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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 ______________________________________

FORM 10-Q

______________________________________ 

(Mark One)

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to                

Commission file number 0-12508

______________________________________ 

800-325-2265

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address, and former fiscal year, if changed since last report)

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

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 

Large accelerated filer			☒			Accelerated filer			☐
Non-accelerated filer			☐			Smaller reporting company			☐
						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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date.

Common Stock, $2.50 Par Value - 39,310,734 shares as of October 31, 2020

INDEX

S&T BANCORP, INC. AND SUBSIDIARIES

 

						Page No.
PART I. FINANCIAL INFORMATION
Item 1.			Financial Statements
			Consolidated Balance Sheets - September 30, 2020 and December 31, 2019			2
			Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2020 and 2019			3
			Consolidated Statements of Changes in Shareholders' Equity - Three and Nine Months Ended September 30, 2020 and 2019			4
			Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2020 and 2019			6
			Notes to Consolidated Financial Statements			7
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			49
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			72
Item 4.			Controls and Procedures			74
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			74
Item 1A.			Risk Factors			74
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			75
Item 3.			Defaults Upon Senior Securities			76
Item 4.			Mine Safety Disclosures			77
Item 5.			Other Information			77
Item 6.			Exhibits			78
			Signatures			79

			September 30, 2020									December 31, 2019
(dollars in thousands, except per share data)			(Unaudited)									(Audited)
ASSETS
Cash and due from banks, including interest-bearing deposits of $235,953 and $124,491 at September 30, 2020 and December 31, 2019						$	308,489								$	197,823
Securities, at fair value						718,169									784,283
Loans held for sale						16,724									5,256
Portfolio loans, net of unearned income						7,394,868									7,137,152
Allowance for credit losses on loans						(120,998)									(62,224)
Portfolio loans, net						7,273,870									7,074,928
Bank owned life insurance						81,873									80,473
Premises and equipment, net						56,254									56,940
Federal Home Loan Bank and other restricted stock, at cost						15,777									22,977
Goodwill						373,417									371,621
Other intangible assets, net						9,265									10,919
Other assets						336,734									159,429
Total Assets						$	9,190,572								$	8,764,649
LIABILITIES
Deposits:
Noninterest-bearing demand						$	2,232,706								$	1,698,082
Interest-bearing demand						982,956									962,331
Money market						2,033,585									1,949,811
Savings						938,475									830,919
Certificates of deposit						1,446,096									1,595,433
Total Deposits						7,633,818									7,036,576
Securities sold under repurchase agreements						42,706									19,888
Short-term borrowings						83,000									281,319
Long-term borrowings						49,076									50,868
Junior subordinated debt securities						64,068									64,277
Other liabilities						175,789									119,723
Total Liabilities						8,048,457									7,572,651
SHAREHOLDERS’ EQUITY
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—41,449,444 shares at September 30, 2020 and December 31, 2019 Outstanding— 39,251,638 shares at September 30, 2020 and 39,560,304 shares at December 31, 2019						103,623									103,623
Additional paid-in capital						400,789									399,944
Retained earnings						698,351									761,083
Accumulated other comprehensive income (loss)						9,453									(11,670)
Treasury stock (2,197,806 shares at September 30, 2020 and 1,889,140 shares at December 31, 2019, at cost)						(70,101)									(60,982)
Total Shareholders’ Equity						1,142,115									1,191,998
Total Liabilities and Shareholders’ Equity						$	9,190,572								$	8,764,649

See Notes to Consolidated Financial Statements

			Three Months Ended September 30,																		Nine Months Ended September 30,
(dollars in thousands, except per share data)			2020									2019									2020									2019
INTEREST AND DIVIDEND INCOME
Loans, including fees						$	72,263								$	75,080								$	229,812								$	223,200
Investment Securities:
Taxable						3,473									3,552									11,547									10,989
Tax-exempt						885									787									2,646									2,466
Dividends						227									394									911									1,373
Total Interest and Dividend Income						76,848									79,813									244,916									238,028
INTEREST EXPENSE
Deposits						6,626									16,207									31,191									47,243
Borrowings and junior subordinated debt securities						946									2,410									4,265									8,406
Total Interest Expense						7,572									18,617									35,456									55,649
NET INTEREST INCOME						69,276									61,196									209,460									182,379
Provision for credit losses						17,485									4,913									124,294									12,767
Net Interest Income After Provision for Credit Losses						51,791									56,283									85,166									169,612
NONINTEREST INCOME
Net gain on sale of securities						—									—									142									—
Debit and credit card						4,171									3,475									11,264									9,951
Mortgage banking						3,964									594									7,823									1,726
Service charges on deposit accounts						2,820									3,412									8,720									9,777
Wealth management						2,522									2,101									7,471									6,210
Commercial loan swap income						499									1,464									3,928									3,147
Other						2,507									2,017									4,762									6,515
Total Noninterest Income						16,483									13,063									44,110									37,326
NONINTEREST EXPENSE
Salaries and employee benefits						24,571									19,936									67,326									61,135
Data processing and information technology						4,218									3,681									11,671									10,327
Net occupancy						3,441									2,898									10,643									8,883
Furniture, equipment and software						2,440									2,090									7,965									6,621
Professional services and legal						1,911									1,054									4,890									3,382
FDIC insurance						1,900									(675)									3,718									536
Marketing						1,793									1,062									3,883									3,514
Other taxes						1,612									1,540									4,816									4,182
Merger related expenses						—									552									2,342									1,171
Other						6,360									5,529									20,861									17,187
Total Noninterest Expense						48,246									37,667									138,115									116,938
Income (Loss) Before Taxes						20,028									31,679									(8,839)									90,000
Income tax expense (benefit)						3,323									4,743									(5,703)									14,035
Net Income (Loss)						$	16,705								$	26,936								$	(3,136)								$	75,965
Earnings (loss) per share—basic						$	0.43								$	0.79								$	(0.08)								$	2.22
Earnings (loss) per share—diluted						$	0.43								$	0.79								$	(0.08)								$	2.21
Dividends declared per share						$	0.28								$	0.27								$	0.84								$	0.81
Comprehensive Income						$	16,926								$	29,142								$	17,967								$	91,759

