Company: STBA
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000719220-25-000013
Chunk: 79

Company: S&T BANCORP INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 79
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$111,462 $10,528 9.4 %Data processing and information technology19,510 17,437 2,073 11.9 %Occupancy15,102 14,814 288 1.9 %Furniture, equipment and software13,559 12,912 647 5.0 %Marketing6,351 6,488 (137)(2.1)%Other taxes7,452 6,813 639 9.4 %Professional services and legal5,468 7,823 (2,355)(30.1)%FDIC insurance4,201 4,122 79 1.9 %Other25,305 28,463 (3,158)(11.1)%Total Noninterest Expense$218,938 $210,334 $8,604 4.1 %

Noninterest expense increased $8.6 million to $218.9 million compared to $210.3 million in 2023. Salaries and employee benefits increased $10.5 million during 2024 primarily due to annual merit increases, the acquisition of new talent and higher incentives and medical costs. Data processing and information technology increased $2.1 million due to higher outsourced processing costs related to additional products and higher transaction volume. Professional services and legal decreased $2.4 million due to higher consulting expense in 2023 compared to 2024. Other noninterest expense decreased $3.2 million primarily due to the adoption of PAM and a $2.1 million decrease in loan collection and appraisal expense compared to 2023. As a result of adopting PAM, amortization expense of $4.3 million related to tax credit equity investments is included in income tax expense for 2024 compared to $2.1 million included in noninterest expense in 2023. 

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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

Provision for Income Taxes

The provision for income taxes decreased by $0.4 million to $33.6 million in 2024 compared to $34.0 million for 2023. The decrease in our income tax provision was primarily due to a $14.0 million decrease in income before taxes in 2024 compared to 2023 partially offset by the