STBA 8-K
S&T Bancorp Inc (STBA)
8-K
2026-04-23
For: 2026-04-23
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Added on
April 23, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
(800 ) 325-2265
Registrant's telephone number, including area code
(Not applicable)
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 23, 2026 S&T Bancorp, Inc. (S&T) announced by press release its earnings for the three months ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference in this Item 2.02. The information contained in this Item 2.02 of this Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Exchange Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
In connection with the issuance of its earnings for the three months ended March 31, 2026, S&T has also made available on its website materials that contain supplemental information about S&T’s financial results (“Supplemental Information”). A copy of the Supplemental Information is attached hereto as Exhibit 99.2 and is incorporated by reference in this Item 7.01. The information contained in this Item 7.01 of this Report on Form 8-K, including Exhibit 99.2, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description of Exhibit | |||||||
| Press Release | ||||||||
| Supplemental Information | ||||||||
| 104 | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned thereunto duly authorized.
S&T Bancorp, Inc. | |||||
| /s/ Mark Kochvar | |||||
| April 23, 2026 | Mark Kochvar Senior Executive Vice President, Chief Financial Officer | ||||
INVESTOR CONTACT: Mark Kochvar S&T Bancorp, Inc. Chief Financial Officer 724.465.4826 |  | |||||||
FOR IMMEDIATE RELEASE
S&T Bancorp, Inc. Announces First Quarter 2026 Results
INDIANA, Pa., - April 23, 2026 – S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank, announced net income of $35.1 million for the first quarter of 2026 compared to $34.0 million for the fourth quarter of 2025 and $33.4 million for the first quarter of 2025. Diluted earnings per share was $0.94 for the first quarter of 2026, an increase of $0.05, or 5.6%, compared to $0.89 for the fourth quarter of 2025 and an increase of $0.07, or 8.0%, compared to $0.87 for the first quarter of 2025.
First Quarter of 2026 Highlights:
•Strong return metrics with return on average assets (ROA) of 1.44%, return on average equity (ROE) of 9.77% and return on average tangible shareholders' equity (ROTE) (non-GAAP) of 13.22% compared to ROA of 1.37%, ROE of 9.13% and ROTE (non-GAAP) of 12.30% for the fourth quarter of 2025.
•Pre-provision net revenue to average assets (PPNR) (non-GAAP) was 1.87% compared to 1.95% for the fourth quarter of 2025.
•Net interest margin on a fully taxable equivalent basis (NIM) (FTE) (non-GAAP) remains strong at 3.92% compared to 3.99% in the fourth quarter of 2025.
•Total deposits increased $226.4 million, or 11.5% annualized, with customer deposit growth of $306.5 million, or 16.0% annualized, offset by lower brokered deposits of $80.1 million compared to December 31, 2025.
•Total portfolio loans decreased $112.6 million compared to December 31, 2025.
•Net charge-offs were $1.7 million, or 0.09% of average loans, compared to net charge-offs of $11.0 million, or 0.54% of average loans, in the fourth quarter of 2025.
•Nonperforming assets (NPAs) decreased $5.7 million to $49.9 million, or 0.63% of total loans plus other real estate owned (OREO), compared to $55.6 million, or 0.69%, at December 31, 2025.
•Share repurchases of 1,146,100 common shares for $49.6 million.
"The first quarter delivered strong earnings performance, solid return metrics and robust deposit growth, underscoring the team's commitment to our strategic priorities,” said Chris McComish, chief executive officer. “Grounded in our people-forward approach to banking, we remain focused on deepening relationships and delivering meaningful value to our customers, communities and shareholders."
Net Interest Income
Net interest income was $88.4 million in the first quarter of 2026 compared to $91.0 million in the fourth quarter of 2025. The decline in net interest income related to two less days in the first quarter compared to the fourth quarter of
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S&T Earnings Release - 2
2025 and an interest recovery on a previously charged-off loan that occurred in the fourth quarter of 2025. NIM (FTE) (non-GAAP) declined 7 basis points to 3.92% compared to 3.99% in the prior quarter. Excluding a 4 basis point benefit from the interest recovery in the prior quarter, NIM (FTE) (non-GAAP) was relatively stable. Average interest-earning assets increased $57.0 million to $9.2 billion in the first quarter of 2026 compared to $9.1 billion in the fourth quarter of 2025. The yield on average interest-earning assets decreased 14 basis points to 5.60% compared to 5.74% in the fourth quarter of 2025 primarily due to a decline in interest rates on loans. Total interest-bearing liability costs decreased 12 basis points to 2.54% compared to 2.66% in the fourth quarter of 2025 mainly due to lower deposit costs and a reduction in higher-cost brokered deposits and borrowings. Average borrowings decreased $45.1 million to $174.5 million and average brokered deposits decreased $22.1 million to $170.1 million in the first quarter of 2026 compared to $219.6 million and $192.2 million in the fourth quarter of 2025.
Asset Quality
The allowance for credit losses, or ACL, was $93.3 million, or 1.17% of total portfolio loans, at March 31, 2026 compared to $93.2 million, or 1.15%, at December 31, 2025. The provision for credit losses was $1.3 million for the first quarter of 2026 compared to $5.7 million in the fourth quarter of 2025. The decrease in the provision for credit losses was primarily related to a decrease in net loan charge-offs. Net loan charge-offs were $1.7 million, or 0.09% of average loans, compared to $11.0 million, or 0.54% of average loans, in the fourth quarter of 2025. NPAs decreased $5.7 million to $49.9 million, or 0.63% of total loans plus OREO, compared to $55.6 million, or 0.69%, at December 31, 2025. Total NPAs remain at a manageable level.
Noninterest Income and Expense
Noninterest income decreased $0.7 million to $13.6 million in the first quarter of 2026 compared to $14.3 million in the fourth quarter of 2025. Customer activity was seasonally slower in the first quarter of 2026 resulting in lower debit and credit card fees compared to the fourth quarter of 2025. Noninterest expense decreased $0.5 million to $56.7 million compared to $57.2 million in the fourth quarter of 2025. The decrease primarily related to a $1.3 million decrease in salaries and benefits related to lower salaries and medical costs compared to the prior quarter.
