EX-99.1 2 firstquarter2025investor.htm EX-99.1
Christopher J. McComish Chief Executive Officer Mark Kochvar Chief Financial Officer First Quarter 2025

Forward Looking Statements and Risk Factors 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, or ACL; cybersecurity 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; 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 in our Annual Report on Form 10-K for the year ended December 31, 2024, 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. Non-GAAP Financial Measures In addition to the traditional measures presented in accordance with Generally Accepted Accounting Principles (GAAP), S&T management uses and this presentation contains or references certain non-GAAP financial measures, such as net interest income on a fully taxable equivalent basis. S&T believes these non-GAAP financial measures provide information useful to investors in understanding our underlying business, operational performance and performance trends which facilitate comparisons with the performance of others in the financial services industry. Although S&T believes that these non-GAAP financial measures enhance investors’ understanding of S&T’s business and performance, these non-GAAP financial measures should not be considered an alternative 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 non-GAAP financial measures contained within this presentation should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K as well as the unaudited financial statements and analyses as presented in the respective Quarterly Reports in Exhibit 99.1 of Form 8-K for S&T Bancorp, Inc. and subsidiaries. 2

3 • Founded in Indiana, PA in 1902 • $9.7 billion in assets • $7.9 billion in deposits • $7.8 billion in loans • $1.4 billion market cap • Stock symbol: STBA Corporate Profile

Geographic Footprint 4 Serving more than 225,000 customers in Pennsylvania and Ohio Footprint comprises 9.6 million people and 215,000 businesses 1,200 team members providing award- winning customer satisfaction at more than 72 locations Akron Columbus Philadelphia Harrisburg Pittsburgh Indiana

Awards Award-winning performance and employee engagement 5 Forbes America’s Best Banks S&T was named on the Forbes America’s Best Banks list for a second consecutive year in 2025. This annual ranking is based on metrics measuring growth, credit quality and profitability, as well as stock performance. 2024 American Banker Best Banks to Work For S&T was named a 2024 American Banker Best Banks to Work For. This recognition was obtained through an in-depth employee survey conducted by the Best Companies Group and recognizes banks that do an exceptional job of providing employees with competitive benefits and a welcoming environment. 2025 USA Today Top Workplace S&T’s recognition as a Top Workplace is based on anonymous employee feedback from a research- based survey issued by Energage. Top Workplaces recognizes organizations that have created outstanding workplace cultures, and this marks the second time the Bank has won this award, first being named to the prestigious list in 2023. Forbes America’s Best Midsize Employers S&T was honored as one of America’s Best Midsize Employers by Forbes and Statista in 2023 and 2024. This annual ranking is based on a survey of more that 170,000 U.S.-based workers at American companies that were asked to rate their employer.

6 Strategic Path VALUES PURPOSE DRIVERS Our Shared Future represents a journey that began three years ago focused on building a foundation that enables profitable and sustainable growth.

Performance Drivers and Targets 7 Enterprise Risk Management Talent & Engagement Deposit Franchise Loans/Deposits below median Cost of Deposits below median Core Profitability PPNR/Avg Assets top quartile NIM above median Asset Quality NCO/Loans below median NPA/Loans & OREO below median Valuation Price/Tangible Book Value top quartile Total Shareholder Return top quartile Performance Drivers and Targets Goals Delivering long-term, sustainable financial performance (1) Targets are measured against our proxy peer group

Strategic Priorities Positioned to execute on customer growth strategies to improve operating leverage Maintain peer median asset quality enabling a greater focus on growth Strategically positioned to capitalize on targeted M&A opportunities

Loan Highlights • Commercial pipelines double the size from one year ago • Commercial Banking team grew 15% in 2024 • Asset quality improvement allowed us to focus on growth Future Opportunities • Continue expanding our business and commercial banking teams and capabilities • Growth opportunities in C&I, CRE and Business Banking • Emphasize home equity lending given the current market conditions 9 Organic Growth Positioned to execute on customer growth strategies to improve operating leverage (1) Median of proxy peer group. Peer data from S&P Global Market Intelligence. Deposit Highlights • Seventh consecutive quarter of customer deposit growth • Strong core deposit base with DDA comprising 28% of total deposits Future Opportunities • Treasury Management growth • Small Business/Business Banking opportunity • Enhance the customer experience using data analytics to further deepen relationships 5% better than peer1% better than peer (1)Peer

