New York
|
0-10592 |
14-1630287
|
State or Other Jurisdiction of Incorporation or Organization
|
Commission File No.
|
I.R.S. Employer Identification Number
|
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|||
Common Stock, $1.00 par value |
TRST |
Nasdaq Global Select Market |
Item 2.02. |
Results of Operations and Financial Condition
|
Item 9.01. |
Financial Statements and Exhibits
|
(d)
|
Exhibits
|
Reg S-K Exhibit No.
|
Description
|
|
|
Press release dated October 21, 2024 for the period ending September 30, 2024, regarding quarterly results.
|
|
104
|
Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.
|
Dated: October 21, 2024
|
|
|
|
|
|
|
TrustCo Bank Corp NY
|
|
|
(Registrant)
|
|
|
|
|
|
By:
|
/s/ Michael M. Ozimek
|
|
Michael M. Ozimek
|
|
|
Executive Vice President and
|
|
Chief Financial Officer |
|
News Release |
Subsidiary:
|
Trustco Bank
|
Nasdaq -- TRST
|
Contact:
|
Robert Leonard
|
|
Executive Vice President
|
||
(518) 381-3693
|
|
• |
Average Loan portfolio continues to grow:
|
|
o |
On average, total loans were up $127.0 million or 2.6% for the third quarter 2024 compared to the third quarter 2023
|
|
• |
Continued solid financial results:
|
|
o |
Key metrics for third quarter 2024:
|
|
■ |
Net income of $12.9 million versus $12.6 million for the second quarter 2024
|
|
■ |
Net interest income of $38.7 million, up from $37.8 million compared to the second quarter of 2024
|
|
■ |
Return on average equity (ROAE) of 7.74% versus 7.76% for the second quarter 2024
|
|
• |
Capital continues to grow:
|
|
o |
Consolidated equity to assets increased 6.2% to 10.95% as of September 30, 2024 from 10.31% as of September 30, 2023
|
|
o |
Book value per share as of September 30, 2024 was $35.19, up from $34.46 compared to June 30, 2024
|
Three months ended
|
||||||||||||
9/30/2024
|
6/30/2024
|
9/30/2023
|
||||||||||
Summary of operations
|
||||||||||||
Net interest income
|
$
|
38,671
|
$
|
37,788
|
$
|
42,221
|
||||||
Provision for credit losses
|
500
|
500
|
100
|
|||||||||
Net gains on equity securities
|
23
|
1,360
|
-
|
|||||||||
Noninterest income, excluding net gains on equity securities
|
4,908
|
4,291
|
4,574
|
|||||||||
Noninterest expense
|
26,200
|
26,459
|
27,460
|
|||||||||
Net income
|
12,875
|
12,551
|
14,680
|
|||||||||
Per share
|
||||||||||||
Net income per share:
|
||||||||||||
- Basic
|
$
|
0.68
|
$
|
0.66
|
$
|
0.77
|
||||||
- Diluted
|
0.68
|
0.66
|
0.77
|
|||||||||
Cash dividends
|
0.36
|
0.36
|
0.36
|
|||||||||
Book value at period end
|
35.19
|
34.46
|
32.80
|
|||||||||
Market price at period end
|
33.07
|
28.77
|
27.29
|
|||||||||
At period end
|
||||||||||||
Full time equivalent employees
|
735
|
753
|
764
|
|||||||||
Full service banking offices
|
138
|
138
|
143
|
|||||||||
Performance ratios
|
||||||||||||
Return on average assets
|
0.84
|
%
|
0.82
|
%
|
0.96
|
%
|
||||||
Return on average equity
|
7.74
|
7.76
|
9.32
|
|||||||||
Efficiency ratio (1)
|
59.65
|
62.84
|
58.33
|
|||||||||
Net interest spread
|
2.17
|
2.09
|
2.55
|
|||||||||
Net interest margin
|
2.61
|
2.53
|
2.85
|
|||||||||
Dividend payout ratio
|
53.16
|
54.57
|
46.65
|
|||||||||
Capital ratios at period end
|
||||||||||||
Consolidated equity to assets
|
10.95
|
%
|
10.73
|
%
|
10.31
|
%
|
||||||
Consolidated tangible equity to tangible assets (2)
|
10.94
|
%
|
10.72
|
%
|
10.30
|
%
|
||||||
Asset quality analysis at period end
|
||||||||||||
Nonperforming loans to total loans
|
0.38
|
%
|
0.38
|
%
|
0.36
|
%
|
||||||
Nonperforming assets to total assets
|
0.36
|
0.35
|
0.31
|
|||||||||
Allowance for credit losses on loans to total loans
|
0.99
|
0.99
|
0.95
|
|||||||||
Coverage ratio (3)
|
2.6
|
x
|
2.6
|
x
|
2.6
|
x
|
(1)
|
Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable equivalent net interest income plus noninterest income (excluding
net gains on equity securities). See Non-GAAP Financial Measures Reconciliation.
|
(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.