See Notes to Consolidated Financial Statements

			For the three months ended September 30, 2019
(dollars in thousands, except share and per share data)			Common Stock									Additional Paid-in Capital									Retained Earnings									Accumulated Other Comprehensive (Loss) Income									Treasury Stock									Total
Balance at June 30, 2019						$	90,326								$	211,325								$	730,577								$	(9,519)								$	(57,756)								$	964,953
Net income for the three months ended September 30, 2019						—									—									26,936									—									—									26,936
Other comprehensive income, net of tax						—									—									—									2,206									—									2,206
Cash dividends declared ($0.27 per share)						—									—									(9,239)									—									—									(9,239)
Treasury stock issued for restricted stock awards (954 shares, net of forfeitures of 1,705 shares)						—									—									6									—									(30)									(24)
Common stock issuance cost						—									(125)									—									—									—									(125)
Repurchase of common stock (84,868 shares)						—									—									—									—									(3,100)									(3,100)
Recognition of restricted stock compensation expense						—									840									—									—									—									840
Balance at September 30, 2019						$	90,326								$	212,040								$	748,280								$	(7,313)								$	(60,886)								$	982,447
			For the three months ended September 30, 2020
(dollars in thousands, except share and per share data)			Common Stock									Additional Paid-in Capital									Retained Earnings									Accumulated Other Comprehensive Income									Treasury Stock									Total
Balance at June 30, 2020						$	103,623								$	400,417								$	692,240								$	9,232								$	(69,735)								$	1,135,777
Net income for the three months ended September 30, 2020						—									—									16,705									—									—									16,705
Other comprehensive income, net of tax						—									—									—									221									—									221
Cash dividends declared ($0.28 per share)						—									—									(10,960)									—									—									(10,960)
Forfeitures of restricted stock awards (11,822 shares)						—									—									366									—									(366)									—
Repurchase of S&T Stock (0 shares)						—									—									—									—									—									—
Recognition of restricted stock compensation expense						—									372									—									—									—									372
Balance at September 30, 2020						$	103,623								$	400,789								$	698,351								$	9,453								$	(70,101)								$	1,142,115

			For the nine months ended September 30, 2019
(dollars in thousands, except share and per share data)			Common Stock									Additional Paid-in Capital									Retained Earnings									Accumulated Other Comprehensive (Loss) Income									Treasury Stock									Total
Balance at January 1, 2019						$	90,326								$	210,345								$	701,819								$	(23,107)								$	(43,622)								$	935,761
Net income for the nine months ended September 30, 2019						—									—									75,965									—									—									75,965
Other comprehensive income, net of tax						—									—									—									15,794									—									15,794
Impact of new lease standard						—									—									167									—									—									167
Cash dividends declared ($0.81 per share)						—									—									(27,798)									—									—									(27,798)
Treasury stock issued for restricted stock awards (84,010 shares, net of forfeitures of 52,457 shares)						—									—									(1,873)									—									958									(915)
Common stock issuance cost						—									(125)									—									—									—									(125)
Repurchase of common stock (470,708 shares)						—									—									—									—									(18,222)									(18,222)
Recognition of restricted stock compensation expense						—									1,820									—									—									—									1,820
Balance at September 30, 2019						$	90,326								$	212,040								$	748,280								$	(7,313)								$	(60,886)								$	982,447
			For the nine months ended September 30, 2020
(dollars in thousands, except share and per share data)			Common Stock									Additional Paid-in Capital									Retained Earnings									Accumulated Other Comprehensive Income (Loss)									Treasury Stock									Total
Balance at January 1, 2020						$	103,623								$	399,944								$	761,083								$	(11,670)								$	(60,982)								$	1,191,998
Net loss for the nine months ended September 30, 2020						—									—									(3,136)									—									—									(3,136)
Other comprehensive income, net of tax						—									—									—									21,123									—									21,123
Adoption of accounting standard - credit losses						—									—									(22,590)									—									—									(22,590)
Cash dividends declared ($0.84 per share)						—									—									(32,972)									—									—									(32,972)
Treasury stock issued for restricted stock awards (147,034 shares, net of forfeitures of 44,270 shares)						—									—									(4,034)									—									3,440									(594)
Repurchase of common stock (411,430 shares)						—									—									—									—									(12,559)									(12,559)
Recognition of restricted stock compensation expense						—									845									—									—									—									845
Balance at September 30, 2020						$	103,623								$	400,789								$	698,351								$	9,453								$	(70,101)								$	1,142,115