10 M&A Target Priorities • Existing or contiguous market expansion with institutions $1 ~ $6 billion in assets • Enhancement of deposit franchise • Access to growing markets • Alignment of cultures S&T Preparedness • Record levels of capital • Strong performer with solid return metrics • Infrastructure for growth • Foundation built for enhanced regulatory oversight • Strong leadership team blending legacy with new large-bank expertise • Industry leading employee engagement and customer loyalty Mergers & Acquisitions Strategically positioned to capitalize on targeted M&A opportunities

Asset Quality 11 0.23% 1.80% 2.92% (1) Median of proxy peer group. Peer data from S&P Global Market Intelligence. 1.32% 14.41% Maintain peer median asset quality enabling a greater focus on growth Asset Quality Highlights • Asset quality improvement positively impacted earnings in 1Q25 and 2024 with minimal provision for credit losses • Achieved peer median goal on criticized and classified loans • Nonperforming assets at manageable levels Future Opportunities • Maintain discipline while pursuing growth • Regionalization of credit teams to foster enhanced credit oversight and growth * Peer(1) (1)

12 First Quarter Overview RETURN METRICS EARNINGS Net Income $33.4 million *Refer to appendix for reconciliation of non-GAAP financial measures EPS $0.87 ROA 1.41% ROE 9.67% ROTE* 13.29% PPNR* 1.73% HIGHLIGHTS • Strong earnings and return metrics • NIM increase of 4 basis points to 3.81% • Securities repositioning positively impacting net interest income • Solid loan and deposit growth • Maintained solid asset quality metrics • Net loan recoveries and a negative $3.0 million provision for credit losses ACL 1.26% NCO (0.00)% ASSET QUALITY NPA 0.29% NIM* 3.81% Efficiency Ratio* 56.99% BALANCE SHEET Loan growth $93.4 million 4.89% (annualized) Deposit growth $109.8 million 5.72% (annualized) OTHER

PPNR / AVERAGE ASSETS * 2021 2022 2023 2024 1Q25 0.0% 0.6% 1.2% 1.8% 2.4% RETURN ON AVERAGE TANGIBLE EQUITY * 2021 2022 2023 2024 1Q25 0.0% 5.0% 10.0% 15.0% 20.0% RETURN ON AVERAGE ASSETS 2021 2022 2023 2024 1Q25 0.0% 0.4% 0.8% 1.2% 1.6% RETURN ON AVERAGE EQUITY 2021 2022 2023 2024 1Q25 0.0% 5.0% 10.0% 15.0% Performance 13 1.48% 1.41% 11.47% 9.30% 9.86% 1.62% 2.12% 1.77% 17.02% 13.85% (1) Median of proxy peer group. Peer data from S&P Global Market Intelligence. (*)Refer to appendix for reconciliation of non-GAAP financial measures. 1.56% 11.80% 17.15% 1.93% 1.73% 9.67% 13.84% 13.29% Peer(1) Peer(1) Peer(1) Peer(1) 1.37% 1.18%

14 Balance Sheet • Strong customer deposit growth of $134.7 million (7.23% annualized) • Reduction in borrowings of $55.0 million and brokered deposits of $24.9 million • Loan growth of $93.4 million (4.89% annualized) primarily commercial Dollars in millions 1Q25 4Q24 Var $ 212 $ 245 $ (33) 1,011 988 23 7,836 7,743 93 7,893 7,783 110 195 250 (55) (150) (100) (50) 0 50 100 150 Cash & Int Bear Bal Securities Loans Total Deposits Borrowings 1Q25 vs 4Q24: 1Q25 vs 4Q24 DEPOSIT CHANGES DECREASES/INCREASES

Loan Mix Our loan portfolio is well-diversified: Dollars in millions 15 Amount % of Total CRE $3,462 44% Consumer 2,474 32% C&I 1,520 19% Construction 380 5% Total $7,836 100%

Deposit Mix We have a strong, well-diversified deposit base of more than 200,000 customers: Dollars in millions 16 Amount % of Total DDA $2,164 28% MM 2,210 28% CDs 1,823 23% Savings 886 11% Int Bear DDA 810 10% Total $7,893 100% Amount % of Total Average Account Size (in $000) Average Age (in years) Personal $4,675 59% $18 12 Business 3,018 38% 75 10 Brokered 200 3% — — Total $7,893 100% $26 12 Brokered 1% Business 1% Brok 1%

