TrustCo Bank Corp NY (TrustCo, NASDAQ:
TRST) today announced second quarter 2023 net income of
$16.4 million or $0.86 diluted earnings per share, compared to net
income of $17.9 million or $0.93 diluted earnings per share for the
second quarter 2022; and net income of $34.1 million or $1.79
diluted earnings per share for the six months ended June 30, 2023,
compared to net income of $35.0 million or $1.82 diluted earnings
per share for the six months ended June 30, 2022. Total loan growth
increased $346.3 million or 7.6% for the second quarter 2023 over
the same period in
2022. Overview
Chairman, President, and CEO, Robert J.
McCormick said, “The value of business fundamentals in corporate
success cannot be overstated. At Trustco Bank, our fundamental
goals are to achieve strength and stability. At the management
level, we accomplish this by taking a long view on balance sheet
management, avoiding trends and costly quick fixes. Our team then
applies the fruit of that effort to deliver industry-leading
deposit products that allow us to build customer relationships that
endure over time and survive economic ups and downs. The results
announced today offer proof of the success of that work. In a time
when other banks are experiencing loss of deposits to non-bank
investment products, through strong customer relationships we have
seen deposit growth since year end. We have taken a careful
approach to pricing and moderated downward pressure on net interest
margin. Additionally, our industry best loan products continue to
retain existing customers and attract new ones. All loan categories
have grown each successive quarter since the same period in the
prior year and have grown by $346 million year over year. Once
again, where others have faltered, Trustco Bank has excelled. This
success allows us to satisfy our driving goal – to provide our
owners with a long-term, top-tier return on their investment.”
TrustCo continued to see deposit balances
rebound from the end of the year with net deposit inflows during
both the first and second quarters of 2023. Loan growth continued
in the second quarter 2023 compared to the prior year’s second
quarter, led by an increase in residential mortgages. Loan
portfolio expansion was funded by a combination of utilizing a
portion of our strong cash balances and by cash flow from
investments, deposit inflows, and the existing loan portfolio. The
Federal Reserve’s decision to raise the target Federal Funds rate
multiple times since March 2022 has contributed to our results in
the second quarter 2023, as our cash position and other variable
rate products continue to reprice upward, and are likely to
continue to do so to the extent there are additional rate
increases. We also note that current mortgage rates significantly
exceed the yield on our existing portfolio of mortgages, which, if
sustained, should be positive to net interest margin going forward.
TrustCo’s strong liquidity position continues to allow us to take
advantage of opportunities as they arise.
Details
Average loans were up $336.0 million or 7.5% in
the second quarter 2023 over the same period in 2022. Average
residential loans, our primary lending focus, were up $220.0
million, or 5.4%, in the second quarter 2023 over the same period
in 2022. Average commercial loans and home equity lines of credit
also increased $50.1 million or 25.2% and $59.5 million or 24.4%,
respectively, in the second quarter 2023 over the same period in
2022.
We are actively retaining deposits, which is
evident in the quarter over quarter results. Total deposits as of
June 30, 2023 increased $46.0 million to $5.3 billion from March
31, 2023. As we move forward, our objective is to continue to
encourage customers to retain these funds in the expanded product
offerings of the Bank through aggressive marketing and product
differentiation. We understood the big inflows of
deposits during the pandemic were temporary and that is why we did
not invest that liquidity into securities or loans, but we instead
retained that liquidity on the balance sheet for when the
depositors would start to absorb the funds. This gave us
flexibility to strategically price deposits while retaining core
customers.
Net interest income was $44.1 million for the
second quarter 2023, an increase of $991 thousand or 2.3% compared
to the same period in 2022, driven by a strong cash balance at the
Federal Reserve Bank, loan growth, investment income, and the
increases in the Federal Funds target rate over the past year. The
net interest margin for the second quarter 2023 was 2.98%, up 15
basis points from 2.83% in the second quarter of 2022.
The yield on interest earnings assets increased to 3.80%, up 90
basis points from 2.90% in the second quarter of 2022. The cost of
interest bearing liabilities increased to 1.06% in the second
quarter 2023 from 0.10% in the second quarter 2022. The increase in
net interest income is primarily a result of our ability to
maintain a $551.1 million average cash balance at the Federal
Reserve Bank during the second quarter of 2023, continued strong
loan volume, and being able to retain deposit balances at
competitive market rates.
Asset quality remains strong and has been
consistent over the past twelve months. The Company recorded a
benefit for credit losses of $500 thousand in the second quarter of
2023, which is the result of a benefit for credit losses on
unfunded commitments of $500 thousand as a result of a
corresponding decrease in unfunded loan commitments. There was no
provision for credit losses on loans during the second quarter of
2023. The ratio of allowance for credit losses on loans to total
loans was 0.96% and 1.00% as of June 30, 2023 and 2022,
respectively. The allowance for credit losses on loans was $46.9
million at June 30, 2023, compared to $45.3 million at June 30,
2022. Nonperforming loans (NPLs) were $19.4 million at June 30,
2023, compared to $18.7 million at June 30, 2022. NPLs were 0.40%
and 0.41% of total loans at June 30, 2023 and 2022, respectively.
The coverage ratio, or allowance for credit losses on loans to
NPLs, was 241.6% at June 30, 2023, compared to 242.0% at June 30,
2022. Nonperforming assets (NPAs) were $20.8 million at June 30,
2023, compared to $19.4 million at June 30, 2022.
Additionally, we have also had minimal charge-offs, and have been
in a net recovery position for the past six
quarters.
At June 30, 2023 our equity to asset ratio was
10.23%, compared to 9.55% at June 30, 2022. Book value per share at
June 30, 2023 was $32.66, up 5.2% compared to $31.06 a year
earlier.
A conference call to discuss second quarter 2023
results will be held at 9:00 a.m. Eastern Time on July 25, 2023.
Those wishing to participate in the call may dial toll-free for the
United States at 1-833-470-1428, and for Canada at 1-833-950-0062,
Access code 775800. A replay of the call will be
available for thirty days by dialing toll-free for the United
States and Canada at 1-866-813-9403, Access code 419365. The call
will also be audio webcast at
https://events.q4inc.com/attendee/812116418, and will be available
for one year.
About TrustCo Bank Corp NY
TrustCo Bank Corp NY is a $6.1 billion savings
and loan holding company and through its subsidiary, Trustco Bank,
operated 143 offices in New York, New Jersey, Vermont,
Massachusetts, and Florida at June 30, 2023.
In addition, the Bank’s Financial Services
Department offers a full range of investment services, retirement
planning and trust and estate administration services. The common
shares of TrustCo are traded on the NASDAQ Global Select Market
under the symbol TRST.
