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Share Repurchase Plan | 12 Months Ended
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Dec. 31, 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 permitted 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. At December 31, 2023, there was $9.8 million in capacity remaining under the existing plan. On January 24, 2024, our Board authorized a new $50 million share repurchase plan. The new plan is set to expire May 30, 2025 and replaced the existing share repurchase plan effective immediately. 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. The following table presents repurchase activity for the periods presented:
|  |  | Twelve Months Ended December 31,
(in thousands, except share and per share data) |  |  |  |  | 2023 |  | 2022
Value of shares authorized to repurchase |  |  |  |  |  |  |  | $ | 50,000 |  |  |  | $ | 50,000 |
Remaining plan capacity at the beginning of the period |  |  |  |  |  |  |  | $ | 29,805 |  |  |  | $ | 37,442 |
Total shares repurchased |  |  |  |  |  |  |  | 739,426 |  |  |  | 268,503 |
Average share price for the period |  |  |  |  |  |  |  | $ | 27.05 |  |  |  | $ | 28.44 |
Total cost of repurchases(1) |  |  |  |  |  |  |  | $ | 19,998 |  |  |  | $ | 7,637 |
Remaining plan capacity at the end of the period |  |  |  |  |  |  |  | $ | 9,808 |  |  |  | $ | 29,805 |
(1) Includes excise tax on repurchases, net of issuances for restricted stock awards.

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