Financial Analysis

COMMITMENTS AND CONTINGENCIES Commitments In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The following table sets forth our commitments and letters of credit as of the dates presented: (dollars in thousands) December 31, 2025 December 31, 2024 Commitments to extend credit $ 2,644,139 $ 2,382,847 Standby letters of credit 67,452 69,558 Total $ 2,711,591 $ 2,452,405 Litigation In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that the outcome of such proceedings or claims pending will …

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Years ended December 31, (dollars in thousands) 2025 2024 2023 Revenue Streams (1) Point of Revenue Recognition Service charges on deposit accounts Over a period of time $ 1,637 $ 1,667 $ 1,659 At a point in time 14,796 14,606 14,534 $ 16,433 $ 16,273 $ 16,193 Debit and credit card Over a period of time $ 1,520 $ 1,461 $ 1,288 At a point in time 16,783 16,802 16,960 $ 18,303 $ 18,263 $ 18,248 Wealth management Over a period of time $ 5,226 $ 6,550 $ 7,969 At a point in time 7,221 5,709 4,217 $ 12,447 $ 12,259 $ 12,186 Other fee revenue (2) At a point in time $ 1,170 $ 1,324 $ 1,310 (1) Refer to Note 1. Summary of Significant Accounting Policies for the types of revenue streams that are included within each category .

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FAIR VALUE MEASUREMENTS Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at the dates presented: December 31, 2025 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ 84,507 $ $ $ 84,507 Collateralized mortgage obligations of U.S. government corporations and agencies (1) 624,263 624,263 Residential mortgage-backed securities of U.S. government corporations and agencies (1) 31,336 31,336 Commercial mortgage-backed securities of U.S. government corporations and agencies 241,262 241,262 Obligations of states and political subdivisions 4,909 4,909 Total Available-for-Sale Debt Securities 84,507 901,770 986,277 Equity securities 1,382 1,382 Total Securities Available for Sale 85,889 901,770 987,659 Securities held in a deferred compensation plan 14,212 14,212 Derivative financial assets: Interest rate swap contracts - commercial loans 33,669 33,669 Interest rate lock commitments - mortgage loans 81 81 Total Assets $ 100,101 $ 935,439 $ 81 $ 1,035,621 LIABILITIES Derivative financial liabilities: Interest rate swap contracts - commercial loans $ $ 33,990 $ $ 33,990 Interest rate swap contracts - cash flow hedge 2,024 2,024 Total Liabilities $ $ 36,014 $ $ 36,014 (1) Collateralized mortgage obligations and residential mortgage backed securities consist primar …

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GOODWILL AND OTHER INTANGIBLES The following table presents goodwill as of the dates presented: December 31, (dollars in thousands) 2025 2024 Balance at beginning of year $ 373,424 $ 373,424 Additions Balance at End of Year $ 373,424 $ 373,424 Goodwill is reviewed for impairment annually or more frequently if it is determined that a triggering event has occurred. We performed a qualitative assessment for our annual impairment analysis as of October 1, 2025 and concluded that it is not more likely than not that fair value is less than carrying value. Based on this conclusion, a quantitative impairment test was not performed and we concluded that goodwill was not impaired. No events or circumstances since the October 1, 2025 annual impairment test were noted that would indicate goodwill was impaired at December 31, 2025. The following table presents a summary of intangible assets as of the dates presented: December 31, (dollars in thousands) 2025 2024 Gross carrying amount at beginning of year $ 31,340 $ 31,340 Additions Accumulated amortization (29,089) (28,285) Balance at End of Year $ 2,251 $ 3,055 Intangible assets relate to core deposit and wealth management customer relationships resulting from acquisitions. We determined the amount of identifiable intangible assets for our core deposits based upon an independent valuation. Other intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recov …