17 FUNDING SOURCES Funding Capacity • Strong liquidity position with well-diversified deposit base • Significant funding availability through FHLB and Federal Reserve • Insured and collateralized municipal deposits comprise 70% of total deposits • Funding availability meets liquidity needs in both normal and stress environments Dollars in millions Capacity Used Available FHLB $2,036 $310 $1,726 Federal Reserve 2,098 — 2,098 Total Funding Sources $4,134 $310 $3,824 $3,824 $2,675 Available Funding Uninsured Deposits 143% INSURED/UNINSURED DEPOSITS

18 Asset Quality ACL Trend: Dollars in millions ASSET QUALITY TRENDS • ACL down 5 basis points to 1.26% compared to 1.31% at December 31, 2024 • Decrease in ACL related to a $4.2 million decline in specific reserves • NPAs decreased 7 basis points to 0.29% of total portfolio loans plus OREO • Actively monitoring economic environment % o f A verage Lo ans Net Loan Charge-Offs/(Recoveries) 1Q24 2Q24 3Q24 4Q24 1Q25 $(5) $0 $5 $10 $15 (0.30)% 0.00% 0.30% 0.60% 0.90% % o f Po rtfo lio Lo ans and O R EO Nonperforming Assets 1Q24 2Q24 3Q24 4Q24 1Q25 $0 $20 $40 $60 0.00% 0.25% 0.50% 0.75% % o f G ro ss Lo ans ACL 1Q24 2Q24 3Q24 4Q24 1Q25 $0 $20 $40 $60 $80 $100 $120 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50%

19 Net Interest Income Dollars in millions; *Refer to appendix for reconciliation of non-GAAP financial measures $83.5 $83.6 $84.5 $83.3 $83.3 3.84% 3.85% 3.82% 3.77% 3.81% 3.12% 3.16% 3.23% 3.26% 3.38% NII NIM FTE* Peer 1Q24 2Q24 3Q24 4Q24 1Q25 Total Cost of Funds 0.15% 0.05% 0.07% (0.11)% (0.12)% 2.19% 2.24% 2.31% 2.20% 2.08% Changes in Cost of Funds Cost of Funds 1Q24 2Q24 3Q24 4Q24 1Q25 • NIM increased 4 basis points • Cost of funds declined 12 basis points due to lower rates on deposits and reduced levels of borrowings and brokered CDs (1) Median of proxy peer group. Peer data from S&P Global Market Intelligence. (1)

20 1Q25 1Q25 vs 4Q24 1Q25 vs 1Q24 Debit and Credit Card $4.2 ($0.4) $— Service Charges 4.0 (0.2) 0.1 Wealth Management 3.1 (0.1) — Loss on Sale of Securities (2.3) 0.3 (2.3) Other 1.4 (0.3) (0.2) Noninterest Income $10.4 ($0.7) ($2.4) Noninterest Income Dollars in millions • Repositioned $193.6 million of securities over the past 4 quarters which will positively impact net interest income by $5.0 million in 2025 • Customer activity seasonally slower $12.8 $13.5 $14.1 $13.7 $12.7

21 1Q25 1Q25 vs 4Q24 1Q25 vs 1Q24 Salaries & Benefits $29.9 ($0.9) $0.3 Data Processing 4.9 (0.4) — Occupancy 4.3 0.5 0.4 FF&E 3.5 0.2 — Other Taxes 1.5 (0.8) (0.4) Marketing 1.6 — (0.3) Professional Services 1.3 0.2 (0.4) FDIC 1.0 — — Other 7.1 0.9 1.0 Noninterest Expense $55.1 ($0.3) $0.6 Noninterest Expense Dollars in millions; *Refer to appendix for reconciliation of non-GAAP financial measures • Expenses remain consistent • Salaries & benefits decreased primarily due to lower medical expense

22 Securities • Securities portfolio is only 10% of total assets • 100% of securities portfolio is classified as available for sale • Average duration of 3.9 years • AOCI of $54.4 million related to securities portfolio, if realized, would decrease CET1 ratio by 72 basis points from 14.67% to 13.95% SECURITIES MIX $1,011.1 Dollars in millions

