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Share Repurchase Plan | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
SHARE REPURCHASE PLAN | SHARE REPURCHASE PLAN On January 25, 2023, our Board of Directors authorized an extension of its $50 million share repurchase plan, which was set to expire March 31, 2023. This authorization extended the expiration date of the repurchase plan through March 31, 2024. The plan permits S&T to repurchase shares up to the previously authorized $50 million in aggregate value of S&T's common stock through a combination of open market and privately negotiated repurchases. The specific timing, price and quantity of repurchases will be at the discretion of S&T and will depend on a variety of factors, including general market conditions, the trading price of common stock, legal and contractual requirements, applicable securities laws and S&T's financial performance. The repurchase plan does not obligate us to repurchase any particular number of shares. We expect to fund any repurchases from cash on hand and internally generated funds. Any share repurchases will not begin until permissible under applicable laws. The following table presents repurchase activity for the periods presented:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands, except share and per share data) | 2023 |  | 2022 |  | 2023 |  | 2022
Value of shares authorized to repurchase |  | $ | 50,000 |  |  |  | $ | 50,000 |  |  |  | $ | 50,000 |  |  |  | $ | 50,000 |
Remaining plan capacity at the beginning of the period |  | $ | 9,807 |  |  |  | $ | 33,289 |  |  |  | $ | 29,805 |  |  |  | $ | 37,442 |
Total shares repurchased |  | — |  |  |  | 117,283 |  |  |  | 739,426 |  |  |  | 268,503 |
Average share price for the period |  | $ | — |  |  |  | $ | 29.71 |  |  |  | $ | 27.05 |  |  |  | $ | 28.44 |
Total cost of repurchases(1) |  | $ | (1) |  |  |  | $ | 3,484 |  |  |  | $ | 19,998 |  |  |  | $ | 7,637 |
Remaining plan capacity at the end of the period |  | $ | 9,808 |  |  |  | $ | 29,805 |  |  |  | $ | 9,808 |  |  |  | $ | 29,805 |
(1) Includes excise tax on repurchases, net of issuances for restricted stock awards.

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