What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2026-02-27 compared with 2025-03-03 · 315 added, 366 removed, 1805 unchanged (27% of the section changed)

76 unchanged sentences

NONINTEREST INCOME

Net (loss) gain on sale of securities

Net loss on sale of securities

( 2,295 ) ( 7,938 ) —

10 unchanged sentences

Furniture, equipment and software 13,513 13,559 12,912

Marketing 6,351 6,488 5,600

Other taxes 7,601 7,452 6,813

Marketing 5,906 6,351 6,488

Professional services and legal 5,452 5,468 7,823

20 unchanged sentences

Tax effect ( 7,429 ) ( 458 ) ( 4,407 )

Net available-for-sale securities losses (gains) reclassified into earnings (1)

Net available-for-sale securities losses reclassified into earnings (1)

2,295 7,938 —

11 unchanged sentences

Tax effect ( 111 ) ( 381 ) ( 32 )

Net employee benefit plan losses reclassified into earnings (3)

Tax effect — — ( 501 )

Net effect on other comprehensive income 415 1,588 110

Other Comprehensive Income (Loss) 13,909 21,224 ( 105,035 )

Other Comprehensive Income 35,285 13,909 21,224

Comprehensive Income $ 169,515 $ 145,174 $ 166,005

(1) Reclassification adjustments are comprised of realized security gains or losses.

The realized gains or losses have been recorded in net (loss) gain on sale of securities in the Consolidated Statements of Net Income.

(1) Reclassification adjustments are comprised of realized security losses.

The realized losses have been recorded in net loss on sale of securities in the Consolidated Statements of Net Income.

(2) Reclassification adjustments have been recorded in loan interest income in the Consolidated Statements of Net Income.

(3) Reclassification adjustments are comprised of realized actuarial gains or losses and settlement charges.

These gains or losses and settlement charges have been recorded in salaries and employee benefits in the Consolidated Statements of Net Income.

See Notes to Consolidated Financial Statements

6 unchanged sentences

Earnings Accumulated

Comprehensive Loss Treasury

Comprehensive Income (Loss) Treasury

Balance at January 1, 2023 $ 103,623 $ 406,283 $ 863,948 $ ( 112,125 ) $ ( 77,070 ) $ 1,184,659

Net income for the year ended December 31, 2023 — — 144,781 — — 144,781

Other comprehensive loss, net of tax — — — ( 105,035 ) — ( 105,035 )

Other comprehensive income, net of tax — — — 21,224 — 21,224

Impact of adoption of ASU 2022-02 — — ( 447 ) — — ( 447 )

Cash dividends declared ($ 1.29 per share)

17 unchanged sentences

— — 243 — ( 1,113 ) ( 870 )

Repurchase of S&T stock ( 739,426 shares)

— — — — ( 19,998 ) ( 19,998 )

Recognition of restricted stock compensation expense — 4,622 — — — 4,622

2 unchanged sentences

Other comprehensive income, net of tax — — — 35,285 — 35,285

Impact of adoption of ASU 2023-02 — — ( 1,002 ) — — ( 1,002 )

Cash dividends declared ($ 1.38 per share)

4 unchanged sentences

— — — — ( 1,672 ) ( 1,672 )

Repurchase of S&T Stock ( 948,270 shares)

— — — — ( 36,636 ) ( 36,636 )

Recognition of restricted stock compensation expense — 5,344 — — — 5,344

4 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended December 31,

Twelve Months Ended December 31,

(dollars in thousands) 2025 2024 2023

4 unchanged sentences

Net depreciation, amortization and accretion 10,445 10,865 7,520

Net amortization of discounts and premiums on securities 2,837 4,666 6,062

Net (accretion) amortization of discounts and premiums on securities

( 3,338 ) 2,837 4,666

Stock-based compensation expense 5,344 4,622 3,874

Loss (gain) on sale of securities

Loss on sale of securities

2,295 7,938 —

Deferred income taxes 175 ( 296 ) 601

Loss (gain) on sale of fixed assets

(Gain) loss on sale of fixed assets

( 31 ) 196 ( 100 )

6 unchanged sentences

Net change in:

Net decrease (increase) in interest receivable 2,703 ( 7,094 ) ( 10,033 )

Net increase in interest payable

Net (increase) decrease in interest receivable ( 226 ) 2,703 ( 7,094 )

Net (decrease) increase in interest payable

( 5,285 ) 4,998 17,763

Net (increase) decrease in other assets

Net decrease (increase) in other assets

35,193 ( 1,732 ) 14,311

Net increase (decrease) in other liabilities

Net (decrease) increase in other liabilities

( 51,602 ) 9,627 ( 28,430 )

5 unchanged sentences

Proceeds from sales of securities 47,038 136,401 —

Redemption (purchases) of Federal Home Loan Bank stock

(Purchases) redemptions of Federal Home Loan Bank stock

( 799 ) 9,851 ( 2,047 )

3 unchanged sentences

Proceeds from sale of other real estate owned 42 131 7,051

Purchases of premises and equipment ( 2,994 ) ( 6,219 ) ( 3,863 )

Proceeds from the sale of premises and equipment 58 710 161

Purchases of premises and equipment, net of proceeds from sales

( 4,768 ) ( 2,936 ) ( 5,509 )

Proceeds from life insurance settlement 1,739 1,003 1,696

3 unchanged sentences

FINANCING ACTIVITIES

Net decrease in demand, money market and savings deposits

( 23,963 ) ( 345,260 ) ( 623,076 )

Net increase (decrease) in certificates of deposit

Net increase (decrease) in demand, money market and savings deposits

93,885 ( 23,963 ) ( 345,260 )

Net (decrease) increase in short-term borrowings

Net increase in certificates of deposit

81,829 285,321 647,111

Net increase (decrease) in short-term borrowings 15,000 ( 265,000 ) 45,000

Proceeds from long-term borrowings — 50,000 25,000

3 unchanged sentences

Repurchase of common stock ( 36,274 ) — ( 19,808 )

Net Cash (Used in) Provided by Financing Activities

Net Cash Provided by (Used in) Financing Activities

99,800 ( 43,867 ) 296,073

Net increase (decrease) in cash and due from banks

Net (decrease) increase in cash and due from banks

( 81,384 ) 11,208 23,603

10 unchanged sentences

Cash paid for interest $ 171,679 $ 176,068 $ 111,303

Cash paid for income taxes, net of refunds $ 29,730 $ 36,886 $ 31,175

Cash paid for federal income taxes, net of refunds $ 25,050 $ 29,730 $ 36,886

Cash paid for state income taxes, net of refunds (1)

$ 1,235 $ — $ —

Transfers of loans to other real estate owned $ 95 $ 122 $ 163

(1) ASU 2023-09 was adopted on January 1, 2025 requiring cash paid for taxes, net of refunds to be shown separately for federal and state.

This ASU was adopted on a prospective basis, therefore prior period amounts have not been adjusted.

Cash paid for state taxes, net of refunds is included with cash paid for federal taxes, net of refunds for 2024 and 2023.

See Notes to Consolidated Financial Statements

5 unchanged sentences

S&T Bancorp, Inc., or S&T, was incorporated on March 17, 1983 under the laws of the Commonwealth of Pennsylvania as a bank holding company and has four active direct wholly owned subsidiaries, 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.

We are presently engaged in non-banking activities through the following six entities:

We are presently engaged in non-banking activities through the following five entities:

9th Street Holdings, Inc.;

1 unchanged sentence

S&T Insurance Group, LLC;

Stewart Capital Advisors, LLC;

and DN Acquisition Company, Inc.

3 unchanged sentences

S&T Insurance Group, LLC, through its subsidiaries, offers a variety of insurance products.

Stewart Capital Advisors, LLC is a registered investment advisor that manages private investment accounts for individuals and institutions.

DN Acquisition Company, Inc.

34 unchanged sentences

We use fair value measurements when recording and disclosing certain financial assets and liabilities.

Available-for-sale debt securities, equity securities, trading 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 assets at fair value on a nonrecurring basis, such as loans held for sale, loans individually evaluated, OREO and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets.

Available-for-sale 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, 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.

46 unchanged sentences

Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and, from time to time, certain loans transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value.

The fair value of 1-4 family residential loans, when marked to fair value, is based on the principal or most advantageous market currently offered for similar loans using observable market data.

When the fair value of a loan held for sale is less than its cost, the loan is written down to fair value.

In such cases, fair value is based on the principal or most advantageous market currently offered for similar loans using observable market data.

Loans held for sale marked to fair value are classified as Level 2 if the fair value is determined using a sales or market approach and Level 3 if the fair value is determined using an income approach.

1 unchanged sentence

Loans that are individually evaluated to determine whether a specific allocation of ACL is needed are reported at the lower of amortized cost or fair value.

Fair value is determined using either the present value of expected future cash flows discounted at the loan's original effective interest rate, the loan’s observable market price or the fair value of the collateral less estimated selling costs when the loan is collateral dependent and we expect to liquidate the collateral.

Fair value is determined using either discounted cash flow, the loan’s observable market price or the fair value of the collateral less estimated selling costs when the loan is collateral dependent and we expect to liquidate the collateral.

However, if repayment is expected to come from the operation of the collateral, rather than liquidation, then we do not consider estimated selling costs in determining the fair value of the collateral.

1 unchanged sentence

Appraisals may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or our knowledge of the borrower and the borrower’s business.

If the fair value of loans individually evaluated is determined based on an independent market based appraisal less estimated costs to sell, it is classified as Level 2.