23 Capital Dollars in millions; *Refer to appendix for reconciliation of non-GAAP financial measures TCE / TA* • We have strong capital levels and are well positioned for growth • TCE / TA higher from prior quarter due to lower AOCI and strong earnings 10.03% 10.21% 10.86% 10.82% 11.16% 1Q24 2Q24 3Q24 4Q24 1Q25

Income Statement 1Q25 2024 2023 2022 2021 (Dollars in thousands, except per share data) Net Interest Income $83,323 $334,806 $349,410 $315,783 $276,112 Noninterest Income 10,429 49,083 57,620 58,259 64,696 Total Revenue 93,752 383,889 407,030 374,042 340,808 Noninterest Expense 55,091 218,938 210,334 196,746 188,925 Provision for Credit Losses (3,040) 133 17,892 8,366 16,215 Net Income Before Taxes 41,701 164,818 178,804 168,930 135,668 Taxes 8,300 33,553 34,023 33,410 25,325 Net Income $33,401 $131,265 $144,781 $135,520 $110,343 Diluted Earnings per Share $0.87 $3.41 $3.74 $3.46 $2.81 Financial Data 24

Financial Data 25 Balance Sheet 1Q25 2024 2023 2022 2021 (Dollars in thousands) Total Securities $1,011,111 $987,591 $970,391 $1,002,778 $910,793 Cash and Interest-bearing Deposits 211,836 244,820 233,612 210,009 922,215 Total Net Loans 7,737,339 7,641,464 7,545,528 7,082,645 6,902,936 Other Assets 757,990 784,097 801,995 815,135 752,585 Total Assets $9,718,276 $9,657,972 $9,551,526 $9,110,567 $9,488,529 Total Deposits $7,892,933 $7,783,117 $7,521,769 $7,219,970 $7,996,524 Total Borrowed Funds 195,309 250,314 503,635 439,194 161,314 Other Liabilities 212,000 244,247 242,677 266,744 124,237 Equity 1,418,034 1,380,294 1,283,445 1,184,659 1,206,454 Total Liabilities & Equity $9,718,276 $9,657,972 $9,551,526 $9,110,567 $9,488,529

Net Interest Margin 1Q25 2024 2023 2022 2021 Securities - FTE(1) 3.59% 3.05% 2.61% 2.25% 2.18% Loans - FTE(1) 5.99% 6.24% 6.04% 4.50% 3.84% Total Interest-earning Assets - FTE(1) 5.70% 5.87% 5.64% 4.06% 3.37% Interest-bearing Deposits 2.77% 2.92% 1.92% 0.40% 0.20% Borrowings 5.01% 5.41% 5.59% 3.01% 1.49% Total Costing Liabilities 2.87% 3.09% 2.34% 0.49% 0.24% Net Interest Margin (FTE)(1) 3.81% 3.82% 4.13% 3.76% 3.22% Financial Data (1)Refer to appendix for reconciliation of non-GAAP financial measures 26

Financial Data 27 Loan Portfolio 1Q25 2024 2023 2022 2021 (Dollars in thousands) Commercial Real Estate $3,462,246 $3,388,017 $3,357,603 $3,128,187 $3,236,653 Commercial and Industrial 1,520,475 1,540,397 1,642,106 1,718,976 1,728,969 Commercial Construction 380,129 352,886 363,284 399,371 440,962 Total Commercial 5,362,850 5,281,300 5,362,993 5,246,534 5,406,584 Residential Mortgage 1,670,750 1,649,639 1,461,097 1,116,528 899,956 Home Equity 660,594 653,756 650,666 652,066 564,219 Installment and Other Consumer 98,165 104,757 114,897 124,896 107,928 Consumer Construction 43,990 53,506 63,688 43,945 21,303 Total Consumer 2,473,499 2,461,658 2,290,348 1,937,435 1,593,406 Total Portfolio Loans 7,836,349 7,742,958 7,653,341 7,183,969 6,999,990 Loans Held for Sale — — 153 16 1,522 Total Loans $7,836,349 $7,742,958 $7,653,494 $7,183,985 $7,001,512