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INCOME TAXES The following table presents the composition of income tax expense (benefit) for the years ended December 31: (dollars in thousands) 2025 2024 2023 Federal Current $ 32,403 $ 32,536 $ 33,070 Deferred 185 (31) 459 Total Federal 32,588 32,505 33,529 State and Local Current 1,132 1,313 352 Deferred (10) (265) 142 Total State and Local 1,122 1,048 494 Total Federal and State (1) $ 33,710 $ 33,553 $ 34,023 [1] With the adoption of PAM on January 1, 2024, the amortization related to LIHTC and HTC equity investments is recognized in income tax expense in the Consolidated Statements of Net Income in 2025 and 2024 and other noninterest expense in 2023. The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before income taxes. We ordinarily generate an annual effective tax rate that is less than the statutory rate of 21 percent primarily due to benefits resulting from certain partnership investments, such as low income housing and historic rehabilitation projects, tax-exempt interest, excludable dividend income and tax-exempt income on BOLI. ASU 2023-09 was adopted effective January 1, 2025. This ASU requires enhanced disclosures and disaggregation of the effective tax rate. This ASU was adopted on a prospective basis, therefore prior period disclosures have not been adjusted. The following tables present a reconciliation of the statutory tax rate to the effective tax rate under the applicable disclosure …

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RIGHT-OF-USE ASSETS AND LEASE LIABILITIES We have 41 lease contracts, including 39 operating leases and 2 finance leases at December 31, 2025. These leases are for our branch, loan production and support services facilities. We had one lease with an S&T director for approximately $0.2 million which was included in lease expense in 2024 and 2023. The following table presents our lease expense for operating and finance leases for the years ended December 31: (dollars in thousands) 2025 2024 2023 Operating lease expense $ 5,083 $ 5,126 $ 5,199 Amortization of ROU assets - finance leases 90 90 90 Interest on lease liabilities - finance leases 51 56 60 Total Lease Expense $ 5,224 $ 5,272 $ 5,349 The following table presents our ROU assets, weighted average term and the discount rates for operating and finance leases as of December 31: (dollars in thousands) 2025 2024 Operating Leases ROU assets $ 38,075 $ 40,331 Operating cash flows $ 7,092 $ 7,253 Finance Leases ROU assets $ 605 $ 695 Operating cash flows $ 51 $ 56 Financing cash flows $ 81 $ 75 Weighted Average Lease Term - Years Operating leases 16.7 17.2 Finance leases 11.0 11.4 Weighted Average Discount Rate Operating leases 6.19 % 5.99 % Finance leases 6.05 % 6.03 % The following table presents the maturity analysis of lease liabilities for operating and finance leases as of December 31, 2025: (dollars in thousands) Operating Finance Total Maturity Analysis 2026 $ 4,874 $ 133 $ 5,007 2027 4,552 135 4,687 2028 4,519 130 4 …

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LONG TERM BORROWINGS AND SUBORDINATED DEBT Long-term borrowings are for original terms greater than one year and are comprised of FHLB advances and finance leases. Long-term FHLB advances are secured by the same type of loans as short-term FHLB advances. Total loans pledged as collateral at the FHLB were $3.0 billion at December 31, 2025. We were eligible to borrow up to an additional $1.8 billion based on qualifying collateral and up to a maximum borrowing capacity of $2.1 billion at December 31, 2025. The following table represents the balance of long-term borrowings, the weighted average interest rate as of December 31 and interest expense for the years ended December 31: (dollars in thousand) 2025 2024 2023 Long-term borrowings $ 50,815 $ 50,896 $ 39,277 Weighted average interest rate 3.75 % 3.75 % 4.52 % Interest expense $ 1,932 $ 1,964 $ 1,332 Scheduled annual maturities and average interest rates for all of our long-term debt for each of the five years subsequent to December 31, 2025 and thereafter are as follows: (dollars in thousands) Balance Average Rate 2026 $ 50,087 3.71 % 2027 93 6.02 % 2028 94 6.05 % 2029 28 6.08 % 2030 32 6.08 % Thereafter 481 5.86 % Total $ 50,815 3.75 % Junior Subordinated Debt Securities The following table represents the composition of junior subordinated debt securities at December 31 and the interest expense for the years ended December 31: 2025 2024 2023 (dollars in thousands) Balance Interest Expense Balance Interest Expense Balance Int …

