S&T BANCORP INC

For the period ended Dec 31, 2023. Filed Feb 27, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 27, 2024

STBA$51.41+0.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

	Years Ended December 31,
(dollars in thousands)	2023	2022	2021
OPERATING ACTIVITIES
Net income	$144,781	$135,520	$110,343
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	17,892	8,366	16,215
Net depreciation, amortization and accretion	7,520	9,027	11,480
Net amortization of discounts and premiums on securities	4,666	6,062	5,482
Stock-based compensation expense	3,874	3,188	2,427
Gain on sale of securities	—	(198)	(29)
Deferred income taxes	601	(2,932)	2,383
(Gain) loss on sale of fixed assets	(100)	61	30
Gain on sale of loans, net	(81)	(1,229)	(8,856)
(Gain) loss on sale and fair value adjustments of other real estate owned, net	(3,898)	(3,119)	420
Proceeds from the sale of mortgage loans	3,839	38,583	311,479
Mortgage loans originated for sale	(3,895)	(35,848)	(286,257)
Net change in:
Net (increase) decrease in interest receivable	(7,094)	(10,033)	3,561
Net increase (decrease) in interest payable	17,763	2,901	(2,087)
Net decrease (increase) in other assets	14,311	(24,628)	83,830
Net (decrease) increase in other liabilities	(28,430)	114,804	(35,569)
Net Cash Provided by Operating Activities	$171,749	$240,525	$214,852
INVESTING ACTIVITIES
Purchases of securities	(99,583)	(401,054)	(313,617)
Proceeds from maturities, prepayments and calls of securities	147,710	160,830	144,905
Proceeds from sales of securities	—	30,490	1,917
(Purchases) redemption of Federal Home Loan Bank stock	(2,047)	(13,515)	3,511
Net (increase) decrease in loans	(492,795)	(192,403)	173,401
Proceeds from sale of portfolio loans	11,641	8,024	5,107
Proceeds from sale of other real estate owned	7,051	12,529	1,259
Purchases of premises and equipment	(6,219)	(3,863)	(3,611)
Proceeds from the sale of premises and equipment	710	161	14
Proceeds from life insurance settlement	1,696	214	353
Net payments from cash flow hedge	(12,383)	(91)	—
Net Cash (Used in) Provided by Investing Activities	(444,219)	(398,678)	13,239
FINANCING ACTIVITIES
Net (decrease) increase in demand, money market and savings deposits	(345,260)	(623,076)	875,378
Net increase (decrease) in certificates of deposit	647,111	(153,400)	(299,292)
Net increase (decrease) in short-term borrowings	45,000	285,509	(55,672)
Proceeds from long-term borrowings	25,000	—	—
Repayments on long-term borrowings	(5,464)	(7,689)	(11,001)
Repurchase of shares for taxes on restricted stock	(798)	(808)	(630)
Cash dividends paid to common shareholders	(49,708)	(46,952)	(44,325)
Repurchase of common stock	(19,808)	(7,637)	—
Net Cash Provided by (Used in) Financing Activities	296,073	(554,053)	464,458
Net increase (decrease) in cash and due from banks	23,603	(712,206)	692,549
Cash and due from banks at beginning of period	210,009	922,215	229,666
Cash and Due From Banks at End of Period	$233,612	$210,009	$922,215
See Notes to Consolidated Financial Statements

	Years Ended December 31,
(dollars in thousands)	2023	2022	2021
Supplemental Disclosures
Loans transferred to portfolio from held for sale	$—	$—	$4,467
Right of use assets obtained in exchange for lease obligations	$2,009	$—	$2,987
Cash paid for interest	$111,303	$22,068	$15,236
Cash paid for income taxes, net of refunds	$36,886	$31,175	$24,213
Transfers of loans to other real estate owned	$163	$23	$12,392

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