Company: STBA
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000719220-25-000013
Chunk: 96

Company: S&T BANCORP INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 96
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Public funds345,512 4.5 %335,876 4.5 %9,636 2.9 %Brokered225,265 2.9 %375,654 5.0 %(150,389)(40.0)%Total Deposits$7,783,117 100.0 %$7,521,769 100.0 %$261,348 3.5 %

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Table of ContentsS&T BANCORP, INC. AND SUBSIDIARIESItem 7.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following table presents the composition of deposits at December 31:

(dollars in thousands)20242023$ ChangeCustomer depositsNoninterest-bearing demand$2,185,242 $2,221,942 $(36,700)Interest-bearing demand812,768 825,787 (13,019)Money market1,939,980 1,741,189 198,791 Savings877,859 950,546 (72,687)Certificates of deposit1,742,003 1,406,652 335,351 Total customer deposits7,557,852 7,146,116 411,736 Brokered depositsMoney market100,305 200,653 (100,348)Certificates of deposit124,960 175,000 (50,040)Total brokered deposits225,265 375,653 (150,388)Total Deposits$7,783,117 $7,521,769 $261,348 

We have a strong core deposit base with noninterest-bearing demand deposits representing 28.1 percent of total deposits at December 31, 2024 compared to 29.5 percent of total deposits at December 31, 2023. Total deposits increased $261.3 million, or 3.5 percent, at December 31, 2024 compared to December 31, 2023. Total customer deposits increased $411.7 million, or 5.8 percent, from December 31, 2023, as a result of our focus on our deposit franchise. Total brokered deposits decreased $150.4 million from December 31, 2023 due to strong growth in customer deposits. Brokered deposits are an additional source of funds utilized by ALCO as a way