|
(3)
|
Calculated as allowance for credit losses on loans divided by total nonperforming loans.
|
Nine Months Ended
|
||||||||
09/30/24
|
09/30/23
|
|||||||
Summary of operations
|
||||||||
Net interest income
|
$
|
113,037
|
133,238
|
|||||
Provision (Credit) for credit losses
|
1,600
|
(100
|
)
|
|||||
Net gains on equity securities
|
1,383
|
-
|
||||||
Noninterest income, excluding net gains on equity securities
|
14,042
|
13,841
|
||||||
Noninterest expense
|
77,562
|
82,466
|
||||||
Net income
|
37,552
|
48,798
|
||||||
Per share
|
||||||||
Net income per share:
|
||||||||
- Basic
|
$
|
1.97
|
2.57
|
|||||
- Diluted
|
1.97
|
2.57
|
||||||
Cash dividends
|
1.08
|
1.08
|
||||||
Book value at period end
|
35.19
|
32.80
|
||||||
Market price at period end
|
33.07
|
27.29
|
||||||
Performance ratios
|
||||||||
Return on average assets
|
0.82
|
%
|
1.08
|
|||||
Return on average equity
|
7.68
|
10.57
|
||||||
Efficiency ratio (1)
|
60.80
|
55.70
|
||||||
Net interest spread
|
2.08
|
2.78
|
||||||
Net interest margin
|
2.52
|
3.01
|
||||||
Dividend payout ratio
|
54.70
|
42.11
|
(1)
|
Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable
equivalent net interest income plus noninterest income (excluding net gains on equity securities). See Non-GAAP Financial Measures Reconciliation.
|
Three months ended
|
||||||||||||||||||||
9/30/2024
|
6/30/2024
|
3/31/2024
|
12/31/2023
|
9/30/2023
|
||||||||||||||||
Interest and dividend income:
|
||||||||||||||||||||
Interest and fees on loans
|
$
|
52,112
|
$
|
50,660
|
$
|
49,804
|
$
|
49,201
|
$
|
47,921
|
||||||||||
Interest and dividends on securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
718
|
909
|
906
|
750
|
672
|
|||||||||||||||
State and political subdivisions
|
-
|
1
|
-
|
1
|
-
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
1,397
|
1,451
|
1,494
|
1,533
|
1,485
|
|||||||||||||||
Corporate bonds
|
361
|
362
|
476
|
477
|
473
|
|||||||||||||||
Small Business Administration - guaranteed participation securities
|
90
|
94
|
100
|
102
|
107
|
|||||||||||||||
Other securities
|
2
|
2
|
3
|
3
|
2
|
|||||||||||||||
Total interest and dividends on securities available for sale
|
2,568
|
2,819
|
2,979
|
2,866
|
2,739
|
|||||||||||||||
Interest on held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
62
|
65
|
68
|
70
|
73
|
|||||||||||||||
Total interest on held to maturity securities
|
62
|
65
|
68
|
70
|
73
|
|||||||||||||||
Federal Home Loan Bank stock
|
153
|
147
|
152
|
149
|
131
|
|||||||||||||||
Interest on federal funds sold and other short-term investments
|
6,174
|
6,894
|
6,750
|
6,354
|
6,688
|
|||||||||||||||
Total interest income
|
61,069
|
60,585
|
59,753
|
58,640
|
57,552
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Interest on deposits:
|
||||||||||||||||||||
Interest-bearing checking
|
311
|
288
|
240
|
165
|
102
|
|||||||||||||||
Savings
|
770
|
675
|
712
|
707
|
639
|
|||||||||||||||
Money market deposit accounts
|
2,154
|
2,228
|
2,342
|
2,500
|
2,384
|
|||||||||||||||
Time deposits
|
18,969
|
19,400
|
19,677
|
16,460
|
11,962
|
|||||||||||||||
Interest on short-term borrowings
|
194
|
206
|
204
|
201
|
244
|
|||||||||||||||
Total interest expense
|
22,398
|
22,797
|
23,175
|
20,033
|
15,331
|
|||||||||||||||
Net interest income
|
38,671
|
37,788
|
36,578
|
38,607
|
42,221
|
|||||||||||||||
Less: Provision for credit losses
|
500
|
500
|
600
|
1,350
|
100
|
|||||||||||||||
Net interest income after provision for credit losses
|
38,171
|
37,288
|
35,978
|
37,257
|
42,121
|
|||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Trustco Financial Services income
|
2,044
|
1,609
|
1,816
|
1,612
|
1,627
|
|||||||||||||||
Fees for services to customers
|
2,482
|
2,399
|
2,745
|
2,563
|
