EX-99.1 2 stba-ex991earningspressrel.htm EX-99.1 Document

INVESTOR CONTACT:
Mark Kochvar
S&T Bancorp, Inc.
Chief Financial Officer
724.465.4826
mark.kochvar@stbank.com
earn_image1a15.jpg
FOR IMMEDIATE RELEASE
S&T Bancorp, Inc. Announces Second Quarter 2025 Results
INDIANA, Pa., - July 24, 2025 – S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, announced net income of $31.9 million, or $0.83 per diluted share, for the second quarter of 2025 compared to net income of $33.4 million, or $0.87 per diluted share, for the first quarter of 2025 and net income of $34.4 million, or $0.89 per diluted share, for the second quarter of 2024.
Second Quarter of 2025 Highlights:
•Strong return metrics with return on average assets (ROA) of 1.32%, return on average equity (ROE) of 8.91% and return on average tangible equity (ROTE) (non-GAAP) of 12.12% compared to ROA of 1.41%, ROE of 9.67% and ROTE (non-GAAP) of 13.29% for the first quarter of 2025.
•Pre-provision net revenue to average assets (PPNR) (non-GAAP) was solid at 1.73% for both the second and first quarters of 2025.
•Net interest income growth of $3.3 million, or 3.90%, and net interest margin on a fully taxable equivalent basis (NIM) (FTE) (non-GAAP) expansion of 7 basis points to 3.88% compared to 3.81% in the first quarter of 2025.
•Total portfolio loans increased $98.1 million, or 5.02% annualized, compared to March 31, 2025.
•Total deposits increased $28.0 million, or 1.42% annualized, compared to March 31, 2025.
•Nonperforming assets decreased $1.1 million to $21.3 million, or 0.27% of total loans plus other real estate owned (OREO), compared to $22.4 million, or 0.29%, at March 31, 2025.
"We are pleased to report another strong quarter with excellent returns, driven by continued progress on our performance drivers," said Chris McComish, chief executive officer. "Net interest income growth was driven by net interest margin expansion and solid loan growth while asset quality metrics remain at very favorable levels. As we move into the second half of the year, we remain confident in our strategy, the strength and commitment of our team and our ability to capitalize on future growth opportunities."
Net Interest Income
Net interest income increased $3.3 million, or 3.90%, to $86.6 million in the second quarter of 2025 compared to $83.3 million in the first quarter of 2025. Average interest-earning assets increased $112.5 million to $9.0 billion in the second quarter of 2025 compared to $8.9 billion in the first quarter of 2025. NIM (FTE) (non-GAAP) expansion of 7 basis points to 3.88% compared to 3.81% in the prior quarter. The yield on average total interest-earning assets increased 6 basis points to 5.76% compared to 5.70% in the first quarter of 2025 primarily due to favorable asset repricing. Total interest-bearing liability costs decreased 3 basis points to 2.84% compared to 2.87% in the first quarter of 2025 mainly due to the repricing of certificates of deposits.
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S&T Earnings Release - 2

Asset Quality
Asset quality remained strong in the second quarter of 2025. The allowance for credit losses, or ACL, was $98.6 million, or 1.24% of total portfolio loans at June 30, 2025 compared to $99.0 million, or 1.26%, at March 31, 2025. The provision for credit losses was $2.0 million for the second quarter of 2025 compared to a negative $3.0 million in the first quarter of 2025. The negative provision in the first quarter of 2025 related to net recoveries and a $4.2 million decrease in specific reserves. Net charge-offs were $1.2 million, or 0.06% of average loans, compared to net recoveries in the first quarter of 2025. Nonperforming assets decreased $1.1 million to $21.3 million, or 0.27% of total loans plus OREO, compared to $22.4 million, or 0.29%, at March 31, 2025.
Noninterest Income and Expense
Noninterest income increased $3.1 million to $13.5 million in the second quarter of 2025 compared to $10.4 million in the first quarter of 2025. The increase primarily related to a $2.3 million realized loss recognized in the first quarter of 2025 from the repositioning of securities into longer duration, higher-yielding securities. Additionally, debit and credit card fees and service charges on deposit accounts were seasonally higher compared to the first quarter of 2025. Total noninterest expense increased $3.0 million to $58.1 million compared to $55.1 million in the first quarter of 2025. Salaries and employee benefits increased $3.1 million primarily related to annual merit increases, higher incentives and medical costs compared to the first quarter of 2025.