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Recently Adopted Accounting Standards Updates, or ASU, or Updated Income Taxes (Topic 740) Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to enhance the transparency and decision usefulness of the disclosures. The amendments in this update address investor requests for more transparency about income tax information through improvements to disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for fiscal years beginning after December 15, 2024. We adopted ASU 2023-09 as of January 1, 2025 on a prospective basis. The adoption of this ASU had no impact to the consolidated financial statements. See supplemental disclosures in the Consolidated Statements of Cash Flows and Note 18 Income Taxes for additional disclosure requirements related the adoption of these amendments. Accounting Standards Issued But Not Yet Adopted Income Statement (Subtopic 220-40)Reporting Comprehensive IncomeExpense Disaggregation Disclosures In November 2024, the FASB issued ASU 2024-03, Income Statement (Subtopic 220-40)Reporting Comprehensive IncomeExpense Disaggregation Disclosures to improve the disclosures about a public business entitys expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this update are effectiv …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

EMPLOYEE BENEFITS We maintain a qualified defined benefit pension plan, or Plan, covering substantially all employees hired prior to January 1, 2008. The benefits are based on years of service and the employees compensation for the highest 5 consecutive years in the last 10 years through March 31, 2016 when the Plan was frozen. Contributions are intended to provide for benefits attributed to employee service to date and for those benefits expected to be earned in the future. Our qualified and nonqualified defined benefit plans, or Plans, were amended to freeze benefit accruals for all persons entitled to benefits under the Plans in 2016. We will continue recording pension expense related to these plans, primarily representing interest costs on the accumulated benefit obligation and amortization of actuarial losses accumulated in the Plans, as well as income from expected investment returns on pension assets. Since the Plans have been frozen, no service costs are included in net periodic pension expense. The following table summarizes the activity in the benefit obligation and Plan assets deriving the funded status: (dollars in thousands) 2025 2024 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $ 64,917 $ 73,187 Interest cost 3,503 3,437 Actuarial gain/(loss) 2,284 (4,101) Benefits paid (5,894) (7,606) Projected Benefit Obligation at End of Year $ 64,810 $ 64,917 Change in Plan Assets Fair value of plan assets at beginning of year $ 63 …

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REVENUE FROM CONTRACTS WITH CUSTOMERS The information presented in the following table presents the point of revenue recognition for revenue from contracts with customers. Other revenue streams are excluded such as: interest income, partnership investment income, net securities gains and losses, insurance, mortgage banking and other revenues that are accounted for under other GAAP. Years ended December 31, (dollars in thousands) 2025 2024 2023 Revenue Streams (1) Point of Revenue Recognition Service charges on deposit accounts Over a period of time $ 1,637 $ 1,667 $ 1,659 At a point in time 14,796 14,606 14,534 $ 16,433 $ 16,273 $ 16,193 Debit and credit card Over a period of time $ 1,520 $ 1,461 $ 1,288 At a point in time 16,783 16,802 16,960 $ 18,303 $ 18,263 $ 18,248 Wealth management Over a period of time $ 5,226 $ 6,550 $ 7,969 At a point in time 7,221 5,709 4,217 $ 12,447 $ 12,259 $ 12,186 Other fee revenue (2) At a point in time $ 1,170 $ 1,324 $ 1,310 (1) Refer to Note 1. Summary of Significant Accounting Policies for the types of revenue streams that are included within each category .

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations S&T Bancorp, Inc., or S&T, was incorporated on March 17, 1983 under the laws of the Commonwealth of Pennsylvania as a bank holding company and has four active direct wholly owned subsidiaries, S&T Bank, 9th Street Holdings, Inc., STBA Capital Trust I and DNB Capital Trust II, and owns a 50 percent interest in Commonwealth Trust Credit Life Insurance Company, or CTCLIC. We are presently engaged in non-banking activities through the following five entities: 9th Street Holdings, Inc.; S&T Bancholdings, Inc.; CTCLIC; S&T Insurance Group, LLC; and DN Acquisition Company, Inc. Our investment holding companies are 9th Street Holdings, Inc. and S&T Bancholdings, Inc. CTCLIC, which is a joint venture with another financial institution, acts as a reinsurer of credit life, accident and health insurance policies sold by S&T Bank and the other institution. S&T Insurance Group, LLC, through its subsidiaries, offers a variety of insurance products. DN Acquisition Company, Inc. was acquired with the DNB merger and was incorporated for the purpose of acquiring and holding other real estate owned, or OREO, acquired through foreclosure or deed in-lieu-of foreclosure, as well as bank-occupied real estate. Accounting Policies Our consolidated financial statements have been prepared in accordance with generally accepted accounting principles, or GAAP. In preparing the consolidated financial statements, …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

