S&T Bancorp Announces Extension Of Share Repurchase Plan

Rhea-AI Summary

The Board of Directors of S&T Bancorp has extended its $50 million share repurchase plan, initially set to expire on March 31, 2021, through to March 31, 2022. Currently, $37.4 million remains available for repurchase. The plan allows S&T to buy back shares at its discretion, depending on market conditions and financial performance. Funding for the repurchase will come from cash on hand and internally generated funds. The plan does not mandate a specific number of shares to be repurchased.

Positive

• Extension of share repurchase plan demonstrates commitment to enhancing shareholder value.
• Remaining capacity of $37.4 million indicates strong financial health.
• Flexibility in repurchase timing allows S&T to optimize its buyback strategy.

Negative

• None.

INDIANA, Pa., March 16, 2021 /PRNewswire/ -- The Board of Directors of S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank with locations in Pennsylvania, Ohio and New York authorized an extension of its $50 million share repurchase plan, which was set to expire on March 31, 2021, at its regular meeting held March 15, 2021. This repurchase authorization, which is effective through March 31, 2022, permits S&T to repurchase from time to time up to the previously authorized $50 million in aggregate value of shares of S&T's common stock, with $37.4 million of capacity remaining as of today, through a combination of open market and privately negotiated repurchases. 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, legal and contractual requirements and S&T's financial performance. The repurchase plan does not obligate S&T to repurchase any particular number of shares. S&T expects to fund any repurchases from cash on hand and internally generated funds. Any share repurchases will not begin until permissible under applicable laws.

About S&T Bancorp, Inc. and S&T Bank 
S&T Bancorp, Inc. is a $9.0 billion bank holding company that is headquartered in Indiana, Pa. and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was recently ranked #1 in customer satisfaction with retail banking in the Mid-Atlantic including best in communication and advice by J.D. Power. Established in 1902, S&T Bank operates in five markets including Western Pennsylvania, Central Pennsylvania, Northeast Ohio, Central Ohio, and Upstate New York. For more information, visit stbancorp.com, stbank.com, or follow us on Facebook, Instagram, and LinkedIn.

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SOURCE S&T Bancorp, Inc.

FAQ

What is the current status of S&T Bancorp's share repurchase plan?

S&T Bancorp's share repurchase plan has been extended through March 31, 2022, with $37.4 million remaining for buybacks.

How much has S&T Bancorp authorized for its share repurchase plan?

S&T Bancorp has authorized a total of $50 million for its share repurchase plan.

When does the share repurchase plan for S&T Bancorp expire?

The share repurchase plan for S&T Bancorp expires on March 31, 2022.

What factors will S&T Bancorp consider when repurchasing shares?

S&T Bancorp will consider market conditions, share trading price, legal requirements, and financial performance.

How will S&T Bancorp fund its share repurchases?

S&T Bancorp plans to fund repurchases using cash on hand and internally generated funds.