2,590
|
|||||||||||||||
Net gains on equity securities
|
23
|
1,360
|
-
|
-
|
-
|
|||||||||||||||
Other
|
382
|
283
|
282
|
299
|
357
|
|||||||||||||||
Total noninterest income
|
4,931
|
5,651
|
4,843
|
4,474
|
4,574
|
|||||||||||||||
Noninterest expenses:
|
||||||||||||||||||||
Salaries and employee benefits
|
12,134
|
12,520
|
11,427
|
12,444
|
12,393
|
|||||||||||||||
Net occupancy expense
|
4,271
|
4,375
|
4,611
|
4,209
|
4,358
|
|||||||||||||||
Equipment expense
|
1,757
|
1,990
|
1,738
|
1,852
|
1,923
|
|||||||||||||||
Professional services
|
1,863
|
1,570
|
1,460
|
1,561
|
1,717
|
|||||||||||||||
Outsourced services
|
2,551
|
2,755
|
2,501
|
2,532
|
2,720
|
|||||||||||||||
Advertising expense
|
339
|
466
|
408
|
384
|
586
|
|||||||||||||||
FDIC and other insurance
|
1,112
|
797
|
1,094
|
1,085
|
1,078
|
|||||||||||||||
Other real estate expense (income), net
|
204
|
16
|
74
|
(12
|
)
|
163
|
||||||||||||||
Other
|
1,969
|
1,970
|
1,590
|
4,776
|
2,522
|
|||||||||||||||
Total noninterest expenses
|
26,200
|
26,459
|
24,903
|
28,831
|
27,460
|
|||||||||||||||
Income before taxes
|
16,902
|
16,480
|
15,918
|
12,900
|
19,235
|
|||||||||||||||
Income taxes
|
4,027
|
3,929
|
3,792
|
3,052
|
4,555
|
|||||||||||||||
Net income
|
$
|
12,875
|
$
|
12,551
|
$
|
12,126
|
$
|
9,848
|
$
|
14,680
|
||||||||||
Net income per common share:
|
||||||||||||||||||||
- Basic
|
$
|
0.68
|
$
|
0.66
|
$
|
0.64
|
$
|
0.52
|
$
|
0.77
|
||||||||||
|
||||||||||||||||||||
- Diluted
|
0.68
|
0.66
|
0.64
|
0.52
|
0.77
|
|||||||||||||||
Average basic shares (in thousands)
|
19,010
|
19,022
|
19,024
|
19,024
|
19,024
|
|||||||||||||||
Average diluted shares (in thousands)
|
19,036
|
19,033
|
19,032
|
19,026
|
19,024
|
Nine Months Ended
|
||||||||
09/30/24
|
09/30/23
|
|||||||
Interest and dividend income:
|
||||||||
Interest and fees on loans
|
$
|
152,576
|
138,255
|
|||||
Interest and dividends on securities available for sale:
|
||||||||
U. S. government sponsored enterprises
|
2,533
|
2,055
|
||||||
State and political subdivisions
|
1
|
1
|
||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
4,342
|
4,613
|
||||||
Corporate bonds
|
1,199
|
1,510
|
||||||
Small Business Administration - guaranteed participation securities
|
284
|
335
|
||||||
Other securities
|
7
|
7
|
||||||
Total interest and dividends on securities available for sale
|
8,366
|
8,521
|
||||||
Interest on held to maturity securities:
|
||||||||
Mortgage-backed securities-residential
|
195
|
226
|
||||||
Total interest on held to maturity securities
|
195
|
226
|
||||||
Federal Home Loan Bank stock
|
452
|
351
|
||||||
Interest on federal funds sold and other short-term investments
|
19,818
|
20,213
|
||||||
Total interest income
|
181,407
|
167,566
|
||||||
Interest expense:
|
||||||||
Interest on deposits:
|
||||||||
Interest-bearing checking
|
839
|
217
|
||||||
Savings
|
2,157
|
1,824
|
||||||
Money market deposit accounts
|
6,724
|
4,954
|
||||||
Time deposits
|
58,046
|
26,525
|
||||||
Interest on short-term borrowings
|
604
|
808
|
||||||
Total interest expense
|
68,370
|
34,328
|
||||||
Net interest income
|
113,037
|
133,238
|
||||||
Less: Provision (Credit) for credit losses
|
1,600
|
(100
|
)
|
|||||
Net interest income after provision (credit) for credit losses
|
111,437
|
133,338
|
||||||
Noninterest income:
|
||||||||
Trustco Financial Services income
|
5,469
|
4,813
|
||||||
Fees for services to customers
|
7,626
|
8,085
|
||||||
Net gains on equity securities
|
1,383
|
-
|
||||||
Other
|
947
|
943
|
||||||
Total noninterest income
|
15,425
|
13,841
|
||||||
Noninterest expenses:
|
||||||||
Salaries and employee benefits
|
36,081
|
38,798
|
||||||
Net occupancy expense
|
13,257
|
13,218
|
||||||
Equipment expense
