Company: STBA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000719220-25-000028
Chunk: 90

Company: S&T BANCORP INC
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 90
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, 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.

Financial Condition as of March 31, 2025

Total assets remained unchanged at $9.7 billion at March 31, 2025 and December 31, 2024. Total portfolio loans increased $93.4 million to $7.8 billion at March 31, 2025 compared to December 31, 2024. The commercial loan portfolio increased $81.6 million and the consumer loan portfolio increased $11.8 million compared to December 31, 2024.

Securities increased $23.5 million to $1.0 billion at March 31, 2025 compared to December 31, 2024. The securities portfolio was in a net unrealized loss position of $54.4 million at March 31, 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 $17.3 million was primarily due to a decline in interest rates from December 31, 2024.

Customer deposit growth continued to be strong during the three months ended March 31, 2025, allowing for a reduction in higher-cost borrowings and brokered deposits. Total deposits increased $109.8 million to $7.9 billion at March 31, 2025 compared to $7.8 billion at December 31, 2024.Customer deposits increased $134.7 million to $7.7 billion at March 31, 2025 compared to $7.6 billion at December 31, 2024. Brokered deposits decreased $24.9 million to $200.4 million at March 31, 2025 compared to $225.3 million at December 31, 2024. The increase in customer deposits is the result of our continued focus on growing our deposit franchise.

Total borrowings decreased $55.0 million, or 22.0 percent, to $195.3