If the fair value of loans individually evaluated is determined using an internal valuation, it is classified as Level 3.

If the fair value of loans individually evaluated is determined based on an independent, market based appraisal that uses market observable inputs it is classified as Level 2.

If the fair value of loans individually evaluated is determined using an internal valuation, such as discounted cash flow, it is classified as Level 3.

OREO and Other Repossessed Assets

2 unchanged sentences

Appraisals on OREO may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or other information available to us.

If the fair value for OREO is determined based on an independent market-based appraisal less estimated costs to sell or an executed sales agreement, it is classified as Level 2.

If the fair value for OREO is determined based on an independent, market-based appraisal with market observable inputs it is classified as Level 2.

If the fair value for OREO is determined using an internal valuation, it is classified as Level 3.

53 unchanged sentences

Collateral Payable

Collateral payable is cash that is received from counterparties as collateral for our interest rate swaps.

Collateral payable is cash that is received from counterparties as collateral for our cash flow hedges and interest rate swaps.

The carrying amount included in other liabilities in our Consolidated Balance Sheets approximates fair value.

27 unchanged sentences

Generally, consumer loans are charged off against the ACL upon the loan reaching 90 days past due.

Commercial loans are charged off as management becomes aware of facts and circumstances that raise doubt as to the collectability of all or a portion of the principal and when we believe a confirmed loss exists.

Commercial loans are charged off as management becomes aware of facts and circumstances that raise doubt as to the collectability of all or a portion of the principal and when a confirmed loss exists.

S&T BANCORP, INC.

10 unchanged sentences

The ACL is an estimate of expected credit losses, measured over the contractual life of a loan, that considers our historical loss experience, current conditions and forecasts of future economic conditions.

Determination of an appropriate ACL is inherently subjective and may have significant changes from period to period.

Determination of an appropriate ACL is inherently subjective and the ACL may change significantly from period to period.

The methodology for determining the ACL has two main components:

15 unchanged sentences

We evaluate all commercial loans greater than $ 1.0 million that meet the following criteria:

1) when it is determined that foreclosure is probable, 2) substandard, doubtful and nonaccrual loans when repayment is expected to be provided substantially through the operation or sale of the collateral, 3) when it is determined by management that a loan does not share similar risk characteristics with other loans.

1) when it is determined that foreclosure is probable, 2) substandard, doubtful and nonaccrual loans when repayment is expected to be provided substantially through the operation or sale of the collateral, or 3) when it is determined by management that a loan does not share similar risk characteristics with other loans.

Specific reserves are established based on the following three acceptable methods for measuring the ACL:

19 unchanged sentences

Maintenance and repairs are charged to expense as incurred, while improvements that extend an asset’s useful life are capitalized and depreciated over the estimated remaining life of the asset.

Depreciation expense is computed by the straight-line method for financial reporting purposes and accelerated methods for income tax purposes over the estimated useful lives of the particular assets.

Land is carried at cost.

Depreciation expense is computed using the straight-line method for financial reporting purposes and accelerated methods for income tax purposes over the estimated useful lives of the particular assets.

Buildings have useful lives of 25 years, furniture and fixtures, computer equipment and software, other equipment and vehicles have useful lives of 5 years.

Leasehold improvements are depreciated at the lesser of the estimated useful life of the asset (generally 15 years unless established otherwise) or the remaining term of the lease, including renewal options in the lease that are reasonably assured of being exercised.

Depreciation expense is included in occupancy on the Consolidated Statements of Net Income.

1 unchanged sentence

No events or changes in circumstances occurred during the years ended December 31, 2025 and 2024.

The estimated useful lives for the various asset categories are as follows:

1) Land and Land Improvements Non-depreciating assets

2) Buildings 25 years

3) Furniture and Fixtures 5 years

4) Computer Equipment and Software 5 years or term of license

5) Other Equipment 5 years

6) Vehicles 5 years

7) Leasehold Improvements Lesser of estimated useful life of the asset (generally 15 years unless established otherwise) or the remaining term of the lease, including renewal options in the lease that are reasonably assured of exercise

Right-of-Use Assets and Lease Liabilities

3 unchanged sentences

Finance ROU assets are included in premises and equipment and related finance lease liabilities are included in long-term borrowings.

Operating lease ROU assets are included in other assets and related operating lease liabilities are included in other liabilities.

Interest on finance lease liabilities is included in borrowings interest expense in our Consolidated Statements of Net Income.

Operating lease ROU assets are included in other assets and related operating lease liabilities are included in other liabilities and lease and amortization expenses are included in occupancy expense in our Consolidated Statements of Net Income.

Our lease liability is calculated as the present value of the lease payments over the lease term discounted using our estimated incremental borrowing rate with similar terms at commencement date.

4 unchanged sentences

Lease and non-lease components are accounted for as a single lease component in our Consolidated Balance Sheet.

Lease and amortization expenses are included in occupancy expense and interest on finance lease liabilities is included in borrowings interest expense in our Consolidated Statements of Net Income.

Restricted Investment in Bank Stock

6 unchanged sentences

Unlike equity securities of traditional for-profit enterprises, the stock of the FHLB does not provide its holders with an opportunity for capital appreciation because, by regulation, FHLB stock can only be purchased, redeemed and transferred at par value.

Both cash and stock dividends are reported as income in taxable investment securities in the Consolidated Statements of Net Income.

Both cash and stock dividends are reported as income in dividends within investment securities in the Consolidated Statements of Net Income.

FHLB stock is evaluated for impairment when events and circumstance indicate that impairment could exist.

5 unchanged sentences

A qualitative assessment is performed to determine whether it is more likely than not that the reporting unit's fair value is less than its carrying value.

We perform a quantitative impairment test only if we

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

conclude that it is more likely than not that a reporting unit's fair value is less than the carrying amount.

The qualitative assessment considers, among other factors, macroeconomic conditions, industry and market trends, changes in interest rates and regulatory conditions, overall financial performance relative to forecasts, changes in operating costs, entity‑specific events and changes in the carrying amount of the reporting unit.

We perform a quantitative impairment test only if we conclude that it is more likely than not that a reporting unit's fair value is less than the carrying amount.

Determining the fair value of a reporting unit is judgmental and involves the use of significant estimates and assumptions.

1 unchanged sentence

The discounted cash flow model has many assumptions including future earnings projections, a long-term growth rate and discount rate.

The market based model calculates fair value based on observed price multiples for similar companies.

The market based model calculates fair value based on

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

observed price multiples for similar companies.

The fair values of each method are then weighted based on relevance and reliability in the current economic environment.

20 unchanged sentences

We have determined that we are not the primary beneficiary of these VIEs because we do not have the power to direct the activities that most significantly impact the economic performance of the partnership nor do we have both the obligation to absorb expected losses and the right to receive benefits.

We adopted ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the PAM, effective January 1, 2024 and elected to utilize the proportional amortization method, or PAM, to account for these partnerships.

We adopted ASU 2023-02, Accounting for Investments in Tax Credit Structures Using the proportional amortization method, or PAM, effective January 1, 2024 and elected to utilize PAM to account for these partnerships.

As a result, these investments are recorded in other assets and the remaining funding commitment is recorded in other liabilities in our Consolidated Balance Sheets.

1 unchanged sentence

Prior to adopting PAM, the cost method was used to account for these partnerships.

Prior period results reflect these investments in other assets in our Consolidated Balance Sheets and amortization expense is included in other noninterest expense in the Consolidated Statements of Net Income.

These investments are included in other assets in our Consolidated Balance Sheets and amortization expense is included in other noninterest expense in the Consolidated Statements of Net Income for 2023.

OREO and Other Repossessed Assets

17 unchanged sentences

MSRs are recognized as separate assets when a mortgage loan is sold.

MSRs represent the estimated fair value of future net cash flows expected to be realized for performing the servicing activities.

When initially recorded, MSRs represent the estimated fair value of future net cash flows expected to be realized for performing the servicing activities.

The fair value of the MSRs is estimated by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors which are determined based on current market conditions.

23 unchanged sentences

Hedge accounting generally provides for the earnings effect of the hedged forecasted transactions in a cash flow hedge.

As long as the cash flow hedge continues to qualify for hedge accounting, the entire change in the fair value of the hedging instrument is recognized in OCI, net of applicable taxes, and reclassified into

As long as the cash flow hedge continues to qualify for hedge accounting, the entire change in the fair value of the hedging instrument is recognized in Accumulated OCI, net of applicable taxes, and

S&T BANCORP, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

loan interest income as interest payments are received.

reclassified into loan interest income as interest payments are received.

The change in the fair value is included in the change in other liabilities in the Consolidated Statements of Cash Flows.

22 unchanged sentences

The repurchase of our common stock is recorded at cost.

Broker fees or commissions and an excise tax equal to one percent of the fair value of shares purchased are included in the cost of treasury stock.

The excise tax is reduced by the fair market value of any reissuance of treasury stock occurring in the same taxable year.

At the time of reissuance, the treasury stock account is reduced using the average cost method.

Gains and losses on the reissuance of common stock are recorded in additional paid-in capital.

We pay an excise tax equal to 1 percent of the fair value of shares repurchased.

The excise tax is included in the cost of treasury stock with an offset to other liabilities in the Consolidated Balance Sheets.

The excise tax liability is reduced by the fair market value of any reissuance occurring in the same taxable year.

Revenue Recognition - Contracts with Customers

27 unchanged sentences

Stock-Based Compensation

Stock-based compensation includes restricted stock awards and restricted stock units, which are measured using the fair value at the time of issuance.

