INVESTOR CONTACT:
Mark Kochvar
S&T Bancorp, Inc.
Chief Financial Officer
724.465.4826
mark.kochvar@stbank.com
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FOR IMMEDIATE RELEASE
S&T Bancorp, Inc. Announces Record Fourth Quarter and Full Year 2022 Results
INDIANA, Pa. - January 26, 2023- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, with operations in Pennsylvania and Ohio announced its fourth quarter and full year 2022 earnings. Net income was $40.3 million, or $1.03 per diluted share, for the fourth quarter compared to net income of $37.2 million, or $0.95 per diluted share, for the third quarter of 2022, and $22.5 million, or $0.57 per diluted share, for the fourth quarter of 2021.
Net income was $135.5 million, or $3.46 per diluted share, for the year ended December 31, 2022 compared to net income of $110.3 million, or $2.81 per diluted share, for 2021.
Fourth Quarter of 2022 Highlights:
•Record EPS and net income for the fourth quarter of 2022.
•Strong return metrics with return on average assets (ROA) of 1.78%, return on average equity (ROE) of 13.68% and return on average tangible equity (ROTE) (non-GAAP) of 20.36% compared to ROA of 1.64%, ROE of 12.47% and ROTE (non-GAAP) of 18.46% for the third quarter of 2022.
•Pre-provision net revenue to average assets (PPNR) (non-GAAP) of 2.36% compared to 2.15% for the third quarter of 2022.
•Net interest margin (NIM) (FTE) (non-GAAP) expanded 29 basis points to 4.33% compared to 4.04% for the third quarter of 2022.
•Net interest income increased by $5.3 million, or 6.3%, compared to the third quarter of 2022.
•Total portfolio loans increased $87.1 million, or 4.9% annualized, compared to September 30, 2022.
•Nonperforming assets decreased $6.7 million, or 23.2%, resulting in a nonperforming assets to total loans plus other real estate owned, or OREO, ratio of 0.31% compared to 0.41% at September 30, 2022.
•S&T's Board of Directors approved a $0.32 per share cash dividend, an increase of $0.01, or 3.2%, compared to the prior quarter. This is an increase of $0.03, or 10.3%, compared to the same period in the prior year.
Full Year 2022 Highlights:
•Record EPS and net income for the full year 2022.
•ROA of 1.48%, ROE of 11.47% and ROTE (non-GAAP) of 17.02% compared to ROA of 1.18%, ROE of 9.30% and ROTE (non-GAAP) of 13.85% in the prior year.
•PPNR (non-GAAP) of 1.93% compared to 1.62% in the prior year.
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•Net interest margin (NIM) (FTE) (non-GAAP) expanded 54 basis points to 3.76% compared to 3.22% for the prior year.
•Net interest income increased by $39.7 million, or 14.4%, compared to 2021.
•Total portfolio loans, excluding PPP, increased $268.3 million, or 3.9% compared to December 31, 2021.
•Nonperforming assets decreased $57.5 million, or 72.2%, resulting in a nonperforming assets to total loans plus OREO ratio of 0.31% compared to 1.13% at December 31, 2021.
•Full year 2022 dividends declared increased 6.2% to $1.20 compared to $1.13 in 2021.
“2022 was truly a historic year for S&T," said Chris McComish, chief executive officer. "We began the year celebrating our 120th anniversary and market leading recognition for customer satisfaction and employee engagement. We have now finished the year with two consecutive quarters of record net income and earnings per share and record full year net income and earnings per share. We look forward to 2023, a transformative year for S&T focused on living our purpose of building a better future together through people-forward banking.”
Fourth Quarter of 2022 Results (three months ended December 31, 2022)
Net Interest Income
Net interest income increased $5.3 million, or 6.3%, to $89.1 million compared to $83.8 million in the third quarter of 2022. The increase in net interest income was primarily due to higher interest rates in the fourth quarter. The yield on total average loans increased 69 basis points to 5.38% compared to 4.69% in the third quarter of 2022. Total interest-bearing deposit costs increased 50 basis points to 0.93% compared to 0.43% in the third quarter of 2022. Average interest-bearing deposit balances declined $129.7 million compared to the prior quarter due to the competitive market driven by rising interest rates. Total borrowing costs increased 108 basis points to 4.60% compared to 3.52% in the third quarter of 2022. Average borrowings increased $122.8 million to $217.6 million compared to $94.8 million in the third quarter. Net interest margin on a fully taxable equivalent basis (NIM) (FTE) (non-GAAP) expanded 29 basis points to 4.33% compared to 4.04% in the prior quarter. The increase in NIM (FTE) (non-GAAP) was due to higher yields on loans only partially offset by a higher cost of interest-bearing liabilities.