Forward-Looking Statements
All statements in this news release that are not
historical are forward-looking statements within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
words such as "anticipate," "intend," "plan," "goal," "seek,"
"believe," "project," "estimate," "expect," "strategy," "future,"
"likely," "may," "should," "will" and similar references to future
development, results or periods. Examples of forward-looking
statements include, among others, statements we make regarding our
expectations for our performance during 2023, including our
expectations regarding the effects of the economic environment on
our financial results, our ability to retain customers and the
amount of customers’ business, including deposit balances, with us,
the impact of the Federal Reserve’s actions regarding interest
rates, the growth of loans and deposits throughout our branch
network, the increase in residential mortgage rates, and our
ability to capitalize on economic changes in the areas in which we
operate. Forward-looking statements are based on management’s
current expectations as well as certain assumptions and estimates
made by, and information available to, management at the time the
statements are made. Such forward-looking statements are subject to
factors and uncertainties that could cause actual results to differ
materially for TrustCo from the views, beliefs and projections
expressed in such statements, and many of the risks and
uncertainties are heightened by or may, in the future, be
heightened by volatility in financial markets and macroeconomic or
geopolitical concerns related to inflation, rising interest rates
and the war in Ukraine. TrustCo wishes to caution readers not to
place undue reliance on any such forward-looking statements, which
speak only as of the date made. The following important factors,
among others, in some cases have affected and in the future could
affect TrustCo’s actual results and could cause TrustCo’s actual
financial performance to differ materially from that expressed in
any forward-looking statement: changes in interest rates, including
recent and possible future increases fueled by inflation;
inflationary pressures and rising prices; exposure to credit risk
in our lending activities; the sufficiency of our allowance for
credit losses on loans to cover actual loan losses; our ability to
meet the cash flow requirements of our depositors or borrowers or
meet our operating cash needs to fund corporate expansion and other
activities; claims and litigation pertaining to fiduciary
responsibility and lender liability; our dependency upon the
services of the management team; our disclosure controls and
procedures’ ability to prevent or detect errors or acts of fraud;
the adequacy of our business continuity and disaster recovery
plans; the effectiveness of our risk management framework; the
chance of a prolonged economic downturn, especially one affecting
our geographic market area; instability in global economic
conditions and geopolitical matters, as well as volatility in
financial markets; the COVID-19 pandemic; the soundness of other
financial institutions; fluctuations in the trust wealth management
fees we receive as a result of investment performance; the impact
of regulatory capital rules on our growth; changes in laws and
regulations; our compliance with the USA PATRIOT Act, Bank Secrecy
Act, and other laws and regulations that could result in fines or
sanctions; changes in tax laws; limitations on our ability to pay
dividends; TrustCo Realty Corp.’s ability to qualify as a real
estate investment trust; changes in accounting standards;
competition within our market areas; consumers and businesses’ use
of non-banks to complete financial transactions; our reliance on
third-party service providers; the risk of data breaches and
cyber-attacks; the risk of an unauthorized disclosure of sensitive
or confidential client or customer information; the impact of any
expansion by us into new lines of business or new products and
services; the impact of severe weather events and climate change on
us and the communities we serve, including societal responses to
climate change; and other risks and uncertainties under the heading
“Risk Factors” in our most recent annual report on Form 10-K and,
if any, in our subsequent quarterly reports on Form 10-Q or other
securities filings. The forward-looking statements contained in
this news release represent TrustCo management’s judgment as of the
date of this news release. TrustCo disclaims, however, any intent
or obligation to update forward-looking statements, either as a
result of future developments, new information or otherwise, except
as may be required by law.
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TRUSTCO BANK CORP NY |
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GLENVILLE, NY |
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FINANCIAL HIGHLIGHTS |
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(dollars in thousands, except per share data) |
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(Unaudited) |
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Three months ended |
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6/30/2023 |
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3/31/2023 |
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6/30/2022 |
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Summary of operations |
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Net interest income |
|
$ |
44,052 |
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$ |
46,965 |
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$ |
43,060 |
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|
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|
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(Credit) Provision for credit losses |
|
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(500 |
) |
|
|
300 |
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(491 |
) |
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Noninterest income |
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|
4,598 |
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|
4,669 |
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4,916 |
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Noninterest expense |
|
|
27,327 |
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|
27,679 |
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|
25,005 |
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Net income |
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16,372 |
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|
17,746 |
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|
17,871 |
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Per share |
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Net income per share: |
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- Basic |
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$ |
0.86 |
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$ |
0.93 |
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$ |
0.93 |
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- Diluted |
|
|
0.86 |
|
|
|
0.93 |
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|
|
0.93 |
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Cash dividends |
|
|
0.36 |
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|
0.36 |
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|
0.35 |
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Book value at period end |
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|
32.66 |
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|
32.31 |
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|
31.06 |