See Notes to Consolidated Financial Statements

			Nine Months Ended September 30,
(dollars in thousands)						2020									2019
OPERATING ACTIVITIES
Net (loss) income						$	(3,136)								$	75,965
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses						124,294									12,767
Provision for unfunded loan commitments						—									303
Net depreciation, amortization and accretion						3,469									4,413
Net amortization of discounts and premiums on securities						3,199									2,470
Stock-based compensation expense						845									1,820
Gain on sale of securities						(142)									—
Gain on the sale of mortgage loans, net						(5,919)									(1,300)
Mortgage loans originated for sale						(278,741)									(72,054)
Proceeds from the sale of mortgage loans						272,735									67,354
Net change in:
Interest receivable						(5,432)									(712)
Interest payable						(1,882)									(1,399)
Other assets						(170,288)									(31,570)
Other liabilities						57,996									34,737
Net Cash (Used in) Provided by Operating Activities						(3,002)									92,794
INVESTING ACTIVITIES
Purchases of securities						(90,348)									(37,123)
Proceeds from maturities, prepayments and calls of securities						176,103									68,906
Proceeds from sales of securities						1,349									—
Net proceeds from sales of Federal Home Loan Bank stock						7,200									4,038
Net increase in loans						(350,884)									(263,169)
Proceeds from sale of loans not originated for resale						—									520
Purchases of premises and equipment						(4,356)									(4,054)
Proceeds from the sale of premises and equipment						15									44
Net Cash Used in Investing Activities						(260,921)									(230,838)
FINANCING ACTIVITIES
Net increase in core deposits						746,580									394,439
Net decrease in certificates of deposit						(148,573)									(85,606)
Net increase (decrease) in securities sold under repurchase agreements						22,818									(4,458)
Net decrease in short-term borrowings						(198,319)									(100,000)
Repayments on long-term borrowings						(1,792)									(1,151)
Treasury shares issued-net						(594)									(915)
Common stock issuance costs						—									(125)
Cash dividends paid to common shareholders						(32,972)									(27,798)
Repurchase of common stock						(12,559)									(18,222)
Net Cash Provided by Financing Activities						374,589									156,164
Net increase in cash and cash equivalents						110,666									18,120
Cash and cash equivalents at beginning of period						197,823									155,489
Cash and Cash Equivalents at End of Period						$	308,489								$	173,609
Supplemental Disclosures
Loans transferred to held for sale						$	—								$	520
Leased right-of-use operating assets and lease liabilities						$	91								$	38,919
Interest paid						$	37,437								$	57,047
Income taxes paid, net of refunds						$	6,210								$	11,178
Transfers of loans to other real estate owned						$	631								$	492

See Notes to Consolidated Financial Statements

NOTE 1. BASIS OF PRESENTATION

Principles of Consolidation

The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting.

Basis of Presentation

The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission, or SEC, on March 2, 2020. In the opinion of management, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period.

On June 5, 2019 we entered into an agreement to acquire DNB Financial Corporation, or DNB, and the transaction was completed on November 30, 2019. Refer to Note 2, Business Combinations for further details on the merger.

Reclassification

Amounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no effect on our results of operations or financial condition.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

Recently Adopted Accounting Standards Updates, or ASU or Update

Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

In August 2018, the Financial Accounting Standards Board, or FASB, issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this ASU apply to an entity that is a customer in a hosting arrangement that is a service contract. These amendments relate to accounting for implementation costs (e.g., implementation, setup and other upfront costs). These amendments require an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which costs to capitalize and which costs to expense. These amendments require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. This ASU is effective for annual and interim periods beginning after December 15, 2019. We adopted this ASU on January 1, 2020. The amendments in this ASU did not materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income.

Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU remove certain disclosures from Topic 820, modify disclosures and/or require additional disclosures. The amendments in this Update required us to change our Fair Value disclosures beginning with the disclosures included in Form 10-Q for the period ended March 31, 2020. We adopted this ASU on January 1, 2020. The amendments in this ASU did not materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Refer to Note 4, Fair Value Measurements.

Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment

In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment (Topic 350). The main objective of this ASU is to simplify the current requirements for testing goodwill for impairment by eliminating step two from the goodwill impairment test. The amendments are expected to reduce the complexity and costs associated with performing the goodwill impairment test, which could result in recording impairment charges sooner. This Update is effective for any interim and annual impairment tests in reporting periods in fiscal years beginning after December 15, 2019. We adopted the amendments of this ASU on January 1, 2020. The amendments in this ASU did not have any impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income.

