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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 March 31, 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 - 38,235,882 shares as of April 30, 2024



S&T BANCORP, INC. AND SUBSIDIARIES




1

S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2024December 31, 2023
(in thousands, except share and per share data)(Unaudited)(Audited)
ASSETS
Cash and due from banks, including interest-bearing deposits of $143,927 and $160,802 at March 31, 2024 and December 31, 2023
$207,462 $233,612 
Securities available for sale, at fair value970,728 970,391 
Loans held for sale 153 
Portfolio loans, net of unearned income7,656,034 7,653,341 
Allowance for credit losses(104,802)(107,966)
Portfolio loans, net7,551,232 7,545,375 
Bank owned life insurance83,900 84,008 
Premises and equipment, net47,956 49,006 
Federal Home Loan Bank and other restricted stock, at cost13,703 25,082 
Goodwill373,424 373,424 
Other assets290,698 270,475 
Total Assets$9,539,103 $9,551,526 
LIABILITIES
Deposits:
Noninterest-bearing demand$2,188,927 $2,221,942 
Interest-bearing demand848,729 825,787 
Money market1,882,157 1,941,842 
Savings936,056 950,546 
Certificates of deposit1,744,478 1,581,652 
Total Deposits7,600,347 7,521,769 
Short-term borrowings285,000 415,000 
Long-term borrowings39,156 39,277 
Junior subordinated debt securities49,373 49,358 
Other liabilities270,153 242,677 
Total Liabilities8,244,029 8,268,081 
SHAREHOLDERS’ EQUITY
Common stock ($2.50 par value)
Authorized—50,000,000 shares
Issued—41,449,444 shares at March 31, 2024 and December 31, 2023
Outstanding—38,233,280 shares at March 31, 2024 and 38,232,806 shares at December 31, 2023
103,623 103,623 
Additional paid-in capital409,857 409,034 
Retained earnings977,195 959,604 
Accumulated other comprehensive loss(97,697)(90,901)
Treasury stock — 3,216,164 shares at March 31, 2024 and 3,216,638 shares at December 31, 2023, at cost
(97,904)(97,915)
Total Shareholders’ Equity1,295,074 1,283,445 
Total Liabilities and Shareholders’ Equity$9,539,103 $9,551,526 
See Notes to Consolidated Financial Statements
2

S&T BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended March 31,
(dollars in thousands, except per share data)20242023
INTEREST AND DIVIDEND INCOME
Loans, including fees$118,577 $102,724 
Investment Securities:
Taxable8,595 7,457 
Tax-exempt193 214 
Dividends389 508 
Total Interest and Dividend Income
127,754 110,903 
INTEREST EXPENSE
Deposits36,662 14,903 
Borrowings, junior subordinated debt securities and other7,615 7,209 
Total Interest Expense
44,277 22,112 
NET INTEREST INCOME
83,477 88,791 
Provision for credit losses2,627 922 
Net Interest Income After Provision for Credit Losses
80,850 87,869 
NONINTEREST INCOME
Debit and credit card4,235 4,373 
Service charges on deposit accounts3,828 4,076 
Wealth management3,042 2,948 
Mortgage banking277 301 
Other1,448 1,492 
Total Noninterest Income
12,830 13,190 
NONINTEREST EXPENSE
Salaries and employee benefits29,512 27,601 
Data processing and information technology4,954 4,258 
Occupancy3,870 3,835 
Furniture, equipment and software3,472 2,861 
Marketing1,943 1,853 
Other taxes1,871 1,790 
Professional services and legal1,720 1,821 
FDIC insurance1,049 1,012 
Other6,129 6,668 
Total Noninterest Expense
54,520 51,699 
Income Before Taxes
39,160 49,360 
Income tax expense7,921 9,561 
Net Income
$31,239 $39,799 
Earnings per share—basic$0.82 $1.02 
Earnings per share—diluted$0.81 $1.02 
Dividends declared per share$0.33 $0.32 
Comprehensive Income
$24,443 $55,266 
See Notes to Consolidated Financial Statements
3

S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)