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Market price at period end |
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28.61 |
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|
31.94 |
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|
30.84 |
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At period end |
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Full time equivalent employees |
|
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791 |
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|
776 |
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793 |
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Full service banking offices |
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143 |
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143 |
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144 |
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Performance ratios |
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Return on average assets |
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1.09 |
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% |
|
1.20 |
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% |
|
1.15 |
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% |
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Return on average equity |
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|
10.61 |
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|
11.84 |
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|
12.08 |
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Efficiency ratio (1) |
|
|
55.87 |
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|
|
53.17 |
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|
|
51.97 |
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Net interest spread |
|
|
2.74 |
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|
|
3.06 |
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|
|
2.80 |
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Net interest margin |
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|
2.98 |
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|
|
3.21 |
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|
|
2.83 |
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Dividend payout ratio |
|
|
41.83 |
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|
|
38.59 |
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|
|
37.46 |
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Capital ratios at period end |
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Consolidated equity to assets |
|
|
10.23 |
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% |
|
10.17 |
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% |
|
9.55 |
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% |
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Consolidated tangible equity to tangible assets (2) |
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10.22 |
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% |
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10.16 |
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% |
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9.54 |
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% |
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Asset quality analysis at period end |
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Nonperforming loans to total loans |
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0.40 |
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% |
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0.40 |
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% |
|
0.41 |
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% |
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Nonperforming assets to total assets |
|
|
0.34 |
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|
0.35 |
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|
0.31 |
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Allowance for credit losses on loans to total loans |
|
|
0.96 |
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|
|
0.97 |
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|
1.00 |
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|
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Coverage ratio (3) |
|
2.4x |
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2.4x |
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2.4x |
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(1) Non-GAAP measure; calculated as noninterest expense (excluding
ORE income/expense) divided by taxable equivalent net interest
income plus noninterest income. See Non-GAAP Financial Measures
Reconciliation. |
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(2) Non-GAAP measure; calculated as total shareholders' equity less
$553 of intangible assets divided by total assets less $553 of
intangible assets. See Non-GAAP Financial Measures
Reconciliation. |
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(3) Calculated as allowance for credit losses on loans divided by
total nonperforming loans. |
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FINANCIAL HIGHLIGHTS, Continued |
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(dollars in thousands, except per share data) |
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(Unaudited) |
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Six months ended |
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06/30/23 |
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06/30/22 |
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Summary of operations |
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Net interest income |
$ |
|
91,017 |
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|
|
83,156 |
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|
|
|
|
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(Credit) Provision for credit losses |
|
|
(200 |
) |
|
|
(691 |
) |
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|
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Noninterest income |
|
|
9,267 |
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|
|
10,099 |
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|
|
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|
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Noninterest expense |
|
|
55,006 |
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|
47,770 |
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|
|
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Net income |
|
|
34,118 |
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|
|
34,960 |
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Per share |
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Net income per share: |
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|
|
|
|
|
|
|
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|
- Basic |
$ |
|
1.79 |
|
|
|
1.82 |
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|
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- Diluted |
|
|
1.79 |
|
|
|
1.82 |
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|
|
|
|
|
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Cash dividends |
|
|
0.72 |
|
|
|
0.70 |
|
|
|
|
|
|
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|
Book value at period end |
|
|
32.66 |
|
|
|
31.06 |
|
|
|
|
|
|
|
|
Market price at period end |
|
|
28.61 |
|
|
|
30.84 |
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|
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Performance ratios |
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Return on average assets |
|
|
1.14 |
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% |
|
1.13 |