Financial Instruments - Credit Losses

On January 1, 2020, we adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology for determining our provision for credit losses, and allowance for credit losses, or ACL, with an expected loss methodology that is referred to as the Current Expected Credit Loss, or CECL, model. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including our loans and off-balance sheet credit exposures. In addition, ASU 2016-13 made changes to the accounting for available-for-sale debt securities. Credit losses related to available-for-sale debt securities (regardless of whether the impairment is considered to be other-than-temporary) will be measured in a manner similar to the present, except that such losses will be recorded as allowances rather than as reductions in the amortized cost of the related securities.

We adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under ASU 2016-13 while prior period amounts continue to be reported in accordance with previously applicable GAAP.

We made the accounting policy election to not measure an ACL for accrued interest receivables for loans and securities. Accrued interest deemed uncollectible will be written off through interest income.

The majority of our available-for-sale debt securities are government agency-backed securities for which the risk of loss is minimal, and accordingly the ACL is immaterial.

In connection with our adoption of ASU 2016-13, we made changes to our loan portfolio segments to align with the methodology applied in determining the allowance under CECL. Refer to Note 7, Allowance for Credit Losses for further discussion of these portfolio segments. Our new segmentation breaks out business banking loans from our other loan segments: Commercial Real Estate, or CRE, Commercial and Industrial, or C&I, Commercial Construction, Consumer Real Estate and Other Consumer. Business banking loans are commercial loans made to small businesses that are standard, non-complex products and evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards.

S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued

NOTE 1. BASIS OF PRESENTATION - continued

The following table details the impact of ASU 2016-13 and the reclassification of loans for the identification of new portfolio loan segments under CECL:

			January 1, 2020
(dollars in thousands)			As Reported Under ASU 2016-13									Pre-ASU 2016-13									Impact of ASU 2016-13 Adoption
Assets:
Loans held for investment (outstanding balance)
Commercial real estate						$	2,946,319								$	3,416,518								$	(470,199)
Commercial and industrial						1,458,541									1,720,833									(262,292)
Commercial construction						345,263									375,445									(30,182)
Business banking						1,092,908									—									1,092,908
Consumer real estate						1,235,352									1,545,323									(309,971)
Other consumer						58,769									79,033									(20,264)
Allowance for credit losses on loans						(89,577)									(62,224)									(27,353)
Total loans held for investment, net						$	7,047,575								$	7,074,928								$	(27,353)
Net deferred tax asset						$	19,317								$	13,206								$	6,111
Liabilities:
Allowance for credit losses on unfunded loan commitments						$	4,462								$	3,113								$	1,349
Equity:
Retained earnings						$	738,493								$	761,083								$	(22,590)

The adoption of ASU 2016-13 resulted in an increase to our ACL of $27.4 million on January 1, 2020. The increase included $8.2 million for S&T legacy loans and $9.3 million for acquired loans from the DNB merger. Under the previously applicable accounting guidance, a credit reserve was not recorded for acquired loans upon acquisition, however, ASU 2016-13 requires an ACL to be recognized for acquired loans similar to originated loans. We also recorded a day one adjustment of $9.9 million primarily related to a C&I relationship that was charged off in the first quarter of 2020. We obtained information on the relationship subsequent to filing our December 31, 2019 Form 10-K, but before the end of the first quarter of 2020. The updated information supported a loss existed at January 1, 2020. As of January 1, 2020, we recorded a cumulative-effect adjustment of $22.6 million to decrease retained earnings related to the adoption of ASU 2016-13.

Allowance for Credit Losses Policy

The ACL is a valuation reserve established and maintained by charges against operating income and is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the ACL when they are deemed uncollectible. The ACL is an estimate of expected credit losses, measured over the contractual life of a loan, that considers our historical loss experience, current conditions and forecasts of future economic conditions. Determination of an appropriate ACL is inherently subjective and may have significant changes from period to period.

The methodology for determining the ACL has two main components: evaluation of expected credit losses for certain groups of homogeneous loans that share similar risk characteristics and evaluation of loans that do not share risk characteristics with other loans.

The ACL for homogeneous loans is calculated using a life-time loss rate methodology with both a quantitative and a qualitative analysis that is applied on a quarterly basis. The ACL model is comprised of six distinct portfolio segments: 1) Construction, 2) CRE, 3) C&I, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. Each segment has a distinct set of risk characteristics monitored by management. We further evaluate the ACL at a disaggregated level which includes type of collateral, loan participations, non-owner occupied and our internal risk rating system for the commercial segments and type of collateral, lien position, and FICO score, for the consumer segments. Historical credit loss experience is the basis for the estimation of expected credit losses. We apply historical loss rates to pools of loans with similar risk characteristics. After consideration of the historic loss calculation, management applies qualitative adjustments to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information at the balance sheet date. Our reasonable and supportable forecast adjustment is based on the unemployment forecast and management judgment. For periods beyond our two year reasonable and supportable forecast, we revert to the historical loss rate. We revert

to historical loss rates utilizing a straight-line method over a one year reversion period. The qualitative adjustments for current conditions are based upon changes in lending policies and practices, experience and ability of lending staff, quality of the bank’s loan review system, value of underlying collateral for collateral dependent loans, the existence of and changes in concentrations and other external factors. These modified historical loss rates are multiplied by the outstanding principal balance of each loan to calculate a required reserve. A similar process is employed to calculate a reserve assigned to off-balance sheet commitments, specifically unfunded loan commitments and letters of credit, and any needed reserve is recorded in other liabilities.

