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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest and dividend income:        
Interest and fees on loans $ 35,343 $ 33,614 $ 70,326 $ 66,488
Interest and dividends on securities available for sale:        
U. S. government sponsored enterprises 366 381 578 887
State and political subdivisions 23 44 48 112
Mortgage-backed securities and collateralized mortgage obligations-residential 2,276 3,299 4,669 6,377
Corporate bonds 0 2 1 61
Small Business Administration-guaranteed participation securities 503 539 1,025 1,095
Mortgage-backed securities and collateralized mortgage obligations-commercial 38 38 75 76
Other securities 4 4 8 8
Total interest and dividends on securities available for sale 3,210 4,307 6,404 8,616
Interest on held to maturity securities:        
Mortgage-backed securities and collateralized mortgage obligations-residential 480 577 958 1,202
Corporate bonds 154 154 308 308
Total interest on held to maturity securities 634 731 1,266 1,510
Federal Reserve Bank and Federal Home Loan Bank stock 118 128 234 261
Interest on federal funds sold and other short-term investments 423 376 823 727
Total interest income 39,728 39,156 79,053 77,602
Interest on deposits:        
Interest-bearing checking 111 89 216 173
Savings 599 592 1,257 1,355
Money market deposit accounts 547 618 1,164 1,217
Time deposits 2,500 2,035 4,934 3,986
Interest on short-term borrowings 300 342 646 735
Total interest expense 4,057 3,676 8,217 7,466
Net interest income 35,671 35,480 70,836 70,136
Provision for loan losses 800 1,500 1,600 3,000
Net interest income after provision for loan losses 34,871 33,980 69,236 67,136
Noninterest income:        
Trustco financial services income 1,478 1,405 3,131 2,915
Fees for services to customers 2,691 2,732 5,215 5,253
Net gain on securities transactions 0 0 249 6
Other 285 368 482 2,090
Total noninterest income 4,454 4,505 9,077 10,264
Noninterest expenses:        
Salaries and employee benefits 8,164 8,012 16,645 15,604
Net occupancy expense 3,878 4,110 7,986 8,369
Equipment expense 1,803 1,823 3,745 3,575
Professional services 2,066 1,438 3,573 2,724
Outsourced services 1,425 1,425 2,850 2,750
Advertising expense 733 657 1,333 1,256
FDIC and other insurance 1,017 1,000 2,082 1,904
Other real estate expense (income), net 201 (1,688) 625 (833)
Other 2,844 2,660 5,149 4,889
Total noninterest expenses 22,131 19,437 43,988 40,238
Income before taxes 17,194 19,048 34,325 37,162
Income taxes 6,467 7,240 12,883 14,343
Net income $ 10,727 $ 11,808 $ 21,442 $ 22,819
Net income per share:        
Basic (in dollars per share) $ 0.113 $ 0.125 $ 0.226 $ 0.241
Diluted (in dollars per share) $ 0.113 $ 0.125 $ 0.225 $ 0.241