568
Provision for credit losses on loans (1)
( 1,011 ) ( 476 ) 412 1,497 488 180 1,090
Charge-offs — ( 3,412 ) — ( 652 ) ( 77 ) ( 318 ) ( 4,459 )
Recoveries 9 9,400 2 37 61 65 9,574
Net Recoveries/(Charge-offs) 9 5,988 2 ( 615 ) ( 16 ) ( 253 ) 5,115
Balance at End of Period $ 40,426 $ 31,297 $ 6,893 $ 13,680 $ 12,855 $ 2,962 $ 108,113
(1) Excludes the provision for credits losses for unfunded commitments.
Three Months Ended March 31, 2022
(dollars in thousands) Commercial
Real Estate 		Commercial and
Industrial 		Commercial
Construction 		Business Banking Consumer
Real Estate 		Other
Consumer 		Total
Loans
Allowance for credit losses on loans:
Balance at beginning of period $ 50,700 $ 19,727 $ 5,355 $ 11,338 $ 8,733 $ 2,723 $ 98,576
Provision for credit losses on loans (1)
( 1,996 ) ( 206 ) ( 27 ) 765 426 340 ( 698 )
Charge-offs — — — ( 606 ) ( 78 ) ( 298 ) ( 982 )
Recoveries 199 2,716 1 — 37 66 3,019
Net (Charge-offs)/Recoveries 199 2,716 1 ( 606 ) ( 41 ) ( 232 ) 2,037
Balance at End of Period $ 48,903 $ 22,237 $ 5,329 $ 11,497 $ 9,118 $ 2,831 $ 99,915
(1) Excludes the provision for credit losses for unfunded commitments.






24

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 for the dates presented:
Derivative Assets
(Included in Other Assets) 		Derivative Liabilities
(Included in Other Liabilities)
March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022
(dollars in thousands) Notional
Amount 		Fair
Value 		Notional Amount Fair
Value 		Notional
Amount 		Fair
Value 		Notional
Amount 		Fair
Value
Derivatives Designated as Hedging Instruments
Interest rate swap contracts - cash flow hedge $ — $ — $ — $ — $ 500,000 $ 15,288 $ 500,000 $ 21,368
Total Derivatives Designated as Hedging Instruments $ — $ — $ — $ — $ 500,000 $ 15,288 $ 500,000 $ 21,368
Derivatives Not Designated as Hedging Instruments
Interest rate swap contracts - commercial loans $ 959,341 $ 67,397 $ 976,707 $ 83,449 $ 959,341 $ 67,397 $ 976,707 $ 83,449
Interest rate lock commitments - mortgage loans 146 6 126 5 — — — —
Forward sales contracts - mortgage loans — — 130 2 — — — —
Total Derivatives Not Designated as Hedging Instruments $ 959,487 $ 67,403 $ 976,963 $ 83,456 $ 959,341 $ 67,397 $ 976,707 $ 83,449
Total Derivatives $ 959,487 $ 67,403 $ 976,963 $ 83,456 $ 1,459,341 $ 82,685 $ 1,476,707 $ 104,817
The following table indicates the gross amounts of interest rate swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at the dates presented:

Derivatives (included
in Other Assets) 		Derivatives (included
in Other Liabilities)
(dollars in thousands) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022
Gross amounts recognized $ 67,397 $ 83,449 $ 82,685 $ 104,817
Gross amounts offset — — — —
Net amounts presented in the Consolidated Balance Sheets 67,397 83,449 82,685 104,817
Netting adjustments (1)
( 11,434 ) ( 15,196 ) ( 11,434 ) ( 15,196 )
Cash collateral (2)
( 55,301 ) ( 65,065 ) ( 4,901 ) ( 6,307 )
Net Amount $ 662 $ 3,188 $ 66,350 $ 83,314
(1) Netting adjustments represent the amounts recorded to convert derivatives assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance.
(2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.
The following table presents the effect of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods presented:
Amount of Gain or (Loss) Recognized in Other Comprehensive Income Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Income
(dollars in thousands) March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
Derivatives in Cash Flow Hedging Relationships:
Interest rate swap contracts - cash flow hedge $ 4,782 $ ( 2,044 ) $ ( 1,849 ) $ 107
Total $ 4,782 $ ( 2,044 ) $ ( 1,849 ) $ 107
25

S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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 $ 10.2 million will be reclassified as a decrease to interest income.
The following table indicates the gain or loss recognized in income on derivatives not designated as hedging instruments for the periods presented:
Three months ended March 31,
(dollars in thousands) 2023 2022
Derivatives not Designated as Hedging Instruments
Interest rate swap contracts—commercial loans $ — $ 68
Interest rate lock commitments—mortgage loans 1 ( 217 )
Forward sale contracts—mortgage loans ( 2 ) 188
Total Derivatives (Loss) Gain $ ( 1 ) $ 39
NOTE 7. COMMITMENTS AND CONTINGENCIES
Commitments
In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.
The following table sets forth our commitments and letters of credit as of the dates presented:
(dollars in thousands) March 31, 2023 December 31, 2022
Commitments to extend credit $ 2,661,977 $ 2,713,586
Standby letters of credit 65,676 64,356
Total $ 2,727,653 $ 2,777,942
Allowance for Credit Losses on Unfunded Loan Commitments
We maintain an allowance for credit losses on unfunded commercial and consumer lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the allowance for credit losses for loans, modified to take into account the probability of a draw-down on the commitment. The provision for credit losses on unfunded loan commitments is included in the provision for credit losses on our Condensed Consolidated Statements of Comprehensive Income (Loss). The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets.
The following table presents activity in the allowance for credit losses on unfunded loan commitments for the periods presented:
Three months ended March 31,
(dollars in thousands) 2023 2022
Balance at beginning of period $ 8,196 $ 5,189
Provision for credit losses ( 168 ) 186
Total $ 8,028 $ 5,375
Litigation
In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that the outcome of such proceedings or claims pending will not have a material adverse effect on our consolidated financial position or results of operations.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 8. 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, 2023 Three Months Ended March 31, 2022
(dollars in thousands) Pre-Tax
Amount 		Tax
Benefit 		Net of Tax
Amount 		Pre-Tax
Amount 		Tax
Benefit 		Net of Tax
Amount
Change in net unrealized gains (losses) on available-for-sale debt securities $ 14,060 $ ( 3,001 ) $ 11,059 $ ( 48,261 ) $ 10,332 $ ( 37,929 )
Change in interest rate swap 6,080 ( 1,298 ) 4,782 ( 2,601 ) 557 ( 2,044 )
Adjustment to funded status of employee benefit plans ( 475 ) 101 ( 374 ) ( 12 ) 32 20
Other Comprehensive Income (Loss) $ 19,665 $ ( 4,198 ) $ 15,467 $ ( 50,874 ) $ 10,921 $ ( 39,953 )
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S&T BANCORP, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management’s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, represents an overview of our consolidated results of operations and financial condition and highlights material changes in our financial condition and results of operations for the three months ended March 31, 2023 and 2022. Our MD&A should be read in conjunction with our Consolidated Financial Statements and Notes. The results of operations reported in the accompanying Consolidated Financial Statements are not necessarily indicative of results to be expected in future periods.