Financial Condition
Total assets were $9.9 billion at both March 31, 2026 and December 31, 2025. Cash and due from banks increased $175.6 million related to a significant increase in deposits and a decline in loans compared to December 31, 2025. Total portfolio loans decreased $112.6 million compared to December 31, 2025. The decline in loans related to lower fundings, reduced utilization rates and higher commercial real estate payoffs. The commercial loan portfolio decreased $79.0 million with declines in commercial real estate of $94.7 million and commercial and industrial of $8.3 million, offset by an increase in commercial construction of $23.9 million compared to December 31, 2025. The consumer loan portfolio decreased $33.6 million primarily due to declines in residential mortgage of $20.6 million, consumer construction of $8.9 million and installment and other consumer of $7.3 million, offset by an increase in home equity of $3.3 million compared to December 31, 2025. Total deposits increased $226.4 million, or 11.5% annualized, with customer deposit growth of $306.5 million, or 16.0% annualized, offset by lower brokered deposits of $80.1 million compared to December 31, 2025. Customer deposit growth reflected increases in core relationships but also included both temporary commercial customer funds and seasonal inflows related to consumer tax refunds. Noninterest bearing deposits increased $112.8 million, money market increased $67.8 million, savings increased $21.1 million and certificates of deposit increased $30.7 million, offset by a decrease in interest-bearing demand of $6.0 million compared to December 31, 2025. The increase in money market of $67.8 million is net of a decline in brokered money market of
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S&T Earnings Release - 3
$80.1 million compared to December 31, 2025. Total borrowings decreased $115.0 million to $150.3 million compared to $265.3 million at December 31, 2025 primarily related to deposit growth.
Capital
During the first quarter of 2026, 1,146,100 shares were repurchased at an average price of $43.30 per share for $49.6 million. Total share repurchases for both the fourth quarter of 2025 and the first quarter of 2026 were 2,094,370 shares at an average price of $40.99 per share totaling $85.8 million. The remaining capacity under the existing share repurchase program was $50.4 million at March 31, 2026.
S&T continues to maintain a strong regulatory capital position with all capital ratios above the well-capitalized thresholds of federal bank regulatory agencies.
Conference Call
S&T will host its first quarter 2026 earnings conference call live via webcast at 1:00 p.m. ET, Thursday, April 23, 2026. To access the webcast, go to S&T Bancorp Inc.’s Investor Relations webpage stbancorp.com. After the live presentation, the webcast will be archived at stbancorp.com for 12 months.
About S&T Bancorp, Inc. and S&T Bank
S&T Bancorp, Inc. is a $9.9 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 and Ohio. For more information, visit stbancorp.com or stbank.com. Follow us on Facebook, Instagram and LinkedIn.
Forward-Looking Statements
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, or ACL; cybersecurity concerns; rapid technological developments and changes, including the use of artificial intelligence and digital assets; operational risks or risk management failures by us or critical third parties, including fraud risk; our ability to manage our brand risks; sensitivity to the interest rate environment, 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; regulatory supervision and oversight, including changes in regulatory capital requirements and our
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ability to address those requirements; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; changes in accounting policies, practices or guidance; legislation affecting the financial services industry as a whole, and S&T, in particular; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; 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 other employees; general economic or business conditions, including the strength of regional economic conditions in our market area; ESG practices and disclosures, including climate change, hiring practices, the diversity of the work force and racial and social justice issues; 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 and geopolitical tensions and conflicts between nations.
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, 2025, 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.
Non-GAAP Financial Measures
In addition to traditional measures presented in accordance with GAAP, our management uses, and this information contains or references, certain non-GAAP financial measures, such as tangible book value, return on average tangible shareholder's equity, PPNR to average assets, efficiency ratio on an FTE basis, tangible common equity to tangible assets and net interest margin on an FTE basis. We believe these non-GAAP financial measures provide information useful to investors in understanding our underlying operational performance and our business and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Although we believe that these non-GAAP financial measures enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered alternatives to GAAP or considered to be more important than financial results determined in accordance with GAAP, nor are they necessarily comparable with non-GAAP measures which may be presented by other companies. See Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures for more information related to these financial measures.
