S&T Bancorp, Inc. (NASDAQ:STBA) Q2 2023 Earnings Call Transcript

Daniel Cardenas: Okay. Good. And I guess just one more question. On the Residential growth that you’re seeing in your portfolio, is that primarily a 30-year fixed, or is it adjustables, what’s kind of the type of loan that you’re adding to that — to your books?

Mark Kochvar: It’s mostly just standard fixed mostly 30, some 15 in there, but mostly 30.

Daniel Cardenas: Okay. Great. All right. Thanks guys. I’ll step back.

Mark Kochvar: Okay. Thanks, Dan.

Chris McComish: Thanks, Dan.

Mark Kochvar: We did receive a couple of other questions that we got through e-mail today. I’ll just go over those very quickly. The first was whether we would expect to see any other recoveries from the customer fraud that we had. As a reminder, we had a recovery in the first quarter of about $9 million. At this point, we are still pursuing various avenues to recoveries. We have nothing for sure that we can talk about at this point, but that’s something that we’ll continue to work on and have some anticipation that will potentially have something, but nothing is for certain. The second question is, has there been — have we gone to the Thorough Reserve for any borrowings? We have not, either with the discount window or the new BCLF program, we have not borrowed, our borrowings are primarily from the home loan bank.

Another question was whether long-term bonds held by SNCF been devalued? All of our bonds, as I mentioned, are available for sale. So they’re marked to market on the balance sheet. There is an AOCI impact with those, but we do not have any held-to-maturity bonds at all. And then finally, what was the deposit change since the beginning of the year, if you put the two quarters that we’ve had together, were down about $79 million or about 1.1% since the end of 2023 — 2022, sorry? That’s all the questions that we got online. I’ll turn it back over to Chris for final comments.

Chris McComish: Yeah, I’ll just wrap it up. And again, thank everybody for being on the call and your interest in our company and these good questions. And — we will look forward to being back with you again about 90 days from now. In the meantime, we’re going to go back to work and focus on our customers. So thank you. Have a great day.

Operator: Thank you, ladies and gentlemen. This does conclude today’s call. Thank you for your participation. You may now disconnect.