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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 September 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to                
Commission file number 0-12508
______________________________________ 
S&T BANCORP INC.
(Exact name of registrant as specified in its charter)
______________________________________ 
Pennsylvania
 25-1434426
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)
800 Philadelphia StreetIndianaPA 15701
(Address of principal executive offices) (zip code)
800-325-2265
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address, and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $2.50 par valueSTBANASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐ 
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date.
Common Stock, $2.50 Par Value - 38,259,730 shares as of October 30, 2024


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




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Table of Contents
S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, 2024December 31, 2023
(in thousands, except share and per share data)(Unaudited)(Audited)
ASSETS
Cash and due from banks, including interest-bearing deposits of $139,618 and $160,802 at September 30, 2024 and December 31, 2023
$228,090 $233,612 
Securities available for sale, at fair value1,011,312 970,391 
Loans held for sale307 153 
Portfolio loans, net of unearned income7,689,054 7,653,341 
Allowance for credit losses(104,321)(107,966)
Portfolio loans, net7,584,733 7,545,375 
Bank owned life insurance84,690 84,008 
Premises and equipment, net45,917 49,006 
Federal Home Loan Bank and other restricted stock, at cost11,484 25,082 
Goodwill373,424 373,424 
Other intangible assets, net3,173 4,059 
Other assets240,817 266,416 
Total Assets$9,583,947 $9,551,526 
LIABILITIES
Deposits:
Noninterest-bearing demand$2,157,537 $2,221,942 
Interest-bearing demand773,224 825,787 
Money market2,074,095 1,941,842 
Savings879,653 950,546 
Certificates of deposit1,770,332 1,581,652 
Total Deposits7,654,841 7,521,769 
Short-term borrowings225,000 415,000 
Long-term borrowings64,015 39,277 
Junior subordinated debt securities49,403 49,358 
Other liabilities214,934 242,677 
Total Liabilities8,208,193 8,268,081 
SHAREHOLDERS’ EQUITY
Common stock ($2.50 par value)
Authorized—50,000,000 shares
Issued—41,449,444 shares at September 30, 2024 and December 31, 2023
Outstanding—38,259,730 shares at September 30, 2024 and 38,232,806 shares at December 31, 2023
103,623 103,623 
Additional paid-in capital410,752 409,034 
Retained earnings1,019,033 959,604 
Accumulated other comprehensive loss(60,508)(90,901)
Treasury stock — 3,189,714 shares at September 30, 2024 and 3,216,638 shares at December 31, 2023, at cost
(97,146)(97,915)
Total Shareholders’ Equity1,375,754 1,283,445 
Total Liabilities and Shareholders’ Equity$9,583,947 $9,551,526 
See Notes to Consolidated Financial Statements
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S&T BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands, except per share data)2024202320242023
INTEREST AND DIVIDEND INCOME
Loans, including fees$120,907 $114,258 $359,048 $325,681 
Investment Securities: 
Taxable10,221 7,857 27,577 23,120 
Tax-exempt165 213 526 642 
Dividends181 631 842 1,752 
Total Interest and Dividend Income
131,474 122,959 387,993 351,195 
INTEREST EXPENSE
Deposits42,493 24,910 118,784 59,915 
Borrowings, junior subordinated debt securities and other4,504 10,662 17,661 26,979 
Total Interest Expense
46,997 35,572 136,445 86,894 
NET INTEREST INCOME
84,477 87,387 251,548 264,301 
Provision for credit losses(454)5,498 2,595 16,949 
Net Interest Income After Provision for Credit Losses
84,931 81,889 248,953 247,352 
NONINTEREST INCOME
Net loss on sale of securities
(2,199)— (5,346)— 
Debit and credit card4,688 4,690 13,636 13,708 
Service charges on deposit accounts4,181 4,060 12,098 12,064 
Wealth management3,071 3,003 9,108 9,136 
Mortgage banking355 294 886 884 
Other1,781 131 7,630 3,767 
Total Noninterest Income
11,877 12,178 38,012 39,559 
NONINTEREST EXPENSE
Salaries and employee benefits31,274 27,521 91,174 80,513 
Data processing and information technology5,003 4,479 14,172 12,914 
Occupancy3,828 3,671 11,347 11,216 
Furniture, equipment and software3,410 3,125 10,264 9,178 
Marketing1,382 1,741 4,729 5,053 
Other taxes1,874 1,831 5,178 4,943 
Professional services and legal1,229 1,965 4,352 5,855 
FDIC insurance1,054 1,029 3,156 3,073 
Other6,311 7,437 19,121 21,386 
Total Noninterest Expense
55,365 52,799 163,493 154,131 
Income Before Taxes
41,443 41,268 123,472 132,780 
Income tax expense8,853 7,800 25,272 25,046 
Net Income
$32,590 $33,468 $98,200 $107,734 
Earnings per share—basic$0.85 $0.88 $2.57 $2.79 
Earnings per share—diluted$0.85 $0.87 $2.55 $2.78 
Dividends declared per share$0.33 $0.32 $0.99 $0.96 
Comprehensive Income
$66,016 $21,875 $128,592 $94,223 
See Notes to Consolidated Financial Statements
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S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)

Three months ended September 30, 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 June 30, 2023$103,623 $406,969 $913,974 $(114,043)$(97,670)$1,212,853 
Net Income for the three months ended September 30, 2023— — 33,468 — — 33,468 
Other comprehensive loss, net of tax— — — (11,593)— (11,593)
Cash dividends declared ($0.32 per share)
— — (12,280)— — (12,280)
Treasury stock issued for restricted stock awards (3,795 shares)
— (116)— — 116 — 
Forfeitures of restricted stock awards (1,404 shares)
— — — — (39)(39)
Recognition of restricted stock compensation expense— 1,123 — — — 1,123 
Balance at September 30, 2023$103,623 $407,976 $935,162 $(125,636)$(97,593)$1,223,532 
See Notes to Consolidated Financial Statements
Three months ended September 30, 2024
(dollars in thousands, except share and per share data)Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive Loss		Treasury
Stock		Total
Balance at June 30, 2024$103,623 $409,874 $999,115 $(93,934)$(97,235)$1,321,443 
Net Income for the three months ended September 30,2024— — 32,590 — — 32,590 
Other comprehensive income, net of tax— — — 33,426 — 33,426 
Cash dividends declared ($0.33 per share)
— — (12,679)— — (12,679)
Treasury stock issued for restricted stock awards (5,401 shares)
— (164)— — 164 — 
Forfeitures of restricted stock awards (1,875 shares)
— — 7 — (75)(68)
Recognition of restricted stock compensation expense— 1,042 — — — 1,042 
Balance at September 30, 2024$103,623 $410,752 $1,019,033 $(60,508)$(97,146)$1,375,754 
See Notes to Consolidated Financial Statements
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S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)
Nine months ended September 30, 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 nine months ended September 30, 2023— — 107,734 — — 107,734 
Other comprehensive loss, net of tax— — — (13,511)— (13,511)
Impact of adoption of ASU 2022-02— — (447)— — (447)
Cash dividends declared ($0.96 per share)
— — (37,190)— — (37,190)
Treasury stock issued for restricted stock awards (35,836 shares)
— (1,113)— — 1,113 — 
Forfeitures of restricted stock awards (51,834 shares)
— — 1,117 — (1,638)(521)
Repurchase of S&T stock (739,426 shares)
— — — — (19,998)(19,998)
Recognition of restricted stock compensation expense— 2,806 — — — 2,806 
Balance at September 30, 2023$103,623 $407,976 $935,162 $(125,636)$(97,593)$1,223,532 
See Notes to Consolidated Financial Statements
Nine months ended September 30, 2024
(dollars in thousands, except share and per share data)Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive Loss		Treasury
Stock		Total
Balance at January 1, 2024$103,623 $409,034 $959,604 $(90,901)$(97,915)$1,283,445 
Net income for the nine months ended September 30, 2024— — 98,200 — — 98,200 
Other comprehensive income, net of tax— — — 30,393 — 30,393 
Impact of adoption of ASU 2023-02— — (1,002)— — (1,002)
Cash dividends declared ($0.99 per share)
— — (38,012)— — (38,012)
Treasury stock issued for restricted stock awards (61,154 shares)
— (1,861)— — 1,861 — 
Forfeitures of restricted stock awards (34,230 shares)
— — 243 — (1,092)(849)
Recognition of restricted stock compensation expense— 3,579 — — — 3,579 
Balance at September 30, 2024$103,623 $410,752 $1,019,033 $(60,508)$(97,146)$1,375,754 
See Notes to Consolidated Financial Statements
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S&T BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended September 30,
(dollars in thousands)20242023
OPERATING ACTIVITIES
Net Cash Provided by Operating Activities
$118,585 $140,874 
INVESTING ACTIVITIES
Purchases of securities(222,419)(65,148)
Proceeds from maturities, prepayments and calls of securities113,942 95,967 
Proceeds from sales of securities92,873 — 
Redemption (purchases) of Federal Home Loan Bank stock
13,598 (15,541)
Net increase in loans
(52,544)(348,844)
Proceeds from sale of portfolio loans8,923 8,333 
Proceeds from sale of other real estate owned173 30 
Purchases of premises and equipment(2,134)(4,921)
Proceeds from the sale of premises and equipment56 698 
Proceeds from life insurance settlement784 597 
Net payments from cash flow hedge(6,369)(8,804)
Net Cash Used in Investing Activities
(53,117)(337,633)
FINANCING ACTIVITIES
Net decrease in demand, money market and savings deposits
(55,608)(550,359)
Net increase in certificates of deposit
188,690 553,333 
Net (decrease) increase in short-term borrowings
(190,000)260,000 
Proceeds from long-term borrowings25,000 25,000 
Repayments on long-term borrowings(262)(5,346)
Repurchase of shares for taxes on restricted stock(849)(521)
Cash dividends paid to common shareholders(37,961)(37,096)
Repurchase of common stock— (19,808)
Net Cash (Used in) Provided by Financing Activities
(70,990)225,203 
Net (decrease) increase in cash and due from banks
(5,522)28,444 
Cash and due from banks at beginning of period233,612 210,009 
Cash and Due From Banks at End of Period$228,090 $238,453 
Supplemental Disclosures
Right of use assets obtained in exchange for lease obligations$— $1,846 
Cash paid for interest$125,434 $74,939 
Cash paid for income taxes, net of refunds$20,141 $27,727 
Transfers of loans to other real estate owned$114 $88 
See Notes to Consolidated Financial Statements

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

NOTE 1. BASIS OF PRESENTATION
Principles of Consolidation
The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting.
Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission, or SEC, on February 27, 2024 (2023 Form 10-K). In the opinion of management, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period.
Reclassification
Amounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no effect on our consolidated financial statements.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
Recently Adopted Accounting Standards
Investments Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method
In March 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-02, Investments Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, or PAM, to allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits. If certain conditions are met, a reporting entity may elect to account for its tax equity investments using the PAM regardless of the program from which it receives income tax credits, instead of only using it for low-income-housing tax credit, or LIHTC, structures. This amendment also eliminates the ability to account for LIHTC investments using the cost method. The amendments in this update were effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. We adopted this ASU, as of January 1, 2024, using a modified retrospective transition approach, which resulted in a $1.0 million cumulative effect adjustment being recorded to retained earnings related to the transition of the cost method to the PAM on LIHTC partnerships. We also elected to apply PAM to our qualifying historic tax credit, or HTC, equity investments. Results for reporting periods beginning after January 1, 2024 are presented using the PAM, while prior period amounts continue to be reported in accordance with previously applicable GAAP. Under the previously applicable accounting guidance, tax credit investments were accounted for using the cost method. The investment was amortized on a straight-line basis over a maximum of 10 years, which represents the period over which the tax credits will be utilized. The amortization expense was recognized in other noninterest expense and the tax credits offset income tax expense. Under the PAM, the equity investment is amortized in proportion to the income tax credits and other income tax benefits received. The amortization expense and the income tax credits are required to be presented on a net basis in income tax expense on the Condensed Consolidated Statements of Comprehensive Income. Refer to Note 7 Tax Credit Equity Investments for additional disclosures.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Recently Issued Accounting Standards Not Yet Adopted
Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This update does not change how a public entity identifies its operating segments; however, it does require that an entity that has a single reportable segment provide all the disclosures required by the amendments in this update. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. A public entity should apply the amendments in this update retrospectively to all prior periods presented in the consolidated financial statements. Early adoption is permitted. We currently have one reportable operating segment, Community Banking. This ASU will not impact our consolidated financial statements and will have minimal impact to our disclosures, requiring identification of the chief operating decision maker and the information used to make operating decisions and to allocate resources.
Income Taxes (Topic 740) Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to enhance the transparency and decision usefulness of the disclosures. The amendments in this update address investor requests for more transparency about income tax information through improvements to disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual consolidated financial statements that have not yet been issued. This ASU is not expected to have a significant impact on disclosures, and will not impact our consolidated financial statements.
NOTE 2. EARNINGS PER SHARE
Diluted EPS is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted EPS. The treasury stock method was used to determine EPS for the three months ended September 30, 2024 and the two-class method was used to determine EPS for the nine months ended September 30, 2024 and the three and nine months ended September 30, 2023.
The following table reconciles the numerators and denominators of basic and diluted EPS calculations for the periods presented:
Three months ended September 30,Nine months ended September 30,
(in thousands, except share and per share data)2024202320242023
Numerator for Earnings per Share—Basic and Diluted:
Net income$32,590 $33,468 $98,200 $107,734 
Less: Income allocated to participating shares— 32 13 138 
Net Income Allocated to Shareholders
$32,590 $33,436 $98,187 $107,596 
Denominator for Earnings per Share—Treasury Stock Method:
Weighted Average Shares Outstanding—Basic38,255,184 38,174,804 38,230,458 38,514,617 
Add: Potentially dilutive shares305,225 193,110 336,400 192,055 
Denominator for Treasury Stock Method—Diluted38,560,409 38,367,914 38,566,858 38,706,672 
Denominator for Earnings per Share—Two-Class Method:
Weighted Average Shares Outstanding—Basic38,255,184 38,174,804 38,230,458 38,514,617 
Add: Average participating shares outstanding305,225 161,212 333,263 154,347 
Denominator for Two-Class Method—Diluted38,560,409 38,336,016 38,563,721 38,668,964 
Earnings per share—basic$0.85 $0.88 $2.57 $2.79 
Earnings per share—diluted$0.85 $0.87 $2.55 $2.78 
Restricted stock considered anti-dilutive excluded from potentially dilutive shares70 721 247 231 
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3. FAIR VALUE MEASUREMENTS
We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities, securities held in a deferred compensation plan and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other financial instruments at fair value on a nonrecurring basis, such as loans held for sale, individually assessed loans, other real estate owned, or OREO, and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which are developed based on market data that we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances.
The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows.
Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets.
Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data.
Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.