The ACL for individual loans begins with the use of normal credit review procedures to identify whether a loan no longer shares similar risk characteristics with other pooled loans and therefore, should be individually assessed. We evaluate all commercial loans greater than $0.5 million that meet the following criteria: 1) when it is determined that foreclosure is probable, 2) substandard, doubtful and nonperforming loans when repayment is expected to be provided substantially through the operation or sale of the collateral, 3) any commercial troubled debt restructuring, or TDR, or any loan reasonably expected to become a TDR whether on accrual or nonaccrual status and 4) when it is determined by management that a loan does not share similar risk characteristics with other loans. Specific reserves are established based on the following three acceptable methods for measuring the ACL: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral when the loan is collateral dependent. Our individual loan evaluations consist primarily of the fair value of collateral method because most of our loans are collateral dependent. Collateral values are discounted to consider disposition costs when appropriate. A specific reserve is established or a charge-off is taken if the fair value of the loan is less than the loan balance.

Although we believe our process for determining the ACL appropriately considers all the factors that would likely result in credit losses, the process includes subjective elements and may be susceptible to significant change. To the extent actual losses are higher than management estimates, additional provision for credit losses could be required and could adversely affect our earnings or financial position in future periods.

Accounting Standards Issued But Not Yet Adopted

Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans

In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this ASU apply to all employers that sponsor defined benefit pension or other postretirement plans. These amendments remove certain disclosures from Topic 715-20 and require additional disclosures. The amendments in this ASU will require S&T to update our employee benefits disclosures beginning with our Form 10-Q for the period ended March 31, 2021. The amendments in this ASU will have no impact on our consolidated financial statements.

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplifies the accounting for income taxes by removing certain exceptions and improves the consistent application of GAAP by clarifying and amending other existing guidance. The amendments in this ASU will be effective on January 1, 2021 and are not expected to have any impact on our consolidated financial statements.

Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. Modified contracts that meet certain scope guidance are eligible for relief from the modification accounting requirements in US GAAP. The optional guidance generally allows for the modified contract to be accounted for as a continuation of the existing contract and does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The amendments in this ASU are effective as of March 12, 2020 through December 31, 2022. We are evaluating the impact of this ASU and we expect LIBOR transition to impact our business operations, but we have not yet determined the impact to our consolidated financial statements.

Codification Improvements to Subtopic 310-20, Receivables--Nonrefundable Fees and Other Costs

In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables--Nonrefundable Fees and Other Costs. The amendments in this ASU affect the guidance in ASU No. 2017-08, relating to Premium Amortization on Purchased Callable Debt Securities and clarify the Board's intent that an entity should reevaluate whether a callable debt security that has multiple call dates is within scope of paragraph 310-20-35-33 for each reporting period. For each reporting period, to the extent that the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the next call date, the excess shall be amortized to the next call date. If there is no remaining premium or if there are no further call dates, the entity shall reset the effective yield using the payment terms of the debt security. The amendments in this ASU will be effective on January 1, 2021 and are not expected to materially impact our consolidated financial statements.

SEC Release No. 2020-118 - Amendments to Improve Financial Disclosures about Acquisitions and Dispositions of Businesses

In May 2020, the Securities and Exchange Commission adopted amendments to the financial disclosure requirements in Regulation S-X for acquisitions and dispositions of businesses, including real estate operations, in Rules 3-05, 3-14, 8-04, 8-05, 8-06, and Article 11, as well as in other related rules and forms. In conjunction with these changes, the Commission also amended the significance tests in the “significant subsidiary” definition in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 to improve their application and to assist registrants in making more meaningful determinations of whether a subsidiary or an acquired or disposed business is significant. In addition, to address the unique attributes of investment companies and business development companies, the Commission adopted new requirements regarding fund acquisitions specific to registered investment companies and business development companies. The amendments in this final rule are effective beginning January 1, 2021. We are evaluating the impact of this final rule and we expect these amendments to impact disclosures in our consolidated financial statements relating to any future acquisitions and disposition of businesses.

SEC Release No. 2020-205 - Modernizes Disclosures for Bank Registrants

In September 2020, the Securities and Exchange Commission adopted rules to update and expand the statistical disclosures that bank and savings and loan registrants provide to investors. The rules eliminate certain disclosure items that are duplicative of other Commission rules and requirements of U.S. GAAP or the International Financial Reporting Standards. The rules replace industry Guide 3, Statistical Disclosure by Bank Holding Companies, with updated disclosure requirements in new subpart 1400 of Regulation S-K. These rules are effective November 16, 2020 with a compliance date of December 31, 2021. We are evaluating the impact of this final rule and we expect these rules to impact disclosures in the Management's Discussion and Analysis section of our Annual Report on Form 10-K for the year ended December 31, 2021.

