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S&T Bancorp
STBA
#5116
Rank
A$2.63 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
A$74.60
Share price
0.47%
Change (1 day)
24.65%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. S&T Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q3

S&T Bancorp - 10-Q quarterly report FY2026 Q3


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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 September 30, 2026
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 StreetIndianaPA15701
(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 practicable date.
Common Stock, $2.50 Par Value - 35,266,564 shares as of November 3, 2026


S&T BANCORP, INC. AND SUBSIDIARIES
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1
S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, 2026December 31, 2025
(in thousands, except share and per share data)(Unaudited)(Audited)
ASSETS
Cash and due from banks, including interest-bearing deposits of $127,771 and $106,286 at September 30, 2026 and December 31, 2025
$192,223 $163,436 
Securities available for sale, at fair value984,444 987,659 
Loans held for sale574 1,010 
Portfolio loans, net of unearned income8,054,019 8,071,957 
Allowance for credit losses(93,252)(93,178)
Portfolio loans, net7,960,767 7,978,779 
Bank owned life insurance87,205 85,421 
Premises and equipment, net42,468 43,855 
Federal Home Loan Bank and other restricted stock, at cost14,318 16,030 
Goodwill373,424 373,424 
Other intangible assets, net1,707 2,251 
Other assets232,361 219,115 
Total Assets$9,889,491 $9,870,980 
LIABILITIES
Deposits:
Noninterest-bearing demand$2,223,912 $2,160,645 
Interest-bearing demand771,052 790,278 
Money market2,186,099 2,196,998 
Savings873,656 862,118 
Certificates of deposit2,009,172 1,948,792 
Total Deposits8,063,891 7,958,831 
Short-term borrowings165,000 165,000 
Long-term borrowings751 50,815 
Junior subordinated debt securities49,523 49,478 
Other liabilities202,992 182,979 
Total Liabilities8,482,157 8,407,103 
SHAREHOLDERS’ EQUITY
Common stock ($2.50 par value)
Authorized—50,000,000 shares
Issued—41,449,444 shares at September 30, 2026 and December 31, 2025
Outstanding—35,266,564 shares at September 30, 2026 and 37,402,705 shares at December 31, 2025
103,623 103,623 
Additional paid-in capital412,388 412,969 
Retained earnings1,190,828 1,120,297 
Accumulated other comprehensive loss(72,651)(41,707)
Treasury stock — 6,182,880 shares at September 30, 2026 and 4,046,739 shares at December 31, 2025, at cost
(226,854)(131,305)
Total Shareholders’ Equity1,407,334 1,463,877 
Total Liabilities and Shareholders’ Equity$9,889,491 $9,870,980 
See Notes to Condensed Consolidated Financial Statements
2
S&T BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands, except per share data)2026202520262025
INTEREST AND DIVIDEND INCOME
Loans, including fees$120,227 $120,321 $352,481 $352,357 
Investment Securities:
Taxable11,194 10,994 32,710 31,913 
Tax-exempt51 34 119 226 
Dividends280 274 834 881 
Total Interest and Dividend Income
131,752 131,623 386,144 385,377 
INTEREST EXPENSE
Deposits36,372 39,864 107,457 117,274 
Borrowings, junior subordinated debt securities and other2,250 2,518 6,741 8,967 
Total Interest Expense
38,622 42,382 114,198 126,241 
NET INTEREST INCOME
93,130 89,241 271,946 259,136 
Provision for credit losses1,411 2,792 3,850 1,726 
Net Interest Income After Provision for Credit Losses
91,719 86,449 268,096 257,410 
NONINTEREST INCOME
Net gain (loss) on sale of securities
— — 169 (2,295)
Debit and credit card4,764 4,722 13,742 13,498 
Service charges on deposit accounts4,456 4,175 12,942 12,227 
Investment services and trust3,727 3,118 10,659 9,244 
Other1,716 1,748 5,653 5,018 
Total Noninterest Income
14,663 13,763 43,165 37,692 
NONINTEREST EXPENSE
Salaries and employee benefits32,654 32,180 96,690 94,940 
Data processing and information technology5,036 4,901 15,357 14,678 
Occupancy3,990 4,014 12,656 12,340 
Furniture, equipment and software3,644 3,225 10,660 10,060 
Other taxes2,196 2,088 6,032 5,670 
Marketing1,325 1,255 4,668 4,360 
Professional services and legal1,432 1,199 3,963 4,224 
FDIC insurance1,080 1,071 3,227 3,173 
Other6,284 6,443 19,759 20,136 
Total Noninterest Expense
57,641 56,376 173,012 169,581 
Income Before Taxes
48,741 43,836 138,249 125,521 
Income tax expense10,138 8,874 27,931 25,258 
Net Income
$38,603 $34,962 $110,318 $100,263 
Earnings per share—basic$1.09 $0.91 $3.07 $2.62 
Earnings per share—diluted$1.09 $0.91 $3.04 $2.60 
Dividends declared per share$0.37 $0.34 $1.10 $1.02 
Comprehensive Income
$15,297 $42,174 $79,374 $132,065 
See Notes to Condensed Consolidated Financial Statements
3
S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)

Three Months Ended September 30, 2025
(dollars in thousands, except share and per share data)Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive Income (Loss)		Treasury
Stock		Total
Balance at June 30, 2025$103,623 $410,891 $1,078,166 $(52,402)$(94,785)$1,445,493 
Net income for the three months ended September 30, 2025— — 34,962 — — 34,962 
Other comprehensive income, net of tax— — — 7,212 — 7,212 
Cash dividends declared ($0.34 per share)
— — (13,100)— — (13,100)
Treasury stock issued for restricted stock awards, net of forfeitures (5,052 shares)
— (230)— — 101 (129)
Recognition of restricted stock compensation expense— 1,028 — — — 1,028 
Balance at September 30, 2025$103,623 $411,689 $1,100,028 $(45,190)$(94,684)$1,475,466 
See Notes to Condensed Consolidated Financial Statements
Three Months Ended September 30, 2026
(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 June 30, 2026$103,623 $411,087 $1,165,350 $(49,345)$(226,900)$1,403,815 
Net income for the three months ended September 30, 2026— — 38,603 — — 38,603 
Other comprehensive loss, net of tax— — — (23,306)— (23,306)
Cash dividends declared ($0.37 per share)
— — (13,125)— — (13,125)
Treasury stock issued for restricted stock awards, net of forfeitures (1,628 shares)
— (98)— — 46 (52)
Recognition of restricted stock compensation expense— 1,399 — — — 1,399 
Balance at September 30, 2026$103,623 $412,388 $1,190,828 $(72,651)$(226,854)$1,407,334 
See Notes to Condensed Consolidated Financial Statements
4
S&T BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited)
Nine Months Ended September 30, 2025
(dollars in thousands, except share and per share data)Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive Income (Loss)		Treasury
Stock		Total
Balance at January 1, 2025$103,623 $411,785 $1,039,035 $(76,992)$(97,157)$1,380,294 
Net income for the nine months ended September 30, 2025— — 100,263 — — 100,263 
Other comprehensive income, net of tax— — — 31,802 — 31,802 
Cash dividends declared ($1.02 per share)
— — (39,270)— — (39,270)
Treasury stock issued for restricted stock awards, net of forfeitures (91,051 shares)
— (4,138)— — 2,473 (1,665)
Recognition of restricted stock compensation expense— 4,042 — — — 4,042 
Balance at September 30, 2025$103,623 $411,689 $1,100,028 $(45,190)$(94,684)$1,475,466 
See Notes to Condensed Consolidated Financial Statements
Nine Months Ended September 30, 2026
(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, 2026$103,623 $412,969 $1,120,297 $(41,707)$(131,305)$1,463,877 
Net income for the nine months ended September 30, 2026— — 110,318 — — 110,318 
Other comprehensive loss, net of tax— — — (30,944)— (30,944)
Cash dividends declared ($1.10 per share)
— — (39,787)— — (39,787)
Treasury stock issued for restricted stock awards, net of forfeitures (84,883 shares)
— (4,498)— — 2,712 (1,786)
Repurchase of S&T Stock (2,221,024 shares)
— — — — (98,261)(98,261)
Recognition of restricted stock compensation expense— 3,917 — — — 3,917 
Balance at September 30, 2026$103,623 $412,388 $1,190,828 $(72,651)$(226,854)$1,407,334 
See Notes to Condensed Consolidated Financial Statements
5
S&T BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
(dollars in thousands)20262025
OPERATING ACTIVITIES
Net Cash Provided by Operating Activities
$138,235 $98,846 
INVESTING ACTIVITIES
Purchases of securities(168,962)(122,905)
Proceeds from maturities, prepayments and calls of securities99,895 95,298 
Proceeds from sales of securities33,042 47,038 
Redemptions of Federal Home Loan Bank stock
1,712 189 
Net decrease (increase) in loans
4,937 (241,450)
Proceeds from sale of portfolio loans8,464 275 
Purchases of premises and equipment, net of proceeds from sales
(3,030)(3,520)
Net payments from cash flow hedge(1,673)(5,212)
Net Cash Used in Investing Activities
(25,615)(230,287)
FINANCING ACTIVITIES
Net increase in demand, money market and savings deposits
44,680 81,170 
Net increase in certificates of deposit
60,380 57,656 
Net decrease in short-term borrowings
— (15,000)
Repayments on long-term borrowings(50,064)(60)
Repurchase of shares for taxes on restricted stock(1,786)(1,665)
Cash dividends paid to common shareholders(39,754)(39,252)
Repurchase of common stock(97,289)— 
Net Cash (Used in) Provided by Financing Activities
(83,833)82,849 
Net increase (decrease) in cash and due from banks
28,787 (48,592)
Cash and due from banks at beginning of period163,436 244,820 
Cash and Due From Banks at End of Period$192,223 $196,228 
Supplemental Disclosures
Right of use assets obtained in exchange for lease obligations$— $2,400 
Cash paid for interest$116,438 $130,566 
Cash paid for federal income taxes, net of refunds$21,500 $16,950 
Cash paid for state income taxes, net of refunds
$603 $990 
See Notes to Condensed Consolidated Financial Statements

6
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. BASIS OF PRESENTATION
Principles of Consolidation
The interim Condensed 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 Condensed 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, 2025, or 2025 Form 10-K, filed with the Securities and Exchange Commission, or SEC. 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 condensed consolidated financial statements.
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.
Segments

We have one operating segment, Community Banking, based upon our current reporting structure at the consolidated level. The chief operating decision maker, or CODM, uses consolidated net income when allocating resources and making operating decisions. The accounting policies used to measure the profit and loss of the Community Banking segment are the same as those described in the summary of significant accounting policies in our 2025 Form 10-K. The CODM does not review segment revenue or expense information at a lower level than what is included in our Condensed Consolidated Statements of Comprehensive Income. Expenses included within other expenses in the Condensed Consolidated Statements of Comprehensive Income include loan related expenses, travel and entertainment, contributions and insurance expenses.
7
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Recently Adopted Accounting Standards Updates, or ASUs
There were no recently adopted accounting standards updates in the third quarter of 2026.
Recently Issued Accounting Standards Not Yet Adopted
Income Statement (Subtopic 220-40)—Reporting Comprehensive Income—Expense Disaggregation Disclosures
In November 2024, the FASB issued ASU 2024-03, Income Statement (Subtopic 220-40)—Reporting Comprehensive Income—Expense Disaggregation Disclosures to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. This ASU will not impact our consolidated financial statements and we are currently evaluating the impact of the new disclosure requirements.
Interim Reporting (Topic 270)—Narrow-Scope Improvements
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270)—Narrow-Scope Improvements to improve the navigability of the required interim disclosures and clarify when the guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The amendments add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this update are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods beginning after December 15, 2028. Early adoption is permitted. This ASU is not expected to have a material impact on disclosures.
NOTE 2. EARNINGS PER SHARE
The treasury stock method was used to determine earnings per share for the three and nine months ended September 30, 2026 and 2025. The following table reconciles the numerators and denominators of basic and diluted EPS calculations for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except share and per share data)2026202520262025
Numerator for Earnings per Share—Basic and Diluted:
Net income$38,603 $34,962 $110,318 $100,263 
Denominator for Earnings per Share:
Weighted Average Shares Outstanding—Basic35,265,655 38,346,949 35,940,709 38,315,498 
Add: Potentially dilutive shares293,644 248,169 302,675 295,543 
Denominator—Diluted35,559,299 38,595,118 36,243,384 38,611,041 
Earnings per share—basic$1.09 $0.91 $3.07 $2.62 
Earnings per share—diluted$1.09 $0.91 $3.04 $2.60 
Restricted stock considered anti-dilutive excluded from potentially dilutive shares160 3 126 20 
8
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED 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, securities held in a deferred compensation plan 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, loans individually evaluated, 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 and nine months ended September 30, 2026. Refer to Note 1. Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in our 2025 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.
9
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED 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:
September 30, 2026
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities$53,656 $— $— $53,656 
Collateralized mortgage obligations of U.S. government corporations and agencies(1)
— 615,490 — 615,490 
Residential mortgage-backed securities of U.S. government corporations and agencies(1)
— 29,619 — 29,619 
Commercial mortgage-backed securities of U.S. government corporations— 279,277 — 279,277 
Obligations of states and political subdivisions— 4,845 — 4,845 
Total Available-for-Sale Debt Securities53,656 929,231 — 982,887 
Equity securities1,557 — — 1,557 
Total Securities Available for Sale55,213 929,231 — 984,444 
Securities held in a deferred compensation plan12,262 — — 12,262 
Derivative financial assets:
Interest rate swap contracts - commercial loans— 46,111 — 46,111 
Interest rate lock commitments - mortgage loans— — 13 13 
Total Assets$67,475 $975,342 $13 $1,042,830 
LIABILITIES
Derivative financial liabilities:
Interest rate swap contracts - commercial loans$— $46,278 $— $46,278 
Interest rate lock commitments - mortgage loans— — 18 18 
Interest rate swap contracts - cash flow hedge— 1,094 — 1,094 
Total Liabilities$— $47,372 $18 $47,390 
(1)Collateralized mortgage obligations and residential mortgage-backed securities consist primarily of securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae.