Financial Condition
Total assets were $9.8 billion at June 30, 2025 compared to $9.7 billion at March 31, 2025. Total portfolio loans increased $98.1 million, or 5.02% annualized, compared to March 31, 2025. The commercial loan portfolio increased $67.3 million with growth in commercial real estate of $58.0 million and commercial construction of $17.7 million partially offset by a decrease in commercial and industrial of $8.4 million compared to March 31, 2025. The consumer loan portfolio increased $30.8 million compared to March 31, 2025. Total deposits increased $28.0 million, or 1.42% annualized, compared to March 31, 2025. Noninterest-bearing demand increased $17.9 million, money market $26.2 million and CDs $62.1 million, offset by decreases in interest-bearing demand deposits of $71.5 million and savings of $6.7 million compared to March 31, 2025. Total borrowings increased $55.0 million to $250.3 million compared to $195.3 million at March 31, 2025 to fund loan growth.
S&T continues to maintain a strong regulatory capital position with all capital ratios above the well-capitalized thresholds of federal bank regulatory agencies.
Conference Call
S&T will host its second quarter 2025 earnings conference call live via webcast at 1:00 p.m. ET on Thursday, July 24, 2025. To access the webcast, go to S&T Bancorp Inc.’s Investor Relations webpage stbancorp.com. After the live presentation, the webcast will be archived at stbancorp.com for 12 months.
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S&T Earnings Release - 3

About S&T Bancorp, Inc. and S&T Bank
S&T Bancorp, Inc. is a $9.8 billion bank holding company that is headquartered in Indiana, Pennsylvania and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was established in 1902 and operates in Pennsylvania and Ohio. For more information, visit stbancorp.com or stbank.com. Follow us on Facebook, Instagram and LinkedIn.
Forward-Looking Statements
This information contains or incorporates statements that we believe are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial position and other matters regarding or affecting S&T and its future business and operations. Forward-looking statements are typically identified by words or phrases such as “will likely result,” “expect,” “anticipate,” “estimate,” “forecast,” “project,” “intend,” “believe,” “assume,” “strategy,” “trend,” “plan,” “outlook,” “outcome,” “continue,” “remain,” “potential,” “opportunity,” “comfortable,” “current,” “position,” “maintain,” “sustain,” “seek,” “achieve” and variations of such words and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to: credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL; cybersecurity concerns; rapid technological developments and changes; operational risks or risk management failures by us or critical third parties, including fraud risk; our ability to manage our reputational risks; sensitivity to the interest rate environment, a rapid increase in interest rates or a change in the shape of the yield curve; a change in spreads on interest-earning assets and interest-bearing liabilities; regulatory supervision and oversight, including changes in regulatory capital requirements and our ability to address those requirements; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; changes in accounting policies, practices or guidance; legislation affecting the financial services industry as a whole, and S&T, in particular; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; the outcome of pending and future litigation and governmental proceedings; increasing price and product/service competition; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; managing our internal growth and acquisitions; the possibility that the anticipated benefits from acquisitions cannot be fully realized in a timely manner or at all, or that integrating the acquired operations will be more difficult, disruptive or costly than anticipated; containing costs and expenses; reliance on significant customer relationships; an interruption or cessation of an important service by a third-party provider; our ability to attract and retain talented executives and other employees; general economic or business conditions, including the strength of regional economic conditions in our market area; ESG practices and disclosures, including climate change, hiring practices, the diversity of the work force and racial and social justice issues; deterioration of the housing market and reduced demand for mortgages; deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge to net income; the stability of our core
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S&T Earnings Release - 4

deposit base and access to contingency funding; re-emergence of turbulence in significant portions of the global financial and real estate markets that could impact our performance, both directly, by affecting our revenues and the value of our assets and liabilities, and indirectly, by affecting the economy generally and access to capital in the amounts, at the times and on the terms required to support our future businesses and geopolitical tensions and conflicts between nations.