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| S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 5 | ||||||||||
| 2026 | 2025 | 2025 | ||||||||||||||||||
| First | Fourth | First | ||||||||||||||||||
| (dollars in thousands, except per share data) | Quarter | Quarter | Quarter | |||||||||||||||||
| INTEREST AND DIVIDEND INCOME | ||||||||||||||||||||
| Loans, including fees | $115,294 | $120,356 | $114,340 | |||||||||||||||||
| Investment Securities: | ||||||||||||||||||||
| Taxable | 10,760 | 10,426 | 10,073 | |||||||||||||||||
| Tax-exempt | 34 | 34 | 157 | |||||||||||||||||
| Dividends | 245 | 297 | 278 | |||||||||||||||||
| Total Interest and Dividend Income | 126,333 | 131,113 | 124,848 | |||||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||
| Deposits | 35,686 | 37,296 | 38,354 | |||||||||||||||||
| Borrowings, junior subordinated debt securities and other | 2,211 | 2,857 | 3,171 | |||||||||||||||||
| Total Interest Expense | 37,897 | 40,153 | 41,525 | |||||||||||||||||
| NET INTEREST INCOME | 88,436 | 90,960 | 83,323 | |||||||||||||||||
| Provision for credit losses | 1,327 | 5,696 | (3,040) | |||||||||||||||||
| Net Interest Income After Provision for Credit Losses | 87,109 | 85,264 | 86,363 | |||||||||||||||||
| NONINTEREST INCOME | ||||||||||||||||||||
| Loss on sale of securities | — | — | (2,295) | |||||||||||||||||
| Debit and credit card | 4,283 | 4,805 | 4,188 | |||||||||||||||||
| Service charges on deposit accounts | 4,196 | 4,206 | 3,962 | |||||||||||||||||
Investment services and trust | 3,369 | 3,203 | 3,084 | |||||||||||||||||
| Other | 1,794 | 2,117 | 1,490 | |||||||||||||||||
| Total Noninterest Income | 13,642 | 14,331 | 10,429 | |||||||||||||||||
| NONINTEREST EXPENSE | ||||||||||||||||||||
| Salaries and employee benefits | 31,356 | 32,707 | 29,853 | |||||||||||||||||
| Data processing and information technology | 5,158 | 5,079 | 4,930 | |||||||||||||||||
| Occupancy | 4,592 | 3,855 | 4,302 | |||||||||||||||||
| Furniture, equipment and software | 3,492 | 3,453 | 3,483 | |||||||||||||||||
| Other taxes | 2,063 | 1,931 | 1,494 | |||||||||||||||||
| Marketing | 1,467 | 1,546 | 1,615 | |||||||||||||||||
| Professional services and legal | 1,245 | 1,228 | 1,286 | |||||||||||||||||
| FDIC insurance | 1,073 | 1,062 | 1,040 | |||||||||||||||||
| Other noninterest expense | 6,261 | 6,315 | 7,088 | |||||||||||||||||
| Total Noninterest Expense | 56,707 | 57,176 | 55,091 | |||||||||||||||||
| Income Before Taxes | 44,044 | 42,419 | 41,701 | |||||||||||||||||
| Income tax expense | 8,972 | 8,452 | 8,300 | |||||||||||||||||
| Net Income | $35,072 | $33,967 | $33,401 | |||||||||||||||||
| Per Share Data | ||||||||||||||||||||
| Shares outstanding at end of period | 36,259,649 | 37,402,705 | 38,261,299 | |||||||||||||||||
| Average shares outstanding - diluted | 37,177,888 | 38,136,813 | 38,599,656 | |||||||||||||||||
| Diluted earnings per share | $0.94 | $0.89 | $0.87 | |||||||||||||||||
| Dividends declared per share | $0.36 | $0.36 | $0.34 | |||||||||||||||||
| Dividend yield (annualized) | 3.44 | % | 3.66 | % | 3.67 | % | ||||||||||||||
| Dividends paid to net income | 38.09 | % | 40.14 | % | 38.97 | % | ||||||||||||||
| Book value | $39.46 | $39.14 | $37.06 | |||||||||||||||||
Tangible book value (non-GAAP)(1) | $29.11 | $29.11 | $27.24 | |||||||||||||||||
| Market value | $41.83 | $39.35 | $37.05 | |||||||||||||||||
| Profitability Ratios (Annualized) | ||||||||||||||||||||
| Return on average assets | 1.44 | % | 1.37 | % | 1.41 | % | ||||||||||||||
| Return on average shareholders' equity | 9.77 | % | 9.13 | % | 9.67 | % | ||||||||||||||
Return on average tangible shareholders' equity (non-GAAP)(2) | 13.22 | % | 12.30 | % | 13.29 | % | ||||||||||||||
Pre-provision net revenue / average assets (non-GAAP)(3) | 1.87 | % | 1.95 | % | 1.73 | % | ||||||||||||||
Efficiency ratio (FTE) (non-GAAP)(4) | 55.23 | % | 53.99 | % | 56.99 | % | ||||||||||||||
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| S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 6 | ||||||||||
| 2026 | 2025 | 2025 | ||||||||||||||||||
| First | Fourth | First | ||||||||||||||||||
| (dollars in thousands) | Quarter | Quarter | Quarter | |||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from banks | $339,059 | $163,436 | $211,836 | |||||||||||||||||
| Securities available for sale, at fair value | 1,009,518 | 987,659 | 1,011,111 | |||||||||||||||||
| Loans held for sale | 694 | 1,010 | — | |||||||||||||||||
| Commercial loans: | ||||||||||||||||||||
| Commercial real estate | 3,532,106 | 3,626,784 | 3,462,246 | |||||||||||||||||
| Commercial and industrial | 1,511,082 | 1,519,336 | 1,520,475 | |||||||||||||||||
| Commercial construction | 404,012 | 380,091 | 380,129 | |||||||||||||||||
| Total Commercial Loans | 5,447,200 | 5,526,211 | 5,362,850 | |||||||||||||||||
| Consumer loans: | ||||||||||||||||||||
| Residential mortgage | 1,689,731 | 1,710,351 | 1,670,750 | |||||||||||||||||
| Home equity | 711,235 | 707,966 | 660,594 | |||||||||||||||||
| Installment and other consumer | 83,951 | 91,280 | 98,165 | |||||||||||||||||
| Consumer construction | 27,265 | 36,149 | 43,990 | |||||||||||||||||
| Total Consumer Loans | 2,512,182 | 2,545,746 | 2,473,499 | |||||||||||||||||
