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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest and dividend income:        
Interest and fees on loans $ 36,662 $ 35,652 $ 72,706 $ 71,257
Interest and dividends on securities available for sale:        
U. S. government sponsored enterprises 607 404 1,202 659
State and political subdivisions 11 13 23 27
Mortgage-backed securities and collateralized mortgage obligations-residential 1,944 2,169 3,902 4,285
Corporate bonds 154 0 305 0
Small Business Administration-guaranteed participation securities 394 450 809 926
Mortgage-backed securities and collateralized mortgage obligations-commercial 21 38 44 74
Other securities 4 4 8 8
Total interest and dividends on securities available for sale 3,135 3,078 6,293 5,979
Interest on held to maturity securities:        
Mortgage-backed securities and collateralized mortgage obligations-residential 296 374 612 775
Corporate bonds 154 154 308 308
Total interest on held to maturity securities 450 528 920 1,083
Federal Reserve Bank and Federal Home Loan Bank stock 134 118 268 238
Interest on federal funds sold and other short-term investments 1,727 832 2,973 1,677
Total interest income 42,108 40,208 83,160 80,234
Interest on deposits:        
Interest-bearing checking 134 116 258 230
Savings 435 604 865 1,208
Money market deposit accounts 468 467 934 962
Time deposits 2,181 2,460 4,464 4,833
Interest on short-term borrowings 349 262 698 519
Total interest expense 3,567 3,909 7,219 7,752
Net interest income 38,541 36,299 75,941 72,482
Provision for loan losses 550 800 1,150 1,600
Net interest income after provision for loan losses 37,991 35,499 74,791 70,882
Noninterest income:        
Trustco financial services income 1,425 1,512 3,283 3,117
Fees for services to customers 2,797 2,737 5,434 5,398
Net gain on securities transactions 0 668 0 668
Other 282 282 514 588
Total noninterest income 4,504 5,199 9,231 9,771
Noninterest expenses:        
Salaries and employee benefits 9,559 8,934 19,769 17,937
Net occupancy expense 4,267 3,918 8,376 8,006
Equipment expense 1,428 1,840 2,984 3,354
Professional services 1,963 2,098 3,891 4,244
Outsourced services 1,500 1,425 3,000 2,976
Advertising expense 607 570 1,320 1,299
FDIC and other insurance 1,012 1,949 2,059 3,939
Other real estate (income) expense, net (4)      
Other real estate expense, net   423 495 942
Other 2,581 2,817 5,038 4,715
Total noninterest expenses 22,913 23,974 46,932 47,412
Income before taxes 19,582 16,724 37,090 33,241
Income taxes 7,342 6,260 13,903 12,366
Net income $ 12,240 $ 10,464 $ 23,187 $ 20,875
Net income per share:        
Basic (in dollars per share) $ 0.127 $ 0.110 $ 0.242 $ 0.219
Diluted (in dollars per share) $ 0.127 $ 0.109 $ 0.241 $ 0.219