About S&T Bancorp

S&T Bancorp, Inc. operates as the bank holding company for S&T Bank that provides a full range of financial services with retail and commercial banking products, cash management services, trust and brokerage services. The company has four active direct wholly-owned subsidiaries, including S&T Bank, 9th Street Holdings, Inc., STBA Capital Trust I and DNB Capital Trust II; and owns a 50 percent interest in Commonwealth Trust Credit Life Insurance Company, or CTCLIC. S&T Bank is a full-service bank that operates in Pennsylvania and Ohio. S&T Bank deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent provided by law. S&T Bank has four active wholly-owned operating subsidiaries, including S&T Insurance Group, LLC, S&T Bancholdings, Inc., Stewart Capital Advisors, LLC and DN Acquisition Company, Inc. Through S&T Bank and the company's non-bank subsidiaries, the company offers consumer, commercial and small business banking services, which include accepting time and demand deposits and originating commercial and consumer loans, brokerage services and trust services, including serving as executor and trustee under wills and deeds and as guardian and custodian of employee benefits. The company also manages private investment accounts for individuals and institutions through the company's registered investment advisor. The company's customers are primarily in Pennsylvania and the contiguous states of Ohio, New York, West Virginia, New Jersey, Delaware and Maryland. The majority of the company's commercial and consumer loans are made to businesses and individuals in these states resulting in a geographic concentration. Loan Portfolio As of December 31, 2023, the company's loan portfolio included commercial loans, such as commercial real estate, commercial and industrial, and commercial construction loans; and consumer loans, such as consumer real estate loans and other consumer loans. Deposits As of December 31, 2023, the company's deposits included customer deposits, such as noninterest-bearing demand, interest-bearing demand, money market, and savings accounts, as well as certificates of deposit; and brokered deposits, such as money market and certificates of deposit. Investment Portfolio As of December 31, 2023, the company's investment portfolio included debt securities, such as U.S. Treasury securities; obligations of U.S. government corporations and agencies; collateralized mortgage obligations of U.S. government corporations and agencies; residential mortgage-backed securities of U.S. government corporations and agencies; commercial mortgage-backed securities of U.S. government corporations and agencies; and obligations of states and political subdivisions, as well as equity securities. Supervision and Regulation The company is registered with the Board of Governors of the Federal Reserve System, or the Federal Reserve Board, under the Bank Holding Company Act of 1956, as amended, or the BHCA, as a bank holding company and a financial holding company. In order to maintain the company's status as a financial holding company, the company must remain 'well-capitalized' and 'well-managed' and the depository institutions controlled by the company must remain 'well-capitalized,' 'well-managed' (as defined in federal law) and have at least a 'satisfactory' Community Reinvestment Act, or CRA, rating. The company is presently engaged in non-banking activities through the following six entities: 9th Street Holdings, Inc. was formed in June 1988 to hold and manage a group of investments previously owned by S&T Bank and to give the company additional latitude to purchase other investments. S&T Bancholdings, Inc. was formed in August 2002 to hold and manage a group of investments previously owned by S&T Bank and to give the company additional latitude to purchase other investments. CTCLIC is a joint venture with another financial institution, and acts as a reinsurer of credit life, accident and health insurance policies that were sold by S&T Bank and the other institution. S&T Bank and the other institution each have ownership interests of 50 percent in CTCLIC. S&T Insurance Group, LLC distributes life insurance and long-term disability income insurance products. During 2001, S&T Insurance Group, LLC and Attorneys Abstract Company, Inc. entered into an agreement to form S&T Settlement Services, LLC, or STSS, with respective ownership interests of 55 percent and 45 percent. STSS is a title insurance agency servicing commercial customers. The company also has a 30 percent partnership interest in Evergreen Insurance, LLC. Stewart Capital Advisors, LLC was formed in August 2005 and is a registered investment advisor that manages private investment accounts for individuals and institutions. DN Acquisition Company, Inc. was acquired with the DNB First merger on November 30, 2019. DN Acquisition Company, Inc. was formed to acquire and hold Other Real Estate Owned acquired through foreclosure or deed in-lieu-of foreclosure, as well as Bank-occupied real estate. As a Pennsylvania-chartered, FDIC-insured non-member commercial bank, S&T Bank is subject to the supervision and regulation of the Pennsylvania Department of Banking and Securities, or PADBS, and the FDIC. In addition, pursuant to the federal Bank Merger Act, S&T Bank must obtain the prior approval of the FDIC before it can merge or consolidate with or acquire the assets or assume the deposit liabilities of another bank. S&T Bank is subject to affiliate transaction rules in Sections 23A and 23B of the Federal Reserve Act as implemented by the Federal Reserve Board's Regulation W, that limit the amount of transactions between itself and S&T or any other company or entity that controls or is under common control with any company or entity that controls S&T Bank, including for most purposes any financial or depository institution subsidiary of S&T Bank. The deposits of S&T Bank are insured up to applicable limits per insured depositor by the Deposit Insurance Fund, or DIF, as administered by the FDIC. As an FDIC-insured bank, S&T Bank is subject to FDIC insurance assessments, which are imposed based upon the calculated risk the institution poses to the DIF. S&T Bank was rated 'satisfactory' in its most recent CRA performance evaluation. Institutions that have assets of $10 billion or less, such as S&T Bank, are subject to the rules established by the Consumer Financial Protection Bureau. S&T Bank is subject to the Bank Secrecy Act, its implementing regulations and other anti-money laundering laws and regulations, including the USA Patriot Act of 2001. History S&T Bancorp, Inc. was founded in 1902. The company was incorporated in 1983 under the laws of the Commonwealth of Pennsylvania.