NOTE 2. BUSINESS COMBINATIONS

On November 30, 2019, we completed our acquisition of DNB Financial Corporation, or DNB, and DNB First National Association, its wholly-owned bank subsidiary, located in Downingtown, Pennsylvania. The acquisition of DNB expanded our Eastern Pennsylvania market by adding 14 banking locations, in an all-stock transaction structured as a merger of DNB with and into S&T, with S&T being the surviving entity. The related systems conversion of DNB into S&T Bank occurred on February 7, 2020.

DNB shareholders received, without interest, 1.22 shares of S&T common stock for each share of DNB common stock. The total purchase price was approximately $201.0 million, which included $0.4 million of cash and 5,318,964 S&T common shares at a fair value of $37.72 per share. The fair value of $37.72 per share of S&T common stock was based on the November 30, 2019 closing price.

The Merger was accounted for under the acquisition method of accounting and our Consolidated Financial Statements include all DNB Bank transactions beginning on December 1, 2019. Goodwill of $86.0 million at September 30, 2020 was calculated as the excess of the consideration exchanged over the fair value of the identifiable net assets acquired. All of the goodwill was assigned to our Community Banking segment. The goodwill recognized is not deductible for tax purposes.

Measurement period adjustments were $1.8 million during the nine months ended September 30, 2020 which reflect facts and circumstances in existence as of the closing date of the acquisition. These measurement period adjustments primarily related to a $2.4 million reduction in the fair value of loans, a $0.3 million reduction in the fair value of borrowings, a $0.1 million reduction of other liabilities, a $0.1 million reduction in other assets and a $0.3 million increase in deferred income tax assets.

The following table presents the fair value adjustments and the measurement period adjustments as of the dates presented:

Loans acquired in the Merger were recorded at fair value with no carryover of the related ACL from DNB. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The fair value of the loans acquired was estimated at $909.0 million, net of a $10.5 million discount. The discount is accreted to interest income over the remaining contractual life of the loans. During the nine month period ended September 30, 2020, the fair value of acquired loans was reduced by $2.4 million as we finalized our evaluation of the loan portfolio to reflect facts and circumstances in existence as of the acquisition date.

As of September 30, 2020, direct costs related to the DNB merger of $13.7 million were recognized and expensed as incurred. During the nine months ended September 30, 2020, we recognized $2.3 million of merger related expenses including $0.2 million in legal and professional fees, $1.4 million in severance payments and stay-bonuses, $0.4 million for data processing and $0.3 million in other expenses. As of December 31, 2019, we recognized $11.4 million of merger related expenses, including $4.7 million for data processing contract termination and system conversion costs, $2.8 million in legal and professional expenses, $3.4 million in severance payments and $0.5 million in other expenses.

S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued

NOTE 3. EARNINGS (LOSS) PER SHARE

Diluted earnings (loss) per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted earnings per share. The following table reconciles the numerators and denominators of basic and diluted earnings (loss) per share calculations for the periods presented.

			Three Months Ended September 30,																		Nine Months Ended September 30,
(in thousands, except share and per share data)			2020									2019									2020									2019
Numerator for Earnings (Loss) per Share—Basic:
Net income (loss)						$	16,705								$	26,936								$	(3,136)								$	75,965
Less: Income allocated to participating shares						52									72									—									204
Net Income (Loss) Allocated to Shareholders						$	16,653								$	26,864								$	(3,136)								$	75,761
Numerator for Earnings (Loss) per Share—Diluted:
Net income (loss)						$	16,705								$	26,936								$	(3,136)								$	75,965
Net Income (Loss) Available to Shareholders						$	16,705								$	26,936								$	(3,136)								$	75,965
Denominators for Earnings (Loss) per Share:
Weighted Average Shares Outstanding—Basic						39,020,811									34,090,779									39,101,309									34,221,479
Add: Potentially dilutive shares						20,656									79,502									—									105,746
Denominator for Treasury Stock Method—Diluted						39,041,467									34,170,281									39,101,309									34,327,225
Weighted Average Shares Outstanding—Basic						39,020,811									34,090,779									39,101,309									34,221,479
Add: Average participating shares outstanding						—									186,491									—									186,253
Denominator for Two-Class Method—Diluted						39,020,811									34,277,270									39,101,309									34,407,732
Earnings (Loss) per share—basic						$	0.43								$	0.79								$	(0.08)								$	2.22
Earnings (Loss) per share—diluted						$	0.43								$	0.79								$	(0.08)								$	2.21
Restricted stock considered anti-dilutive excluded from potentially dilutive shares						19,449									254									1,137									360

NOTE 4. FAIR VALUE MEASUREMENTS

We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities 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 assets at fair value on a nonrecurring basis, such as loans held for sale, loans held for investment, 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 would use in pricing an asset or liability, which are developed based on market data that we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances.

The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows:

Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets.

Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data.

Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our policy is to recognize transfers between any of the fair value hierarchy levels at the end of the reporting period in which the transfer occurred.

The following are descriptions of the valuation methodologies that we use for financial instruments recorded at fair value on either a recurring or nonrecurring basis.

