Somerset Trust : 2nd Quarter Ended 6/30/22

151 West Main Street, P.O. Box 777, Somerset, PA 15501 Phone: [phone] Fax: [phone] somersettrust.com

QUARTERLY REPORT

June 30, 2022

SOMERSET TRUST HOLDING COMPANY

Financial Highlights (in thousands)

			June 30			2021
ASSETS			2022
Cash and due from banks.................................................	$	41,701		$	88,832
Securities..........................................................................			601,712				436,819
Loans................................................................................			1,193,974				1,181,408
Less allowance for loan losses.........................................			(19,820)				(18,706)
......................................................................Net loans			1,174,154				1,162,702
Premises and equipment, net...........................................			36,277				33,647
Other assets......................................................................	$	76,709				55,958
.......................................................................Total assets	1,930,553		$	1,777,958
LIABILITIES
Total deposits....................................................................			1,661,016				1,494,179
Borrowings........................................................................			148,950				129,237
Other liabilities...................................................................			17,437				19,758
....................................................................Total liabilities			1,827,404					1,643,174
STOCKHOLDERS' EQUITY...........................................	$	103,150		$		134,784
............................Total liabilities and stockholders' equity	1,930,553				1,777,958

		June 30		2021
INTEREST INCOME		2022
$			$
Total interest income.........................................................	34,345		34,265
Total interest expense.......................................................		3,078			3,767
......................................................Net interest income		31,266			30,497
Provision for possible loan losses.....................................		795			2,145
...............................Net interest income after provision		30,471			28,352
OTHER INCOME
Trust department income..................................................		2,230			1,934
Service fees......................................................................		4,917			4,402
Other operating income.....................................................		1,725			2,994
Net securities gains (losses).............................................		-			3
........................................................Total other income		8,873			9,332
OTHER EXPENSES
Salaries and employee benefits........................................		15,845			16,275
Occupancy and equipment...............................................		3,611			3,700
Other operating expense...................................................		9,443			9,271
....................................................Total other expenses		28,899			29,246
INCOME BEFORE INCOME TAXES.............................		10,445			8,439
INCOME TAX EXPENSE................................................		1,257			981
..............................................................NET INCOME	$	9,188		$	7,458

Unaudited

			2022	June 30	2021
PER SHARE DATA
Earnings per share............................................................	$	3.64	$	2.96
Dividends..........................................................................			0.78		0.76
PERFORMANCE RATIOS				%		%
Return on average assets.................................................			0.97	0.86
Return on average equity..................................................			15.10	%	11.48	%
Net interest margin............................................................			3.43	%	3.66	%
Net overhead/average assets...........................................			2.11	%	2.31	%
BALANCE SHEET RATIOS			69.80	%	80.17	%
Loans to deposits..............................................................
Securities to assets...........................................................			28.67	%	24.37	%
ASSET QUALITY RATIOS
Allowance for loan losses to total loans............................			1.74	%	1.61	%
Non-performing loans to total loans..................................			0.80	%	0.87	%
Non-performing assets to total assets...............................			0.48	%	0.64	%
Coverage ratio...................................................................			217.37	%	185.06	%
CAPITAL ADEQUACY	$		$
Tier 1 common equity (CET1) (in thousands)...................	145,008	132,395
Leverage ratio...................................................................			7.63	%	7.64	%
CET1 capital ratio..............................................................			10.41	%	10.68	%
Total capital ratio...............................................................			11.66	%	11.94	%

GROWTH RATES (in thousands)		6/30/2022		6/30/2021	% Change
Net income........................................................................	$	9,188	$	7,458	23.19	%
Total deposits....................................................................		1,661,016		1,494,179	11.17	%
Total assets.......................................................................		1,930,553		1,777,958	8.58	%
Total loans.........................................................................		1,193,974		1,181,408	1.06	%
Trust assets.......................................................................		704,170		723,018	(2.61)	%

Unaudited

Board of Directors	Corporate Officers
Thomas J. Cook, Esq.	James G. Knepper, Jr.	Thomas J. Cook, Esq.
Somerset Trust Company, Retired	The Knepper Agency, Inc.	Chairman of the Board
Sean M. Cook	Troy A. Miller	Sean M. Cook
Somerset Trust Company	Luther P. Miller, Inc.	President
Jeffrey P. Anzovino	Ann B. Persun	Christopher R. Robbins
Deluzio & Company, LLP	Somerset Trust Company, Retired	Secretary
Vickie L. Beer	J. Scott Roberts	Jennifer A. Sheeler
Beer, Ream & Co., Retired	Sunstorm, LLC	Treasurer &
		Chief Financial Officer

Sean C. Isgan

Apex Companies, LLC