Important Note Regarding Forward-Looking Statements
This quarterly report on Form 10-Q contains or incorporates statements that we believe are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial position and other matters regarding or affecting S&T and its future business and operations. Forward-looking statements are typically identified by words or phrases such as “will likely result,” “expect,” “anticipate,” “estimate,” “forecast,” “project,” “intend,” “believe,” “assume,” “strategy,” “trend,” “plan,” “outlook,” “outcome,” “continue,” “remain,” “potential,” “opportunity,” “comfortable,” “current,” “position,” “maintain,” “sustain,” “seek,” “achieve,” and variations of such words and similar expressions, or future or conditional verbs such as will, would, should, could or may. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to: credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL; cyber-security concerns; rapid technological developments and changes; operational risks or risk management failures by us or critical third parties, including fraud risk; our ability to manage our reputational risks; sensitivity to the interest rate environment, a rapid increase in interest rates or a change in the shape of the yield curve; a change in spreads on interest-earning assets and interest-bearing liabilities; the transition from LIBOR as a reference rate; regulatory supervision and oversight, including changes in regulatory capital requirements and our ability to address those requirements; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; changes in accounting policies, practices or guidance; legislation affecting the financial services industry as a whole, and S&T, in particular; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; the outcome of pending and future litigation and governmental proceedings; increasing price and product/service competition; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; managing our internal growth and acquisitions; the possibility that the anticipated benefits from acquisitions cannot be fully realized in a timely manner or at all, or that integrating the acquired operations will be more difficult, disruptive or costly than anticipated; containing costs and expenses; reliance on significant customer relationships; an interruption or cessation of an important service by a third-party provider; our ability to attract and retain talented executives and employees; general economic or business conditions, including the strength of regional economic conditions in our market area; environmental, social and governance practices and disclosures, including climate change, hiring practices, the diversity of the work force, and racial and social justice issues; deterioration of the housing market and reduced demand for mortgages; deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge to net income; the stability of our core deposit base and access to contingency funding; re-emergence of turbulence in significant portions of the global financial and real estate markets that could impact our performance, both directly, by affecting our revenues and the value of our assets and liabilities, and indirectly, by affecting the economy generally and access to capital in the amounts, at the times and on the terms required to support our future businesses.
Many of these factors, as well as other factors, are described elsewhere in this report, and in our 2022 Form 10-K, including Part I, Item 1A, Risk Factors and any of our subsequent filings with the SEC. Forward-looking statements are based on beliefs and assumptions using information available at the time the statements are made. We caution you not to unduly rely on forward-looking statements because the assumptions, beliefs, expectations and projections about future events may, and often do, differ materially from actual results. Any forward-looking statement speaks only as to the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made.
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Critical Accounting Policies and Estimates
We view critical accounting policies to be those which are highly dependent on subjective or complex estimates, assumptions and judgments and where changes in those estimates and assumptions could have a significant impact on the Consolidated Financial Statements. Further, we view critical accounting estimates as those estimates made in accordance with GAAP that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results of operations. Our critical accounting policies and estimates as of March 31, 2023 remained unchanged from the disclosures presented in our 2022 Form 10-K under Part II, Item 7 - “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Overview
We are a bank holding company that is headquartered in Indiana, Pennsylvania with assets of $9.2 billion at March 31, 2023. We operate in Pennsylvania and Ohio. We provide a full range of financial services with retail and commercial banking products, cash management services, trust and brokerage services. Our common stock trades on the NASDAQ Global Select Market under the symbol “STBA”.
We earn revenue primarily from interest on loans and securities and fees charged for financial services provided to our customers. We incur expenses for the cost of deposits and other funding sources, provision for credit losses and other operating costs such as salaries and employee benefits, data processing, occupancy and tax expense.
Our purpose is building a better future together through people-forward banking. We believe that all banking should be personal. We cultivate relationships rooted in trust, strengthened by going above and beyond and renewed with every interaction. Our strategic priorities for 2023 and beyond will be focused on our deposit franchise, core profitability, asset quality and talent and engagement.
During the first quarter of 2023, the banking industry experienced significant volatility with several high-profile bank failures and industry wide concerns related to liquidity, deposit outflows, unrealized securities losses and eroding consumer confidence in the banking system. Despite these negative industry developments, our liquidity position and balance sheet remain strong. We have a well-diversified deposit base with a balance mix of 59 percent personal and 41 percent business accounts. Our total deposits decreased by less than 1 percent compared to December 31, 2022 and can be attributed to normal deposit fluctuations and competition in a higher interest rate environment. We have total uninsured deposits of $2.4 billion, or 33 percent of our total deposit base. We have a strong liquidity position. In addition to our deposit base, we had remaining borrowing availability of $2.3 billion with the FHLB of Pittsburgh, $794 million from the Federal Reserve Borrower-In-Custody program and $731 million from the Federal Reserve Bank Term Funding Program at March 31, 2023. Furthermore, our capital remains strong with a Common Equity Tier 1 Ratio of 13.10 percent and a total capital ratio of 15.09 percent at March 31, 2023.
Earnings Summary
The following table presents a summary of key profitability metrics for the periods presented:
Three Months Ended March 31,
(dollars in thousands) 2023 2022
Net income $ 39,799 $ 29,143
Earnings per share - diluted $ 1.02 $ 0.74
Return on average assets 1.77 % 1.25 %
Return on average shareholders' equity 13.38 % 9.88 %
Return on average tangible shareholders' equity (non-GAAP) 19.61 % 14.61 %

We recognized net income of $39.8 million, or $1.02 per diluted share, for the three months ended March 31, 2023 compared to net income of $29.1 million, or $0.74 per diluted share for the same period in 2022. Net income increased $10.7 million for the three months ended March 31, 2023 compared to the same period in 2022 primarily due to an increase in net interest income of $21.1 million offset by a decrease in noninterest income of $2.0 million, an increase in provision for credit losses of $1.4 million, an increase in noninterest expense of $4.3 million and an increase in income tax expense of $2.7 million.
Net interest income increased $21.1 million for the three months ended March 31, 2023 compared to the same period in 2022. Interest and dividend income increased $40.8 million for the three months ended March 31, 2023. Interest expense increased $19.7 million for the three months ended March 31, 2023. The net interest margin, or NIM, on an FTE basis (non-GAAP) increased 116 basis points to 4.32% for the three months ended March 31, 2023 compared to 3.16% for the same period in 2022. The increases in net interest income and NIM on an FTE basis (non-GAAP) were primarily due to higher interest rates
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
during 2023. NIM is reconciled to net interest margin adjusted to an FTE basis (non-GAAP) below in the "Explanation of Use of Non-GAAP Financial Measures" section of this MD&A.
The increase in the provision for credit losses for the three months ended March 31, 2023 compared to the same period in 2022 was primarily related to a $4.2 million specific reserve for a C&I relationship and a $1.8 million increase in qualitative reserve related to the macro environment. Offsetting the increase in the provision for credit losses during the three months ended March 31, 2023 was a $9.3 million recovery from a customer fraud that occurred in 2020.
Noninterest income decreased $2.0 million to $13.2 million for the three months ended March 31, 2023 compared to the same period in 2022. Mortgage banking income decreased $0.7 million for the three months ended March 31, 2023 due to a decline in loan sale activity caused by rising interest rates and a shift to holding originated mortgage loans. Debit and credit card income decreased $0.7 million for the three months ended March 31, 2023 due to decreased debit card incentive income and timing of referral merchant revenue.
Noninterest expense increased $4.3 million to $51.7 million for the three months ended March 31, 2023 compared to the same period in 2022. Salaries and employee benefits increased $3.9 million for the three months ended March 31, 2023 due to decreases in the fair market value of assets in a nonqualified defined benefit plan, incentives, base rate increases and higher medical costs. Marketing costs increased $0.5 million for the three months ended March 31, 2023 due to increased marketing efforts and timing of various promotions.
The provision for income taxes increased $2.7 million to $9.6 million for the three months ended March 31, 2023 compared to $6.9 million for the same period in 2022. Our effective tax rate was 19.4 percent for the three months ended March 31, 2023 compared to 19.2 percent for the three months ended March 31, 2022. The increase in our effective tax rate for the three month period ended March 31, 2023 was primarily due to an increase in pretax income compared to the same period in 2022.
Explanation of Use of Non-GAAP Financial Measures
In addition to traditional financial measures presented in accordance with GAAP, our management uses, and this quarterly report contains or references, certain non-GAAP financial measures discussed below. We believe these non-GAAP financial measures provide information useful to investors in understanding our underlying business, operational performance and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Although we believe that these non-GAAP financial measures enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered alternatives to GAAP or considered to be more important than financial results determined in accordance with GAAP, nor are they necessarily comparable with non-GAAP measures which may be presented by other companies.
The interest income on interest-earning assets, net interest income and net interest margin are presented on an FTE basis (non-GAAP). The FTE basis (non-GAAP) adjusts for the tax benefit of income on certain tax-exempt loans and securities and the dividend-received deduction for equity securities using the federal statutory tax rate of 21 percent for each period. We believe this to be the preferred industry measurement of net interest income that provides a relevant comparison between taxable and non-taxable sources of interest income.
The following table reconciles interest and dividend income and net interest income per the Condensed Consolidated Statements of Comprehensive Income (Loss) to interest income, net interest income and net interest margin on an FTE basis (non-GAAP) for the periods presented:
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Three Months Ended March 31,
(dollars in thousands) 2023 2022
Total interest and dividend income per Condensed Consolidated Statements of Comprehensive Income (Loss) $ 110,903 $ 70,109
Adjustment to FTE basis 555 493
Interest Income on an FTE Basis (Non-GAAP) $ 111,458 $ 70,602
Total interest and dividend income per Condensed Consolidated Statements of Comprehensive Income (Loss) $ 110,903 $ 70,109
Total interest expense 22,112 2,376
Net Interest Income per Condensed Consolidated Statements of Comprehensive Income (Loss) 88,791 67,733
Adjustment to FTE basis 555 493
Net Interest Income on an FTE Basis (Non-GAAP) $ 89,346 $ 68,226
Net interest margin 4.29 % 3.14 %
Adjustment to FTE basis 0.03 % 0.02 %
Net Interest Margin on an FTE Basis (Non-GAAP) 4.32 % 3.16 %