Many of these factors, as well as other factors, are described in our Annual Report on Form 10-K for the year ended December 31, 2024, 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.
Non-GAAP Financial Measures
In addition to traditional measures presented in accordance with GAAP, our management uses, and this information contains or references, certain non-GAAP financial measures, such as tangible book value, return on average tangible shareholder's equity, PPNR to average assets, efficiency ratio, tangible common equity to tangible assets and net interest margin on an FTE basis. We believe these non-GAAP financial measures provide information useful to investors in understanding our underlying operational performance and our business 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. See Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures for more information related to these financial measures.
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 5
202520252024
SecondFirstSecond
(dollars in thousands, except per share data)QuarterQuarterQuarter
INTEREST AND DIVIDEND INCOME
Loans, including fees$117,696 $114,340 $119,564 
Investment Securities:
Taxable10,846 10,073 8,761 
Tax-exempt35 157 168 
Dividends329 278 272 
Total Interest and Dividend Income128,906 124,848 128,765 
INTEREST EXPENSE
Deposits39,056 38,354 39,629 
Borrowings, junior subordinated debt securities and other3,278 3,171 5,542 
Total Interest Expense42,334 41,525 45,171 
NET INTEREST INCOME86,572 83,323 83,594 
Provision for credit losses1,974 (3,040)422 
Net Interest Income After Provision for Credit Losses84,598 86,363 83,172 
NONINTEREST INCOME
Loss on sale of securities— (2,295)(3,150)
Debit and credit card4,588 4,188 4,713 
Service charges on deposit accounts4,090 3,962 4,089 
Wealth management3,042 3,084 2,995 
Other1,780 1,490 4,658 
Total Noninterest Income13,500 10,429 13,305 
NONINTEREST EXPENSE
Salaries and employee benefits32,907 29,853 30,388 
Data processing and information technology4,847 4,930 4,215 
Occupancy4,024 4,302 3,649 
Furniture, equipment and software3,352 3,483 3,382 
Other taxes2,088 1,494 1,433 
Professional services and legal1,739 1,286 1,403 
Marketing1,490 1,615 1,404 
FDIC insurance1,062 1,040 1,053 
Other noninterest expense6,605 7,088 6,681 
Total Noninterest Expense58,114 55,091 53,608 
Income Before Taxes39,984 41,701 42,869 
Income tax expense8,084 8,300 8,498 
Net Income$31,900 $33,401 $34,371 
Per Share Data
Shares outstanding at end of period38,345,448 38,261,299 38,256,204 
Average shares outstanding - diluted38,637,400 38,599,656 38,531,692 
Diluted earnings per share$0.83 $0.87 $0.89 
Dividends declared per share$0.34 $0.34 $0.33 
Dividend yield (annualized)3.60 %3.67 %3.95 %
Dividends paid to net income41.30 %38.97 %36.97 %
Book value$37.70 $37.06 $34.54 
Tangible book value (1)
$27.90 $27.24 $24.71 
Market value$37.82 $37.05 $33.39 
Profitability Ratios (Annualized)
Return on average assets1.32 %1.41 %1.45 %
Return on average shareholders' equity8.91 %9.67 %10.61 %
Return on average tangible shareholders' equity(2)
12.12 %13.29 %15.01 %
Pre-provision net revenue / average assets(3)
1.73 %1.73 %1.82 %
Efficiency ratio (FTE)(4)
57.73 %56.99 %54.94 %
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 6
Six Months Ended June 30,
(dollars in thousands, except per share data)20252024
INTEREST AND DIVIDEND INCOME
Loans, including fees$232,036 $238,141 
Investment Securities:
Taxable20,919 17,356 
Tax-exempt192 361 
Dividends607 661 
Total Interest and Dividend Income253,754 256,519 
INTEREST EXPENSE
Deposits77,410 76,291 
Borrowings, junior subordinated debt securities and other6,449 13,157 