| Total Portfolio Loans | 7,959,382 | 8,071,957 | 7,836,349 | |||||||||||||||||
| Allowance for credit losses | (93,271) | (93,178) | (99,010) | |||||||||||||||||
| Total Portfolio Loans, Net | 7,866,111 | 7,978,779 | 7,737,339 | |||||||||||||||||
| Federal Home Loan Bank and other restricted stock, at cost | 11,724 | 16,030 | 13,445 | |||||||||||||||||
| Goodwill | 373,424 | 373,424 | 373,424 | |||||||||||||||||
| Other Intangible assets, net | 2,069 | 2,251 | 2,813 | |||||||||||||||||
| Other assets | 341,404 | 348,391 | 368,308 | |||||||||||||||||
| Total Assets | $9,944,003 | $9,870,980 | $9,718,276 | |||||||||||||||||
| LIABILITIES | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Noninterest-bearing demand | $2,273,411 | $2,160,645 | $2,164,491 | |||||||||||||||||
| Interest-bearing demand | 784,326 | 790,278 | 809,722 | |||||||||||||||||
| Money market | 2,264,777 | 2,196,998 | 2,210,081 | |||||||||||||||||
| Savings | 883,213 | 862,118 | 886,007 | |||||||||||||||||
| Certificates of deposit | 1,979,492 | 1,948,792 | 1,822,632 | |||||||||||||||||
| Total Deposits | 8,185,219 | 7,958,831 | 7,892,933 | |||||||||||||||||
| Borrowings: | ||||||||||||||||||||
| Short-term borrowings | 50,000 | 165,000 | 95,000 | |||||||||||||||||
| Long-term borrowings | 50,794 | 50,815 | 50,876 | |||||||||||||||||
| Junior subordinated debt securities | 49,493 | 49,478 | 49,433 | |||||||||||||||||
| Total Borrowings | 150,287 | 265,293 | 195,309 | |||||||||||||||||
| Other liabilities | 177,816 | 182,979 | 212,000 | |||||||||||||||||
| Total Liabilities | 8,513,322 | 8,407,103 | 8,300,242 | |||||||||||||||||
| SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
| Total Shareholders’ Equity | 1,430,681 | 1,463,877 | 1,418,034 | |||||||||||||||||
| Total Liabilities and Shareholders’ Equity | $9,944,003 | $9,870,980 | $9,718,276 | |||||||||||||||||
| Capitalization Ratios | ||||||||||||||||||||
| Shareholders' equity / assets | 14.39 | % | 14.83 | % | 14.59 | % | ||||||||||||||
Tangible common equity / tangible assets (non-GAAP)(5) | 11.03 | % | 11.46 | % | 11.16 | % | ||||||||||||||
| Tier 1 leverage ratio | 11.82 | % | 12.18 | % | 12.09 | % | ||||||||||||||
| Common equity tier 1 capital | 14.18 | % | 14.32 | % | 14.67 | % | ||||||||||||||
| Risk-based capital - tier 1 | 14.49 | % | 14.62 | % | 14.99 | % | ||||||||||||||
| Risk-based capital - total | 16.06 | % | 16.19 | % | 16.57 | % | ||||||||||||||
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| S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 7 | ||||||||||
| 2026 | 2025 | 2025 | ||||||||||||||||||
| First | Fourth | First | ||||||||||||||||||
| (dollars in thousands) | Quarter | Quarter | Quarter | |||||||||||||||||
Net Interest Margin (FTE) (non-GAAP) (QTD Averages) | ||||||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Interest-bearing deposits with banks | $153,396 | 3.70% | $112,524 | 3.98% | $128,739 | 4.46% | ||||||||||||||
| Securities, at fair value | 997,037 | 3.78% | 985,200 | 3.80% | 990,414 | 3.59% | ||||||||||||||
| Loans held for sale | 1,002 | 6.57% | 890 | 6.44% | 0 | 0.00% | ||||||||||||||
| Commercial real estate | 3,579,903 | 5.80% | 3,625,455 | 5.87% | 3,395,599 | 5.82% | ||||||||||||||
| Commercial and industrial | 1,513,557 | 6.25% | 1,491,942 | 6.54% | 1,535,235 | 6.69% | ||||||||||||||
| Commercial construction | 387,412 | 6.42% | 348,987 | 7.34% | 374,881 | 6.95% | ||||||||||||||
| Total Commercial Loans | 5,480,872 | 5.97% | 5,466,384 | 6.15% | 5,305,715 | 6.15% | ||||||||||||||
| Residential mortgage | 1,701,695 | 5.37% | 1,701,279 | 5.33% | 1,660,177 | 5.21% | ||||||||||||||
| Home equity | 707,856 | 5.90% | 700,194 | 6.22% | 653,113 | 6.30% | ||||||||||||||
| Installment and other consumer | 87,693 | 7.39% | 92,748 | 7.73% | 99,402 | 7.97% | ||||||||||||||
| Consumer construction | 30,124 | 6.69% | 40,868 | 6.75% | 45,157 | 6.86% | ||||||||||||||
| Total Consumer Loans | 2,527,368 | 5.61% | 2,535,089 | 5.69% | 2,457,849 | 5.64% | ||||||||||||||
| Total Portfolio Loans | 8,008,240 | 5.86% | 8,001,473 | 6.00% | 7,763,564 | 5.99% | ||||||||||||||
| Total Loans | 8,009,242 | 5.86% | 8,002,363 | 6.00% | 7,763,564 | 5.99% | ||||||||||||||
| Total other earning assets | 12,806 | 7.07% | 15,366 | 7.40% | 16,768 | 6.74% | ||||||||||||||
| Total Interest-earning Assets | 9,172,481 | 5.60% | 9,115,453 | 5.74% | 8,899,485 | 5.70% | ||||||||||||||
| Noninterest-earning assets | 692,974 | 694,161 | 727,176 | |||||||||||||||||
| Total Assets | $9,865,455 | $9,809,614 | $9,626,661 | |||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
| Interest-bearing demand | $778,502 | 0.93% | $770,233 | 0.94% | $779,309 | 1.00% | ||||||||||||||
| Money market | 2,245,922 | 2.60% | 2,202,015 | 2.75% | 2,088,346 | 2.97% | ||||||||||||||
| Savings | 873,304 | 0.65% | 859,344 | 0.68% | 884,636 | 0.66% | ||||||||||||||
| Certificates of deposit | 1,965,807 | 3.73% | 1,925,474 | 3.86% | 1,860,840 | 4.29% | ||||||||||||||
| Total Interest-bearing Deposits | 5,863,535 | 2.47% | 5,757,066 | 2.57% | 5,613,131 | 2.77% | ||||||||||||||
| Short-term borrowings | 74,162 | 3.99% | 119,293 | 4.32% | 117,722 | 4.63% | ||||||||||||||
| Long-term borrowings | 50,805 | 3.80% | 50,826 | 3.80% | 50,886 | 3.80% | ||||||||||||||
| Junior subordinated debt securities | 49,485 | 6.53% | 49,469 | 6.79% | 49,423 | 7.17% | ||||||||||||||
| Total Borrowings | 174,452 | 4.66% | 219,588 | 4.75% | 218,031 | 5.01% | ||||||||||||||