Return on average tangible shareholders' equity (non-GAAP) is a key profitability metric used by management to measure financial performance. The following table provides a reconciliation of return on average tangible shareholders' equity (non-GAAP) by reconciling net income (GAAP) per the Condensed Consolidated Statements of Comprehensive Income (Loss) to net income before amortization and intangibles and average shareholder's equity to average tangible shareholders' equity for the periods presented:
Three Months Ended March 31,
(dollars in thousands) 2023 2022
Net income (annualized) $ 161,407 $ 118,192
Plus: amortization of intangibles (annualized), net of tax 1,085 1,276
Net income before amortization of intangibles (annualized) $ 162,492 $ 119,468
Average shareholders' equity $ 1,206,358 $ 1,196,694
Less: average goodwill and other intangible assets, net of deferred tax liability (377,576) (378,761)
Average tangible shareholders' equity $ 828,782 $ 817,933
Return on Average Tangible Shareholders' Equity (non-GAAP) 19.61 % 14.61 %





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S&T BANCORP, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Three Months Ended March 31, 2023 Compared to
Three Months Ended March 31, 2022
Net Interest Income
Our principal source of revenue is net interest income. Net interest income represents the difference between the interest and fees earned on interest-earning assets and the interest paid on interest-bearing liabilities. Net interest income is affected by changes in the average balance of interest-earning assets and interest-bearing liabilities and changes in interest rates and spreads. The level and mix of interest-earning assets and interest-bearing liabilities is managed by our Asset and Liability Committee, or ALCO, in order to mitigate interest rate and liquidity risks of the balance sheet. A variety of ALCO strategies were implemented, within prescribed ALCO risk parameters, to produce what we believe is an acceptable level of net interest income.

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S&T BANCORP, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Average Balance Sheet and Net Interest Income Analysis (FTE) (non-GAAP)
The following tables provide information regarding the average balances, interest and rates earned on interest-earning assets and the average balances, interest and rates paid on interest-bearing liabilities for the periods presented:
Three Months Ended March 31, 2023 Three Months Ended March 31, 2022
(dollars in thousands) Average Balance Interest Rate Average Balance Interest Rate
ASSETS
Interest-bearing deposits with banks $ 140,499 $ 1,482 4.22 % $ 756,141 $ 303 0.16 %
Securities, at fair value (1)(2)
1,000,609 6,269 2.51 % 1,002,212 5,265 2.10 %
Loans held for sale 126 2 6.39 % 1,545 14 3.51 %
Commercial real estate 3,132,382 42,104 5.45 % 3,257,238 29,345 3.65 %
Commercial and industrial 1,711,113 28,515 6.76 % 1,712,865 16,827 3.98 %
Commercial construction 388,795 6,932 7.23 % 409,264 3,329 3.30 %
Total Commercial Loans 5,232,290 77,551 6.01 % 5,379,367 49,501 3.73 %
Residential mortgage 1,144,821 12,613 4.43 % 896,268 8,962 4.02 %
Home equity 650,385 10,067 6.28 % 570,781 4,823 3.43 %
Installment and other consumer 122,873 2,364 7.80 % 109,972 1,475 5.44 %
Consumer construction 45,870 528 4.67 % 21,833 181 3.37 %
Total Consumer Loans 1,963,949 25,572 5.26 % 1,598,854 15,441 3.90 %
Total Portfolio Loans 7,196,239 103,123 5.81 % 6,978,221 64,942 3.77 %
Total Loans (1)(3)
7,196,365 103,125 5.81 % 6,979,765 64,955 3.77 %
Total other earning assets 34,720 581 6.71 % 9,280 79 3.40 %
Total Interest-earning Assets 8,372,193 111,458 5.39 % 8,747,398 70,602 3.27 %
Noninterest-earning assets 754,677 709,246
Total Assets $ 9,126,870 $ 9,456,644
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing demand $ 824,623 $ 673 0.33 % $ 986,639 $ 185 0.08 %
Money market 1,670,988 7,748 1.88 % 2,055,857 746 0.15 %
Savings 1,090,137 806 0.30 % 1,109,048 78 0.03 %
Certificates of deposit 1,052,460 5,676 2.19 % 1,070,189 844 0.32 %
Total Interest-bearing Deposits 4,638,208 14,903 1.30 % 5,221,733 1,853 0.14 %
Securities sold under repurchase agreements — — — % 81,790 20 0.10 %
Short-term borrowings 451,668 5,487 4.93 % — — — %
Long-term borrowings 14,689 98 2.71 % 22,310 107 1.95 %
Junior subordinated debt securities 54,458 1,007 7.50 % 54,398 395 2.95 %
Total Borrowings 520,815 6,592 5.13 % 158,498 523 1.34 %
Other interest-bearing liabilities 54,669 617 4.58 % — — — %
Total Interest-bearing Liabilities 5,213,692 22,112 1.72 % 5,380,231 2,376 0.18 %
Noninterest-bearing liabilities 2,706,820 2,879,718
Shareholders' equity 1,206,358 1,196,694
Total Liabilities and Shareholders' Equity $ 9,126,870 $ 9,456,644
Net Interest Income (1)(2)
$ 89,345 $ 68,226
Net Interest Margin (1)(2)
4.32 % 3.16 %
(1) Tax-exempt interest income is on an FTE basis (non-GAAP) using the statutory federal corporate income tax rate of 21 percent.
(2) Taxable investment income is adjusted for the dividend-received deduction for equity securities.
(3) Nonaccruing loans are included in the daily average loan amounts outstanding.