Asset Quality
Total nonperforming assets decreased $6.7 million, or 23.2%, to $22.1 million at December 31, 2022 compared to $28.8 million at September 30, 2022. Nonperforming assets to total loans plus OREO, decreased 10 basis points to 0.31% at December 31, 2022 compared to 0.41% at September 30, 2022. Net loan charge-offs were $0.9 million for the fourth quarter of 2022 compared to $0.7 million in the third quarter of 2022. The provision for credit losses was $3.2 million for the fourth quarter of 2022 compared to $2.5 million in the third quarter of 2022. The allowance for credit losses was 1.41% of total portfolio loans as of December 31, 2022 compared to 1.40% at September 30, 2022.
Noninterest Income and Expense
Noninterest income increased $0.8 million to $15.6 million in the fourth quarter of 2022 compared to $14.8 million in the third quarter of 2022. The increase in noninterest income was primarily due to higher other income of $1.7 million related to a net gain on the sale of OREO of $2.0 million. Noninterest expense increased $1.7 million to $51.3 million in the fourth quarter of 2022 compared to $49.6 million in the third quarter of 2022. The increase was
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mainly due to an increase in salaries and employee benefits of $1.3 million compared to the prior quarter primarily due to higher incentives. The efficiency ratio (non-GAAP) improved to 48.73% compared to 50.19% for the third quarter of 2022.
Financial Condition
Total assets increased $0.2 billion to $9.1 billion at December 31, 2022 compared to $8.9 billion at September 30, 2022. Total portfolio loans increased $87.1 million, or 4.9% annualized, compared to September 30, 2022. Consumer loans increased $80.2 million, or 17.1% annualized, which primarily consisted of residential mortgage growth of $72.6 million, or 27.6% annualized. Total deposits decreased $190.6 million with decreases in all categories due to the competitive market driven by rising interest rates. S&T continues to maintain a strong capital position with all capital ratios above the well-capitalized thresholds of federal bank regulatory agencies.
Full Year 2022 Results (twelve months ended December 31, 2022)
Full year net income increased nearly 23% and was a record $135.5 million, or $3.46 per diluted share, for the year ended December 31, 2022 compared to net income of $110.3 million, or $2.81 per diluted share, for 2021.
Net interest income increased $39.7 million, or 14.4% compared to 2021 primarily due to the impact of rising interest rates. The yield on total average loans increased 66 basis points to 4.50% compared to 3.84% in 2021. Total interest-bearing deposit costs increased 20 basis points to 0.40% compared to 0.20% in 2021. Net interest margin (FTE) (non-GAAP) expanded 54 basis points to 3.76% compared to 3.22% for 2021. The increase in NIM (FTE) (non-GAAP) was due to higher yields on loans only partially offset by a higher cost of interest-bearing liabilities.
Noninterest income decreased $6.4 million compared to the prior year. Mortgage banking income decreased $7.5 million due to a decline in loan sale activity caused by rising interest rates and a shift to holding originated mortgage loans. Other income decreased $1.8 million compared to the prior year primarily related to the decline in the fair value of the assets in a nonqualified benefit plan and other market value adjustments partially offset by a net gain on the sale of OREO. Debit and credit card fees increased $1.1 million and service charges on deposit accounts increased $1.8 million due to increased customer activity. Noninterest expense increased $7.8 million compared to 2021. Salaries and employee benefits increased $3.0 million primarily due to higher incentives. Professional services and legal increased $2.0 million related to various consulting engagements during 2022. The efficiency ratio (non-GAAP) for 2022 was 52.34% compared to 55.06% for 2021.
Asset quality improved significantly during 2022. Nonperforming assets decreased $57.5 million, or 72.2%, to $22.1 million resulting in a nonperforming assets to total loans plus other real estate owned, or OREO, ratio of 0.31% compared to 1.13% at December 31, 2021. The provision for credit losses decreased $7.8 million to $8.4 million for 2022 compared to $16.2 million for 2021 primarily due to lower net charge-offs. Net loan charge-offs were $2.6 million for 2022 compared to $34.5 million for 2021. The allowance for credit losses was 1.41% of total portfolio loans as of December 31, 2022 and December 31, 2021.