|
5,485
|
5,758
|
||||||
Professional services
|
4,893
|
4,684
|
||||||
Outsourced services
|
7,807
|
7,507
|
||||||
Advertising expense
|
1,213
|
1,494
|
||||||
FDIC and other insurance
|
3,003
|
3,215
|
||||||
Other real estate expense, net
|
294
|
536
|
||||||
Other
|
5,529
|
7,256
|
||||||
Total noninterest expenses
|
77,562
|
82,466
|
||||||
Income before taxes
|
49,300
|
64,713
|
||||||
Income taxes
|
11,748
|
15,915
|
||||||
Net income
|
$
|
37,552
|
48,798
|
|||||
Net income per common share:
|
||||||||
- Basic
|
$
|
1.97
|
2.57
|
|||||
|
||||||||
- Diluted
|
1.97
|
2.57
|
||||||
Average basic shares (in thousands)
|
19,019
|
19,024
|
||||||
Average diluted shares (in thousands)
|
19,034
|
19,024
|
9/30/2024
|
6/30/2024
|
3/31/2024
|
12/31/2023
|
9/30/2023
|
||||||||||||||||
ASSETS:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
49,659
|
$
|
42,193
|
$
|
44,868
|
$
|
49,274
|
$
|
45,940
|
||||||||||
Federal funds sold and other short term investments
|
473,306
|
493,920
|
564,815
|
528,730
|
461,321
|
|||||||||||||||
Total cash and cash equivalents
|
522,965
|
536,113
|
609,683
|
578,004
|
507,261
|
|||||||||||||||
Securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
90,588
|
106,796
|
128,854
|
118,668
|
121,474
|
|||||||||||||||
States and political subdivisions
|
26
|
26
|
26
|
26
|
34
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
222,841
|
218,311
|
227,078
|
237,677
|
233,719
|
|||||||||||||||
Small Business Administration - guaranteed participation securities
|
15,171
|
15,592
|
16,260
|
17,186
|
17,316
|
|||||||||||||||
Corporate bonds
|
54,327
|
53,764
|
53,341
|
78,052
|
76,935
|
|||||||||||||||
Other securities
|
701
|
688
|
682
|
680
|
657
|
|||||||||||||||
Total securities available for sale
|
383,654
|
395,177
|
426,241
|
452,289
|
450,135
|
|||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
5,636
|
5,921
|
6,206
|
6,458
|
6,724
|
|||||||||||||||
Total held to maturity securities
|
5,636
|
5,921
|
6,206
|
6,458
|
6,724
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
6,507
|
6,507
|
6,203
|
6,203
|
6,203
|
|||||||||||||||
Loans:
|
||||||||||||||||||||
Commercial
|
280,261
|
282,441
|
279,092
|
273,515
|
268,642
|
|||||||||||||||
Residential mortgage loans
|
4,382,674
|
4,370,640
|
4,354,369
|
4,365,063
|
4,343,006
|
|||||||||||||||
Home equity line of credit
|
393,418
|
370,063
|
355,879
|
347,415
|
332,028
|
|||||||||||||||
Installment loans
|
14,503
|
15,168
|
16,166
|
16,886
|
16,605
|
|||||||||||||||
Loans, net of deferred net costs
|
5,070,856
|
5,038,312
|
5,005,506
|
5,002,879
|
4,960,281
|
|||||||||||||||
Less: Allowance for credit losses on loans
|
49,950
|
49,772
|
49,220
|
48,578
|
47,226
|
|||||||||||||||
Net loans
|
5,020,906
|
4,988,540
|
4,956,286
|
4,954,301
|
4,913,055
|
|||||||||||||||
Bank premises and equipment, net
|
33,324
|
33,466
|
33,423
|
34,007
|
32,135
|
|||||||||||||||
Operating lease right-of-use assets
|
37,958
|
38,376
|
39,647
|
40,542
|
41,475
|
|||||||||||||||
Other assets
|
98,730
|
102,544
|
101,881
|
96,387
|
97,310
|
|||||||||||||||
Total assets
|
$
|
6,109,680
|
$
|
6,106,644
|
$
|
6,179,570
|
$
|
6,168,191
|
$
|
6,054,298
|
||||||||||
LIABILITIES:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Demand
|
$
|
753,878
|
$
|
745,227
|
$
|
742,997
|
$
|
754,532
|
$
|
773,293
|
||||||||||
Interest-bearing checking
|
988,527
|
1,029,606
|
1,020,136
|
1,015,213
|
1,033,898
|
|||||||||||||||
Savings accounts
|
1,092,038
|
1,144,427
|
1,155,517
|
1,179,241
|
1,235,658
|
|||||||||||||||
Money market deposit accounts
|
477,113
|
517,445
|
532,611
|
565,767
|
610,012
|
|||||||||||||||
Time deposits
|
1,952,635
|
1,840,262
|
1,903,908
|
1,836,024
|
1,581,504
|
|||||||||||||||
Total deposits