Recurring Basis

Available-for-Sale Debt Securities

We obtain fair values for debt securities from a third-party pricing service which utilizes several sources for valuing fixed-income securities. We validate prices received from our pricing service through comparison to a secondary pricing service and broker quotes. We review the methodologies of the pricing services which provide us with a sufficient understanding of the valuation models, assumptions, inputs and pricing to reasonably measure the fair value of our debt securities. The market valuation sources for debt securities include observable inputs rather than significant unobservable inputs and are classified as Level 2. The service provider utilizes pricing models that vary by asset class and include available trade, bid and other market information. Generally, the methodologies include broker quotes, proprietary models, vast descriptive terms and conditions databases and extensive quality control programs.

Equity Securities

Marketable equity securities that have an active, quotable market are classified as Level 1. Marketable equity securities that are quotable, but are thinly traded or inactive, are classified as Level 2. Marketable equity securities that are not readily traded and do not have a quotable market are classified as Level 3.

Deferred Compensation Plan Assets

We use quoted market prices to determine the fair value of our equity security assets. These securities are reported at fair value with the gains and losses included in noninterest income in our Consolidated Statements of Comprehensive Income. These assets are held in a deferred compensation plan and are invested in readily quoted mutual funds. Accordingly, these assets are classified as Level 1. Deferred compensation plan assets are reported in other assets in the Consolidated Balance Sheets.

Derivative Financial Instruments

We use derivative instruments, including interest rate swaps for commercial loans with our customers, interest rate lock commitments and the sale of mortgage loans in the secondary market. We calculate the fair value for derivatives using accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. Each valuation considers the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, such as interest rate curves and implied volatilities. Accordingly, derivatives are classified as Level 2. We incorporate credit valuation adjustments into the valuation models to appropriately reflect both our own nonperformance risk and the respective counterparties’ nonperformance risk in calculating fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements and collateral postings.

Nonrecurring Basis

Loans Held for Sale

Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and, from time to time, certain loans are transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value. The fair value of 1-4 family residential loans is based on the principal or most advantageous market currently offered for similar loans using observable market data. The fair value of the loans transferred from the loan portfolio is based on the amounts offered for these loans in currently pending sales transactions. Loans held for sale carried at fair value are classified as Level 3.

Loans Held for Investment

Loans that are individually evaluated to determine whether a specific allocation of ACL is needed are reported at fair value. Fair value is determined using the following methods: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral less estimated selling costs when the loan is collateral dependent and we expect to liquidate the collateral. However, if repayment is expected to come from the operation of the collateral, rather than liquidation, then we do not consider estimated selling costs in determining the fair value of the collateral. Collateral values are generally based upon appraisals by approved, independent state certified appraisers. Appraisals may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or our knowledge of the borrower and the borrower’s business. Loans carried at fair value are classified as Level 3.

OREO and Other Repossessed Assets

OREO and other repossessed assets obtained in partial or total satisfaction of a loan are recorded at the lower of recorded investment in the loan or fair value less cost to sell. Subsequent to foreclosure, these assets are carried at the lower of the amount recorded at acquisition date or fair value less cost to sell. Accordingly, it may be necessary to record nonrecurring fair value adjustments. Fair value, when recorded, is generally based upon appraisals by approved, independent state certified appraisers. Appraisals on OREO may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or other information available to us. OREO and other repossessed assets carried at fair value are classified as Level 3.

Mortgage Servicing Rights

The fair value of MSRs is determined by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors, which are determined based on current market conditions. The expected rate of mortgage loan prepayments is the most significant factor driving the value of MSRs. MSRs are considered impaired if the carrying value exceeds fair value. Since the valuation model includes significant unobservable inputs as listed above, MSRs are classified as Level 3. MSRs are reported in other assets in the Consolidated Balance Sheets and are amortized into mortgage banking income in the Consolidated Statements of Comprehensive Income.

Other Assets

We measure certain other assets at fair value on a nonrecurring basis. Fair value is based on the application of lower of cost or fair value accounting, or write-downs of individual assets. Valuation methodologies used to measure fair value are consistent with overall principles of fair value accounting and consistent with those described above.

Financial Instruments

In addition to financial instruments recorded at fair value in our financial statements, fair value accounting guidance requires disclosure of the fair value of all of an entity’s assets and liabilities that are considered financial instruments. The majority of our assets and liabilities are considered financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and a willing seller engaged in an exchange transaction. Also, it is our general practice and intent to hold our financial instruments to maturity and to not engage in trading or sales activities with respect to such financial instruments. For fair value disclosure purposes, we substantially utilize the fair value measurement criteria as required and explained above. In cases where quoted fair values are not available, we use present value methods to determine the fair value of our financial instruments.

Cash and Cash Equivalents

The carrying amounts reported in the Consolidated Balance Sheets for cash and due from banks, including interest-bearing deposits, approximate fair value.

