# EDGAR Filing Document

**Accession Number:** 0000719220
**File Stem:** 0000719220-23-000013
**Filing Date:** 2023-2
**Character Count:** 32254
**Document Hash:** c78989bec939f128a62bdb6eda57c34b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000719220-23-000013.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0000719220-23-000013

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20230213

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** S&T BANCORP INC
- **CENTRAL INDEX KEY:** 0000719220
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 251434426
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-12508
- **FILM NUMBER:** 23618267

**BUSINESS ADDRESS:**
- **STREET 1:** 800 PHILADELPHIA STREET
- **STREET 2:** PO BOX 190
- **CITY:** INDIANA
- **STATE:** PA
- **ZIP:** 15701
- **BUSINESS PHONE:** 724-427-2347

**MAIL ADDRESS:**
- **STREET 1:** 800 PHILADELPHIA STREET
- **STREET 2:** PO BOX 190
- **CITY:** INDIANA
- **STATE:** PA
- **ZIP:** 15701

?xml version="1.0" ? stba-20230213

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

February 13, 2023

Date of Report (date of earliest event reported)

S&T BANCORP, INC

**(Exact name of registrant as specified in its charter)**

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| | | | |
|:---|:---|:---|:---|
| **Pennsylvania** | **0-12508** | **0-12508** | **25-1434426** |
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| **800 Philadelphia Street** | **Indiana** | **PA** | **15701** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

---

**(800) 325-2265** 

Registrant's telephone number, including area code

**(Not applicable)** 

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $2.50 par value | STBA | The NASDAQ Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 7.01 Regulation FD Disclosure.**

The attached investor presentation contains financial data that members of management will use from time to time during visits with investors, analysts and other interested parties to assist in their understanding of S&T Bancorp, Inc. ("S&T"). This investor presentation is available at www.stbancorp.com. A copy of the investor presentation is attached as <u>[Exhibit 99.1](a4q-2022investorpresenta.htm)</u> to this report and is incorporated herein by reference.

The information in this Current Report on Form 8-K is being furnished under Item 7.01 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits.** 

(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| <u>[99.1](a4q-2022investorpresenta.htm)</u> | Investor Presentation |
| 104 | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| | S&T Bancorp, Inc.<br>/s/ Mark Kochvar |
| February 13, 2023 | Mark Kochvar<br>Senior Executive Vice President,<br>Chief Financial Officer |

---

## Exhibit 99.1

![](a4q-2022investorpresenta001.jpg)

Christopher J. McComish Chief Executive Officer Mark Kochvar Chief Financial Officer Full Year 2022

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![](a4q-2022investorpresenta002.jpg)

Forward Looking Statements and Risk Factors This information contains or incorporates statements that we believe are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial position and other matters regarding or affecting S&T and its future business and operations. Forward-looking statements are typically identified by words or phrases such as "will likely result," "expect," "anticipate," "estimate," "forecast," "project," "intend," "believe," "assume," "strategy," "trend," "plan," "outlook," "outcome," "continue," "remain," "potential," "opportunity," "comfortable," "current," "position," "maintain," "sustain," "seek," "achieve," and variations of such words and similar expressions, or future or conditional verbs such as will, would, should, could or may. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to: credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses; cyber-security concerns; rapid technological developments and changes; operational risks or risk management failures by us or critical third parties, including fraud risk; our ability to manage our reputational risks; sensitivity to the interest rate environment including a prolonged period of low interest rates, a rapid increase in interest rates or a change in the shape of the yield curve; a change in spreads on interest-earning assets and interest-bearing liabilities; the transition from LIBOR as a reference rate; regulatory supervision and oversight, including changes in regulatory capital requirements and our ability to address those requirements; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; changes in accounting policies, practices or guidance; legislation affecting the financial services industry as a whole, and S&T, in particular; the outcome of pending and future litigation and governmental proceedings; increasing price and product/service competition; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; managing our internal growth and acquisitions; the possibility that the anticipated benefits from acquisitions, cannot be fully realized in a timely manner or at all, or that integrating the acquired operations will be more difficult, disruptive or costly than anticipated; containing costs and expenses; reliance on significant customer relationships; an interruption or cessation of an important service by a third-party provider; our ability to attract and retain talented executives and employees; general economic or business conditions, including the strength of regional economic conditions in our market area; environmental, social and governance practices and disclosures, including climate change, hiring practices, the diversity of the work force, and racial and social justice issues; the duration and severity of the coronavirus ("COVID-19") pandemic, both in our principal area of operations and nationally, including the ultimate impact of the pandemic on the economy generally and on our operations; our participation in the Paycheck Protection Program; deterioration of the housing market and reduced demand for mortgages; deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge to net income; the stability of our core deposit base and access to contingency funding; re-emergence of turbulence in significant portions of the global financial and real estate markets that could impact our performance, both directly, by affecting our revenues and the value of our assets and liabilities, and indirectly, by affecting the economy generally and access to capital in the amounts, at the times and on the terms required to support our future businesses. Many of these factors, as well as other factors, are described in our Annual Report on Form 10-K for the year ended December 31, 2021, including Part I, Item 1A-"Risk Factors" and any of our subsequent filings with the SEC. Forward-looking statements are based on beliefs and assumptions using information available at the time the statements are made. We caution you not to unduly rely on forward-looking statements because the assumptions, beliefs, expectations and projections about future events may, and often do, differ materially from actual results. Any forward-looking statement speaks only as to the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made. Non-GAAP Financial Measures In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), S&T management uses and this presentation contains or references certain non-GAAP financial measures, such as net interest income on a fully taxable equivalent basis. S&T believes these financial measures provide information useful to investors in understanding our operational performance and business and performance trends which facilitate comparisons with the performance of others in the financial services industry. Although S&T believes that these non-GAAP financial measures enhance investors' understanding of S&T's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The non-GAAP financial measures contained within this presentation should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K as well as the unaudited financial statements and analyses as presented in the respective Quarterly Reports in Exhibit 99.1 of Form 8-K for S&T Bancorp, Inc. and subsidiaries. 2