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Net interest income on an FTE basis (non-GAAP) increased $21.1 million, or 31.0%, for the three months ended March 31, 2023 compared to the same period in 2022. The net interest margin, or NIM, on an FTE basis (non-GAAP) increased 116 basis points for the three months ended March 31, 2023 compared to the same period in 2022. The increases in net interest income and NIM on an FTE basis (non-GAAP) were primarily due to higher interest rates during 2023.
Interest income on an FTE basis (non-GAAP) increased $40.9 million for the three months ended March 31, 2023 compared to the same period in 2022. The increase in interest income on an FTE basis (non-GAAP) was primarily due to higher interest rates. Average loan balances increased $216.6 million for the three months ended March 31, 2023 compared to the same period in 2022. The average yield on loans increased 204 basis points for the three months ended March 31, 2023 compared to the same period in 2022 due to increased interest rates. Average interest-bearing deposits with banks decreased $615.6 million for the three months ended March 31, 2023 compared to the same period in 2022 due to decreased deposit balances and increased loans. Overall, the FTE rate (non-GAAP) on interest-earning assets increased 212 basis points for the three months ended March 31, 2023 compared to the same period in 2022.
Interest expense increased $19.7 million for the three months ended March 31, 2023 compared to the same period in 2022. The increase in interest expense was primarily due to higher interest rates. Average interest-bearing deposits decreased $583.5 million for the three months ended March 31, 2023 compared to the same period in 2022. The decrease was due to the competitive market driven by rising interest rates. The average rate paid on interest-bearing deposits increased 116 basis points for the three months ended March 31, 2023 compared to the same period in 2022. Average borrowings increased $362.3 million and the average rate paid on borrowings increased 379 basis points for the three months ended March 31, 2023 compared to the same period in 2022 primarily due to decreased deposit balances and increased loans. Overall, the cost of interest-bearing liabilities increased 154 basis points for the three months ended March 31, 2023 compared to the same period in 2022.
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The following table sets forth for the periods presented a summary of the changes in interest earned and interest paid resulting from changes in volume and changes in rates:
Three Months Ended March 31, 2023 Compared to March 31, 2022
(dollars in thousands)
Volume (4)
Rate (4)
Total
Interest earned on:
Interest-bearing deposits with banks $ (247) $ 1,426 $ 1,179
Securities, at fair value (1)(2)
(8) 1,012 1,004
Loans held for sale (12) 1 (12)
Commercial real estate (1,125) 13,884 12,759
Commercial and industrial (17) 11,705 11,688
Commercial construction (167) 3,770 3,603
Total Commercial Loans (1,309) 29,359 28,050
Residential mortgage 2,485 1,165 3,651
Home equity 673 4,571 5,244
Installment and other consumer 173 716 889
Consumer construction 200 148 347
Total Consumer Loans 3,531 6,600 10,131
Total Portfolio Loans 2,222 35,959 38,181
Total Loans (1)(3)
2,210 35,960 38,169
Total other earning assets 216 286 502
Change in Interest Earned on Interest-earning Assets $ 2,171 $ 38,684 $ 40,854
Interest paid on:
Interest-bearing demand $ (30) $ 518 $ 487
Money market (140) 7,141 7,002
Savings (1) 730 728
Certificates of deposit (14) 4,846 4,832
Total Interest-bearing Deposits (185) 13,235 13,049
Securities sold under repurchase agreements (20) — (20)
Short-term borrowings 5,487 — 5,487
Long-term borrowings (37) 28 (9)
Junior subordinated debt securities — 611 611
Total Borrowings 5,430 639 6,069
Change in Interest Paid on Interest-bearing Liabilities 5,862 13,874 19,735
Change in Net Interest Income $ (3,691) $ 24,810 $ 21,119
(1) Tax-exempt income is on an FTE basis (non-GAAP) using the statutory federal corporate income tax rate of 21 percent.
(2) Taxable investment income is adjusted for the dividend-received deduction for equity securities.
(3) Nonaccruing loans are included in the daily average loan amounts outstanding.
(4) Changes to rate/volume are allocated to both rate and volume on a proportionate dollar basis.
Provision for Credit Losses
The provision for credit losses includes a provision for losses on loans and on unfunded commitments. The provision for credit losses fluctuates based on changes in loan balances, risk ratings, net loan charge-offs/recoveries, the macro environment and our CECL forecast. The provision for credit losses increased $1.4 million to $0.9 million for the three months ended March 31, 2023 compared to a negative $0.5 million for the same period in 2022. The provision for credit losses included a negative $0.2 million for the reserve for unfunded commitments for the three months ended March 31, 2023 compared to $0.2 million for the same period in 2022.
The increase in the provision for credit losses for the three months ended March 31, 2023 compared to the same period in 2022 was primarily related to a $4.2 million specific reserve for a C&I relationship and a $1.8 million increase in qualitative reserve related to the macro environment. Offsetting the increase in the provision for credit losses during the three months ended March 31, 2023 was a $9.3 million recovery from a customer fraud in 2020.
Net loan recoveries were $5.1 million for the three months ended March 31, 2023 compared to $2.0 million for the same period in 2022. The net recovery was primarily due to the $9.3 million recovery mentioned above. Total gross charge-offs were $4.5 million primarily related to a $3.4 million charge-off related to a strategic note sale of a C&I relationship.
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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) 2023 2022 $ Change % Change
Debit and credit card $ 4,373 $ 5,063 $ (690) (13.6) %
Service charges on deposit accounts 4,076 3,974 102 2.6 %
Wealth management 2,948 3,242 (294) (9.1) %
Mortgage banking 301 1,015 (714) (70.3) %
Other 1,492 1,932 (440) (22.8) %
Total Noninterest Income $ 13,190 $ 15,226 $ (2,036) (13.4) %
Noninterest income decreased $2.0 million to $13.2 million for the three months ended March 31, 2023 compared to the same period in 2022. Mortgage banking decreased $0.7 million for the three months ended March 31, 2023 due to a decline in loan sale activity caused by rising interest rates and a shift to holding originated mortgage loans on our balance sheet. Debit and credit card income decreased $0.7 million for the three months ended March 31, 2023 due to decreased debit card incentive income and timing of referral merchant revenue. Wealth management income decreased $0.3 million due to lower assets under management primarily related to declines in the stock market compared to the three months ended March 31, 2022. Other noninterest income decreased $0.4 million for the three months ended March 31, 2023 primarily due to a net gain on sale of OREO in 2022.
Noninterest Expense
Three Months Ended March 31,
(dollars in thousands) 2023 2022 $ Change % Change
Salaries and employee benefits $ 27,601 $ 23,712 $ 3,889 16.4 %
Data processing and information technology 4,258 4,435 (177) (4.0) %
Occupancy 3,835 3,882 (47) (1.2) %
Furniture, equipment and software 2,861 2,777 84 3.0 %
Professional services and legal 1,821 1,949 (128) (6.6) %
Other taxes 1,790 1,537 253 16.5 %
Marketing 1,853 1,361 492 36.1 %
FDIC insurance 1,012 937 75 8.0 %
Other 6,668 6,824 (156) (2.3) %
Total Noninterest Expense $ 51,699 $ 47,414 $ 4,285 9.0 %
Noninterest expense increased $4.3 million to $51.7 million for the three months ended March 31, 2023 compared to the same period in 2022. Salaries and employee benefits increased $3.9 million for the three months ended March 31, 2023 due to increases in the fair market value of assets in a nonqualified defined benefit plan, incentives, base rate increases and higher medical costs. Marketing costs increased $0.5 million for the three months ended March 31, 2023 due to increased marketing efforts and timing of various promotions.
Provision for Income Taxes
The provision for income taxes increased $2.7 million to $9.6 million for the three months ended March 31, 2023 compared to $6.9 million for the same period in 2022. Our effective tax rate was 19.4 percent for the three months ended March 31, 2023 compared to 19.2 percent for the three months ended March 31, 2022. The increase in our effective tax rate for the three month period ended March 31, 2023 was primarily due to an increase in pretax income compared to the same period in 2022.
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Financial Condition as of March 31, 2023
Total assets increased $82.9 million to $9.2 billion at March 31, 2023 compared to $9.1 billion at December 31, 2022. Cash and due from banks increased $34.2 million to $244.2 million at March 31, 2023 compared to $210.0 million at December 31, 2022 . Total portfolio loans increased $67.1 million to $7.3 billion at March 31, 2023 compared to $7.2 billion at December 31, 2022. The increase in loans primarily related to consumer loan growth of $65.3 million with an increase in consumer real estate of $70.3 million compared to December 31, 2022.
Securities remained relatively unchanged at $998.7 million at March 31, 2023 from $1.0 billion at December 31, 2022 . The bond portfolio was in a net unrealized loss position of $88.3 million at March 31, 2023 compared to a net unrealized loss position of $102.3 million at December 31, 2022.
Our deposits decreased $66.9 million to $7.2 billion at March 31, 2023 compared to December 31, 2022. Certificates of deposit increased $240.6 million mainly due to migration from other deposit categories. Noninterest-bearing demand deposits decreased $120.1 million, money market decreased $131.7 million and savings decreased $50.2 million compared to December 31, 2022. The decreases were primarily attributed to normal deposit fluctuations and competition in a higher interest rate environment.
Total borrowings increased $124.9 million to $564.1 million at March 31, 2023 compared to $439.2 million at December 31, 2022 primarily due to loan growth and lower deposit levels.
Total shareholders’ equity increased by $43.1 million to $1.2 billion at March 31, 2023 compared to December 31, 2022. The increase was primarily due to net income of $39.8 million, other comprehensive income of $15.5 million offset by dividends of $12.5 million.