Asset Quality 1Q25 2024 2023 2022 2021 (Dollars in thousands) Total Nonaccrual Loans $22,339 $27,937 $22,946 $19,052 $66,291 Nonaccrual Loans/Total Loans 0.29% 0.36% 0.30% 0.27% 0.95% Nonperforming Assets/Total Loans + OREO 0.29% 0.36% 0.30% 0.31% 1.13% Net Charge-offs/Average Loans(1) (—%) 0.11% 0.18% 0.04% 0.49% Allowance for Credit Losses/Total Portfolio Loans 1.26% 1.31% 1.41% 1.41% 1.41% Allowance for Credit Losses/Nonaccrual Loans 443% 363% 471% 532% 149% Financial Data 28(1) 1Q25 Annualized

Capital 1Q25 2024 2023 2022 2021 Tier 1 Leverage 12.09% 11.98% 11.21% 11.06% 9.74% Common Equity Tier 1 – Risk-Based Capital 14.67% 14.58% 13.37% 12.81% 12.03% Tier 1 – Risk-Based Capital 14.99% 14.90% 13.69% 13.21% 12.43% Total – Risk-Based Capital 16.57% 16.49% 15.27% 14.73% 13.79% Tangible Common Equity/Tangible Assets(1) 11.16% 10.82% 9.88% 9.24% 9.08% Financial Data 29 (1)Refer to appendix for reconciliation of non-GAAP financial measures

1Q25 (Dollars in thousands) Return on Average Tangible Shareholders' Equity (ROTE) (non-GAAP) Net income (annualized) $135,460 Plus: amortization of intangibles (annualized), net of tax 772 Net income before amortization of intangibles (annualized) $136,232 Average total shareholders' equity $1,400,999 Less: average goodwill and other intangible assets, net of deferred tax liability (375,741) Average tangible equity (non-GAAP) $1,025,258 Return on average tangible shareholders' equity (non-GAAP) 13.29 % Return on average tangible shareholders' equity is a key profitability metric used by management to measure financial performance. Pre-provision Net Revenue (PPNR)/Average Assets (non-GAAP) Income before taxes $41,701 Plus: net loss on sale of securities 2,295 Less: gain on Visa Class B-1 exchange — Plus: Provision for credit losses (3,040) Total $40,956 Total (annualized) (non-GAAP) $166,099 Average assets $9,626,661 PPNR/Average Assets (non-GAAP) 1.73 % Pre-provision net revenue to average assets is income before taxes adjusted to exclude provision for credit losses, losses on sale of securities and gain on Visa exchange. We believe this to be a preferred industry measurement to help evaluate our ability to fund credit losses or build capital. Appendix Definitions of GAAP to Non-GAAP Financial Measures 30

1Q25 4Q24 3Q24 2Q24 1Q24 (Dollars in thousands) Tangible Common Equity (TCE)/Tangible Assets (non-GAAP) Total shareholders' equity $1,418,034 $1,380,294 $1,375,754 $1,321,443 $1,295,074 Less: goodwill and other intangible assets, net of deferred tax liability (375,646) (375,837) (375,931) (376,154) (376,396) Tangible common equity (non-GAAP) $1,042,388 $1,004,457 $999,823 $945,289 $918,678 Total assets $9,718,276 $9,657,972 $9,583,947 $9,635,462 $9,539,103 Less: goodwill and other intangible assets, net of deferred tax liability (375,646) (375,837) (375,931) (376,154) (376,396) Tangible assets (non-GAAP) $9,342,630 $9,282,135 $9,208,016 $9,259,308 $9,162,707 Tangible common equity to tangible assets (non-GAAP) 11.16 % 10.82 % 10.86 % 10.21 % 10.03 % Tangible common equity to tangible assets is a preferred industry measurement to evaluate capital adequacy. Efficiency Ratio (non-GAAP) Noninterest expense $55,091 $55,445 $55,365 $53,608 $54,520 Net interest income $83,323 $83,258 $84,477 $83,594 $83,477 Plus: taxable equivalent adjustment 617 660 671 682 692 Net interest income (FTE) (non-GAAP) 83,940 83,918 85,148 84,276 84,169 Noninterest income 10,429 11,071 11,877 13,305 12,830 Plus: net loss (gain) on sale of securities 2,295 2,592 2,199 3,150 (3) Less: gain on Visa Class B-1 exchange — (186) (150) (3,156) — Net interest income (FTE) (non-GAAP) plus noninterest income $96,664 $97,395 $99,074 $97,575 $96,999 Efficiency ratio (non-GAAP) 56.99 % 56.93 % 55.88 % 54.94 % 56.21 % The efficiency ratio is noninterest expense divided by noninterest income plus net interest income, on an FTE basis (non-GAAP), adjusted to exclude losses (gains) on sale of securities and gain on Visa exchange. We believe the FTE basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice. Net Interest Margin Rate (NIM) (FTE) (non-GAAP) Interest income and dividend income $124,848 $127,879 $131,474 $128,765 $127,754 Less: interest expense (41,525) (44,621) (46,997) (45,171) (44,277) Net interest income 83,323 83,258 84,477 83,594 83,477 Plus: taxable equivalent adjustment 617 660 671 682 692 Net interest income (FTE) (non-GAAP) $83,940 $83,918 $85,148 $84,276 $84,169 Net interest income (FTE) (annualized) $340,423 $333,848 $338,741 $338,956 $338,526 Average interest-earning assets $8,899,485 $8,860,338 $8,875,757 $8,803,898 $8,801,163 Net interest margin (FTE) (non-GAAP) 3.81 % 3.77 % 3.82 % 3.85 % 3.84 % 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. Appendix Definitions of GAAP to Non-GAAP Financial Measures 31

1Q25 2024 2023 2022 2021 (Dollars in thousands) YTD Return on Average Tangible Shareholders' Equity (ROTE) (non-GAAP) Net income(1) $135,460 $131,265 $144,781 $135,520 $110,343 Plus: amortization of intangibles, net of tax(1) 772 904 1,042 1,199 1,400 Net income before amortization of intangibles(1) $136,232 $132,169 $145,823 $136,719 $111,743 Average total shareholders' equity $1,400,999 $1,330,870 $1,227,332 $1,181,788 $1,186,161 Less: average goodwill and other intangible assets, net of deferred tax liability (375,741) (376,181) (377,157) (378,303) (379,612) Average tangible equity (non-GAAP) $1,025,258 $954,689 $850,175 $803,485 $806,549 Return on average tangible shareholders’ equity (non-GAAP)(1) 13.29 % 13.84 % 17.15 % 17.02 % 13.85 % Return on average tangible shareholders' equity is a key profitability metric used by management to measure financial performance. Net Interest Margin Rate (NIM) (FTE) (Non-GAAP) Interest income and dividend income $124,848 $515,872 $477,901 $340,751 $289,262 Less: interest expense (41,525) (181,066) (128,491) (24,968) (13,150) Net interest income per consolidated statements of net income 83,323 334,806 349,410 315,783 276,112 Plus: taxable equivalent adjustment 617 2,706 2,550 2,052 2,316 Net interest income (FTE) (non-GAAP) $83,940 $337,512 $351,960 $317,835 $278,428 Average interest-earning assets $8,899,485 $8,835,468 $8,519,775 $8,445,958 $8,649,372 Net Interest Margin 3.79 % 3.79 % 4.10 % 3.74 % 3.19 % Adjustment to FTE basis 0.03 % 0.03 % 0.03 % 0.02 % 0.03 % Net Interest Margin (FTE) (non-GAAP) 3.81 % 3.82 % 4.13 % 3.76 % 3.22 % 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. Appendix Definitions of GAAP to Non-GAAP Financial Measures 32 (1) 1Q25 YTD Annualized