| Total Other Interest-bearing Liabilities | 22,862 | 3.69% | 22,736 | 3.95% | 43,926 | 4.40% | ||||||||||||||
| Total Interest-bearing Liabilities | 6,060,849 | 2.54% | 5,999,390 | 2.66% | 5,875,088 | 2.87% | ||||||||||||||
| Noninterest-bearing liabilities | 2,348,924 | 2,334,350 | 2,350,574 | |||||||||||||||||
| Shareholders' equity | 1,455,682 | 1,475,874 | 1,400,999 | |||||||||||||||||
| Total Liabilities and Shareholders' Equity | $9,865,455 | $9,809,614 | $9,626,661 | |||||||||||||||||
Net Interest Margin (FTE) (non-GAAP)(6) | 3.92% | 3.99% | 3.81% | |||||||||||||||||
- more -
| S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 8 | ||||||||||
| 2026 | 2025 | 2025 | ||||||||||||||||||
| First | Fourth | First | ||||||||||||||||||
| (dollars in thousands) | Quarter | Quarter | Quarter | |||||||||||||||||
| Nonaccrual Loans | ||||||||||||||||||||
| Commercial loans: | % Loans | % Loans | % Loans | |||||||||||||||||
| Commercial real estate | $17,764 | 0.50% | $17,373 | 0.48% | $3,441 | 0.10% | ||||||||||||||
| Commercial and industrial | 18,607 | 1.23% | 25,575 | 1.68% | 6,749 | 0.44% | ||||||||||||||
| Commercial construction | 869 | 0.22% | 869 | 0.23% | 1,006 | 0.26% | ||||||||||||||
| Total Nonaccrual Commercial Loans | 37,240 | 0.68% | 43,817 | 0.79% | 11,196 | 0.21% | ||||||||||||||
| Consumer loans: | ||||||||||||||||||||
| Residential mortgage | 8,950 | 0.53% | 8,098 | 0.47% | 6,957 | 0.42% | ||||||||||||||
| Home equity | 3,618 | 0.51% | 3,485 | 0.49% | 3,968 | 0.60% | ||||||||||||||
| Installment and other consumer | 141 | 0.17% | 158 | 0.17% | 218 | 0.22% | ||||||||||||||
| Total Nonaccrual Consumer Loans | 12,709 | 0.51% | 11,741 | 0.46% | 11,143 | 0.45% | ||||||||||||||
| Total Nonaccrual Loans | $49,949 | 0.63% | $55,558 | 0.69% | $22,339 | 0.29% | ||||||||||||||
| 2026 | 2025 | 2025 | ||||||||||||||||||
| First | Fourth | First | ||||||||||||||||||
| (dollars in thousands) | Quarter | Quarter | Quarter | |||||||||||||||||
| Loan Charge-offs (Recoveries) | ||||||||||||||||||||
| Charge-offs | $1,935 | $12,482 | $884 | |||||||||||||||||
| Recoveries | (248) | (1,529) | (911) | |||||||||||||||||
| Net Loan Charge-offs (Recoveries) | $1,687 | $10,953 | ($27) | |||||||||||||||||
| Net Loan Charge-offs (Recoveries) | ||||||||||||||||||||
| Commercial loans: | ||||||||||||||||||||
| Commercial real estate | $492 | $7,510 | ($146) | |||||||||||||||||
| Commercial and industrial | 175 | 3,133 | 154 | |||||||||||||||||
| Commercial construction | — | — | 30 | |||||||||||||||||
| Total Commercial Loan Charge-offs | 667 | 10,643 | 38 | |||||||||||||||||
| Consumer loans: | ||||||||||||||||||||
| Residential mortgage | 27 | 46 | 13 | |||||||||||||||||
| Home equity | 236 | (101) | 19 | |||||||||||||||||
| Installment and other consumer | 757 | 365 | (97) | |||||||||||||||||
| Total Consumer Loan Charge-offs (Recoveries) | 1,020 | 310 | (65) | |||||||||||||||||
| Total Net Loan Charge-offs (Recoveries) | $1,687 | $10,953 | ($27) | |||||||||||||||||
| 2026 | 2025 | 2025 | ||||||||||||||||||
| First | Fourth | First | ||||||||||||||||||
| (dollars in thousands) | Quarter | Quarter | Quarter | |||||||||||||||||
| Asset Quality Data | ||||||||||||||||||||
| Nonaccrual loans | $49,949 | $55,558 | $22,339 | |||||||||||||||||
| OREO | — | 57 | 29 | |||||||||||||||||
| Total nonperforming assets | 49,949 | 55,615 | 22,368 | |||||||||||||||||
| Nonaccrual loans / total loans | 0.63 | % | 0.69 | % | 0.29 | % | ||||||||||||||
| Nonperforming assets / total loans plus OREO | 0.63 | % | 0.69 | % | 0.29 | % | ||||||||||||||
| Allowance for credit losses / total portfolio loans | 1.17 | % | 1.15 | % | 1.26 | % | ||||||||||||||
| Allowance for credit losses / nonaccrual loans | 187 | % | 168 | % | 443 | % | ||||||||||||||
| Net loan charge-offs | $1,687 | $10,953 | ($27) | |||||||||||||||||
| Net loan charge-offs (annualized) / average loans | 0.09 | % | 0.54 | % | 0.00 | % | ||||||||||||||
- more -
| S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 9 | ||||||||||
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
| 2026 | 2025 | 2025 | ||||||||||||||||||
| First | Fourth | First | ||||||||||||||||||
| (dollars in thousands, except per share data) | Quarter | Quarter | Quarter | |||||||||||||||||
(1) Tangible Book Value (non-GAAP) | ||||||||||||||||||||
| Total shareholders' equity | $1,430,681 | $1,463,877 | $1,418,034 | |||||||||||||||||
| Less: goodwill and other intangible assets, net of deferred tax liability | (375,059) | (375,202) | (375,646) | |||||||||||||||||
| Tangible common equity (non-GAAP) | $1,055,622 | $1,088,675 | $1,042,388 | |||||||||||||||||
| Common shares outstanding | 36,259,649 | 37,402,705 | 38,261,299 | |||||||||||||||||
| Tangible book value (non-GAAP) | $29.11 | $29.11 | $27.24 | |||||||||||||||||
| Tangible book value is a preferred industry metric used to measure our company's value and commonly used by investors and analysts. | ||||||||||||||||||||
(2) Return on Average Tangible Shareholders' Equity (non-GAAP) | ||||||||||||||||||||
| Net income (annualized) | $142,236 | $134,760 | $135,460 | |||||||||||||||||
| Plus: amortization of intangibles (annualized), net of tax | 583 | 624 | 772 | |||||||||||||||||
| Net income before amortization of intangibles (annualized) | $142,819 | $135,384 | $136,232 | |||||||||||||||||
| Average total shareholders' equity | $1,455,682 | $1,475,874 | $1,400,999 | |||||||||||||||||
