S&T Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>S&T Bancorp, Inc. has submitted its 2023 annual report (10-K) detailing financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

S&T BANCORP INC (STBA) filed a Annual Report (10-K) with the SEC on February 27, 2024. S&T Bancorp, Inc. filed its 2023 Form 10-K on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Pennsylvania and operates in the Commercial Banks sector (SIC 6022). Its principal business address is in Indiana, PA. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking S&T BANCORP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of S&T Bancorp's financial health, operational performance, and strategic positioning for the past fiscal year, crucial for investors and analysts to assess its current standing and future prospects. As a publicly traded entity, adherence to SEC filing requirements like the 10-K ensures transparency and allows stakeholders to make informed investment decisions based on standardized financial reporting.

Risk Assessment

Risk Level: medium — S&T BANCORP INC shows moderate risk based on this filing. The filing is a standard 10-K for a publicly traded bank, which inherently carries medium risk due to the regulated nature of the banking industry and the potential for economic fluctuations impacting financial institutions.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand S&T Bancorp's performance and potential challenges in the current economic climate.

Key Numbers

• 2023 — Fiscal Year End (Fiscal year end)
• 2024-02-27 — Filing Date (Filed as of date)
• 6022 — SIC Code (Standard Industrial Classification)
• PA — State of Incorporation (State of incorporation)

Key Players & Entities

• S&T BANCORP INC (company) — Filer name
• STBA (company) — Ticker symbol
• 20231231 (date) — Conformed period of report
• 20240227 (date) — Filed as of date
• PA (location) — State of incorporation
• 800 PHILADELPHIA STREET (address) — Business address street 1
• INDIANA (location) — Business address city
• 724-427-2347 (phone) — Business phone

FAQ

Industry Context

S&T Bancorp, Inc. operates within the commercial banking sector, providing a range of financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, S&T Bancorp is subject to extensive regulation by federal and state authorities, including the Federal Reserve and state banking departments, impacting its operations and capital requirements.

What Investors Should Do

1. Analyze the company's financial statements for the fiscal years 2021-2023 to identify trends in revenue, net income, and asset growth.
2. Examine any disclosed risk factors to understand potential challenges and their impact on the company's outlook.
3. Compare S&T Bancorp's performance metrics against industry benchmarks if available in the full filing.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $2.50 — ich registered Common Stock, par value $2.50 per share STBA NASDAQ Global Select Mar
• $9.6 billion — December 31, 2023, we had approximately $9.6 billion in assets, $7.7 billion in total loans,
• $7.7 billion — d approximately $9.6 billion in assets, $7.7 billion in total loans, $7.5 billion in deposit
• $7.5 billion — in assets, $7.7 billion in total loans, $7.5 billion in deposits and $1.3 billion in shareho
• $1.3 billion — tal loans, $7.5 billion in deposits and $1.3 billion in shareholders' equity. S&T Bank is a
• $2.2 billion — counted for as part of our assets, were $2.2 billion at December 31, 2023. The main office
• $10 billion — status as an institution with less than $10 billion in assets. If S&T's assets cross the $1
• $50 billion — ith total consolidated assets less than $50 billion to acquire a company, other than a bank
• $250,000 — ured depositor for all account types at $250,000. As an FDIC-insured bank, S&T Bank is

Filing Documents

• stba-20231231.htm (10-K) — 5116KB
• exhibit21listofsubsidiarie.htm (EX-21.0) — 8KB
• exhibit231consent.htm (EX-23.1) — 5KB
• exhibit311.htm (EX-31.1) — 9KB
• exhibit312.htm (EX-31.2) — 9KB
• exhibit32.htm (EX-32.1) — 6KB
• exhibit97clawbackpolicy.htm (EX-97.0) — 29KB
• stba-20231231_g1.jpg (GRAPHIC) — 80KB
• 0000719220-24-000025.txt (&nbsp;) — 25373KB
• stba-20231231.xsd (EX-101.SCH) — 102KB
• stba-20231231_cal.xml (EX-101.CAL) — 221KB
• stba-20231231_def.xml (EX-101.DEF) — 600KB
• stba-20231231_lab.xml (EX-101.LAB) — 1413KB
• stba-20231231_pre.xml (EX-101.PRE) — 1047KB
• stba-20231231_htm.xml (XML) — 5966KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 21

C

Item 1 C . Cybersecurity 21 Item 2.

Properties

Properties 23 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 Part II. Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 24 Item 6. Reserved 25 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 50 Item 9. Changes in and Disagre ements with Accountants on Accounting and Financial Disclosures 106 Item 9A.

Controls and Procedures

Controls and Procedures 106 Item 9B. Other Information 106 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 106 Part III Item 10. D irect ors, Executive Officers and Corporate Governance 107 Item 11. E xecutive Compensation 107 Item 12. S ecurity Ownership of Certain Beneficial Owners and Management and Related St ockholder Matters 107 Item 13. C ertain Relationships and R elated Transactions, and Director I ndependence 107 Item 14. Principal Accounting Fees and Services 107 Part IV Item 15. Exhibits, Financial Statement Schedules 108

Signatures

Signatures 112 1 Table of Contents S&T BANCORP, INC. AND SUBSIDIARIES PART I

BUSINESS

Item 1. BUSINESS General S&T Bancorp, Inc. was incorporated on March 17, 1983 under the laws of the Commonwealth of Pennsylvania as a bank holding company and is registered with the Board of Governors of the Federal Reserve System, or the Federal Reserve Board, under the Bank Holding Company Act of 1956, as amended, or the BHCA, as a bank holding company and a financial holding company. S&T Bancorp, Inc. has four active direct wholly-owned subsidiaries including S&T Bank, 9th Street Holdings, Inc., STBA Capital Trust I and DNB Capital Trust II, and owns a 50 percent interest in Commonwealth Trust Credit Life Insurance Company, or CTCLIC. When used in this Report, "S&T," "we," "us" or "our" may refer to S&T Bancorp, Inc. individually, S&T Bancorp, Inc. and its consolidated subsidiaries or certain of S&T Bancorp, Inc.'s subsidiaries or affiliates, depending on the context. As of December 31, 2023, we had approximately $9.6 billion in assets, $7.7 billion in total loans, $7.5 billion in deposits and $1.3 billion in shareholders' equity. S&T Bank is a full-service bank that operates in Pennsylvania and Ohio. S&T Bank deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent provided by law. S&T Bank has four active wholly-owned operating subsidiaries including S&T Insurance Group, LLC, S&T Bancholdings, Inc., Stewart Capital Advisors, LLC and DN Acquisition Company, Inc. Through S&T Bank and our non-bank subsidiaries, we offer consumer, commercial and small business banking services, which include accepting time and demand deposits and originating commercial and consumer loans, brokerage services and trust services including serving as executor and trustee under wills and deeds and as guardian and custodian of employee benefits. We also manage private investment accounts for individuals and institutions through our registered investment advisor. Total Wealth Management assets under administration, which are not accounted for a

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View this 10-K filing on SEC EDGAR