SHARE REPURCHASE PLAN On May 13, 2025, the Board of Directors of S&T Bancorp, Inc. authorized an extension of our $50 million share repurchase plan, to July 31, 2026. The repurchase authorization permits S&T to repurchase shares of S&T's common stock from time to time through a combination of open market and privately negotiated repurchases up to the authorized $50 million aggregate value of S&T's common stock. At December 31, 2025, there was $13.8 million in capacity remaining under the plan. The following table presents common stock repurchase activity for the periods presented: Twelve Months Ended December 31, (in thousands, except share and per share data) 2025 2024 Value of shares authorized to repurchase $ 50,000 $ 50,000 Remaining plan capacity at the beginning of the period $ 50,000 $ 50,000 Total shares repurchased 948,270 Average share price for the period $ 38.20 $ Total share cost of repurchases (1) $ 36,226 $ Remaining plan capacity at the end of the period $ 13,774 $ 50,000 (1) Excludes excise tax and commissions. …

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NOTE 25. SUBSEQUENT EVENTS On January 21, 2026, the Board of Directors of S&T Bancorp, Inc. authorized a new $100 million share repurchase program. The new program replaced the existing share repurchase program effective January 26, 2026, and is set to expire February 1, 2027. The remaining capacity of $13.8 million under the existing share repurchase program was terminated. The new program authorizes the share repurchase of S&T's common stock from time to time through a combination of open market and privately negotiated transactions up to the authorized $100 million aggregate value of S&T's common stock. The specific timing, price and quantity of repurchases will be at the discretion of S&T and will depend on a variety of factors, including general market conditions, the trading price of the common stock, applicable securities laws and other legal and contractual requirements, as well as S&Ts financial performance. The repurchase program does not obligate S&T to repurchase any particular number of shares and may be extended, modified or discontinued at any time. As of February 25, 2026, 856,900 shares were repurchased under the new plan, at an average price of $43.45 per share, for $37.2 million excluding excise tax and commissions. As of February 25, 2026, there was $62.8 million in capacity remaining under the plan. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Commitments In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The following table sets forth our commitments and letters of credit as of the dates presented: (dollars in thousands) September 30, 2025 December 31, 2024 Commitments to extend credit $ 2,575,005 $ 2,382,847 Standby letters of credit 64,395 69,558 Total $ 2,639,400 $ 2,452,405 Litigation In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that the outcome of such proceedings or claims pending wil …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities, securities held in a deferred compensation plan and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other financial instruments at fair value on a nonrecurring basis, such as loans held for sale, loans individually evaluated, other real estate owned, or OREO, and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Standards Updates, or ASU, or Updated Income Taxes (Topic 740) Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to enhance the transparency and decision usefulness of the disclosures. The amendments in this update address investor requests for more transparency about income tax information through improvements to disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for fiscal years beginning after December 15, 2024. We adopted ASU 2023-09, as of January 1, 2025 with no impact to the consolidated financial statements. We will provide the required updated disclosures in our Form 10-K for the year ended December 31, 2025. Recently Issued Accounting Standards Not Yet Adopted Income Statement (Subtopic 220-40)Reporting Comprehensive IncomeExpense Disaggregation Disclosures In November 2024, the FASB issued ASU 2024-03, Income Statement (Subtopic 220-40)Reporting Comprehensive IncomeExpense Disaggregation Disclosures to improve the disclosures about a public business entitys expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after Decemb …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing