Parent Company Condensed Financial Information

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY CONDENSED FINANCIAL INFORMATION

PARENT COMPANY CONDENSED FINANCIAL INFORMATION

The following condensed financial statements summarize the financial position of S&T Bancorp, Inc. as of December 31, 2022 and 2021 and the results of its operations and cash flows for each of the three years ended December 31, 2022, 2021 and 2020.

BALANCE SHEETS

	December 31,
(dollars in thousands)	2022		2021
ASSETS
Cash	$	13,817	$	10,769
Investments in:
Bank subsidiary	1,184,327		1,209,796
Non-bank subsidiaries	4,662		5,684
Other assets	11,819		9,993
Total Assets	$	1,214,625	$	1,236,242
LIABILITIES
Long-term debt	$	29,713	$	29,521
Other liabilities	253		267
Total Liabilities	29,966		29,788
Total Shareholders’ Equity	1,184,659		1,206,454
Total Liabilities and Shareholders’ Equity	$	1,214,625	$	1,236,242

STATEMENTS OF NET INCOME

	Years ended December 31,
(dollars in thousands)	2022		2021		2020
Dividends from subsidiaries	$	61,426	$	62,333	$	59,315
Investment income	—		—		—
Total Income	61,426		62,333		59,315
Interest expense on long-term debt	1,545		1,400		1,696
Other expenses	4,112		3,947		4,464
Total Expense	5,657		5,347		6,160
Income before income tax and undistributed net income of subsidiaries	55,769		56,986		53,155
Income tax benefit	(1,208)		(1,140)		(1,315)
Income before undistributed net income of subsidiaries	56,977		58,126		54,470
Equity in undistributed net income (distribution in excess of net income) of:
Bank subsidiary	79,566		57,025		(27,529)
Non-bank subsidiaries	(1,023)		(4,808)		(5,901)
Net Income	$	135,520	$	110,343	$	21,040

STATEMENTS OF CASH FLOWS

	Years ended December 31,
(dollars in thousands)	2022		2021		2020
OPERATING ACTIVITIES
Net Income	$	135,520	$	110,343	$	21,040
Equity in undistributed (earnings) losses of subsidiaries	(78,543)		(52,217)		33,430
Other	1,468		761		1,708
Net Cash Provided by Operating Activities	58,445		58,887		56,178
FINANCING ACTIVITIES
Repayment of long term debt	—		(9,750)		—
Sale of treasury shares, net	(808)		(629)		(594)
Purchase of treasury shares	(7,637)		—		(12,559)
Cash dividends paid to common shareholders	(46,952)		(44,324)		(43,949)
Net Cash Used in Financing Activities	(55,397)		(54,703)		(57,102)
Net increase (decrease) in cash	3,048		4,184		(924)
Cash at beginning of year	10,769		6,585		7,509
Cash at End of Year	$	13,817	$	10,769	$	6,585