Total Interest Expense83,859 89,448 
NET INTEREST INCOME169,895 167,071 
Provision for credit losses(1,066)3,049 
Net Interest Income After Provision for Credit Losses170,961 164,022 
NONINTEREST INCOME
Loss on sale of securities
(2,295)(3,147)
Debit and credit card8,776 8,948 
Service charges on deposit accounts8,052 7,917 
Wealth management6,126 6,037 
Other3,270 6,380 
Total Noninterest Income23,929 26,135 
NONINTEREST EXPENSE
Salaries and employee benefits62,760 59,900 
Data processing and information technology9,777 9,169 
Occupancy8,326 7,519 
Furniture, equipment and software6,835 6,854 
Other Taxes3,582 3,304 
Marketing3,105 3,347 
Professional services and legal3,025 3,123 
FDIC insurance2,102 2,102 
Other noninterest expense13,693 12,810 
Total Noninterest Expense113,205 108,128 
Income Before Taxes81,685 82,029 
Income tax expense16,384 16,419 
Net Income$65,301 $65,610 
Per Share Data
Average shares outstanding - diluted38,618,741 38,495,622 
Diluted earnings per share$1.69 $1.70 
Dividends declared per share$0.68 $0.66 
Dividends paid to net income40.11 %38.60 %
Profitability Ratios (annualized)
Return on average assets1.36 %1.38 %
Return on average shareholders' equity9.28 %10.17 %
Return on average tangible shareholders' equity(5)
12.69 %14.44 %
Pre-provision net revenue / average assets(6)
1.73 %1.79 %
Efficiency ratio (FTE)(7)
57.37 %55.57 %
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 7
202520252024
SecondFirstSecond
(dollars in thousands)QuarterQuarterQuarter
ASSETS
Cash and due from banks$203,118 $211,836 $246,310 
Securities available for sale, at fair value1,021,183 1,011,111 977,958 
Loans held for sale— — 188 
Commercial loans:
Commercial real estate3,520,294 3,462,246 3,347,699 
Commercial and industrial1,512,027 1,520,475 1,611,183 
Commercial construction397,785 380,129 380,128 
Total Commercial Loans5,430,106 5,362,850 5,339,010 
Consumer loans:
Residential mortgage1,678,992 1,670,750 1,562,026 
Home equity681,143 660,594 642,225 
Installment and other consumer100,177 98,165 102,660 
Consumer construction44,016 43,990 67,649 
Total Consumer Loans2,504,328 2,473,499 2,374,560 
Total Portfolio Loans7,934,434 7,836,349 7,713,570 
Allowance for credit losses(98,580)(99,010)(106,150)
Total Portfolio Loans, Net7,835,854 7,737,339 7,607,420 
Federal Home Loan Bank and other restricted stock, at cost15,817 13,445 12,056 
Goodwill373,424 373,424 373,424 
Other Intangible assets, net2,656 2,813 3,456 
Other assets358,017 368,308 414,650 
Total Assets$9,810,069 $9,718,276 $9,635,462 
LIABILITIES
Deposits:
Noninterest-bearing demand$2,182,346 $2,164,491 $2,206,589 
Interest-bearing demand738,251 809,722 789,317 
Money market2,236,298 2,210,081 2,008,486 
Savings879,254 886,007 906,794 
Certificates of deposit1,884,771 1,822,632 1,769,150 
Total Deposits7,920,920 7,892,933 7,680,336 
Borrowings:
Short-term borrowings150,000 95,000 275,000 
Long-term borrowings50,856 50,876 39,034 
Junior subordinated debt securities49,448 49,433 49,388 
Total Borrowings250,304 195,309 363,422 
Other liabilities193,352 212,000 270,261 
Total Liabilities8,364,576 8,300,242 8,314,019 
SHAREHOLDERS’ EQUITY
Total Shareholders’ Equity1,445,493 1,418,034 1,321,443 
Total Liabilities and Shareholders’ Equity$9,810,069 $9,718,276 $9,635,462 
Capitalization Ratios
Shareholders' equity / assets14.73 %14.59 %13.71 %
Tangible common equity / tangible assets(9)
11.34 %11.16 %10.21 %
Tier 1 leverage ratio12.18 %12.09 %11.51 %
Common equity tier 1 capital14.59 %14.67 %13.89 %
Risk-based capital - tier 114.91 %14.99 %14.21 %
Risk-based capital - total16.48 %16.57 %15.79 %
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 8