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Dividend
S&T's Board of Directors approved a $0.32 per share cash dividend on January 25, 2023. This is an increase of $0.03, or 10.3%, compared to a $0.29 per share cash dividend declared in the same period in the prior year. The dividend is payable February 23, 2023 to shareholders of record on February 10, 2023. Dividends declared in 2022 increased $0.07 to $1.20 compared to $1.13 for 2021.
Non-GAAP Financial Measures
This release presents certain non-GAAP financial measures. For a reconciliation to the most directly comparable GAAP measures, see "Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures" in the accompanying tables.
Conference Call
S&T will host its fourth quarter 2022 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, January 26, 2023. To access the webcast, go to S&T Bancorp, Inc.’s Investor Relations webpage www.stbancorp.com. After the live presentation, the webcast will be archived at www.stbancorp.com for 12 months.
About S&T Bancorp, Inc.
S&T Bancorp, Inc. is a $9.1 billion bank holding company that is headquartered in Indiana, Pennsylvania and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was established in 1902 and operates in Pennsylvania and Ohio. S&T Bank was recently named by Forbes as a 2022 Best-in-State Bank. S&T Bank also received the highest ranking in customer satisfaction for retail banking in the Pennsylvania region by J.D. Power in 2022. For more information visit stbancorp.com or stbank.com. Follow us on Facebook, Instagram and LinkedIn.
This information contains or incorporates statements that we believe are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial position and other matters regarding or affecting S&T and its future business and operations. Forward-looking statements are typically identified by words or phrases such as “will likely result,” “expect,” “anticipate,” “estimate,” “forecast,” “project,” “intend,” “believe,” “assume,” “strategy,” “trend,” “plan,” “outlook,” “outcome,” “continue,” “remain,” “potential,” “opportunity,” “comfortable,” “current,” “position,” “maintain,” “sustain,” “seek,” “achieve,” and variations of such words and similar expressions, or future or conditional verbs such as will, would, should, could or may. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to: credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses; 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
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risks; sensitivity to the interest rate environment including a prolonged period of low interest rates, a rapid increase in interest rates or a change in the shape of the yield curve; a change in spreads on interest-earning assets and interest-bearing liabilities; the transition from LIBOR as a reference rate; regulatory supervision and oversight, including changes in regulatory capital requirements and our ability to address those requirements; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; changes in accounting policies, practices or guidance; legislation affecting the financial services industry as a whole, and S&T, in particular; the outcome of pending and future litigation and governmental proceedings; increasing price and product/service competition; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; managing our internal growth and acquisitions; the possibility that the anticipated benefits from acquisitions, cannot be fully realized in a timely manner or at all, or that integrating the acquired operations will be more difficult, disruptive or costly than anticipated; containing costs and expenses; reliance on significant customer relationships; an interruption or cessation of an important service by a third-party provider; our ability to attract and retain talented executives and employees; general economic or business conditions, including the strength of regional economic conditions in our market area; environmental, social and governance practices and disclosures, including climate change, hiring practices, the diversity of the work force, and racial and social justice issues; the duration and severity of the coronavirus (“COVID-19”) pandemic, both in our principal area of operations and nationally, including the ultimate impact of the pandemic on the economy generally and on our operations; our participation in the Paycheck Protection Program; deterioration of the housing market and reduced demand for mortgages; deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge to net income; the stability of our core deposit base and access to contingency funding; re-emergence of turbulence in significant portions of the global financial and real estate markets that could impact our performance, both directly, by affecting our revenues and the value of our assets and liabilities, and indirectly, by affecting the economy generally and access to capital in the amounts, at the times and on the terms required to support our future businesses.
Many of these factors, as well as other factors, are described in our Annual Report on Form 10-K for the year ended December 31, 2021, 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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S&T Bancorp, Inc.