There have been no changes in our valuation methodologies during the three and nine months ended September 30, 2024. Refer to Note 1 Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in our 2023 Form 10-K for more information on the valuation methodologies that we use for financial instruments recorded at fair value on a recurring or nonrecurring basis.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at the dates presented:
September 30, 2024
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities$118,109 $— $— $118,109 
Obligations of U.S. government corporations and agencies— 15,026 — 15,026 
Collateralized mortgage obligations of U.S. government corporations and agencies— 565,312 — 565,312 
Residential mortgage-backed securities of U.S. government corporations and agencies— 35,653 — 35,653 
Commercial mortgage-backed securities of U.S. government corporations and agencies— 248,044 — 248,044 
Obligations of states and political subdivisions— 24,713 — 24,713 
Total Available-for-Sale Debt Securities118,109 888,748 — 1,006,857 
Equity securities4,455 — — 4,455 
Total Securities Available for Sale122,564 888,748 — 1,011,312 
Securities held in a deferred compensation plan10,800 — — 10,800 
Derivative financial assets:
Interest rate swap contracts - commercial loans— 45,690 — 45,690 
Interest rate lock commitments - mortgage loans— — 64 64 
Total Assets$133,364 $934,438 $64 $1,067,866 
LIABILITIES
Derivative financial liabilities:
Interest rate swap contracts - commercial loans$— $46,156 $— $46,156 
Interest rate swap contracts - cash flow hedge— 7,115 — 7,115 
Total Liabilities$— $53,271 $— $53,271 

December 31, 2023
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities$133,786 $— $— $133,786 
Obligations of U.S. government corporations and agencies— 32,513 — 32,513 
Collateralized mortgage obligations of U.S. government corporations and agencies— 460,939 — 460,939 
Residential mortgage-backed securities of U.S. government corporations and agencies— 38,177 — 38,177 
Commercial mortgage-backed securities of U.S. government corporations and agencies— 273,425 — 273,425 
Obligations of states and political subdivisions— 30,468 — 30,468 
Total Available-for-Sale Debt Securities133,786 835,522 — 969,308 
Equity securities1,010 73 — 1,083 
Total Securities Available for Sale134,796 835,595 — 970,391 
Securities held in a deferred compensation plan9,399 — — 9,399 
Derivative financial assets:
Interest rate swap contracts - commercial loans— 63,018 — 63,018 
Total Assets$144,195 $898,613 $— $1,042,808 
LIABILITIES
Derivative financial liabilities:
Interest rate swap contracts - commercial loans$— $63,554 $— $63,554 
Interest rate swap contracts - cash flow hedge— 14,739 — 14,739 
Total Liabilities$— $78,293 $— $78,293 
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Assets Recorded at Fair Value on a Nonrecurring Basis
We may be required to measure certain assets and liabilities at fair value on a nonrecurring basis. Nonrecurring assets are recorded at the lower of cost or fair value in our consolidated financial statements. There were no liabilities measured at fair value on a nonrecurring basis at September 30, 2024 or December 31, 2023. There were five Level 3 individually assessed loans measured at fair value on a nonrecurring basis as of September 30, 2024 for $15.9 million and one Level 2 individually assessed loan measured at fair value on a nonrecurring basis as of December 31, 2023 for $5.9 million.
For Level 3 assets measured at fair value on a nonrecurring basis at September 30, 2024 the significant unobservable inputs used in the fair value measurements were as follows:
September 30, 2024Valuation TechniqueSignificant Unobservable InputsRangeWeighted Average
(dollars in thousands)
Loans individually evaluated$15,904Appraisals which utilize sales comparison and income approachDiscount for changes in market conditions10.00%-30.00%26.54%
Fair Value of Financial Instruments
The following tables present the carrying values and fair values of our financial instruments at the dates presented:
Carrying
Value(1)
Fair Value Measurements at September 30, 2024
(dollars in thousands)TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$228,090 $228,090 $228,090 $— $— 
Securities available for sale1,011,312 1,011,312 122,564 888,748 — 
Loans held for sale307 307 — 307 — 
Portfolio loans, net7,584,733 7,393,357 — — 7,393,357 
Collateral receivable1,466 1,466 1,466 — — 
Securities held in a deferred compensation plan10,800 10,800 10,800 — — 
Mortgage servicing rights5,804 7,959 — — 7,959 
Interest rate swap contracts - commercial loans45,690 45,690 — 45,690 — 
Interest rate lock commitments - mortgage loans64 64 — — 64 
LIABILITIES
Deposits$7,654,841 $7,652,235 $5,884,509 $1,767,726 $— 
Collateral payable35,211 35,211 35,211 — — 
Short-term borrowings225,000 225,129 — 225,129 — 
Long-term borrowings64,015 64,091 — 64,091 — 
Junior subordinated debt securities49,403 49,403 — 49,403 — 
Interest rate swap contracts - commercial loans46,156 46,156 — 46,156 — 
Interest rate swap contracts - cash flow hedge7,115 7,115 — 7,115 — 
(1) As reported in the Consolidated Balance Sheets
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Carrying
Value(1)
Fair Value Measurements at December 31, 2023
(dollars in thousands)TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$233,612 $233,612 $233,612 $— $— 
Securities available for sale970,391 970,391 134,796 835,595 — 
Loans held for sale153 153 — 153 — 
Portfolio loans, net7,545,375 7,263,270 — — 7,263,270 
Collateral receivable5,356 5,356 5,356 — — 
Securities held in a deferred compensation plan9,399 9,399 9,399 — — 
Mortgage servicing rights6,345 8,704 — — 8,704 
Interest rate swaps - commercial loans63,018 63,018 — 63,018 — 
LIABILITIES
Deposits$7,521,769 $7,511,598 $5,940,117 $1,571,481 $— 
Collateral payable50,920 50,920 50,920 — — 
Short-term borrowings415,000 415,000 — 415,000 — 
Long-term borrowings39,277 38,995 — 38,995 — 
Junior subordinated debt securities49,358 49,358 — 49,358 — 
Interest rate swaps - commercial loans63,554 63,554 — 63,554 — 
Interest rate swaps - cash flow hedge14,739 14,739 — 14,739 — 
(1) As reported in the Consolidated Balance Sheets
NOTE 4. SECURITIES
The following table presents the fair values of our securities portfolio at the dates presented:
(dollars in thousands)September 30, 2024December 31, 2023
Debt securities$1,006,857 $969,308 
Equity securities4,455 1,083 
Total Securities Available for Sale$1,011,312 $970,391 
The following table presents the amortized cost and fair value of available-for-sale debt securities as of the dates presented:
 September 30, 2024December 31, 2023
(dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
U.S. Treasury securities$122,960 $49 $(4,900)$118,109 $144,292 $— $(10,506)$133,786 
Obligations of U.S. government corporations and agencies15,282 — (256)15,026 33,342 — (829)32,513 
Collateralized mortgage obligations of U.S. government corporations and agencies598,762 3,907 (37,357)565,312 507,942 1,068 (48,071)460,939 
Residential mortgage-backed securities of U.S. government corporations and agencies41,069 6 (5,422)35,653 44,707 7 (6,537)38,177 
Commercial mortgage-backed securities of U.S. government corporations and agencies256,147 1,695 (9,798)248,044 290,775 458 (17,808)273,425 
Obligations of states and political subdivisions24,899 15 (201)24,713 30,255 213 — 30,468 
Total Available-for-Sale Debt Securities(1)
$1,059,119 $5,672 $(57,934)$1,006,857 $1,051,313 $1,746 $(83,751)$969,308 
(1) Excludes interest receivable of $3.6 million at September 30, 2024 and $3.8 million at December 31, 2023. Interest receivable is included in other assets in the Consolidated Balance Sheets.

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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:
September 30, 2024
Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses
U.S. Treasury securities2$20,311 $(60)8$77,622 $(4,840)10$97,933 $(4,900)
Obligations of U.S. government corporations and agencies—— — 215,026 (256)215,026 (256)
Collateralized mortgage obligations of U.S. government corporations and agencies329,281 (238)56339,367 (37,119)59368,648 (37,357)
Residential mortgage-backed securities of U.S. government corporations and agencies840 — 1335,429 (5,422)2135,469 (5,422)
Commercial mortgage-backed securities of U.S. government corporations and agencies219,448 (153)18162,908 (9,645)20182,356 (9,798)
Obligations of states and political subdivisions219,666 (201)—— — 219,666 (201)
Total17$88,746 $(652)97$630,352 $(57,282)114$719,098 $(57,934)
December 31, 2023
Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses
U.S. Treasury securities1$10,036 $(52)13$123,750 $(10,454)14$133,786 $(10,506)
Obligations of U.S. government corporations and agencies—— — 532,513 (829)532,513 (829)
Collateralized mortgage obligations of U.S. government corporations and agencies435,161 (318)57351,220 (47,753)61386,381 (48,071)
Residential mortgage-backed securities of U.S. government corporations and agencies10100 (1)1437,877 (6,536)2437,977 (6,537)
Commercial mortgage-backed securities of U.S. government corporations and agencies—— — 29249,005 (17,808)29249,005 (17,808)
Total15$45,297 $(371)118$794,365 $(83,380)133$839,662 $(83,751)
We evaluate securities with unrealized losses quarterly to determine if the decline in fair value has resulted from credit impairment or other factors. We do not believe any individual unrealized loss as of September 30, 2024 represents a credit impairment. There were 114 debt securities in an unrealized loss position at September 30, 2024 and 133 debt securities in an unrealized loss position at December 31, 2023. The unrealized losses on debt securities were attributable to changes in interest rates and not related to the credit quality of the issuers. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. At September 30, 2024, 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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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:
September 30, 2024December 31, 2023
(dollars in thousands)Gross Unrealized GainsGross Unrealized LossesNet Unrealized LossesGross Unrealized GainsGross Unrealized LossesNet Unrealized Losses
Total unrealized gains (losses) on available-for-sale debt securities$5,672 $(57,934)$(52,262)$1,746 $(83,751)$(82,005)
Income tax (expense) benefit(1,221)12,462 11,241 (372)17,824 17,452 
Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss)$4,451 $(45,472)$(41,021)$1,374 $(65,927)$(64,553)
The amortized cost and fair value of available-for-sale debt securities at September 30, 2024 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
September 30, 2024
(dollars in thousands)Amortized
Cost		Fair Value
Obligations of the U.S. Treasury, U.S. government corporations and agencies and obligations of states and political subdivisions
Due in one year or less$15,282 $15,026 
Due after one year through five years127,993 123,156 
Due after five years through ten years19,866 19,666 
Due after ten years— — 
Available-for-Sale Debt Securities With Fixed Maturities163,141 157,848 
Debt Securities without a single maturity date
Collateralized mortgage obligations of U.S. government corporations and agencies598,762 565,312 
Residential mortgage-backed securities of U.S. government corporations and agencies41,069 35,653 
Commercial mortgage-backed securities of U.S. government corporations and agencies256,147 248,044 
Total Available-for-Sale Debt Securities$1,059,119 $1,006,857 
Debt securities are pledged in order to meet various regulatory and legal requirements. Restricted pledged securities had a carrying value of $202.1 million at September 30, 2024 and $18.4 million at December 31, 2023. Unrestricted pledged securities had a carrying value of $261.8 million at September 30, 2024 and $214.0 million at December 31, 2023. Any changes to restricted pledged securities require approval of the pledge beneficiary. Approval is not required for unrestricted pledged securities.

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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 $4.6 million at September 30, 2024 and $6.6 million at December 31, 2023 and a discount related to purchase accounting fair value adjustments of $2.6 million at September 30, 2024 and $3.1 million at December 31, 2023.
The following table summarizes the composition of originated and acquired loans as of the dates presented:
(dollars in thousands)September 30, 2024December 31, 2023
Commercial real estate$2,660,816 $2,659,135 
Commercial and industrial1,363,477 1,436,183 
Commercial construction374,299 350,583 
Business banking1,291,080 1,360,765 
Consumer real estate1,894,147 1,731,778 
Other consumer105,235 114,897 
Total Portfolio Loans$7,689,054 $7,653,341 
Loans held for sale307 153 
Total Loans(1)
$7,689,361 $7,653,494 
(1) Excludes interest receivable of $33.6 million at September 30, 2024 and $35.3 million at December 31, 2023. Interest receivable is included in other assets in the Consolidated Balance Sheets.
Modifications to Borrowers Experiencing Financial Difficulty
The following tables present the amortized cost of loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the periods presented:
Three Months Ended September 30, 2024
(dollars in thousands)Term ExtensionPayment Delays (Other Than Insignificant)Total% of Portfolio Segment
Commercial real estate$12,482 $— $12,482 0.47 %
Consumer real estate223 — 223 0.01 %
Total(1)
$12,705 $— $12,705 0.17 %
(1) Excludes loans that were fully paid off or fully charged-off by period end.
Three Months Ended September 30, 2023
(dollars in thousands)Term ExtensionPayment Delays (Other Than Insignificant)Total% of Portfolio Segment
Commercial and industrial$6,347 $— $6,347 0.45 %
Total(1)
$6,347 $— $6,347 0.08 %
(1) Excludes loans that were fully paid off or fully charged-off by period end.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Nine Months Ended September 30, 2024
(dollars in thousands)Term ExtensionPayment Delays (Other Than Insignificant)Term Extension and Interest Rate ReductionTotal% of Portfolio Segment
Commercial real estate$12,482 $— $— $12,482 0.47 %
Commercial and industrial9,499 12,340 — 21,839 1.60 %
Consumer real estate330 — — 330 0.02 %
Total(1)
$22,311 $12,340 $— $34,651 0.45 %
(1) Excludes loans that were fully paid off or fully charged-off by period end.
Nine Months Ended September 30, 2023
(dollars in thousands)Term ExtensionPayment Delays (Other Than Insignificant)Term Extension and Interest Rate ReductionTotal% of Portfolio Segment
Commercial real estate$13,505 $— $— $13,505 0.52 %
Commercial and industrial6,892 — — 6,892 0.48 %
Commercial construction1,610 — — 1,610 0.43 %
Business banking658 — — 658 0.05 %
Consumer real estate62 — 191 253 0.02 %
Total(1)
$22,727 $— $191 $22,918 0.30 %
(1) Excludes loans that were fully paid off or fully charged-off by period end.
The following tables describe the effect of loan modifications made to borrowers experiencing financial difficulty during the periods presented:
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
Weighted-Average Term Extension (in Months)Weighted-Average Payment Deferral
(in Months)		Weighted-Average Term Extension (in Months)Weighted-Average Payment Deferral
(in Months)
Commercial real estate3—3—
Commercial and industrial——116
Consumer real estate99—89—
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
Weighted-Average Term Extension (in Months)Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (in Months)Weighted-Average Interest Rate Reduction
Commercial real estate0—7—
Commercial and industrial2—6—
Commercial construction0—5—
Business banking0—5—
Consumer real estate0—1682%
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
We closely monitor the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts.