| Less: average goodwill and other intangible assets, net of deferred tax liability | (375,136) | (375,279) | (375,741) | |||||||||||||||||
| Average tangible equity (non-GAAP) | $1,080,546 | $1,100,595 | $1,025,258 | |||||||||||||||||
| Return on average tangible shareholders' equity (non-GAAP) | 13.22 | % | 12.30 | % | 13.29 | % | ||||||||||||||
Return on average tangible shareholders' equity is a preferred industry profitability metric used by management, as well as investors and analysts, to measure financial performance. | ||||||||||||||||||||
(3) Pre-provision Net Revenue / Average Assets (non-GAAP) | ||||||||||||||||||||
| Income before taxes | $44,044 | $42,419 | $41,701 | |||||||||||||||||
| Plus: net loss on sale of securities | — | — | 2,295 | |||||||||||||||||
| Plus: Provision for credit losses | 1,327 | 5,696 | (3,040) | |||||||||||||||||
| Total | $45,371 | $48,115 | $40,956 | |||||||||||||||||
| Total (annualized) (non-GAAP) | $184,005 | $190,891 | $166,099 | |||||||||||||||||
| Average assets | $9,865,455 | $9,809,614 | $9,626,661 | |||||||||||||||||
| Pre-provision Net Revenue / Average Assets (non-GAAP) | 1.87 | % | 1.95 | % | 1.73 | % | ||||||||||||||
Pre-provision net revenue to average assets is income before taxes adjusted to exclude provision for credit losses, losses (gains) on sale of securities and gain on Visa exchange. We believe this to be a preferred industry measurement to help management, as well as investors and analysts, evaluate our ability to fund credit losses or build capital. | ||||||||||||||||||||
(4) Efficiency Ratio (FTE) (non-GAAP) | ||||||||||||||||||||
| Noninterest expense | $56,707 | $57,176 | $55,091 | |||||||||||||||||
| Net interest income per consolidated statements of net income | $88,436 | $90,960 | $83,323 | |||||||||||||||||
| Plus: taxable equivalent adjustment | 590 | 605 | 617 | |||||||||||||||||
| Net interest income (FTE) (non-GAAP) | 89,026 | 91,565 | 83,940 | |||||||||||||||||
| Noninterest income | 13,642 | 14,331 | 10,429 | |||||||||||||||||
| Plus: net loss on sale of securities | — | — | 2,295 | |||||||||||||||||
| Net interest income (FTE) (non-GAAP) plus noninterest income | $102,668 | $105,896 | $96,664 | |||||||||||||||||
Efficiency ratio (FTE) (non-GAAP) | 55.23 | % | 53.99 | % | 56.99 | % | ||||||||||||||
| The efficiency ratio is noninterest expense divided by noninterest income plus net interest income, on an FTE basis (non-GAAP), adjusted to exclude losses (gains) on sale of securities and gain on Visa exchange. We believe the FTE basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice. | ||||||||||||||||||||
- more -
| S&T Bancorp, Inc. Consolidated Selected Financial Data Unaudited | S&T Earnings Release - 10 | ||||||||||
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
| 2026 | 2025 | 2025 | ||||||||||||||||||
| First | Fourth | First | ||||||||||||||||||
| (dollars in thousands) | Quarter | Quarter | Quarter | |||||||||||||||||
(5) Tangible Common Equity / Tangible Assets (non-GAAP) | ||||||||||||||||||||
| Total shareholders' equity | $1,430,681 | $1,463,877 | $1,418,034 | |||||||||||||||||
| Less: goodwill and other intangible assets, net of deferred tax liability | (375,059) | (375,202) | (375,646) | |||||||||||||||||
| Tangible common equity (non-GAAP) | $1,055,622 | $1,088,675 | $1,042,388 | |||||||||||||||||
| Total assets | $9,944,003 | $9,870,980 | $9,718,276 | |||||||||||||||||
| Less: goodwill and other intangible assets, net of deferred tax liability | (375,059) | (375,202) | (375,646) | |||||||||||||||||
| Tangible assets (non-GAAP) | $9,568,944 | $9,495,778 | $9,342,630 | |||||||||||||||||
| Tangible common equity to tangible assets (non-GAAP) | 11.03 | % | 11.46 | % | 11.16 | % | ||||||||||||||
| Tangible common equity to tangible assets is a preferred industry measurement to evaluate capital adequacy. | ||||||||||||||||||||
(6) Net Interest Margin (FTE) (non-GAAP) | ||||||||||||||||||||
| Interest income and dividend income | $126,333 | $131,113 | $124,848 | |||||||||||||||||
| Less: interest expense | (37,897) | (40,153) | (41,525) | |||||||||||||||||
| Net interest income per consolidated statements of net income | 88,436 | 90,960 | 83,323 | |||||||||||||||||
| Plus: taxable equivalent adjustment | 590 | 605 | 617 | |||||||||||||||||
| Net interest income (FTE) (non-GAAP) | $89,026 | $91,565 | $83,940 | |||||||||||||||||
| Net interest income (FTE) (annualized) | $361,050 | $363,274 | $340,423 | |||||||||||||||||
| Average interest-earning assets | $9,172,481 | $9,115,453 | $8,899,485 | |||||||||||||||||
| Net interest margin (FTE) (non-GAAP) | 3.92 | % | 3.99 | % | 3.81 | % | ||||||||||||||
| The interest income on interest-earning assets, net interest income and net interest margin are presented on an FTE basis (non-GAAP). The FTE basis (non-GAAP) adjusts for the tax benefit of income on certain tax-exempt loans and securities and the dividend-received deduction for equity securities using the federal statutory tax rate of 21 percent for each period. We believe this to be the preferred industry measurement of net interest income that provides a relevant comparison between taxable and non-taxable sources of interest income. | ||||||||||||||||||||
###
First Quarter 2026 Earnings Supplement