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|
|
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|
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Return on average equity |
|
|
11.22 |
|
|
|
11.84 |
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|
|
|
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Efficiency ratio (1) |
|
|
54.48 |
|
|
|
51.28 |
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|
|
|
|
|
|
|
Net interest spread |
|
|
2.90 |
|
|
|
2.72 |
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.10 |
|
|
|
2.74 |
|
|
|
|
|
|
|
|
Dividend payout ratio |
|
|
40.15 |
|
|
|
38.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP measure; calculated as noninterest expense (excluding
ORE income/expense) divided by taxable equivalent net interest
income plus noninterest income. See Non-GAAP Financial Measures
Reconciliation. |
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|
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CONSOLIDATED STATEMENTS OF INCOME |
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(dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
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|
Three months ended |
|
|
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
|
6/30/2022 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
46,062 |
|
|
$ |
44,272 |
|
|
$ |
42,711 |
|
|
$ |
40,896 |
|
|
$ |
39,604 |
|
|
Interest and dividends on securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
U. S. government sponsored enterprises |
|
|
691 |
|
|
|
692 |
|
|
|
693 |
|
|
|
479 |
|
|
|
147 |
|
|
State and political subdivisions |
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
Mortgage-backed securities and collateralized mortgage |
|
|
|
|
|
|
|
|
|
|
|
obligations - residential |
|
|
1,543 |
|
|
|
1,585 |
|
|
|
1,606 |
|
|
|
1,617 |
|
|
|
1,367 |
|
|
Corporate bonds |
|
|
516 |
|
|
|
521 |
|
|
|
523 |
|
|
|
526 |
|
|
|
522 |
|
|
Small Business Administration - guaranteed participation
securities |
|
|
111 |
|
|
|
117 |
|
|
|
124 |
|
|
|
133 |
|
|
|
140 |
|
|
Other securities |
|
|
3 |
|
|
|
2 |
|
|
|
2 |
|
|
|
3 |
|
|
|
2 |
|
|
Total interest and dividends on securities available for sale |
|
|
2,865 |
|
|
|
2,917 |
|
|
|
2,948 |
|
|
|
2,759 |
|
|
|
2,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on held to maturity securities: |
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities and collateralized mortgage obligations
- residential |
|
|
75 |
|
|
|
78 |
|
|
|
81 |
|
|
|
85 |
|
|
|
87 |
|
|
Total interest on held to maturity securities |
|
|
75 |
|
|
|
78 |
|
|
|
81 |
|
|
|
85 |
|
|
|
87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank stock |
|
|
110 |
|
|
|
110 |
|
|
|
98 |
|
|
|
80 |
|
|
|
65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on federal funds sold and other short-term
investments |
|
|
6,970 |
|
|
|
6,555 |
|
|
|
6,246 |
|
|
|
5,221 |
|
|
|
2,253 |
|
|
Total interest income |
|
|
56,082 |
|
|
|
53,932 |
|
|
|
52,084 |
|
|
|
49,041 |
|
|
|
44,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking |
|
|
49 |
|
|
|
66 |
|
|
|
61 |
|
|
|
43 |
|
|
|
42 |
|
|
Savings |
|
|
655 |
|
|
|
530 |
|
|
|
401 |
|
|
|
200 |
|
|
|
163 |
|
|
Money market deposit accounts |
|
|
1,756 |
|
|
|
814 |
|
|
|
389 |
|
|
|
237 |
|
|
|
210 |
|
|
Time deposits |
|
|
9,291 |
|
|
|
5,272 |
|
|
|
1,839 |
|
|
|
646 |
|
|
|
536 |
|
|
Interest on short-term borrowings |
|
|
279 |
|
|
|
285 |
|
|
|
208 |
|
|
|
122 |
|
|
|
176 |
|
|
Total interest expense |
|
|
12,030 |
|
|
|
6,967 |
|
|
|
2,898 |
|
|
|
1,248 |
|
|
|
1,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
44,052 |
|
|
|
46,965 |
|
|
|
49,186 |
|
|
|
47,793 |
|
|
|
43,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: (Credit) Provision for credit losses |
|
|
(500 |
) |
|
|
300 |
|
|
|
50 |
|
|
|
300 |
|
|
|
(491 |
) |
|
Net interest income after (credit) provision for loan losses |
|
|
44,552 |
|
|
|
46,665 |
|
|
|
49,136 |
|
|
|
47,493 |
|
|
|
43,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
Trustco Financial Services income |
|
|
1,412 |
|
|
|
1,774 |
|
|
|
1,773 |
|
|
|
1,435 |
|
|
|
1,996 |
|
|
Fees for services to customers |
|
|
2,847 |
|
|
|
2,648 |
|
|
|
2,783 |
|
|
|
2,705 |
|
|
|
2,658 |
|
|
Other |
|
|
339 |
|
|
|
247 |
|
|
|
219 |
|
|
|
246 |
|
|
|
262 |
|
|
Total noninterest income |
|
|
4,598 |
|
|
|
4,669 |
|
|
|
4,775 |
|
|
|
4,386 |
|
|
|
4,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
13,122 |
|
|
|
13,283 |
|
|
|
13,067 |
|
|
|
12,134 |
|
|
|
11,464 |
|
|
Net occupancy expense |
|
|
4,262 |
|
|
|
4,598 |
|
|
|
4,261 |
|
|
|
4,483 |
|
|
|
4,254 |
|
|
Equipment expense |
|
|
1,873 |
|
|
|
1,962 |
|
|
|
1,700 |
|
|
|
1,532 |
|
|
|
1,667 |
|
|
Professional services |
|
|
1,360 |
|
|
|
1,607 |
|
|
|
1,251 |
|
|
|
1,375 |
|
|
|
1,484 |
|
|
Outsourced services |
|
|
2,491 |
|
|
|
2,296 |
|
|
|
2,102 |
|
|
|
2,328 |
|
|
|
2,500 |
|
|
Advertising expense |
|
|
518 |
|
|
|
390 |
|
|
|
532 |
|
|
|
508 |
|
|
|
389 |
|
|
FDIC and other insurance |
|
|
1,085 |
|
|
|
1,052 |
|
|
|
770 |
|
|
|
773 |
|
|
|
804 |
|
|
Other real estate expense, net |
|
|
148 |
|
|
|
225 |
|
|
|
101 |
|
|
|
124 |
|
|
|
74 |
|
|
Other |
|
|
2,468 |
|
|
|
2,266 |
|
|
|
2,621 |
|
|
|
2,887 |
|
|
|
2,369 |
|
|
Total noninterest expenses |
|
|
27,327 |
|
|
|
27,679 |
|
|
|
26,405 |
|
|
|
26,144 |
|
|
|
25,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
|
21,823 |
|
|
|
23,655 |
|
|
|
27,506 |
|
|
|
25,735 |
|
|
|
23,462 |
|
|
Income taxes |
|
|
5,451 |
|
|
|
5,909 |
|
|
|
6,596 |
|
|
|
6,371 |
|
|
|
5,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
16,372 |
|
|
$ |
17,746 |
|
|
$ |
20,910 |
|
|
$ |
19,364 |
|
|
$ |
17,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
- Basic |
|
$ |
0.86 |
|
|
$ |
0.93 |
|
|
$ |
1.10 |
|
|
$ |
1.01 |
|
|
$ |
0.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Diluted |
|
|
0.86 |
|
|
|
0.93 |
|
|
|
1.10 |
|
|
|
1.01 |
|
|
|
0.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic shares (in thousands) |
|
|
19,024 |
|
|
|
19,024 |
|
|
|
19,045 |
|
|
|
19,111 |
|
|
|
19,153 |
|
|
Average diluted shares (in thousands) |
|
|
19,024 |
|
|
|
19,028 |
|
|
|
19,050 |
|
|
|
19,112 |
|
|
|
19,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF INCOME, Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
Six months ended |
|
|
|
|
|
|
|
|
|
06/30/23 |
|
06/30/22 |
|
|
|
|
|
|
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
$ |
|
90,334 |
|
|
|
78,607 |
|
|
|
|
|
|
|
|
Interest and dividends on securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
U. S. government sponsored enterprises |
|
|
1,383 |
|
|
|
233 |
|
|
|
|
|
|
|
|
State and political subdivisions |
|
|
1 |
|
|
|
1 |
|
|
|
|
|
|
|
|
Mortgage-backed securities and collateralized mortgage obligations
- residential |
|
|
3,128 |
|
|
|
2,454 |
|
|
|
|
|
|
|
|
Corporate bonds |
|
|
1,037 |
|
|
|
755 |
|
|
|
|
|
|
|
|
Small Business Administration - guaranteed |
|
|
|
|
|
|
|
|
|
|
|
participation securities |
|
|
228 |
|
|
|
294 |
|
|
|
|
|
|
|
|
Other securities |
|
|
5 |
|
|
|
4 |
|
|
|
|
|
|
|
|
Total interest and dividends on securities available for sale |
|
|
5,782 |
|
|
|
3,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on held to maturity securities: |
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities-residential |
|
|
153 |
|
|
|
177 |
|
|
|
|
|
|
|
|
Total interest on held to maturity securities |
|
|
153 |
|
|
|
177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank stock |
|
|
220 |
|
|
|
127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on federal funds sold and other short-term
investments |
|
|
13,525 |
|
|
|
2,825 |
|
|
|
|
|
|
|
|
Total interest income |
|
|
110,014 |
|
|
|
85,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking |
|
|
115 |
|
|
|
