S&T Bancorp, Inc.

Good day, ladies and gentlemen, and welcome to the S&T Bancorp first quarter earnings conference call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Mark Kochvar, CFO at S&T Bancorp. Sir, the floor is yours.

Thank you very much. Good afternoon, everyone, and thank you for participating in today's conference call. Before beginning the presentation, I want to take time to refer you to our statement about forward-looking statements and risk factors, which is on the screen in front of you. The statement provides cautionary language required by the Securities and Exchange Commission for forward-looking statements that may be included in this presentation. A copy of the first quarter 2022 earnings release can be obtained by clicking on the press release link on your screen or by visiting our investor relations website at www.stbankcorp.com. We will be reviewing an earnings supplement slide deck as part of this presentation. You can obtain a copy of those slides on our website under events and presentation, first quarter 2022 earnings conference call. Click on the first quarter 2022 earnings supplement. With me today are Chris McCommish, S&T's CEO, and David Antolik, S&T's president.

I'd now like to turn the program over to Chris. Thank you, Mark, and good afternoon, everybody, and thanks for joining us. We look forward to this discussion of our Q1 performance as well as taking your questions. Before I give a brief overview of the numbers, I wanted to start off with making sure everybody's aware of some recognition that we received from J.D. Power recently around retail customer service and retail satisfaction here in what they define as the Pennsylvania region. We were named as the number one bank based on their survey of bank customers. This is a really big deal for our company and certainly for our employees. It's a tremendous compliment when you receive feedback like this from those that are talking to our customers on an independent basis. And it's something that we do not take lightly, but it's certainly something that we have great pride in. We obviously want to thank our customers for the confidence that they show in us and certainly congratulate our teammates for this achievement. It gives us great optimism and confidence as we move forward. As you see on the first slide titled First Quarter Overview, we had a very nice quarter. From a numbers perspective, we posted $0.74 a share. up from $0.57 a share, and that totaled a little over $29 million in net income. We saw improvements in both margins and credit quality in the quarter. Credit quality improvement is in line with our focus on achieving a better balance of growth underpinned by a focus on safety and soundness. A margin improvement was aided by better deposit mix as well as the asset-sensitive nature of our balance sheet in a rising rate environment. As we look forward, this asset-sensitive nature of our balance sheet really does give us optimism as we move through the year and for continued improvement in both net interest income as well as net interest margins. I also want to take a note around our dividend increase for the quarter. We increased the dividend by 3.4% to $0.30 a share. This is the second increase that we've delivered in the last three quarters, and it is a reflection of the value that we have in those that are investing in our company and our desire to give back to them as well. Turning on to the next page, titled Balance Sheet, I'm going to turn it over to Dave Antolek to give us more details. But a couple of notes here. One, as we talked about, and this is really a reflection of customer relationships, and that is our deposits remain stable. And actually, the mix showed some improvement in the quarter as low-cost core and core deposit growth remained stable. in great shape and we migrated some higher cost deposits off the balance sheet. Our securities portfolio also increased in the quarter, which will help improve NIM and yields, deploying about $117 million from cash into higher yielding assets. Lots to be proud of in the loan book over the quarter, particularly in the consumer space. strategic work that we've been doing within our customer base that we believe that there were opportunities with those customers and good solid execution not only in this quarter but over the past few months has resulted in that growth. I'm going to turn it over to Dave and allow him to give us more details.