Company: STBA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000719220-25-000028
Chunk: 82

Company: S&T BANCORP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 82
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5 compared to $83.5 million for the same period in 2024. The net interest margin, or NIM, on an FTE basis (non-GAAP) was 3.81% for the three months ended March 31, 2025 compared to 3.84% for the same period in 2024. We experienced similar declines in both interest income and interest expense due to lower interest rates in the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Interest expense also benefited from an improvement in our overall funding mix.

The provision for credit losses decreased $5.6 million to negative $3.0 million for the three months ended March 31, 2025 compared to $2.6 million for the same period in 2024. The decrease in the provision for credit losses was primarily due to a lower level of ACL and a decrease in net loan charge-offs. The decrease in ACL was due to a $4.2 million reduction in specific reserves for individually evaluated loans. 

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Table of ContentsS&T BANCORP, INC. AND SUBSIDIARIESItem 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Noninterest income decreased $2.4 million to $10.4 million for the three months ended March 31, 2025 compared to the same period in 2024. The decrease was mainly related to $2.3 million of realized losses from the repositioning of securities into longer duration, higher-yielding securities. Noninterest expense remained relatively consistent at $55.1 million for the three months ended March 31, 2025 compared to $54.5 million in the same period in 2024. 

The provision for income taxes increased $0.4 million to $8.3 million for the three months ended March 31, 2025 compared to $7.9 million for the same period in 2024. Our effective tax rate was 19.9 percent for the three months ended March 31, 2025 compared to 20.2 percent for the three months ended March 31, 2024. The decrease in our effective tax rate for the three month period ended March 31, 2025 was primarily due to an increase in low-income housing tax credits compared to the same period in 2024.

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Table of ContentsS&T BANCORP,