Forward Looking Statements and Risk Factors 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, or ACL; cybersecurity concerns; rapid technological developments and changes, including the use of artificial intelligence and digital assets; operational risks or risk management failures by us or critical third parties, including fraud risk; our ability to manage our brand risks; sensitivity to the interest rate environment, 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; regulatory supervision and oversight, including changes in regulatory capital requirements and our ability to address those requirements; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; changes in accounting policies, practices or guidance; legislation affecting the financial services industry as a whole, and S&T, in particular; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; 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 other employees; general economic or business conditions, including the strength of regional economic conditions in our market area; ESG practices and disclosures, including climate change, hiring practices, the diversity of the work force and racial and social justice issues; 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 and geopolitical tensions and conflicts between nations. 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, 2025, 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. Non-GAAP Financial Measures In addition to traditional measures presented in accordance with GAAP, our management uses, and this information contains or references, certain non-GAAP financial measures, such as tangible book value, return on average tangible shareholder's equity, PPNR to average assets, efficiency ratio on an FTE basis, tangible common equity to tangible assets and net interest margin on an FTE basis. We believe these non-GAAP financial measures provide information useful to investors in understanding our underlying operational performance and our business and performance trends as they facilitate comparisons with the performance of other companies in the financial services industry. Although we believe that these non-GAAP financial measures enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered alternatives to GAAP or considered to be more important than financial results determined in accordance with GAAP, nor are they necessarily comparable with non-GAAP measures which may be presented by other companies. The non-GAAP financial measures contained within this presentation should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K as well as the unaudited financial statements and analyses as presented in the respective Quarterly Reports on Form 10-Q and in Exhibit 99.1 of Form 8-K for S&T Bancorp, Inc. and subsidiaries. 2
3 First Quarter Overview RETURN METRICS EARNINGS Net Income $35.1 million EPS $0.94 ROA 1.44% ROE 9.77% ROTE* 13.22% PPNR* 1.87% ACL 1.17% NCO(1) 0.09% ASSET QUALITY NPA 0.63% NIM (FTE)* 3.92% Efficiency Ratio (FTE)* 55.23% BALANCE SHEET Loan decline $112.6 million 5.7% (annualized) Deposit growth $226.4 million 11.5% (annualized) OTHER Dollars in millions *Non-GAAP financial measure. Refer to appendix for reconciliation of non-GAAP financial measures(1)QTD Annualized HIGHLIGHTS • Solid earnings and return metrics • EPS growth of 5.6% from 4Q25 and 8.0% from 1Q25 • ROTE* of 13.22% impacted by strong earnings and $49.6 million of shares repurchased in 1Q26 • Strong NIM (FTE)* at 3.92% • Broad-based deposit growth of $226.4 million (11.5% annualized) • NPAs decreased $5.7 million and net charge-offs were low at $1.7 million
4 Balance Sheet Dollars in millions 1Q26 4Q25 Var $ 339 $ 163 $ 176 1,010 988 22 7,959 8,072 (113) 8,185 7,959 226 150 265 (115) (150) (100) (50) 0 50 100 150 200 250 Cash & Int Bear Bal Securities Loans Total Deposits Borrowings 1Q26 vs 4Q25: 1Q26 vs 4Q25 DEPOSIT CHANGES DECREASES/INCREASES • Customer deposit growth of $306.5 million (16.0% annualized) • Reduced wholesale funding by $195.1 million • DDA remains strong at 28% of total deposits • Loan balances declined due to lower fundings, reduced line utilization and higher CRE payoffs
5 Asset Quality ACL Trend: Dollars in millions ASSET QUALITY TRENDS • ACL was stable at 1.17% compared to 1.15% at December 31, 2025 • Net loan charge-offs of $1.7 million, or 0.09% of total loans • NPAs decreased $5.7 million to $49.9 million, or 0.63% of total loans plus OREO % o f A verage Lo ans Net Loan Charge-offs/(Recoveries) 1Q25 2Q25 3Q25 4Q25 1Q26 $(4) $0 $4 $8 $12 $16 $20 (0.20)% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% % o f G ro ss Lo ans Allowance for Credit Losses (ACL) 1Q25 2Q25 3Q25 4Q25 1Q26 $0 $20 $40 $60 $80 $100 $120 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% (1)QTD Annualized (1) % o f Po rtfo lio Lo ans and O R EO Nonperforming Assets 1Q25 2Q25 3Q25 4Q25 1Q26 $0 $20 $40 $60 $80 0.00% 0.25% 0.50% 0.75% 1.00%
6 (0.12)% (0.03)% (0.11)% (0.08)% 2.08% 2.08% 2.05% 1.94% 1.86% Changes in Cost of Funds Cost of Funds 1Q25 2Q25 3Q25 4Q25 1Q26 Net Interest Income $83.3 $86.6 $89.2 $91.0 $88.4 3.81% 3.88% 3.93% 3.99% 3.92% NII NIM (FTE)* 1Q25 2Q25 3Q25 4Q25 1Q26 Total Cost of Funds • Strong NIM (FTE)* at 3.92% • Cost of funds declined 8 basis points due to lower rates on deposits and reduced levels of borrowings and brokered CDs • Net interest income increased $5.1 million, or 6.1%, from 1Q25 0.00% Dollars in millions *Non-GAAP financial measure. Refer to appendix for reconciliation of non-GAAP financial measures