Loans

The fair value of variable rate loans that may reprice frequently at short-term market rates is based on carrying values adjusted for liquidity and credit risk. The fair value of variable rate loans that reprice at intervals of one year or longer, such as adjustable rate mortgage products, is estimated using discounted cash flow analyses that utilize interest rates currently being offered for similar loans and adjusted for liquidity and credit risk. The fair value of fixed rate loans is estimated using a discounted cash flow analysis that utilizes interest rates currently being offered for similar loans adjusted for liquidity and credit risk.

Bank Owned Life Insurance

Fair value approximates net cash surrender value of bank owned life insurance, or BOLI.

Federal Home Loan Bank, or FHLB, and Other Restricted Stock

It is not practical to determine the fair value of our FHLB and other restricted stock due to the restrictions placed on the transferability of these stocks; it is presented at carrying value.

Collateral Receivable

The carrying amount included in Other Assets on our Consolidated Balance Sheets approximates fair value.

Deposits

The fair values disclosed for deposits without defined maturities (e.g., noninterest and interest-bearing demand, money market and savings accounts) are by definition equal to the amounts payable on demand. The carrying amounts for variable rate, fixed-term time deposits approximate their fair values. Estimated fair values for fixed rate and other time deposits are based on discounted cash flow analysis using interest rates currently offered for time deposits with similar terms. The carrying amount of accrued interest approximates fair value.

Short-Term Borrowings

The carrying amounts of securities sold under repurchase agreements, or REPOs, and other short-term borrowings approximate their fair values.

Long-Term Borrowings

The fair values disclosed for fixed rate long-term borrowings are determined by discounting their contractual cash flows using current interest rates for long-term borrowings of similar remaining maturities. The carrying amounts of variable rate long-term borrowings approximate their fair values.

Junior Subordinated Debt Securities

The interest rate on the variable rate junior subordinated debt securities is reset quarterly; therefore, the carrying values approximate their fair values.

Loan Commitments and Standby Letters of Credit

Off-balance sheet financial instruments consist of commitments to extend credit and letters of credit. Except for interest rate lock commitments, estimates of the fair value of these off-balance sheet items are not made because of the short-term nature of these arrangements and the credit standing of the counterparties.

Other

Estimates of fair value are not made for items that are not defined as financial instruments, including such items as our core deposit intangibles and the value of our trust operations.

S&T BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued

NOTE 4. FAIR VALUE MEASUREMENTS - continued

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 September 30, 2020 and December 31, 2019. There were no transfers between Level 1 and Level 2 for items measured at fair value on a recurring basis during the periods presented.

			September 30, 2020
(dollars in thousands)			Level 1						Level 2						Level 3						Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities			$	—					$	10,323					$	—					$	10,323
Obligations of U.S. government corporations and agencies			—						93,351						—						93,351
Collateralized mortgage obligations of U.S. government corporations and agencies			—						183,032						—						183,032
Residential mortgage-backed securities of U.S. government corporations and agencies			—						17,352						—						17,352
Commercial mortgage-backed securities of U.S. government corporations and agencies			—						280,224						—						280,224
Corporate obligations			—						4,027						—						4,027
Obligations of states and political subdivisions			—						126,611						—						126,611
Total Available-for-sale Debt Securities			—						714,920						—						714,920
Marketable equity securities			3,185						64						—						3,249
Total Securities			3,185						714,984						—						718,169
Securities held in a deferred compensation plan			5,990						—						—						5,990
Derivative financial assets:
Interest rate swaps			—						90,163						—						90,163
Interest rate lock commitments			—						3,198						—						3,198
Total Assets			$	9,175					$	808,345					$	—					$	817,520
LIABILITIES
Derivative financial liabilities:
Interest rate swaps			$	—					$	90,616					$	—					$	90,616
Forward sale contracts			—						450						—						450
Total Liabilities			$	—					$	91,066					$	—					$	91,066

						December 31, 2019
(dollars in thousands)						Level 1									Level 2									Level 3									Total
ASSETS
Available-for-sale debt securities:
U.S. Treasury securities						$	—								$	10,040								$	—								$	10,040
Obligations of U.S. government corporations and agencies						—									157,697									—									157,697
Collateralized mortgage obligations of U.S. government corporations and agencies						—									189,348									—									189,348
Residential mortgage-backed securities of U.S. government corporations and agencies						—									22,418									—									22,418
Commercial mortgage-backed securities of U.S. government corporations and agencies						—									275,870									—									275,870
Corporate Bonds						—									7,627									—									7,627
Obligations of states and political subdivisions						—									116,133									—									116,133
Total Available-for-Sale Debt Securities						—									779,133									—									779,133
Marketable equity securities						5,078									72									—									5,150
Total Securities						5,078									779,205									—									784,283
Securities held in a deferred compensation plan						5,987									—									—									5,987
Derivative financial assets:
Interest rate swaps						—									25,647									—									25,647
Interest rate lock commitments						—									321									—									321
Forward sale contracts						—									1									—									1
Total Assets						$	11,065								$	805,174								$	—								$	816,239
LIABILITIES
Derivative financial liabilities:
Interest rate swaps						$	—								$	25,615								$	—								$	25,615
Total Liabilities						$	—								$	25,615								$—									$	25,615