S&T BANCORP, INC. ANNOUNCES RECORD QUARTERLY EPS AND NET INCOME

Total nonperforming assets decreased $10.0 million, or 25.8%, to $28.8 million at September 30, 2022 compared to $38.8 million at June 30, 2022. Nonperforming assets to total loans plus OREO, decreased 14 basis points to 0.41% at September 30, 2022 compared to 0.55% at June 30, 2022. Net loan charge-offs were $0.7 million for the third quarter of 2022 compared to $3.0 million in the second quarter of 2022. The provision for credit losses was $2.5 million for the third quarter of 2022 compared to $3.2 million in the second quarter of 2022. The allowance for credit losses was 1.40% of total portfolio loans as of September 30, 2022 compared to 1.39% at June 30, 2022. The increase in the allowance for credit losses was related to additional uncertainty in the macroeconomic environment.

"We continue to execute on our strategic initiative to improve our asset quality which drove nonperforming assets down twenty-five percent this quarter. Improving asset quality will remain a strategic priority for us especially given the evolving macroeconomic outlook," said Chris McComish, chief executive officer.

Noninterest Income and Expense

Noninterest income increased $2.2 million to $14.8 million in the third quarter of 2022 compared to $12.6 million in the second quarter of 2022. Other income increased $1.8 million in the third quarter primarily related to a lower unfavorable decline in the fair value of the assets in a nonqualified benefit plan and a gain on sale of OREO of $0.6 million. Noninterest expense increased $1.2 million to $49.6 million for the third quarter of 2022 compared to $48.4 million in the second quarter of 2022 mainly due to an increase of $1.9 million in salaries and employee benefits related to a lower decline in the fair value of the liability in a nonqualified benefit plan and higher pension expense. Professional services and legal decreased $0.5 million related to various consulting engagements during the second quarter of 2022.

Financial Condition

Total assets were $8.9 billion at September 30, 2022 compared to $9.1 billion at June 30, 2022. The decrease in total assets related to a $209.8 million decline in cash balances which was mainly due to a decrease in total deposits and an increase in loans. Total portfolio loans excluding Paycheck Protection Program increased by $63.1 million, or 3.6% annualized, compared to June 30, 2022. The consumer loan portfolio grew $113.5 million with strong growth across all consumer loan categories compared to June 30, 2022. Total deposits decreased $201.7 million to $7.4 billion at September 30, 2022 compared to $7.6 billion at June 30, 2022. The decline in deposits was due to the competitive market driven by rising interest rates.

During the third quarter of 2022, 117,283 common shares were repurchased at a total cost of $3.5 million, or an average of $29.71 per share. S&T continues to maintain a strong regulatory capital position with all capital ratios above the well-capitalized thresholds of federal bank regulatory agencies.

Dividend

S&T's Board of Directors approved a $0.31 per share cash dividend on October 17, 2022. This dividend compares to a $0.29 per share cash dividend declared in the same period in the prior year. The dividend is payable November 17, 2022 to shareholders of record on November 3, 2022.

Conference Call

S&T will host its third quarter 2022 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, October 20, 2022. To access the webcast, go to S&T's webpage at  www.stbancorp.com and click on "Events & Presentations." Select "3rd Quarter 2022 Earnings Conference Call" and follow the instructions. After the live presentation, the webcast will be archived on this website for at least 90 days. A replay of the call will also be available until October 27, 2022, by dialing 1.877.481.4010; the Conference ID is 46631.

About S&T Bancorp, Inc. and S&T Bank

S&T Bancorp, Inc. is a $8.9 billion bank holding company that is headquartered in Indiana, Pennsylvania and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was established in 1902 and operates in Pennsylvania, Ohio and New York. S&T Bank was recently named by Forbes as a 2022 Best-in-State Bank. S&T Bank also received the highest ranking in customer satisfaction for retail banking in the Pennsylvania region by J.D. Power in 2022. For more information visit stbancorp.com or stbank.com. Follow us on Facebook, Instagram and LinkedIn.