7 Noninterest Income Dollars in millions 1Q26 1Q26 vs 4Q25 1Q26 vs 1Q25 Debit and Credit Card $4.3 ($0.5) $0.1 Service Charges 4.2 — 0.2 Investment Services and Trust 3.4 0.2 0.3 Loss on Sale of Securities — — 2.3 Other 1.7 (0.4) 0.3 Noninterest Income $13.6 ($0.7) $3.2 • Customer activity seasonally slower $12.7
8 1Q26 1Q26 vs 4Q25 1Q26 vs 1Q25 Salaries & Benefits $31.4 ($1.3) $1.5 Data Processing 5.1 — 0.1 Occupancy 4.6 0.7 0.3 FF&E 3.5 — — Other Taxes 2.1 0.3 0.6 Marketing 1.5 (0.1) (0.1) Professional Services 1.2 — — FDIC 1.1 — — Other 6.2 (0.1) (0.8) Noninterest Expense $56.7 ($0.5) $1.6 Noninterest Expense • Expenses were well-controlled driving a solid efficiency ratio* of 55% Dollars in millions *Non-GAAP financial measure. Refer to appendix for reconciliation of non-GAAP financial measures
9 Capital Dollars in millions *Non-GAAP financial measure. Refer to appendix for reconciliation of non-GAAP financial measures TCE / TA* 11.16% 11.34% 11.65% 11.46% 11.03% 1Q25 2Q25 3Q25 4Q25 1Q26 • Actively managing capital with 1,146,100 shares repurchased at an average price per share of $43.30 for $49.6 million in 1Q26 • Strong capital position provides flexibility to support organic growth, to pursue selective acquisitions and repurchase shares (0.14)%* (0.13)%* (0.13)%* (0.36)%*
1Q26 (Dollars in thousands) Return on Average Tangible Shareholders' Equity (ROTE) (non-GAAP) Net income (annualized) $142,236 Plus: amortization of intangibles (annualized), net of tax 583 Net income before amortization of intangibles (annualized) $142,819 Average total shareholders' equity $1,455,682 Less: average goodwill and other intangible assets, net of deferred tax liability (375,136) Average tangible equity (non-GAAP) $1,080,546 Return on average tangible shareholders' equity (non-GAAP) 13.22 % Return on average tangible shareholders' equity is a preferred industry profitability metric used by management, as well as investors and analysts, to measure financial performance. Pre-provision Net Revenue (PPNR)/Average Assets (non-GAAP) Income before taxes $44,044 Plus: Provision for credit losses 1,327 Total $45,371 Total (annualized) (non-GAAP) $184,005 Average assets $9,865,455 PPNR/Average Assets (non-GAAP) 1.87 % Pre-provision net revenue to average assets is income before taxes adjusted to exclude provision for credit losses. We believe this to be a preferred industry measurement to help management, as well as investors and analysts, evaluate our ability to fund credit losses or build capital. Appendix Definitions of GAAP to Non-GAAP Financial Measures 10
1Q26 4Q25 3Q25 2Q25 1Q25 (Dollars in thousands) Tangible Common Equity (TCE)/Tangible Assets (non-GAAP) Total shareholders' equity $1,430,681 $1,463,877 $1,475,466 $1,445,493 $1,418,034 Less: goodwill and other intangible assets, net of deferred tax liability (375,059) (375,202) (375,359) (375,522) (375,646) Tangible common equity (non-GAAP) $1,055,622 $1,088,675 $1,100,107 $1,069,971 $1,042,388 Total assets $9,944,003 $9,870,980 $9,817,483 $9,810,069 $9,718,276 Less: goodwill and other intangible assets, net of deferred tax liability (375,059) (375,202) (375,359) (375,522) (375,646) Tangible assets (non-GAAP) $9,568,944 $9,495,778 $9,442,124 $9,434,547 $9,342,630 Tangible common equity to tangible assets (non-GAAP) 11.03 % 11.46 % 11.65 % 11.34 % 11.16 % Tangible common equity to tangible assets is a preferred industry measurement to evaluate capital adequacy. Efficiency Ratio (FTE) (non-GAAP) Noninterest expense $56,707 $57,176 $56,376 $58,114 $55,091 Net interest income $88,436 $90,960 $89,241 $86,572 $83,323 Plus: taxable equivalent adjustment 590 605 602 590 617 Net interest income (FTE) (non-GAAP) 89,026 91,565 89,843 87,162 83,940 Noninterest income 13,642 14,331 13,763 13,500 10,429 Plus: net loss on sale of securities — — — — 2,295 Less: gain on Visa Class B-1 exchange — — — — — Net interest income (FTE) (non-GAAP) plus noninterest income $102,668 $105,896 $103,606 $100,662 $96,664 Efficiency ratio (FTE) (non-GAAP) 55.23 % 53.99 % 54.41 % 57.73 % 56.99 % The efficiency ratio is noninterest expense divided by noninterest income plus net interest income, on an FTE basis (non-GAAP), adjusted to exclude losses on sale of securities and gain on Visa exchange. We believe the FTE basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice. Net Interest Margin (NIM) (FTE) (non-GAAP) Interest income and dividend income $126,333 $131,113 $131,623 $128,906 $124,848 Less: interest expense (37,897) (40,153) (42,382) (42,334) (41,525) Net interest income 88,436 90,960 89,241 86,572 83,323 Plus: taxable equivalent adjustment 590 605 602 590 617 Net interest income (FTE) (non-GAAP) $89,026 $91,565 $89,843 $87,162 $83,940 Net interest income (FTE) (annualized) $361,050 $363,274 $356,442 $349,606 $340,423 Average interest-earning assets $9,172,481 $9,115,453 $9,100,239 $9,012,011 $8,899,485 Net interest margin (FTE) (non-GAAP) 3.92 % 3.99 % 3.93 % 3.88 % 3.81 % The interest income on interest-earning assets, net interest income and net interest margin are presented on an FTE basis (non-GAAP). The FTE basis (non-GAAP) adjusts for the tax benefit of income on certain tax-exempt loans and securities and the dividend-received deduction for equity securities using the federal statutory tax rate of 21 percent for each period. We believe this to be the preferred industry measurement of net interest income that provides a relevant comparison between taxable and non-taxable sources of interest income. Appendix Definitions of GAAP to Non-GAAP Financial Measures 11
First Quarter 2026 Earnings Supplement