The following tables present the aging analysis of modifications to borrowers experiencing financial difficulty in the last 12 months as of the dates presented:
September 30, 2024
(dollars in thousands)Current30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotal
Commercial real estate$12,482 $— $— $— $12,482 
Commercial and industrial14,364 7,475 — — 21,839 
Business banking107 — — — 107 
Consumer real estate223 — — 107 330 
Total$27,176 $7,475 $— $107 $34,758 
September 30, 2023
(dollars in thousands)Current30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotal
Commercial real estate$13,505 $— $— $— $13,505 
Commercial and industrial6,447 — — 445 6,892 
Commercial construction— 1,610 — — 1,610 
Business banking658 — — — 658 
Consumer real estate191 — 62 — 253 
Total$20,801 $1,610 $62 $445 $22,918 
A payment default is defined as a loan having a payment past due 90 days or more. There was one payment default for $0.1 million during the three and nine months ended September 30, 2024 compared to none in the same period in 2023 related to loans that were modified within the 12 months prior to default. Additionally, we had four commitments to lend an additional $0.6 million to borrowers experiencing financial difficulty that had a modification during the nine months ended September 30, 2024 and one commitment to lend an additional $0.2 million to borrowers experiencing financial difficulty that had a modification during the same period in 2023.
The effect of modifications made to borrowers experiencing financial difficulty is already included in the ACL because of the measurement methodologies used to estimate the ACL, therefore, a change to the ACL is generally not recorded upon modification. If principal forgiveness is provided, that portion of the loan will be charged-off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the ACL. An assessment of whether the borrower is experiencing financial difficulty is made on the date of a modification.
The following table is a summary of nonperforming assets as of the dates presented:
Nonperforming Assets
(dollars in thousands)September 30, 2024December 31, 2023
Nonperforming Assets
Nonaccrual Loans$31,889 $22,947 
OREO— 75 
Total Nonperforming Assets$31,889 $23,022 
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Allowance for Credit Losses
We maintain an Allowance for Credit Losses, or ACL, at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) CRE, 2) C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer.
The following are key risks within each portfolio segment:
CRE—Loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes such as hotels, retail, multifamily and health care. Operations of the individual projects and global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and the business prospects of the lessee, if the project is not owner-occupied.
C&I—Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt.
Commercial Construction—Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While these loans are generally confined to the construction/development period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer.
Business Banking—Commercial purpose loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. The business banking portfolio is monitored by utilizing a standard and closely managed process focusing on behavioral and performance criteria. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and business.
Consumer Real Estate—Loans secured by first and second liens such as 1-4 family residential mortgages, home equity loans and home equity lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt.
Other Consumer—Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans, unsecured loans and lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values.
Management monitors various credit quality indicators for the commercial, business banking and consumer loan portfolios, including changes in risk ratings, nonperforming status and delinquency on a monthly basis.
We monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention or substandard.
Our risk ratings are consistent with regulatory guidance and are as follows:
Pass—The loan is currently performing and is of high quality.
Special Mention—A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Substandard—A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.
Doubtful—Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables present loan balances by year of origination and internally assigned risk rating for our portfolio segments as of the dates presented:
September 30, 2024
Risk Rating
(dollars in thousands)202420232022202120202019 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Pass$122,012 $285,445 $368,565 $410,624 $215,872 $1,095,671 $33,497 $— $2,531,686 
Special mention— 2,000 390 1,853 — 60,814 255 — 65,312 
Substandard— — 989 — 2,277 58,624 — — 61,890 
Doubtful— — — — — 1,928 — — 1,928 
Total Commercial Real Estate122,012 287,445 369,944 412,477 218,149 1,217,037 33,752 — 2,660,816 
Year-to-date Gross Charge-offs— — — — — 5,205 — — 5,205 
Commercial and Industrial
Pass61,210 167,707 215,943 140,454 41,037 191,486 457,970 — 1,275,807 
Special mention— — 1,306 703 — 7,748 14,149 — 23,906 
Substandard411 1,227 203 21,510 1,275 7,413 31,431 — 63,470 
Doubtful— — — — — — 294 — 294 
Total Commercial and Industrial61,621 168,934 217,452 162,667 42,312 206,647 503,844 — 1,363,477 
Year-to-date Gross Charge-offs— 78 — 1,235 — 91 1,032 — 2,436 
Commercial Construction
Pass70,752 116,904 115,703 44,394 12,579 2,858 7,693 — 370,883 
Special mention— — — — — — — — — 
Substandard— — — — — 3,416 — — 3,416 
Doubtful— — — — — — — — — 
Total Commercial Construction70,752 116,904 115,703 44,394 12,579 6,274 7,693 — 374,299 
Year-to-date Gross Charge-offs— — — — — — — — — 
Business Banking
Pass103,606 241,984 224,558 176,031 78,046 354,093 88,368 472 1,267,158 
Special mention— — 296 66 148 4,410 25 274 5,219 
Substandard22 2,325 1,024 3,446 673 10,621 102 490 18,703 
Doubtful— — — — — — — — — 
Total Business Banking103,628 244,309 225,878 179,543 78,867 369,124 88,495 1,236 1,291,080 
Year-to-date Gross Charge-offs— — 31 — 56 286 — — 373 
Consumer Real Estate
Pass167,541 339,438 326,242 139,304 96,961 229,781 559,635 24,396 1,883,298 
Special mention— — — — — 1,852 — — 1,852 
Substandard— 473 44 193 154 4,560 1,091 2,482 8,997 
Doubtful— — — — — — — — — 
Total Consumer Real Estate167,541 339,911 326,286 139,497 97,115 236,193 560,726 26,878 1,894,147 
Year-to-date Gross Charge-offs— — — — 9 37 49 992 1,087 
Other Consumer
Pass7,080 7,724 8,305 3,998 2,214 587 69,407 5,719 105,034 
Special mention— — — — — — — — 
Substandard— — — 24 16 158 — 3 201 
Doubtful— — — — — — — — — 
Total Other Consumer7,080 7,724 8,305 4,022 2,230 745 69,407 5,722 105,235 
Year-to-date Gross Charge-offs676 18 105 75 19 16 — 213 1,122 
Pass532,201 1,159,202 1,259,316 914,805 446,709 1,874,476 1,216,570 30,587 7,433,866 
Special mention— 2,000 1,992 2,622 148 74,824 14,429 274 96,289 
Substandard433 4,025 2,260 25,173 4,395 84,792 32,624 2,975 156,677 
Doubtful— — — — — 1,928 294 — 2,222 
Total Loan Balance$532,634 $1,165,227 $1,263,568 $942,600 $451,252 $2,036,020 $1,263,917 $33,836 $7,689,054 
Year-to-date Gross Charge-offs$676 $96 $136 $1,310 $84 $5,635 $1,081 $1,205 $10,223 
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2023
Risk Rating
(dollars in thousands)202320222021202020192018 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Pass$276,677 $323,463 $433,308 $237,901 $383,799 $781,465 $32,418 $— $2,469,031 
Special mention— 1,006 6,000 — 24,887 75,428 — — 107,321 
Substandard— — — 2,355 10,685 69,743 — — 82,783 
Doubtful— — — — — — — — — 
Total Commercial Real Estate276,677 324,469 439,308 240,256 419,371 926,636 32,418 — 2,659,135 
Year-to-date Gross Charge-offs— — — — — 1,706 — — 1,706 
Commercial and Industrial
Pass171,672 231,114 185,884 53,101 47,063 183,165 482,490 — 1,354,489 
Special mention189 620 10,242 — — 8,848 4,126 — 24,025 
Substandard— 244 14,510 1,595 5,795 1,892 33,633 — 57,669 
Doubtful— — — — — — — — — 
Total Commercial and Industrial171,861 231,978 210,636 54,696 52,858 193,905 520,249 — 1,436,183 
Year-to-date Gross Charge-offs— — — — 3,412 15,842 — — 19,254 
Commercial Construction
Pass75,596 154,456 82,313 14,845 151 4,054 14,208 — 345,623 
Special mention— — — — — — — — — 
Substandard— — — — 4,576 384 — — 4,960 
Doubtful— — — — — — — — — 
Total Commercial Construction75,596 154,456 82,313 14,845 4,727 4,438 14,208 — 350,583 
Year-to-date Gross Charge-offs— — — — 451 — — — 451 
Business Banking
Pass270,129 262,535 204,874 87,346 96,371 321,360 96,618 523 1,339,756 
Special mention— 55 251 224 33 3,508 37 172 4,280 
Substandard— 16 2,486 448 3,170 9,898 99 612 16,729 
Doubtful— — — — — — — — — 
Total Business Banking270,129 262,606 207,611 88,018 99,574 334,766 96,754 1,307 1,360,765 
Year-to-date Gross Charge-offs— 67 43 1 88 1,073 34 — 1,306 
Consumer Real Estate
Pass311,887 334,879 147,652 101,999 67,402 183,283 551,368 22,206 1,720,676 
Special mention— — — — — 189 — — 189 
Substandard— 583 198 42 488 6,322 712 2,568 10,913 
Doubtful— — — — — — — — — 
Total Consumer Real Estate311,887 335,462 147,850 102,041 67,890 189,794 552,080 24,774 1,731,778 
Year-to-date Gross Charge-offs— 1 — 5 1 43 75 296 421 
Other Consumer
Pass11,286 11,965 6,483 3,842 1,062 526 76,426 3,109 114,699 
Special mention— — — — — — — — — 
Substandard— — 24 5 20 146 — 3 198 
Doubtful— — — — — — — — — 
Total Other Consumer11,286 11,965 6,507 3,847 1,082 672 76,426 3,112 114,897 
Year-to-date Gross Charge-offs830 146 175 19 37 5 — 288 1,500 
Pass1,117,247 1,318,412 1,060,514 499,034 595,848 1,473,853 1,253,528 25,838 7,344,274 
Special Mention189 1,681 16,493 224 24,920 87,973 4,163 172 135,815 
Substandard— 843 17,218 4,445 24,734 88,385 34,444 3,183 173,252 
Doubtful— — — — — — — — — 
Total Loan Balance$1,117,436 $1,320,936 $1,094,225 $503,703 $645,502 $1,650,211 $1,292,135 $29,193 $7,653,341 
Year-to-date Gross Charge-offs$830 $214 $218 $25 $3,989 $18,669 $109 $584 $24,638 
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
We monitor the delinquent status of the commercial and consumer portfolios on a monthly basis. Loans are considered nonaccrual when interest and principal are 90 days or more past due or management has determined that a material deterioration in the borrower’s financial condition exists. The risk of loss is generally highest for nonaccrual loans.
The following tables present loan balances by year of origination and accrual and nonaccrual status for our portfolio segments as of the dates presented:
September 30, 2024
(dollars in thousands)202420232022202120202019 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Accrual$122,012 $287,445 $368,955 $412,477 $218,149 $1,203,855 $33,752 $— $2,646,645 
Nonaccrual— — 989 — — 13,182 — — 14,171 
Total Commercial Real Estate122,012 287,445 369,944 412,477 218,149 1,217,037 33,752 — 2,660,816 
Commercial and Industrial
Accrual61,621 168,895 217,452 162,567 42,312 206,647 500,681 — 1,360,175 
Nonaccrual— 39 — 100 — — 3,163 — 3,302 
Total Commercial and Industrial61,621 168,934 217,452 162,667 42,312 206,647 503,844 — 1,363,477 
Commercial Construction
Accrual70,752 116,904 115,703 44,394 12,579 2,858 7,693 — 370,883 
Nonaccrual— — — — — 3,416 — — 3,416 
Total Commercial Construction70,752 116,904 115,703 44,394 12,579 6,274 7,693 — 374,299 
Business Banking
Accrual103,628 244,123 225,653 179,543 78,694 365,840 88,495 1,201 1,287,177 
Nonaccrual— 186 225 — 173 3,284 — 35 3,903 
Total Business Banking103,628 244,309 225,878 179,543 78,867 369,124 88,495 1,236 1,291,080 
Consumer Real Estate
Accrual167,541 339,438 326,286 139,497 96,453 233,120 559,717 25,262 1,887,314 
Nonaccrual— 473 — — 662 3,073 1,009 1,616 6,833 
Total Consumer Real Estate167,541 339,911 326,286 139,497 97,115 236,193 560,726 26,878 1,894,147 
Other Consumer
Accrual7,080 7,724 8,305 4,018 2,116 599 69,407 5,722 104,971 
Nonaccrual— — — 4 114 146 — — 264 
Total Other Consumer7,080 7,724 8,305 4,022 2,230 745 69,407 5,722 105,235 
Accrual532,634 1,164,529 1,262,354 942,496 450,303 2,012,919 1,259,745 32,185 7,657,165 
Nonaccrual— 698 1,214 104 949 23,101 4,172 1,651 31,889 
Total Loan Balance$532,634 $1,165,227 $1,263,568 $942,600 $451,252 $2,036,020 $1,263,917 $33,836 $7,689,054 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2023
(dollars in thousands)202320222021202020192018 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Accrual$276,677 $324,469 $439,308 $240,256 $419,371 $920,316 $32,418 $— $2,652,815 
Nonaccrual— — — — — 6,320 — — 6,320 
Total Commercial Real Estate276,677 324,469 439,308 240,256 419,371 926,636 32,418 — 2,659,135 
Commercial and Industrial
Accrual171,861 231,978 210,636 54,696 52,858 193,257 520,019 — 1,435,305 
Nonaccrual— — — — — 648 230 — 878 
Total Commercial and Industrial171,861 231,978 210,636 54,696 52,858 193,905 520,249 — 1,436,183 
Commercial Construction
Accrual75,596 154,456 82,313 14,845 151 4,054 14,208 — 345,623 
Nonaccrual— — — — 4,576 384 — — 4,960 
Total Commercial Construction75,596 154,456 82,313 14,845 4,727 4,438 14,208 — 350,583 
Business Banking
Accrual270,129 262,606 207,611 87,979 99,354 330,902 96,754 1,283 1,356,618 
Nonaccrual— — — 39 220 3,864 — 24 4,147 
Total Business Banking270,129 262,606 207,611 88,018 99,574 334,766 96,754 1,307 1,360,765 
Consumer Real Estate
Accrual311,887 335,086 147,689 101,518 67,577 186,909 551,858 22,942 1,725,466 
Nonaccrual— 376 161 523 313 2,885 222 1,832 6,312 
Total Consumer Real Estate311,887 335,462 147,850 102,041 67,890 189,794 552,080 24,774 1,731,778 
Other Consumer
Accrual11,286 11,965 6,499 3,656 1,082 541 76,426 3,112 114,567 
Nonaccrual— — 8 191 — 131 — — 330 
Total Other Consumer11,286 11,965 6,507 3,847 1,082 672 76,426 3,112 114,897 
Accrual1,117,436 1,320,560 1,094,056 502,950 640,393 1,635,979 1,291,683 27,337 7,630,394 
Nonaccrual— 376 169 753 5,109 14,232 452 1,856 22,947 
Total Loan Balance$1,117,436 $1,320,936 $1,094,225 $503,703 $645,502 $1,650,211 $1,292,135 $29,193 $7,653,341 
The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented:
September 30, 2024
(dollars in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		NonaccrualTotal Past
Due Loans		Total Loans
Commercial real estate$2,646,645 $— $— $14,171 $14,171 $2,660,816 
Commercial and industrial1,352,497 7,678 — 3,302 10,980 1,363,477 
Commercial construction370,883 — — 3,416 3,416 374,299 
Business banking1,284,828 430 1,919 3,903 6,252 1,291,080 
Consumer real estate1,881,657 2,106 3,551 6,833 12,490 1,894,147 
Other consumer104,716 160 95 264 519 105,235 
Total$7,641,226 $10,374 $5,565 $31,889 $47,828 $7,689,054 

December 31, 2023
(dollars in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		NonaccrualTotal Past
Due Loans		Total Loans
Commercial real estate$2,649,412 $— $3,403 $6,320 $9,723 $2,659,135 
Commercial and industrial1,435,301 4 — 878 882 1,436,183 
Commercial construction345,623 — — 4,960 4,960 350,583 
Business banking1,351,048 3,525 2,045 4,147 9,717 1,360,765 
Consumer real estate1,719,751 3,352 2,363 6,312 12,027 1,731,778 
Other consumer114,138 366 63 330 759 114,897 
Total$7,615,273 $7,247 $7,874 $22,947 $38,068 $7,653,341 
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables present loans on nonaccrual status by class of loan for the year-to-date periods presented:
September 30, 2024
(dollars in thousands)Beginning of Period NonaccrualEnd of Period NonaccrualNonaccrual With No Related Allowance
Interest Income
Recognized
on Nonaccrual(1)
Commercial real estate$6,320 $14,171 $989 $91 
Commercial and industrial878 3,302 386 38 
Commercial construction4,960 3,416 3,031 — 
Business banking4,147 3,903 — 83 
Consumer real estate6,312 6,833 — 289 
Other consumer330 264 — 2 
Total$22,947 $31,889 $4,406 $503 
(1) Represents only cash payments received and applied to interest on nonaccrual loans.