Stock-based compensation includes restricted stock units which are measured using the fair value at the time of issuance.

Compensation expense for time-based restricted stock is recognized ratably over the period during which the recipient is required to provide service in exchange for the award.

A Monte Carlo simulation is used to estimate the fair value of performance-based restricted stock with a market condition.

The grant date fair value is recognized over the period during which the recipient is required to provide service in exchange for the award.

Compensation expense for time-based restricted stock is recognized ratably over the period of service based on fair value on the grant date.

Compensation expense for performance-based restricted stock is recognized ratably over the remaining vesting period if the likelihood of meeting the performance measure is probable, based on the fair value on the grant date.

Compensation expense for performance-based restricted stock is recognized ratably over the remaining vesting period if the likelihood of meeting the performance measure is probable.

We estimate expected forfeitures when stock-based awards are granted and record compensation expense only for awards that are expected to vest.

3 unchanged sentences

The expected return on plan assets is an estimate of the long-term rate of return on plan assets which is determined based on the current asset mix and estimates of return by asset class.

We recognize in the Consolidated Balance Sheets an asset for the plan’s overfunded status or a liability for the plan’s underfunded status.

We recognize in the Consolidated Balance Sheets an asset for the plan’s overfunded status in other assets or a liability for the plan’s underfunded status in other liabilities.

Gains or losses related to changes in benefit obligations or plan assets resulting from experience different from that assumed are recognized as OCI in the period in which they occur.

7 unchanged sentences

We expense all marketing-related costs, including advertising costs, as incurred.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We estimate income tax expense based on amounts expected to be owed to the tax jurisdictions where we conduct business.

1 unchanged sentence

We classify interest and penalties as an element of tax expense.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Deferred income tax assets and liabilities are determined using the asset and liability method and are reported in other assets or other liabilities, as appropriate, in the Consolidated Balance Sheets.

7 unchanged sentences

The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination.

For tax positions not meeting the more likely than not test, no tax benefit is recorded.

No tax benefit is recorded for tax positions not meeting the more likely than not test.

Earnings Per Share

Basic and diluted earnings per share, or EPS, are calculated using the more dilutive of either the treasury stock method or the two-class method.

Unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities under the two-class method.

Income allocated to common shareholders is then divided by the weighted average number of common shares outstanding during the period.

Potentially dilutive securities are excluded from the basic EPS calculation.

Under the treasury stock method, the weighted average number of common shares outstanding is increased by the potentially dilutive common shares.

For the two-class method, diluted EPS is calculated for each class of shareholders using the weighted average number of shares attributed to each class.

Potentially dilutive common shares are related to restricted stock.

Under the two-class method unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities.

Income allocated to common shareholders is then divided by the weighted average number of common shares outstanding during the period.

Potentially dilutive common shares are related to restricted stock and are excluded from the basic EPS calculation.

We have one operating segment, Community Banking, based upon our current reporting structure at the consolidated level.

1 unchanged sentence

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.

The CODM does not review segment revenue or expense information at a lower level than what is included in our Consolidated Statements of Net Income.

Significant expenses reviewed by the CODM are consistent with what is presented in the Consolidated Statements of Net Income.

Expenses included within other expenses in the Consolidated Statements of Net Income include loan related expenses, travel and entertainment, telephone and contributions.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Recently Adopted Accounting Standards Updates, or ASU, or Updated

Investments Equity Method and Joint Ventures (Topic 323) Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

In March 2023, the FASB issued ASU 2023-02, Investments Equity Method and Joint Ventures (Topic 323):

Accounting for Investments in Tax Credit Structures Using the PAM to allow reporting entities to consistently account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits.

If certain conditions are met, a reporting entity may elect to account for its tax equity investments by using the PAM regardless of the program from which it receives income tax credits, instead of only low-income-housing tax credit, or LIHTC, structures.

This amendment also eliminates certain LIHTC specific guidance aligning the accounting with other equity investments in tax credit structures.

Under the PAM, the equity investment is amortized in proportion to the income tax credits and other income tax benefits received.

Amortization expense and the income tax benefits are required to be presented on a net basis in income tax expense on the Consolidated Statements of Net Income.

The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years.

We adopted this ASU, as of January 1, 2024, using a modified retrospective transition approach, which resulted in a $ 1.0 million cumulative effect adjustment being recorded to retained earnings related to the transition of the cost method to the PAM on LIHTC partnerships.

Additional disclosure requirements had minimal impact to our consolidated financial statements.

Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures to improve disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

This update does not change how a public entity identifies its operating segments;

however, it does require that an entity that has a single reportable segment provide all the disclosures required by ASC 280.

The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

A public entity should apply the amendments in this update retrospectively to all prior periods presented in the consolidated financial statements.

Early adoption is permitted.

We currently have one reportable segment, Community Banking.

We adopted ASU 2023-07 on January 1, 2024.

This ASU does not impact our consolidated financial statements and had minimal impact to our disclosures, requiring identification of the chief operating decision maker and the information used to make operating decisions and to allocate resources.

Accounting Standards Issued But Not Yet Adopted

Income Taxes (Topic 740) Improvements to Income Tax Disclosures

3 unchanged sentences

The amendments in this update are effective for fiscal years beginning after December 15, 2024.

Early adoption is permitted for annual consolidated financial statements that have not yet been issued.

We adopted ASU 2023-09 on January 1, 2025.

This ASU is not expected to impact our consolidated financial statements, and we are currently evaluating the impact of new disclosure requirements beginning with the Form 10-K for the year ended December 31, 2025.

We adopted ASU 2023-09 as of January 1, 2025 on a prospective basis.

The adoption of this ASU had no impact to the consolidated financial statements.

See supplemental disclosures in the Consolidated Statements of Cash Flows and Note 18 Income Taxes for additional disclosure requirements related the adoption of these amendments.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Accounting Standards Issued But Not Yet Adopted

Income Statement (Subtopic 220-40)—Reporting Comprehensive Income—Expense Disaggregation Disclosures

2 unchanged sentences

Early adoption is permitted.

This ASU will not impact our consolidated financial statements and we are currently evaluating the impact of new disclosure requirements.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 period 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.

EARNINGS PER SHARE

Earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine reported basic and diluted earnings per share.

The two-class method was more dilutive in 2024, 2023 and 2022 and therefore was used to determine earnings per share.

Earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine basic and diluted earnings per share.

The treasury stock method was used to determine EPS in 2025 and the two-class method was used to determine EPS in 2024 and 2023.

The two-class method is no longer applicable and shown for comparative purposes only.

The following table reconciles the numerators and denominators of basic and diluted EPS calculations for the periods presented:

2 unchanged sentences

Numerator for Earnings per Share—Basic and Diluted:

Net income $ 131,265 $ 144,781 $ 135,520

Net income—Treasury Stock Method—Basic and Diluted

$ 134,230 $ 131,265 $ 144,781

Income allocated to participating shares (1)

Net Income Allocated to Shareholders

Net Income Allocated to Shareholders—Two-Class Method—Basic and Diluted

$ 134,230 $ 131,252 $ 144,625

Denominator for Earnings per Share—Treasury Stock Method:

Weighted Average Shares Outstanding—Basic 38,195,322 38,237,531 38,432,447

Potentially dilutive shares 296,182 289,573 253,171

Denominator for Treasury Stock Method—Diluted 38,491,504 38,527,104 38,685,618

Denominator for Earnings per Share—Two-Class Method:

1 unchanged sentence

Average participating shares outstanding (1)

— 286,157 222,958

Denominator for Two-Class Method—Diluted 38,195,322 38,523,688 38,655,405

2 unchanged sentences

Restricted stock considered anti-dilutive excluded from potentially dilutive shares 27 190 293

(1) Two-class method not applicable in 2025.

S&T BANCORP, INC.

8 unchanged sentences

Treasury securities $ 84,507 $ — $ — $ 84,507

Obligations of U.S.

government corporations and agencies — 15,071 — 15,071

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.

7 unchanged sentences

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

3 unchanged sentences

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.

December 31, 2024

6 unchanged sentences

government corporations and agencies (1)

— 596,284 — 596,284

Residential mortgage-backed securities of U.S.

government corporations and agencies (1)

— 33,207 — 33,207

Commercial mortgage-backed securities of U.S.

12 unchanged sentences

Total Liabilities $ — $ 70,860 $ — $ 70,860

(1) Collateralized mortgage obligations and residential mortgage backed securities consist primarily of securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae.

S&T BANCORP, INC.

3 unchanged sentences

We may be required to measure certain assets and liabilities at fair value on a nonrecurring basis.

Nonrecurring assets are recorded at the lower of cost or fair value in our consolidated financial statements.

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.

There were no liabilities measured at fair value on a nonrecurring basis at both December 31, 2025 and December 31, 2024.

There were $ 6.8 million of individually evaluated loans measured at fair value and classified as Level 3 on a nonrecurring basis as of December 31, 2024 and $ 5.9 million of individually evaluated loans measured at fair value and classified as Level 2 on a nonrecurring basis as of December 31, 2023.

Significant unobservable inputs used in the fair value measurements of Level 3 assets on a nonrecurring basis were as follows at December 31, 2024:

December 31, 2024 Valuation Technique Significant Unobservable Inputs Range Weighted Average

There was $ 10.6 million Level 3 and $ 5.3 million Level 2 individually evaluated loans measured at fair value on a nonrecurring basis during the year ended December 31, 2025.