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![](a4q-2022investorpresenta003.jpg)

3 • $9.1 billion in assets • $7.2 billion in deposits • $7.2 billion in loans • $1.3 billion market cap • Stock symbol: STBA • 120 year anniversary Corporate Profile

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![](a4q-2022investorpresenta004.jpg)

Geographic Footprint 4 Serving over 230,000 customers in Pennsylvania and Ohio Footprint comprises 9.6 million people and 215,000 businesses 1,200 team members providing award- winning customer satisfaction Akron Columbus Philadelphia Harrisburg Pittsburgh Indiana

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![](a4q-2022investorpresenta005.jpg)

Award-Winning Customer Satisfaction 5 J.D. Power Award S&T Bank ranked #1 in overall customer satisfaction in the Pennsylvania region in the 2022 U.S. Retail Banking Satisfaction Study by J.D. Power. We ranked #1 in the following areas: account offerings, convenience banking, people and trust. For J.D. Power 2022 award information, visit jdpower.com/awards. Forbes Best-In-State Banks S&T Bank was awarded on the Forbes list of Best-In-State Banks 2022. Consumers assessed banks regarding overall satisfaction, trust, terms & conditions, branch services, digital services, customer service and financial advice.

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![](a4q-2022investorpresenta006.jpg)

Top Workplace Recognition 6 Top Workplaces for Diversity, Equity and Inclusion (DE&I) S&T Bank was named a Top Workplace for Diversity, Equity and Inclusion (DE&I). The national award recognizes top workplaces that promote a welcoming and inclusive culture as well as programs that are made available to employees. Top Workplaces in the Greater Pittsburgh Region S&T Bank was recognized as a top workplace in Pittsburgh by the Pittsburgh Post-Gazette. Employers were assessed on 15 culture drivers that are critical to the success of any organization, including alignment, execution, and connection. Top Workplaces USA S&T Bank has earned the 2023 Top Workplaces USA award issued by Energage. The employer recognition program recognizes organizations across the country that have built exceptional workplace cultures. Winners are chosen based solely on employee feedback gathered through an anonymous, research-based employee engagement survey.

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![](a4q-2022investorpresenta007.jpg)

7 Strategic Path Forward Project "Our Shared Future"

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![](a4q-2022investorpresenta008.jpg)

8 ◦ NIM management ◦ Balance efficiency and infrastructure investments ◦ Data and analytics ◦ Credit risk management practices ◦ Process enhancements ◦ Strategic investments ◦ "Our Shared Future" culture and mindset ◦ Talent acquisition and retention ◦ Diversity, Equity & Inclusion ◦ Treasury Management ◦ Customer experience ◦ Product optimization ◦ Digital evolution DEPOSIT FRANCHISE CORE PROFITABILITY ASSET QUALITY TALENT AND ENGAGEMENT Drivers The drivers will enable us to deliver our long-term goal of top quartile shareholder performance.