1Q25 2024 2023 2022 2021 (Dollars in thousands) YTD PPNR/Average Assets (Non-GAAP) Income before taxes $41,701 $164,818 $178,804 $168,930 $135,668 Less: net losses (gains) on sale of securities 2,295 7,938 — (198) (29) Less: gain on Visa Class B-1 exchange — (3,492) — — — Plus: provision for credit losses (3,040) 133 17,892 8,366 16,215 Total adjusted income before taxes (non-GAAP) $40,956 $169,397 $196,696 $177,098 $151,854 Total adjusted income before taxes (annualized) (non-GAAP)(1) $166,099 $169,397 $196,696 $177,098 $151,854 Average assets $9,626,661 $9,572,834 $9,276,256 $9,167,038 $9,375,850 PPNR/Average Assets (non-GAAP)(1) 1.73 % 1.77 % 2.12 % 1.93 % 1.62 % Pre-provision net revenue to average assets is income before taxes adjusted to exclude provision for credit losses, losses (gains) on sale of securities and gain on Visa exchange. We believe this to be a preferred industry measurement to help evaluate our ability to fund credit losses or build capital. Tangible Common Equity (TCE)/Tangible Assets (non-GAAP) Total shareholders' equity $1,418,034 $1,380,294 $1,283,445 $1,184,659 $1,206,454 Less: goodwill and other intangible assets, net of deferred tax liability (375,646) (375,837) (376,631) (377,673) (378,871) Tangible common equity (non-GAAP) $1,042,388 $1,004,457 $906,814 $806,986 $827,583 Total assets $9,718,276 $9,657,972 $9,551,526 $9,110,567 $9,488,529 Less: goodwill and other intangible assets, net of deferred tax liability (375,646) (375,837) (376,631) (377,673) (378,871) Tangible assets (non-GAAP) $9,342,630 $9,282,135 $9,174,895 $8,732,894 $9,109,658 Tangible common equity to tangible assets (non-GAAP) 11.16 % 10.82 % 9.88 % 9.24 % 9.08 % Tangible common equity to tangible assets is a preferred industry measurement to evaluate capital adequacy. Appendix Definitions of GAAP to Non-GAAP Financial Measures 33(1) 1Q25 YTD Annualized

1Q25 2024 2023 2022 2021 (Dollars in thousands) YTD Interest and Dividend Income Interest-bearing deposits with banks $1,416 $8,855 $7,344 $2,952 $973 Securities 8,875 29,665 25,207 22,449 17,432 Loans 114,891 476,083 442,675 314,774 270,460 Other earning assets 283 1,269 2,675 576 397 Total Interest and Dividend Income $125,465 $515,872 $477,901 $340,751 $289,262 NIM - Securities (FTE) (Non-GAAP) Interest income $8,831 $29,665 $25,207 $22,449 $17,432 Plus: taxable equivalent adjustment 44 195 238 431 703 Interest income (FTE) (non-GAAP) $8,875 $29,860 $25,445 $22,880 $18,135 Interest income (FTE) (annualized)(1) $35,993 $29,860 $25,445 $22,880 $18,135 Average interest-earning assets $990,414 $977,896 $976,095 $1,017,471 $832,304 Net Interest Margin(1) 3.58 % 3.03 % 2.58 % 2.21 % 2.09 % Adjustment to FTE basis(1) 0.01 % 0.02 % 0.03 % 0.04 % 0.09 % Net Interest Margin (FTE) (non-GAAP)(1) 3.59 % 3.05 % 2.61 % 2.25 % 2.18 % NIM - Loans (FTE) (Non-GAAP) Interest income $114,273 $476,083 $442,675 $314,774 $270,460 Plus: taxable equivalent adjustment 617 2,511 2,312 1,621 1,613 Interest income (FTE) (non-GAAP) $114,890 $478,594 $444,987 $316,395 $272,073 Interest income (FTE) (annualized)(1) $465,943 $478,594 $444,987 $316,395 $272,073 Average interest-earning assets $7,763,564 $7,673,691 $7,363,738 $7,037,471 $7,084,649 Net Interest Margin(1) 5.96 % 6.20 % 6.01 % 4.47 % 3.82 % Adjustment to FTE basis(1) 0.03 % 0.04 % 0.03 % 0.03 % 0.02 % Net Interest Margin (FTE) (non-GAAP)(1) 5.99 % 6.24 % 6.04 % 4.50 % 3.84 % NIM - Total Interest-earning Assets (FTE) (Non-GAAP) Average interest-earning assets $8,899,485 $8,835,468 $8,519,775 $8,445,958 $8,649,372 Net Interest Margin(1) 5.67 % 5.84 % 5.61 % 4.03 % 3.34 % Adjustment to FTE basis(1) 0.03 % 0.03 % 0.03 % 0.03 % 0.03 % Net Interest Margin (FTE) (non-GAAP)(1) 5.70 % 5.87 % 5.64 % 4.06 % 3.37 % The FTE basis (non-GAAP) adjusts for the tax benefit of income on certain tax-exempt loans and securities using the federal statutory 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. Appendix Definitions of GAAP to Non-GAAP Financial Measures 34(1) 1Q25 YTD Annualized

Christopher J. McComish Chief Executive Officer Mark Kochvar Chief Financial Officer First Quarter 2025