Company: STBA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000719220-25-000053
Chunk: 63

Company: S&T BANCORP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 63
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 and remained unchanged at $16.4 million for the six months ended June 30, 2025 and the same period in 2024. Our effective tax rate was 20.2 percent for the three months ended June 30, 2025 and 20.1 percent for the six months ended June 30, 2025 compared to 19.8 percent and 20.0 percent for the same periods in 2024. The increase in our effective tax rate for the three and six month periods ended June 30, 2025 was primarily due to a decrease in tax-exempt interest income partially offset by an increase in low-income housing tax credits compared to the same periods in 2024.

On July 4, 2025, “An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14” was signed into law. The Act extends many of the key provisions of the 2017 Tax Cuts and Jobs Act, or TCJA, which were previously set to expire at the end of this year, and introduces several new tax measures.We are currently evaluating income tax implications of the Act. We do not expect the Act to have a material impact on our consolidated financial statements.

Financial Condition as of June 30, 2025

Total assets increased $152.1 million to $9.8 billion at June 30, 2025 compared to $9.7 billion at December 31, 2024. Total portfolio loans increased $191.5 million to $7.9 billion at June 30, 2025 compared to December 31, 2024. The commercial loan portfolio increased $148.8 million and the consumer loan portfolio increased $42.7 million compared to December 31, 2024.

Securities increased $33.6 million to $1.0 billion at June 30, 2025 compared to December 31, 2024 mainly due to a decrease in unrealized losses. The securities portfolio was in a net unrealized loss position of $46.1 million at June 30, 2025 compared to a net unrealized loss position of $71.7 million at December 31, 2024. The improvement in the net unrealized loss position of the securities portfolio of $25.6 million was primarily due to a decline in interest rates from December 31, 2024.

Customer deposit growth during the six months ended June 30, 2025 resulted in