During the year ended December 31, 2024, individually evaluated loans of $ 6.8 million were measured at fair value and classified as Level 3 on a nonrecurring basis.

Significant unobservable inputs used in the fair value measurements of Level 3 assets on a nonrecurring basis during the years ended December 31, 2025 and December 31, 2024 were as follows:

2025 Valuation Technique Significant Unobservable Inputs Range (2)

Weighted Average

(dollars in thousands)

Loans individually evaluated $ 10,641 Collateral based valuation Collateral adjustments (1)

10.00 % - 10.00 % 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

2024 Valuation Technique Significant Unobservable Inputs Range Weighted Average

(dollars in thousands)

Loans individually evaluated $ 6,830 Appraisals of collateral Appraisal adjustments (1)

20.00 % - 75.00 % 63.06 %

(1) Represents adjustments to appraised values related to market conditions and liquidation estimates based on management judgement.

(1) Represents discount adjustments to appraised values related to market conditions and liquidation estimates based on management judgment.

Fair Value of Financial Instruments

4 unchanged sentences

Securities available for sale 987,659 987,659 85,889 901,770 —

Loans held for sale 1,010 1,010 — 1,010

Portfolio loans, net 7,978,779 7,807,824 — — 7,807,824

3 unchanged sentences

Interest rate swap contracts - commercial loans 33,669 33,669 — 33,669 —

Interest rate lock commitments - mortgage loans 81 81 — — 81

Deposits $ 7,958,831 $ 7,956,632 $ 6,010,039 $ 1,946,593 $ —

13 unchanged sentences

Securities available for sale 987,591 987,591 93,944 893,647 —

Loans held for sale 153 153 — 153 —

Portfolio loans, net 7,641,464 7,362,898 — — 7,362,898

14 unchanged sentences

A substantial portion of our revenues consist of dividend payments we receive from S&T Bank.

There are limitations on the payment of dividends by S&T Bank to S&T, as well as by S&T to its shareholders.

The payment of common dividends by S&T is subject to certain requirements and limitations of Pennsylvania law.

S&T Bank, in turn, is subject to state laws and regulations that limit the amount of dividends it can pay to us.

In addition, both S&T and S&T Bank are subject to various general regulatory policies relating to the payment of dividends, including requirements to maintain adequate capital above regulatory minimums.

The Federal Reserve has indicated that banking organizations should generally pay dividends only if (i) the organization’s net income available to common shareholders over the past year has been sufficient to fully fund the dividends and (ii) the prospective rate of earnings retention appears consistent with the organization’s capital needs, asset quality and overall financial condition.

Federal law prohibits us from borrowing from S&T Bank unless such loans are collateralized by specific obligations.

Further, such loans are limited to 10 percent of S&T Bank’s capital stock and surplus.

The Federal Reserve has indicated that banking organizations should generally pay dividends only if (i) the organization’s net income available to common shareholders over the past year has been sufficient to fully fund the dividends, (ii) the prospective rate of earnings retention appears consistent with the organization’s capital needs, asset quality and overall financial condition and (iii) the organization will continue to meet minimum capital adequacy ratios.

The policy also provides that a banking organization should inform the Federal Reserve reasonably in advance of declaring or paying a dividend that exceeds earnings for the period for which the dividend is being paid or that could result in a material adverse change to the bank holding company’s capital structure.

Bank holding companies also are required to consult with the Federal Reserve before redeeming or repurchasing capital instruments when the bank holding company is experiencing financial weaknesses.

Additionally, the Federal Reserve could prohibit or limit the payment of dividends by a bank holding company if it determines that payment of the dividend would constitute an unsafe or unsound practice.

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'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.

Under these provisions, “covered” transactions, including making loans, purchasing assets, issuing guarantees and other similar transactions, between a bank and its parent company or any other affiliate, generally are limited to 10 percent of the bank subsidiary’s capital and surplus, and with respect to all transactions with affiliates, are limited to 20 percent of the bank subsidiary’s capital and surplus.

Loans and extensions of credit from a bank to an affiliate generally are required to be secured by eligible collateral in specified amounts, and in general all affiliated transactions must be on terms consistent with safe and sound banking practices.

Furthermore, in general, transactions between a bank and its affiliates must be on terms and conditions that are at least as favorable to the bank as the terms that would apply in comparable transactions between the bank and a third party.

The Dodd-Frank Act expanded the affiliate transaction rules to broaden the definition of affiliate to include as covered transactions securities borrowing or lending, repurchase or reverse repurchase agreements and derivative activities, and to strengthen collateral requirements and limit Federal Reserve exemptive authority.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the fair values of our securities portfolio at the dates presented:

3 unchanged sentences

Total Securities Available for Sale $ 987,659 $ 987,591

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the amortized cost and fair value of available-for-sale debt securities as of the dates presented:

7 unchanged sentences

government corporations and agencies (2)

650,314 4,961 ( 31,012 ) 624,263 643,690 872 ( 48,278 ) 596,284

Residential mortgage-backed securities of U.S.

government corporations and agencies (2)

35,994 7 ( 4,665 ) 31,336 40,109 3 ( 6,905 ) 33,207

Commercial mortgage-backed securities of U.S.

5 unchanged sentences

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.

S&T BANCORP, INC.

8 unchanged sentences

Treasury securities — $ — $ — 7 $ 69,409 $ ( 1,984 ) 7 $ 69,409 $ ( 1,984 )

Obligations of U.S.

government corporations and agencies — — 2 15,071 ( 189 ) 2 15,071 ( 189 )

Collateralized mortgage obligations of U.S.

4 unchanged sentences

government corporations and agencies 1 9,943 ( 29 ) 10 114,107 ( 4,691 ) 11 124,050 ( 4,720 )

Obligations of states and political subdivisions 4 24,286 ( 493 ) — — — 4 24,286 ( 493 )

Total 5 $ 44,936 $ ( 81 ) 87 $ 514,419 $ ( 42,300 ) 92 $ 559,355 $ ( 42,381 )

13 unchanged sentences

government corporations and agencies 9 88,040 ( 1,741 ) 12 122,833 ( 10,846 ) 21 210,873 ( 12,587 )

Obligations of states and political subdivisions 4 24,286 ( 493 ) — — — 4 24,286 ( 493 )

Total 41 $ 366,890 $ ( 5,989 ) 96 $ 536,761 $ ( 66,740 ) 137 $ 903,651 $ ( 72,729 )

1 unchanged sentence

We do not believe any individual unrealized loss as of December 31, 2025 represents a credit impairment.

There were 137 debt securities in an unrealized loss position at December 31, 2024 and 133 debt securities in an unrealized loss position at December 31, 2023.

The unrealized losses on debt securities were attributable to changes in interest rates and not related to the credit quality of the issuers.

4 unchanged sentences

NOTES TO 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 income (loss), for the periods presented:

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:

December 31, 2025 December 31, 2024

2 unchanged sentences

Income tax (expense) benefit ( 1,614 ) 9,123 7,509 ( 213 ) 15,644 15,431

Net Unrealized Gains (Losses), Net of Tax Included in Accumulated Other Comprehensive Income (Loss) $ 777 $ ( 57,085 ) $ ( 56,308 ) $ 1,374 $ ( 65,927 ) $ ( 64,553 )

Net Unrealized Losses, Net of Tax Included in Accumulated Other Comprehensive Loss $ 5,882 $ ( 33,258 ) $ ( 27,376 ) $ 777 $ ( 57,085 ) $ ( 56,308 )

The amortized cost and fair value of available-for-sale debt securities at December 31, 2025 by contractual maturity are included in the table below.

1 unchanged sentence

December 31, 2025

(dollars in thousands) Amortized

Cost Fair Value

(dollars in thousands) Amortized Cost Fair Value

Obligations of the U.S.

17 unchanged sentences

Unrestricted pledged securities had a carrying value of $ 202.0 million at December 31, 2025 and $ 195.6 million at December 31, 2024.

Any changes to restricted pledged securities require approval of the pledge beneficiary.

Approval is not required for unrestricted pledged securities.

Any sales 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.

S&T BANCORP, INC.

5 unchanged sentences

Unearned income consisted of net deferred loan fees and costs of $ 4.8 million at December 31, 2025 and $ 4.3 million at December 31, 2024 and a discount related to purchase accounting fair value adjustments of $ 2.0 million at December 31, 2025 and $ 2.5 million at December 31, 2024.