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![](a4q-2022investorpresenta009.jpg)

9 Fourth Quarter Overview RETURNS EARNINGS \*Refer to appendix for reconciliation of non-GAAP financial measures EPS $1.03 Net Income $40.3 million ROA 1.78% ROE 13.68% ROTE\* 20.36% PPNR\* 2.36% HIGHLIGHTS • Record net income and EPS for the second consecutive quarter • EPS and net income increased 8% compared to 3Q22 • Solid return metrics • NII increased 6% and NIM expanded 29 basis points to 4.33% due to higher interest rates compared to 3Q22 • Dividend approved of $0.32, an increase of $0.03, or 10.3%, compared to the same period in the prior year

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![](a4q-2022investorpresenta010.jpg)

10 Full Year Overview RETURNS EARNINGS \*Refer to appendix for reconciliation of non-GAAP financial measures EPS $3.46 Net Income $135.5 million ROA 1.48% ROE 11.47% ROTE\* 17.02% PPNR\* 1.93% HIGHLIGHTS • Record EPS and net income • EPS and net income increased more than 23% compared to 2021 • Solid return metrics • NII increased 14% and NIM expanded 54 basis points to 3.76% due to higher interest rates compared to 2021 • Dividends declared increased $0.07, or 6.2%, to $1.20 per share compared $1.13 in 2021

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![](a4q-2022investorpresenta011.jpg)

PPNR / AVERAGE ASSETS \* 2018 2019 2020 2021 2022 0.0% 0.4% 0.8% 1.2% 1.6% 2.0% 2.4% RETURN ON AVERAGE TANGIBLE EQUITY \* 2018 2019 2020 2021 2022 0.0% 5.0% 10.0% 15.0% 20.0% RETURN ON AVERAGE EQUITY 2018 2019 2020 2021 2022 0.0% 5.0% 10.0% 15.0% RETURN ON AVERAGE ASSETS 2018 2019 2020 2021 2022 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% Performance 11 1.50% 1.32% 1.45%(1\*) 0.74%(2\*) 0.23% 1.48% 11.60% 10.92%(1\*) 5.76%(2\*) 1.80% 11.47% 9.98% 1.93%(1\*) 1.62% 1.96% 1.93% 1.78% 15.76%(1\*) 17.14% 2.92% 8.80%(2\*) 17.02% 14.41% (1)This is a non-GAAP number that adjusts for $11.4 million of merger related expenses in 2019. (2)This is a non-GAAP number that adjusts for a pre-tax loss of $58.7 million resulting from customer fraud related to a check kiting scheme in Q2 2020. (\*)Refer to appendix for reconciliation of non-GAAP financial measures. 1.18% 9.30% 13.85% 1.67%

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![](a4q-2022investorpresenta012.jpg)

4Q22 VS 3Q22: Balance Sheet • Loans increased $87 million, or 4.9% annualized • Consumer growth of $80 million, or 17.6% • Deposits declined $191 million due to the interest rate environment Dollars in millions 12 Cash & Int Bear Bal Securities Loans Deposits ($300) ($200) ($100) $0 $100 4Q22 3Q22 Var $210 $135 $75 $1,003 $997 $6 $7,184 $7,097 $87 $7,220 $7,411 ($191)

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![](a4q-2022investorpresenta013.jpg)

Asset Quality ACL 4Q22 VS 3Q22: Dollars in millions 13 ASSET QUALITY TRENDS • Modest ACL build • NPAs decreased 23%, or $6.7 million • NPA/total loans plus OREO of 0.31% compared to 0.41% 3Q22 and 1.13% 4Q21 • Minimal net charge-off activity in 2022

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![](a4q-2022investorpresenta014.jpg)

• Net interest income increased $5.3 million, or 6%, due to higher interest rates • NIM expanded 29 bps to 4.33% Net Interest Income Dollars in millions; \*Refer to appendix for reconciliation of non-GAAP financial measures 14 Loan Rate Sensitivity Mix 50% 22% 28% Floating Adjustable Fixed

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![](a4q-2022investorpresenta015.jpg)