Consolidated Selected Financial Data
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202220222021
FourthThirdFourth
(dollars in thousands, except per share data)QuarterQuarterQuarter
INTEREST AND DIVIDEND INCOME
Loans, including fees$96,220 $83,035 $66,373 
Investment Securities:
Taxable6,507 6,305 4,173 
Tax-exempt233 380 495 
Dividends248 115 94 
Total Interest and Dividend Income103,208 89,835 71,135 
INTEREST EXPENSE
Deposits11,067 5,197 2,186 
Borrowings, junior subordinated debt securities and other3,083 840 511 
Total Interest Expense14,150 6,037 2,697 
NET INTEREST INCOME89,058 83,798 68,438 
Provision for credit losses3,176 2,498 7,128 
Net Interest Income After Provision for Credit Losses85,882 81,300 61,310 
NONINTEREST INCOME
Net gain on sale of securities— 198 — 
Debit and credit card4,421 4,768 4,467 
Service charges on deposit accounts4,341 4,333 4,001 
Wealth management3,016 3,212 3,314 
Mortgage banking309 425 1,528 
Other3,556 1,824 2,794 
Total Noninterest Income15,643 14,760 16,104 
NONINTEREST EXPENSE
Salaries and employee benefits27,998 26,700 27,144 
Data processing and information technology4,159 4,220 4,668 
Occupancy3,806 3,490 3,624 
Furniture, equipment and software2,975 2,915 2,897 
Professional services and legal2,138 1,851 1,650 
Other taxes1,842 1,559 1,545 
Marketing1,348 1,367 1,346 
FDIC insurance437 598 1,044 
Other 6,572 6,933 6,271 
Total Noninterest Expense51,275 49,633 50,189 
Income Before Taxes50,250 46,427 27,225 
Income tax expense9,980 9,178 4,748 
Net Income$40,270 $37,249 $22,477 
Per Share Data
Shares outstanding at end of period38,999,733 39,012,773 39,351,194 
Average shares outstanding - diluted38,944,575 38,975,145 39,082,285 
Diluted earnings per share$1.03 $0.95 $0.57 
Dividends declared per share$0.31 $0.30 $0.29 
Dividend yield (annualized)3.63 %4.09 %3.68 %
Dividends paid to net income29.85 %31.39 %50.64 %
Book value$30.38 $29.56 $30.66 
Tangible book value (1)
$20.69 $19.87 $21.03 
Market value$34.18 $29.31 $31.52 
Profitability Ratios (Annualized)
Return on average assets1.78 %1.64 %0.94 %
Return on average shareholders' equity13.68 %12.47 %7.39 %
Return on average tangible shareholders' equity(2)
20.36 %18.46 %10.95 %
Pre-provision net revenue / average assets(3)
2.36 %2.15 %1.44 %
Efficiency ratio (FTE)(4)
48.73 %50.19 %59.01 %
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Consolidated Selected Financial Data
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Twelve Months Ended December 31,
(dollars in thousands, except per share data)20222021
INTEREST AND DIVIDEND INCOME
Loans, including fees$314,866 $270,460 
Investment Securities:
Taxable23,743 15,706 
Tax-exempt1,579 2,593 
Dividends563 503 
Total Interest and Dividend Income340,751 289,262 
INTEREST EXPENSE
Deposits19,907 10,757 
Borrowings, junior subordinated debt securities and other5,061 2,393 
Total Interest Expense24,968 13,150 
NET INTEREST INCOME315,783 276,112 
Provision for credit losses8,366 16,215 
Net Interest Income After Provision for Credit Losses307,417 259,897 
NONINTEREST INCOME
Net gain on sale of securities198 29 
Debit and credit card19,008 17,952 
Service charges on deposit accounts16,829 15,040 
Wealth management12,717 12,889 
Mortgage banking2,215 9,734 
Other7,292 9,052 
Total Noninterest Income58,259 64,696 
NONINTEREST EXPENSE
Salaries and employee benefits103,221 100,214 
Data processing and information technology16,918 16,681 
Occupancy14,812 14,544 
Furniture, equipment and software11,606 10,684 
Professional services and legal8,318 6,368 
Other taxes6,620 6,644 
Marketing5,600 4,553 
FDIC insurance2,854 4,224 
Other26,797 25,013 
Total Noninterest Expense196,746 188,925 
Income Before Taxes168,930 135,668 
Income tax expense33,410 25,325 
Net Income$135,520 $110,343 
Per Share Data