86 |
|
|
|
|
|
|
|
|
Savings |
|
|
1,185 |
|
|
|
319 |
|
|
|
|
|
|
|
|
Money market deposit accounts |
|
|
2,570 |
|
|
|
424 |
|
|
|
|
|
|
|
|
Time deposits |
|
|
14,563 |
|
|
|
1,082 |
|
|
|
|
|
|
|
|
Interest on short-term borrowings |
|
|
564 |
|
|
|
410 |
|
|
|
|
|
|
|
|
Total interest expense |
|
|
18,997 |
|
|
|
2,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
91,017 |
|
|
|
83,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: (Credit) Provision for credit losses |
|
|
(200 |
) |
|
|
(691 |
) |
|
|
|
|
|
|
|
Net interest income after provision for loan losses |
|
|
91,217 |
|
|
|
83,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
Trustco Financial Services income |
|
|
3,186 |
|
|
|
3,829 |
|
|
|
|
|
|
|
|
Fees for services to customers |
|
|
5,495 |
|
|
|
5,459 |
|
|
|
|
|
|
|
|
Other |
|
|
586 |
|
|
|
811 |
|
|
|
|
|
|
|
|
Total noninterest income |
|
|
9,267 |
|
|
|
10,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
26,405 |
|
|
|
20,703 |
|
|
|
|
|
|
|
|
Net occupancy expense |
|
|
8,860 |
|
|
|
8,783 |
|
|
|
|
|
|
|
|
Equipment expense |
|
|
3,835 |
|
|
|
3,255 |
|
|
|
|
|
|
|
|
Professional services |
|
|
2,967 |
|
|
|
2,951 |
|
|
|
|
|
|
|
|
Outsourced services |
|
|
4,787 |
|
|
|
4,780 |
|
|
|
|
|
|
|
|
Advertising expense |
|
|
908 |
|
|
|
1,006 |
|
|
|
|
|
|
|
|
FDIC and other insurance |
|
|
2,137 |
|
|
|
1,616 |
|
|
|
|
|
|
|
|
Other real estate expense, net |
|
|
373 |
|
|
|
85 |
|
|
|
|
|
|
|
|
Other |
|
|
4,734 |
|
|
|
4,591 |
|
|
|
|
|
|
|
|
Total noninterest expenses |
|
|
55,006 |
|
|
|
47,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
|
45,478 |
|
|
|
46,176 |
|
|
|
|
|
|
|
|
Income taxes |
|
|
11,360 |
|
|
|
11,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
|
34,118 |
|
|
|
34,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
- Basic |
$ |
|
1.79 |
|
|
|
1.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Diluted |
|
|
1.79 |
|
|
|
1.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic shares (in thousands) |
|
|
19,024 |
|
|
|
19,184 |
|
|
|
|
|
|
|
|
Average diluted shares (in thousands) |
|
|
19,025 |
|
|
|
19,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION |
|
|
|
(dollars in thousands) |
|
(Unaudited) |
|
|
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
|
6/30/2022 |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
55,662 |
|
|
$ |
47,595 |
|
|
$ |
43,429 |
|
|
$ |
46,236 |
|
|
$ |
46,611 |
|
|
Federal funds sold and other short term investments |
|
|
547,695 |
|
|
|
589,389 |
|
|
|
607,170 |
|
|
|
795,028 |
|
|
|
999,573 |
|
|
Total cash and cash equivalents |
|
|
603,357 |
|
|
|
636,984 |
|
|
|
650,599 |
|
|
|
841,264 |
|
|
|
1,046,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
U. S. government sponsored enterprises |
|
|
113,570 |
|
|
|
119,132 |
|
|
|
118,187 |
|
|
|
102,779 |
|
|
|
101,100 |
|
|
States and political subdivisions |
|
|
34 |
|
|
|
34 |
|
|
|
34 |
|
|
|
41 |
|
|
|
41 |
|
|
Mortgage-backed securities and collateralized mortgage obligations
- residential |
|
|
243,444 |
|
|
|
255,556 |
|
|
|
260,316 |
|
|
|
261,242 |
|
|
|
287,450 |
|
|
Small Business Administration - guaranteed |
|
|
|
|
|
|
|
|
|
|
|
participation securities |
|
|
18,382 |
|
|
|
19,821 |
|
|
|
20,977 |
|
|
|
22,498 |
|
|
|
25,428 |
|
|
Corporate bonds |
|
|
76,618 |
|
|
|
81,464 |
|
|
|
81,346 |
|
|
|
81,002 |
|
|
|
87,740 |
|
|
Other securities |
|
|
656 |
|
|
|
652 |
|
|
|
653 |
|
|
|
657 |
|
|
|
656 |
|
|
Total securities available for sale |
|
|
452,704 |
|
|
|
476,659 |
|
|
|
481,513 |
|
|
|
468,219 |
|
|
|
502,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held to maturity securities: |
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities and collateralized mortgage
obligations-residential |
|
|
7,043 |
|
|
|
7,382 |
|
|
|
7,707 |
|
|
|
8,091 |
|
|
|
8,544 |
|
|
Total held to maturity securities |
|
|
7,043 |
|
|
|
7,382 |
|
|
|
7,707 |
|
|
|
8,091 |
|
|
|
8,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Reserve Bank and Federal Home Loan Bank stock |
|
|
6,203 |
|
|
|
5,797 |
|
|
|
5,797 |
|
|
|
5,797 |
|
|
|
5,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
251,434 |
|
|
|
246,307 |
|
|
|
231,011 |
|
|
|
217,120 |
|
|
|
199,886 |
|
|
Residential mortgage loans |
|
|
4,310,005 |
|
|
|
4,241,459 |
|
|
|
4,203,451 |
|
|
|
4,132,365 |
|
|
|
4,076,657 |
|
|
Home equity line of credit |
|
|
308,976 |
|
|
|
296,490 |
|
|
|
286,432 |
|
|
|
269,341 |
|
|
|
253,758 |
|
|
Installment loans |
|
|
16,396 |
|
|
|
15,326 |
|
|
|
12,307 |
|
|
|
10,665 |
|
|
|
10,258 |
|
|
Loans, net of deferred net costs |
|
|
4,886,811 |
|
|
|
4,799,582 |
|
|
|
4,733,201 |
|
|
|
4,629,491 |
|
|
|
4,540,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Allowance for credit losses on loans |
|
|
46,914 |
|
|
|
46,685 |
|
|
|
46,032 |
|
|
|
45,517 |
|
|
|
45,285 |
|
|
Net loans |
|
|
4,839,897 |
|
|
|
4,752,897 |
|
|
|
4,687,169 |
|
|
|
4,583,974 |
|
|
|
4,495,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment, net |
|
|
32,351 |
|
|
|
32,305 |
|
|
|
32,556 |
|
|
|
31,931 |
|
|
|
32,381 |
|
|
Operating lease right-of-use assets |
|
|
43,113 |
|
|
|
43,478 |
|
|
|
44,727 |
|
|
|
45,733 |
|
|
|
47,343 |
|
|
Other assets |
|
|
90,957 |
|
|
|
90,306 |
|
|
|
89,984 |
|
|
|
94,485 |
|
|
|
88,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
6,075,625 |
|
|
$ |
6,045,808 |
|
|
$ |
6,000,052 |
|
|
$ |
6,079,494 |
|
|
$ |
6,226,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
791,353 |
|
|
$ |
806,075 |
|
|
$ |
838,147 |
|
|
$ |
859,829 |
|
|
$ |
851,573 |
|
|
Interest-bearing checking |
|
|
1,082,989 |
|
|
|
1,124,785 |
|
|
|
1,183,321 |
|
|
|
1,188,790 |
|
|
|
1,208,159 |
|
|
Savings accounts |
|
|
1,315,893 |
|
|
|
1,400,887 |
|
|
|
1,521,473 |
|
|
|
1,562,564 |
|
|
|
1,577,034 |
|
|
Money market deposit accounts |
|
|
625,253 |
|
|
|
600,410 |
|
|
|
621,106 |
|
|
|
716,319 |
|
|
|
760,338 |
|
|
Time deposits |
|
|
1,442,959 |
|
|
|
1,280,301 |
|
|
|
1,028,763 |
|
|
|
954,352 |
|
|
|
999,737 |
|
|
Total deposits |
|
|
5,258,447 |
|
|
|
5,212,458 |
|
|
|
5,192,810 |
|
|
|
5,281,854 |
|
|
|
5,396,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
113,765 |
|
|
|
134,293 |
|
|
|
122,700 |
|
|
|
124,932 |
|
|
|
147,282 |
|
|
Operating lease liabilities |
|
|
47,172 |
|
|
|
47,643 |
|
|
|
48,980 |
|
|
|
50,077 |
|
|
|
51,777 |
|
|
Accrued expenses and other liabilities |
|
|
34,852 |
|
|
|
36,711 |
|
|
|
35,575 |
|
|
|
33,625 |
|
|
|
36,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
5,454,236 |
|
|
|
5,431,105 |
|
|
|
5,400,065 |
|
|
|
5,490,488 |
|
|
|
5,632,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
|
|
Capital stock |
|
|
20,058 |
|
|
|
20,058 |
|
|
|
20,058 |
|
|
|
20,046 |
|
|
|
20,046 |
|
|
Surplus |
|
|
257,078 |
|
|
|
257,078 |
|
|
|
257,078 |
|
|
|
256,661 |
|
|
|
256,661 |
|
|
Undivided profits |
|
|
414,251 |
|
|
|
404,728 |
|
|
|
393,831 |
|
|
|
379,769 |
|
|
|
367,100 |
|
|
Accumulated other comprehensive loss, net of tax |
|
|
(26,212 |
) |
|
|
(23,375 |
) |
|
|
(27,194 |
) |
|
|
(25,209 |
) |
|
|
(9,422 |
) |
|
Treasury stock at cost |
|
|
(43,786 |
) |
|
|
(43,786 |
) |
|
|
(43,786 |
) |
|
|
(42,261 |
) |
|
|
(39,753 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
621,389 |
|
|
|
614,703 |
|
|
|
599,987 |
|
|
|
589,006 |
|
|
|
594,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
6,075,625 |
|
|
$ |
6,045,808 |
|
|
$ |
6,000,052 |
|
|
$ |
6,079,494 |
|
|
$ |
6,226,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding shares (in thousands) |
|
|
19,024 |
|
|
|
19,024 |
|
|
|
19,024 |
|
|
|
19,052 |
|
|
|
19,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS |
|
|
|
|
|
|
|
(dollars in thousands) |
(Unaudited) |
|
|
6/30/2023 |
3/31/2023 |
12/31/2022 |
9/30/2022 |
6/30/2022 |