4Q22 4Q22 vs 3Q22 4Q22 vs 4Q21 Debit and Credit Card $4.4 ($0.4) ($0.1) Service Charges 4.3 0.0 0.3 Wealth 3.0 (0.2) (0.3) Mortgage 0.3 (0.1) (1.2) Security Gain 0.0 (0.2) 0.0 Other 3.6 1.7 0.8 Noninterest Income $15.6 $0.8 ($0.5) Noninterest Income 15Dollars in millions Increased due to $2.0 million OREO gain

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![](a4q-2022investorpresenta016.jpg)

4Q22 4Q22 vs 3Q22 4Q22 vs 4Q21 Salaries & Benefits $28.0 $1.3 $0.9 Data Processing 4.2 0.0 (0.5) Occupancy 3.8 0.4 0.2 FF&E 3.0 0.1 0.1 Professional Services 2.1 0.2 0.4 Other Taxes 1.8 0.2 0.3 Marketing 1.4 0.0 0.1 FDIC 0.4 (0.2) (0.7) Other 6.6 (0.3) 0.3 Noninterest Expense $51.3 $1.7 $1.1 Increased due to higher incentive and pension settlement costs Positive operating leverage drove a 49% efficiency ratio Noninterest Expense Dollars in millions; \*Refer to appendix for reconciliation of non-GAAP financial measures 16

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![](a4q-2022investorpresenta017.jpg)

Loan Mix Our loan portfolio is well-diversified: Dollars in millions 17 Amount % of Total CRE $3,128 44% Consumer 1,938 27% C&I 1,719 24% Construction 399 6% Total $7,184 100%

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![](a4q-2022investorpresenta018.jpg)

Deposit Mix We have a solid core deposit profile: Dollars in millions 18 Amount % of Total DDA $2,589 36% MM 1,731 24% Savings 1,118 15% CDs 935 13% Int Bear DDA 847 12% Total $7,220 100% Amount % of Total Personal $4,172 58% Business 3,048 42% Total $7,220 100%

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![](a4q-2022investorpresenta019.jpg)

Capital Dollars in millions; \*Refer to appendix for reconciliation of non-GAAP financial measures 19 TCE / TA\* • Capital levels remain strong • TCE / TA increased 18 basis points • Extension of share repurchase plan

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![](a4q-2022investorpresenta020.jpg)

Financial Data (1)These are non-GAAP numbers that adjusted for a pre-tax loss of $58.7 million resulting from customer fraud related to a check kiting scheme in Q2 2020. Refer to appendix for reconciliation of non-GAAP financial measures. (2)These are non-GAAP numbers that adjust for $11.4 million of merger related expenses in 2019. Refer to appendix for reconciliation of these non-GAAP financial measures (3) Upon adoption of CECL on January 1, 2020, the provision for credit losses includes provision for unfunded loan commitments. Income Statement 2022 2021 2020 2020 2019 2019 2018 Dollars in thousands, except for share data Excludes Fraud (1) Excludes Merger Exp (2) Net Interest Income $315,783 $276,112 $279,388 $246,791 $234,438 Noninterest Income 58,259 64,696 59,746 52,558 49,181 Total Revenue 374,042 340,808 339,134 299,349 283,619 Noninterest Expense 196,746 188,925 184,329 155,766 145,445 Merger Expenses — — 2,342 11,350 — — Provision for Credit Losses(3) 8,366 16,215 131,424 72,753 14,873 14,873 14,995 Net Income Before Taxes 168,930 135,668 21,039 79,710 117,360 128,710 123,179 Taxes 33,410 25,325 (1) 12,320 19,126 21,232 17,845 Net Income $135,520 $110,343 $21,040 $67,390 $98,234 $107,478 $105,334 Diluted Earnings per Share $3.46 $2.81 $0.53 $1.72 $2.82 $3.09 $3.01 20

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![](a4q-2022investorpresenta021.jpg)

Financial Data 21 Balance Sheet 2022 2021 2020 2019 2018 Dollars in thousands Total Securities $1,002,778 $910,793 $773,693 $784,283 $684,872 Interest-Bearing Deposits 138,149 857,192 158,903 124,491 82,740 Total Net Loans 7,082,645 6,902,936 7,126,776 7,080,184 5,888,023 Other Assets 886,995 817,608 908,525 775,691 596,586 Total Assets $9,110,567 $9,488,529 $8,967,897 $8,764,649 $7,252,221 Total Deposits $7,219,970 $7,996,524 $7,420,538 $7,036,576 $5,673,922 Total Borrowed Funds 439,194 161,314 227,927 416,352 604,316 Other Liabilities 266,744 124,237 164,721 119,723 38,222 Equity 1,184,659 1,206,454 1,154,711 1,191,998 935,761 Total Liabilities & Equity $9,110,567 $9,488,529 $8,967,897 $8,764,649 $7,252,221

