S&T BANCORP ANNOUNCES EXTENSION OF SHARE REPURCHASE PLAN

Rhea-AI Summary

S&T Bancorp has authorized an extension of its $50 million share repurchase plan, now effective through March 31, 2023. The plan allows for the repurchase of up to $37.4 million worth of shares remaining, which can occur through various means including open market transactions. This initiative aims to enhance shareholder value by potentially increasing earnings per share (EPS) through reduced outstanding shares. Repurchases will be funded from cash on hand and internally generated funds.

Positive

• Extension of share repurchase plan, enhancing shareholder value.
• Remaining capacity of $37.4 million suggests potential for significant share reduction.
• Funding from cash on hand indicates strong liquidity.

Negative

• None.

INDIANA, Pa., March 21, 2022 /PRNewswire/ -- The Board of Directors of S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank with operations in five markets including Western Pennsylvania, Eastern Pennsylvania, Northeast Ohio, Central Ohio, and Upstate New York authorized an extension of its $50 million share repurchase plan, which was set to expire on March 31, 2022, at its regular meeting held March 21, 2022. This repurchase authorization, which is effective through March 31, 2023, 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 $9.5 billion bank holding company that is headquartered in Indiana, Pennsylvania and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank was established in 1902 and operates in five markets including Western Pennsylvania, Eastern Pennsylvania, Northeast Ohio, Central Ohio, and Upstate New York. For more information visit stbancorp.com or stbank.com. Follow us on Facebook, Instagram and LinkedIn.

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SOURCE S&T Bancorp, Inc.

FAQ

What is the purpose of S&T Bancorp's $50 million share repurchase plan?

The share repurchase plan aims to enhance shareholder value by potentially increasing earnings per share (EPS) through the reduction of outstanding shares.

How long is the share repurchase plan extension for S&T Bancorp?

The extension of the share repurchase plan is effective through March 31, 2023.

How much of the share repurchase plan's capacity remains for S&T Bancorp?

As of now, S&T Bancorp has $37.4 million remaining in its share repurchase capacity.

What funding sources will S&T Bancorp use for the share repurchase?

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

When did S&T Bancorp announce the extension of its share repurchase plan?

The announcement for the extension of the share repurchase plan was made on March 21, 2022.