December 31, 2023
(dollars in thousands)Beginning of Period NonaccrualEnd of Period NonaccrualNonaccrual With No Related Allowance
Interest Income
Recognized
on Nonaccrual(1)
Commercial real estate$7,100 $6,320 $5,940 $46 
Commercial and industrial283 878 — 38 
Commercial construction384 4,960 4,576 — 
Business banking4,490 4,147 — 209 
Consumer real estate6,526 6,312 — 308 
Other consumer269 330 — 2 
Total$19,052 $22,947 $10,516 $603 
(1) Represents only cash payments received and applied to interest on nonaccrual loans.
The following tables present collateral-dependent loans as of the dates presented:
September 30, 2024
Type of Collateral
(dollars in thousands)Real EstateBusiness
Assets
Commercial real estate$13,822$—
Commercial and industrial—3,072
Commercial construction3,031—
Total$16,853$3,072
December 31, 2023
Type of Collateral
(dollars in thousands)Real EstateBusiness
Assets
Commercial real estate$5,940$—
Commercial construction4,576—
Total$10,516$—
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables present activity in the ACL for the periods presented:
Three Months Ended September 30, 2024
(dollars in thousands)Commercial
Real Estate		Commercial and
Industrial		Commercial
Construction		Business BankingConsumer
Real Estate		Other
Consumer		Total Loans
Allowance for credit losses on loans:
Balance at beginning of period$37,077 $34,735 $5,347 $10,883 $15,376 $2,732 $106,150 
Provision for credit losses on loans(1)
(1,441)2,184 (945)252 46 212 308 
Charge-offs— (1,308)— (179)(616)(337)(2,440)
Recoveries1 113 — 73 40 76 303 
Net (Charge-offs)/ Recoveries1 (1,195)— (106)(576)(261)(2,137)
Balance at End of Period$35,637 $35,724 $4,402 $11,029 $14,846 $2,683 $104,321 
(1) Excludes the provision for credits losses for unfunded commitments.
Three Months Ended September 30, 2023
(dollars in thousands)Commercial
Real Estate		Commercial and
Industrial		Commercial
Construction		Business BankingConsumer
Real Estate		Other
Consumer		Total Loans
Allowance for credit losses on loans:
Balance at beginning of period$40,837 $28,328 $6,739 $13,616 $13,418 $2,819 $105,757 
Provision for credit losses on loans(1)
(1,081)6,068 93 (15)896 198 6,159 
Charge-offs— (3,033)— (590)(107)(347)(4,077)
Recoveries1 161 — 90 42 73 367 
Net Recoveries/(Charge-offs)1 (2,872)— (500)(65)(274)(3,710)
Balance at End of Period$39,757 $31,524 $6,832 $13,101 $14,249 $2,743 $108,206 
(1) Excludes the provision for credit losses for unfunded commitments.
Nine Months Ended September 30, 2024
(dollars in thousands)Commercial
Real Estate		Commercial and
Industrial		Commercial
Construction		Business BankingConsumer
Real Estate		Other
Consumer		Total Loans
Allowance for credit losses on loans:
Balance at beginning of period$37,886 $34,538 $5,382 $12,858 $14,663 $2,639 $107,966 
Provision for credit losses on loans(1)
2,498 2,715 (980)(1,610)1,136 934 4,693 
Charge-offs(5,205)(2,436)— (373)(1,087)(1,122)(10,223)
Recoveries458 907 — 154 134 232 1,885 
Net (Charge-offs)/ Recoveries(4,747)(1,529)— (219)(953)(890)(8,338)
Balance at End of Period$35,637 $35,724 $4,402 $11,029 $14,846 $2,683 $104,321 
(1) Excludes the provision for credits losses for unfunded commitments.
Nine Months Ended September 30, 2023
(dollars in thousands)Commercial
Real Estate		Commercial and
Industrial		Commercial
Construction		Business BankingConsumer
Real Estate		Other
Consumer		Total Loans
Allowance for credit losses on loans:
Balance at beginning of period$41,428 $25,710 $6,264 $12,547 $12,105 $3,286 $101,340 
Impact of ASU 2022-02— 75 215 251 278 (251)568 
Provision for credit losses on loans(1)
(2,636)14,424 351 1,325 1,934 462 15,860 
Charge-offs— (18,253)— (1,252)(224)(1,029)(20,758)
Recoveries965 9,568 2 230 156 275 11,196 
Net Recoveries/(Charge-offs)965 (8,685)2 (1,022)(68)(754)(9,562)
Balance at End of Period$39,757 $31,524 $6,832 $13,101 $14,249 $2,743 $108,206 
(1) Excludes the provision for credits losses for unfunded commitments.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivatives Designated as Hedging Instruments
The following table indicates the amounts representing the value of derivative assets and derivative liabilities as of the dates presented:
Derivative Assets
(Included in Other Assets)		Derivative Liabilities
(Included in Other Liabilities)
September 30, 2024December 31, 2023September 30, 2024December 31, 2023
(dollars in thousands)Notional
 Amount		Fair
Value		Notional
 Amount		Fair
Value		Notional
 Amount		Fair
 Value		Notional
 Amount		Fair
 Value
Derivatives Designated as Hedging Instruments
Interest rate swap contracts - cash flow hedge$— $— $— $— $500,000 $7,115 $500,000 $14,739 
Total Derivatives Designated as Hedging Instruments$— $— $— $— $500,000 $7,115 $500,000 $14,739 
Derivatives Not Designated as Hedging Instruments
Interest rate swap contracts - commercial loans864,443 45,690 892,712 63,018 864,443 46,156 892,712 63,554 
Interest rate lock commitments - mortgage loans2,233 64 — — — — — — 
Total Derivatives Not Designated as Hedging Instruments$866,676 $45,754 $892,712 $63,018 $864,443 $46,156 $892,712 $63,554 
Total Derivatives$866,676 $45,754 $892,712 $63,018 $1,364,443 $53,271 $1,392,712 $78,293 
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)September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Gross amounts recognized$45,690 $63,018 $53,271 $78,293 
Gross amounts offset— — — — 
Net amounts presented in the Consolidated Balance Sheets45,690 63,018 53,271 78,293 
Netting adjustments(1)
(6,290)(10,424)(6,290)(10,424)
Cash collateral(2)
(35,211)(50,920)(1,466)(5,356)
Net Amount$4,189 $1,674 $45,515 $62,513 
(1) Netting adjustments represent the amounts recorded to convert derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance.
(2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables present the effect, net of tax, of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income for the periods presented:
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss)Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Interest Income
(dollars in thousands)Three months ended September 30, 2024Three months ended September 30, 2023Three months ended September 30, 2024Three months ended September 30, 2023
Derivatives in Cash Flow Hedging Relationships:
Interest rate swap contracts - cash flow hedge$7,877 $(1,647)$(2,785)$(2,749)
Total$7,877 $(1,647)$(2,785)$(2,749)
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss)Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Interest Income
(dollars in thousands)Nine months ended September 30, 2024Nine months ended September 30, 2023Nine months ended September 30, 2024Nine months ended September 30, 2023
Derivatives in Cash Flow Hedging Relationships:
Interest rate swap contracts - cash flow hedge$6,018 $(3,399)$(8,386)$(6,958)
Total$6,018 $(3,399)$(8,386)$(6,958)
Amounts reported in OCI related to derivatives that are designated as hedging instruments are reclassified to interest income as interest payments are received on variable rate assets. During the next twelve months, we estimate that an additional $5.8 million will be reclassified as a decrease to interest income. Our current interest rate swap agreements have 3-5 year terms with maturity dates extending into 2027.
The following table indicates the gain (loss) recognized in income on derivatives not designated as hedging instruments for the periods presented:
Three months ended September 30,Nine months ended September 30,
(dollars in thousands)2024202320242023
Derivatives not Designated as Hedging Instruments
Interest rate swap contracts—commercial loans$8 $(851)$90 $(851)
Interest rate lock commitments—mortgage loans64 — 64 (5)
Forward sale contracts—mortgage loans— — — (2)
Total Derivatives Gain (Loss)$72 $(851)$154 $(858)
NOTE 7. TAX CREDIT EQUITY INVESTMENTS
As part of our responsibilities under the Community Reinvestment Act and due to their favorable federal income tax benefits, we invest in LIHTC and HTC partnerships. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. Effective January 1, 2024, we adopted ASU 2023-02 and elected to apply the PAM to both LIHTC and HTC equity investments. The adoption of this ASU resulted in a $1.0 million cumulative effect adjustment, which decreased retained earnings and other assets. Tax credit equity investment balances of $41.9 million were included in other assets in the Consolidated Balance Sheets at September 30, 2024. Unfunded commitments of $6.7 million were included in other liabilities in the Consolidated Balance Sheets at September 30, 2024.
For the three and nine months ended September 30, 2024, amortization expense of $1.4 million and $2.9 million as well as tax credits and other tax benefits of $1.7 million and $3.5 million were recognized in income tax expense in the Condensed Consolidated Statements of Comprehensive Income. No impairment losses were recognized for the three and nine months ended September 30, 2024.
Prior to the adoption of ASU 2023-02, the cost method was used to account for our investments in tax credit equity investments. For the three and nine months ended September 30, 2023 amortization expense of $0.5 million and $1.6 million were included in other expense and tax credits of $0.5 million and $1.6 million were recognized as a reduction to income tax expense on our Consolidated Statements of Comprehensive Income. Other tax benefits of $3.8 million were included in deferred tax assets on our Consolidated Balance Sheets at September 30, 2023.

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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 8. COMMITMENTS AND CONTINGENCIES
Commitments
In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.
The following table sets forth our commitments and letters of credit as of the dates presented:
(dollars in thousands)September 30, 2024December 31, 2023
Commitments to extend credit$2,380,155 $2,566,154 
Standby letters of credit66,956 61,889 
Total$2,447,111 $2,628,043 
Allowance for Credit Losses on Unfunded Loan Commitments
We maintain an ACL on unfunded commercial and consumer lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the ACL for loans, modified to take into account the probability of a draw-down on the commitment. The provision for credit losses on unfunded loan commitments is included in the provision for credit losses on our Condensed Consolidated Statements of Comprehensive Income. The allowance for unfunded commitments is included in other liabilities on our Consolidated Balance Sheets.
The following table presents activity in the ACL on unfunded loan commitments for the periods presented:
Three months ended September 30,Nine months ended September 30,
(dollars in thousands)2024202320242023
Balance at beginning of period$5,511 $9,946 $6,848 $8,196 
Provision for credit losses(762)(661)(2,099)1,089 
Total$4,749 $9,285 $4,749 $9,285 
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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 9. OTHER COMPREHENSIVE INCOME (LOSS)
The following tables present the change in components of other comprehensive income (loss) for the periods presented, net of tax effects.
Three Months Ended September 30, 2024Three Months Ended September 30, 2023
(dollars in thousands)Pre-Tax
Amount		Tax
Expense		Net of Tax
Amount		Pre-Tax
Amount		Tax
Benefit
(Expense)		Net of Tax
Amount
Change in net unrealized gains (losses) on available-for-sale debt securities$30,170 $(6,511)$23,659 $(12,977)$2,696 $(10,281)
Net available-for-sale securities losses reclassified into earnings
2,199 (474)1,725 — — — 
Change in interest rate swap10,042 (2,165)7,877 (2,073)426 (1,647)
Adjustment to funded status of employee benefit plans218 (53)165 440 (105)335 
Other Comprehensive Income (Loss)$42,629 $(9,203)$33,426 $(14,610)$3,017 $(11,593)
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
(dollars in thousands)Pre-Tax
Amount		Tax
Expense		Net of Tax
Amount		Pre-Tax
Amount		Tax
Benefit
(Expense)		Net of Tax
Amount
Change in net unrealized gains (losses) on available-for-sale debt securities$24,397 $(5,094)$19,303 $(13,107)$2,708 $(10,399)
Net available-for-sale securities losses reclassified into earnings
5,346 (1,116)4,230 — — — 
Change in interest rate swap7,625 (1,607)6,018 (4,300)902 (3,399)
Adjustment to funded status of employee benefit plans1,019 (177)842 365 (79)287 
Other Comprehensive Income (Loss)$38,387 $(7,994)$30,393 $(17,042)$3,531 $(13,511)
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Management’s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, represents an overview of our consolidated results of operations and financial condition and highlights material changes in our financial condition and results of operations for the three and nine months ended September 30, 2024 and 2023. Our MD&A should be read in conjunction with our Consolidated Financial Statements and Notes. The results of operations reported in the accompanying Consolidated Financial Statements are not necessarily indicative of results to be expected in future periods.
