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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest and dividend income:        
Interest and fees on loans $ 40,073 $ 37,513 $ 117,120 $ 110,219
Interest and dividends on securities available for sale:        
U. S. government sponsored enterprises 787 465 2,324 1,667
State and political subdivisions 7 6 20 29
Mortgage-backed securities and collateralized mortgage obligations-residential 1,601 1,815 5,039 5,717
Corporate bonds 202 153 485 458
Small Business Administration-guaranteed participation securities 325 380 1,010 1,189
Mortgage-backed securities and collateralized mortgage obligations-commercial 0 22 37 66
Other securities 4 4 13 12
Total interest and dividends on securities available for sale 2,926 2,845 8,928 9,138
Interest on held to maturity securities:        
Mortgage-backed securities and collateralized mortgage obligations-residential 232 276 736 888
Corporate bonds 0 102 0 410
Total interest on held to maturity securities 232 378 736 1,298
Federal Reserve Bank and Federal Home Loan Bank stock 82 125 357 393
Interest on federal funds sold and other short-term investments 2,425 1,927 6,909 4,900
Total interest income 45,738 42,788 134,050 125,948
Interest on deposits:        
Interest-bearing checking 113 113 331 371
Savings 417 435 1,256 1,300
Money market deposit accounts 544 469 1,435 1,403
Time deposits 3,864 2,247 10,163 6,711
Interest on short-term borrowings 277 345 918 1,043
Total interest expense 5,215 3,609 14,103 10,828
Net interest income 40,523 39,179 119,947 115,120
Provision for loan losses 300 550 900 1,700
Net interest income after provision for loan losses 40,223 38,629 119,047 113,420
Noninterest income:        
Trustco financial services income 1,516 1,844 4,927 5,127
Fees for services to customers 2,693 2,767 8,015 8,201
Other 246 243 687 757
Total noninterest income 4,455 4,854 13,629 14,085
Noninterest expenses:        
Salaries and employee benefits 10,761 10,360 31,924 30,129
Net occupancy expense 3,997 4,027 12,413 12,403
Equipment expense 1,783 1,669 5,327 4,653
Professional services 1,578 1,679 4,822 5,570
Outsourced services 1,875 1,650 5,625 4,650
Advertising expense 844 699 2,144 2,019
FDIC and other insurance 682 1,018 2,219 3,077
Other real estate expense (income), net 528 275 1,194 770
Other 2,496 2,149 7,126 7,187
Total noninterest expenses 24,544 23,526 72,794 70,458
Income before taxes 20,134 19,957 59,882 57,047
Income taxes 4,935 7,361 14,470 21,264
Net income $ 15,199 $ 12,596 $ 45,412 $ 35,783
Net income per share:        
Basic (in dollars per share) $ 0.157 $ 0.131 $ 0.471 $ 0.373
Diluted (in dollars per share) $ 0.157 $ 0.131 $ 0.470 $ 0.372