Average shares outstanding - diluted39,030,934 39,052,961 
Diluted earnings per share$3.46 $2.81 
Dividends declared per share$1.20 $1.13 
Dividends paid to net income34.64 %40.18 %
Profitability Ratios
Return on average assets1.48 %1.18 %
Return on average shareholders' equity11.47 %9.30 %
Return on average tangible shareholders' equity(5)
17.02 %13.85 %
Pre-provision net revenue / average assets(6)
1.93 %1.62 %
Efficiency ratio (FTE)(7)
52.34 %55.06 %
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Consolidated Selected Financial Data
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202220222021
FourthThirdFourth
(dollars in thousands)QuarterQuarterQuarter
ASSETS
Cash and due from banks, including interest-bearing deposits$210,009 $134,903 $922,215 
Securities, at fair value1,002,778 997,428 910,793 
Loans held for sale16 1,039 1,522 
Commercial loans:
Commercial real estate3,128,187 3,134,841 3,236,653 
Commercial and industrial1,718,976 1,714,714 1,728,969 
Commercial construction399,371 390,093 440,962 
Total Commercial Loans5,246,534 5,239,648 5,406,584 
Consumer loans:
Residential mortgage1,116,528 1,043,973 899,956 
Home equity652,066 642,937 564,219 
Installment and other consumer124,896 126,629 107,928 
Consumer construction43,945 43,729 21,303 
Total Consumer Loans1,937,435 1,857,268 1,593,406 
Total Portfolio Loans7,183,969 7,096,916 6,999,990 
Allowance for credit losses(101,340)(99,694)(98,576)
Total Portfolio Loans, Net7,082,629 6,997,222 6,901,414 
Federal Home Loan Bank and other restricted stock, at cost23,035 10,900 9,519 
Goodwill373,424 373,424 373,424 
Other assets418,676 421,053 369,642 
Total Assets$9,110,567 $8,935,969 $9,488,529 
LIABILITIES
Deposits:
Noninterest-bearing demand$2,588,692 $2,663,176 $2,748,586 
Interest-bearing demand846,653 847,825 979,133 
Money market1,731,521 1,818,642 2,070,579 
Savings1,118,511 1,128,169 1,110,155 
Certificates of deposit934,593 952,785 1,088,071 
Total Deposits7,219,970 7,410,597 7,996,524 
Borrowings:
Securities sold under repurchase agreements— — 84,491 
Short-term borrowings370,000 35,000 — 
Long-term borrowings14,741 14,853 22,430 
Junior subordinated debt securities54,453 54,438 54,393 
Total Borrowings439,194 104,291 161,314 
Other liabilities266,744 267,900 124,237 
Total Liabilities7,925,908 7,782,788 8,282,075 
SHAREHOLDERS' EQUITY
Total Shareholders' Equity1,184,659 1,153,181 1,206,454 
Total Liabilities and Shareholders' Equity$9,110,567 $8,935,969 $9,488,529 
Capitalization Ratios
Shareholders' equity / assets13.00 %12.90 %12.71 %
Tangible common equity / tangible assets(9)
9.24 %9.06 %9.08 %
Tier 1 leverage ratio11.06 %10.75 %9.74 %
Common equity tier 1 capital12.81 %12.53 %12.03 %
Risk-based capital - tier 113.21 %12.93 %12.43 %
Risk-based capital - total14.73 %14.43 %13.79 %
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Consolidated Selected Financial Data
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202220222021
FourthThirdFourth
(dollars in thousands)QuarterQuarterQuarter
Net Interest Margin (FTE) (QTD Averages)
ASSETS
Interest-bearing deposits with banks$79,8814.04%$158,7002.05%$877,7380.16%
Securities, at fair value991,7742.43%1,051,5342.28%883,0662.02%
Loans held for sale4916.19%1,0325.36%2,0573.03%
Commercial real estate3,118,8745.14%3,159,5434.63%3,252,9463.59%
Commercial and industrial1,724,4806.15%1,704,2715.10%1,729,0144.21%
Commercial construction387,7376.64%405,4605.05%446,2193.19%
Total Commercial Loans5,231,0915.58%5,269,2744.81%5,428,1793.76%
Residential mortgage1,077,1144.25%1,005,1394.12%889,7584.03%
Home equity648,3405.44%629,8274.34%558,1583.37%
Installment and other consumer126,5706.97%123,0106.10%103,4505.63%
Consumer construction41,3853.81%40,9753.47%16,2033.50%
Total Consumer Loans1,893,4094.83%1,798,9514.31%1,567,5693.90%