202520252024
SecondFirstSecond
(dollars in thousands)QuarterQuarterQuarter
Net Interest Margin (FTE) (QTD Averages)
ASSETS
Interest-bearing deposits with banks$120,1564.46%$128,7394.46%$143,5215.47%
Securities, at fair value1,011,6293.79%990,4143.59%961,5522.93%
Loans held for sale— 0.00%— 0.00%277.37%
Commercial real estate3,477,3215.88%3,395,5995.82%3,346,7255.97%
Commercial and industrial1,519,1336.71%1,535,2356.69%1,606,1737.38%
Commercial construction382,3636.94%374,8816.95%374,8567.82%
Total Commercial Loans5,378,8176.19%5,305,7156.15%5,327,7546.52%
Residential mortgage1,674,2315.26%1,660,1775.21%1,528,2005.00%
Home equity670,0666.37%653,1136.30%644,5457.01%
Installment and other consumer99,5507.88%99,4027.97%105,3138.63%
Consumer construction41,0256.82%45,1576.86%72,8995.97%
Total Consumer Loans2,484,8725.69%2,457,8495.64%2,350,9575.75%
Total Portfolio Loans7,863,6896.03%7,763,5645.99%7,678,7116.29%
Total Loans7,863,6896.03%7,763,5645.99%7,678,7386.29%
Total other earning assets16,5377.70%16,7686.74%20,0877.04%
Total Interest-earning Assets9,012,0115.76%8,899,4855.70%8,803,8985.91%
Noninterest-earning assets712,891727,176756,552
Total Assets$9,724,902$9,626,661$9,560,450
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand$763,6871.01%$779,3091.00%$822,6711.13%
Money market2,188,7713.04%2,088,3462.97%1,938,9633.25%
Savings880,4480.69%884,6360.66%915,7680.70%
Certificates of deposit1,872,3294.07%1,860,8404.29%1,774,0374.55%
Total Interest-bearing Deposits5,705,2352.75%5,613,1312.77%5,451,4392.92%
Short-term borrowings135,6594.63%117,7224.63%261,9235.09%
Long-term borrowings50,8663.80%50,8863.80%39,0994.53%
Junior subordinated debt securities49,4397.12%49,4237.17%49,3798.18%
Total Borrowings235,9644.97%218,0315.01%350,4015.46%
Total Other Interest-bearing Liabilities32,202 4.39%43,9264.40%57,734 5.42%
Total Interest-bearing Liabilities5,973,4012.84%5,875,0882.87%5,859,5743.10%
Noninterest-bearing liabilities2,315,2132,350,5742,397,606
Shareholders' equity1,436,2881,400,9991,303,270
Total Liabilities and Shareholders' Equity$9,724,902$9,626,661$9,560,450
Net Interest Margin(10)
3.88%3.81%3.85%
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 9
Six Months Ended June 30,
(dollars in thousands)20252024
Net Interest Margin (FTE) (YTD Averages)
ASSETS
Interest-bearing deposits with banks$124,4234.46%$144,0795.61%
Securities, at fair value1,001,0803.69%964,1282.87%
Loans held for sale——%1017.16%
Commercial real estate3,436,6865.85%3,355,9335.95%
Commercial and industrial1,527,1396.70%1,616,4037.37%
Commercial construction378,6436.94%369,9727.76%
Total Commercial Loans5,342,4686.17%5,342,3086.50%
Residential mortgage1,667,2425.23%1,503,4054.97%
Home equity661,6366.34%646,4057.00%
Installment and other consumer99,4767.93%108,1068.64%
Consumer construction43,0806.84%71,2885.79%
Total Consumer Loans2,471,4345.67%2,329,2045.73%
Total Portfolio Loans7,813,9026.01%7,671,5126.27%
Total Loans7,813,9026.01%7,671,6136.27%
Total other earning assets16,6527.21%22,7117.08%
Total Interest-earning Assets8,956,0575.73%8,802,5315.89%
Noninterest-earning assets719,996747,147
Total Assets$9,676,053$9,549,678
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand$771,4551.01%$825,8831.13%
Money market2,138,8363.01%1,929,4863.20%
Savings882,5310.68%927,6180.66%
Certificates of deposit1,866,6164.18%1,706,5484.46%
Total Interest-bearing deposits5,659,4382.76%5,389,5352.85%
Short-term borrowings126,7404.63%335,1375.26%
Long-term borrowings50,8763.80%39,1604.53%
Junior subordinated debt securities49,4317.15%49,3728.20%
Total Borrowings227,0474.99%423,6695.54%
Total Other Interest-bearing Liabilities38,0324.39%54,9865.42%