Nonperforming Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
New York and other
states* |
|
|
|
|
|
|
Loans in nonaccrual
status: |
|
|
|
|
|
|
Commercial |
|
$ |
545 |
|
$ |
560 |
|
$ |
219 |
|
$ |
179 |
|
$ |
203 |
|
Real estate mortgage - 1 to 4 family |
|
|
16,260 |
|
|
15,722 |
|
|
14,949 |
|
|
16,295 |
|
|
16,259 |
|
Installment |
|
|
124 |
|
|
59 |
|
|
23 |
|
|
29 |
|
|
40 |
|
Total non-accrual loans |
|
|
16,929 |
|
|
16,341 |
|
|
15,191 |
|
|
16,503 |
|
|
16,502 |
|
Other nonperforming real estate mortgages - 1 to 4 family |
|
|
7 |
|
|
8 |
|
|
10 |
|
|
12 |
|
|
14 |
|
Total nonperforming loans |
|
|
16,936 |
|
|
16,349 |
|
|
15,201 |
|
|
16,515 |
|
|
16,516 |
|
Other real estate owned |
|
|
1,412 |
|
|
1,869 |
|
|
2,061 |
|
|
682 |
|
|
644 |
|
Total nonperforming assets |
|
$ |
18,348 |
|
$ |
18,218 |
|
$ |
17,262 |
|
$ |
17,197 |
|
$ |
17,160 |
|
|
|
|
|
|
|
|
Florida |
|
|
|
|
|
|
Loans in nonaccrual status: |
|
|
|
|
|
|
Commercial |
|
$ |
314 |
|
$ |
314 |
|
$ |
314 |
|
$ |
- |
|
$ |
- |
|
Real estate mortgage - 1 to 4 family |
|
|
2,170 |
|
|
2,437 |
|
|
1,895 |
|
|
2,104 |
|
|
2,192 |
|
Installment |
|
|
- |
|
|
62 |
|
|
83 |
|
|
65 |
|
|
5 |
|
Total non-accrual loans |
|
|
2,484 |
|
|
2,813 |
|
|
2,292 |
|
|
2,169 |
|
|
2,197 |
|
Other nonperforming real estate mortgages - 1 to 4 family |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Total nonperforming loans |
|
|
2,484 |
|
|
2,813 |
|
|
2,292 |
|
|
2,169 |
|
|
2,197 |
|
Other real estate owned |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Total nonperforming assets |
|
$ |
2,484 |
|
$ |
2,813 |
|
$ |
2,292 |
|
$ |
2,169 |
|
$ |
2,197 |
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
Loans in nonaccrual status: |
|
|
|
|
|
|
Commercial |
|
$ |
859 |
|
$ |
874 |
|
$ |
533 |
|
$ |
179 |
|
$ |
203 |
|
Real estate mortgage - 1 to 4 family |
|
|
18,430 |
|
|
18,159 |
|
|
16,844 |
|
|
18,399 |
|
|
18,451 |
|
Installment |
|
|
124 |
|
|
121 |
|
|
106 |
|
|
94 |
|
|
45 |
|
Total non-accrual loans |
|
|
19,413 |
|
|
19,154 |
|
|
17,483 |
|
|
18,672 |
|
|
18,699 |
|
Other nonperforming real estate mortgages - 1 to 4 family |
|
|
7 |
|
|
8 |
|
|
10 |
|
|
12 |
|
|
14 |
|
Total nonperforming loans |
|
|
19,420 |
|
|
19,162 |
|
|
17,493 |
|
|
18,684 |
|
|
18,713 |
|
Other real estate owned |
|
|
1,412 |
|
|
1,869 |
|
|
2,061 |
|
|
682 |
|
|
644 |
|
Total nonperforming assets |
|
$ |
20,832 |
|
$ |
21,031 |
|
$ |
19,554 |
|
$ |
19,366 |
|
$ |
19,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Net (Recoveries) Chargeoffs |
|
|
|
|
|
|
|
|
|
|
|
|
|
New York and other states* |
|
|
|
|
|
|
Commercial |
|
$ |
(129 |
) |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
Real estate mortgage - 1 to 4 family |
|
|
(161 |
) |
|
(53 |
) |
|
(46 |
) |
|
(164 |
) |
|
(119 |
) |
Installment |
|
|
21 |
|
|
(6 |
) |
|
31 |
|
|
34 |
|
|
12 |
|
Total net (recoveries) chargeoffs |
|
$ |
(269 |
) |
$ |
(59 |
) |
$ |
(15 |
) |
$ |
(130 |
) |
$ |
(107 |
) |
|
|
|
|
|
|
|
Florida |
|
|
|
|
|
|
Commercial |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
Real estate mortgage - 1 to 4 family |
|
|
- |
|
|
(25 |
) |
|
- |
|
|
- |
|
|
- |
|
Installment |
|
|
40 |
|
|
31 |
|
|
- |
|
|
(2 |
) |
|
- |
|
Total net (recoveries) chargeoffs |
|
$ |
40 |
|
$ |
6 |
|
$ |
- |
|
$ |
(2 |
) |
$ |
- |
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
Commercial |
|
$ |
(129 |
) |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
Real estate mortgage - 1 to 4 family |
|
|
(161 |
) |
|
(78 |
) |
|
(46 |
) |
|
(164 |
) |
|
(119 |
) |
Installment |
|
|
61 |
|
|
25 |
|
|
31 |
|
|
32 |
|
|
12 |
|
Total net (recoveries) chargeoffs |
|
$ |
(229 |
) |
$ |
(53 |
) |
$ |
(15 |
) |
$ |
(132 |
) |
$ |
(107 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming loans (1) |
|
$ |
19,420 |
|
$ |
19,162 |
|
$ |
17,493 |
|
$ |
18,684 |
|
$ |
18,713 |
|
Total nonperforming assets (1) |
|
|
20,832 |
|
|
21,031 |
|
|
19,554 |
|
|
19,366 |
|
|
19,357 |
|
Total net (recoveries) chargeoffs (2) |
|
|
(229 |
) |
|
(53 |
) |
|
(15 |
) |
|
(132 |
) |
|
(107 |
) |
|
|
|
|
|
|
|
Allowance for credit losses on loans (1) |
|
|
46,914 |
|
|
46,685 |
|
|
46,032 |
|
|
45,517 |
|
|
45,285 |
|
|
|
|
|
|
|
|
Nonperforming loans to total loans |
|
|
0.40% |
|
|
0.40% |
|
|
0.37% |
|
|
0.40% |
|
|
0.41% |
|
Nonperforming assets to total assets |
|
|
0.34% |
|
|
0.35% |
|
|
0.33% |
|
|
0.32% |
|
|
0.31% |
|
Allowance for credit losses on loans to total loans |
|
|
0.96% |
|
|
0.97% |
|
|
0.97% |
|
|
0.98% |
|
|
1.00% |
|
Coverage ratio (1) |
|
|
241.6% |
|
|
243.6% |
|
|
263.1% |
|
|
243.6% |
|
|
242.0% |
|
Annualized net (recoveries) chargeoffs to average loans (2) |
|
|
-0.02% |
|
|
0.00% |
|
|
0.00% |
|
|
-0.01% |
|
|
-0.01% |
|
Allowance for credit losses on loans to annualized net (recoveries)
chargeoffs (2) |
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
* Includes New York, New Jersey, Vermont and Massachusetts. |
(1) At period-end |
(2) For the three-month period ended |
|
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS'
EQUITY - |
INTEREST RATES AND INTEREST DIFFERENTIAL |
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
Three months ended |
|
|
Three months ended |
|
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
|
|
Average |
|
Interest |
Average |
|
|
Average |
|
Interest |
Average |
|
|
|
Balance |
|
|
Rate |
|
|
Balance |
|
|
Rate |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
U. S. government sponsored enterprises |
|
$ |
120,646 |
|
|
$ |
691 |
2.29 |
% |
|
$ |
71,409 |
|
|
$ |
147 |
0.83 |
% |
Mortgage backed securities and collateralized mortgage obligations
- residential |
|
|
278,367 |
|
|
|
1,543 |
2.20 |
|
|
|
282,800 |
|
|
|
1,367 |
1.92 |
|
State and political subdivisions |
|
|
34 |
|
|
|
1 |
6.74 |
|
|
|
41 |
|
|
|
0 |
- |
|
Corporate bonds |
|
|
85,344 |
|
|
|
516 |
2.42 |
|
|
|
87,556 |
|
|
|
522 |
2.38 |
|
Small Business Administration - guaranteed |
|
|
|
|
|
|
|
|
|
|
|
|
participation securities |
|
|
20,724 |
|
|
|
111 |
2.15 |
|
|
|
27,512 |
|
|
|
140 |
2.04 |
|
Other |
|
|
686 |
|
|
|
3 |
1.75 |
|
|
|
686 |
|
|
|
2 |
1.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities available for sale |
|
|
505,801 |
|
|
|
2,865 |
2.27 |
|
|
|
470,004 |
|
|
|
2,178 |
1.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other short-term Investments |
|
|
551,087 |
|
|
|
6,970 |
5.07 |
|
|
|
1,101,489 |
|
|
|
2,253 |
0.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held to maturity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage backed securities and collateralized mortgage obligations
- residential |
|
|
7,204 |
|
|
|
75 |
4.17 |
|
|
|
8,859 |
|
|
|
87 |
3.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total held to maturity securities |
|
|
7,204 |
|
|
|
75 |
4.17 |
|
|
|
8,859 |
|
|
|
87 |
3.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank stock |
|
|
5,868 |
|
|
|
110 |
7.50 |
|
|
|
5,797 |
|
|
|
65 |
4.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans |
|
|
249,040 |
|
|
|
3,295 |
5.29 |
|
|
|
198,972 |
|
|
|
2,402 |
4.83 |
|
Residential mortgage loans |
|
|
4,269,295 |
|
|
|
37,992 |
3.56 |
|
|
|
4,049,271 |
|
|
|
34,771 |
3.43 |
|
Home equity lines of credit |
|
|
303,134 |
|
|
|
4,533 |
6.00 |
|
|
|
243,648 |
|
|
|
2,269 |
3.74 |
|
Installment loans |
|
|
15,734 |
|
|
|
242 |
6.16 |
|
|
|
9,321 |
|
|
|
162 |
6.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of unearned income |
|
|
4,837,203 |
|
|
|
46,062 |
3.81 |
|
|
|
4,501,212 |
|
|
|
39,604 |
3.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest earning assets |
|
|
5,907,163 |
|
|
$ |
56,082 |
3.80 |
|
|
|
6,087,361 |
|
|
$ |
44,187 |
2.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans |
|
|
(47,060 |
) |
|
|
|
|
|
|
(46,411 |
) |
|
|
|
|
Cash & non-interest earning assets |
