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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Interest and dividend income:        
Interest and fees on loans $ 37,513 $ 36,171 $ 110,219 $ 107,428
Interest and dividends on securities available for sale:        
U. S. government sponsored enterprises 465 408 1,667 1,067
State and political subdivisions 6 13 29 40
Mortgage-backed securities and collateralized mortgage obligations-residential 1,815 1,829 5,717 6,114
Corporate bonds 153 97 458 97
Small Business Administration-guaranteed participation securities 380 445 1,189 1,371
Mortgage-backed securities and collateralized mortgage obligations-commercial 22 36 66 110
Other securities 4 4 12 12
Total interest and dividends on securities available for sale 2,845 2,832 9,138 8,811
Interest on held to maturity securities:        
Mortgage-backed securities and collateralized mortgage obligations-residential 276 347 888 1,123
Corporate bonds 102 156 410 464
Total interest on held to maturity securities 378 503 1,298 1,587
Federal Reserve Bank and Federal Home Loan Bank stock 125 131 393 369
Interest on federal funds sold and other short-term investments 1,927 866 4,900 2,542
Total interest income 42,788 40,503 125,948 120,737
Interest on deposits:        
Interest-bearing checking 113 120 371 350
Savings 435 504 1,300 1,712
Money market deposit accounts 469 463 1,403 1,426
Time deposits 2,247 2,468 6,711 7,301
Interest on short-term borrowings 345 281 1,043 800
Total interest expense 3,609 3,836 10,828 11,589
Net interest income 39,179 36,667 115,120 109,148
Provision for loan losses 550 750 1,700 2,350
Net interest income after provision for loan losses 38,629 35,917 113,420 106,798
Noninterest income:        
Trustco financial services income 1,844 1,347 5,127 4,464
Fees for services to customers 2,767 2,664 8,201 8,062
Net gain on securities transactions 0 0 0 668
Other 243 718 757 1,306
Total noninterest income 4,854 4,729 14,085 14,500
Noninterest expenses:        
Salaries and employee benefits 10,360 8,995 30,129 26,932
Net occupancy expense 4,027 3,887 12,403 11,893
Equipment expense 1,669 1,596 4,653 4,950
Professional services 1,679 1,959 5,570 6,203
Outsourced services 1,650 1,465 4,650 4,441
Advertising expense 699 489 2,019 1,788
FDIC and other insurance 1,018 1,127 3,077 5,066
Other real estate expense (income), net 275 895 770 1,837
Other 2,149 2,636 7,187 7,352
Total noninterest expenses 23,526 23,049 70,458 70,462
Income before taxes 19,957 17,597 57,047 50,836
Income taxes 7,361 6,667 21,264 19,033
Net income $ 12,596 $ 10,930 $ 35,783 $ 31,803
Net income per share:        
Basic (in dollars per share) $ 0.131 $ 0.114 $ 0.373 $ 0.333
Diluted (in dollars per share) $ 0.131 $ 0.114 $ 0.372 $ 0.333