Total Interest-bearing Liabilities5,924,5172.85%5,868,1903.06%
Noninterest-bearing liabilities2,332,7952,384,596
Shareholders' equity1,418,7411,296,892
Total Liabilities and Shareholders' Equity$9,676,053$9,549,678
Net Interest Margin(8)
3.84%3.84%
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 10
202520252024
SecondFirstSecond
(dollars in thousands)QuarterQuarterQuarter
Nonaccrual Loans
Commercial loans:% Loans% Loans% Loans
Commercial real estate$3,967 0.11%$3,441 0.10%$15,090 0.45%
Commercial and industrial5,459 0.36%6,749 0.44%7,075 0.44%
Commercial construction869 0.22%1,006 0.26%4,960 1.30%
Total Nonaccrual Commercial Loans10,295 0.19%11,196 0.21%27,125 0.51%
Consumer loans:
Residential mortgage7,239 0.43%6,957 0.42%4,698 0.30%
Home equity3,593 0.53%3,968 0.60%2,804 0.44%
Installment and other consumer185 0.18%218 0.22%230 0.22%
Total Nonaccrual Consumer Loans11,017 0.44%11,143 0.45%7,732 0.33%
Total Nonaccrual Loans$21,312 0.27%$22,339 0.29%$34,857 0.45%
202520252024
SecondFirstSecond
(dollars in thousands)QuarterQuarterQuarter
Loan Charge-offs (Recoveries)
Charge-offs$1,656 $884 $845 
Recoveries(498)(911)(1,233)
Net Loan Charge-offs (Recoveries)$1,158 ($27)($388)
Net Loan Charge-offs (Recoveries)
Commercial loans:
Commercial real estate($16)($146)($379)
Commercial and industrial331 154 (658)
Commercial construction89 30 — 
Total Commercial Loan Charge-offs (Recoveries)404 38 (1,037)
Consumer loans:
Residential mortgage13 13 33 
Home equity160 19 274 
Installment and other consumer581 (97)342 
Total Consumer Loan Charge-offs (Recoveries)754 (65)649 
Total Net Loan Charge-offs (Recoveries)$1,158 ($27)($388)
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 11
Six Months Ended June 30,
(dollars in thousands)20252024
Loan Charge-offs (Recoveries)
Charge-offs$2,540 $7,784 
Recoveries(1,409)(1,583)
Net Loan Charge-offs$1,131$6,201
Net Loan Charge-offs (Recoveries)
Commercial loans:
Commercial real estate($162)$4,859
Commercial and industrial485292
Commercial construction119 — 
Total Commercial Loan Charge-offs4425,151
Consumer loans:
Residential mortgage2640
Home equity179379
Installment and other consumer484631
Total Consumer Loan Charge-offs6891,050
Total Net Loan Charge-offs$1,131$6,201
202520252024
SecondFirstSecond
(dollars in thousands)QuarterQuarterQuarter
Asset Quality Data
Nonaccrual loans$21,312 $22,339 $34,857 
OREO— 29 95 
Total nonperforming assets21,312 22,368 34,952 
Nonaccrual loans / total loans0.27 %0.29 %0.45 %
Nonperforming assets / total loans plus OREO0.27 %0.29 %0.45 %
Allowance for credit losses / total portfolio loans1.24 %1.26 %1.38 %
Allowance for credit losses / nonaccrual loans463 %443 %305 %
Net loan charge-offs (recoveries) $1,158 ($27)($388)
Net loan charge-offs (recoveries) (annualized) / average loans0.06 %(0.00 %)(0.02 %)
Six Months Ended June 30,
(dollars in thousands)20252024
Asset Quality Data
Net loan charge-offs$1,131 $6,201 
Net loan charge-offs / average loans0.03 %0.16 %
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 12
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
202520252024
SecondFirstSecond
(dollars in thousands, except per share data)QuarterQuarterQuarter
(1) Tangible Book Value (non-GAAP)
Total shareholders' equity$1,445,493 $1,418,034 $1,321,443 
Less: goodwill and other intangible assets, net of deferred tax liability(375,522)(375,646)(376,154)
Tangible common equity (non-GAAP)$1,069,971 $1,042,388 $945,289 
Common shares outstanding38,345,448 38,261,299 38,256,204 
Tangible book value (non-GAAP)$27.90 $27.24 $24.71 
Tangible book value is a preferred industry metric used to measure our company's value and commonly used by investors and analysts.
(2) Return on Average Tangible Shareholders' Equity (non-GAAP)
Net income (annualized)$127,951 $135,460 $138,239 
Plus: amortization of intangibles (annualized), net of tax653 772 921 
Net income before amortization of intangibles (annualized)$128,604 $136,232 $139,160 
Average total shareholders' equity$1,436,288 $1,400,999 $1,303,270 
Less: average goodwill and other intangible assets, net of deferred tax liability(375,572)(375,741)(376,285)
Average tangible equity (non-GAAP)$1,060,716 $1,025,258 $926,985 
Return on average tangible shareholders' equity (non-GAAP)12.12 %13.29 %15.01 %
Return on average tangible shareholders' equity is a key profitability metric used by management to measure financial performance.
(3) Pre-provision Net Revenue / Average Assets (non-GAAP)
Income before taxes$39,984 $41,701 $42,869 
Plus: net loss on sale of securities— 2,295 3,150 
Less: gain on Visa Class B-1 exchange
— — (3,156)
Plus: Provision for credit losses1,974 (3,040)422 
Total$41,958 $40,956 $43,285 
Total (annualized) (non-GAAP)$168,293 $166,099 $174,091 
Average assets$9,724,902 $9,626,661 $9,560,450 
Pre-provision Net Revenue / Average Assets (non-GAAP)1.73 %1.73 %1.82 %
Pre-provision net revenue to average assets is income before taxes adjusted to exclude provision for credit losses, losses (gains) on sale of securities and gain on Visa exchange. We believe this to be a preferred industry measurement to help evaluate our ability to fund credit losses or build capital.
(4) Efficiency Ratio (non-GAAP)
Noninterest expense$58,114 $55,091 $53,608 
Net interest income per consolidated statements of net income$86,572 $83,323 $83,594 
Plus: taxable equivalent adjustment590 617 682 
Net interest income (FTE) (non-GAAP)87,162 83,940 84,276 
Noninterest income13,500 10,429 13,305 
Plus: net loss (gain) on sale of securities— 2,295 3,150 
Less: gain on Visa Class B-1 exchange
— — (3,156)
Net interest income (FTE) (non-GAAP) plus noninterest income$100,662 $96,664 $97,575 
Efficiency ratio (non-GAAP)57.73 %56.99 %54.94 %
The efficiency ratio is noninterest expense divided by noninterest income plus net interest income, on an FTE basis (non-GAAP), adjusted to exclude losses (gains) on sale of securities and gain on Visa exchange. We believe the FTE basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice.
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 13
Six Months Ended June 30,
(dollars in thousands)20252024
(5) Return on Average Tangible Shareholders' Equity (non-GAAP)
Net income (annualized)$131,684 $131,941 
Plus: amortization of intangibles (annualized), net of tax712 932 
Net income before amortization of intangibles (annualized)$132,396 $132,873 
Average total shareholders' equity$1,418,741 $1,296,892 
Less: average goodwill and other intangible assets, net of deferred tax liability(375,656)(376,402)
Average tangible equity (non-GAAP)$1,043,085 $920,490 
Return on average tangible shareholders' equity (non-GAAP)12.69 %14.44 %
Return on average tangible shareholders' equity is a key profitability metric used by management to measure financial performance.