This information contains or incorporates statements that we believe are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial position and other matters regarding or affecting S&T and its future business and operations. Forward-looking statements are typically identified by words or phrases such as "will likely result," "expect," "anticipate," "estimate," "forecast," "project," "intend," "believe," "assume," "strategy," "trend," "plan," "outlook," "outcome," "continue," "remain," "potential," "opportunity," "comfortable," "current," "position," "maintain," "sustain," "seek," "achieve," and variations of such words and similar expressions, or future or conditional verbs such as will, would, should, could or may. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to: credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses; cyber-security concerns; rapid technological developments and changes; operational risks or risk management failures by us or critical third parties, including fraud risk; our ability to manage our reputational risks; sensitivity to the interest rate environment including a prolonged period of low interest rates, a rapid increase in interest rates or a change in the shape of the yield curve; a change in spreads on interest-earning assets and interest-bearing liabilities; the transition from LIBOR as a reference rate; regulatory supervision and oversight, including changes in regulatory capital requirements and our ability to address those requirements; unanticipated changes in our liquidity position; changes in accounting policies, practices or guidance; legislation affecting the financial services industry as a whole, and S&T, in particular; the outcome of pending and future litigation and governmental proceedings; increasing price and product/service competition; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; managing our internal growth and acquisitions; the possibility that the anticipated benefits from acquisitions, cannot be fully realized in a timely manner or at all, or that integrating the acquired operations will be more difficult, disruptive or costly than anticipated; containing costs and expenses; reliance on significant customer relationships; an interruption or cessation of an important service by a third-party provider; our ability to attract and retain talented executives and employees; our ability to successfully manage our CEO transition; general economic or business conditions, including the strength of regional economic conditions in our market area; the duration and severity of the coronavirus ("COVID-19") pandemic, both in our principal area of operations and nationally, including the ultimate impact of the pandemic on the economy generally and on our operations; our participation in the Paycheck Protection Program; deterioration of the housing market and reduced demand for mortgages; deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge to net income; the stability of our core deposit base and access to contingency funding; re-emergence of turbulence in significant portions of the global financial and real estate markets that could impact our performance, both directly, by affecting our revenues and the value of our assets and liabilities, and indirectly, by affecting the economy generally and access to capital in the amounts, at the times and on the terms required to support our future businesses.

Many of these factors, as well as other factors, are described in our Annual Report on Form 10-K for the year ended December 31, 2021, including Part I, Item 1A-"Risk Factors" and any of our subsequent filings with the SEC. Forward-looking statements are based on beliefs and assumptions using information available at the time the statements are made. We caution you not to unduly rely on forward-looking statements because the assumptions, beliefs, expectations and projections about future events may, and often do, differ materially from actual results. Any forward-looking statement speaks only as to the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made.

S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited
	2022		2022		2021
	Third		Second		Third
(dollars in thousands, except per share data)	Quarter		Quarter		Quarter
INTEREST AND DIVIDEND INCOME
Loans, including fees	$83,035		$71,018		$66,914
Investment Securities:
Taxable	6,305		5,995		4,176
Tax-exempt	380		484		595
Dividends	115		102		84
Total Interest and Dividend Income	89,835		77,599		71,769
INTEREST EXPENSE
Deposits	5,197		1,790		2,439
Borrowings and junior subordinated debt securities	840		615		619
Total Interest Expense	6,037		2,405		3,058
NET INTEREST INCOME	83,798		75,194		68,711
Provision for credit losses	2,498		3,204		3,388
Net Interest Income After Provision for Credit Losses	81,300		71,990		65,323
NONINTEREST INCOME
Net gain on sale of securities	198		—		—
Debit and credit card	4,768		4,756		4,579
Service charges on deposit accounts	4,333		4,181		3,923
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