Total Portfolio Loans7,124,5005.38%7,068,2254.69%6,995,7483.79%
Total Loans7,124,9915.38%7,069,2574.69%6,997,8053.79%
Federal Home Loan Bank and other restricted stock24,0435.32%8,3984.55%9,7203.06%
Total Interest-earning Assets8,220,6895.01%8,287,8894.33%8,768,3293.25%
Noninterest-earning assets763,927721,480722,029
Total Assets$8,984,616$9,009,369$9,490,357
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand$836,5850.24%$872,3020.07%$967,8260.07%
Money market1,792,1621.60%1,861,3890.69%2,063,4470.17%
Savings1,127,9870.22%1,131,5750.10%1,090,2110.03%
Certificates of deposit941,7741.14%962,8980.61%1,147,6640.36%
Total Interest-bearing Deposits4,698,5080.93%4,828,1640.43%5,269,1480.16%
Securities sold under repurchase agreements——%12,6680.10%76,1710.10%
Short-term borrowings148,3704.22%10,3793.16%——%
Long-term borrowings14,8012.55%17,2782.25%22,5661.96%
Junior subordinated debt securities54,4436.21%54,4284.78%54,3832.77%
Total Borrowings217,6144.60%94,7533.52%153,1201.32%
Total Other Costing Liabilities60,1563.72%——%——%
Total Interest-bearing Liabilities4,976,2781.13%4,922,9170.49%5,422,2690.20%
Noninterest-bearing liabilities2,840,3152,901,2902,861,873
Shareholders' equity1,168,0231,185,1621,206,216
Total Liabilities and Shareholders' Equity$8,984,616$9,009,369$9,490,357
Net Interest Margin(10)
4.33%4.04%3.12%
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Consolidated Selected Financial Data
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Twelve Months Ended December 31,
(dollars in thousands)20222021
Net Interest Margin (FTE) (YTD Averages)
ASSETS
Interest-bearing deposits with banks$378,3230.78%$722,0570.13%
Securities, at fair value1,017,4712.25%832,3042.18%
Loans held for sale1,1154.38%4,0943.03%
Commercial real estate3,182,8214.39%3,249,5593.68%
Commercial and industrial1,706,8614.90%1,829,5634.15%
Commercial construction401,7804.68%471,2863.28%
Total Commercial Loans5,291,4624.57%5,550,4073.80%
Residential mortgage980,1344.10%881,4944.11%
Home equity611,1344.24%543,7773.46%
Installment and other consumer119,7036.00%90,1295.94%
Consumer construction33,9223.53%14,7484.53%
Total Consumer Loans1,744,8934.26%1,530,1483.99%
Total Portfolio Loans7,036,3554.50%7,080,5553.84%
Total Loans7,037,4704.50%7,084,6493.84%
Federal Home Loan Bank and other restricted stock12,6944.54%10,3633.83%
Total Interest-earning Assets8,445,9584.06%8,649,3723.37%
Noninterest-earning assets721,080726,478
Total Assets$9,167,038$9,375,850
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand$918,2220.11%$956,2110.08%
Money market1,909,2080.63%2,033,6310.18%
Savings1,121,8180.10%1,047,8550.03%
Certificates of deposit993,7220.58%1,255,3700.47%
Total Interest-bearing deposits4,942,9700.40%5,293,0660.20%
Securities sold under repurchase agreements35,8360.10%69,9640.11%
Short-term borrowings40,0134.15%6,3010.19%
Long-term borrowings19,0902.15%22,9951.99%
Junior subordinated debt securities54,4204.40%61,6532.99%
Total Borrowings149,3593.01%160,9131.49%
Total Other Costing Liabilities15,1633.69%——%
Total Interest-bearing Liabilities5,107,4920.49%5,453,9790.24%
Noninterest-bearing liabilities2,877,7582,735,710
Shareholders' equity1,181,7881,186,161
Total Liabilities and Shareholders' Equity$9,167,038$9,375,850
Net Interest Margin(8)
3.76%3.22%
- more -
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release -
11

202220222021
FourthThirdFourth
(dollars in thousands)QuarterQuarterQuarter
Nonaccrual Loans
Commercial loans:% Loans% Loans% Loans
Commercial real estate$7,323 0.23%$8,556 0.27%$32,892 1.02%
Commercial and industrial2,974 0.17%3,847 0.22%19,810 1.15%
Commercial construction384 0.10%384 0.10%2,471 0.56%
Total Nonaccrual Commercial Loans10,681 0.20%12,787 0.24%55,173 1.02%
Consumer loans:
Residential mortgage6,063 0.54%7,357 0.70%8,227 0.91%