The following table summarizes the composition of originated and acquired loans as of the dates presented:

The following table summarizes the composition of our loan portfolio as of the dates presented:

(dollars in thousands) December 31, 2025 December 31, 2024

14 unchanged sentences

Twelve Months Ended December 31, 2025

(dollars in thousands) Term Extension Payment Delays (Other Than Insignificant) Term Extension and Payment Delays Total % of Portfolio Segment

Commercial real estate $ 3,004 $ — $ 685 $ 3,689 0.14 %

(dollars in thousands) Term Extension Payment Delays (Other Than Insignificant) Term Extension and Interest Rate Reduction Term Extension and Payment Delays Total % of Portfolio Segment

Commercial and industrial $ 18,922 $ — $ — $ 13,450 $ 32,372 2.43 %

2 unchanged sentences

Twelve Months Ended December 31, 2024

(dollars in thousands) Term Extension Payment Delays (Other Than Insignificant) Term Extension and Interest Rate Reduction Total % of Portfolio Segment

(dollars in thousands) Term Extension Payment Delays (Other Than Insignificant) Term Extension and Payment Delays Term Extension and Interest Rate Reduction Total % of Portfolio Segment

Commercial real estate $ 3,004 $ — $ 685 $ — $ 3,689 0.14 %

Commercial and industrial 9,437 12,264 — — 21,701 1.61 %

Business banking 120 — — 120 0.01 %

Consumer real estate 493 — — — 493 0.03 %

6 unchanged sentences

Weighted-Average Term Extension (in months) Weighted-Average Payment Delays

(in months) Weighted-Average Term Extension (in months) and Payment Delays

Commercial real estate 1 — 22

(in months) Weighted-Average Term Extension and Payment Delays (in months)

Commercial and industrial 15 — 5

1 unchanged sentence

Twelve Months Ended December 31, 2024

Weighted-Average Term Extension (in months) Weighted-Average Interest Rate Reduction

Weighted-Average Term Extension (in months) Weighted-Average Payment Delays

(in months) Weighted-Average Term Extension (in months) and Payment Delays

Commercial real estate 1 — 22

Commercial and industrial 10 6 —

Business banking 19 —

Consumer real estate 101 — —

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 the aging analysis of modifications in the last 12 months to borrowers experiencing financial difficulty as of the dates presented:

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:

December 31, 2025

(dollars in thousands) Current 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total

Commercial real estate $ 3,689 $ — $ — $ — $ 3,689

Commercial and industrial 28,932 — 3,440 — 32,372

5 unchanged sentences

Commercial and industrial 14,226 7,475 — — 21,701

Business banking 120 — — — 120

Consumer real estate 347 — 40 106 493

1 unchanged sentence

A payment default is defined as a loan having a payment past due 90 days or more.

There was one payment default for $ 0.1 million during the twelve months ended December 31, 2024 compared to none in the same period in 2023 related to loans that were modified within the 12 months prior to default.

Additionally, we had five commitments to lend an additional $ 0.8 million to borrowers experiencing financial difficulty that had a modification during the twelve months ended December 31, 2024 and three commitments to lend an additional $ 1.6 million to borrowers experiencing financial difficulty that had a modification during the same period in 2023.

The effect of modifications made to borrowers experiencing financial difficulty is already included in the ACL because of the measurement methodologies used to estimate the ACL, therefore, a change to the ACL is generally not recorded upon modification.

There were four payment defaults on previously modified loans to borrowers experiencing financial difficulty in the amount of $ 3.9 million during the twelve months ended December 31, 2025 of which $ 3.4 million are 60-89 days past due as of December 31, 2025 compared to one payment default for $ 0.1 million in the same periods in 2024.

Additionally, we had nine commitments to lend an additional $ 1.8 million to borrowers experiencing financial difficulty that had a modification during the twelve months ended December 31, 2025 and five commitments to lend an additional $ 0.8 million to borrowers experiencing financial difficulty that had a modification during the same period in 2024.

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.

3 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table is a summary of nonperforming assets as of the dates presented:

Nonperforming Assets

(dollars in thousands) December 31, 2024 December 31, 2023

Nonperforming Assets

Nonaccrual Loans $ 27,937 $ 22,947

Total Nonperforming Assets $ 27,945 $ 23,022

The following table presents a summary of the aggregate amount of loans to certain officers and directors of S&T or any affiliates of such persons as of the dates presented:

17 unchanged sentences

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/development 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.

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.

6 unchanged sentences

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.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Other Consumer —Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans.

4 unchanged sentences

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.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We monitor the commercial and business banking loan portfolio through an internal risk rating system.

14 unchanged sentences

December 31, 2025

Risk Rating by Year of Origination

(dollars in thousands) 2025 2024 2023 2022 2021 2020 and Prior Revolving Revolving-Term Total

51 unchanged sentences

December 31, 2024

Risk Rating by Year of Origination

(dollars in thousands) 2024 2023 2022 2021 2020 2019 and Prior Revolving Revolving-Term Total

50 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We monitor the delinquent status of the commercial and consumer portfolios on a monthly basis.

Loans are considered nonaccrual when interest and principal are 90 days or more past due or management has determined that a material deterioration in the borrower’s financial condition exists.

The risk of loss is generally highest for nonaccrual loans.

The following tables present loan balances by year of origination and accrual and nonaccrual status for our portfolio segments as of the dates presented:

December 31, 2024

(dollars in thousands) 2024 2023 2022 2021 2020 2019 and Prior Revolving Revolving-Term Total

Commercial Real Estate

Accrual $ 278,187 $ 289,081 $ 362,544 $ 415,621 $ 214,589 $ 1,109,290 $ 35,991 $ — $ 2,705,303

Nonaccrual — — 985 — 1,043 1,200 — — 3,228

Total Commercial Real Estate 278,187 289,081 363,529 415,621 215,632 1,110,490 35,991 — 2,708,531

Commercial and Industrial

Accrual 120,143 148,070 195,584 151,976 30,103 197,426 497,162 — 1,340,464

Nonaccrual — 30 172 995 1,209 — 8,767 — 11,173

Total Commercial and Industrial 120,143 148,100 195,756 152,971 31,312 197,426 505,929 — 1,351,637

Commercial Construction

Accrual 119,355 121,816 73,851 14,911 884 2,139 8,310 — 341,266

Nonaccrual — — — — — — — — —

Total Commercial Construction 119,355 121,816 73,851 14,911 884 2,139 8,310 — 341,266

Business Banking

Accrual 149,624 232,649 226,654 177,683 76,344 343,064 92,981 1,271 1,300,270

Nonaccrual — 392 — — 299 2,263 — 34 2,988

Total Business Banking 149,624 233,041 226,654 177,683 76,643 345,327 92,981 1,305 1,303,258

Consumer Real Estate

Accrual 217,250 333,279 324,389 133,224 94,971 225,225 569,423 25,430 1,923,191

Nonaccrual — 2,484 — 123 533 4,237 1,135 1,806 10,318

Total Consumer Real Estate 217,250 335,763 324,389 133,347 95,504 229,462 570,558 27,236 1,933,509

Other Consumer

Accrual 8,456 6,849 7,349 3,246 1,683 476 71,039 5,429 104,527

Nonaccrual — — — 3 85 142 — — 230

Total Other Consumer 8,456 6,849 7,349 3,249 1,768 618 71,039 5,429 104,757

Accrual 893,015 1,131,744 1,190,371 896,661 418,574 1,877,620 1,274,906 32,130 7,715,021

Nonaccrual — 2,906 1,157 1,121 3,169 7,842 9,902 1,840 27,937

Total Loan Balance $ 893,015 $ 1,134,650 $ 1,191,528 $ 897,782 $ 421,743 $ 1,885,462 $ 1,284,808 $ 33,970 $ 7,742,958

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2023

(dollars in thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Revolving-Term Total

Commercial Real Estate

Accrual $ 276,677 $ 324,469 $ 439,308 $ 240,256 $ 419,371 $ 920,316 $ 32,418 $ — $ 2,652,815

Nonaccrual — — — — — 6,320 — — 6,320

Total Commercial Real Estate 276,677 324,469 439,308 240,256 419,371 926,636 32,418 — 2,659,135

Commercial and Industrial

Accrual 171,861 231,978 210,636 54,696 52,858 193,257 520,019 — 1,435,305

Nonaccrual — — — — — 648 230 — 878

Total Commercial and Industrial 171,861 231,978 210,636 54,696 52,858 193,905 520,249 — 1,436,183

Commercial Construction

Accrual 75,596 154,456 82,313 14,845 151 4,054 14,208 — 345,623

Nonaccrual — — — — 4,576 384 — — 4,960

Total Commercial Construction 75,596 154,456 82,313 14,845 4,727 4,438 14,208 — 350,583

Business Banking

Accrual 270,129 262,606 207,611 87,979 99,354 330,902 96,754 1,283 1,356,618

Nonaccrual — — — 39 220 3,864 — 24 4,147

Total Business Banking 270,129 262,606 207,611 88,018 99,574 334,766 96,754 1,307 1,360,765

Consumer Real Estate

Accrual 311,887 335,086 147,689 101,518 67,577 186,909 551,858 22,942 1,725,466

Nonaccrual — 376 161 523 313 2,885 222 1,832 6,312

Total Consumer Real Estate 311,887 335,462 147,850 102,041 67,890 189,794 552,080 24,774 1,731,778

Other Consumer

Accrual 11,286 11,965 6,499 3,656 1,082 541 76,426 3,112 114,567

Nonaccrual — — 8 191 — 131 — — 330

Total Other Consumer 11,286 11,965 6,507 3,847 1,082 672 76,426 3,112 114,897

Accrual 1,117,436 1,320,560 1,094,056 502,950 640,393 1,635,979 1,291,683 27,337 7,630,394

Nonaccrual — 376 169 753 5,109 14,232 452 1,856 22,947

Total Loan Balance $ 1,117,436 $ 1,320,936 $ 1,094,225 $ 503,703 $ 645,502 $ 1,650,211 $ 1,292,135 $ 29,193 $ 7,653,341

The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented:

The following tables present the aging analysis of past due loans segregated by class of loans as of the dates presented:

December 31, 2025

22 unchanged sentences

Total $ 7,703,543 $ 5,431 $ 6,047 $ 27,937 $ 39,415 $ 7,742,958

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following tables present loans on nonaccrual status by class of loan for the year-to-date periods presented:

21 unchanged sentences

(1) Represents only cash payments received and applied to interest on nonaccrual loans.

