A pre-cast siding panel for mortarless application to a building structure is disclosed, which includes a structure for capturing and draining infiltrated water away from the building structure. In a preferred embodiment, the siding panel includes a cast facing panel made of settable material and having a front face exposed in an installed condition of the panel and top, bottom and side edges for engagement with like panels positioned adjacent thereto; and a supporting spacer partially embedded in the rear surface of the facing panel, the spacer including a mounting portion for fastening the siding panel to the building structure and a water management portion for managing infiltrated water away from the building structure, by capturing infiltrated water which has seeped past the front face along one or more of the edges and draining the captured infiltrated water away from the building structure.