S&T Bancorp, Inc. (NASDAQ: STBA) (“the company”) is the bank holding company for Indiana, PA based S&T Bank (“the bank”), founded in 1902. STBA is a commercially oriented community bank offering a full line of financial services, including consumer, commercial, and small business banking, as well as wealth management, brokerage, and trust services. The company operates a 70+ branch network across rural western and central PA, the Pittsburgh and Philadelphia MSAs, as well as a commercial presence in Columbus and Akron, OH.
STBA’s asset base is primarily comprised of a diverse, commercially focused loan portfolio, with an elevated CRE concentration (317% of risk-based capital), including a meaningful portion in C&D loans (6% of total loans). The loan mix also includes C&I (15%) and residential mortgage loans (30%), with limited consumer or NDFI exposure.
The company’s growth strategy has largely been organic with a few bolt-on…
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