December 31, 2025
(dollars in thousands)Level 1Level 2Level 3Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities$84,507 $— $— $84,507 
Collateralized mortgage obligations of U.S. government corporations and agencies(1)
— 624,263 — 624,263 
Residential mortgage-backed securities of U.S. government corporations and agencies(1)
— 31,336 — 31,336 
Commercial mortgage-backed securities of U.S. government corporations— 241,262 — 241,262 
Obligations of states and political subdivisions— 4,909 — 4,909 
Total Available-for-Sale Debt Securities84,507 901,770 — 986,277 
Equity securities1,382 — — 1,382 
Total Securities Available for Sale85,889 901,770 — 987,659 
Securities held in a deferred compensation plan14,212 — — 14,212 
Derivative financial assets:
Interest rate swap contracts - commercial loans— 33,669 — 33,669 
Interest rate lock commitments - mortgage loans— — 81 81 
Total Assets$100,101 $935,439 $81 $1,035,621 
LIABILITIES
Derivative financial liabilities:
Interest rate swap contracts - commercial loans$— $33,990 $— $33,990 
Interest rate swap contracts - cash flow hedge— 2,024 — 2,024 
Total Liabilities$— $36,014 $— $36,014 
(1)Collateralized mortgage obligations and residential mortgage-backed securities consist primarily of securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae.
10
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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. These assets and liabilities are recorded at the lower of cost or fair value in our consolidated financial statements and are remeasured only when events or circumstances indicate impairment. At September 30, 2026, individually evaluated loans of $7.8 million were measured at fair value on a nonrecurring basis and classified as Level 3. At December 31, 2025 individually evaluated loans of $10.6 million were classified as Level 3 and $5.3 million were classified as Level 2. There were no liabilities measured at fair value on a nonrecurring basis at both September 30, 2026 and December 31, 2025.
Significant unobservable inputs used in the fair value measurements of Level 3 assets on a nonrecurring basis at September 30, 2026 and December 31, 2025 were as follows:
(dollars in thousands)September 30, 2026Valuation Technique
Significant Unobservable Inputs(1)
RangeWeighted Average
Loans individually evaluated$7,753Collateral based valuationCollateral adjustments28%-78%38.34%
(1)Represents discount adjustments to collateral values related to anticipated collection rates of accounts receivable based on management judgment.
(dollars in thousands)December 31, 2025Valuation Technique
Significant Unobservable Inputs(1)
Collateral Adjustment(2)
Weighted Average
Loans individually evaluated$10,641Collateral based valuationCollateral adjustments10%10.00%
(1)Represents discount adjustments to collateral values related to anticipated collection rates of accounts receivable based on management judgment.
(2)Represents the collateral adjustment of one loan.
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 September 30, 2026
(dollars in thousands)TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$192,223 $192,223 $192,223 $— $— 
Securities available for sale984,444 984,444 55,213 929,231 — 
Loans held for sale574 574 — 574 — 
Portfolio loans, net7,960,767 7,734,824 — — 7,734,824 
Securities held in a deferred compensation plan12,262 12,262 12,262 — — 
Mortgage servicing rights4,810 8,624 — — 8,624 
Interest rate swap contracts - commercial loans46,111 46,111 — 46,111 — 
Interest rate lock commitments - mortgage loans13 13 — — 13 
LIABILITIES
Deposits$8,063,891 $8,054,426 $6,054,719 $1,999,707 $— 
Collateral payable43,534 43,534 43,534 — — 
Short-term borrowings165,000 165,000 — 165,000 — 
Long-term borrowings751 751 — 751 — 
Junior subordinated debt securities49,523 49,523 — 49,523 — 
Interest rate swap contracts - commercial loans46,278 46,278 — 46,278 — 
Interest rate swap contracts - cash flow hedge1,094 1,094 — 1,094 — 
Interest rate lock commitments - mortgage loans18 18 — — 18 
(1) As reported in the Consolidated Balance Sheets
11
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Carrying
Value(1)
Fair Value Measurements at December 31, 2025
(dollars in thousands)TotalLevel 1Level 2Level 3
ASSETS
Cash and due from banks, including interest-bearing deposits$163,436 $163,436 $163,436 $— $— 
Securities available for sale987,659 987,659 85,889 901,770 — 
Loans held for sale1,010 1,010 — 1,010 
Portfolio loans, net7,978,779 7,807,824 — — 7,807,824 
Collateral receivable2 2 2 — — 
Securities held in a deferred compensation plan14,212 14,212 14,212 — — 
Mortgage servicing rights5,034 8,034 — — 8,034 
Interest rate swaps - commercial loans33,669 33,669 — 33,669 — 
Interest rate lock commitments81 81 — — 81 
LIABILITIES
Deposits$7,958,831 $7,956,632 $6,010,039 $1,946,593 $— 
Collateral payable26,964 26,964 26,964 — — 
Short-term borrowings165,000 165,000 — 165,000 — 
Long-term borrowings50,815 50,856 — 50,856 — 
Junior subordinated debt securities49,478 49,478 — 49,478 — 
Interest rate swaps - commercial loans33,990 33,990 — 33,990 — 
Interest rate swaps - cash flow hedge2,024 2,024 — 2,024 — 
(1) As reported in the Consolidated Balance Sheets
NOTE 4. SECURITIES
The following table presents the fair value of our securities portfolio at the dates presented:
(dollars in thousands)September 30, 2026December 31, 2025
Debt securities$982,887 $986,277 
Equity securities1,557 1,382 
Total Securities Available for Sale$984,444 $987,659 
The following table presents the amortized cost and fair value of available-for-sale debt securities at the dates presented:
September 30, 2026December 31, 2025
(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$55,301 $— $(1,645)$53,656 $86,381 $110 $(1,984)$84,507 
Collateralized mortgage obligations of U.S. government corporations and agencies(2)
671,645 — (56,155)615,490 650,314 4,961 (31,012)624,263 
Residential mortgage-backed securities of U.S. government corporations and agencies(2)
35,565 — (5,946)29,619 35,994 7 (4,665)31,336 
Commercial mortgage-backed securities of U.S. government corporations291,777 — (12,500)279,277 243,571 2,411 (4,720)241,262 
Obligations of states and political subdivisions4,840 5 — 4,845 4,902 7 — 4,909 
Total Available-for-Sale Debt Securities(1)
$1,059,128 $5 $(76,246)$982,887 $1,021,162 $7,496 $(42,381)$986,277 
(1) Excludes interest receivable of $3.2 million at September 30, 2026 and $3.3 million at December 31, 2025. Interest receivable is included in other assets in the Consolidated Balance Sheets.
(2)Collateralized mortgage obligations and residential mortgage-backed securities consist primarily of securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae.

12
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED 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 at the dates presented:
September 30, 2026
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 securities2$14,276 $(611)4$39,380 $(1,034)6$53,656 $(1,645)
Collateralized mortgage obligations of U.S. government corporations and agencies48373,607 (15,912)52241,883 (40,243)100615,490 (56,155)
Residential mortgage-backed securities of U.S. government corporations and agencies22,496 (161)1127,123 (5,785)1329,619 (5,946)
Commercial mortgage-backed securities of U.S. government corporations22200,559 (7,990)778,718 (4,510)29279,277 (12,500)
Total74$590,938 $(24,674)74$387,104 $(51,572)148$978,042 $(76,246)
December 31, 2025
Less Than 12 Months12 Months or MoreTotal
(dollars in thousands)Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses		Number of SecuritiesFair ValueUnrealized
Losses
U.S. Treasury securities—$— $— 7$69,409 $(1,984)7$69,409 $(1,984)
Collateralized mortgage obligations of U.S. government corporations and agencies434,993 (52)55299,732 (30,960)59334,725 (31,012)
Residential mortgage-backed securities of U.S. government corporations and agencies—— — 1531,171 (4,665)1531,171 (4,665)
Commercial mortgage-backed securities of U.S. government corporations
19,943 (29)10114,107 (4,691)11124,050 (4,720)
Total5$44,936 $(81)87$514,419 $(42,300)92$559,355 $(42,381)
We evaluate securities with unrealized losses quarterly to determine if the decline in fair value has resulted from credit impairment or other factors. We do not believe any individual unrealized loss as of September 30, 2026 represents a credit impairment. The unrealized losses on debt securities were attributable to changes in interest rates and not related to the credit quality of the issuers. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. As of September 30, 2026, we do not intend to sell, and it is more likely than not that we will not be required to sell, the securities in an unrealized loss position before recovery of their amortized cost.
13
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive loss, for the periods presented:
September 30, 2026December 31, 2025
(dollars in thousands)Gross Unrealized GainsGross Unrealized LossesNet Unrealized LossesGross Unrealized GainsGross Unrealized LossesNet Unrealized Losses
Total unrealized gains (losses) on available-for-sale debt securities$5 $(76,246)$(76,241)$7,496 $(42,381)$(34,885)
Income tax (expense) benefit(1)16,412 16,411 (1,614)9,123 7,509 
Net Unrealized Losses, Net of Tax Included in Accumulated Other Comprehensive Loss$4 $(59,834)$(59,830)$5,882 $(33,258)$(27,376)
The amortized cost and fair value of available-for-sale debt securities at September 30, 2026 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
September 30, 2026
(dollars in thousands)Amortized CostFair Value
Obligations of the U.S. Treasury, U.S. government corporations and agencies and obligations of states and political subdivisions
Due in one year or less$22,536 $22,501 
Due after one year through five years27,704 26,627 
Due after five years through ten years9,901 9,373 
Due after ten years— — 
Available-for-Sale Debt Securities With Fixed Maturities60,141 58,501 
Debt Securities without a single maturity date
Collateralized mortgage obligations of U.S. government corporations and agencies671,645 615,490 
Residential mortgage-backed securities of U.S. government corporations and agencies35,565 29,619 
Commercial mortgage-backed securities of U.S. government corporations291,777 279,277 
Total Available-for-Sale Debt Securities$1,059,128 $982,887 
Debt securities are pledged in order to meet various regulatory and legal requirements. Restricted pledged securities had a carrying value of $41.9 million at September 30, 2026 and $38.3 million at December 31, 2025. Unrestricted pledged securities had a carrying value of $209.6 million at September 30, 2026 and $202.0 million at December 31, 2025. Any sales of or changes to the pledged status of restricted pledged securities requires approval of the beneficiary. Approval is not required in order to sell or make changes to the pledged status for unrestricted pledged securities.
14
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES
Loans and Loans Held for Sale
Loans are presented net of unearned income. Unearned income consisted of net deferred loan fees and costs of $3.1 million at September 30, 2026 and $4.8 million at December 31, 2025 and a discount related to purchase accounting fair value adjustments of $1.6 million at September 30, 2026 and $2.0 million at December 31, 2025.
The following table summarizes the composition of our loan portfolio at the dates presented:
(dollars in thousands)September 30, 2026December 31, 2025
Commercial real estate$2,855,739 $2,921,761 
Commercial and industrial1,362,621 1,330,605 
Commercial construction439,216 365,377 
Business banking1,271,897 1,315,863 
Consumer real estate2,047,398 2,047,071 
Other consumer77,148 91,280 
Total Portfolio Loans$8,054,019 $8,071,957 
Loans held for sale574 1,010 
Total Loans(1)
$8,054,593 $8,072,967 
(1)Excludes interest receivable of $33.4 million at September 30, 2026 and $33.4 million at December 31, 2025. Interest receivable is included in other assets in the Consolidated Balance Sheets.
Modifications to Borrowers Experiencing Financial Difficulty
The following tables present the amortized cost of loans to borrowers experiencing financial difficulty by portfolio segment and type of modification during the periods presented:
Three Months Ended September 30, 2026
(dollars in thousands)Term ExtensionTerm Extension and Payment DelaysTotal% of Portfolio Segment
Commercial real estate$4,456 $5,777 $10,233 0.36 %
Commercial and industrial— 1,858 1,858 0.14 %
Total
$4,456 $7,635 $12,091 0.15 %
Three Months Ended September 30, 2025
(dollars in thousands)Term ExtensionTerm Extension and Payment DelaysTotal% of Portfolio Segment
Commercial real estate$14,574 $— $14,574 0.49 %
Commercial and industrial14,320 — 14,320 1.12 %
Total
$28,894 $— $28,894 0.36 %

Nine Months Ended September 30, 2026
(dollars in thousands)Term ExtensionTerm Extension and Payment DelaysTotal% of Portfolio Segment
Commercial real estate$4,456 $9,297 $13,753 0.48 %
Commercial and industrial3,839 12,993 16,832 1.24 %
Business banking10 — 10 — %
Consumer real estate368 — 368 0.02 %
Total
$8,673 $22,290 $30,963 0.38 %
Nine Months Ended September 30, 2025
(dollars in thousands)Term ExtensionTerm Extension and Payment DelaysTotal% of Portfolio Segment
Commercial real estate$14,574 $— $14,574 0.49 %
Commercial and industrial22,097 1,992 24,089 1.89 %
Consumer real estate273 — 273 0.01 %
Total
$36,944 $1,992 $38,936 0.49 %
15
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following tables describe the effect of loan modifications made to borrowers experiencing financial difficulty during the periods presented:
Three Months Ended September 30, 2026Nine Months Ended September 30, 2026
Weighted-Average Term Extension (in months)Weighted-Average Term Extension and Payment Delays (in months)Weighted-Average Term Extension (in months)Weighted-Average Term Extension and Payment Delays (in months)
Commercial real estate112113
Commercial and industrial—14126
Business banking——12—
Consumer real estate——303—
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
Weighted-Average Term Extension (in months)Weighted-Average Term Extension and Payment Delays (in months)Weighted-Average Term Extension (in months)Weighted-Average Payment Delays
(in months)
Commercial real estate3—3—
Commercial and industrial18—1413
Other consumer——121—
We closely monitor the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts. The following tables present an aging analysis since the date of modification for loans to borrowers experiencing financial difficulty that were modified in the last 12 months as of the dates presented:
September 30, 2026
(dollars in thousands)Current30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotal
Commercial real estate$5,788 $4,456 $— $3,520 $13,764 
Commercial and industrial9,168 — — 7,663 16,831 
Consumer real estate389 2 143 134 668 
Total$15,345 $4,458 $143 $11,317 $31,263 
September 30, 2025
(dollars in thousands)Current30-59 Days Past Due60-89 Days Past Due90+ Days Past DueTotal
Commercial real estate$470 $14,574 $— $— $15,044 
Commercial and industrial20,607 3,482 — — 24,089 
Consumer real estate184 — — 246 430 
Total$21,261 $18,056 $— $246 $39,563 
A payment default is defined as a loan having a payment past due 90 days or more. There were three payment defaults on previously modified loans to borrowers experiencing financial difficulty in the amount of $11.3 million during the three months ended September 30, 2026 and five payment defaults in the amount of $25.0 million during the nine months ended September 30, 2026 compared to three payment defaults in the amount of $0.2 million during the three months ended September 30, 2025 and five payment defaults in the amount of $3.7 million during the nine months ended September 30, 2025. Additionally, we had eleven commitments to lend an additional $0.7 million to borrowers experiencing financial difficulty that had a modification during the twelve months ended September 30, 2026 and eleven commitments to lend an additional $0.2 million to borrowers experiencing financial difficulty that had a modification during the same period in 2025.
The effect of modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses, or ACL, because of the measurement methodologies used to estimate the ACL, therefore, a change to the ACL is generally not recorded upon modification. If principal forgiveness is provided, that portion of the loan will be charged-off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the ACL. An assessment of whether the borrower is experiencing financial difficulty is made on the date of a modification.
16
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Allowance for Credit Losses
We maintain an ACL, at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) CRE, 2) C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer.
The following are key risks within each portfolio segment:
CRE—Loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes such as hotels, retail, multifamily and health care. Operations of the individual projects and global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and the business prospects of the lessee, if the project is not owner-occupied.
C&I—Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt.
Commercial Construction—Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While these loans are generally confined to the construction period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer.
Business Banking—Commercial purpose loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. The business banking portfolio is monitored by utilizing a standard and closely managed process focusing on behavioral and performance criteria. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and business.
Consumer Real Estate—Loans secured by first and second liens such as 1-4 family residential mortgages, home equity loans and home equity lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt.
Other Consumer—Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans, unsecured loans and lines of credit. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values.
Management monitors various credit quality indicators for the commercial, business banking and consumer loan portfolios, including changes in risk ratings, nonperforming status and delinquency on a monthly basis.
We monitor the commercial and business banking loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention or substandard.
Our risk ratings are consistent with regulatory guidance and are as follows:
Pass—The loan is currently performing and is of high quality.
Special Mention—A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date.
17
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Substandard—A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.
Doubtful—Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable.The following tables present loan balances by year of origination and internally assigned risk rating for our portfolio segments at the dates presented:
18
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2026
Risk Rating by Year of Origination
(dollars in thousands)202620252024202320222021 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Pass$207,249 $522,776 $338,107 $286,538 $265,180 $1,098,737 $35,960 $— $2,754,547 
Special mention— 6,527 27,489 4,515 7,952 27,717 1,166 — 75,366 
Substandard— — — — 730 24,842 254 — 25,826 
Doubtful— — — — — — — — — 
Total Commercial Real Estate207,249 529,303 365,596 291,053 273,862 1,151,296 37,380 — 2,855,739 
Year-to-date Gross Charge-offs— — — — — 309 — — 309 
Commercial and Industrial
Pass163,120 148,334 66,346 93,403 100,398 212,832 465,027 — 1,249,460 
Special mention— 1,200 5,324 4,216 5,388 9,803 38,870 — 64,801 
Substandard— — 290 2,009 56 25,419 18,194 — 45,968 
Doubtful— — — — — — 2,392 — 2,392 
Total Commercial and Industrial163,120 149,534 71,960 99,628 105,842 248,054 524,483 — 1,362,621 
Year-to-date Gross Charge-offs— — — 198 — 10 1,731 — 1,939 
Commercial Construction
Pass78,397 247,654 50,799 36,239 8,460 2,720 8,095 — 432,364 
Special mention— 6,852 — — — — — — 6,852 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total Commercial Construction78,397 254,506 50,799 36,239 8,460 2,720 8,095 — 439,216 
Year-to-date Gross Charge-offs— — 69 — — — — — 69 
Business Banking
Pass98,017 167,424 117,503 175,039 180,576 417,918 91,173 484 1,248,134 
Special mention— — 788 1,689 1,714 3,386 242 112 7,931 
Substandard— — 407 4,279 2,361 8,325 81 379 15,832 
Doubtful— — — — — — — — — 
Total Business Banking98,017 167,424 118,698 181,007 184,651 429,629 91,496 975 1,271,897 
Year-to-date Gross Charge-offs— 776 — 414 21 210 25 — 1,446 
Consumer Real Estate
Pass72,477 160,435 202,911 270,919 288,242 352,794 649,202 36,670 2,033,650 
Special mention— — — — — 72 — — 72 
Substandard— 435 900 3,043 687 3,422 1,772 3,417 13,676 
Doubtful— — — — — — — — — 
Total Consumer Real Estate72,477 160,870 203,811 273,962 288,929 356,288 650,974 40,087 2,047,398 
Year-to-date Gross Charge-offs— 10 35 281 — 51 85 224 686 
Other Consumer
Pass4,433 4,714 3,525 2,256 2,065 925 38,270 20,781 76,969 
Special mention— — — — — — — — — 
Substandard— — — 15 — 143 — 21 179 
Doubtful— — — — — — — — — 
Total Other Consumer4,433 4,714 3,525 2,271 2,065 1,068 38,270 20,802 77,148 
Year-to-date Gross Charge-offs431 — 29 15 35 21 1 617 1,149 
Pass623,693 1,251,337 779,191 864,394 844,921 2,085,926 1,287,727 57,935 7,795,124 
Special mention— 14,579 33,601 10,420 15,054 40,978 40,278 112 155,022 
Substandard— 435 1,597 9,346 3,834 62,151 20,301 3,817 101,481 
Doubtful— — — — — — 2,392 — 2,392 
Total Loan Balance$623,693 $1,266,351 $814,389 $884,160 $863,809 $2,189,055 $1,350,698 $61,864 $8,054,019 
Year-to-date Gross Charge-offs$431 $786 $133 $908 $56 $601 $1,842 $841 $5,598 
19
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2025
Risk Rating by Year of Origination
(dollars in thousands)202520242023202220212020 and PriorRevolvingRevolving-TermTotal
Commercial Real Estate
Pass$480,967 $312,777 $322,165 $311,087 $328,936 $1,047,543 $42,300 $— $2,845,775 
Special mention— 2,907 — 6,865 3,148 25,805 254 — 38,979 
Substandard— — 3,883 1,700 11,642 19,782 — — 37,007 
Doubtful— — — — — — — — — 
Total Commercial Real Estate480,967 315,684 326,048 319,652 343,726 1,093,130 42,554 — 2,921,761 
Year-to-date Gross Charge-offs— — — 4,907 — 2,432 — — 7,339 
Commercial and Industrial
Pass161,634 95,715 111,222 138,390 75,406 165,633 501,472 — 1,249,472 
Special mention— 350 2,423 1,394 3 13,611 8,179 — 25,960 
Substandard— — 1,914 — 18,152 5,644 27,853 — 53,563 
Doubtful— — — — — — 1,610 — 1,610 
Total Commercial and Industrial161,634 96,065 115,559 139,784 93,561 184,888 539,114 — 1,330,605 
Year-to-date Gross Charge-offs256 — 4,014 172 — 2,089 192 — 6,723 
Commercial Construction
Pass172,822 118,952 43,093 18,762 2,520 1,260 7,099 — 364,508 
Special mention— — — — — — — — — 
Substandard— 869 — — — — — — 869 
Doubtful— — — — — — — — — 
Total Commercial Construction172,822 119,821 43,093 18,762 2,520 1,260 7,099 — 365,377 
Year-to-date Gross Charge-offs— — — 118 — — — — 118 
Business Banking
Pass182,401 132,196 201,106 197,145 157,792 328,135 93,701 453 1,292,929 
Special mention— 394 — 427 137 2,871 4 161 3,994 
Substandard— — 5,175 2,208 3,364 7,574 151 468 18,940 
Doubtful— — — — — — — — — 
Total Business Banking182,401 132,590 206,281 199,780 161,293 338,580 93,856 1,082 1,315,863 
Year-to-date Gross Charge-offs— 19 132 39 225 699 — — 1,114 
Consumer Real Estate
Pass161,896 220,705 297,533 306,440 119,775 277,507 618,767 29,868 2,032,491 
Special mention— — — — — 84 — — 84 
Substandard— 583 2,927 522 186 4,399 2,006 3,873 14,496 
Doubtful— — — — — — — — — 
Total Consumer Real Estate161,896 221,288 300,460 306,962 119,961 281,990 620,773 33,741 2,047,071 
Year-to-date Gross Charge-offs5 35 134 2 — 156 31 465 828 
Other Consumer
Pass7,016 5,253 3,919 3,869 1,090 984 59,304 9,640 91,075 
Special mention— — — — — — — — — 
Substandard— — 13 — 10 143 — 39 205 
Doubtful— — — — — — — — — 
Total Other Consumer7,016 5,253 3,932 3,869 1,100 1,127 59,304 9,679 91,280 
Year-to-date Gross Charge-offs1,027 35 36 73 30 58 1 693 1,953 
Pass1,166,736 885,598 979,038 975,693 685,519 1,821,062 1,322,643 39,961 7,876,250 
Special mention— 3,651 2,423 8,686 3,288 42,371 8,437 161 69,017 
Substandard— 1,452 13,912 4,430 33,354 37,542 30,010 4,380 125,080 
Doubtful— — — — — — 1,610 — 1,610 
Total Loan Balance$1,166,736 $890,701 $995,373 $988,809 $722,161 $1,900,975 $1,362,700 $44,502 $8,071,957 
Year-to-date Gross Charge-offs$1,288 $89 $4,316 $5,311 $255 $5,434 $224 $1,158 $18,075 
20
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following tables present the aging analysis of past due loans segregated by class of loans at the dates presented:
September 30, 2026
(dollars in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		NonaccrualTotal Past
Due Loans		Total Loans
Commercial real estate$2,832,187 $18,349 $— $5,203 $23,552 $2,855,739 
Commercial and industrial1,348,961 220 — 13,440 13,660 1,362,621 
Commercial construction439,216 — — — — 439,216 
Business banking1,264,089 974 1,493 5,341 7,808 1,271,897 
Consumer real estate2,029,745 2,016 3,322 12,315 17,653 2,047,398 
Other consumer76,338 615 40 155 810 77,148 
Total$7,990,536 $22,174 $4,855 $36,454 $63,483 $8,054,019 
December 31, 2025
(dollars in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		NonaccrualTotal Past
Due Loans		Total Loans
Commercial real estate$2,906,576 $— $— $15,185 $15,185 $2,921,761 
Commercial and industrial1,305,388 311 — 24,906 25,217 1,330,605 
Commercial construction364,508 — — 869 869 365,377 
Business banking1,308,368 999 2,920 3,576 7,495 1,315,863 
Consumer real estate2,028,472 3,281 4,454 10,864 18,599 2,047,071 
Other consumer90,503 604 15 158 777 91,280 
Total$8,003,815 $5,195 $7,389 $55,558 $68,142 $8,071,957 
The following tables present loans on nonaccrual status by class of loan for the year-to-date periods presented:
September 30, 2026
(dollars in thousands)Beginning of Period NonaccrualEnd of Period NonaccrualNonaccrual With No Related Allowance
Interest Income
Recognized
on Nonaccrual(1)
Commercial Real Estate$15,185 $5,203 $5,203 $169 
Commercial and industrial24,906 13,440 3,296 274 
Commercial construction869 — — 4 
Business banking3,576 5,341 2,281 96 
Consumer real estate10,864 12,315 — 435 
Other consumer158 155 — 1 
Total$55,558 $36,454 $10,780 $979 
(1) Represents only cash payments received and applied to interest on nonaccrual loans.
December 31, 2025
(dollars in thousands)Beginning of Period NonaccrualEnd of Period NonaccrualNonaccrual With No Related Allowance
Interest Income
Recognized
on Nonaccrual(1)
Commercial real estate$3,228 $15,185 $14,936 $123 
Commercial and industrial11,173 24,906 12,585 202 
Commercial construction— 869 — 581 
Business banking2,988 3,576 — 198 
Consumer real estate10,318 10,864 — 592 
Other consumer230 158 — 3 
Total$27,937 $55,558 $27,521 $1,699 
(1) Represents only cash payments received and applied to interest on nonaccrual loans.
21
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following tables present loans that are individually evaluated and collateral-dependent at the dates presented:
September 30, 2026
Type of Collateral
(dollars in thousands)Real EstateBusiness
Assets
Commercial real estate$5,203$—
Commercial and industrial3,29610,145
Business banking2,281—
Total$10,780$10,145
December 31, 2025
Type of Collateral
(dollars in thousands)Real EstateBusiness
Assets
Commercial real estate$14,936$—
Commercial and industrial—24,835
Total$14,936$24,835
The following tables present activity in the ACL for the periods presented:
Three Months Ended September 30, 2026
(dollars in thousands)Commercial
Real Estate		Commercial and
Industrial		Commercial
Construction		Business BankingConsumer
Real Estate		Other
Consumer		Total Loans
Allowance for credit losses on loans:
Balance at beginning of period$28,577 $30,894 $5,299 $10,627 $15,965 $1,958 $93,320 
Provision for credit losses on loans(1)
1,433 621 64 (123)12 (13)1,994 
Charge-offs(309)(1,186)— (629)(184)(119)(2,427)
Recoveries— 235 — 36 51 43 365 
Net Charge-offs(309)(951)— (593)(133)(76)(2,062)
Balance at End of Period$29,701 $30,564 $5,363 $9,911 $15,844 $1,869 $93,252 
(1) Excludes the provision for credit losses for unfunded commitments.
Three Months Ended September 30, 2025
(dollars in thousands)Commercial
Real Estate		Commercial and
Industrial		Commercial
Construction		Business BankingConsumer
Real Estate		Other
Consumer		Total Loans
Allowance for credit losses on loans:
Balance at beginning of period$30,335 $32,080 $6,468 $11,461 $15,527 $2,709 $98,580 
Provision for credit losses on loans(1)
3,053 376 (2,161)87 415 219 1,989 
Charge-offs— (1,971)— (462)(220)(400)(3,053)
Recoveries— 146 9 49 170 265 639 
Net (Charge-offs) Recoveries— (1,825)9 (413)(50)(135)(2,414)
Balance at End of Period$33,388 $30,631 $4,316 $11,135 $15,892 $2,793 $98,155 
(1) Excludes the provision for credit losses for unfunded commitments.
22
S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following tables present activity in the ACL for the periods presented:
Nine Months Ended September 30, 2026
(dollars in thousands)Commercial
Real Estate		Commercial and
Industrial		Commercial
Construction		Business BankingConsumer
Real Estate		Other
Consumer		Total Loans
Allowance for credit losses on loans:
Balance at beginning of period$29,357 $29,142 $4,400 $11,335 $16,297 $2,647 $93,178 
Provision for credit losses on loans(1)
649 3,027 1,032 (123)75 158 4,818 
Charge-offs(309)(1,939)(69)(1,446)(686)(1,149)(5,598)
Recoveries4 334 — 145 158 213 854 
Net Charge-offs(305)(1,605)(69)(1,301)(528)(936)(4,744)
Balance at End of Period$29,701 $30,564 $5,363 $9,911 $15,844 $1,869 $93,252 
(1) Excludes the provision for credit losses for unfunded commitments.
Nine Months Ended September 30, 2025
(dollars in thousands)Commercial
Real Estate		Commercial and
Industrial		Commercial
Construction		Business BankingConsumer
Real Estate		Other
Consumer		Total Loans
Allowance for credit losses on loans:
Balance at beginning of period$30,254 $37,084 $4,893 $10,681 $15,776 $2,806 $101,494 
Provision for credit losses on loans(1)
2,999 (4,424)(467)1,124 368 606 206 
Charge-offs— (2,399)(119)(784)(772)(1,519)(5,593)
Recoveries135 370 9 114 520 900 2,048 
Net (Charge-offs) Recoveries135 (2,029)(110)(670)(252)(619)(3,545)
Balance at End of Period$33,388 $30,631 $4,316 $11,135 $15,892 $2,793 $98,155 
(1) Excludes the provision for credit losses for unfunded commitments.
NOTE 6. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivatives Designated as Hedging Instruments
The following table indicates the amounts representing the value of derivative assets and derivative liabilities at the dates presented:
Derivative Assets
(Included in Other Assets)		Derivative Liabilities
(Included in Other Liabilities)
September 30, 2026December 31, 2025September 30, 2026December 31, 2025
(dollars in thousands)Notional
 Amount		Fair
Value		Notional
 Amount		Fair
Value		Notional
 Amount		Fair
 Value		Notional
 Amount		Fair
 Value
Derivatives Designated as Hedging Instruments
Interest rate swap contracts - cash flow hedges
$— $— $— $— $200,000 $1,094 $350,000 $2,024 
Total Derivatives Designated as Hedging Instruments— — — — 200,000 1,094 350,000 2,024 
Derivatives Not Designated as Hedging Instruments
Interest rate swap contracts - commercial loans653,651 46,111 746,445 33,669 653,651 46,278 746,445 33,990 
Interest rate lock commitments - mortgage loans1,253 13 3,218 81 1,253 18 — — 
Total Derivatives Not Designated as Hedging Instruments654,904 46,124 749,663 33,750 654,904 46,296 746,445 33,990 
Total Derivatives$654,904 $46,124 $749,663 $33,750 $854,904 $47,390 $1,096,445 $36,014 

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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following table indicates the gross amounts of interest rate swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets at the dates presented:
Derivative Assets
(Included in Other Assets)		Derivative Liabilities
(Included in Other Liabilities)
(dollars in thousands)September 30, 2026December 31, 2025September 30, 2026December 31, 2025
Gross amounts recognized$46,111 $33,669 $47,372 $36,014 
Gross amounts offset— — — — 
Net amounts presented in the Consolidated Balance Sheets46,111 33,669 47,372 36,014 
Netting adjustments(1)
(1,094)(2,024)(1,094)(2,024)
Cash collateral(2)
(43,534)(26,964)— 2 
Net Amount$1,483 $4,681 $46,278 $33,992 
(1) Netting adjustments represent the amounts recorded to convert derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance.
(2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above.
The following table presents the effect, net of tax, of the cash flow hedges on OCI and on the Consolidated Statements of Comprehensive Income for the periods presented:
Amount of Gain Recognized in Other Comprehensive Income Amount of Loss Reclassified from Accumulated Other Comprehensive Loss into Interest Income
(dollars in thousands)Three months ended September 30, 2026Three months ended September 30, 2025Three months ended September 30, 2026Three months ended September 30, 2025
Derivatives in Cash Flow Hedging Relationships:
Interest rate swap contracts - cash flow hedges$336 $1,166 $(441)$(1,412)
Total$336 $1,166 $(441)$(1,412)
Amount of Gain Recognized in Other Comprehensive IncomeAmount of Loss Reclassified from Accumulated Other Comprehensive Loss into Interest Income
(dollars in thousands)Nine months ended September 30, 2026Nine months ended September 30, 2025Nine months ended September 30, 2026Nine months ended September 30, 2025
Derivatives in Cash Flow Hedging Relationships:
Interest rate swap contracts - cash flow hedges
$730 $5,016 $(1,583)$(4,625)
Total$730 $5,016 $(1,583)$(4,625)
Amounts reported in OCI related to derivatives that are designated as hedging instruments are reclassified to interest income as interest payments are received on variable rate assets. We estimate that an additional $1.1 million will be reclassified as a decrease to interest income in the next 12 months. Our current interest rate swap agreements had original terms of three to five years with maturity dates extending into July 2027.
The following table indicates the gain (loss) recognized in income on derivatives not designated as hedging instruments for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Derivatives not Designated as Hedging Instruments
Interest rate swap contracts—commercial loans$45 $53 $82 $147 
Interest rate lock commitments—mortgage loans(103)19 (93)19 
Total Derivatives (Loss) Gain$(58)$72 $(11)$166 
NOTE 7. TAX CREDIT EQUITY INVESTMENTS
We invest in low income housing tax credit, or LIHTC, and historic tax credit, or HTC, partnerships as part of our responsibilities under the Community Reinvestment Act and due to their favorable federal income tax benefits. As a limited
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. No impairment losses were recognized for the three and nine months ended September 30, 2026 and 2025.
The following table presents the balances included in the Consolidated Balance Sheets at the dates presented:
(dollars in thousands)
September 30, 2026December 31, 2025
Tax credit equity investment(1)
$32,217 $35,782 
Unfunded commitments(2)
2,385 3,514 
(1) Included in other assets in the Consolidated Balance Sheets
(2) Included in other liabilities in the Consolidated Balance Sheets
The following table summarizes the amortization expense and tax credits included in income tax expense in the Condensed Consolidated Statements of Comprehensive Income for the periods presented:
Three Months Ended September 30,
(dollars in thousands)
20262025
Tax credits and other tax benefits recognized$1,493 $1,570 
Amortization1,180 1,144 
Net benefit included in income tax expense$313 $426 
Nine Months Ended September 30,
(dollars in thousands)
20262025
Tax credits and other tax benefits recognized$4,479 $4,346 
Amortization3,557 3,606 
Net benefit included in income tax expense$922 $740 
NOTE 8. COMMITMENTS AND CONTINGENCIES
Commitments
In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.
The following table sets forth our commitments and letters of credit at the dates presented:
(dollars in thousands)September 30, 2026December 31, 2025
Commitments to extend credit$2,592,201 $2,644,139 
Standby letters of credit69,079 67,452 
Total$2,661,280 $2,711,591 
Litigation
In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that the outcome of such proceedings or claims pending will not have a material adverse effect on our consolidated financial position or results of operations.
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S&T BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 9. OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents the change in components of other comprehensive income (loss) for the periods presented, net of tax effects:
Three Months Ended September 30, 2026Three Months Ended September 30, 2025
(dollars in thousands)Pre-Tax
Amount		Tax Benefit (Expense)Net of Tax
Amount		Pre-Tax
Amount		Tax
Expense		Net of Tax
Amount
Change in net unrealized (losses) gains on available-for-sale debt securities$(30,458)$6,556 $(23,902)$7,304 $(1,573)$5,731 
Change in interest rate swap428 (92)336 1,487 (321)1,166 
Adjustment to funded status of employee benefit plans331 (71)260 402 (87)315 
Other Comprehensive (Loss) Income$(29,699)$6,393 $(23,306)$9,193 $(1,981)$7,212 
Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
(dollars in thousands)Pre-Tax
Amount		Tax Benefit (Expense)Net of Tax
Amount		Pre-Tax
Amount		Tax
Expense		Net of Tax
Amount
Change in net unrealized (losses) gains on available-for-sale debt securities$(43,072)$9,271 $(33,801)$30,647 $(6,580)$24,067 
Net available-for-sale securities losses reclassified into earnings
1,716 (369)1,347 2,295 (493)1,802 
Change in interest rate swap930 (200)730 6,390 (1,374)5,016 
Adjustment to funded status of employee benefit plans994 (214)780 1,162 (245)917 
Other Comprehensive (Loss) Income $(39,432)$8,488 $(30,944)$40,494 $(8,692)$31,802 
NOTE 10. SHARE REPURCHASE PLAN
On January 21, 2026, the Board of Directors of S&T Bancorp, Inc. authorized a $100.0 million share repurchase program. The repurchase authorization permitted 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 $100.0 million aggregate value of S&T's common stock.
On July 22, 2026, the Board of Directors of S&T Bancorp, Inc. authorized a new $100.0 million share repurchase program. The new program replaced the existing share repurchase program effective July 27, 2026, and is set to expire August 31, 2027. The remaining capacity of $2.8 million under the existing share repurchase program was terminated. The new program authorizes the share repurchase of S&T's common stock from time to time through a combination of open market and privately negotiated repurchases up to the authorized $100.0 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, applicable securities laws and other legal and contractual requirements, as well as S&T's financial performance. The repurchase program does not obligate S&T to repurchase any particular number of shares and may be extended, modified or discontinued at any time.
There were no repurchases during the three months ended September 30, 2026. During the nine months ended September 30, 2026, 2,221,024 common shares were repurchased at an average price of $43.75 per share for a total share cost of $97.2 million, excluding excise tax and commissions. There were no repurchases during the three and nine months ended September 30, 2025. At September 30, 2026, there was $100.0 million in capacity remaining under the plan.
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S&T BANCORP, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Management’s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, represents an overview of our consolidated results of operations and financial condition and highlights material changes in our financial condition and results of operations for the three and nine months ended September 30, 2026 and 2025. Our MD&A should be read in conjunction with our Condensed Consolidated Financial Statements and Notes. The results of operations reported in the accompanying Condensed Consolidated Financial Statements are not necessarily indicative of results to be expected in future periods.
Important Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q 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, including the use of artificial intelligence and digital assets; operational risks or risk management failures by us or critical third parties, including fraud risk; our ability to manage our brand 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 elsewhere in this report, and under Part I, Item 1A - Risk Factors of our 2025 Form 10-K, 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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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Critical Accounting Policies and Estimates
We view critical accounting policies to be those which are highly dependent on subjective or complex estimates, assumptions and judgments and where changes in those estimates and assumptions could have a significant impact on the Condensed Consolidated Financial Statements. Further, we view critical accounting estimates as those estimates made in accordance with GAAP that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results of operations. Our critical accounting policies and estimates as of September 30, 2026 remained unchanged from the disclosures presented in our 2025 Form 10-K under Part II, Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Explanation of Use of Non-GAAP Financial Measures
In addition to traditional financial measures presented in accordance with GAAP, our management uses, and this report contains or references, certain non-GAAP financial measures, such as interest income on interest-earning assets, net interest income and net interest margin presented on a fully taxable equivalent, or FTE, basis (non-GAAP), the efficiency ratio (non-GAAP) and return on tangible shareholders' equity (non-GAAP).
We believe these non-GAAP financial measures provide information useful to investors in understanding our underlying business, operational performance and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Although we believe that these non-GAAP financial measures enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered alternatives 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 following table reconciles interest and dividend income and net interest income per the Condensed Consolidated Statements of Comprehensive Income to interest income, net interest income and net interest margin on an FTE basis (non-GAAP) for the periods presented. 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 a commonly used industry measurement of net interest income that provides a relevant comparison combining both taxable and non-taxable sources of interest income.
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Total Interest and Dividend Income
$131,752 $131,623 $386,144 $385,377 
Plus: taxable equivalent adjustment593 602 1,767 1,810 
Interest and Dividend Income on an FTE Basis (Non-GAAP)
$132,345 $132,225 $387,911 $387,187 
Total Interest and Dividend Income
$131,752 $131,623 $386,144 $385,377 
Less: Interest expense(38,622)(42,382)(114,198)(126,241)
Net Interest Income
93,130 89,241 271,946 259,136 
Plus: taxable equivalent adjustment593 602 1,767 1,810 
Net Interest Income on an FTE Basis (Non-GAAP)$93,723 $89,843 $273,713 $260,946 
Net interest margin4.03 %3.90 %3.96 %3.84 %
Plus: taxable equivalent adjustment0.03 %0.03 %0.03 %0.03 %
Net Interest Margin on an FTE Basis (Non-GAAP)4.06 %3.93 %3.99 %3.87 %
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S&T BANCORP, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Return on average tangible shareholders' equity (non-GAAP) is a key profitability metric used by management to measure financial performance. The following table provides a reconciliation of return on average tangible shareholders' equity (non-GAAP) by reconciling net income (GAAP) per the Condensed Consolidated Statements of Comprehensive Income to net income before amortization of intangibles and average shareholders' equity to average tangible shareholders' equity for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Net income (annualized)$153,153 $138,708 $147,495 $134,051 
Plus: amortization of intangibles (annualized) net of tax564 649 574 690 
Net income before amortization of intangibles (non-GAAP) (annualized)$153,717 $139,357 $148,069 $134,741 
Average shareholders' equity$1,412,809 $1,463,098 $1,428,629 $1,433,689 
Less: average goodwill and other intangible assets, net of deferred tax liability(374,848)(375,446)(374,991)(375,585)
Average tangible shareholders' equity (non-GAAP)
$1,037,961 $1,087,652 $1,053,638 $1,058,104 
Return on Average Tangible Shareholders' Equity (non-GAAP)14.81 %12.81 %14.05 %12.73 %
Executive Overview
We are a bank holding company that is headquartered in Indiana, Pennsylvania with assets of $9.9 billion at September 30, 2026. We operate in Pennsylvania and Ohio providing a full range of financial services with retail, business banking and commercial banking products and trust and brokerage services. Our common stock trades on the Nasdaq Global Select Market under the symbol “STBA.”
We earn revenue primarily from interest on loans and securities and fees charged for financial services provided to our customers. We incur expenses for the cost of deposits and other funding sources, provision for credit losses and other operating costs such as salaries and employee benefits, data processing, occupancy and tax expense.
Our purpose is building our future together through people-forward banking. We believe that all banking should be personal. We cultivate relationships rooted in trust, strengthened by going above and beyond and renewed with every interaction. Our strategic priorities for 2026 and beyond will be focused on growing our deposit franchise, improving core profitability, maintaining asset quality and ensuring a high level of talent and engagement.
Earnings Summary
The following table presents a summary of key profitability metrics for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026202520262025
Net income$38,603 $34,962 $110,318 $100,263 
Earnings per share - diluted$1.09 $0.91 $3.04 $2.60 
Return on average assets1.55 %1.42 %1.50 %1.38 %
Return on average shareholders' equity10.84 %9.48 %10.32 %9.35 %
Return on average tangible shareholders' equity (non-GAAP)(1)
14.81 %12.81 %14.05 %12.73 %
(1) Reconciled to GAAP in the Explanation of Use of Non-GAAP Financial Measures section of this MD&A.
We recognized net income of $38.6 million for the three months ended September 30, 2026, an increase of 10.4 percent, compared to net income of $35.0 million for the same period in 2025. Diluted earnings per share was a record high of $1.09 per diluted share for the three months ended September 30, 2026, an increase of 19.8 percent, compared to $0.91 per diluted share for the same period in 2025. We recognized net income of $110.3 million, or $3.04 per diluted share, for the nine months ended September 30, 2026 compared to net income of $100.3 million, or $2.60 per diluted share, for the same period in 2025. This represents a 10.0 percent increase in net income and a 16.9 percent increase in diluted earnings per share for the nine months ended September 30, 2026 compared to the same period in 2025.
No shares were repurchased for the three months ended September 30, 2026. During the nine months ended September 30, 2026, 2,221,024 common shares were repurchased at an average price of $43.75 per share for $97.2 million excluding excise tax and commissions.
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Net interest income increased $3.9 million, or 4.4 percent, and $12.8 million, or 4.9 percent, for the three and nine months ended September 30, 2026 compared to the same periods in 2025. Net interest margin, or NIM, on an FTE basis (non-GAAP) increased 13 basis points for the three months ended September 30, 2026 and 12 basis points for nine months ended September 30, 2026 compared to the same periods in 2025. These improvements in both net interest income and NIM on an FTE basis (non-GAAP) were primarily due to the impact of lower interest rates on interest-bearing liabilities and an improvement in our overall funding mix.
The provision for credit losses decreased $1.4 million for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to a lower provision for unfunded loan commitments. The provision for credit losses increased $2.2 million for the nine months ended September 30, 2026 compared to the same period in 2025 related to higher net loan charge-offs and specific reserves for loans individually evaluated partially offset by a decrease in the provision for unfunded loan commitments.
Noninterest income increased $0.9 million and $5.5 million for the three and nine months ended September 30, 2026 compared to the same periods in 2025. The most significant increase for the nine months ended September 30, 2026 was due to a $0.2 million net gain on the sale of securities compared to a $2.3 million loss on sale of securities that occurred in 2025. Investment services and trust increased $0.6 million for the three months ended September 30, 2026 and $1.4 million for the nine months ended September 30, 2026 compared to the same periods in 2025 due to an increase in financial services fees partially driven by favorable market conditions.
Noninterest expense increased $1.3 million and $3.4 million for the three and nine months ended September 30, 2026 compared to the same periods in 2025. The most significant change in noninterest expense related to salaries and employee benefits which increased $0.5 million and $1.8 million for the three and nine months ended September 30, 2026 primarily due to annual merit increases and the hiring of new talent, partially offset by lower medical costs compared to the same periods in 2025.
Our effective tax rate was 20.8 percent and 20.2 percent for the three and nine months ended September 30, 2026 compared to 20.2 percent and 20.1 percent for the three and nine months ended September 30, 2025. The increase in our effective tax rate for the three and nine months ended September 30, 2026 was primarily due to an increase in pretax income compared to the same periods in 2025.
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S&T BANCORP, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Three and nine months ended September 30, 2026 compared to the
 three and nine months ended September 30, 2025
Net Interest Income
Our principal source of revenue is net interest income. Net interest income represents the difference between the interest and fees earned on interest-earning assets and the interest paid on interest-bearing liabilities. Net interest income is affected by changes in the average balance of interest-earning assets and interest-bearing liabilities and changes in interest rates and spreads. The level and mix of interest-earning assets and interest-bearing liabilities is managed by our Asset and Liability Committee, or ALCO, in order to mitigate interest rate and liquidity risks of the balance sheet. A variety of ALCO strategies were implemented, within prescribed ALCO risk parameters, to produce what we believe is an acceptable level of net interest income.
Average Balance Sheet and Net Interest Income Analysis (FTE) (non-GAAP)
The following tables provide information regarding the average balances, interest and rates earned on interest-earning assets and interest and rates paid on interest-bearing liabilities for the periods presented:
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Three Months Ended September 30, 2026Three Months Ended September 30, 2025
(dollars in thousands)Average BalanceInterestRateAverage BalanceInterestRate
ASSETS
Interest-bearing deposits with banks$115,584 $1,090 3.74 %$128,236 $1,431 4.43 %
Securities, at fair value(1)(2)
999,252 10,189 4.08 %1,011,624 9,625 3.80 %
Loans held for sale2,660 44 6.60 %18 — 6.88 %
Commercial real estate3,498,095 52,725 5.98 %3,564,071 52,628 5.86 %
Commercial and industrial1,572,162 24,744 6.24 %1,485,816 25,389 6.78 %
Commercial construction482,988 7,781 6.39 %379,167 6,662 6.97 %
Total Commercial Loans5,553,245 85,250 6.09 %5,429,054 84,679 6.19 %
Residential mortgage1,669,190 22,851 5.46 %1,688,697 22,536 5.33 %
Home equity731,173 10,801 5.86 %687,639 11,011 6.35 %
Installment and other consumer77,549 1,451 7.42 %100,551 1,991 7.85 %
Consumer construction24,565 407 6.57 %40,612 689 6.73 %
Total Consumer Loans2,502,477 35,510 5.65 %2,517,499 36,227 5.73 %
Total Portfolio Loans8,055,722 120,760 5.95 %7,946,553 120,906 6.04 %
Total Loans(1)(3)
8,058,382 120,804 5.95 %7,946,571 120,906 6.04 %
Total other earning assets13,230 262 7.96 %13,808 263 7.63 %
Total Interest-earning Assets9,186,448 $132,345 5.73 %9,100,239 $132,225 5.77 %
Noninterest-earning assets696,156 699,840 
Total Assets$9,882,604 $9,800,079 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing demand$762,711 $1,783 0.93 %$742,817 $1,848 0.99 %
Money market2,224,318 14,779 2.64 %2,247,331 17,306 3.06 %
Savings878,006 1,602 0.72 %873,968 1,583 0.72 %
Certificates of deposit2,003,793 18,208 3.61 %1,915,006 19,127 3.96 %
Total Interest-bearing Deposits5,868,828 36,372 2.46 %5,779,122 39,864 2.74 %
Short-term borrowings90,978 900 3.92 %73,538 840 4.53 %
Long-term borrowings24,947 237 3.76 %50,846 487 3.80 %
Junior subordinated debt securities49,514 811 6.50 %49,454 883 7.08 %
Total Borrowings165,439 1,948 4.67 %173,838 2,210 5.04 %
Other interest-bearing liabilities32,095 302 3.72 %28,049 308 4.36 %
Total Interest-bearing Liabilities6,066,362 38,622 2.53 %5,981,009 42,382 2.81 %
Noninterest-bearing liabilities2,403,433 2,355,972 
Shareholders' equity1,412,809 1,463,098 
Total Liabilities and Shareholders' Equity$9,882,604 $9,800,079 
Net Interest Income (FTE) (non-GAAP)(1)(2)
$93,723 $89,843 
Net Interest Margin (FTE) (non-GAAP)(1)(2)
4.06 %3.93 %
(1) Tax-exempt interest income is on an FTE basis (non-GAAP) using the statutory federal corporate income tax rate of 21 percent.
(2) Taxable investment income is adjusted for the dividend-received deduction for equity securities.
(3) Nonaccruing loans are included in the daily average loan amounts outstanding.
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Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
(dollars in thousands)Average BalanceInterestRateAverage BalanceInterestRate
ASSETS
Interest-bearing deposits with banks$131,998 $3,662 3.71 %$125,708 $4,183 4.45 %
Securities, at fair value(1)(2)
1,001,266 29,262 3.90 %1,004,633 28,075 3.73 %
Loans held for sale1,905 93 6.53 %7 — 6.23 %
Commercial real estate3,527,027 155,459 5.89 %3,479,614 152,319 5.85 %
Commercial and industrial1,547,160 72,021 6.22 %1,513,214 76,115 6.73 %
Commercial construction434,959 20,836 6.40 %378,819 19,699 6.95 %
Total Commercial Loans5,509,146 248,316 6.03 %5,371,647 248,133 6.18 %
Residential mortgage1,680,951 68,154 5.41 %1,674,472 66,072 5.27 %
Home equity719,923 31,714 5.89 %670,399 31,808 6.34 %
Installment and other consumer82,527 4,576 7.41 %99,839 5,901 7.90 %
Consumer construction27,333 1,355 6.63 %42,248 2,151 6.81 %
Total Consumer Loans2,510,734 105,799 5.63 %2,486,958 105,932 5.69 %
Total Portfolio Loans8,019,880 354,115 5.90 %7,858,605 354,065 6.02 %
Total Loans(1)(3)
8,021,785 354,208 5.90 %7,858,612 354,065 6.02 %
Total other earning assets13,270 779 7.82 %15,694 864 7.34 %
Total Interest-earning Assets9,168,319 $387,911 5.65 %9,004,647 $387,187 5.75 %
Noninterest-earning assets694,418 713,016 
Total Assets$9,862,737 $9,717,663 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing demand$772,752 $5,381 0.93 %$761,804 $5,698 1.00 %
Money market2,218,646 43,208 2.60 %2,175,399 49,179 3.02 %
Savings876,917 4,483 0.68 %879,645 4,550 0.69 %
Certificates of deposit1,988,180 54,386 3.66 %1,882,923 57,847 4.11 %
Total Interest-bearing Deposits5,856,495 107,458 2.45 %5,699,771 117,274 2.75 %
Short-term borrowings90,511 2,653 3.92 %108,811 3,751 4.61 %
Long-term borrowings33,750 954 3.78 %50,866 1,445 3.80 %
Junior subordinated debt securities49,500 2,407 6.50 %49,439 2,634 7.12 %
Total Borrowings173,761 6,014 4.63 %209,116 7,830 5.01 %
Other interest-bearing liabilities26,220 726 3.70 %34,667 1,137 4.39 %
Total Interest-bearing Liabilities6,056,476 114,198 2.52 %5,943,554 126,241 2.84 %
Noninterest-bearing liabilities2,377,632 2,340,420 
Shareholders' equity1,428,629 1,433,689 
Total Liabilities and Shareholders' Equity$9,862,737 $9,717,663 
Net Interest Income (FTE) (non-GAAP)(1)(2)
$273,713 $260,946 
Net Interest Margin (FTE) (non-GAAP)(1)(2)
3.99 %3.87 %
(1) Tax-exempt interest income is on an FTE basis (non-GAAP) using the statutory federal corporate income tax rate of 21 percent.
(2) Taxable investment income is adjusted for the dividend-received deduction for equity securities.
(3) Nonaccruing loans are included in the daily average loan amounts outstanding.
Net interest income on an FTE basis (non-GAAP) increased $3.9 million, or 4.3 percent, and $12.8 million, or 4.9 percent, for the three and nine months ended September 30, 2026 compared to the same periods in 2025. The net interest margin, or NIM, on an FTE basis (non-GAAP) increased 13 basis points for the three months ended September 30, 2026 and increased 12 basis points for the nine months ended September 30, 2026 compared to the same periods in 2025. These improvements in both net interest income and NIM on an FTE basis (non-GAAP) were primarily due to the impact of lower interest rates on interest-bearing liabilities and an improvement in our overall funding mix. Customer deposit growth in 2025 and 2026 has reduced our levels of wholesale borrowings and brokered deposits.
Interest income on an FTE basis (non-GAAP) remained relatively unchanged for the three months ended September 30, 2026 and increased $0.7 million for the nine months ended September 30, 2026 compared to the same periods in 2025. The increase in interest income on an FTE basis (non-GAAP) for the nine months ended September 30, 2026 was partially driven by the repositioning of $84.1 million of securities during 2025 and 2026 and normal maturity repricing. The average yield on
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S&T BANCORP, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


securities increased 28 basis points for the three months ended September 30, 2026 and increased 17 basis points for the nine months ended September 30, 2026 compared to the same periods in 2025. Average loans increased $163.2 million for the nine months ended September 30, 2026 compared to the same period in 2025. The increase in average loans was offset by a decrease in the average yield on loans of 12 basis points for the nine months ended September 30, 2026 compared to the same period in 2025 due to lower interest rates. Overall, the FTE rate (non-GAAP) on interest-earning assets decreased 4 and 10 basis points for the three and nine months ended September 30, 2026 compared to the same periods in 2025.
Interest expense decreased $3.8 million and $12.0 million for the three and nine months ended September 30, 2026 compared to the same periods in 2025. The decrease in interest expense was primarily due to decreased interest rates and lower levels of wholesale funding. Average interest-bearing deposits increased $89.7 million for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to increases in certificates of deposit balances. Average interest-bearing deposits increased $156.7 million for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to increases in certificates of deposit balances as well as increases in money market balances. Average borrowings decreased $8.4 million and $35.4 million for the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to an increase in customer deposits. Overall, the cost of interest-bearing liabilities decreased 28 and 32 basis points for the three and nine months ended September 30, 2026 compared to the same periods in 2025.
The following table provides a summary of the changes in interest earned and interest paid resulting from changes in volume and rates for the periods presented:
Three Months Ended September 30, 2026 Compared to September 30, 2025Nine Months Ended September 30, 2026 Compared to September 30, 2025
(dollars in thousands)
Volume (4)
Rate (4)
Total
Volume (4)
Rate (4)
Total
Interest earned on:
Interest-bearing deposits with banks$(141)$(201)$(342)$209 $(731)$(522)
Securities, at fair value(1)(2)
(118)682 564 (94)1,282 1,188 
Loans held for sale44 — 44 93 — 93 
Commercial real estate(974)1,070 96 2,075 1,064 3,139 
Commercial and industrial1,475 (2,119)(644)1,708 (5,802)(4,094)
Commercial construction1,824 (705)1,119 2,919 (1,782)1,137 
Total Commercial Loans2,325 (1,754)571 6,702 (6,520)182 
Residential mortgage(261)577 316 256 1,826 2,082 
Home equity697 (908)(211)2,350 (2,444)(94)
Installment and other consumer(455)(85)(540)(1,023)(301)(1,324)
Consumer construction(272)(10)(282)(759)(36)(795)
Total Consumer Loans(291)(426)(717)824 (955)(131)
Total Portfolio Loans2,034 (2,180)(146)7,526 (7,475)51 
Total Loans(1)(3)
2,078 (2,180)(102)7,619 (7,475)144 
Total other earning assets(11)11 — (133)48 (85)
Change in Interest Earned on Interest-earning Assets$1,808 $(1,688)$120 $7,601 $(6,876)$725 
Interest paid on:
Interest-bearing demand$49 $(115)$(66)$82 $(398)$(316)
Money market(177)(2,350)(2,527)978 (6,950)(5,972)
Savings7 11 18 (14)(54)(68)
Certificates of deposit887 (1,804)(917)3,234 (6,694)(3,460)
Total Interest-bearing Deposits766 (4,258)(3,492)4,280 (14,096)(9,816)
Short-term borrowings199 (140)59 (631)(466)(1,097)
Long-term borrowings(248)(2)(250)(486)(5)(491)
Junior subordinated debt securities1 (72)(71)3 (231)(228)
Total Borrowings(48)(214)(262)(1,114)(702)(1,816)
Other interest-bearing liabilities45 (52)(7)(277)(134)(411)
Change in Interest Paid on Interest-bearing Liabilities763 (4,524)(3,761)2,889 (14,932)(12,043)
Change in Net Interest Income$1,045 $2,836 $3,881 $4,712 $8,056 $12,768 
(1) Tax-exempt income is on an FTE basis (non-GAAP) using the statutory federal corporate income tax rate of 21 percent.
(2) Taxable investment income is adjusted for the dividend-received deduction for equity securities.
(3) Nonaccruing loans are included in the daily average loan amounts outstanding.
(4) Changes to rate/volume are allocated to both rate and volume on a proportionate dollar basis.
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Provision for Credit Losses
The provision for credit losses includes a provision for losses on loans and on unfunded commitments. The provision for credit losses fluctuates based on changes in loan balances, risk ratings, net loan charge-offs and recoveries, the macro environment and our Current Expected Credit Losses, or CECL, forecast.
The provision for credit losses decreased $1.4 million to $1.4 million for the three months ended September 30, 2026 compared to $2.8 million for the same period in 2025. The decrease was primarily due to a lower provision for unfunded loan commitments related to a decline in loss rates and loan commitments in the construction portfolio. The provision for credit losses increased $2.2 million to $3.9 million for the nine months ended September 30, 2026 compared to $1.7 million for the same period in 2025. The increase was related to higher net loan charge-offs and specific reserves for loans individually evaluated compared to the same periods in 2025, which was partially offset by a decrease in the reserve for unfunded loan commitments due to lower loss rates and unused loan commitments in the construction portfolio.
Net loan charge-offs were $2.1 million and $4.7 million for the three and nine months ended September 30, 2026 compared to net loan charge-offs of $2.4 million and $3.5 million for the same periods in 2025. Refer to the Allowance for Credit Losses section of this MD&A for further details.
Noninterest Income
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)20262025$ Change% Change20262025$ Change% Change
Net gain (loss) on sale of securities$— $— $— NM$169 $(2,295)$2,464 NM
Debit and credit card
4,764 4,722 42 0.9 %13,742 13,498 244 1.8 %
Service charges on deposit accounts4,456 4,175 281 6.7 %12,942 12,227 715 5.8 %
Investment services and trust
3,727 3,118 609 19.5 %10,659 9,244 1,415 15.3 %
Other noninterest income1,716 1,748 (32)(1.8)%5,653 5,018 635 12.7 %
Total Noninterest Income$14,663 $13,763 $900 6.5 %$43,165 $37,692 $5,473 14.5 %
NM - not meaningful
Noninterest income increased $0.9 million for the three months ended September 30, 2026 and increased $5.5 million for the nine months ended September 30, 2026 compared to the same periods in 2025. Investment services and trust increased $0.6 million for the three months ended September 30, 2026 and $1.4 million for the nine months ended September 30, 2026 compared to the same periods in 2025 due to an increase in financial services fees partially driven by favorable market conditions. The most significant increase for the nine months ended September 30, 2026 was due to a $0.2 million net gain on the sale of securities compared to a $2.3 million loss on sale of securities for the nine months ended September 30, 2025. The net gain of $0.2 million represents a gain of $1.9 million related to Visa Class B-2 common stock conversion which was offset by a $1.7 million loss related to the repositioning of securities into longer-duration, higher-yielding securities. Other noninterest income increased $0.6 million for the nine months ended September 30, 2026 primarily due to increases in partnership and bank-owned life insurance income.
Noninterest Expense
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)20262025$ Change% Change20262025$ Change% Change
Salaries and employee benefits$32,654 $32,180 $474 1.5 %$96,690 $94,940 $1,750 1.8 %
Data processing and information technology5,036 4,901 135 2.8 %15,357 14,678 679 4.6 %
Occupancy3,990 4,014 (24)(0.6)%12,656 12,340 316 2.6 %
Furniture, equipment and software3,644 3,225 419 13.0 %10,660 10,060 600 6.0 %
Other taxes2,196 2,088 108 5.2 %6,032 5,670 362 6.4 %
Marketing1,325 1,255 70 5.6 %4,668 4,360 308 7.1 %
Professional services and legal1,432 1,199 233 19.4 %3,963 4,224 (261)(6.2)%
FDIC insurance1,080 1,071 9 0.8 %3,227 3,173 54 1.7 %
Other6,284 6,443 (159)(2.5)%19,759 20,136 (377)(1.9)%
Total Noninterest Expense$57,641 $56,376 $1,265 2.2 %$173,012 $169,581 $3,431 2.0 %
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S&T BANCORP, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS



Noninterest expense increased $1.3 million and $3.4 million for the three and nine months ended September 30, 2026 compared to the same periods in 2025. Salaries and employee benefits increased $0.5 million and $1.8 million for the three and nine months ended September 30, 2026 primarily due to annual merit increases and the hiring of new talent, partially offset by lower medical costs compared to the same periods in 2025. Furniture, equipment and software expense increased $0.4 million and $0.6 million for the three and nine months ended September 30, 2026 due to an increase in software costs compared to the same periods in 2025. Data processing and information technology increased $0.7 million for the nine months ended September 30, 2026 due to additional third-party outsourced IT services.
Provision for Income Taxes
The provision for income taxes increased $1.3 million to $10.1 million for the three months ended September 30, 2026 and increased $2.7 million to $27.9 million for the nine months ended September 30, 2026 compared to $8.9 million and $25.3 million for the same periods in 2025. The increase in our provision for income taxes was due to higher pretax income for the three and nine months ended September 30, 2026 compared to the same periods in 2025. Our effective tax rate was 20.8 percent for the three months ended September 30, 2026 and 20.2 percent for the nine months ended September 30, 2026 compared to 20.2 percent and 20.1 percent for the same periods in 2025. The increase in our effective tax rate for the three and nine months ended September 30, 2026 was primarily due to an increase in pretax income compared to the same periods in 2025.
Financial Condition at September 30, 2026
Total assets were $9.9 billion at both September 30, 2026 and December 31, 2025. Total portfolio loans decreased $17.9 million, or 0.2 percent, to $8.1 billion at September 30, 2026 compared to December 31, 2025 due to lower line utilization and originations. The commercial loan portfolio increased $13.3 million compared to December 31, 2025 due to an increase in commercial construction and commercial and industrial loans. The consumer loan portfolio decreased $31.3 million compared to December 31, 2025 due to lower mortgage originations in consumer real estate and higher payoffs within other consumer loans.
The securities portfolio remained relatively unchanged at $1.0 billion at both September 30, 2026 and December 31, 2025, with net purchases partially offsetting the impact of a $41.3 million increase in net unrealized losses resulting from higher interest rates.
Total deposits increased $105.1 million, or 1.3 percent, to $8.1 billion at September 30, 2026 compared to $8.0 billion at December 31, 2025. Customer deposits increased $285.5 million, or 3.7 percent, to $8.1 billion at September 30, 2026 compared to $7.8 billion at December 31, 2025 driven by increases in core relationships and growth across nearly all deposit product categories. Growth in customer deposits enabled a reduction in money market brokered deposits which decreased $180.4 million compared to December 31, 2025.
Total borrowings decreased $50.0 million to $215.3 million at September 30, 2026 compared to $265.3 million at December 31, 2025.
Total shareholders’ equity decreased by $56.5 million to $1.4 billion at September 30, 2026 compared to $1.5 billion at December 31, 2025. The decrease was primarily due to repurchases of S&T common stock of $98.3 million during the nine months ended September 30, 2026, which includes excise tax and commissions of $1.1 million, other comprehensive loss of $30.9 million and dividends of $39.8 million offset by net income of $110.3 million. During the nine months ended September 30, 2026, 2,221,024 common shares were repurchased at an average price of $43.75 per share.
Securities Activity
The following table summarizes our securities portfolio at the dates presented:
(dollars in thousands)September 30, 2026December 31, 2025$ Change
U.S. Treasury securities$53,656 $84,507 $(30,851)
Collateralized mortgage obligations of U.S. government corporations and agencies615,490 624,263 (8,773)
Residential mortgage-backed securities of U.S. government corporations and agencies29,619 31,336 (1,717)
Commercial mortgage-backed securities of U.S. government corporations279,277 241,262 38,015 
Obligations of states and political subdivisions4,845 4,909 (64)
Available-for-Sale Debt Securities982,887 986,277 (3,390)
Equity securities1,557 1,382 175 
Total Securities Available for Sale$984,444 $987,659 $(3,215)
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S&T BANCORP, INC. AND SUBSIDIARIES
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We invest in various securities in order to maintain a source of liquidity, to satisfy various pledging requirements, to increase net interest income and as a tool of ALCO to reposition the balance sheet for interest rate risk purposes. Securities are subject to market risks that could negatively affect the level of liquidity available to us.
The securities portfolio remained relatively unchanged at $1.0 billion at both September 30, 2026 and December 31, 2025, with net purchases partially offsetting the impact of a $41.3 million increase in net unrealized losses resulting from higher interest rates. Our debt securities portfolio was in a net unrealized loss position of $76.2 million at September 30, 2026 compared to a net unrealized loss position of $34.9 million at December 31, 2025.
At September 30, 2026, our debt securities portfolio had gross unrealized losses of $76.2 million and no gross unrealized gains compared to gross unrealized losses of $42.4 million offset by gross unrealized gains of $7.5 million at December 31, 2025. We recognized $1.7 million of realized losses due to the repositioning of $34.8 million of our securities portfolio into longer duration, higher-yielding securities during the nine months ended September 30, 2026.
Loan Composition
The following table summarizes our loan portfolio at the dates presented:
September 30, 2026December 31, 2025
(dollars in thousands)Amount% of TotalAmount% of Total$ Change% Change
Commercial
Commercial real estate$3,550,690 44.1 %$3,626,784 44.9 %$(76,094)(2.1)%
Commercial and industrial1,538,964 19.1 %1,519,336 18.9 %19,628 1.3 %
Commercial construction449,889 5.6 %380,091 4.7 %69,798 18.4 %
Total Commercial Loans5,539,543 68.8 %5,526,211 68.5 %13,332 0.2 %
Consumer
Consumer real estate2,437,328 30.3 %2,454,466 30.4 %(17,138)(0.7)%
Other consumer77,148 1.0 %91,280 1.1 %(14,132)(15.5)%
Total Consumer Loans2,514,476 31.2 %2,545,746 31.5 %(31,270)(1.2)%
Total Portfolio Loans$8,054,019 100.0 %$8,071,957 100.0 %$(17,938)(0.2)%
The loan portfolio represents the most significant source of interest income for us. The risk that borrowers will be unable to pay such obligations is inherent in the loan portfolio. Other conditions, such as downturns in the borrower’s industry or the overall economic climate, can significantly impact the borrower’s ability to pay.
Total portfolio loans were relatively unchanged at $8.1 billion at both September 30, 2026 and December 31, 2025. Loan balances declined $17.9 million during the nine months ended September 30, 2026.
Commercial loans, including commercial real estate, or CRE, and commercial and industrial, or C&I, and commercial construction comprised 68.8 percent of total portfolio loans at September 30, 2026 compared to 68.5 percent at December 31, 2025. The commercial loan portfolio increased $13.3 million at September 30, 2026 compared to December 31, 2025 due to increases of $69.8 million in commercial construction and $19.6 million in C&I offset by a decrease of $76.1 million in CRE.
Consumer loans represent 31.2 percent of our total portfolio loans at September 30, 2026 compared to 31.5 percent at December 31, 2025. The consumer loan portfolio decreased $31.3 million at September 30, 2026 compared to December 31, 2025 due to a decrease of $17.2 million in consumer real estate related to lower mortgage originations and a decrease of $14.1 million in other consumer loans related to higher payoffs.
At September 30, 2026, 22 percent of our total loans were adjustable rate, 39 percent were floating rate and 39 percent were fixed rate compared to 23 percent adjustable rate loans, 37 percent floating rate loans and 40 percent fixed rate loans at December 31, 2025.
Allowance for Credit Losses
We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) CRE, 2) C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. Refer to Part 1 Financial Information, Note 5. Loans and Allowance for Credit Losses for details on our portfolio segments.
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S&T BANCORP, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