Securities Activity
(dollars in thousands) March 31, 2023 December 31, 2022 $ Change
U.S. Treasury securities $ 133,704 $ 131,695 $ 2,009
Obligations of U.S. government corporations and agencies 42,095 41,811 284
Collateralized mortgage obligations of U.S. government corporations and agencies 432,739 428,407 4,332
Residential mortgage-backed securities of U.S. government corporations and agencies 41,170 41,587 (417)
Commercial mortgage-backed securities of U.S. government corporations and agencies 317,099 327,313 (10,214)
Corporate obligations — 500 (500)
Obligations of states and political subdivisions 30,895 30,471 424
Available-for-Sale Debt Securities 997,702 1,001,784 (4,082)
Marketable equity securities 1,006 994 12
Total Securities $ 998,708 $ 1,002,778 $ (4,070)
We invest in various securities in order to maintain a source of liquidity, to satisfy various pledging requirements, to increase net interest income and as a tool of ALCO to reposition the balance sheet for interest rate risk purposes. Securities are subject to market risks that could negatively affect the level of liquidity available to us. Security purchases are subject to an investment policy approved annually by our Board of Directors and administered through ALCO and our treasury function. Securities remained relatively unchanged at $998.7 million at March 31, 2023 compared to $1.0 billion at December 31, 2022.
At March 31, 2023, our bond portfolio was in a net unrealized loss position of $88.3 million compared to a net unrealized loss position of $102.3 million at December 31, 2022. The decline in our net unrealized losses was due to a decrease in long term interest rates since December 31, 2022. At March 31, 2023, our bond portfolio had gross unrealized losses of $88.9 million offset by gross unrealized gains of $0.6 million compared to December 31, 2022, when total gross unrealized losses were $102.6 million offset by gross unrealized gains of $0.3 million.
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Loan Composition
March 31, 2023 December 31, 2022
(dollars in thousands) Amount % of Loans Amount % of Loans $ Change % Change
Commercial
Commercial real estate $ 3,145,079 43.4 % $ 3,128,187 43.5 % $ 16,892 0.5 %
Commercial and industrial 1,709,612 23.6 % 1,718,976 23.9 % (9,364) (0.5) %
Commercial construction 393,658 5.4 % 399,371 5.6 % (5,713) (1.4) %
Total Commercial Loans 5,248,349 72.4 % 5,246,534 73.0 % 1,815 — %
Consumer
Consumer real estate 1,882,872 26.0 % 1,812,539 25.2 % 70,333 3.9 %
Other consumer 119,843 1.6 % 124,896 1.8 % (5,053) (4.0) %
Total Consumer Loans 2,002,715 27.6 % 1,937,435 27.0 % 65,280 3.4 %
Total Portfolio Loans 7,251,064 100.0 % 7,183,969 100.0 % 67,095 0.9 %
Loans held for sale 81 16 65 406.3 %
Total Loans $ 7,251,145 $ 7,183,985 $ 67,160 0.9 %
The loan portfolio represents the most significant source of interest income for us. The risk that borrowers will be unable to pay such obligations is inherent in the loan portfolio. Other conditions such as downturns in the borrower’s industry or the overall economic climate can significantly impact the borrower’s ability to pay.
Total portfolio loans increased $67.1 million, or 0.9 percent, to $7.3 billion at March 31, 2023 compared to $7.2 billion at December 31, 2022.
As of March 31, 2023, 71.0 percent of our total loans were variable rate loans and 29.0 percent were fixed rate loans. Commercial loans, including CRE, C&I and commercial construction, comprised 72.4 percent of total portfolio loans at March 31, 2023 and 73.0 percent at December 31, 2022. The commercial loan portfolio increased $1.8 million at March 31, 2023 compared to December 31, 2022 due to an increase in CRE loans of $16.9 million, which was related to growth in business banking loans. C&I loans decreased $9.4 million and construction decreased $5.7 million compared to December 31, 2022 due to loan pay-offs and lower origination volume due to the current macro environment.
Consumer loans represent 27.6 percent of our total portfolio loans at March 31, 2023 and 27.0 percent at December 31, 2022. The consumer loan portfolio increased $65.3 million at March 31, 2023 due to growth in our consumer real estate portfolio of $70.3 million compared to December 31, 2022. Consistent with 2022, we continue to retain consumer real estate loans on our balance sheet as portfolio loans versus selling these loans in the secondary market due to a higher volume of jumbo loans and the pricing of loans in the secondary market.
Allowance for Credit Losses
We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) Commercial Real Estate, or CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. Refer to Part 1. Financial Information, Note 5. Loans and Allowance for Credit Losses for details on our portfolio segments.
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The following table presents activity in the ACL for the periods presented:
Three Months Ended March 31, 2023
(dollars in thousands) Commercial
Real Estate 		Commercial and
Industrial 		Commercial
Construction 		Business Banking Consumer
Real Estate 		Other
Consumer 		Total
Loans
Allowance for credit losses on loans:
Balance at beginning of period $ 41,428 $ 25,710 $ 6,264 $ 12,547 $ 12,105 $ 3,286 $ 101,340
Impact of ASU 2022-02 — 75 215 251 278 (251) 568
Provision for credit losses on loans (1)
(1,011) (476) 412 1,497 488 180 1,090
Charge-offs — (3,412) — (652) (77) (318) (4,459)
Recoveries 9 9,400 2 37 61 65 9,574
Net Recoveries/(Charge-offs) 9 5,988 2 (615) (16) (253) 5,115
Balance at End of Period $ 40,426 $ 31,297 $ 6,893 $ 13,680 $ 12,855 $ 2,962 $ 108,113
(1) Excludes the provision for credit losses for unfunded commitments.
The following table presents key ACL ratios for the periods presented:
March 31, 2023 December 31, 2022
Ratio of net (recoveries) charge-offs to average loans outstanding (1)
(0.29) % 0.04 %
Allowance for credit losses as a percentage of total portfolio loans 1.49 % 1.41 %
Allowance for credit losses to nonaccrual loans 439 % 532 %
(1) Year-to-date net charge-offs annualized
The ACL was $108.1 million, or 1.49 percent of total portfolio loans, at March 31, 2023 compared to $101.3 million, or 1.41 percent of total portfolio loans, at December 31, 2022. The increase in the ACL of $6.8 million was related to increases in our qualitative reserve, specific reserves on loans individually assessed and loan growth. The qualitative reserve increased $1.8 million due to a $2.2 million increase in qualitative factors related to the macro environment, which was partially offset by a $0.5 million reduction in qualitative segment specific reserves primarily due to improvement in our hotel portfolio. Specific reserves on loans individually assessed increased $4.2 million, related to a $6.8 million C&I relationship, compared to December 31, 2022.
Net loan recoveries were $5.1 million, or negative 0.29 percent of average loans, for the three months ended March 31, 2023. Refer to the "Provision for Credit Losses" section of this MD&A for further details.
Substandard loans decreased $9.5 million to $153.6 million at March 31, 2023 compared to $163.1 million at December 31, 2022. The decrease in substandard loans was primarily due to loan payoffs. Special mention loans increased $40.7 million to $261.7 million at March 31, 2023 compared to $221.0 million at December 31, 2022. The increase in special mention loans was due primarily to $27.9 million of downgrades in CRE and $15.2 million in C&I.
Our allowance for credit losses on unfunded commercial loan commitments and letters of credit provide for the risk of expected loss in these arrangements. The allowance is computed using a methodology similar to that used to determine the ACL for loans, modified to take into account the probability of a draw-down on the commitment. The provision for credit losses on unfunded loan commitments is included in the provision for credit losses on our Condensed Consolidated Statements of Comprehensive Income (Loss). The allowance for unfunded loan commitments decreased $0.2 million to $8.0 million at March 31, 2023 compared to $8.2 million at December 31, 2022. This change was primarily related to lower unused commitments in our construction portfolio. The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets.
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Nonperforming assets, or NPA's, consist of nonaccrual loans and OREO. The following represents NPA's as of the dates presented:
(dollars in thousands) March 31, 2023 December 31, 2022 $ Change
Nonaccrual Loans
Commercial real estate $ 7,931 $ 7,323 $ 608
Commercial and industrial 9,348 2,974 6,374
Commercial construction 384 384 —
Consumer real estate 6,664 8,093 (1,429)
Other Consumer 317 278 39
Total Nonaccrual Loans 24,644 19,052 5,592
OREO 3,076 3,065 11
Total Nonperforming Assets $ 27,720 $ 22,117 $ 5,603
Asset Quality Ratios:
Nonaccrual loans as a percent of total portfolio loans 0.34 % 0.27 %
Nonperforming assets as a percent of total portfolio loans plus OREO 0.38 % 0.31 %
Our policy is to place loans in all categories in nonaccrual status when collection of interest or principal is doubtful, or generally when interest or principal payments are 90 days or more past the contractual due date. Nonaccrual loans increased $5.6 million, or 29.4 percent, to $24.6 million at March 31, 2023 compared to $19.0 million at December 31, 2022. The increase in nonaccrual loans primarily related to the addition of the $6.8 million C&I relationship.
Deposits
Deposits are our primary source of funds. We have a well-diversified deposit base with a balance mix of 59 percent personal, 36 percent business and 5 percent public funds.
(dollars in thousands) March 31, 2023 % December 31, 2022 % $ Change %
Personal $ 4,205,608 58.8 % $ 4,171,701 57.8 % $ 33,907 0.8 %
Business 2,584,246 36.1 % 2,666,995 36.9 % (82,749) (3.1) %
Public funds 363,240 5.1 % 381,274 5.3 % (18,034) (4.7) %
Total Deposits $ 7,153,094 100.0 % $ 7,219,970 100.0 % $ (66,876) (0.9) %
The following table presents the composition of deposits for the periods presented:
(dollars in thousands) March 31, 2023 December 31, 2022 $ Change
Noninterest-bearing demand $ 2,468,638 $ 2,588,692 $ (120,054)
Interest-bearing demand 841,130 846,653 (5,523)
Money market 1,599,814 1,731,521 (131,707)
Savings 1,068,274 1,118,511 (50,237)
Certificates of deposit 1,175,238 934,593 240,645
Total Deposits $ 7,153,094 $ 7,219,970 $ (66,876)

