Company: STBA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000719220-25-000053
Chunk: 98

Company: S&T BANCORP INC
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 98
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 due to additional services provided through our third party vendor. Occupancy increased $0.4 million and $0.8 million for the three and six months ended June 30, 2025 due to increased maintenance and utility costs. Other taxes increased $0.7 million and $0.3 million for the three and six months ended June 30, 2025 due to the timing of education and Neighborhood Assistance Program, or NAP, contribution credits and higher shares tax compared to the same periods in 2024. Professional services and legal expense increased $0.3 million for the three months ended June 30, 2025 due to additional consulting engagements and increased legal expenses. Other noninterest expense increased $0.9 million for the six months ended June 30, 2025 compared to the same periods in 2024 primarily related to higher loan collection, recruitment and charitable contribution expenses.

Provision for Income Taxes

The provision for income taxes decreased $0.4 million to $8.1 million for the three months ended June 30, 2025 compared to $8.5 million for the same period in 2024 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