Important Note Regarding Forward-Looking Statements
This quarterly Report on Form 10-Q contains or incorporates statements that we believe are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial position and other matters regarding or affecting S&T and its future business and operations. Forward-looking statements are typically identified by words or phrases such as “will likely result,” “expect,” “anticipate,” “estimate,” “forecast,” “project,” “intend,” “believe,” “assume,” “strategy,” “trend,” “plan,” “outlook,” “outcome,” “continue,” “remain,” “potential,” “opportunity,” “comfortable,” “current,” “position,” “maintain,” “sustain,” “seek,” “achieve” and variations of such words and similar expressions, or future or conditional verbs such as will, would, should, could or may. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to: credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL; cyber-security concerns; rapid technological developments and changes; operational risks or risk management failures by us or critical third parties, including fraud risk; our ability to manage our reputational risks; sensitivity to the interest rate environment, a rapid increase in interest rates or a change in the shape of the yield curve; a change in spreads on interest-earning assets and interest-bearing liabilities; any remaining uncertainties with the transition from LIBOR as a reference rate; regulatory supervision and oversight, including changes in regulatory capital requirements and our ability to address those requirements; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; changes in accounting policies, practices or guidance; legislation affecting the financial services industry as a whole, and S&T, in particular; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; the outcome of pending and future litigation and governmental proceedings; increasing price and product/service competition; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; managing our internal growth and acquisitions; the possibility that the anticipated benefits from acquisitions cannot be fully realized in a timely manner or at all, or that integrating the acquired operations will be more difficult, disruptive or costly than anticipated; containing costs and expenses; reliance on significant customer relationships; an interruption or cessation of an important service by a third-party provider; our ability to attract and retain talented executives and other employees; general economic or business conditions, including the strength of regional economic conditions in our market area; ESG practices and disclosures, including climate change, hiring practices, the diversity of the work force and racial and social justice issues; deterioration of the housing market and reduced demand for mortgages; deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge to net income; the stability of our core deposit base and access to contingency funding; re-emergence of turbulence in significant portions of the global financial and real estate markets that could impact our performance, both directly, by affecting our revenues and the value of our assets and liabilities, and indirectly, by affecting the economy generally and access to capital in the amounts, at the times and on the terms required to support our future businesses and geopolitical tensions and conflicts between nations.
Many of these factors, as well as other factors, are described elsewhere in this report, and in our 2023 Form 10-K, including Part I, Item 1A, Risk Factors and any of our subsequent filings with the SEC. Forward-looking statements are based on beliefs and assumptions using information available at the time the statements are made. We caution you not to unduly rely on forward-looking statements because the assumptions, beliefs, expectations and projections about future events may, and often do, differ materially from actual results. Any forward-looking statement speaks only as to the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made. 
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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 September 30, 2024 remained unchanged from the disclosures presented in our 2023 Form 10-K under Part II, Item 7 - “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Explanation of Use of Non-GAAP Financial Measures
In addition to traditional financial measures presented in accordance with GAAP, our management uses, and this report contains or references, certain non-GAAP financial measures discussed below. We believe these non-GAAP financial measures provide information useful to investors in understanding our underlying business, operational performance and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Although we believe that these non-GAAP financial measures enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered alternatives to GAAP or considered to be more important than financial results determined in accordance with GAAP, nor are they necessarily comparable with non-GAAP measures which may be presented by other companies.
The interest income on interest-earning assets, net interest income and net interest margin are presented on an FTE basis (non-GAAP). The FTE basis (non-GAAP) adjusts for the tax benefit of income on certain tax-exempt loans and securities and the dividend-received deduction for equity securities using the federal statutory tax rate of 21 percent for each period. We believe this to be the preferred industry measurement of net interest income that provides a relevant comparison between taxable and non-taxable sources of interest income.
The following table reconciles interest and dividend income and net interest income per the Condensed Consolidated Statements of Comprehensive Income to interest income, net interest income and net interest margin on an FTE basis (non-GAAP) for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2024202320242023
Total Interest and Dividend Income
$131,474 $122,959 $387,993 $351,195 
Plus: taxable equivalent adjustment671 674 2,045 1,868 
Interest and Dividend Income on an FTE Basis (Non-GAAP)
$132,145 $123,633 $390,038 $353,063 
Total Interest and Dividend Income
$131,474 $122,959 $387,993 $351,195 
Less: Interest expense(46,997)(35,572)(136,445)86,894 
Net Interest Income
84,477 87,387 251,548 264,301 
Plus: taxable equivalent adjustment671 674 2,045 1,868 
Net Interest Income on an FTE Basis (Non-GAAP)$85,148 $88,061 $253,593 $266,169 
Net interest margin3.79 %4.06 %3.81 %4.18 %
Plus: taxable equivalent adjustment0.03 %0.03 %0.03 %0.03 %
Net Interest Margin on an FTE Basis (Non-GAAP)3.82 %4.09 %3.84 %4.21 %
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Return on average tangible shareholders' equity (non-GAAP) is a key profitability metric used by management to measure financial performance. The following table provides a reconciliation of return on average tangible shareholders' equity (non-GAAP) by reconciling net income (GAAP) per the Condensed Consolidated Statements of Comprehensive Income to net income before amortization of intangibles and average shareholder's equity to average tangible shareholders' equity for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2024202320242023
Net income (annualized)$129,652 $132,779 $131,172 $144,040 
Plus: amortization of intangibles (annualized), net of tax893 1,034 919 1,055 
Net income before amortization of intangibles (annualized)$130,545 $133,813 $132,091 $145,095 
Average shareholders' equity$1,354,047 $1,224,905 $1,316,083 $1,220,694 
Less: average goodwill and other intangible assets, net of deferred tax liability(376,048)(377,020)(376,283)(377,290)
Average tangible shareholders' equity
$977,999 $847,885 $939,800 $843,404 
Return on Average Tangible Shareholders' Equity (non-GAAP)13.35 %15.78 %14.06 %17.20 %
Executive Overview
We are a bank holding company that is headquartered in Indiana, Pennsylvania with assets of $9.6 billion at September 30, 2024. We operate in Pennsylvania and Ohio providing a full range of financial services with retail and commercial banking products, cash management services, trust and brokerage services. Our common stock trades on the NASDAQ Global Select Market under the symbol “STBA”.
We earn revenue primarily from interest on loans and securities and fees charged for financial services provided to our customers. We incur expenses for the cost of deposits and other funding sources, provision for credit losses and other operating costs such as salaries and employee benefits, data processing, occupancy and tax expense.
Our purpose is building a better future together through people-forward banking. We believe that all banking should be personal. We cultivate relationships rooted in trust, strengthened by going above and beyond and renewed with every interaction. Our strategic priorities for 2024 and beyond will be focused on our deposit franchise, core profitability, asset quality and talent and engagement.
Earnings Summary
The following table presents a summary of key profitability metrics for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2024202320242023
Net income$32,590 $33,468 $98,200 $107,734 
Earnings per share - diluted$0.85 $0.87 $2.55 $2.78 
Return on average assets1.35 %1.42 %1.37 %1.56 %
Return on average shareholders' equity9.58 %10.84 %9.97 %11.80 %
Return on average tangible shareholders' equity (non-GAAP)(1)
13.35 %15.78 %14.06 %17.20 %
(1) Reconciled to GAAP in the "Explanation of Use of Non-GAAP Financial Measures" section of this MD&A.
We recognized net income of $32.6 million, or $0.85 per diluted share, for the three months ended September 30, 2024 compared to net income of $33.5 million, or $0.87 per diluted share, for the same period in 2023 and net income of $98.2 million, or $2.55 per diluted share, for the nine months ended September 30, 2024 compared to net income of $107.7 million, or $2.78 per diluted share, for the same period in 2023.
Net interest income decreased $2.9 million, or 3.3 percent, and $12.8 million, or 4.8 percent, for the three and nine months ended September 30, 2024 compared to the same periods in 2023. Net interest margin, or NIM, on an FTE basis (non-GAAP) decreased 27 and 37 basis points for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The decreases in both net interest income and NIM on an FTE basis (non-GAAP) were primarily due to the impact of higher interest rates on total interest-bearing liabilities compared to the same period in 2023. While higher interest rates positively impacted interest income and rates on interest-earning assets, this impact was more than offset by higher interest expense and rates on interest-bearing liabilities. Our cost of interest-bearing liabilities benefited from strong customer deposit growth in 2024, which has helped to improve our overall funding mix by reducing wholesale funding sources of brokered
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deposits and borrowings. NIM is reconciled to net interest margin adjusted to an FTE basis (non-GAAP) in the "Explanation of Use of Non-GAAP Financial Measures" section of this MD&A.
The provision for credit losses decreased $6.0 million and $14.3 million to a negative $0.5 million and $2.6 million for the three and nine months ended September 30, 2024 compared to amounts of $5.5 million and $16.9 million for the same periods in 2023. The decrease in the provision for credit losses for the three and nine months ended September 30, 2024 compared to the same periods in 2023 was primarily due to a lower level of ACL and a decrease in loan charge-offs. The lower level of ACL was primarily related to a decrease in qualitative reserve as asset quality continues to improve.
Noninterest income had a slight decrease of $0.3 million, or 2.47 percent, and $1.5 million or 3.91 percent, for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The decrease in noninterest income is attributed to a loss on the sale of securities of $2.2 million and $5.3 million, which was recognized during the three and nine months ended September 30, 2024 related to the repositioning of securities into longer duration higher-yielding securities. This decrease was partially offset by changes to other noninterest income. Other noninterest income increased $1.7 million for the three months ended September 30, 2024 compared to the same period in 2023 primarily due to an increase of $0.9 million in the valuation of our commercial loans swaps and a $0.3 million fair value adjustment of assets in a nonqualified benefit plan in the third quarter of 2023. Other noninterest income increased by $3.9 million for the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to a fair value adjustment of $3.4 million from the Visa exchange offer for Visa Class B-1 common stock.
Noninterest expense increased $2.6 million, or 4.86 percent, and $9.4 million, or 6.07 percent, for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The most significant change in noninterest expense related to salaries and employee benefits which increased $3.8 million and $10.7 million for the three and nine months ended September 30, 2024 due to annual merit increases, inflationary wage pressure, the acquisition of new talent, higher incentives and medical costs. This increase was partially offset by decreases in other noninterest income of $1.1 million and $2.2 million for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily related to the adoption of PAM. As a result of this adoption, amortization expense of $1.4 million and $2.9 million related to tax credit equity investments is included in income tax expense for 2024, while $0.5 million and $1.6 million are included in noninterest expense for 2023.
Our effective tax rate was 21.4 percent and 20.5 percent for the three and nine months ended September 30, 2024 compared to 18.9 percent for the three and nine months ended September 30, 2023. The increase in the effective tax rate for the three and nine months ended September 30, 2024 was primarily due to the adoption of the PAM related to tax credit equity investments on January 1, 2024.
RESULTS OF OPERATIONS
Three and Nine Months Ended September 30, 2024 Compared to
 Three and Nine Months Ended September 30, 2023
Net Interest Income
Our principal source of revenue is net interest income. Net interest income represents the difference between the interest and fees earned on interest-earning assets and the interest paid on interest-bearing liabilities. Net interest income is affected by changes in the average balance of interest-earning assets and interest-bearing liabilities and changes in interest rates and spreads. The level and mix of interest-earning assets and interest-bearing liabilities is managed by our Asset and Liability Committee, or ALCO, in order to mitigate interest rate and liquidity risks of the balance sheet. A variety of ALCO strategies were implemented, within prescribed ALCO risk parameters, to produce what we believe is an acceptable level of net interest income.
Average Balance Sheet and Net Interest Income Analysis (FTE) (non-GAAP)
The following tables provide information regarding the average balances, interest and rates earned on interest-earning assets and the average balances, interest and rates paid on interest-bearing liabilities for the periods presented:
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Three Months Ended September 30, 2024Three Months Ended September 30, 2023
(dollars in thousands)Average BalanceInterestRateAverage BalanceInterestRate
ASSETS
Interest-bearing deposits with banks$200,301 $2,739 5.44 %$144,303 $1,778 4.93 %
Securities, at fair value(1)(2)
990,375 7,717 3.12 %964,928 6,372 2.64 %
Loans held for sale20 — 6.77 %207 4 6.70 %
Commercial real estate3,298,619 49,444 5.96 %3,243,056 47,685 5.83 %
Commercial and industrial1,566,145 29,075 7.39 %1,646,572 29,952 7.22 %
Commercial construction406,321 7,987 7.82 %373,111 7,334 7.80 %
Total Commercial Loans5,271,085 86,506 6.53 %5,262,739 84,971 6.41 %
Residential mortgage1,589,791 20,353 5.11 %1,332,913 15,576 4.66 %
Home equity642,384 11,324 7.01 %645,949 11,063 6.80 %
Installment and other consumer103,390 2,248 8.65 %115,111 2,473 8.52 %
Consumer construction62,998 1,017 6.42 %52,783 651 4.89 %
Total Consumer Loans2,398,563 34,942 5.81 %2,146,756 29,763 5.52 %
Total Portfolio Loans7,669,648 121,448 6.30 %7,409,495 114,734 6.15 %
Total Loans(1)(3)
7,669,668 121,448 6.30 %7,409,702 114,738 6.15 %
Total other earning assets15,413 241 6.21 %42,645 745 6.97 %
Total Interest-earning Assets8,875,757 $132,145 5.93 %8,561,578 $123,633 5.74 %
Noninterest-earning assets744,609 763,243 
Total Assets$9,620,366 $9,324,821 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing demand$785,854 $2,192 1.11 %$868,782 $1,998 0.91 %
Money market2,051,754 17,520 3.40 %1,595,964 9,414 2.34 %
Savings891,952 1,677 0.75 %996,999 1,178 0.47 %
Certificates of deposit1,825,530 21,104 4.60 %1,382,532 12,320 3.54 %
Total Interest-bearing Deposits5,555,090 42,493 3.04 %4,844,277 24,910 2.04 %
Short-term borrowings202,500 2,489 4.88 %585,196 8,335 5.65 %
Long-term borrowings40,383 454 4.47 %39,458 445 4.47 %
Junior subordinated debt securities49,394 1,007 8.11 %50,649 1,041 8.16 %
Total Borrowings292,277 3,950 5.37 %675,303 9,821 5.77 %
Other interest-bearing liabilities41,038 554 5.36 %62,584 841 5.33 %
Total Interest-bearing Liabilities5,888,405 46,997 3.17 %5,582,164 35,572 2.53 %
Noninterest-bearing liabilities2,377,914 2,517,752 
Shareholders' equity1,354,047 1,224,905 
Total Liabilities and Shareholders' Equity$9,620,366 $9,324,821 
Net Interest Income (FTE) (non-GAAP)(1)(2)
$85,148 $88,061 
Net Interest Margin (FTE) (non-GAAP)(1)(2)
3.82 %4.09 %
(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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Nine months ended September 30, 2024Nine months ended September 30, 2023
(dollars in thousands)Average BalanceInterestRateAverage BalanceInterestRate
ASSETS
Interest-bearing deposits with banks$162,957 $6,758 5.54 %$139,248 $5,124 4.91 %
Securities, at fair value(1)(2)
972,941 21,563 2.96 %982,831 18,882 2.56 %
Loans held for sale74 4 7.14 %142 7 6.63 %
Commercial real estate3,336,689 148,676 5.95 %3,184,270 134,299 5.64 %
Commercial and industrial1,599,528 88,305 7.37 %1,680,640 88,426 7.03 %
Commercial construction382,177 22,272 7.78 %382,020 21,575 7.55 %
Total Commercial Loans5,318,394 259,253 6.51 %5,246,930 244,300 6.23 %
Residential mortgage1,532,410 57,628 5.02 %1,236,310 42,066 4.54 %
Home equity645,055 33,830 7.01 %647,785 31,768 6.56 %
Installment and other consumer106,523 6,891 8.64 %118,846 7,285 8.20 %
Consumer construction68,504 3,068 5.98 %47,203 1,634 4.63 %
Total Consumer Loans2,352,492 101,417 5.75 %2,050,144 82,753 5.39 %
Total Portfolio Loans7,670,886 360,670 6.28 %7,297,074 327,053 5.99 %
Total Loans(1)(3)
7,670,960 360,674 6.28 %7,297,216 327,060 5.99 %
Total other earning assets20,260 1,043 6.87 %38,152 1,998 6.98 %
Total Interest-earning Assets8,827,118 $390,038 5.90 %8,457,447 $353,064 5.58 %
Noninterest-earning assets746,295 752,326 
Total Assets$9,573,413 $9,209,773 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing demand$812,443 $6,817 1.12 %$847,222 $3,888 0.61 %
Money market1,970,539 48,242 3.27 %1,621,726 25,636 2.11 %
Savings915,643 4,744 0.69 %1,041,346 2,970 0.38 %
Certificates of deposit1,746,498 58,981 4.51 %1,224,704 27,421 2.99 %
Total Interest-bearing Deposits5,445,123 118,784 2.91 %4,734,998 59,915 1.69 %
Short-term borrowings290,602 11,269 5.17 %522,448 20,929 5.36 %
Long-term borrowings39,571 1,337 4.51 %29,133 883 4.05 %
Junior subordinated debt securities49,379 3,021 8.17 %53,180 3,083 7.75 %
Total Borrowings379,552 15,627 5.49 %604,761 24,895 5.50 %
Other interest-bearing liabilities50,303 2,034 5.40 %55,637 2,085 5.01 %
Total Interest-bearing Liabilities5,874,978 136,445 3.10 %5,395,396 86,895 2.15 %
Noninterest-bearing liabilities2,382,352 2,593,683 
Shareholders' equity1,316,083 1,220,694 
Total Liabilities and Shareholders' Equity$9,573,413 $9,209,773 
Net Interest Income (FTE) (non-GAAP)(1)(2)
$253,593 $266,169 
Net Interest Margin (FTE) (non-GAAP)(1)(2)
3.84 %4.21 %
(1) Tax-exempt interest income is on an FTE basis (non-GAAP) using the statutory federal corporate income tax rate of 21 percent.