Our total deposits decreased by less than 1 percent compared to December 31, 2022 and can be attributed to normal deposit fluctuations and competition in a higher interest rate environment. Certificates of deposit increased $240.6 million compared to December 31, 2022 mainly due to the migration of $153.0 million from other deposit categories as customers seek higher interest rates. We have total uninsured deposits of $2.4 billion, or 33 percent, of our total deposit base compared to $2.5 billion, or 34 percent at December 31, 2022.

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Borrowings
(dollars in thousands) March 31, 2023 December 31, 2022 $ Change
Short-term borrowings $ 495,000 $ 370,000 $ 125,000
Long-term borrowings 14,628 14,741 (113)
Junior subordinated debt securities 54,468 54,453 15
Total Borrowings $ 564,096 $ 439,194 $ 124,902

Borrowings are an additional source of funding for us. Total borrowings increased $124.9 million to $564.1 million compared to $439.2 million at December 31, 2022 primarily due to loan growth and deposit declines.
Information pertaining to short-term borrowings is summarized in the table below for the three months ended March 31, 2023 and for the twelve months ended December 31, 2022.
Short-Term Borrowings
(dollars in thousands) March 31, 2023 December 31, 2022
Balance at the period end $ 495,000 $ 370,000
Average balance during the period $ 451,668 $ 40,013
Average interest rate during the period 4.93 % 4.15 %
Maximum month-end balance during the period $ 495,000 $ 370,000
Average interest rate at the period end 5.11 % 4.49 %
Information pertaining to long-term borrowings is summarized in the tables below for the three months ended March 31, 2023 and for the twelve months ended December 31, 2022.
Long-Term Borrowings
(dollars in thousands) March 31, 2023 December 31, 2022
Balance at the period end $ 14,628 $ 14,741
Average balance during the period $ 14,689 $ 19,090
Average interest rate during the period 2.71 % 2.15 %
Maximum month-end balance during the period $ 14,704 $ 22,344
Average interest rate at the period end 2.70 % 2.61 %
Junior Subordinated Debt Securities
(dollars in thousands) March 31, 2023 December 31, 2022
Balance at the period end $ 54,468 $ 54,453
Average balance during the period $ 54,458 $ 54,421
Average interest rate during the period 7.50 % 4.40 %
Maximum month-end balance during the period $ 54,468 $ 54,453
Average interest rate at the period end 7.34 % 7.09 %
Liquidity and Capital Resources