|
|
172,821 |
|
|
|
|
|
|
|
193,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
6,032,924 |
|
|
|
|
|
|
$ |
6,234,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing checking accounts |
|
$ |
1,083,795 |
|
|
$ |
49 |
0.02 |
% |
|
$ |
1,210,554 |
|
|
$ |
42 |
0.01 |
% |
Money market accounts |
|
|
613,204 |
|
|
|
1,756 |
1.15 |
|
|
|
777,860 |
|
|
|
210 |
0.11 |
|
Savings |
|
|
1,352,181 |
|
|
|
655 |
0.19 |
|
|
|
1,564,454 |
|
|
|
163 |
0.04 |
|
Time deposits |
|
|
1,372,248 |
|
|
|
9,291 |
2.72 |
|
|
|
968,560 |
|
|
|
536 |
0.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest bearing deposits |
|
|
4,421,428 |
|
|
|
11,751 |
1.07 |
|
|
|
4,521,428 |
|
|
|
951 |
0.08 |
|
Short-term borrowings |
|
|
124,089 |
|
|
|
279 |
0.90 |
|
|
|
197,259 |
|
|
|
176 |
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest bearing liabilities |
|
|
4,545,517 |
|
|
$ |
12,030 |
1.06 |
|
|
|
4,718,687 |
|
|
$ |
1,127 |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
788,654 |
|
|
|
|
|
|
|
842,487 |
|
|
|
|
|
Other liabilities |
|
|
79,839 |
|
|
|
|
|
|
|
79,431 |
|
|
|
|
|
Shareholders' equity |
|
|
618,914 |
|
|
|
|
|
|
|
593,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
6,032,924 |
|
|
|
|
|
|
$ |
6,234,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income, GAAP and non-GAAP tax equivalent (1) |
|
|
|
$ |
44,052 |
|
|
|
|
|
$ |
43,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread, GAAP and non-GAAP tax equivalent (1) |
|
|
|
|
2.74 |
% |
|
|
|
|
2.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (net interest income to |
|
|
|
|
|
|
|
|
|
|
|
|
total interest earning assets), GAAP and non-GAAP tax equivalent
(1) |
|
|
|
2.98 |
% |
|
|
|
|
2.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax equivalent adjustment (1) |
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
44,052 |
|
|
|
|
|
$ |
43,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax equivalent adjustment to a measure results in a non-GAAP
financial measure. See Non-GAAP Financial Measures
Reconciliation. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS'
EQUITY - |
INTEREST RATES AND INTEREST DIFFERENTIAL,
Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
Six months ended |
|
|
Six months ended |
|
|
|
June 30, 2023 |
|
|
June 30, 2022 |
|
|
|
Average |
|
Interest |
Average |
|
|
Average |
|
Interest |
Average |
|
|
|
Balance |
|
|
Rate |
|
|
Balance |
|
|
Rate |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
U. S. government sponsored enterprises |
|
$ |
120,669 |
|
|
|
1,383 |
2.29 |
% |
|
$ |
66,609 |
|
|
|
233 |
0.70 |
% |
Mortgage backed securities and collateralized mortgage obligations
- residential |
|
|
282,683 |
|
|
|
3,128 |
2.21 |
|
|
|
272,022 |
|
|
|
2,454 |
1.80 |
|
State and political subdivisions |
|
|
34 |
|
|
|
1 |
6.74 |
|
|
|
41 |
|
|
|
1 |
6.73 |
|
Corporate bonds |
|
|
85,460 |
|
|
|
1,037 |
2.43 |
|
|
|
70,362 |
|
|
|
755 |
2.15 |
|
Small Business Administration - guaranteed |
|
|
|
|
|
|
|
|
|
|
|
|
participation securities |
|
|
21,423 |
|
|
|
228 |
2.13 |
|
|
|
28,685 |
|
|
|
294 |
2.05 |
|
Other |
|
|
686 |
|
|
|
5 |
0.73 |
|
|
|
686 |
|
|
|
4 |
1.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities available for sale |
|
|
510,955 |
|
|
|
5,782 |
1.13 |
|
|
|
438,405 |
|
|
|
3,741 |
1.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other short-term Investments |
|
|
563,938 |
|
|
|
13,525 |
4.84 |
|
|
|
1,144,108 |
|
|
|
2,825 |
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held to maturity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage backed securities and collateralized mortgage obligations
- residential |
|
|
7,372 |
|
|
|
153 |
4.16 |
|
|
|
9,198 |
|
|
|
177 |
3.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total held to maturity securities |
|
|
7,372 |
|
|
|
153 |
4.16 |
|
|
|
9,198 |
|
|
|
177 |
3.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank stock |
|
|
5,833 |
|
|
|
220 |
3.77 |
|
|
|
5,701 |
|
|
|
127 |
4.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans |
|
|
243,983 |
|
|
|
6,319 |
5.18 |
|
|
|
196,991 |
|
|
|
4,928 |
5.00 |
|
Residential mortgage loans |
|
|
4,241,207 |
|
|
|
74,906 |
3.54 |
|
|
|
4,028,667 |
|
|
|
68,968 |
3.43 |
|
Home equity lines of credit |
|
|
297,262 |
|
|
|
8,652 |
5.87 |
|
|
|
238,122 |
|
|
|
4,393 |
3.72 |
|
Installment loans |
|
|
14,535 |
|
|
|
457 |
6.35 |
|
|
|
9,148 |
|
|
|
318 |
7.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of unearned income |
|
|
4,796,987 |
|
|
|
90,334 |
3.77 |
|
|
|
4,472,928 |
|
|
|
78,607 |
3.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest earning assets |
|
|
5,885,085 |
|
|
|
110,014 |
3.75 |
|
|
|
6,070,340 |
|
|
|
85,477 |
2.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans |
|
|
(46,677 |
) |
|
|
|
|
|
|
(46,584 |
) |
|
|
|
|
Cash & non-interest earning assets |
|
|
173,990 |
|
|
|
|
|
|
|
200,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
6,012,398 |
|
|
|
|
|
|
$ |
6,223,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing checking accounts |
|
$ |
1,108,452 |
|
|
|
115 |
0.02 |
% |
|
$ |
1,201,078 |
|
|
|
86 |
0.01 |
% |
Money market accounts |
|
|
607,064 |
|
|
|
2,570 |
0.85 |
|
|
|
784,737 |
|
|
|
424 |
0.11 |
|
Savings |
|
|
1,403,924 |
|
|
|
1,185 |
0.17 |
|
|
|
1,546,316 |
|
|
|
319 |
0.04 |
|
Time deposits |
|
|
1,267,193 |
|
|
|
14,563 |
2.32 |
|
|
|
966,372 |
|
|
|
1,082 |
0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest bearing deposits |
|
|
4,386,633 |
|
|
|
18,433 |
0.85 |
|
|
|
4,498,503 |
|
|
|
1,911 |
0.09 |
|
Short-term borrowings |
|
|
127,957 |
|
|
|
564 |
0.89 |
|
|
|
222,755 |
|
|
|
410 |
0.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest bearing liabilities |
|
|
4,514,590 |
|
|
|
18,997 |
0.85 |
|
|
|
4,721,258 |
|
|
|
2,321 |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
802,533 |
|
|
|
|
|
|
|
825,685 |
|
|
|
|
|
Other liabilities |
|
|
81,954 |
|
|
|
|
|
|
|
81,520 |
|
|
|
|
|
Shareholders' equity |
|
|
613,321 |
|
|
|
|
|
|
|
595,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
6,012,398 |
|
|
|
|
|
|
$ |
6,223,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income, GAAP and non-GAAP tax equivalent (1) |
|
|
|
|
91,017 |
|
|
|
|
|
|
83,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread, GAAP and non-GAAP tax equivalent (1) |
|
|
|
|
2.90 |
% |
|
|
|
|
2.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin (net interest income to total interest earning assets), GAAP
and non-GAAP tax equivalent (1) |
|
|
|
3.10 |
% |
|
|
|
|
2.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax equivalent adjustment (1) |
|
|
|
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
91,017 |
|
|
|
|
|
|
83,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax equivalent adjustment to a measure results in a non-GAAP
financial measure. See Non-GAAP Financial Measures
Reconciliation. |
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures Reconciliation
Tangible equity as a percentage of tangible
assets at period end is a non-GAAP financial measure derived from
GAAP-based amounts. We calculate tangible equity and tangible
assets by excluding the balance of intangible assets from total
shareholders’ equity and total assets, respectively. We calculate
tangible equity as a percentage of tangible assets at period end by
dividing tangible equity by tangible assets at period end. We
believe that this is consistent with the treatment by bank
regulatory agencies, which exclude intangible assets from the
calculation of risk-based capital ratios. Additionally, we believe
that this measure is important to many investors in the marketplace
who are interested in relative changes from period to period in
equity and total assets, each exclusive of changes in intangible
assets.