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![](a4q-2022investorpresenta022.jpg)

Net Interest Margin 2022 2021 2020 2019 2018 Securities - FTE 2.25% 2.18% 2.49% 2.64% 2.62% Loans - FTE 4.50% 3.84% 4.09% 4.95% 4.72% Total Interest-earning Assets - FTE 4.06% 3.37% 3.87% 4.71% 4.48% Interest-bearing Deposits 0.40% 0.20% 0.66% 1.40% 1.01% Borrowings 3.01% 1.49% 1.56% 2.76% 2.19% Total Costing Liabilities 0.49% 0.24% 0.72% 1.51% 1.18% Net Interest Margin (FTE)(1) 3.76% 3.22% 3.38% 3.64% 3.64% NIM (FTE) Ex-Purchase Accounting (1) 3.75% 3.20% 3.32% 3.62% 3.62% Financial Data (1)Refer to appendix for reconciliation of non-GAAP financial measures 22

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![](a4q-2022investorpresenta023.jpg)

Financial Data 23 Loan Portfolio 2022 2021 2020 2019 2018 Dollars in thousands Commercial Real Estate $3,128,187 $3,236,653 $3,244,974 $3,416,518 $2,921,832 Commercial and Industrial 1,718,976 1,728,969 1,954,453 1,720,833 1,493,416 Commercial Construction 399,371 440,962 474,280 375,445 257,197 Total Commercial 5,246,534 5,406,584 5,673,707 5,512,796 4,672,445 Residential Mortgage 1,116,528 899,956 918,398 998,585 726,679 Home Equity 652,066 564,219 535,165 538,348 471,562 Installment and Other Consumer 124,896 107,928 80,915 79,033 67,546 Consumer Construction 43,945 21,303 17,675 8,390 8,416 Total Consumer 1,937,435 1,593,406 1,552,153 1,624,356 1,274,203 Total Portfolio Loans 7,183,969 6,999,990 7,225,860 7,137,152 5,946,648 Loans Held for Sale 16 1,522 18,528 5,256 2,371 Total Loans $7,183,985 $7,001,512 $7,244,388 $7,142,408 $5,949,019

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![](a4q-2022investorpresenta024.jpg)

Financial Data 24 Asset Quality 2022 2021 2020 2019 2018 Dollars in thousands Total Nonaccrual Loans $19,052 $66,291 $146,774 $54,057 $46,073 Nonaccrual Loans/Total Loans 0.27% 0.95% 2.03% 0.76% 0.77% Nonperforming Assets/Total Loans + OREO 0.31% 1.13% 2.06% 0.81% 0.83% Net Charge-offs/Average Loans 0.04% 0.49% 1.40% 0.22% 0.18% Allowance for Credit Losses/Total Portfolio Loans 1.41% 1.41% 1.63% 0.87% 1.03% Allowance for Credit Losses/Nonaccrual Loans 532% 149% 80% 115% 132%

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![](a4q-2022investorpresenta025.jpg)

Financial Data 25 Capital 2022 2021 2020 2019 2018 Tier 1 Leverage 11.06% 9.74% 9.43% 10.29% 10.05% Common Equity Tier 1 – Risk-Based Capital 12.81% 12.03% 11.33% 11.43% 11.38% Tier 1 – Risk-Based Capital 13.21% 12.43% 11.74% 11.84% 11.72% Total – Risk-Based Capital 14.73% 13.79% 13.44% 13.22% 13.21% Tangible Common Equity/Tangible Assets(1) 9.24% 9.08% 9.02% 9.68% 9.28% (1)Refer to appendix for reconciliation of non-GAAP financial measures

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![](a4q-2022investorpresenta026.jpg)