(2) Taxable investment income is adjusted for the dividend-received deduction for equity securities.
(3) Nonaccruing loans are included in the daily average loan amounts outstanding.
Net interest income on an FTE basis (non-GAAP) decreased $2.9 million, or 3.3 percent, and $12.6 million, or 4.7 percent, for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The net interest margin, or NIM, on an FTE basis (non-GAAP) decreased 27 and 37 basis points for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The decreases in both net interest income and NIM on an FTE basis (non-GAAP) were primarily due to the impact of higher interest rates on total interest-bearing liabilities. While higher interest rates positively impacted interest income and rates on interest-earning assets, the increase in interest income was more than offset by higher interest expense and rates on interest-bearing liabilities. Our cost of interest-bearing liabilities benefited from strong customer deposit growth in 2024, which has helped to improve our overall funding mix by reducing wholesale funding sources of brokered deposits and borrowings.
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Interest income on an FTE basis (non-GAAP) increased $8.5 million and $37.0 million for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The increase in interest income on an FTE basis (non-GAAP) was primarily due to higher interest rates on interest-earning assets. The average yield on loan balances increased 15 and 29 basis points for the three and nine months ended September 30, 2024 compared to the same periods in 2023 due to higher interest rates. Average loan balances increased $260.0 million and $373.7 million for the three and nine months ended September 30, 2024 compared to the same periods in 2023. Overall, the FTE rate (non-GAAP) on interest-earning assets increased 19 and 32 basis points for the three and nine months ended September 30, 2024 compared to the same periods in 2023.
Interest expense increased $11.4 million and $49.6 million for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The increase in interest expense was primarily due to higher interest rates and a shift in our customer deposit mix to higher costing products. Average interest-bearing deposits increased $710.8 million and $710.1 million, of which $89.8 million and $173.2 million were brokered deposits, for the three and nine months ended September 30, 2024 compared to the same periods in 2023. Average borrowings decreased $383.0 million and $225.2 million for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increased deposit balances. Overall, the cost of interest-bearing liabilities increased 64 and 95 basis points for the three and nine months ended September 30, 2024 compared to the same periods in 2023.
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 September 30, 2024 Compared to September 30, 2023Nine Months Ended September 30, 2024 Compared to September 30, 2023
(dollars in thousands)
Volume (4)
Rate (4)
Total
Volume (4)
Rate (4)
Total
Interest earned on:
Interest-bearing deposits with banks$690 $271 $961 $872 $761 $1,633 
Securities, at fair value(1)(2)
168 1,177 1,345 (190)2,872 2,682 
Loans held for sale(3)— (3)(3)— (3)
Commercial real estate817 941 1,758 6,428 7,950 14,378 
Commercial and industrial(1,463)587 (876)(4,268)4,147 (121)
Commercial construction653 — 653 9 688 697 
Total Commercial Loans7 1,528 1,535 2,169 12,785 14,954 
Residential mortgage3,002 1,775 4,777 10,075 5,486 15,561 
Home equity(61)322 261 (134)2,196 2,062 
Installment and other consumer(252)27 (225)(755)361 (394)
Consumer construction126 240 366 738 696 1,434 
Total Consumer Loans2,815 2,364 5,179 9,924 8,739 18,663 
Total Portfolio Loans2,822 3,892 6,714 12,093 21,524 33,617 
Total Loans(1)(3)
2,819 3,892 6,711 12,090 21,524 33,614 
Total other earning assets(476)(29)(505)(937)(17)(954)
Change in Interest Earned on Interest-earning Assets$3,201 $5,311 $8,512 $11,835 $25,140 $36,975 
Interest paid on:
Interest-bearing demand$(191)$385 $194 $(160)$3,089 $2,929 
Money market2,688 5,418 8,106 5,514 17,092 22,606 
Savings(124)624 500 (359)2,132 1,773 
Certificates of deposit3,948 4,835 8,783 11,683 19,878 31,561 
Total Interest-bearing Deposits6,321 11,262 17,583 16,678 42,191 58,869 
Short-term borrowings(5,451)(395)(5,846)(9,288)(373)(9,661)
Long-term borrowings11 (1)10 317 137 454 
Junior subordinated debt securities(26)(8)(34)(220)158 (62)
Total Borrowings(5,466)(404)(5,870)(9,191)(78)(9,269)
Other interest-bearing liabilities(290)2 (288)(200)151 (49)
Change in Interest Paid on Interest-bearing Liabilities565 10,860 11,425 7,287 42,264 49,551 
Change in Net Interest Income$2,636 $(5,549)$(2,913)$4,548 $(17,124)$(12,576)
(1) Tax-exempt income is on an FTE basis (non-GAAP) using the statutory federal corporate income tax rate of 21 percent.
(2) Taxable investment income is adjusted for the dividend-received deduction for equity securities.
(3) Nonaccruing loans are included in the daily average loan amounts outstanding.
(4) Changes to rate/volume are allocated to both rate and volume on a proportionate dollar basis.
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Provision for Credit Losses
The provision for credit losses includes a provision for losses on loans and on unfunded commitments. The provision for credit losses fluctuates based on changes in loan balances, risk ratings, net loan charge-offs/recoveries, the macro environment and our Current Expected Credit Loss, or CECL, forecast.
The provision for credit losses decreased $6.0 million and $14.3 million to a negative $0.5 million and $2.6 million for the three and nine months ended September 30, 2024, compared to $5.5 million and $16.9 million for the same periods in 2023. The decrease in the provision for credit losses for the three and nine months ended September 30, 2024 compared to the same periods in 2023 was primarily due to a lower level of ACL and a decrease in loan charge-offs. The lower level of ACL was primarily related to a decrease in qualitative reserve as asset quality continues to improve. Additionally, the provision for credit losses included reductions of $0.8 million and $2.1 million in the reserve for unfunded commitments for the three and nine months ended September 30, 2024 compared to a reduction of $0.7 million and an increase of $1.1 million for the same periods in 2023. The decrease in the reserve for unfunded commitments for the three and nine months ended September 30, 2024 was primarily due to lower loss rates and fewer unused commitments in the construction portfolio.
For the three and nine months ended September 30, 2024, we had net loan charge-offs of $2.1 million and $8.3 million compared to net loan charge-offs of $3.7 million and $9.6 million for the same periods in 2023. Offsetting loan charge-offs of $20.8 million during the nine months ended September 30, 2023 was a $9.3 million recovery related to a 2020 customer fraud. Refer to the "Allowance for Credit Losses" section of this MD&A for further details.
Noninterest Income
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)20242023$ Change% Change20242023$ Change% Change
Net loss on sale of securities$(2,199)$— $(2,199)— %$(5,346)$— $(5,346)— %
Debit and credit card4,688 4,690 (2)— %13,636 13,708 (72)(0.5)%
Service charges on deposit accounts4,181 4,060 121 3.0 %12,098 12,064 34 0.3 %
Wealth management3,071 3,003 68 2.3 %9,108 9,136 (28)(0.3)%
Mortgage banking355 294 61 20.7 %886 884 2 0.2 %
Other noninterest income1,781 131 1,650 NM7,630 3,767 3,863 102.5 %
Total Noninterest Income$11,877 $12,178 $(301)(2.5)%$38,012 $39,559 $(1,547)(3.9)%
NM - not meaningful
Noninterest income decreased $0.3 million and $1.5 million to $11.9 million and $38.0 million for the three and nine months ended September 30, 2024 compared to the same periods in 2023. The decrease in noninterest income was primarily due to a loss on the sale of securities of $2.2 million and $5.3 million recognized during the three and nine months ended September 30, 2024 compared to the same periods in 2023 related to the repositioning of securities into longer duration higher-yielding securities. This decrease was partially offset by changes to other noninterest income, which increased $1.7 million for the three months ended September 30, 2024 compared to the same period in 2023 primarily due to a $0.9 million commercial loan swap valuation adjustment and a $0.3 million fair value adjustment of assets in a nonqualified benefit plan in the third quarter of 2023. Other noninterest income increased $3.9 million for the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to a fair value adjustment of $3.4 million from the Visa exchange offer for Visa Class B-1 common stock.
Noninterest Expense
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)20242023$ Change% Change20242023$ Change% Change
Salaries and employee benefits$31,274 $27,521 $3,753 13.6 %$91,174 $80,513 $10,661 13.2 %
Data processing and information technology5,003 4,479 524 11.7 %14,172 12,914 1,258 9.7 %
Occupancy3,828 3,671 157 4.3 %11,347 11,216 131 1.2 %
Furniture, equipment and software3,410 3,125 285 9.1 %10,264 9,178 1,086 11.8 %
Marketing1,382 1,741 (359)(20.6)%4,729 5,053 (324)(6.4)%
Other taxes1,874 1,831 43 2.3 %5,178 4,943 235 4.8 %
Professional services and legal1,229 1,965 (736)(37.5)%4,352 5,855 (1,503)(25.7)%
FDIC insurance1,054 1,029 25 2.4 %3,156 3,073 83 2.7 %
Other6,311 7,437 (1,126)(15.1)%19,121 21,386 (2,265)(10.6)%
Total Noninterest Expense$55,365 $52,799 $2,566 4.9 %$163,493 $154,131 $9,362 6.1 %
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Noninterest expense increased $2.6 million to $55.4 million for the three months ended September 30, 2024 and increased $9.4 million to $163.5 million for the nine months ended September 30, 2024 compared to the same periods in 2023. Salaries and employee benefits increased $3.8 million to $31.3 million for the three months ended September 30, 2024, and increased $10.7 million to $91.2 million for the nine months ended September 30, 2024 compared to the same periods in 2023 due to higher salary expense related to annual merit increases, inflationary wage pressure, the acquisition of new talent, higher incentives and medical costs. Data processing and information technology increased $0.5 million for the three months ended September 30, 2024 and increased $1.3 million for the nine months ended September 30, 2024 compared to the same periods in 2023 due to additional services provided through our third party vendor. Furniture, equipment and software increased $0.3 million for the three months ended September 30, 2024 and $1.1 million for the nine months ended September 30, 2024 compared to the same periods in 2023 due to investments in technology. Professional services and legal expense decreased $0.7 million for the three months ended September 30, 2024 and $1.5 million for the nine months ended September 30, 2024 compared to the same periods in 2023 due to expiring consulting engagements and a decrease in legal expenses. Other noninterest expense decreased $1.1 million and $2.3 million for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to the adoption of PAM. As a result of this adoption, amortization expense of $1.4 million and $2.9 million related to tax credit equity investments is included in income tax expense for 2024, while $0.5 million and $1.6 million are included in noninterest expense for 2023.
Provision for Income Taxes
The provision for income taxes increased $1.1 million to $8.9 million for the three months ended September 30, 2024 and increased $0.3 million to $25.3 million for the nine months ended September 30, 2024 compared to $7.8 million and $25.0 million for the same periods in 2023. The increase in our income tax provision for the three and nine months ended September 30, 2024 was primarily due to the adoption of the PAM on January 1, 2024. The increase in our income tax provision for the nine months ended September 30,2024 was partially offset by a decrease in income before taxes compared to the same period in 2023.
The effective tax rate, which is total tax expense as a percentage of income before taxes, was 21.4 percent and 20.5 percent for the three and nine months ended September 30, 2024, compared to 18.9 percent for the three and nine months ended September 30,2023. The increase in the effective tax rate for the three and nine months ended September 30, 2024 compared to the same periods in 2023 was primarily due to the adoption of the PAM related to tax credit equity investments on January 1, 2024. Under the PAM, amortization expense related to tax credit equity investments is included in income tax expense for the three and nine months ended September 30, 2024, and was included in other noninterest expense for the same periods in 2023.
Financial Condition as of September 30, 2024
Total assets were $9.6 billion at both September 30, 2024 and December 31, 2023. Total portfolio loans remained relatively unchanged at $7.7 billion at September 30, 2024 and December 31, 2023. Loan growth has slowed due to higher interest rates and an uncertain macro environment along with elevated loan pay-offs. Securities remained unchanged at $1.0 billion at September 30, 2024 and December 31, 2023. The bond portfolio was in a net unrealized loss position of $52.3 million at September 30, 2024, compared to a net unrealized loss position of $82.0 million at December 31, 2023. The decrease in the net unrealized loss position of the bond portfolio of $29.7 million was primarily due to a decline in interest rates from December 31, 2023 to September 30, 2024, as well as the repositioning of our debt securities portfolio during 2024, resulting in a recognized loss of $5.3 million.
Customer deposit growth continues to be strong allowing for a reduction in higher costing borrowings and brokered deposits. Total deposits increased $133.1 million with customer deposits increasing $333.4 million, or 4.7 percent, at September 30, 2024 compared to December 31, 2023. Brokered deposits decreased $200.4 million, or 53.3 percent, at September 30, 2024 compared to December 31, 2023. The increase in customer deposits is the result of our continued focus on growing our deposit franchise.Total borrowings decreased $165.2 million, or 32.8 percent, to $338.4 million at September 30, 2024 compared to $503.6 million at December 31, 2023.