Home equity2,031 0.31%2,216 0.34%2,733 0.48%
Installment and other consumer277 0.22%417 0.33%158 0.15%
Total Nonaccrual Consumer Loans8,371 0.43%9,990 0.54%11,118 0.70%
Total Nonaccrual Loans$19,052 0.27%$22,777 0.32%$66,291 0.95%
202220222021
FourthThirdFourth
(dollars in thousands)QuarterQuarterQuarter
Loan Charge-offs (Recoveries)
Charge-offs$1,718 $1,239 $18,048 
Recoveries(808)(529)(393)
Net Loan Charge-offs$910 $710 $17,655 
Net Loan Charge-offs (Recoveries)
Commercial loans:
Commercial real estate$412 $304 $1,352 
Commercial and industrial150 80 16,053 
Commercial construction— — (10)
Total Commercial Loan Charge-offs562 384 17,395 
Consumer loans:
Residential mortgage51 41 104 
Home equity136 111 8 
Installment and other consumer161 174 148 
Total Consumer Loan Charge-offs348 326 260 
Total Net Loan Charge-offs $910 $710 $17,655 
Twelve Months Ended December 31,
(dollars in thousands)20222021
Loan Charge-offs (Recoveries)
Charge-offs$11,617 $37,524 
Recoveries(9,022)(2,994)
Net Loan Charge-offs$2,595$34,530
Net Loan Charge-offs (Recoveries)
Commercial loans:
Commercial real estate$768$12,296
Commercial and industrial21321,483
Commercial construction(1)42 
Total Commercial Loan Charge-offs98033,821
Consumer loans:
Residential mortgage186121
Home equity233288
Installment and other consumer1,196300
Total Consumer Loan Charge-offs1,615709
Total Net Loan Charge-offs$2,595$34,530
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release -
12

202220222021
FourthThirdFourth
(dollars in thousands)QuarterQuarterQuarter
Asset Quality Data
Nonaccrual loans$19,052 $22,777 $66,291 
OREO3,065 6,022 13,313 
Total nonperforming assets22,117 28,799 79,604 
Troubled debt restructurings (nonaccruing)2,894 3,860 21,774 
Troubled debt restructurings (accruing)8,891 8,925 9,921 
Total troubled debt restructurings11,785 12,785 31,695 
Nonaccrual loans / total loans0.27 %0.32 %0.95 %
Nonperforming assets / total loans plus OREO0.31 %0.41 %1.13 %
Allowance for credit losses / total portfolio loans1.41 %1.40 %1.41 %
Allowance for credit losses / total portfolio loans excluding PPP1.41 %1.41 %1.43 %
Allowance for credit losses / nonaccrual loans532 %438 %149 %
Net loan charge-offs$910 $710 $17,655 
Net loan charge-offs (annualized) / average loans0.05 %0.04 %1.02 %

Twelve Months Ended December 31,
(dollars in thousands)20222021
Asset Quality Data
Net loan charge-offs$2,595 $34,530 
Net loan charge-offs / average loans0.04 %0.49 %
- more -
S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release -
13
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
202220222021
FourthThirdFourth
(dollars and shares in thousands)QuarterQuarterQuarter
(1) Tangible Book Value (non-GAAP)
Total shareholders' equity$1,184,659 $1,153,181 $1,206,454 
Less: goodwill and other intangible assets, net of deferred tax liability(377,673)(377,961)(378,871)
Tangible common equity (non-GAAP)$806,986 $775,220 $827,583 
Common shares outstanding39,000 39,013 39,351 
Tangible book value (non-GAAP)$20.69 $19.87 $21.03 
(2) Return on Average Tangible Shareholders' Equity (non-GAAP)
Net income (annualized)$159,765 $147,781 $89,176 
Plus: amortization of intangibles (annualized), net of tax1,144 1,181 1,376 
Net income before amortization of intangibles (annualized)$160,909 $148,962 $90,552 
Average total shareholders' equity$1,168,023 $1,185,162 $1,206,216 
Less: average goodwill and other intangible assets, net of deferred tax liability(377,857)(378,154)(379,090)
Average tangible equity (non-GAAP)$790,166 $807,008 $827,126 
Return on average tangible shareholders' equity (non-GAAP)20.36 %18.46 %10.95 %
(3) PPNR / Average Assets (non-GAAP)
Income before taxes$50,250 $46,427 $27,225 
Plus: Provision for credit losses3,176 2,498 7,128 
Total$53,426 $48,925 $34,353 
Total (annualized) (non-GAAP)$211,961 $194,106 $136,292 