|
5,264,191
|
5,276,967
|
5,355,169
|
5,350,777
|
5,234,365
|
|||||||||||||||
Short-term borrowings
|
91,450
|
89,720
|
94,374
|
88,990
|
103,110
|
|||||||||||||||
Operating lease liabilities
|
41,469
|
42,026
|
43,438
|
44,471
|
45,418
|
|||||||||||||||
Accrued expenses and other liabilities
|
43,549
|
42,763
|
37,399
|
38,668
|
47,479
|
|||||||||||||||
Total liabilities
|
5,440,659
|
5,451,476
|
5,530,380
|
5,522,906
|
5,430,372
|
|||||||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||
Capital stock
|
20,058
|
20,058
|
20,058
|
20,058
|
20,058
|
|||||||||||||||
Surplus
|
257,644
|
257,490
|
257,335
|
257,181
|
257,078
|
|||||||||||||||
Undivided profits
|
442,079
|
436,048
|
430,346
|
425,069
|
422,082
|
|||||||||||||||
Accumulated other comprehensive loss, net of tax
|
(6,600
|
)
|
(14,268
|
)
|
(14,763
|
)
|
(13,237
|
)
|
(31,506
|
)
|
||||||||||
Treasury stock at cost
|
(44,160
|
)
|
(44,160
|
)
|
(43,786
|
)
|
(43,786
|
)
|
(43,786
|
)
|
||||||||||
Total shareholders' equity
|
669,021
|
655,168
|
649,190
|
645,285
|
623,926
|
|||||||||||||||
|
||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
6,109,680
|
$
|
6,106,644
|
$
|
6,179,570
|
$
|
6,168,191
|
$
|
6,054,298
|
||||||||||
Outstanding shares (in thousands)
|
19,010
|
19,010
|
19,024
|
19,024
|
19,024
|
9/30/2024
|
6/30/2024
|
3/31/2024
|
12/31/2023
|
9/30/2023
|
||||||||||||||||
Nonperforming Assets
|
||||||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
466
|
$
|
741
|
$
|
532
|
$
|
536
|
$
|
540
|
||||||||||
Real estate mortgage - 1 to 4 family
|
15,320
|
14,992
|
14,359
|
14,375
|
14,633
|
|||||||||||||||
Installment
|
163
|
131
|
149
|
151
|
93
|
|||||||||||||||
Total non-accrual loans
|
15,949
|
15,864
|
15,040
|
15,062
|
15,266
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
-
|
-
|
-
|
3
|
5
|
|||||||||||||||
Total nonperforming loans
|
15,949
|
15,864
|
15,040
|
15,065
|
15,271
|
|||||||||||||||
Other real estate owned
|
2,503
|
2,334
|
2,334
|
194
|
1,185
|
|||||||||||||||
Total nonperforming assets
|
$
|
18,452
|
$
|
18,198
|
$
|
17,374
|
$
|
15,259
|
$
|
16,456
|
||||||||||
Florida
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
314
|
$
|
314
|
$
|
314
|
$
|
314
|
$
|
314
|
||||||||||
Real estate mortgage - 1 to 4 family
|
3,176
|
2,985
|
2,921
|
2,272
|
2,228
|
|||||||||||||||
Installment
|
5
|
22
|
-
|
15
|
65
|
|||||||||||||||
Total non-accrual loans
|
3,495
|
3,321
|
3,235
|
2,601
|
2,607
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming loans
|
3,495
|
3,321
|
3,235
|
2,601
|
2,607
|
|||||||||||||||
Other real estate owned
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming assets
|
$
|
3,495
|
$
|
3,321
|
$
|
3,235
|
$
|
2,601
|
$
|
2,607
|
||||||||||
Total
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
780
|
$
|
1,055
|
$
|
846
|
$
|
850
|
$
|
854
|
||||||||||
Real estate mortgage - 1 to 4 family
|
18,496
|
17,977
|
17,280
|
16,647
|
16,861
|
|||||||||||||||
Installment
|
168
|
153
|
149
|
166
|
158
|
|||||||||||||||
Total non-accrual loans
|
19,444
|
19,185
|
18,275
|
17,663
|
17,873
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
-
|
-
|
-
|
3
|
5
|
|||||||||||||||
Total nonperforming loans
|
19,444
|
19,185
|
18,275
|
17,666
|
17,878
|
|||||||||||||||
Other real estate owned
|
2,503
|
2,334
|
2,334
|
194
|
1,185
|
|||||||||||||||
Total nonperforming assets
|
$
|
21,947
|
$
|
21,519
|
$
|
20,609
|
$
|
17,860
|
$
|
19,063
|
||||||||||
Quarterly Net (Recoveries) Chargeoffs
|
||||||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Commercial
|
$
|
65
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
Real estate mortgage - 1 to 4 family
|
104
|
(74
|
)
|
(78
|
)
|
219
|
(26
|
)
|
||||||||||||
Installment
|
11
|
(2
|
)
|
36
|
23
|