Three Months Ended March 31, 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 three months ended March 31, 2023— — 39,799 — — 39,799 
Other comprehensive income, net of tax— — — 15,467 — 15,467 
Impact of adoption of ASU 2022-02— — (447)— — (447)
Cash dividends declared ($0.32 per share)
— — (12,494)— — (12,494)
Forfeitures of restricted stock awards (1,577 shares)
— — 34 — (53)(19)
Recognition of restricted stock compensation expense— 830 — — — 830 
Balance at March 31, 2023$103,623 $407,113 $890,840 $(96,658)$(77,123)$1,227,795 
See Notes to Consolidated Financial Statements
Three months ended March 31, 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 three months ended March 31, 2024— — 31,239 — — 31,239 
Other comprehensive loss, net of tax— — — (6,796)— (6,796)
Impact of adoption of ASU 2023-02— — (1,002)— — (1,002)
Cash dividends declared ($0.33 per share)
— — (12,661)— — (12,661)
Treasury stock issued for restricted stock awards (2,062 shares)
— (63)— — 63  
Forfeitures of restricted stock awards (1,588 shares)
— — 15 — (52)(37)
Recognition of restricted stock compensation expense— 886 — — — 886 
Balance at March 31, 2024$103,623 $409,857 $977,195 $(97,697)$(97,904)$1,295,074 
See Notes to Consolidated Financial Statements
4

S&T BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended March 31,
(dollars in thousands)20242023
OPERATING ACTIVITIES
Net Cash Provided by Operating Activities
$46,378 $44,255 
INVESTING ACTIVITIES
Purchases of securities(34,243)(11,226)
Proceeds from maturities, prepayments and calls of securities27,018 28,140 
Proceeds from sales of securities74  
Redemption (purchases) of Federal Home Loan Bank stock
11,379 (7,227)
Net increase in loans
(18,004)(63,646)
Proceeds from sale of portfolio loans8,923 1,947 
Purchases of premises and equipment(643)(1,439)
Proceeds from the sale of premises and equipment110 57 
Proceeds from life insurance settlement584  
Net payments from cash flow hedge(3,536)(2,351)
Net Cash Used in Investing Activities
(8,338)(55,745)
FINANCING ACTIVITIES
Net decrease in demand, money market and savings deposits
(84,247)(307,521)
Net increase in certificates of deposit
162,831 240,664 
Net (decrease) increase in short-term borrowings
(130,000)125,000 
Repayments on long-term borrowings(121)(113)
Repurchase of shares for taxes on restricted stock(37)(19)
Cash dividends paid to common shareholders(12,616)(12,378)
Net Cash (Used in) Provided by Financing Activities
(64,190)45,633 
Net (decrease) increase in cash and due from banks
(26,150)34,143 
Cash and due from banks at beginning of period233,612 210,009 
Cash and Due From Banks at End of Period$207,462 $244,152 
Supplemental Disclosures
Right of use assets obtained in exchange for lease obligations$ $1,270 
Cash paid for interest$40,656 $18,095 
Cash paid for income taxes, net of refunds$140 $(7)
Transfers of loans to other real estate owned$65 $11 
See Notes to Consolidated Financial Statements


5

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 results of operations or financial condition.
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 FASB issued 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 are 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 proportional amortization method 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.
6

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 two-class method was used to determine EPS for the three months ended March 31, 2024 and the treasury stock method was used to determined earnings per share for the three months ended March 31, 2023.
The following table reconciles the numerators and denominators of basic and diluted EPS calculations for the periods presented:
Three months ended March 31,
(in thousands, except share and per share data)20242023
Numerator for Earnings per Share—Basic and Diluted:
Net income—Treasury Stock Method—Basic and Diluted
$31,239 $39,799 
Less: Income allocated to participating shares12 45 
Net Income Allocated to Shareholders—Two-Class Method—Basic and Diluted
$31,227 $39,754 
Denominator for Earnings per Share—Treasury Stock Method—Basic and Diluted:
Weighted Average Shares Outstanding—Basic38,192,235 38,865,669 
Add: Potentially dilutive shares239,514 166,393 
Denominator for Treasury Stock Method—Diluted38,431,749 39,032,062 
Denominator for Earnings per Share—Two-Class Method—Basic and Diluted:
Weighted Average Shares Outstanding—Basic38,192,235 38,865,669 
Add: Average participating shares outstanding225,850 108,991 
Denominator for Two-Class Method—Diluted38,418,085 38,974,660 
Earnings per share—basic$0.82 $1.02 
Earnings per share—diluted$0.81 $1.02 
Restricted stock considered anti-dilutive excluded from potentially dilutive shares71 1,133 
7

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 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 months ended March 31, 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.
8

