Company: STBA
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000719220-25-000013
Chunk: 81

Company: S&T BANCORP INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 81
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, or 5.8 percent, to $7.6 billion at December 31, 2024 compared to $7.1 billion at December 31, 2023. Brokered deposits decreased $150.4 million, or 40.0 percent, to $225.3 million at December 31, 2024 compared to $375.7 million at December 31, 2023. The increase in customer deposits is the result of our continued focus on our deposit franchise.

Total borrowings decreased $253.3 million, or 50.3 percent, to $250.3 million at December 31, 2024 compared to $503.6 million at December 31, 2023, primarily due to strong growth in customer deposits.

Total shareholders’ equity increased by $96.8 million to $1.4 billion at December 31, 2024 compared to $1.3 billion at December 31, 2023. The increase was primarily due to net income of $131.3 million and other comprehensive income of $13.9 million offset by dividends of $51.1 million.

Securities Activity 

202420232022(dollars in thousands)BalanceWeighted-Average YieldBalanceWeighted-Average YieldBalanceWeighted-Average YieldU.S. Treasury securities$92,768 2.72 %$133,786 1.71 %$131,695 1.71 %Obligations of U.S. government corporations and agencies15,071 2.14 %32,513 2.28 %41,811 2.32 %Collateralized mortgage obligations of U.S. government corporations and agencies596,284 3.62 %460,939 3.04 %428,407 2.56 %Residential mortgage-backed securities of U.S. government corporations and agencies33,207 1.86 %38,177 1.86 %41,587 1.86 %Commercial mortgage-backed securities of U.S. government corporations and agencies224,798 3.08 %273,425 2.42 %327,313 2.28 %Corporate obligations— — %— — %500 7.67 %Obligations of states and political subdivisions24,287 3.17 %30,468 3.34 %30,471 3.35