14
|
||||||||||||||
Total net (recoveries) chargeoffs
|
$
|
180
|
$
|
(76
|
)
|
$
|
(42
|
)
|
$
|
242
|
$
|
(12
|
)
|
|||||||
Florida
|
||||||||||||||||||||
Commercial
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
Real estate mortgage - 1 to 4 family
|
-
|
17
|
-
|
-
|
-
|
|||||||||||||||
Installment
|
42
|
7
|
-
|
6
|
-
|
|||||||||||||||
Total net (recoveries) chargeoffs
|
$
|
42
|
$
|
24
|
$
|
-
|
$
|
6
|
$
|
-
|
||||||||||
Total
|
||||||||||||||||||||
Commercial
|
$
|
65
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
Real estate mortgage - 1 to 4 family
|
104
|
(57
|
)
|
(78
|
)
|
219
|
(26
|
)
|
||||||||||||
Installment
|
53
|
5
|
36
|
29
|
14
|
|||||||||||||||
Total net (recoveries) chargeoffs
|
$
|
222
|
$
|
(52
|
)
|
$
|
(42
|
)
|
$
|
248
|
$
|
(12
|
)
|
|||||||
Asset Quality Ratios
|
||||||||||||||||||||
Total nonperforming loans (1)
|
$
|
19,444
|
$
|
19,185
|
$
|
18,275
|
$
|
17,666
|
$
|
17,878
|
||||||||||
Total nonperforming assets (1)
|
21,947
|
21,519
|
20,609
|
17,860
|
19,063
|
|||||||||||||||
Total net (recoveries) chargeoffs (2)
|
222
|
(52
|
)
|
(42
|
)
|
248
|
(12
|
)
|
||||||||||||
Allowance for credit losses on loans (1)
|
49,950
|
49,772
|
49,220
|
48,578
|
47,226
|
|||||||||||||||
Nonperforming loans to total loans
|
0.38
|
%
|
0.38
|
%
|
0.37
|
%
|
0.35
|
%
|
0.36
|
%
|
||||||||||
Nonperforming assets to total assets
|
0.36
|
%
|
0.35
|
%
|
0.33
|
%
|
0.29
|
%
|
0.31
|
%
|
||||||||||
Allowance for credit losses on loans to total loans
|
0.99
|
%
|
0.99
|
%
|
0.98
|
%
|
0.97
|
%
|
0.95
|
%
|
||||||||||
Coverage ratio (1)
|
256.9
|
%
|
259.4
|
%
|
269.3
|
%
|
275.0
|
%
|
264.2
|
%
|
||||||||||
Annualized net (recoveries) chargeoffs to average loans (2)
|
0.02
|
%
|
0.00
|
%
|
0.00
|
%
|
0.02
|
%
|
0.00
|
%
|
||||||||||
Allowance for credit losses on loans to annualized net chargeoffs (2)
|
56.3
|
x
|
N/A
|
N/A
|
49.0
|
x
|
N/A
|
(dollars in thousands) | ||||||||||||||||||||||||
(Unaudited)
|
Three months ended
|
Three months ended
|
||||||||||||||||||||||
September 30, 2024
|
September 30, 2023
|
|||||||||||||||||||||||
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
|||||||||||||||||||
Balance
|
Rate
|
Balance
|
Rate
|
|||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
95,073
|
$
|
718
|
3.02
|
%
|
$
|
119,406
|
$
|
672
|
2.25
|
%
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
241,792
|
1,397
|
2.29
|
269,535
|
1,485
|
2.19
|
||||||||||||||||||
State and political subdivisions
|
26
|
-
|
6.75
|
34
|
-
|
6.74
|
||||||||||||||||||
Corporate bonds
|
55,041
|
361
|
2.63
|
80,331
|
473
|
2.36
|
||||||||||||||||||
Small Business Administration - guaranteed participation securities
|
16,663
|
90
|
2.15
|
19,801
|
107
|
2.15
|
||||||||||||||||||
Other
|
701
|
2
|
1.14
|
686
|
2
|
1.17
|
||||||||||||||||||
Total securities available for sale
|
409,296
|
2,568
|
2.51
|
489,793
|
2,739
|
2.24
|
||||||||||||||||||
Federal funds sold and other short-term Investments
|
465,922
|
6,174
|
5.27
|
494,597
|
6,688
|
5.37
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
5,779
|
62
|
4.29
|
6,877
|
73
|
4.22
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total held to maturity securities
|
5,779
|
62
|
4.29
|
6,877
|
73
|
4.22
|
||||||||||||||||||
Federal Home Loan Bank stock
|
6,507
|
153
|
9.41
|
6,203
|
131
|
8.45
|
||||||||||||||||||
Commercial loans
|
279,199
|
3,807
|
5.45
|
261,061
|
3,398
|
5.21
|
||||||||||||||||||
Residential mortgage loans
|
4,375,641
|
41,811
|
3.82
|
4,325,219
|
39,321
|
3.64
|
||||||||||||||||||
Home equity lines of credit
|
380,422
|
6,245
|
6.53
|
320,446
|
4,946
|
6.12
|
||||||||||||||||||
Installment loans
|
14,443
|
249
|
6.87
|
15,959
|
256
|
6.37
|
||||||||||||||||||
Loans, net of unearned income