4Q22 Return on Average Tangible Shareholders' Equity (non-GAAP) Net income (annualized) $159,765 Plus: amortization of intangibles (annualized), net of tax 1,144 Net income before amortization of intangibles (annualized) $160,909 Average total shareholders' equity $1,168,023 Less: average goodwill and other intangible assets, net of deferred tax liability (377,857) Average tangible equity (non-GAAP) $790,166 Return on average tangible shareholders' equity (non-GAAP) 20.36 % PPNR/Average Assets (non-GAAP) Income before taxes $50,250 Plus: Provision for credit losses 3,176 Total $53,426 Total (annualized) (non-GAAP) $211,961 Average assets $8,984,616 PPNR/Average Assets (non-GAAP) 2.36 % Appendix Definitions of GAAP to Non-GAAP Financial Measures 26

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4Q22 3Q22 2Q22 1Q22 4Q21 Tangible Common Equity/Tangible Assets (non-GAAP) Total shareholders' equity $1,184,659 $1,153,181 $1,178,358 $1,184,950 $1,206,454 Less: goodwill and other intangible assets, net of deferred tax liability (377,673) (377,961) (378,259) (378,557) (378,871) Tangible common equity (non-GAAP) $806,986 $775,220 $800,099 $806,393 $827,583 Total assets $9,110,567 $8,935,969 $9,103,814 $9,432,281 $9,488,529 Less: goodwill and other intangible assets, net of deferred tax liability (377,673) (377,961) (378,259) (378,557) (378,871) Tangible assets (non-GAAP) $8,732,894 $8,558,008 $8,725,555 $9,053,724 $9,109,658 Tangible common equity to tangible assets (non-GAAP) 9.24% 9.06% 9.17% 8.91% 9.08% Efficiency Ratio (non-GAAP) Noninterest expense $51,275 $49,633 $48,424 $47,414 $50,189 Net interest income per consolidated statements of net income 89,058 83,798 75,194 67,733 68,438 Plus: taxable equivalent adjustment 532 521 506 493 510 Net interest income (FTE) (non-GAAP) $89,590 $84,319 $75,700 $68,226 $68,948 Noninterest income 15,643 14,760 12,630 15,226 16,104 Less: net gains on sale of securities — (198) — — — Net interest income (FTE) (non-GAAP) plus noninterest income $105,233 $98,881 $88,330 $83,452 $85,052 Efficiency ratio (non-GAAP) 48.73 % 50.19 % 54.82 % 56.82 % 59.01 % Net Interest Margin Rate (FTE) (non-GAAP) Interest income and dividend income $103,208 $89,835 $77,599 $70,109 $71,135 Less: interest expense (14,150) (6,037) (2,405) (2,376) (2,697) Net interest income per consolidated statements of net income $89,058 $83,798 $75,194 $67,733 $68,438 Plus: taxable equivalent adjustment 532 521 506 493 510 Net interest income (FTE) (non-GAAP) $89,590 $84,319 $75,700 $68,226 $68,948 Net interest income (FTE) (annualized) $355,438 $334,526 $303,633 $276,694 $273,537 Average interest-earning assets $8,220,689 $8,287,889 $8,535,384 $8,747,398 $8,768,329 Net interest margin (FTE) (non-GAAP) 4.33 % 4.04 % 3.56 % 3.16 % 3.12 % Appendix Definitions of GAAP to Non-GAAP Financial Measures 27

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2020 2019 Excludes Fraud Excludes Merger Exp Net Income Excluding Nonrecurring items Net income $21,040 $98,234 Nonrecurring items 58,671 11,350 Tax effect of nonrecurring items (12,321) (2,106) Adjusted net income (non-GAAP) $67,390 $107,478 Diluted Earnings Per Share Adjusted net income (non-GAAP) $67,390 $107,478 Average shares outstanding - diluted 39,073 34,679 Diluted earnings per share (non-GAAP) $1.72 $3.09 Return on Average Assets (non-GAAP) Adjusted net income (non-GAAP) $67,390 $107,478 Average total assets 9,152,747 7,435,536 Return on average assets (non-GAAP) 0.74 % 1.45 % Return on Average Shareholders' Equity (non-GAAP) Adjusted net income (non-GAAP) $67,390 $107,478 Average total shareholders' equity 1,169,489 983,908 Return on average shareholders' equity (non-GAAP) 5.76 % 10.92 % Appendix Definitions of GAAP to Non-GAAP Financial Measures 28