The following tables present collateral-dependent loans as of the dates presented:

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following tables present loans that are individually evaluated and collateral-dependent as of the dates presented:

December 31, 2025

8 unchanged sentences

Commercial real estate $ 2,028 $ —

Commercial construction 4,576 —

Commercial and industrial — 9,937

Total $ 2,028 $ 9,937

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following tables present activity in the ACL for the periods presented:

24 unchanged sentences

Balance at beginning of period $ 37,886 $ 34,538 $ 5,382 $ 12,858 $ 14,663 $ 2,639 $ 107,966

Impact of ASU 2022-02 — 75 215 251 278 ( 251 ) 568

Provision for credit losses on loans (1)

2 unchanged sentences

Recoveries 1,868 1,043 — 195 277 524 3,907

Net (Charge-offs)/ Recoveries ( 739 ) ( 9,613 ) ( 449 ) ( 1,028 ) ( 213 ) ( 1,140 ) ( 13,182 )

Net Charge-offs ( 3,337 ) ( 1,393 ) — ( 1,550 ) ( 1,071 ) ( 930 ) ( 8,281 )

Balance at End of Period $ 30,254 $ 37,084 $ 4,893 $ 10,681 $ 15,776 $ 2,806 $ 101,494

3 unchanged sentences

These leases are for our branch, loan production and support services facilities.

Included in the lease expense for premises are leases with one S&T director, which totaled approximately $ 0.2 million for each of the three years 2024, 2023 and 2022.

One new lease agreement was entered into in 2024.

The following table presents our lease expense for finance and operating leases for the years ended December 31:

We had one lease with an S&T director for approximately $ 0.2 million which was included in lease expense in 2024 and 2023.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table presents our lease expense for operating and finance leases for the years ended December 31:

(dollars in thousands) 2025 2024 2023

3 unchanged sentences

Total Lease Expense $ 5,224 $ 5,272 $ 5,349

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table presents our ROU assets, weighted average term and the discount rates for finance and operating leases as of December 31:

The following table presents our ROU assets, weighted average term and the discount rates for operating and finance leases as of December 31:

(dollars in thousands) 2025 2024

12 unchanged sentences

Finance leases 6.05 % 6.03 %

The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2024:

(dollars in thousands) Finance Operating Total

The following table presents the maturity analysis of lease liabilities for operating and finance leases as of December 31, 2025:

(dollars in thousands) Operating Finance Total

Maturity Analysis

18 unchanged sentences

Total $ 43,855 $ 45,033

Depreciation expense related to premises and equipment was $ 6.7 million in 2024, $ 6.5 million in 2023 and $ 6.4 million in 2022.

S&T BANCORP, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Depreciation expense related to premises and equipment was $ 5.9 million in 2025, $ 6.7 million in 2024 and $ 6.5 million in 2023.

GOODWILL AND OTHER INTANGIBLES

5 unchanged sentences

Goodwill is reviewed for impairment annually or more frequently if it is determined that a triggering event has occurred.

In our qualitative assessment performed for our annual impairment analysis as of October 1, 2024, we concluded that it is not more likely than not that fair value is less than carrying value.

We performed a qualitative assessment for our annual impairment analysis as of October 1, 2025 and concluded that it is not more likely than not that fair value is less than carrying value.

Based on this conclusion, a quantitative impairment test was not performed and we concluded that goodwill was not impaired.

6 unchanged sentences

Balance at End of Year $ 2,251 $ 3,055

Intangible assets of $ 3.1 million at December 31, 2024 relate to core deposit and wealth management customer relationships resulting from acquisitions.

Intangible assets relate to core deposit and wealth management customer relationships resulting from acquisitions.

We determined the amount of identifiable intangible assets for our core deposits based upon an independent valuation.

Other intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable.

There were no triggering events in 2024 requiring an impairment analysis to be completed.

There were no triggering events requiring an impairment analysis to be completed in 2025.

Amortization expense on finite-lived intangible assets totaled $ 0.8 million, $ 1.0 million and $ 1.3 million for 2025, 2024 and 2023.

22 unchanged sentences

Interest rate swap contracts - commercial loans 746,445 33,669 850,104 60,890 746,445 33,990 850,104 61,271

Interest rate lock commitments - mortgage loans 3,218 81 — — — — — —

Total Derivatives Not Designated as Hedging Instruments 749,663 33,750 850,104 60,890 746,445 33,990 850,104 61,271

20 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following tables present the effect, net of tax, of the cash flow hedges on OCI and on the Condensed Consolidated Statements of Comprehensive Income for the periods presented:

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

5 unchanged sentences

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.

During the next twelve months, we estimate that an additional $ 6.4 million will be reclassified as a decrease to interest income.

Our current interest rate swap agreements have 3 to 5 year terms with maturity dates extending into 2027.

The following table indicates the gain (loss) recognized in income on derivatives not designated as hedging instruments for the periods presented:

We estimate that an additional $ 1.9 million will be reclassified as a decrease to interest income in the next 12 months.

Our current interest rate swap agreements have three to five year terms with maturity dates extending into 2027.

The following table indicates the gain recognized in income on derivatives not designated as hedging instruments for the periods presented:

Twelve Months Ended December 31,

6 unchanged sentences

MORTGAGE SERVICING RIGHTS

For the years ended December 31, 2024, 2023 and 2022, the 1-4 family mortgage loans that were sold to Fannie Mae amounted to $ 2.8 million, $ 0.2 million and $ 28.6 million.

At December 31, 2024, 2023 and 2022, our servicing portfolio unpaid principal balance was $ 648.9 million, $ 707.8 million and $ 772.9 million.

We sold 1-4 family mortgage loans to Fannie Mae totaling of $ 3.6 million, $ 2.8 million and $ 0.2 million for the years ended December 31, 2025, 2024 and 2023.

Our servicing portfolio unpaid principal balance was $ 591.6 million, $ 648.9 million and $ 707.8 million at December 31, 2025, 2024 and 2023.

The following table indicates MSRs and the net carrying values:

5 unchanged sentences

Amortization ( 726 ) — ( 726 )

Temporary recapture — — —

Balance at December 2024 $ 5,646 $ — $ 5,646

1 unchanged sentence

Amortization ( 648 ) — ( 648 )

Temporary recapture — — —

Balance at December 31, 2025 $ 5,034 $ — $ 5,034

TAX CREDIT EQUITY INVESTMENTS

As part of our responsibilities under the Community Reinvestment Act and due to their favorable federal income tax benefits, we invest in LIHTC and historic tax credit, or HTC, partnerships.

We invest in 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 partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties.

Effective January 1, 2024, we adopted ASU 2023-02 and elected to apply the PAM to both LIHTC and HTC equity investments.

The adoption of this ASU resulted in a $ 1.0 million cumulative effect adjustment which decreased retained earnings and other assets.

Tax credit equity investment balances of $ 40.6 million were included in other assets in the Consolidated Balance Sheets at December 31, 2024.

Unfunded commitments of $ 5.9 million were included in other liabilities in the Consolidated Balance Sheets at December 31, 2024.

No impairment losses were recognized for the twelve months ended December 31, 2025 and 2024.

The following table presents the balances included in the Consolidated Balance Sheets as of the dates presented:

(dollars in thousands)

December 31, 2025 December 31, 2024

Tax credit equity investment

$ 35,782 $ 40,577

Unfunded commitments

S&T BANCORP, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the twelve months ended December 31, 2024, amortization expense of $ 4.3 million as well as tax credits of $ 4.6 million were recognized in income tax expense in the Consolidated Statements of Net Income.

No impairment losses were recognized for the twelve months ended December 31, 2024.

Prior to the adoption of ASU 2023-02, the cost method was used to account for our investments in tax credit equity investments.

For the twelve months ended December 31, 2023 and December 31, 2022, amortization expense of $ 2.0 million and $ 1.4 million was included in other expense and tax credits of $ 2.6 million and $ 1.2 million were recognized as a reduction to income tax expense in our Consolidated Statements of Net Income.

The following table summarizes the amortization expense and tax credits included in income tax expense in the Consolidated Statements of Net Income for the periods presented:

Twelve Months Ended December 31,

(dollars in thousands)

Tax credits and other tax benefits recognized $ 5,827 $ 4,600

Amortization 4,795 4,262

Net benefit included in income tax expense $ 1,032 $ 338

Prior to the adoption of ASU 2023-02 on January 1, 2024, the cost method was used to account for our investments in tax credit equity investments.

Amortization expense of $ 2.0 million was included in other expense and tax credits of $ 2.6 million was recognized as a reduction to income tax expense in our Consolidated Statements of Net Income for the twelve months ended December 31, 2023.

The following table presents the composition of deposits at December 31 and interest expense for the years ended December 31:

16 unchanged sentences

SHORT TERM BORROWINGS

Short-term borrowings are for terms under or equal to one year and at December 31, 2024 are comprised of FHLB advances.

Short-term borrowings are for terms under or equal to one year and are comprised of FHLB advances.

FHLB advances are for various terms and are secured by a blanket lien on residential mortgages and other real estate secured loans.

3 unchanged sentences

Rate Interest

Balance Weighted

Rate Interest

Expense Balance Weighted

Rate Interest

Balance Weighted

Rate Interest

FHLB advances $ 165,000 3.93 % $ 5,048 $ 150,000 4.60 % $ 13,206 $ 415,000 5.65 % $ 27,234

6 unchanged sentences

Long-term borrowings are for original terms greater than one year and are comprised of FHLB advances and finance leases.

Our long-term borrowings were $ 50.9 million as of December 31, 2024 and $ 39.3 million as of December 31, 2023.

Long-term FHLB advances are secured by the same loans as short-term FHLB advances.

Long-term FHLB advances are secured by the same type of loans as short-term FHLB advances.

Total loans pledged as collateral at the FHLB were $ 3.0 billion at December 31, 2025.

36 unchanged sentences

Interest Rate at December 31, 2025 5.91 % 5.58 % 7.48 %

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We own 100 percent of the common equity of STBA Capital Trust I and DNB Capital Trust II, or the Trusts.

DNB Capital Trust II was acquired with the DNB merger.

The Trusts were formed to issue mandatorily redeemable capital securities to third-party investors.

3 unchanged sentences

The Trusts pay dividends on the securities at the same rate as the interest paid by us on the junior subordinated debt held by the Trusts.

DNB Capital Trust II was acquired with the DNB merger.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

COMMITMENTS AND CONTINGENCIES

10 unchanged sentences

Total $ 2,711,591 $ 2,452,405

Allowance for Credit Losses on Unfunded Loan Commitments

We maintain an ACL on unfunded commercial and consumer lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements.

The allowance is computed using a methodology similar to that used to determine the ACL for loans, modified to take into account the probability of a draw-down on the commitment.

The provision for credit losses on unfunded loan commitments is included in the provision for credit losses in our Consolidated Statements of Net Income.

The allowance for unfunded commitments is included in other liabilities in our Consolidated Balance Sheets.

The following table presents activity in the ACL on unfunded loan commitments for the periods presented:

Twelve months ended December 31,

(dollars in thousands) 2024 2023

Balance at beginning of period $ 6,848 $ 8,196

Provision for credit losses ( 1,676 ) ( 1,348 )

Total $ 5,172 $ 6,848

In the normal course of business, we are subject to various legal and administrative proceedings and claims.

3 unchanged sentences

Other revenue streams are excluded such as:

interest income, net securities gains and losses, insurance, mortgage banking and other revenues that are accounted for under other GAAP.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

interest income, partnership investment income, net securities gains and losses, insurance, mortgage banking and other revenues that are accounted for under other GAAP.

Years ended December 31,

11 unchanged sentences

$ 12,447 $ 12,259 $ 12,186

Other fee revenue At a point in time $ 1,324 $ 1,310 $ 1,550

Other fee revenue (2)

At a point in time $ 1,170 $ 1,324 $ 1,310

(1) Refer to Note 1.

Summary of Significant Accounting Policies for the types of revenue streams that are included within each category .

(2) Other non-interest income not included above is primarily comprised of the unrealized gain on equity securities and partnership investment income.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the composition of income tax expense (benefit) for the years ended December 31:

3 unchanged sentences

Total Federal 32,588 32,505 33,529

State and Local

Current 1,132 1,313 352

Deferred ( 10 ) ( 265 ) 142

Total State 1,048 494 697

Total State and Local 1,122 1,048 494

Total Federal and State (1)

$ 33,710 $ 33,553 $ 34,023

[1] With the adoption of PAM on January 1, 2024, the amortization related to LIHTC and HTC equity investments is recognized in income tax expense in the Consolidated Statements of Net Income in 2024 and other noninterest expense in 2023 and 2022.

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before income taxes.

We ordinarily generate an annual effective tax rate that is less than the statutory rate of 21 percent primarily due to benefits resulting from certain partnership investments, such as low income housing and historic rehabilitation projects, tax-exempt interest, excludable dividend income and tax-exempt income on BOLI.

The following table presents a reconciliation of the statutory tax rate to the effective tax rate for the years ended December 31:

ASU 2023-09 was adopted effective January 1, 2025.

This ASU requires enhanced disclosures and disaggregation of the effective tax rate.

This ASU was adopted on a prospective basis, therefore prior period disclosures have not been adjusted.

The following tables present a reconciliation of the statutory tax rate to the effective tax rate under the applicable disclosure guidance for the years ended December 31:

(dollars in thousands)

Federal Statutory Tax Rate $ 35,267 21.0 %

State and Local Tax, net of federal income tax effect (1)

Low income housing and historic tax credits (2)

( 1,032 ) ( 0.6 ) %

Nontaxable or Nondeductible Items

Tax-exempt interest, net ( 1,295 ) ( 0.8 ) %

Bank owned life insurance ( 451 ) ( 0.3 ) %

Changes in Unrecognized Tax Benefits 58 — %

Other Adjustments

Other 334 0.2 %

Effective Tax Rate $ 33,710 20.1 %

(1) State taxes in Maryland and New York made up the majority (greater than 50 percent) of the tax effect in this category.

(2) Includes tax credits net of amortization and other tax benefits.

Statutory tax rate 21.0 % 21.0 %

Tax-exempt interest ( 0.8 ) % ( 0.8 ) % ( 1.0 ) %

Low income housing tax credits ( 0.2 ) % ( 1.5 ) % ( 0.7 ) %

Tax-exempt interest, net ( 0.8 ) % ( 0.8 ) %

Low income housing tax credits, net (1)

( 0.2 ) % ( 1.5 ) %

Bank owned life insurance ( 0.3 ) % ( 0.2 ) %

2 unchanged sentences

20.4 % 19.0 %

S&T BANCORP, INC.

10 unchanged sentences

Cumulative adjustment to funded status of pension 3,495 3,606

Low income housing partnerships and other investments — 174

Other employee benefits 5,450 4,688

11 unchanged sentences

Mortgage servicing rights ( 122 ) ( 61 )

Depreciation on premises and equipment — ( 1,182 )

Other partnership investments (1)

Partnership investments

( 354 ) ( 491 )

Other ( 157 ) ( 113 )

1 unchanged sentence

Net Deferred Tax Asset $ 32,238 $ 42,073

(1) With the adoption of PAM on January 1, 2024, the LIHTC and HTC equity investments no longer have a deferred tax impact.

We establish a valuation allowance when it is more likely than not that we will not be able to realize the benefit of the deferred tax assets.

Except for Pennsylvania net operating losses, or NOLs, we have determined that no valuation allowance is needed for deferred tax assets because it is more likely than not that these assets will be realized through future reversals of existing temporary differences and through future taxable income.

The valuation allowance is reviewed quarterly and adjusted based on management’s assessments of realizable deferred tax assets.

The valuation allowance is reviewed quarterly and adjusted based on management’s assessment of realizable deferred tax assets.

Management believes it is more likely than not that our deferred tax assets will be realized in future periods, except for the Pennsylvania net operating losses, or NOLs.

Gross deferred tax assets were reduced by a valuation allowance of $ 4.1 million in 2025 compared to $ 3.8 million in 2024 related to Pennsylvania income tax NOLs.

The Pennsylvania NOL carryforwards total $ 82.3 million and will expire in the years 2026-2045.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Unrecognized Tax Benefits

9 unchanged sentences

The total amount of the net unrecognized tax benefits at December 31, 2025 that would have affected the effective tax rate, if recognized, was $ 1.7 million.

We classify interest and penalties as an element of tax expense.

We monitor changes in tax statutes and regulations to determine if significant changes will occur over the next 12 months.

As of December 31, 2024, no significant changes to UTB are projected;

however, tax audit examinations are possible.

S&T and its subsidiaries are subject to income tax by U.S.

federal and various state and local taxing jurisdictions.

As of December 31, 2025, all income tax returns filed for the tax years 2022 - 2024 remain subject to examination by the respective taxing authorities.

The Bank's income tax returns for the audit years January 1, 2020 through December 31, 2022 are currently under audit by the New York Department of Taxation.

This audit remains open as of December 31, 2024.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME

14 unchanged sentences

Since the Plans have been frozen, no service costs are included in net periodic pension expense.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes the activity in the benefit obligation and Plan assets deriving the funded status:

17 unchanged sentences

$ 16,650 $ 17,247

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Below are the actuarial weighted average assumptions used in determining the benefit obligation:

Discount rate 5.30 % 5.58 %

Rate of compensation increase (1)

(1) Rate of compensation increase is not applicable due to the plan amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016.

The following table summarizes the components of net periodic pension cost and other changes in Plan assets and benefit obligations recognized in other comprehensive loss for the years ended December 31:

4 unchanged sentences

Recognized net actuarial loss 1,616 1,386 1,725

Settlement charge — — 1,097

Net Periodic Pension Expense $ 1,659 $ 1,288 $ 1,605

Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss)

Net actuarial (gain) loss

Net actuarial loss (gain)

$ 1,019 $ ( 504 ) $ 1,453

Recognized net actuarial loss ( 1,616 ) ( 1,386 ) ( 1,725 )

Settlement gain (loss) recognized

— $ — ( 1,097 )

Total Changes in Plan Assets and Benefit Obligation (Before Tax Effects) $ ( 597 ) $ ( 1,890 ) $ ( 272 )

4 unchanged sentences

Discount rate 5.58 % 5.03 % 5.41 %

Rate of compensation increase (1)

Expected return on assets 5.71 % 5.18 % 5.72 %

(1) Rate of compensation increase is not applicable due to the plan amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The accumulated benefit obligation for the Plan was $ 64.9 million at December 31, 2024 and $ 73.2 million at December 31, 2023.

We consider many factors when setting the assumed rate of return on Plan assets.

12 unchanged sentences

Expense related to these contributions amounted to $ 3.0 million in 2025, $ 2.9 million in 2024 and $ 2.7 million in 2023.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Fair Value Measurements

16 unchanged sentences

(3) This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities.

Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives.

Investments may be made in currencies other than the U.S.

(4) This asset class includes equity mutual funds invested in an active all-cap strategy.

It may also include convertible bonds.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2024

12 unchanged sentences

(3) This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities.

Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives.

Investments may be made in currencies other than the U.S.

(4) This asset class includes equity mutual funds invested in an active all-cap strategy.

It may also include convertible bonds.

INCENTIVE AND RESTRICTED STOCK PLAN AND DIVIDEND REINVESTMENT PLAN

2 unchanged sentences

2014 Incentive Plan.

Since the 2021 plan has been approved by our shareholders, no new awards will be granted under the 2014 plan.

No new awards will be granted under the 2014 plan.

A maximum of 1,000,000 shares of our common stock were available for awards granted under the 2021 Incentive Plan and the plan expires ten years from the date of board approval which occurred in May of 2021.

5 unchanged sentences

The awards are granted in accordance with performance levels set by the Compensation and Benefits Committee.

Under the 2021 plan, we issued 165,711 restricted stock awards during 2024, 162,677 restricted stock awards in 2023 and 181,392 restricted stock awards in 2022.

The following table provides information about restricted stock awards granted for the periods presented:

The following table provides information about restricted stock units granted for the periods presented:

Vesting Period 2025 2024 2023

7 unchanged sentences

Restricted stock grants are forfeited if a grantee leaves S&T before the end of the vesting period except where accelerated vesting provisions are defined within the award agreements.

During 2024, 2023 and 2022, we recognized compensation expense of $ 4.6 million, $ 3.9 million and $ 3.2 million and realized a tax benefit of $ 1.0 million, $ 0.8 million and $ 0.7 million related to restricted stock grants.

S&T BANCORP, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

During 2025, 2024 and 2023, we recognized compensation expense of $ 5.3 million, $ 4.6 million and $ 3.9 million and realized a tax benefit of $ 1.1 million, $ 1.0 million and $ 0.8 million related to restricted stock grants.

The following table provides information about restricted stock granted under the plans for the years ended December 31:

45 unchanged sentences

Income before undistributed net income of subsidiaries 59,765 60,931 81,292

Equity in undistributed net income (distribution in excess of net income) of:

Equity in undistributed net income of:

Bank subsidiary 74,172 70,823 63,337

6 unchanged sentences

Net Income $ 134,230 $ 131,265 $ 144,781

Equity in undistributed (earnings) losses of subsidiaries ( 70,334 ) ( 63,489 ) ( 78,543 )

Equity in undistributed earnings of subsidiaries ( 74,466 ) ( 70,334 ) ( 63,489 )

Other 3,726 9,484 1,402

6 unchanged sentences

Net Cash Used in Financing Activities ( 90,832 ) ( 51,844 ) ( 75,778 )

Net increase (decrease) in cash 18,571 6,916 3,048

Net (decrease) increase in cash ( 27,342 ) 18,571 6,916

Cash at beginning of year 39,304 20,733 13,817

5 unchanged sentences

Our capital amounts and classification are also subject to qualitative judgments by the regulators about risk weightings and other factors.

The most recent notifications from the Federal Reserve and the FDIC categorized S&T and S&T Bank as well capitalized under the regulatory framework for corrective action.

There have been no conditions or events that we believe have changed S&T's or S&T Bank’s status during 2024 and 2023.

Common equity tier 1 capital includes common stock and related surplus plus retained earnings, less goodwill and intangible assets subject to a limitation and certain deferred tax assets subject to a limitation.

In addition, we made a one-time permanent election to exclude accumulated OCI from capital.

For regulatory purposes, trust preferred securities totaling $ 24.0 million, issued by an unconsolidated trust subsidiary of S&T underlying junior subordinated debt, are included in Tier 1 capital for S&T.

Total capital consists of Tier 1 capital plus junior subordinated debt and the ACL subject to limitation.

We currently have $ 25.0 million in junior subordinated debt which is included in Tier 2 capital for S&T in accordance with current regulatory reporting requirements.

Under the applicable capital rules, S&T and S&T Bank are subject to the following risk-based capital ratios:

a common equity tier 1, or “CET1”, risk-based capital ratio, a Tier 1 risk-based capital ratio, which includes CET1 and additional Tier 1 capital, and a total capital ratio which includes Tier 1 and Tier 2 capital.

CET1 is primarily comprised of the sum of common stock instruments and related surplus net of treasury stock, retained earnings, and certain qualifying minority interests, less certain adjustments and deductions, including with respect to goodwill, intangible assets, mortgage servicing assets and deferred tax assets subject to temporary timing differences.

Additional Tier 1 capital is primarily comprised of noncumulative perpetual preferred stock, tier 1 minority interests and grandfathered trust preferred securities, if applicable.

Tier 2 capital consists of instruments disqualified from Tier 1 capital, including qualifying subordinated debt, certain trust preferred securities, other preferred stock and certain hybrid capital instruments, and a limited amount of loan loss reserves up to a maximum of 1.25 percent of risk-weighted assets, subject to certain eligibility criteria.

S&T BANCORP, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Quantitative measures established by regulation to ensure capital adequacy require us to maintain minimum amounts and ratios of Total, Tier 1 and Common Equity Tier 1 capital to risk-weighted assets and Tier 1 capital to average assets.

As of December 31, 2024 and 2023, we met all capital adequacy requirements to which we are subject.

The capital rules require a minimum CET1 risk-based capital ratio of 4.5 percent, a minimum overall Tier 1 risk based capital ratio of 6.0 percent, and a total risk-based capital ratio of 8.0 percent.

In addition, the capital rules require a capital conservation buffer of 2.5 percent above each of the minimum capital ratio requirements (CET1, Tier 1, and total risk-based capital), which must be met for a bank or bank holding company to be able to pay dividends, engage in share buybacks or make discretionary bonus payments to executive management without automatic restrictions.

The capital conservation buffer is 2.50 percent, so a banking organization needs to maintain a CET1 capital ratio of at least 7 percent, a total Tier 1 capital ratio of at least 8.5 percent and a total risk-based capital ratio of at least 10.5 percent or it would be subject to restrictions on capital distributions and discretionary bonus payments to its executive management.

The leverage capital ratio, which serves as a minimum capital standard, is the ratio of Tier 1 capital to quarterly average total assets, less goodwill and other disallowed intangible assets.

The required minimum leverage ratio for all banks and bank holding companies is 4 percent.

To be well-capitalized, we must maintain the following capital ratios:

• CET1 risk-based capital ratio of 6.5 percent or greater;

• Tier 1 risk-based capital ratio of 8.0 percent or greater;

• Total risk-based capital ratio of 10.0 percent or greater; and

• Tier 1 leverage ratio of 5.0 percent or greater.

The following table summarizes risk-based capital amounts and ratios for S&T and S&T Bank:

31 unchanged sentences

S&T Bank 1,178,335 15.79 % 596,839 8.00 % 746,049 10.00 %

As of December 31, 2025 and 2024, S&T’s and S&T Bank’s regulatory capital ratios were above the well-capitalized standards and met the fully phased-in capital conservation buffer.

S&T BANCORP, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SHARE REPURCHASE PLAN

On May 13, 2025, the Board of Directors of S&T Bancorp, Inc.

authorized an extension of our $ 50 million share repurchase plan, to July 31, 2026.

The repurchase authorization permits S&T to repurchase shares of S&T's common stock from time to time through a combination of open market and privately negotiated repurchases up to the authorized $ 50 million aggregate value of S&T's common stock.

At December 31, 2025, there was $ 13.8 million in capacity remaining under the plan.

The following table presents common stock repurchase activity for the periods presented:

Twelve Months Ended December 31,

(in thousands, except share and per share data) 2025 2024

Value of shares authorized to repurchase $ 50,000 $ 50,000

Remaining plan capacity at the beginning of the period $ 50,000 $ 50,000

Total shares repurchased 948,270 —

Average share price for the period $ 38.20 $ —

Total share cost of repurchases (1)

Remaining plan capacity at the end of the period $ 13,774 $ 50,000

(1) Excludes excise tax and commissions.

SUBSEQUENT EVENTS

On January 21, 2026, the Board of Directors of S&T Bancorp, Inc.

authorized a new $ 100 million share repurchase program.

The new program replaced the existing share repurchase program effective January 26, 2026, and is set to expire February 1, 2027.

The remaining capacity of $ 13.8 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 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.

As of February 25, 2026, 856,900 shares were repurchased under the new plan, at an average price of $ 43.45 per share, for $ 37.2 million excluding excise tax and commissions.

As of February 25, 2026, there was $ 62.8 million in capacity remaining under the plan.

S&T BANCORP, INC.

AND SUBSIDIARIES

Report of Independent Registered Public Accounting Firm

34 unchanged sentences

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of the Company’s controls over the ACL process, which include, among others, management’s review and approval controls designed to assess the need for and level of the segment specific risk and the reasonable and supportable forecast, which are both part of the qualitative allowance, and the controls related to the reliability of the data utilized to support management’s assessment.

To test the segment specific risk and reasonable and supportable forecast, which are both part of the qualitative allowance, we evaluated the appropriateness of management’s methodology and assessed the basis for the adjustments and whether all relevant risks were reflected in the ACL.

To test the segment specific risk and reasonable and supportable forecast, which are both part of the qualitative allowance, we evaluated the appropriateness of management’s methodology and assessed the reasonableness of the adjustments and whether all relevant risks were reflected in the ACL.

Regarding the measurement of the segment specific risk and the reasonable and supportable forecast, we evaluated the completeness, accuracy and relevance of the underlying internal and external data utilized in management’s estimate and considered the existence of additional or contrary information.

37 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data