|
5,049,705
|
52,112
|
4.12
|
4,922,685
|
47,921
|
3.89
|
||||||||||||||||||
Total interest earning assets
|
5,937,209
|
$
|
61,069
|
4.11
|
5,920,155
|
$
|
57,552
|
3.88
|
||||||||||||||||
Allowance for credit losses on loans
|
(49,973
|
)
|
(47,077
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
187,166
|
172,523
|
||||||||||||||||||||||
Total assets
|
$
|
6,074,402
|
$
|
6,045,601
|
||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
1,000,333
|
$
|
311
|
0.12
|
%
|
$
|
1,050,313
|
$
|
102
|
0.04
|
%
|
||||||||||||
Money market accounts
|
499,408
|
2,154
|
1.72
|
625,031
|
2,384
|
1.51
|
||||||||||||||||||
Savings
|
1,122,673
|
770
|
0.27
|
1,282,641
|
639
|
0.20
|
||||||||||||||||||
Time deposits
|
1,880,021
|
18,969
|
4.01
|
1,494,402
|
11,962
|
3.18
|
||||||||||||||||||
Total interest bearing deposits
|
4,502,435
|
22,204
|
1.96
|
4,452,387
|
15,087
|
1.34
|
||||||||||||||||||
Short-term borrowings
|
87,677
|
194
|
0.88
|
110,018
|
244
|
0.88
|
||||||||||||||||||
Total interest bearing liabilities
|
4,590,112
|
$
|
22,398
|
1.94
|
4,562,405
|
$
|
15,331
|
1.33
|
||||||||||||||||
Demand deposits
|
742,164
|
776,885
|
||||||||||||||||||||||
Other liabilities
|
80,502
|
81,411
|
||||||||||||||||||||||
Shareholders' equity
|
661,624
|
624,900
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
6,074,402
|
$
|
6,045,601
|
||||||||||||||||||||
Net interest income, GAAP and non-GAAP tax equivalent (1)
|
$
|
38,671
|
$
|
42,221
|
||||||||||||||||||||
Net interest spread, GAAP and non-GAAP tax equivalent (1)
|
2.17
|
%
|
2.55
|
%
|
||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets), GAAP and non-GAAP tax equivalent (1)
|
2.61
|
%
|
2.85
|
%
|
||||||||||||||||||||
Tax equivalent adjustment (1)
|
-
|
-
|
||||||||||||||||||||||
Net interest income
|
$
|
38,671
|
$
|
42,221
|
(dollars in thousands) | ||||||||||||||||||||||||
(Unaudited)
|
Nine Months Ended
|
Nine Months Ended
|
||||||||||||||||||||||
September 30, 2024
|
September 30, 2023
|
|||||||||||||||||||||||
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
|||||||||||||||||||
Balance
|
Rate
|
Balance
|
Rate
|
|||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
111,570
|
2,533
|
3.03
|
%
|
$
|
120,243
|
2,055
|
2.28
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
250,343
|
4,342
|
2.31
|
278,252
|
4,613
|
2.21
|
||||||||||||||||||
State and political subdivisions
|
26
|
1
|
6.80
|
34
|
1
|
6.74
|
||||||||||||||||||
Corporate bonds
|
61,221
|
1,199
|
2.61
|
83,732
|
1,510
|
2.41
|
||||||||||||||||||
Small Business Administration - guaranteed participation securities
|
17,438
|
284
|
2.17
|
20,876
|
335
|
2.14
|
||||||||||||||||||
Other
|
697
|
7
|
1.34
|
686
|
7
|
1.02
|
||||||||||||||||||
Total securities available for sale
|
441,295
|
8,366
|
2.53
|
503,823
|
8,521
|
1.69
|
||||||||||||||||||
Federal funds sold and other short-term Investments
|
489,934
|
19,818
|
5.40
|
540,570
|
20,213
|
5.00
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
6,053
|
195
|
4.29
|
7,205
|
226
|
4.18
|
||||||||||||||||||
Total held to maturity securities
|
6,053
|
195
|
4.29
|
7,205
|
226
|
4.18
|
||||||||||||||||||
Federal Home Loan Bank stock
|
6,350
|
452
|
9.49
|
5,957
|
351
|
5.89
|
||||||||||||||||||
Commercial loans
|
278,981
|
11,232
|
5.37
|
249,738
|
9,716
|
5.19
|
||||||||||||||||||
Residential mortgage loans
|
4,364,821
|
123,046
|
3.76
|
4,269,494
|
114,227
|
3.57
|
||||||||||||||||||
Home equity lines of credit
|
365,932
|
17,522
|
6.40
|
305,075
|
13,598
|
5.96
|
||||||||||||||||||
Installment loans
|
15,319
|
776
|
6.76
|
15,015
|
714
|
6.35
|
||||||||||||||||||
Loans, net of unearned income
|
5,025,053
|
152,576
|
4.05
|
4,839,322
|
138,255
|
3.81
|
||||||||||||||||||