Liquidity is defined as a financial institution’s ability to meet its cash and collateral obligations at a reasonable cost. Our primary future cash needs are centered on the ability to (i) satisfy the financial needs of depositors who may want to withdraw funds or of borrowers needing to access funds to meet their credit needs and (ii) to meet our future cash commitments under contractual obligations with third parties. In order to manage liquidity risk, our Board of Directors has delegated authority to ALCO for the formulation, implementation and oversight of liquidity risk management for S&T. The ALCO’s goal is to maintain adequate levels of liquidity at a reasonable cost to meet funding needs in both a normal operating environment and for potential liquidity stress events. The ALCO monitors and manages liquidity through various ratios, reviewing cash flow projections, performing stress tests and having a detailed contingency funding plan. The ALCO policy guidelines define graduated risk tolerance levels. If our liquidity position moves to a level that has been defined as high risk, specific actions are required, such as increased monitoring or the development of an action plan to reduce the risk position.
Our primary funding and liquidity source is a stable customer deposit base. We believe S&T has the ability to retain existing and attract new deposits, mitigating any funding dependency on other more volatile sources. Refer to the "Financial
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Condition as of March 31, 2023 - Deposits" section of this MD&A, for additional discussion on deposits. Although deposits are the primary source of funds, we have identified various other funding sources that can be used as part of our normal funding program when either a structure or cost efficiency has been identified. Additional funding sources accessible to S&T include borrowing availability at the Federal Home Loan Bank, or FHLB, of Pittsburgh, federal funds lines with other financial institutions, the brokered deposit market and borrowing availability through the Federal Reserve Borrower-In-Custody program and the Bank Term Funding Program.
In response to recent bank failures, the Federal Reserve authorized additional funding availability to eligible depository institutions through the Bank Term Funding Program. The program is intended to help assure depositors that their institutions have an additional source of liquidity to meet their needs. Under the program, any collateral eligible for purchase by the Federal Reserve Banks in open market operations can be pledged including U.S. Treasuries, U.S. Agencies, U.S. Agency mortgage-backed securities. Collateral advances will be equal to 100% of the par value of the collateral pledged with a term of up to one year. Interest is charged at a fixed rate equal to the one-year overnight index swap rate plus 10 basis points with no prepayment penalty. As of March 31, 2023, we have $731 million of collateral available to pledge under the program and no outstanding balance.
The following table summarizes funding sources available as of the dates presented:

March 31, 2023 December 31, 2022
(dollars in thousands) Borrowing Capacity Balance Available Borrowing Capacity Balance Available
FHLB $ 2,964,932 $ 624,079 $ 2,340,853 $ 2,925,614 $ 491,288 $ 2,434,326
Federal Reserve Window 794,393 — 794,393 839,836 — 839,836
Federal Reserve BTLF 730,500 — 730,500 — — —
Total $ 4,489,825 $ 624,079 $ 3,865,746 $ 3,765,450 $ 491,288 $ 3,274,162
We have contractual obligations representing required future payments on certificates of deposit, junior subordinated debt securities, operating and capital leases and purchase obligations. See the Liquidity and Capital Resources portion of our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2022 Form 10-K for more information on these future cash outflows. Certificates of deposit increased $240.6 million to $1.2 billion at March 31, 2023 compared to December 31, 2022. Short-term borrowings increased $125.0 million to $495.0 million at March 31, 2023 compared to December 31, 2022. Other than these changes, there have been no material changes to the contractual obligations previously disclosed in our 2022 Form 10-K,
An important component of our ability to effectively respond to potential liquidity stress events is maintaining a cushion of highly liquid assets. Highly liquid assets are those that can be converted to cash quickly, with little or no loss in value, 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, 2023, S&T Bank had $917.9 million in highly liquid assets which consisted of $150.7 million in interest-bearing deposits with banks and $767.1 million in unpledged securities. This resulted in a highly liquid assets to total assets ratio of 10.0 percent at March 31, 2023.
We continue to maintain a strong capital position with our leverage ratio at 11.15 percent at March 31, 2023 compared to 11.06 percent at December 31, 2022, both in excess of the regulatory guideline of 5.00 percent. We continue to be well-capitalized with a risk-based Common Equity Tier 1 ratio of 13.10 percent at March 31, 2023 compared to 12.81 percent at December 31, 2022, both in excess of the regulatory guideline of 6.50 percent to be well-capitalized.
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following table summarizes capital amounts and ratios for S&T and S&T Bank for the dates presented :
(dollars in thousands) Adequately
Capitalized 		Well-
Capitalized 		March 31, 2023 December 31, 2022
Amount Ratio Amount Ratio
S&T Bancorp, Inc.
Tier 1 leverage 4.00 % 5.00 % $ 989,316 11.15 % $ 967,708 11.06 %
Common equity tier 1 to risk-weighted assets 4.50 % 6.50 % 960,316 13.10 % 938,708 12.81 %
Tier 1 capital to risk-weighted assets 6.00 % 8.00 % 989,316 13.50 % 967,708 13.21 %
Total capital to risk-weighted assets 8.00 % 10.00 % 1,106,039 15.09 % 1,078,897 14.73 %
S&T Bank
Tier 1 leverage 4.00 % 5.00 % $ 957,491 10.80 % $ 938,377 10.73 %
Common equity tier 1 to risk-weighted assets 4.50 % 6.50 % 957,491 13.07 % 938,377 12.81 %
Tier 1 capital to risk-weighted assets 6.00 % 8.00 % 957,491 13.07 % 938,377 12.81 %
Total capital to risk-weighted assets 8.00 % 10.00 % 1,074,177 14.66 % 1,049,566 14.33 %
On March 27, 2020, the regulators issued interim final rule, or IFR, “Regulatory Capital Rule: Revised Transition of the Current Expected Credit Losses Methodology for Allowances” in response to the disrupted economic activity due to the COVID-19 pandemic. The IFR provides financial institutions that adopted CECL during 2020 with the option to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided by the initial two-year delay (“five-year transition”). We adopted CECL effective January 1, 2020 and elected to implement the five-year transition.
We have filed a shelf registration statement on Form S-3 under the Securities Act of 1933, as amended, with the SEC, which allows for the issuance of a variety of securities including debt and capital securities, preferred and common stock and warrants. We may use the proceeds from the sale of securities for general corporate purposes, which could include investments at the holding company level, investing in, or extending credit to subsidiaries, possible acquisitions and stock repurchases. As of March 31, 2023, we had not issued any securities pursuant to this shelf registration statement.