The following table presents activity in the ACL for the period presented:
Nine Months Ended September 30, 2026
(dollars in thousands)Commercial
Real Estate		Commercial and
Industrial		Commercial
Construction		Business BankingConsumer
Real Estate		Other
Consumer		Total Loans
Allowance for credit losses on loans:
Balance at beginning of period$29,357 $29,142 $4,400 $11,335 $16,297 $2,647 $93,178 
Provision for credit losses on loans(1)
649 3,027 1,032 (123)75 158 4,818 
Charge-offs(309)(1,939)(69)(1,446)(686)(1,149)(5,598)
Recoveries4 334 — 145 158 213 854 
Net Charge-offs(305)(1,605)(69)(1,301)(528)(936)(4,744)
Balance at End of Period$29,701 $30,564 $5,363 $9,911 $15,844 $1,869 $93,252 
(1) Excludes the provision for credit losses for unfunded commitments.
The following table presents key ACL ratios for the periods presented:
September 30, 2026December 31, 2025
Ratio of net charge-offs to average loans outstanding(1)
0.08 %0.18 %
Allowance for credit losses as a percentage of total portfolio loans1.16 %1.15 %
Allowance for credit losses to nonaccrual loans256 %168 %
(1) Year-to-date net charge-offs annualized

The ACL was relatively unchanged at $93.3 million, or 1.16 percent of total portfolio loans, at September 30, 2026 compared to $93.2 million, or 1.15 percent of total portfolio loans, at December 31, 2025. Special mention loans increased $86.0 million to $155.0 million at September 30, 2026 compared to $69.0 million at December 31, 2025. The increase in special mention loans was primarily related to downgrades in our C&I and CRE portfolios. The impact to the ACL resulting from higher special mention loans was mostly offset by a decrease in substandard loans. Substandard loans decreased $23.6 million to $101.5 million at September 30, 2026 compared to $125.1 million at December 31, 2025. The decrease in the amount of substandard loans was primarily due to loan paydowns.
Nonperforming assets, or NPAs, consist of nonaccrual loans and OREO. The following table represents NPAs at the dates presented:
(dollars in thousands)September 30, 2026December 31, 2025$ Change
Nonaccrual Loans
Commercial real estate$7,985 $17,373 $(9,388)
Commercial and industrial14,042 25,575 (11,533)
Commercial construction— 869 (869)
Consumer real estate14,272 11,583 2,689 
Other Consumer155 158 (3)
Total Nonaccrual Loans36,454 55,558 (19,104)
OREO29 57 (28)
Total Nonperforming Assets$36,483 $55,615 $(19,132)
Asset Quality Ratios:
Nonaccrual loans as a percent of total portfolio loans0.45 %0.69 %(0.24)%
Nonperforming assets as a percent of total portfolio loans plus OREO0.45 %0.69 %(0.24)%
Our policy is to place loans in all categories in nonaccrual status when collection of interest or principal is doubtful, or generally when interest or principal payments are 90 days or more past the contractual due date. Nonaccrual loans decreased $19.1 million to $36.5 million at September 30, 2026 compared to $55.6 million at December 31, 2025. The decrease in nonaccrual loans was primarily due to payoffs in our commercial loan portfolio.
38
S&T BANCORP, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Deposits
Deposits are our primary source of funds. The following table presents the composition of deposits at the dates presented:
(dollars in thousands)September 30, 2026December 31, 2025$ Change
Customer Deposits
Noninterest-bearing demand$2,223,912 $2,160,645 $63,267 
Interest-bearing demand771,052 790,278 (19,226)
Money market2,186,099 2,016,560 169,539 
Savings873,656 862,118 11,538 
Certificates of deposit2,009,172 1,948,792 60,380 
Total Customer Deposits8,063,891 7,778,393 285,498 
Brokered Deposits
Money market— 180,438 (180,438)
Total Brokered Deposits— 180,438 (180,438)
Total Deposits$8,063,891 $7,958,831 $105,060 
Total deposits increased $105.1 million, or 1.3 percent, at September 30, 2026 compared to December 31, 2025. Customer deposits increased $285.5 million, or 3.7 percent, compared to December 31, 2025, driven by increases in core relationships and growth across nearly all deposit product categories. Noninterest-bearing demand deposits increased $63.3 million, or 2.9 percent, compared to December 31, 2025, representing 28 percent of total deposits at September 30, 2026. Growth in customer deposits enabled a reduction in money market brokered deposits, which decreased $180.4 million from December 31, 2025. Brokered deposits are an additional source of funds utilized by ALCO as a way to diversify funding sources, as well as manage our funding costs and structure.
We are able to offer our customers insurance coverage on interest-bearing demand, money market and certificates of deposit balances in excess of the FDIC insurance limits through third-party reciprocal deposit networks. Third-party reciprocal deposit network balances were $304.8 million at September 30, 2026 compared to $317.3 million at December 31, 2025.
We had total uninsured deposits of $3.0 billion, or 36.8 percent of our total deposit base, at September 30, 2026 compared to $2.7 billion, or 33.7 percent of our total deposit base, at December 31, 2025.
Borrowings
Borrowings are an additional source of funding for us. Short-term borrowings are for terms under or equal to one year and are comprised of Federal Home Loan Bank, or FHLB, Advances. Long-term borrowings are for original terms greater than one year and are comprised of FHLB Advances and finance leases. Total borrowings decreased $50.0 million to $215.3 million at September 30, 2026 compared to $265.3 million at December 31, 2025.
The following table presents the composition of total borrowings at the dates presented:
(dollars in thousands)September 30, 2026December 31, 2025$ Change
Short-term borrowings$165,000 $165,000 $— 
Long-term borrowings751 50,815 (50,064)
Junior subordinated debt securities49,523 49,478 45 
Total Borrowings$215,274 $265,293 $(50,019)
Information pertaining to short-term borrowings is summarized in the table below for the nine months ended September 30, 2026 and for the twelve months ended December 31, 2025:
Short-Term Borrowings
(dollars in thousands)September 30, 2026December 31, 2025
Balance at the period end$165,000 $165,000 
Average balance during the period$90,511 $111,453 
Average interest rate during the period3.92 %4.53 %
Maximum month-end balance during the period$200,000 $165,000 
Average interest rate at the period end4.13 %3.93 %
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S&T BANCORP, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Information for long-term borrowings and junior subordinated debt securities is summarized in the tables below for the nine months ended September 30, 2026 and for the twelve months ended December 31, 2025:
Long-Term Borrowings
(dollars in thousands)September 30, 2026December 31, 2025
Balance at the period end$751 $50,815 
Average balance during the period$33,750 $50,856 
Average interest rate during the period3.78 %3.80 %
Maximum month-end balance during the period$50,809 $50,890 
Average interest rate at the period end5.93 %3.75 %
Junior Subordinated Debt Securities
(dollars in thousands)September 30, 2026December 31, 2025
Balance at the period end$49,523 $49,478 
Average balance during the period$49,500 $49,446 
Average interest rate during the period6.50 %7.04 %
Maximum month-end balance during the period$49,523 $49,478 
Average interest rate at the period end6.25 %6.33 %
Liquidity and Capital Resources
Liquidity is defined as a financial institution’s ability to meet its cash and collateral obligations at a reasonable cost. Our primary future cash needs are centered on the ability to (i) satisfy the financial needs of depositors who may want to withdraw funds or borrowers needing to access funds to meet their credit needs and (ii) to meet our future cash commitments under contractual obligations with third parties. In order to manage liquidity risk, our Board of Directors has delegated authority to ALCO for the formulation, implementation and oversight of liquidity risk management for S&T. ALCO’s goal is to maintain adequate levels of liquidity at a reasonable cost to meet funding needs in both a normal operating environment and for potential liquidity stress events. ALCO monitors and manages liquidity through various ratios, reviewing cash flow projections, performing stress tests and having a detailed contingency funding plan. ALCO policy guidelines define graduated risk tolerance levels. If our liquidity position moves to a level that has been defined as high risk, specific actions are required, such as increased monitoring or the development of an action plan to reduce the risk position.
Our primary funding and liquidity source is a stable customer deposit base. We believe S&T has the ability to retain existing deposits and attract new deposits, mitigating any funding dependency on other more volatile funding sources. Refer to the Financial Condition at September 30, 2026 - Deposits section of this MD&A, for additional discussion on deposits. Although deposits are the primary source of funds, we have identified various other funding sources that can be used as part of our normal funding program. Additional funding sources accessible to us include borrowing availability at the FHLB, Federal Reserve Discount Window through the Borrower-in-Custody Program, federal funds lines with other financial institutions and the brokered deposit market.
Available borrowing capacity exceeds uninsured deposits of $3.0 billion at September 30, 2026. The following table summarizes funding sources available at the dates presented:
September 30, 2026December 31, 2025
(dollars in thousands)Borrowing Capacity
Balance (1)
AvailableBorrowing Capacity
Balance (1)
Available
FHLB(1)
$2,119,927 $318,657 $1,801,270 $2,132,446 $339,614 $1,792,832 
Borrower-in-Custody Program2,184,271 — 2,184,271 2,124,366 — 2,124,366 
Total$4,304,198 $318,657 $3,985,541 $4,256,812 $339,614 $3,917,198 
(1) FHLB balances include advances, letters of credit, interest due on advances and the credit enhancement obligation on mortgages sold to the FHLB.
We have contractual obligations representing required future payments on certificates of deposit, junior subordinated debt securities, short-term borrowings, long-term borrowings, operating and capital leases, funding commitments on tax credit equity investments and purchase obligations. See the Liquidity and Capital Resources section presented in our 2025 Form 10-K under Part II, Item 7- Management’s Discussion and Analysis of Financial Condition and Results of Operations for more information on these future cash outflows. There have been no material changes to the contractual obligations previously disclosed in our 2025 Form 10-K.
An important component of our ability to effectively respond to potential liquidity stress events is maintaining a cushion of highly liquid assets. Highly liquid assets are those that can be converted to cash quickly to meet financial obligations. ALCO
40
S&T BANCORP, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