(6) Pre-provision Net Revenue / Average Assets (non-GAAP)
Income before taxes$81,685 $82,029 
Plus: net losses on sale of securities2,295 3,147 
Less: gain on Visa Class B-1 exchange
— (3,156)
Plus: Provision for credit losses(1,066)3,049 
Total$82,914 $85,069 
Total (annualized) (non-GAAP)$167,202 $171,073 
Average assets$9,676,053 $9,549,678 
Pre-provision Net Revenue / Average Assets (non-GAAP)1.73 %1.79 %
Pre-provision net revenue to average assets is income before taxes adjusted to exclude provision for credit losses, losses (gains) on sale of securities and gain on Visa exchange. We believe this to be a preferred industry measurement to help evaluate our ability to fund credit losses or build capital.
(7) Efficiency Ratio (non-GAAP)
Noninterest expense$113,205 $108,128 
Net interest income per consolidated statements of net income$169,895 $167,071 
Plus: taxable equivalent adjustment1,208 1,375 
Net interest income (FTE) (non-GAAP)171,103 168,446 
Noninterest income23,929 26,135 
Plus: net losses on sale of securities2,295 3,147 
Less: gain on Visa Class B-1 exchange
— (3,156)
Net interest income (FTE) (non-GAAP) plus noninterest income$197,327 $194,572 
Efficiency ratio (non-GAAP)57.37 %55.57 %
The efficiency ratio is noninterest expense divided by noninterest income plus net interest income, on an FTE basis (non-GAAP), adjusted to exclude losses (gains) on sale of securities and gain on Visa exchange. We believe the FTE basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice.
(8) Net Interest Margin Rate (FTE) (non-GAAP)
Interest income and dividend income$253,754 $256,519 
Less: interest expense(83,859)(89,448)
Net interest income per consolidated statements of net income169,895 167,071 
Plus: taxable equivalent adjustment1,208 1,375 
Net interest income (FTE) (non-GAAP)$171,103 $168,446 
Net interest income (FTE) (annualized)$345,042 $338,743 
Average interest-earning assets$8,956,057 $8,802,531 
Net interest margin - (FTE) (non-GAAP)3.84 %3.84 %
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.



- more -

S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release - 14
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
202520252024
SecondFirstSecond
(dollars in thousands)QuarterQuarterQuarter
(9) Tangible Common Equity / Tangible Assets (non-GAAP)
Total shareholders' equity$1,445,493 $1,418,034 $1,321,443 
Less: goodwill and other intangible assets, net of deferred tax liability(375,522)(375,646)(376,154)
Tangible common equity (non-GAAP)$1,069,971 $1,042,388 $945,289 
Total assets$9,810,069 $9,718,276 $9,635,462 
Less: goodwill and other intangible assets, net of deferred tax liability(375,522)(375,646)(376,154)
Tangible assets (non-GAAP)$9,434,547 $9,342,630 $9,259,308 
Tangible common equity to tangible assets (non-GAAP)11.34 %11.16 %10.21 %
Tangible common equity to tangible assets is a preferred industry measurement to evaluate capital adequacy.
(10) Net Interest Margin Rate (FTE) (non-GAAP)
Interest income and dividend income$128,906 $124,848 $128,765 
Less: interest expense(42,334)(41,525)(45,171)
Net interest income per consolidated statements of net income86,572 83,323 83,594 
Plus: taxable equivalent adjustment590 617 682 
Net interest income (FTE) (non-GAAP)$87,162 $83,940 $84,276 
Net interest income (FTE) (annualized)$349,606 $340,423 $338,956 
Average interest-earning assets$9,012,011 $8,899,485 $8,803,898 
Net interest margin (FTE) (non-GAAP)3.88 %3.81 %3.85 %
The interest income on interest-earning assets, net interest income and net interest margin are presented on an FTE basis (non-GAAP). The FTE basis (non-GAAP) adjusts for the tax benefit of income on certain tax-exempt loans and securities and the dividend-received deduction for equity securities using the federal statutory tax rate of 21 percent for each period. We believe this to be the preferred industry measurement of net interest income that provides a relevant comparison between taxable and non-taxable sources of interest income.
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