Average assets$8,984,616 $9,009,369 $9,490,357 
PPNR / Average Assets (non-GAAP)2.36 %2.15 %1.44 %
(4) Efficiency Ratio (non-GAAP)
Noninterest expense$51,275 $49,633 $50,189 
Net interest income per consolidated statements of net income89,058 83,798 68,438 
Plus: taxable equivalent adjustment532 521 510 
Net interest income (FTE) (non-GAAP)$89,590 $84,319 $68,948 
Noninterest income15,643 14,760 16,104 
Less: net gains on sale of securities— (198)— 
Net interest income (FTE) (non-GAAP) plus noninterest income$105,233 $98,881 $85,052 
Efficiency ratio (non-GAAP)48.73 %50.19 %59.01 %
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S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release -
14

Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
Twelve Months Ended December 31,
(dollars in thousands)20222021
(5) Return on Average Tangible Shareholders' Equity (non-GAAP)
Net income$135,520 $110,343 
Plus: amortization of intangibles, net of tax1,199 1,400 
Net income before amortization of intangibles $136,719 $111,743 
Average total shareholders' equity$1,181,788 $1,186,161 
Less: average goodwill and other intangible assets, net of deferred tax liability(378,303)(379,612)
Average tangible equity (non-GAAP)$803,485 $806,549 
Return on average tangible shareholders' equity (non-GAAP)17.02 %13.85 %
(6) PPNR / Average Assets (non-GAAP)
Income before taxes$168,930 $135,668 
Plus: Provision for credit losses8,366 16,215 
Total$177,296 $151,883 
Average assets$9,167,038 $9,375,850 
PPNR / Average Assets (non-GAAP)1.93 %1.62 %
(7) Efficiency Ratio (non-GAAP)
Noninterest expense$196,746 $188,925 
Net interest income per consolidated statements of net income315,783 276,112 
Plus: taxable equivalent adjustment2,052 2,316 
Net interest income (FTE) (non-GAAP)$317,835 $278,428 
Noninterest income58,259 64,696 
Less: net gains on sale of securities(198)(29)
Net interest income (FTE) (non-GAAP) plus noninterest income$375,896 $343,095 
Efficiency ratio (non-GAAP)52.34 %55.06 %
(8) Net Interest Margin Rate (FTE) (non-GAAP)
Interest income and dividend income$340,751 $289,262 
Less: interest expense(24,968)(13,150)
Net interest income per consolidated statements of net income$315,783 $276,112 
Plus: taxable equivalent adjustment2,052 2,316 
Net interest income (FTE) (non-GAAP)$317,835 $278,428 
Average interest-earning assets$8,445,958 $8,649,372 
Net interest margin - (FTE) (non-GAAP)3.76 %3.22 %



- more -

S&T Bancorp, Inc.
Consolidated Selected Financial Data
Unaudited
S&T Earnings Release -
15

Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
202220222021
FourthThirdFourth
(dollars in thousands)QuarterQuarterQuarter
(9) Tangible Common Equity / Tangible Assets (non-GAAP)
Total shareholders' equity$1,184,659 $1,153,181 $1,206,454 
Less: goodwill and other intangible assets, net of deferred tax liability(377,673)(377,961)(378,871)
Tangible common equity (non-GAAP)$806,986 $775,220 $827,583 
Total assets$9,110,567 $8,935,969 $9,488,529 
Less: goodwill and other intangible assets, net of deferred tax liability(377,673)(377,961)(378,871)
Tangible assets (non-GAAP)$8,732,894 $8,558,008 $9,109,658 
Tangible common equity to tangible assets (non-GAAP)9.24 %9.06 %9.08 %
(10) Net Interest Margin Rate (FTE) (non-GAAP)
Interest income and dividend income$103,208 $89,835 $71,135 
Less: interest expense(14,150)(6,037)(2,697)
Net interest income per consolidated statements of net income$89,058 $83,798 $68,438 
Plus: taxable equivalent adjustment532 521 510 
Net interest income (FTE) (non-GAAP)$89,590 $84,319 $68,948 
Net interest income (FTE) (annualized)$355,438 $334,526 $273,537 
Average interest-earning assets$8,220,689 $8,287,889 $8,768,329 
Net interest margin (FTE) (non-GAAP)4.33 %4.04 %3.12 %
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