Total shareholders’ equity increased by $92.3 million to $1.4 billion at September 30, 2024, compared to December 31, 2023. The increase was primarily due to net income of $98.2 million and other comprehensive income of $30.4 million, offset by dividends of $38.0 million.
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Securities Activity
(dollars in thousands)September 30, 2024December 31, 2023$ Change
U.S. Treasury securities$118,109 $133,786 $(15,677)
Obligations of U.S. government corporations and agencies15,026 32,513 (17,487)
Collateralized mortgage obligations of U.S. government corporations and agencies565,312 460,939 104,373 
Residential mortgage-backed securities of U.S. government corporations and agencies35,653 38,177 (2,524)
Commercial mortgage-backed securities of U.S. government corporations and agencies248,044 273,425 (25,381)
Obligations of states and political subdivisions24,713 30,468 (5,755)
Available-for-Sale Debt Securities1,006,857 969,308 37,549 
Equity securities4,455 1,083 3,372 
Total Securities Available for Sale$1,011,312 $970,391 $40,921 
We invest in various securities in order to maintain a source of liquidity, to satisfy various pledging requirements, to increase net interest income and as a tool of ALCO to reposition the balance sheet for interest rate risk purposes. Securities are subject to market risks that could negatively affect the level of liquidity available to us.
The securities portfolio increased by $40.9 million at September 30, 2024 to $1.0 billion, compared to $970.4 million at December 31, 2023. The increase in the debt securities portfolio was primarily related to a decrease in unrealized losses due to a decline in interest rates from December 31, 2023 to September 30, 2024. Additionally, we recognized losses as a result of repositioning $96.6 million of our securities portfolio during 2024 by selling shorter duration U.S. Treasury securities and commercial mortgage-backed securities and replacing them with a mix of collateralized mortgage obligations, U.S. Treasury securities and commercial mortgage-backed securities with a longer duration and higher yield. The increase in equity securities was due to a fair value adjustment of $3.4 million related to the Visa exchange offer for Visa Class B-1 Common Stock.
Our bond portfolio was in a net unrealized loss position of $52.3 million at September 30, 2024, compared to a net unrealized loss position of $82.0 million at December 31, 2023. At September 30, 2024, our bond portfolio had gross unrealized losses of $57.9 million offset by $5.6 million of gross unrealized gains, compared to gross unrealized losses of $83.8 million offset by gross unrealized gains of $1.8 million at December 31, 2023.
Loan Composition
The following table summarizes our loan portfolio as of the dates presented:
September 30, 2024December 31, 2023
(dollars in thousands)Amount% of TotalAmount% of Total$ Change% Change
Commercial
Commercial real estate$3,327,895 43.3 %$3,357,603 43.9 %$(29,708)(0.9)%
Commercial and industrial1,548,172 20.1 %1,642,106 21.5 %(93,934)(5.7)%
Commercial construction386,509 5.0 %363,284 4.7 %23,225 6.4 %
Total Commercial Loans5,262,576 68.4 %5,362,993 70.1 %(100,417)(1.9)%
Consumer
Consumer real estate2,321,243 30.2 %2,175,451 28.4 %145,792 6.7 %
Other consumer105,235 1.4 %114,897 1.5 %(9,662)(8.4)%
Total Consumer Loans2,426,478 31.6 %2,290,348 29.9 %136,130 5.9 %
Total Portfolio Loans$7,689,054 100.0 %$7,653,341 100.0 %$35,713 0.5 %
The loan portfolio represents the most significant source of interest income for us. The risk that borrowers will be unable to pay such obligations is inherent in the loan portfolio. Other conditions, such as downturns in the borrower’s industry or the overall economic climate, can significantly impact the borrower’s ability to pay.
Total portfolio loans were $7.7 billion at both September 30, 2024 and December 31, 2023. As of September 30, 2024, 38 percent of our total loans were floating rate, 25 percent were adjustable rate and 37 percent were fixed rate, compared to 40 percent floating rate, 24 percent adjustable rate and 35 percent fixed rate at December 31, 2023. Commercial loans, including CRE, C&I and commercial construction, comprised 68.4 percent of total portfolio loans at September 30, 2024 and 70.1 percent at December 31, 2023. The commercial loan portfolio decreased $100.4 million at September 30, 2024 compared to December 31, 2023, primarily due to decreases of $93.9 million in C&I and $29.7 million in CRE offset by an increase of $23.2 million in commercial construction. Loan growth has slowed primarily due to elevated loan pay-offs.
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Our multifamily and office segments are the most significant CRE and commercial construction concentrations within our portfolio. Approximately 96 percent of multifamily and 90 percent of office CRE loans are located within our market area, which includes Pennsylvania and the contiguous states of Ohio, New York, West Virginia, New Jersey, Delaware and Maryland.
In the CRE segment, multifamily represented $586.2 million, or 7.6 percent of total portfolio loans, at September 30, 2024, compared to $569.4 million, or 7.4 percent, at December 31, 2023. The average loan size of multifamily CRE is $1.0 million with an average loan to value of 58 percent at September 30, 2024. There were only $0.3 million in special mention loans and $6.9 million of substandard loans in the multifamily CRE segment at September 30, 2024, compared to special mention loans of $3.8 million and substandard loans of $13.0 million at December 31, 2023. There were no nonperforming multi-family loans at September 30, 2024 and December 31, 2023.
Office CRE was $461.7 million, or 6.0 percent of total portfolio loans, at September 30, 2024, compared to $480.5 million, or 6.3 percent, at December 31, 2023. The average loan size of office CRE is $1.1 million with an average loan to value of 53 percent at September 30, 2024. Special mention loans in the office CRE segment were $10.2 million and substandard loans were $2.2 million at September 30, 2024, compared to special mention loans of $9.1 million and substandard loans of $2.5 million at December 31, 2023. There was $0.4 million of nonperforming office loans at September 30, 2024 and $0.5 million at December 31, 2023.
In addition, within the commercial construction segment, multifamily represented $99.0 million, or 1.3 percent of total portfolio loans, at September 30, 2024, compared to $119.0 million, or 1.6 percent, at December 31, 2023. Commercial construction office was $17.1 million, or 0.2 percent of total portfolio loans, at September 30, 2024, compared to $36.0 million, or 0.5 percent, at December 31, 2023. There were no special mention or substandard commercial construction loans within our multifamily or office segments for the periods presented.
Consumer loans represent 31.6 percent of our total portfolio loans at September 30, 2024 and 29.9 percent at December 31, 2023. The consumer loan portfolio increased $136.1 million at September 30, 2024 compared to December 31, 2023, primarily due to growth in our consumer real estate portfolio of $145.8 million. Consistent with 2023, we continue to retain consumer real estate loans on our balance sheet as portfolio loans, versus selling these loans due to the loan pricing in the secondary market.
Allowance for Credit Losses
We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) CRE, 2) C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. Refer to Part 1. Financial Information, Note 5 Loans and Allowance for Credit Losses for details on our portfolio segments.
The following table presents activity in the ACL for the periods presented:
Nine Months Ended September 30, 2024
(dollars in thousands)Commercial
Real Estate		Commercial and
Industrial		Commercial
Construction		Business BankingConsumer
Real Estate		Other
Consumer		Total Loans
Allowance for credit losses on loans:
Balance at beginning of period$37,886 $34,538 $5,382 $12,858 $14,663 $2,639 $107,966 
Provision for credit losses on loans(1)
2,498 2,715 (980)(1,610)1,136 934 4,693 
Charge-offs(5,205)(2,436)— (373)(1,087)(1,122)(10,223)
Recoveries458 907 — 154 134 232 1,885 
Net (Charge-offs)/ Recoveries(4,747)(1,529)— (219)(953)(890)(8,338)
Balance at End of Period$35,637 $35,724 $4,402 $11,029 $14,846 $2,683 $104,321 
(1) Excludes the provision for credit losses for unfunded commitments.
The following table presents key ACL ratios for the periods presented:
September 30, 2024December 31, 2023
Ratio of net charge-offs to average loans outstanding(1)
0.15 %0.18 %
Allowance for credit losses as a percentage of total portfolio loans1.36 %1.41 %
Allowance for credit losses to nonaccrual loans327 %471 %
(1) Year-to-date net charge-offs annualized
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Net loan charge-offs were $8.3 million, or 0.15 percent of average loans, for the nine months ended September 30, 2024. Refer to the "Provision for Credit Losses" section of this MD&A for further details.
The ACL decreased $3.7 million to $104.3 million, or 1.36 percent of total portfolio loans, at September 30, 2024, compared to $108.0 million, or 1.41 percent of total portfolio loans, at December 31, 2023. The decrease in the ACL is related to improvement in our overall asset quality resulting in a $5.0 million decrease in our qualitative reserve and a $1.8 million decrease in our quantitative reserve. The decrease in the qualitative reserve primarily related to improvement in our healthcare portfolio along with improvement in various other risk factors within our qualitative reserve. These decreases were offset by a $2.2 million specific reserve for loans individually evaluated related to a CRE relationship that was downgraded to nonaccrual during the three months ended March 31, 2024.
Substandard loans decreased $16.6 million to $156.7 million at September 30, 2024, compared to $173.3 million at December 31, 2023. The decrease in substandard loans was primarily due to loan payoffs and commercial charge-offs. Special mention loans decreased $39.5 million to $96.3 million at September 30, 2024, compared to $135.8 million at December 31, 2023. The decrease in special mention loans was primarily due to risk rating upgrades in our CRE healthcare portfolio which was partially offset by three C&I relationships totaling $18.5 million downgraded from special mention to substandard in the three months ended September 30, 2024.
Our allowance on unfunded loan commitments and letters of credit provides for the risk of expected loss in these arrangements. The allowance is computed using a methodology similar to that used to determine the ACL for loans, modified to take into account the probability of a draw-down on the commitment. The provision for credit losses on unfunded loan commitments is included in the provision for credit losses on the Condensed Consolidated Statements of Comprehensive Income. The allowance for unfunded loan commitments decreased $2.1 million to $4.7 million at September 30, 2024, compared to $6.8 million at December 31, 2023. The decrease was due to decreased loss rates and a reduction in unused commitments in our construction portfolio. The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets.
Nonperforming assets, or NPAs, consist of nonaccrual loans and OREO. The following represents NPAs as of the dates presented:
(dollars in thousands)September 30, 2024December 31, 2023$ Change
Nonaccrual Loans
Commercial real estate$14,877 $7,267 $7,610 
Commercial and industrial5,789 3,244 2,545 
Commercial construction3,416 4,960 (1,544)
Consumer real estate7,543 7,146 397 
Other Consumer264 330 (66)
Total Nonaccrual Loans31,889 22,947 8,942 
OREO— 75 (75)
Total Nonperforming Assets$31,889 $23,022 $8,867 
Asset Quality Ratios:
Nonaccrual loans as a percent of total portfolio loans0.41 %0.30 %
Nonperforming assets as a percent of total portfolio loans plus OREO0.41 %0.30 %
Our policy is to place loans in all categories in nonaccrual status when collection of interest or principal is doubtful, or generally when interest or principal payments are 90 days or more past the contractual due date. Nonaccrual loans increased $9.0 million to $31.9 million at September 30, 2024, compared to $22.9 million at December 31, 2023. The increase in nonaccrual loans primarily related to the addition of a $16.3 million CRE relationship, which had a $3.7 million partial charge-off during the nine months ended September 30, 2024. A specific reserve of $2.2 million was added for this relationship based on the uncertainty of timing surrounding the execution of the resolution strategy. Partially offsetting the increase in nonaccrual loans were payoffs in our CRE portfolio.





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Deposits
Deposits are our primary source of funds. We have a well-diversified deposit base with a balance mix of 58.4 percent personal, 33.6 percent business, 5.7 percent public funds and 2.3 percent brokered at September 30, 2024.
September 30, 2024December 31, 2023
(dollars in thousands)Amount% of DepositsAmount% of Deposits$ Change% Change
Personal$4,470,780 58.4 %$4,244,386 56.4 %$226,394 5.3 %
Business2,569,445 33.6 %2,565,853 34.1 %3,592 0.1 %
Public funds439,326 5.7 %335,876 4.5 %103,450 30.8 %
Brokered175,290 2.3 %375,654 5.0 %(200,364)(53.3)%
Total Deposits$7,654,841 100.0 %$7,521,769 100.0 %$133,072 1.8 %
The following table presents the composition of deposits for the periods presented:
(dollars in thousands)September 30, 2024December 31, 2023$ Change
Customer Deposits
Noninterest-bearing demand$2,157,537 $2,221,942 $(64,405)
Interest-bearing demand773,224 825,787 (52,563)
Money market1,973,765 1,741,189 232,576 
Savings879,653 950,546 (70,893)
Certificates of deposit1,695,372 1,406,652 288,720 
Total Customer Deposits7,479,551 7,146,116 333,435 
Brokered Deposits
Money market100,330 200,653 (100,323)
Certificates of deposit74,960 175,000 (100,040)
Total Brokered Deposits175,290 375,653 (200,363)
Total Deposits$7,654,841 $7,521,769 $133,072 
Our total deposits increased $133.1 million at September 30, 2024, compared to December 31, 2023. Customer deposit growth continues to be strong allowing for a reduction in higher costing brokered deposits. Customer deposits increased $333.4 million, or 4.7 percent, compared to December 31, 2023, as a result of our focus on growing our deposit franchise.
As a member of the IntraFi network, we are able to offer our customers insurance coverage on interest-bearing demand, money market and certificates of deposit balances in excess of the FDIC insurance limits. IntraFi balances decreased $1.9 million to $275.8 million at September 30, 2024, compared to $277.7 million at December 31, 2023. We had total uninsured deposits of $2.6 billion, or 34 percent of our total deposit base, at September 30, 2024 compared to $2.3 billion, or 30 percent or our total deposit base, at December 31, 2023.
Borrowings
(dollars in thousands)September 30, 2024December 31, 2023$ Change
Short-term borrowings$225,000 $415,000 $(190,000)
Long-term borrowings64,015 39,277 24,738 
Junior subordinated debt securities49,403 49,358 45 
Total Borrowings$338,418 $503,635 $(165,217)
Borrowings are an additional source of funding for us. Total borrowings decreased $165.2 million to $338.4 million at September 30, 2024, compared to $503.6 million at December 31, 2023, primarily due to strong growth in customer deposits.
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Information pertaining to short-term borrowings is summarized in the table below for the nine months ended September 30, 2024 and the twelve months ended December 31, 2023.
Short-Term Borrowings
(dollars in thousands)September 30, 2024December 31, 2023
Balance at the period end$225,000 $415,000 
Average balance during the period$290,602 $500,421 
Average interest rate during the period5.17 %5.44 %
Maximum month-end balance during the period$465,000 $630,000 
Average interest rate at the period end4.90 %5.65 %
Information pertaining to long-term borrowings and junior subordinated debt securities is summarized in the tables below for the three months ended September 30, 2024 and the twelve months ended December 31, 2023.