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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is defined as the degree to which changes in interest rates, foreign exchange rates, commodity prices or equity prices can adversely affect a financial institution’s earnings or capital. For most financial institutions, including S&T, market risk primarily reflects exposures to changes in interest rates. Interest rate fluctuations affect earnings by changing net interest income and other interest-sensitive income and expense levels. Interest rate changes also affect capital by changing the net present value of a bank’s future cash flows, and the cash flows themselves, as rates change. Accepting this risk is a normal part of banking and can be an important source of profitability and enhancing shareholder value. However, excessive interest rate risk can threaten a bank’s earnings, capital, liquidity and solvency. Our sensitivity to changes in interest rate movements is continually monitored by the ALCO. The ALCO monitors and manages market risk through rate shock analyses, economic value of equity, or EVE, analyses and by performing stress tests and simulations to mitigate earnings and market value fluctuations due to changes in interest rates.
Rate shock analyses results are compared to a base case to provide an estimate of the impact that market rate changes may have on 12 and 24 months of pretax net interest income. The base case and rate shock analyses are performed on a static balance sheet. A static balance sheet is a no growth balance sheet in which all maturing and/or repricing cash flows are reinvested in the same product at the existing product spread. Rate shock analyses assume an immediate parallel shift in market interest rates and also include management assumptions regarding the impact of interest rate changes on non-maturity deposit products (noninterest-bearing demand, interest-bearing demand, money market and savings) and changes in the prepayment behavior of loans and securities with optionality. S&T policy guidelines limit the change in pretax net interest income over 12 and 24 month horizons using rate shocks in increments of +/- 100 basis points. Policy guidelines define the percentage change in pretax net interest income by graduated risk tolerance levels of minimal, moderate and high.
In order to monitor interest rate risk beyond the 24 month time horizon of rate shocks on pretax net interest income, we also perform EVE analyses. EVE represents the present value of all asset cash flows minus the present value of all liability cash flows. EVE change results are compared to a base case to determine the impact that market rate changes may have on our EVE. As with rate shock analyses on pretax net interest income, EVE analyses incorporate management assumptions regarding prepayment behavior of fixed rate loans and securities with optionality and the behavior and value of non-maturity deposit products. S&T policy guidelines limit the change in EVE using rate shocks in increments of +/- 100 basis points. Policy guidelines define the percentage change in EVE by graduated risk tolerance levels of minimal, moderate and high.
The table below reflects the rate shock analyses results for the 1-12 and 13-24 month periods of pretax net interest income and EVE.
March 31, 2023 December 31, 2022
1 - 12 Months 13 - 24 Months % Change in EVE 1 - 12 Months 13 - 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
400 14.0 19.6 (13.6) 14.6 22.0 (13.2)
300 10.4 14.5 (9.1) 11.0 16.6 (8.5)
200 6.8 9.5 (5.1) 7.4 11.2 (4.6)
100 3.4 4.8 (1.8) 3.7 5.7 (1.5)
-100 (5.7) (8.2) (2.5) (6.1) (8.8) (2.6)
-200 (9.6) (13.3) (8.0) (10.2) (14.8) (7.7)
-300 (13.5) (19.0) (18.5) (14.1) (21.0) (17.0)
-400 (19.5) (25.7) (33.1) (21.1) (30.1) (32.7)
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S&T BANCORP, INC. AND SUBSIDIARIES
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The results from the rate shock analyses on net interest income are consistent with having an asset sensitive balance sheet. Having an asset sensitive balance sheet means more assets than liabilities will reprice during the measured time frames. The implications of an asset sensitive balance sheet will differ depending upon the change in market interest rates. For example, with an asset sensitive balance sheet in a declining interest rate environment, more assets than liabilities will decrease in rate. This situation could result in a decrease in net interest income and operating income. Conversely, with an asset sensitive balance sheet in a rising interest rate environment, more assets than liabilities will increase in rate. This situation could result in an increase in net interest income and operating income.
Our rate shock analyses show less improvement in the percentage change in pretax net interest income in the rates up scenarios when comparing March 31, 2023 to December 31, 2022 primarily because we have more short-term borrowings . The percentage change in pretax net interest income in the rates down scenario shows an improvement when comparing March 31, 2023 to December 31, 2022 because of our increased ability to cut liability costs as deposit rates have increased and we have more short-term borrowings. Our EVE analyses show a decline in the percentage change in EVE in the rates up and rates down scenarios when comparing March 31, 2023 to December 31, 2022 due to the impact of interest rates on the value of nonmaturity deposits.
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, 2023. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, or the Exchange Act, is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission, or the SEC, and that such information is accumulated and communicated to S&T’s management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.
Based on and as of the date of such evaluation, our CEO and CFO concluded that the design and operation of our disclosure controls and procedures were effective in all material respects, as of the end of the period covered by this report.
Changes in Internal Control over Financial Reporting
During the quarter ended March 31, 2023, there were no changes made to S&T’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that materially affected, or are reasonably likely to materially affect, S&T’s internal control over financial reporting.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 1A. Risk Factors
There have been no material changes to the risk factors that we have previously disclosed in Part I, Item 1A – “Risk Factors” in our 2022 Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 24, 2023 other than the risks described below.
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S&T BANCORP, INC. AND SUBSIDIARIES
Difficult market conditions, including rapidly rising interest rates and several bank receiverships may adversely affect our business, results of operations, liquidity and stock price. Further adverse developments affecting the financial services industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system may adversely affect our business, results of operations, liquidity and stock price.
The rapid rise in interest rates during 2022, the resulting industry-wide reduction in the fair value of securities portfolios, and the related bank runs resulting in the takeover by the FDIC of two banks placed in receivership in March 2023, have caused a current state of volatility in the financial services industry and uncertainty with respect to liquidity and the health of the U.S. banking system. Although we were not directly affected by these bank receiverships, this news caused fear among depositors, which caused them to withdraw or attempt to withdraw their funds from these and other financial institutions. Uncertainty may be compounded by the reach and depth of media attention, including social media, and its ability to disseminate concerns or rumors about any events of these kinds or other similar risks, and have in the past and may in the future lead to market-wide liquidity problems. Additionally, the stock prices of many financial institutions dropped and became volatile. While the FDIC resolution of these two banks was done in a manner that fully protects depositors, it is uncertain whether the steps taken by the government will be sufficient to calm the financial markets, alleviate concerns with respect to the U.S. banking system, reduce the risk of significant depositor withdrawals at other financial institutions and thereby reduce the risk of additional banks becoming insolvent, particularly in light of an additional bank being placed in receivership in the second quarter of 2023. Furthermore, financial services institutions are interrelated as a result of trading, clearing, counterparty, or other relationships, which may expose us to credit risk and losses in the event of a default by a counterparty or client. As a result of these recent events, we face the potential for reputational risk, deposit outflows and increased credit risk which, individually or in the aggregate, could have a material adverse effect on our business, financial condition and results of operations and liquidity.
Furthermore, if such levels of financial market and economic disruption and volatility continue, if actual events or concerns or rumors involving limited liquidity, defaults, or other adverse developments, or if other banks and financial institutions enter receivership or become insolvent in the future in response to financial conditions affecting the banking system and financial markets, our ability to access our existing cash, cash equivalents and investments may be threatened due to market-wide liquidity problems. While we maintain liquidity primarily through customer deposits and through access to other short-term funding sources, including advances from the Federal Home Loan Bank (FHLB), our efforts to monitor and manage liquidity risk may not be successful or sufficient to deal with dramatic or unanticipated increase or reductions in our liquidity, particularly in light of the impact of increased interest rates on the market value of investment securities. This situation could have a material adverse impact on our results of operations and financial condition.
Additionally, regulatory pressures and potential additional regulation of the financial institutions as a result of the industry developments could have material adverse effects on our business, results of operations, financial condition and growth prospects.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Purchases of Equity Securities
The following table is a summary of our purchases of common stock during the first quarter of 2023:
Period Total number of shares purchased Average 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
$29,805,161
01/01/2023 - 01/31/2023 — $— — 29,805,161
02/01/2023 - 02/28/2023 — — — 29,805,161
03/01/2023 - 03/31/2023 — — — 29,805,161
Total — $— — $29,805,161
( 1) On January 25, 2023, our Board of Directors authorized an extension of its $50 million share repurchase plan, which was set to expire March 31, 2023. This authorization extended the expiration date of the repurchase plan through March 31, 2024. The plan permits S&T to repurchase shares up to the previously authorized $50 million in aggregate value of S&T's common stock through a combination of open market and privately negotiated repurchases. The specific timing, price and quantity of repurchases will be at the discretion of S&T and will depend on a variety of factors, including general market conditions, the trading price of common stock, legal and contractual requirements, applicable securities laws and S&T's financial performance. The repurchase plan does not obligate us to repurchase any particular number of shares. We expect to fund any repurchases from cash on hand and internally generated funds. Share repurchases will not occur unless permissible under applicable laws.
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Item 3. Defaults Upon Senior Securities
None
Item 4. Mine Safety Disclosures
Not Applicable
Item 5. Other Information
None
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.INS XBRL 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.SCH XBRL Taxonomy Extension Schema
101.CAL XBRL Taxonomy Extension Calculation Linkbase
101.DEF XBRL Taxonomy Extension Definition Linkbase
101.LAB XBRL Taxonomy Extension Label Linkbase
101.PRE XBRL Taxonomy Extension Presentation Linkbase
104 Cover 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 4, 2023 /s/ Mark Kochvar
Mark Kochvar
Senior Executive Vice President and
Chief Financial Officer
(Principal Financial Officer and Duly Authorized Signatory)
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