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2022 2021 2020 2020 2019 2019 2018 Excludes Fraud Excludes Merger Exp Return on Average Tangible Shareholders' Equity (non-GAAP) Net income $135,520 $110,343 $21,040 $21,040 $98,234 $98,234 $105,334 Nonrecurring items — — — 58,671 — 11,350 — Tax effect of nonrecurring items — — — (12,321) — (2,106) — Adjusted net income (non-GAAP) $135,520 $110,343 $21,040 $67,390 $98,234 $107,478 $105,334 Adjusted net income (non-GAAP) $135,520 $110,343 $21,040 $67,390 $98,234 $107,478 $105,334 Plus: amortization of intangibles, net of tax 1,199 1,400 2,001 2,001 660 660 680 Net income before amortization of intangibles $136,719 $111,743 $23,041 $69,391 $98,894 $108,138 $106,014 Average total shareholders' equity $1,181,788 $1,186,161 $1,169,489 $1,169,489 $983,908 $983,908 $908,355 Less: average goodwill and other intangible assets, net of deferred tax liability (378,303) (379,612) (380,846) (380,846) (297,589) (297,589) (289,766) Average tangible equity (non-GAAP) $803,485 $806,549 $788,643 $788,643 $686,319 $686,319 $618,589 Return on average tangible shareholders' equity (non-GAAP) 17.02 % 13.85 % 2.92 % 8.80 % 14.41 % 15.76 % 17.14 % Net Interest Margin Rate (FTE) (Non-GAAP) Interest income and dividend income $340,751 $289,262 $320,464 $320,484 $289,826 Less: interest expense (24,968) (13,150) (41,076) (73,693) (55,388) Net interest income per consolidated statements of net income $315,783 $276,112 $279,388 $246,791 $234,438 Plus: taxable equivalent adjustment 2,052 2,316 3,202 3,757 3,804 Net interest income (FTE) (non-GAAP) $317,835 $278,428 $282,590 $250,548 $238,242 Purchase accounting adjustment (1,353) (1,955) (4,845) (1,048) (1,242) Net interest income (FTE) ex-purchase accounting (non-GAAP) $316,482 $276,473 $277,745 $249,500 $237,000 Average interest-earning assets $8,445,958 $8,649,372 $8,372,894 $6,885,372 $6,549,679 Net Interest Margin 3.74 % 3.19 % 3.34 % 3.58 % 3.58 % Adjustment to FTE basis 0.02 % 0.03 % 0.04 % 0.06 % 0.06 % Net Interest Margin (FTE) (non-GAAP) 3.76 % 3.22 % 3.38 % 3.64 % 3.64 % Purchase accounting adjustment (0.01) % (0.02) % (0.06) % (0.02) % (0.02) % Net Interest Margin (FTE) ex-purchase accounting (non-GAAP) 3.75 % 3.20 % 3.32 % 3.62 % 3.62 % Appendix Definitions of GAAP to Non-GAAP Financial Measures 29

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2022 2021 2020 2019 2019 2018 Excludes Merger Exp PPNR/Average Assets (Non-GAAP) Income before taxes $168,930 $135,668 $21,039 $117,360 $117,360 $123,179 Plus: merger related expenses — — — — 11,350 — Plus: provision for credit losses 8,366 16,215 131,424 14,873 14,873 14,995 Total adjusted income before taxes (non-GAAP) 177,296 151,883 152,463 132,233 143,583 138,174 Average assets $9,167,038 $9,375,850 $9,152,747 $7,435,536 $7,435,536 $7,043,828 PPNR/Average Assets (non-GAAP) 1.93 % 1.62 % 1.67 % 1.78 % 1.93 % 1.96 % Tangible Common Equity/Tangible Assets (non-GAAP) Total shareholders' equity $1,184,659 $1,206,454 $1,154,711 $1,191,998 $935,761 Less: goodwill and other intangible assets, net of deferred tax liability (377,673) (378,871) (380,278) (380,247) (289,501) Tangible common equity (non-GAAP) $806,986 $827,583 $774,433 $811,751 $646,260 Total assets $9,110,567 $9,488,529 $8,967,897 $8,764,649 $7,252,221 Less: goodwill and other intangible assets, net of deferred tax liability (377,673) (378,871) (380,278) (380,247) (289,501) Tangible assets (non-GAAP) $8,732,894 $9,109,658 $8,587,619 $8,384,402 $6,962,720 Tangible common equity to tangible assets (non-GAAP) 9.24 % 9.08 % 9.02 % 9.68 % 9.28 % Appendix Definitions of GAAP to Non-GAAP Financial Measures 30Member FDIC

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Christopher J. McComish Chief Executive Officer Mark Kochvar Chief Financial Officer Full Year 2022

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