Net interest income is commonly presented on a
taxable equivalent basis. That is, to the extent that some
component of the institution’s net interest income will be exempt
from taxation (e.g., was received by the institution as a result of
its holdings of state or municipal obligations), an amount equal to
the tax benefit derived from that component is added back to the
net interest income total. Management considers this adjustment
helpful to investors in comparing one financial institution’s net
interest income (pre- tax) to that of another institution, as each
will have a different proportion of tax-exempt items in their
portfolios. Moreover, net interest income is itself a component of
another financial measure commonly used by financial institutions,
net interest margin, which is the ratio of net interest income to
average interest earning assets. Additionally, management and many
financial institutions also present net interest spread, which is
the average yield on interest earning assets minus the average rate
paid on interest bearing liabilities. For purposes of these
measures as well, taxable equivalent net interest income is
generally used by financial institutions, again to provide
investors with a better basis of comparison from institution to
institution. We calculate taxable equivalent net interest margin by
dividing net interest income, adjusted to include the benefit of
non-taxable interest income, by average interest earning
assets. We calculate taxable equivalent net interest
spread as the difference between average yield on interest earning
assets, adjusted to include the benefit of non-taxable interest
income, and the average rate paid on interest bearing
liabilities.
The efficiency ratio is a non-GAAP measure of
expense control relative to revenue from net interest income and
non-interest fee income. We calculate the efficiency ratio by
dividing total noninterest expenses as determined under GAAP,
excluding other real estate expense, net, by net interest income
(fully taxable equivalent) and total noninterest income as
determined under GAAP, excluding non-routine items from this
calculation. We believe that this provides a reasonable measure of
primary banking expenses relative to primary banking revenue.
Additionally, we believe this measure is important to investors
looking for a measure of efficiency in our productivity measured by
the amount of revenue generated for each dollar spent.
We believe that these non-GAAP financial
measures provide information that is important to investors and
that is useful in understanding our financial results. Our
management internally assesses our performance based, in part, on
these measures. However, these non-GAAP financial measures are
supplemental and not a substitute for an analysis based on GAAP
measures. As other companies may use different calculations for
these measures, this presentation may not be comparable to other
similarly titled measures reported by other companies. A
reconciliation of the non-GAAP measures of tangible equity as a
percentage of tangible assets, and efficiency ratio to the most
directly comparable GAAP measures is set forth below. We have not
presented a reconciliation of taxable equivalent net interest
income, taxable equivalent net interest margin or taxable
equivalent net interest spread to the most directly comparable GAAP
measure, as there was no difference between the taxable equivalent
measure and comparable GAAP measure for any period presented in
this release.
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL MEASURES RECONCILIATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
6/30/2023 |
3/31/2023 |
6/30/2022 |
|
|
|
|
Tangible Book Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity (GAAP) |
|
$ |
621,389 |
|
$ |
614,703 |
|
$ |
594,632 |
|
|
|
|
|
Less: Intangible assets |
|
|
553 |
|
|
553 |
|
|
553 |
|
|
|
|
|
Tangible equity (Non-GAAP) |
|
$ |
620,836 |
|
$ |
614,150 |
|
$ |
594,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
|
19,024 |
|
|
19,024 |
|
|
19,127 |
|
|
|
|
|
Tangible book value per share |
|
|
32.63 |
|
|
32.28 |
|
|
31.06 |
|
|
|
|
|
Book value per share |
|
|
32.66 |
|
|
32.31 |
|
|
31.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Equity to Tangible Assets |
|
|
|
|
|
|
|
|
Total Assets (GAAP) |
|
$ |
6,075,625 |
|
$ |
6,045,808 |
|
$ |
6,226,791 |
|
|
|
|
|
Less: Intangible assets |
|
|
553 |
|
|
553 |
|
|
553 |
|
|
|
|
|
Tangible assets (Non-GAAP) |
|
$ |
6,075,072 |
|
$ |
6,045,255 |
|
$ |
6,226,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Equity to Tangible Assets (Non-GAAP) |
|
|
10.22% |
|
|
10.16% |
|
|
9.54% |
|
|
|
|
|
Equity to Assets (GAAP) |
|
|
10.23% |
|
|
10.17% |
|
|
9.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Six months ended |
Efficiency Ratio |
|
6/30/2023 |
3/31/2023 |
6/30/2022 |
|
|
6/30/2023 |
6/30/2022 |
|
|
|
|
|
|
|
|
|
Net interest income (GAAP) |
|
$ |
44,052 |
|
$ |
46,965 |
|
$ |
43,060 |
|
|
|
$ |
91,017 |
|
$ |
83,156 |
|
Taxable equivalent adjustment |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
- |
|
Net interest income (fully taxable equivalent) (Non-GAAP) |
|
|
44,052 |
|
|
46,965 |
|
|
43,060 |
|
|
|
|
91,017 |
|
|
83,156 |
|
Non-interest income (GAAP) |
|
|
4,598 |
|
|
4,669 |
|
|
4,916 |
|
|
|
|
9,267 |
|
|
10,099 |
|
Less: Net gain on sale of building |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
268 |
|
Revenue used for efficiency ratio (Non-GAAP) |
|
$ |
48,650 |
|
$ |
51,634 |
|
$ |
47,976 |
|
|
|
$ |
100,284 |
|
$ |
92,987 |
|
|
|
|
|
|
|
|
|
|
Total noninterest expense (GAAP) |
|
$ |
27,327 |
|
$ |
27,679 |
|
$ |
25,005 |
|
|
|
$ |
55,006 |
|
$ |
47,770 |
|
Less: Other real estate expense, net |
|
|
148 |
|
|
225 |
|
|
74 |
|
|
|
|
373 |
|
|
85 |
|
Expense used for efficiency ratio (Non-GAAP) |
|
$ |
27,179 |
|
$ |
27,454 |
|
$ |
24,931 |
|
|
|
$ |
54,633 |
|
$ |
47,685 |
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio |
|
|
55.87% |
|
|
53.17% |
|
|
51.97% |
|
|
|
|
54.48% |
|
|
51.28% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary: |
Trustco Bank |
|
|
Contact: |
Robert Leonard |
|
Executive Vice President |
|
(518) 381-3693 |
TrustCo Bank Corporation... (NASDAQ:TRST)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
TrustCo Bank Corporation... (NASDAQ:TRST)
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De Jan 2024 à Jan 2025