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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest and dividend income:        
Interest and fees on loans $ 36,171 $ 35,631 $ 107,428 $ 105,957
Interest and dividends on securities available for sale:        
U. S. government sponsored enterprises 408 584 1,067 1,162
State and political subdivisions 13 23 40 71
Mortgage-backed securities and collateralized mortgage obligations-residential 1,829 2,230 6,114 6,899
Corporate bonds 97 0 97 1
Small Business Administration-guaranteed participation securities 445 497 1,371 1,522
Mortgage-backed securities and collateralized mortgage obligations-commercial 36 37 110 112
Other securities 4 4 12 12
Total interest and dividends on securities available for sale 2,832 3,375 8,811 9,779
Interest on held to maturity securities:        
Mortgage-backed securities and collateralized mortgage obligations-residential 347 461 1,123 1,419
Corporate bonds 156 153 464 461
Total interest on held to maturity securities 503 614 1,587 1,880
Federal Reserve Bank and Federal Home Loan Bank stock 131 113 369 347
Interest on federal funds sold and other short-term investments 866 408 2,542 1,231
Total interest income 40,503 40,141 120,737 119,194
Interest on deposits:        
Interest-bearing checking 120 117 350 333
Savings 504 603 1,712 1,860
Money market deposit accounts 463 537 1,426 1,701
Time deposits 2,468 2,544 7,301 7,478
Interest on short-term borrowings 281 290 800 936
Total interest expense 3,836 4,091 11,589 12,308
Net interest income 36,667 36,050 109,148 106,886
Provision for loan losses 750 800 2,350 2,400
Net interest income after provision for loan losses 35,917 35,250 106,798 104,486
Noninterest income:        
Trustco financial services income 1,347 1,351 4,464 4,482
Fees for services to customers 2,664 2,770 8,062 7,985
Net gain on securities transactions 0 0 668 249
Other 718 244 1,306 726
Total noninterest income 4,729 4,365 14,500 13,442
Noninterest expenses:        
Salaries and employee benefits 8,995 7,834 26,932 24,479
Net occupancy expense 3,887 3,929 11,893 11,915
Equipment expense 1,596 1,596 4,950 5,341
Professional services 1,959 2,238 6,203 5,811
Outsourced services 1,465 1,425 4,441 4,275
Advertising expense 489 668 1,788 2,001
FDIC and other insurance 1,127 2,202 5,066 4,284
Other real estate expense, net 895 806 1,837 1,431
Other 2,636 2,766 7,352 7,915
Total noninterest expenses 23,049 23,464 70,462 67,452
Income before taxes 17,597 16,151 50,836 50,476
Income taxes 6,667 5,535 19,033 18,418
Net income $ 10,930 $ 10,616 $ 31,803 $ 32,058
Net income per share:        
Basic (in dollars per share) $ 0.114 $ 0.112 $ 0.333 $ 0.337
Diluted (in dollars per share) $ 0.114 $ 0.111 $ 0.333 $ 0.337