Long-Term Borrowings
(dollars in thousands)September 30, 2024December 31, 2023
Balance at the period end$64,015 $39,277 
Average balance during the period$39,571 $31,706 
Average interest rate during the period4.51 %4.20 %
Maximum month-end balance during the period$64,015 $39,589 
Average interest rate at the period end3.93 %4.52 %
Junior Subordinated Debt Securities
(dollars in thousands)September 30, 2024December 31, 2023
Balance at the period end$49,403 $49,358 
Average balance during the period$49,379 $52,215 
Average interest rate during the period8.17 %7.87 %
Maximum month-end balance during the period$49,403 $54,483 
Average interest rate at the period end7.55 %7.98 %
Liquidity and Capital Resources
Liquidity is defined as a financial institution’s ability to meet its cash and collateral obligations at a reasonable cost. Our primary future cash needs are centered on the ability to (i) satisfy the financial needs of depositors who may want to withdraw funds or of borrowers needing to access funds to meet their credit needs and (ii) to meet our future cash commitments under contractual obligations with third parties. In order to manage liquidity risk, our Board of Directors has delegated authority to ALCO for the formulation, implementation and oversight of liquidity risk management for S&T. The ALCO’s goal is to maintain adequate levels of liquidity at a reasonable cost to meet funding needs in both a normal operating environment and for potential liquidity stress events. The ALCO monitors and manages liquidity through various ratios, reviewing cash flow projections, performing stress tests and having a detailed contingency funding plan. The ALCO policy guidelines define graduated risk tolerance levels. If our liquidity position moves to a level that has been defined as high risk, specific actions are required, such as increased monitoring or the development of an action plan to reduce the risk position.
Our primary funding and liquidity source is a stable customer deposit base. We believe S&T has the ability to retain existing deposits and attract new deposits, mitigating any funding dependency on other more volatile funding sources. Refer to the "Financial Condition as of September 30, 2024 - Deposits" section of this MD&A, for additional discussion on deposits. Although deposits are the primary source of funds, we have identified various other funding sources that can be used as part of our normal funding program. Additional funding sources accessible to S&T include borrowing availability at the Federal Home Loan Bank of Pittsburgh, or FHLB, federal funds lines with other financial institutions and the brokered deposit market. We also have availability at the Federal Reserve Discount Window through the Borrower-in-Custody Program.
In response to the bank failures in March 2023, the Federal Reserve authorized additional funding availability to eligible depository institutions through the Federal Reserve Bank Term Funding Program, or BTFP. The temporary program was intended to help assure depositors that their institutions have an additional source of liquidity to meet their needs. Under the program, any collateral eligible for purchase by the Federal Reserve Banks in open market operations could be pledged, including U.S. Treasury securities, U.S. Agencies and U.S. Agency mortgage-backed securities. Collateral advances were equal to 100 percent of the par value of the collateral pledged with a term of up to one year. Interest was charged at a fixed rate equal
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

to the one-year overnight index swap rate plus 10 basis points with no prepayment penalty. The BTFP ceased making new fundings on March 11, 2024.
Available borrowing capacity exceeds uninsured deposits of $2.6 billion at September 30, 2024. The following table summarizes funding sources available as of the dates presented:
September 30, 2024December 31, 2023
(dollars in thousands)Borrowing CapacityBalanceAvailableBorrowing CapacityBalanceAvailable
FHLB$3,267,369 $228,910 $3,038,459 $3,241,098 $552,136 $2,688,962 
Borrower-in-Custody Program746,118 — 746,118 769,653 — 769,653 
Federal Reserve BTFP(1)
200,000 200,000 — 636,963 — 636,963 
Total$4,213,487 $428,910 $3,784,577 $4,647,714 $552,136 $4,095,578 
(1) Program created by the Federal Reserve in March 2023; new loans under the program ended March 11, 2024.
We have contractual obligations representing required future payments on certificates of deposit, junior subordinated debt securities, short-term borrowings, long-term borrowings, operating and capital leases, funding commitments on tax credit equity investments and purchase obligations. See the Liquidity and Capital Resources portion of our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2023 Form 10-K for more information on these future cash outflows. Total certificates of deposit increased $188.7 million to $1.8 billion at September 30, 2024, compared to December 31, 2023 and short-term borrowings decreased $190.0 million to $225.0 million at September 30, 2024, compared to December 31, 2023. Other than these changes, there have been no material changes to the contractual obligations previously disclosed in our 2023 Form 10-K.
An important component of our ability to effectively respond to potential liquidity stress events is maintaining a cushion of highly liquid assets. Highly liquid assets are those that can be converted to cash quickly to meet financial obligations. ALCO policy guidelines define a ratio of highly liquid assets to total assets by graduated risk tolerance levels of minimal, moderate and high. At September 30, 2024, S&T Bank had $682.5 million in highly liquid assets, which consisted primarily of $139.2 million in interest-bearing deposits with banks and $543.0 million in unpledged securities. This resulted in a highly liquid assets to total assets ratio of 7.1 percent at September 30, 2024.
We continue to maintain a strong capital position with our leverage ratio at 11.70 percent at September 30, 2024, compared to 11.21 percent at December 31, 2023, both in excess of the well-capitalized regulatory guideline of 5.00 percent. We continue to be well-capitalized with a risk-based Common Equity Tier 1 ratio of 14.37 percent at September 30, 2024, compared to 13.37 percent at December 31, 2023, both in excess of the well-capitalized regulatory guideline of 6.50 percent.
The following table summarizes capital amounts and ratios for S&T and S&T Bank as of the dates presented:
(dollars in thousands)Adequately
Capitalized		Well-
Capitalized		September 30, 2024December 31, 2023
AmountRatioAmountRatio
S&T Bancorp, Inc.
Tier 1 leverage4.00 %5.00 %$1,091,028 11.70 %$1,034,828 11.21 %
Common equity tier 1 to risk-weighted assets4.50 %6.50 %1,067,028 14.37 %1,010,828 13.37 %
Tier 1 capital to risk-weighted assets6.00 %8.00 %1,091,028 14.70 %1,034,828 13.69 %
Total capital to risk-weighted assets8.00 %10.00 %1,208,938 16.28 %1,154,376 15.27 %
S&T Bank
Tier 1 leverage4.00 %5.00 %$1,041,717 11.17 %$995,824 10.79 %
Common equity tier 1 to risk-weighted assets4.50 %6.50 %1,041,717 14.05 %995,824 13.18 %
Tier 1 capital to risk-weighted assets6.00 %8.00 %1,041,717 14.05 %995,824 13.18 %
Total capital to risk-weighted assets8.00 %10.00 %1,159,531 15.63 %1,115,315 14.76 %
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 September 30, 2024, we had not issued any securities pursuant to this shelf registration statement.
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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is defined as the degree to which changes in interest rates, foreign exchange rates, commodity prices or equity prices can adversely affect a financial institution’s earnings or capital. For most financial institutions, including S&T, market risk primarily reflects exposures to changes in interest rates. Interest rate fluctuations affect earnings by changing net interest income and other interest-sensitive income and expense levels. Interest rate changes also affect capital by changing the net present value of a bank’s future cash flows, and the cash flows themselves, as rates change. Accepting this risk is a normal part of banking and can be an important source of profitability and enhancing shareholder value. However, excessive interest rate risk can threaten a bank’s earnings, capital, liquidity and solvency. Our sensitivity to changes in interest rate movements is continually monitored by the ALCO. The ALCO monitors and manages market risk through rate shock analyses, economic value of equity, or EVE, analyses and by performing stress tests and simulations to mitigate earnings and market value fluctuations due to changes in interest rates.
Rate shock analyses results are compared to a base case to provide an estimate of the impact that market rate changes may have on 12 and 24 months of pretax net interest income. The base case and rate shock analyses are performed on a static balance sheet. A static balance sheet is a no growth balance sheet in which all maturing and/or repricing cash flows are reinvested in the same product at the existing product spread. Rate shock analyses assume an immediate parallel shift in market interest rates and also include management assumptions regarding the impact of interest rate changes on non-maturity deposit products (noninterest-bearing demand, interest-bearing demand, money market and savings) and changes in the prepayment behavior of loans and securities with optionality. S&T policy guidelines limit the change in pretax net interest income over 12 and 24 month horizons using rate shocks in increments of +/- 100 basis points. Policy guidelines define the percentage change in pretax net interest income by graduated risk tolerance levels of minimal, moderate and high.
In order to monitor interest rate risk beyond the 24 month time horizon of rate shocks on pretax net interest income, we also perform EVE analyses. EVE represents the present value of all asset cash flows minus the present value of all liability cash flows. EVE change results are compared to a base case to determine the impact that market rate changes may have on our EVE. As with rate shock analyses on pretax net interest income, EVE analyses incorporate management assumptions regarding prepayment behavior of fixed rate loans and securities with optionality and the behavior and value of non-maturity deposit products. S&T policy guidelines limit the change in EVE using rate shocks in increments of +/- 100 basis points. Policy guidelines define the percentage change in EVE by graduated risk tolerance levels of minimal, moderate and high.
The table below reflects the rate shock analyses results for the 1-12 and 13-24 month periods of pretax net interest income and EVE.
September 30, 2024December 31, 2023
1 - 12 Months13 - 24 Months% Change in EVE1 - 12 Months13 - 24 Months% Change in EVE
Change in Interest Rate (basis points)% Change in Pretax
 Net Interest Income		% Change in
 Pretax
Net Interest Income		% Change in Pretax
 Net Interest Income		% Change in
 Pretax
Net Interest Income
4002.0 6.6 (32.3)3.5 7.6 (31.4)
3001.1 4.6 (23.2)2.4 5.4 (23.5)
2000.3 2.9 (14.1)1.2 3.4 (15.2)
100(0.3)1.2 (6.4)0.2 1.6 (7.3)
-100(3.7)(6.1)2.0 (3.5)(5.1)3.7 
-200(5.3)(10.2)0.4 (4.2)(6.7)3.8 
-300(7.5)(15.4)(5.3)(6.6)(11.2)(0.5)
-400(9.4)(17.9)(20.1)(9.3)(15.1)(13.7)
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The results from the rate shock analyses on net interest income are generally consistent with having an asset sensitive balance sheet. Having an asset sensitive balance sheet means more assets than liabilities will reprice during the measured time frames. The implications of an asset sensitive balance sheet will differ depending upon the change in market interest rates. For example, with an asset sensitive balance sheet in a declining interest rate environment, more assets than liabilities will decrease in rate. This situation could result in a decrease in net interest income and operating income. Conversely, with an asset sensitive balance sheet in a rising interest rate environment, more assets than liabilities will increase in rate. This situation could result in an increase in net interest income and operating income.
Our rate shock analyses show less improvement in the percentage change in pretax net interest income in the rates up scenarios when comparing September 30, 2024 to December 31, 2023 primarily because of changes to our funding mix. The percentage change in pretax net interest income in the rates down scenarios show a decline when comparing September 30, 2024 to December 31, 2023 primarily due to changes in our bond portfolio mix and upcoming maturities within our receive-fixed balance sheet swap portfolio. Our EVE analyses show a slight decline in the rates up scenarios when comparing September 30, 2024 to December 31, 2023 primarily because of changes to our loan mix. The percentage change in our EVE declines in the rates down scenarios when comparing September 30, 2024 to December 31, 2023. These changes are mainly the result of earlier bond cash flows and changes to deposit mix.
In addition to rate shocks and EVE analyses, we perform a market risk stress test at least annually. The market risk stress test includes sensitivity analyses and simulations. Sensitivity analyses are performed to help us identify which model assumptions cause the greatest impact on pretax net interest income. Sensitivity analyses may include changing prepayment behavior of loans and securities with optionality and the impact of interest rate changes on non-maturity deposit products. Simulation analyses may include the potential impact of rate changes other than the policy guidelines, yield curve shape changes, significant balance mix changes and various growth scenarios.
Item 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of S&T’s Chief Executive Officer, or CEO, and Chief Financial Officer, or CFO (its principal executive officer and principal financial officer, respectively), management has evaluated the effectiveness of the design and operation of S&T’s disclosure controls and procedures as of September 30, 2024. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, or the Exchange Act, is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission, or the SEC, and that such information is accumulated and communicated to S&T’s management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.
Based on and as of the date of such evaluation, our CEO and CFO concluded that the design and operation of our disclosure controls and procedures were effective in all material respects, as of the end of the period covered by this report.
Changes in Internal Control over Financial Reporting
During the quarter ended September 30, 2024, there were no changes made to S&T’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that materially affected, or are reasonably likely to materially affect, S&T’s internal control over financial reporting.
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PART II
OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 1A. Risk Factors
There have been no material changes to the risk factors that we have previously disclosed in Part I, Item 1A – “Risk Factors” in our 2023 Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 27, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Purchases of Equity Securities
The following table is a summary of our purchases of common stock during the third quarter of 2024:
PeriodTotal number of shares purchasedAverage price paid per share
Total number of shares purchased as part of publicly announced plan (1)
Approximate dollar value of shares that may yet be purchased under the plan (2)
7/1/2024 - 7/31/2024
— $— — $50,000,000 
8/1/2024 - 8/31/2024
— — — 50,000,000 
9/1/2024 - 9/30/2024
— — — 50,000,000 
Total— $— — $50,000,000 
(1) On January 24, 2024, our Board of Directors authorized a new $50 million share repurchase plan. The new plan replaced the existing share repurchase plan effective immediately and is set to expire May 30, 2025. This repurchase authorization permits S&T to repurchase shares of S&T's common stock from time to time through a combination of open market and privately negotiated repurchases up to the authorized $50 million aggregate value of S&T's common stock. The specific timing, price and quantity of repurchases will be at the discretion of S&T and will depend on a variety of factors, including general market conditions, the trading price of the common stock, legal and contractual requirements and S&T’s financial performance. The repurchase plan does not obligate S&T to repurchase any particular number of shares. S&T expects to fund any repurchases from cash on hand and internally generated funds. Any share repurchases will not begin until permissible under applicable laws.
Item 3. Defaults Upon Senior Securities
None
Item 4. Mine Safety Disclosures
Not Applicable
Item 5. Other Information
(c) During the three and nine months ended September 30, 2024, no director or Section 16 officer of the Company adopted, terminated or modified a ‘Rule 10b5-1 trading arrangement’ or ‘non-Rule 10b5-1 trading arrangement,’ as each term is defined in Item 408(a) of Regulation S-K.
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Item 6. Exhibits
Rule 13a-14(a) Certification of the Chief Executive Officer
Rule 13a-14(a) Certification of the Chief Financial Officer
Rule 13a-14(b) Certification of the Chief Executive Officer and Chief Financial Officer
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCHXBRL Taxonomy Extension Schema
101.CALXBRL Taxonomy Extension Calculation Linkbase
101.DEFXBRL Taxonomy Extension Definition Linkbase
101.LABXBRL Taxonomy Extension Label Linkbase
101.PREXBRL Taxonomy Extension Presentation Linkbase
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
S&T Bancorp, Inc.
(Registrant)
October 31, 2024/s/ Mark Kochvar
Mark Kochvar
Senior Executive Vice President and
Chief Financial Officer
(Principal Financial Officer and Duly Authorized Signatory)
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