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:
March 31, 2024
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities$132,586 $ $ $132,586 
Obligations of U.S. government corporations and agencies 32,593  32,593 
Collateralized mortgage obligations of U.S. government corporations and agencies 467,198  467,198 
Residential mortgage-backed securities of U.S. government corporations and agencies 36,662  36,662 
Commercial mortgage-backed securities of U.S. government corporations and agencies 275,749  275,749 
Obligations of states and political subdivisions 25,005  25,005 
Total Available-for-Sale Debt Securities132,586 837,207  969,793 
Equity securities935   935 
Total Securities Available for Sale133,521 837,207  970,728 
Securities held in a deferred compensation plan10,257   10,257 
Derivative financial assets:
Interest rate swaps - commercial loans 72,093  72,093 
Total Assets$143,778 $909,300 $ $1,053,078 
LIABILITIES
Derivative financial liabilities:
Interest rate swaps - commercial loans$ $72,578 $ $72,578 
Interest rate swaps - cash flow hedge 18,404  18,404 
Total Liabilities$ $90,982 $ $90,982 

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 swaps - commercial loans 63,018  63,018 
Total Assets$144,195 $898,613 $ $1,042,808 
LIABILITIES
Derivative financial liabilities:
Interest rate swaps - commercial loans$ $63,554 $ $63,554 
Interest rate swaps - cash flow hedge 14,739  14,739 
Total Liabilities$ $78,293 $ $78,293 
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 either March 31, 2024 or December 31, 2023. There were no Level 3 assets measured at fair
9

S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
value on a nonrecurring basis as of March 31, 2024 or December 31, 2023. There was one Level 2 individually assessed loan measured at fair value on a nonrecurring basis for $13.4 million at March 31, 2024 and $5.9 million at December 31, 2023.
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 March 31, 2024
(dollars in thousands)TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$207,462 $207,462 $207,462 $ $ 
Securities available for sale970,728 970,728 133,521 837,207  
Portfolio loans, net7,551,232 7,247,276   7,247,276 
Collateral receivable6,770 6,770 6,770   
Securities held in a deferred compensation plan10,257 10,257 10,257   
Mortgage servicing rights6,153 8,809   8,809 
Interest rate swaps - commercial loans72,093 72,093  72,093  
LIABILITIES
Deposits$7,600,347 $7,588,523 $5,855,869 $1,732,654 $ 
Collateral payable58,587 58,587 58,587   
Short-term borrowings285,000 284,631  284,631  
Long-term borrowings39,156 38,924  38,924  
Junior subordinated debt securities49,373 49,373  49,373  
Interest rate swaps - commercial loans72,578 72,578  72,578  
Interest rate swaps - cash flow hedge18,404 18,404  18,404  
(1) As reported in the Consolidated Balance Sheets
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
10

S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4. SECURITIES
The following table presents the fair values of our securities portfolio at the dates presented:
(dollars in thousands)March 31, 2024December 31, 2023
Debt securities$969,793 $969,308 
Equity securities935 1,083 
Total Securities Available for Sale$970,728 $970,391 
The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented:
 March 31, 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$144,009 $ $(11,423)$132,586 $144,292 $ $(10,506)$133,786 
Obligations of U.S. government corporations and agencies33,302  (709)32,593 33,342  (829)32,513 
Collateralized mortgage obligations of U.S. government corporations and agencies517,555 405 (50,762)467,198 507,942 1,068 (48,071)460,939 
Residential mortgage-backed securities of U.S. government corporations and agencies43,714 4 (7,056)36,662 44,707 7 (6,537)38,177 
Commercial mortgage-backed securities of U.S. government corporations and agencies293,868 214 (18,333)275,749 290,775 458 (17,808)273,425 
Obligations of states and political subdivisions25,133  (128)25,005 30,255 213  30,468 
Total Available-for-Sale Debt Securities(1)
$1,057,581 $623 $(88,411)$969,793 $1,051,313 $1,746 $(83,751)$969,308 
(1) Excludes interest receivable of $3.4 million at March 31, 2024 and $3.8 million at December 31, 2023. Interest receivable is included in other assets in the Consolidated Balance Sheets.

11

S&T BANCORP, INC. AND SUBSIDIARIES
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:
March 31, 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 securities1$9,956 $(119)13$122,630 $(11,304)14$132,586 $(11,423)
Obligations of U.S. government corporations and agencies  532,593 (709)532,593 (709)
Collateralized mortgage obligations of U.S. government corporations and agencies874,366 (741)