policy guidelines define a ratio of highly liquid assets to total assets by graduated risk tolerance levels of minimal, moderate and high. At September 30, 2026, S&T Bank had $858.7 million in highly liquid assets which consisted primarily of $126.7 million in interest-bearing deposits with banks and $731.4 million in unpledged securities. This resulted in a highly liquid assets to total assets ratio of 8.7 percent at September 30, 2026.
We continue to maintain a strong capital position with our capital ratios in excess of the well-capitalized regulatory guidelines. The following table summarizes capital amounts and ratios for S&T and S&T Bank at the dates presented:
(dollars in thousands)Adequately
Capitalized		Well-
Capitalized		September 30, 2026December 31, 2025
AmountRatioAmountRatio
S&T Bancorp, Inc.
Tier 1 leverage4.00 %5.00 %$1,129,212 11.79 %$1,154,736 12.18 %
Common equity tier 1 to risk-weighted assets4.50 %6.50 %1,105,212 14.02 %1,130,736 14.32 %
Tier 1 capital to risk-weighted assets6.00 %8.00 %1,129,212 14.32 %1,154,736 14.62 %
Total capital to risk-weighted assets8.00 %10.00 %1,252,752 15.89 %1,278,474 16.19 %
S&T Bank
Tier 1 leverage4.00 %5.00 %$1,072,027 11.20 %$1,128,495 11.91 %
Common equity tier 1 to risk-weighted assets4.50 %6.50 %1,072,027 13.61 %1,128,495 14.30 %
Tier 1 capital to risk-weighted assets6.00 %8.00 %1,072,027 13.61 %1,128,495 14.30 %
Total capital to risk-weighted assets8.00 %10.00 %1,195,505 15.18 %1,252,175 15.86 %

During the nine months ended September 30, 2026, we repurchased 2,221,024 shares of common stock for $97.2 million, excluding excise taxes and commissions, at an average price of $43.75 per share. The share repurchases contributed to the decrease in shareholders' equity and regulatory capital ratios compared to December 31, 2025.
We have filed a shelf registration statement on Form S-3 under the Securities Act of 1933, as amended, with the SEC which allows for the issuance of a variety of securities including debt and capital securities, preferred and common stock and warrants. We may use the proceeds from the sale of securities for general corporate purposes which could include investments at the holding company level, investing in, or extending credit to subsidiaries, possible acquisitions and stock repurchases. We have not issued any securities pursuant to this shelf registration statement at September 30, 2026.
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S&T BANCORP, INC. AND SUBSIDIARIES
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is defined as the degree to which changes in interest rates, foreign exchange rates, commodity prices or equity prices can adversely affect a financial institution’s earnings or capital. For most financial institutions, including S&T, market risk primarily reflects exposures to changes in interest rates. Interest rate fluctuations affect earnings by changing net interest income and other interest-sensitive income and expense levels. Interest rate changes also affect capital by changing the net present value of a bank’s future cash flows, and the cash flows themselves, as rates change. Accepting this risk is a normal part of banking and can be an important source of profitability and enhancing shareholder value. However, excessive interest rate risk can threaten a bank’s earnings, capital, liquidity and solvency. Our sensitivity to changes in interest rate movements is continually monitored by ALCO. ALCO monitors and manages market risk through rate shock analyses, economic value of equity, or EVE, analyses and by performing stress tests and simulations to mitigate earnings and market value fluctuations due to changes in interest rates.
Rate shock analyses results are compared to a base case to provide an estimate of the impact that market rate changes may have on 12 and 24 months of pretax net interest income. The base case and rate shock analyses are performed on a static balance sheet. A static balance sheet is a no growth balance sheet in which all maturing and/or repricing cash flows are reinvested in the same product at the existing product spread. Rate shock analyses assume an immediate parallel shift in market interest rates and also include management assumptions regarding the impact of interest rate changes on non-maturity deposit products (noninterest-bearing demand, interest-bearing demand, money market and savings) and changes in the prepayment behavior of loans and securities with optionality. S&T policy guidelines limit the change in pretax net interest income over 12 and 24 month horizons using rate shocks in increments of +/- 100 basis points. Policy guidelines define the percentage change in pretax net interest income by graduated risk tolerance levels of minimal, moderate and high.
In order to monitor interest rate risk beyond the 24 month time horizon of rate shocks on pretax net interest income, we also perform EVE analyses. EVE represents the present value of all asset cash flows minus the present value of all liability cash flows. EVE change results are compared to a base case to determine the impact that market rate changes may have on our EVE. As with rate shock analyses on pretax net interest income, EVE analyses incorporate management assumptions regarding prepayment behavior of fixed rate loans and securities with optionality and the behavior and value of non-maturity deposit products. S&T policy guidelines limit the change in EVE using rate shocks in increments of +/- 100 basis points. Policy guidelines define the percentage change in EVE by graduated risk tolerance levels of minimal, moderate and high.
The table below reflects the rate shock analyses results for the 1-12 and 13-24 month periods of pretax net interest income and EVE:
September 30, 2026December 31, 2025
1 - 12 Months13 - 24 Months% Change in EVE1 - 12 Months13 - 24 Months% Change in EVE
Change in Interest Rate (basis points)% Change in Pretax
 Net Interest Income		% Change in
 Pretax
Net Interest Income		% Change in Pretax
 Net Interest Income		% Change in
 Pretax
Net Interest Income
 4006.6 9.9 (14.1)1.7 9.4 (12.4)
 3004.8 7.2 (9.8)1.1 6.9 (7.9)
 2003.4 5.2 (5.4)0.9 5.0 (3.6)
 1002.0 3.0 (1.8)0.6 2.9 (0.6)
-100(2.2)(3.5)(0.3)(1.8)(4.5)(3.1)
-200(5.3)(8.5)(4.1)(4.0)(10.2)(9.7)
-300(9.2)(14.7)(11.7)(6.8)(17.0)(21.2)
-400(12.2)(20.5)(22.6)(8.7)(21.1)(39.9)
The results from the rate shock analyses on net interest income are generally consistent with having an asset sensitive balance sheet. Having an asset sensitive balance sheet means more assets than liabilities will reprice during the measured time frames. The implications of an asset sensitive balance sheet will differ depending upon the change in market interest rates. For example, with an asset sensitive balance sheet in a declining interest rate environment, more assets than liabilities will decrease in rate. This situation could result in a decrease in net interest income and operating income. Conversely, with an asset sensitive balance sheet in a rising interest rate environment, more assets than liabilities will increase in rate. This situation could result in an increase in net interest income and operating income.
Our rate shock analyses show more improvement in the percentage change in pretax net interest income in the 1-12 month rates up and a decline in the percentage change in pretax net interest income in the 1-12 month rates down scenarios when comparing September 30, 2026 to December 31, 2025 because of a greater impact of floating rate loans and maturities within our received-fixed balance sheet swap portfolio. Our rate shock analyses remain relatively unchanged in the percentage change in pretax net interest income in the 13-24 month scenarios when comparing September 30, 2026 to December 31, 2025. Our EVE analyses remain relatively unchanged in rates up and show more improvement in rates down when comparing September 30, 2026 to December 31, 2025 because of an improved non-maturity deposit position.
42
S&T BANCORP, INC. AND SUBSIDIARIES
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
In addition to rate shocks and EVE analyses, we perform a market risk stress test at least annually. The market risk stress test includes sensitivity analyses and simulations. Sensitivity analyses are performed to help us identify which model assumptions cause the greatest impact on pretax net interest income. Sensitivity analyses may include changing prepayment behavior of loans and securities with optionality and the impact of interest rate changes on non-maturity deposit products. Simulation analyses may include the potential impact of more dynamic rate changes beyond rate shocks, yield curve shape changes, significant balance mix changes and various growth scenarios.    
Item 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of S&T’s Chief Executive Officer, or CEO, and Chief Financial Officer, or CFO (its principal executive officer and principal financial officer, respectively), management has evaluated the effectiveness of the design and operation of S&T’s disclosure controls and procedures as of September 30, 2026. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, or the Exchange Act, is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission, or the SEC, and that such information is accumulated and communicated to S&T’s management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.
Based on and as of the date of such evaluation, our CEO and CFO concluded that the design and operation of our disclosure controls and procedures were effective in all material respects, as of the end of the period covered by this report.
Changes in Internal Control over Financial Reporting
During the quarter ended September 30, 2026, there were no changes made to S&T’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that materially affected, or are reasonably likely to materially affect, S&T’s internal control over financial reporting.
43
S&T BANCORP, INC. AND SUBSIDIARIES



PART II
OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 1A. Risk Factors
There have been no material changes to the risk factors that we have previously disclosed in Part I, Item 1A – Risk Factors in our 2025 Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 27, 2026.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Purchases of Equity Securities
On January 21, 2026, our Board of Directors authorized a $100.0 million share repurchase program effective January 26, 2026 which was set to expire February 1, 2027. The program authorized the share repurchase of S&T's common stock from time to time through a combination of open market and privately negotiated transactions up to the authorized $100.0 million aggregate value of S&T's common stock. The specific timing, price and quantity of repurchases was at the discretion of S&T and depended on a variety of factors, including general market conditions, the trading price of the common stock, applicable securities laws and other legal and contractual requirements, as well as S&T's financial performance. The repurchase program did not obligate S&T to repurchase any particular number of shares.
On July 22, 2026, our Board of Directors authorized a new $100.0 million share repurchase program which replaced the existing share repurchase program effective July 27, 2026 and is set to expire August 31, 2027. The remaining capacity of $2.8 million under the existing share repurchase program was terminated. The new program authorizes the share repurchase of S&T's common stock from time to time through a combination of open market and privately negotiated transactions up to the authorized $100.0 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, applicable securities laws and other legal and contractual requirements, as well as S&T's financial performance. The repurchase program does not obligate S&T to repurchase any particular number of shares and may be extended, modified or discontinued at any time.
The following table is a summary of our purchases of common stock during the third quarter of 2026:
PeriodTotal number of shares purchased
Average price paid per share(1)
Total number of shares purchased as part of publicly announced plan
Approximate dollar value of shares that may yet be purchased under the plan(1)
07/01/2026-07/31/2026— $— — $100,000,000 
08/01/2026-08/31/2026— — — 100,000,000 
09/01/2026-09/30/2026— — — 100,000,000 
Total— $— — $100,000,000 
(1)Excludes excise tax and commissions.


Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not Applicable.
Item 5. Other Information
(c) During the three and nine months ended September 30, 2026, no director or Section 16 officer of S&T adopted, terminated or modified a ‘Rule 10b5-1 trading arrangement’ or ‘non-Rule 10b5-1 trading arrangement,’ as each term is defined in Item 408(a) of Regulation S-K.
44
Table of Contents
S&T BANCORP, INC. AND SUBSIDIARIES



Item 6. Exhibits
Rule 13a-14(a) Certification of the Chief Executive Officer
Rule 13a-14(a) Certification of the Chief Financial Officer
Rule 13a-14(b) Certification of the Chief Executive Officer and Chief Financial Officer
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCHXBRL Taxonomy Extension Schema
101.CALXBRL Taxonomy Extension Calculation Linkbase
101.DEFXBRL Taxonomy Extension Definition Linkbase
101.LABXBRL Taxonomy Extension Label Linkbase
101.PREXBRL Taxonomy Extension Presentation Linkbase
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101)
45
S&T BANCORP, INC. AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
S&T Bancorp, Inc.
(Registrant)
November 5, 2026/s/ Mark Kochvar
Mark Kochvar
Senior Executive Vice President and
Chief Financial Officer
(Principal Financial Officer and Duly Authorized Signatory)
46

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