Total interest earning assets
|
5,968,685
|
181,407
|
4.05
|
5,896,877
|
167,566
|
3.79
|
||||||||||||||||||
Allowance for credit losses on loans
|
(49,419
|
)
|
(46,812
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
187,963
|
173,521
|
||||||||||||||||||||||
Total assets | $ |
6,107,229 | $ |
6,023,586
|
||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
999,839
|
839
|
0.11
|
%
|
$
|
1,088,859
|
217
|
0.03
|
%
|
||||||||||||||
Money market accounts
|
522,636
|
6,724
|
1.72
|
613,119
|
4,954
|
1.08
|
||||||||||||||||||
Savings
|
1,142,313
|
2,157
|
0.25
|
1,363,052
|
1,824
|
0.18
|
||||||||||||||||||
Time deposits
|
1,881,027
|
58,046
|
4.12
|
1,343,762
|
26,525
|
2.64
|
||||||||||||||||||
Total interest bearing deposits
|
4,545,815
|
67,766
|
1.99
|
4,408,792
|
33,520
|
1.02
|
||||||||||||||||||
Short-term borrowings
|
91,551
|
604
|
0.88
|
121,911
|
808
|
0.89
|
||||||||||||||||||
Total interest bearing liabilities
|
4,637,366
|
68,370
|
1.97
|
4,530,703
|
34,328
|
1.01
|
||||||||||||||||||
Demand deposits
|
734,604
|
793,890
|
||||||||||||||||||||||
Other liabilities
|
82,233
|
81,771
|
||||||||||||||||||||||
Shareholders' equity
|
653,026
|
617,224
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
6,107,229
|
$
|
6,023,588
|
||||||||||||||||||||
Net interest income, GAAP and non-GAAP tax equivalent (1)
|
113,037
|
133,238
|
||||||||||||||||||||||
Net interest spread, GAAP and non-GAAP tax equivalent (1)
|
2.08
|
%
|
2.78
|
%
|
||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets), GAAP and non-GAAP tax equivalent (1)
|
2.52
|
%
|
3.01
|
%
|
||||||||||||||||||||
Tax equivalent adjustment (1)
|
-
|
-
|
||||||||||||||||||||||
Net interest income
|
113,037
|
133,238
|
9/30/2024
|
6/30/2024
|
9/30/2023
|
||||||||||
Tangible Book Value Per Share
|
||||||||||||
Equity (GAAP)
|
$
|
669,021
|
$
|
655,168
|
$
|
623,926
|
||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible equity (Non-GAAP)
|
$
|
668,468
|
$
|
654,615
|
$
|
623,373
|
||||||
Shares outstanding
|
19,010
|
19,010
|
19,024
|
|||||||||
Tangible book value per share
|
35.16
|
34.44
|
32.77
|
|||||||||
Book value per share
|
35.19
|
34.46
|
32.80
|
|||||||||
Tangible Equity to Tangible Assets
|
||||||||||||
Total Assets (GAAP)
|
$
|
6,109,680
|
$
|
6,106,644
|
$
|
6,054,298
|
||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible assets (Non-GAAP)
|
$
|
6,109,127
|
$
|
6,106,091
|
$
|
6,053,745
|
||||||
Tangible Equity to Tangible Assets (Non-GAAP)
|
10.94
|
%
|
10.72
|
%
|
10.30
|
%
|
||||||
Equity to Assets (GAAP)
|
10.95
|
%
|
10.73
|
%
|
10.31
|
%
|
Three months ended
|
Nine Months Ended
|
|||||||||||||||||||
Efficiency Ratio
|
9/30/2024
|
6/30/2024
|
9/30/2023
|
9/30/2024
|
9/30/2023
|
|||||||||||||||
Net interest income (GAAP)
|
$
|
38,671
|
$
|
37,788
|
$
|
42,221
|
$
|
113,037
|
$
|
133,238
|
||||||||||
Taxable equivalent adjustment
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Net interest income (fully taxable equivalent) (Non-GAAP)
|
38,671
|
37,788
|
42,221
|
113,037
|
133,238
|
|||||||||||||||
Non-interest income (GAAP)
|
4,931
|
5,651
|
4,574
|
15,425
|
13,841
|
|||||||||||||||
Less: Net gains on equity securities
|
23
|
1,360
|
-
|
1,383
|
-
|
|||||||||||||||
Revenue used for efficiency ratio (Non-GAAP)
|
$
|
43,579
|
$
|
42,079
|
$
|
46,795
|
$
|
127,079
|
$
|
147,079
|
||||||||||
Total noninterest expense (GAAP)
|
$
|
26,200
|
$
|
26,459
|
$
|
27,460
|
$
|
77,562
|
$
|
82,466
|
||||||||||
Less: Other real estate expense, net
|
204
|
16
|
163
|
294
|
536
|
|||||||||||||||
Expense used for efficiency ratio (Non-GAAP)
|
$
|
25,996
|
$
|
26,443
|
$
|
27,297
|
$
|
77,268
|
$
|
81,930
|
||||||||||
Efficiency Ratio
|
59.65
|
%
|
62.84
|
%
|
58.33
|
%
|
60.80
|
%
|
55.70
|
%
|