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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest and dividend income:        
Interest and fees on loans $ 41,432 $ 38,956 $ 82,685 $ 77,047
Interest and dividends on securities available for sale:        
U. S. government sponsored enterprises 821 787 1,604 1,537
State and political subdivisions 3 6 4 13
Mortgage-backed securities and collateralized mortgage obligations 2,152 1,670 3,707 3,475
Corporate bonds 272 150 480 283
Small Business Administration-guaranteed participation securities 289 333 586 685
Other securities 5 4 10 9
Total interest and dividends on securities available for sale 3,542 2,950 6,391 6,002
Interest on held to maturity securities:        
Mortgage-backed securities and collateralized mortgage obligations-residential 209 244 426 504
Total interest on held to maturity securities 209 244 426 504
Federal Reserve Bank and Federal Home Loan Bank stock 199 198 284 275
Interest on federal funds sold and other short-term investments 3,282 2,467 6,291 4,484
Total interest income 48,664 44,815 96,077 88,312
Interest on deposits:        
Interest-bearing checking 94 112 215 218
Savings accounts 367 420 744 839
Money market deposit accounts 1,119 452 1,945 891
Time deposits 7,512 3,439 13,488 6,299
Interest on short-term borrowings 381 283 762 641
Total interest expense 9,473 4,706 17,154 8,888
Net interest income 39,191 40,109 78,923 79,424
(Credit) Provision for loan losses (341) 300 (41) 600
Net interest income after provision for loan losses 39,532 39,809 78,964 78,824
Noninterest income:        
Trustco financial services income 1,683 1,596 3,416 3,411
Fees for services to customers 2,611 2,677 5,131 5,322
Other 620 222 1,004 441
Total noninterest income 4,914 4,495 9,551 9,174
Noninterest expenses:        
Salaries and employee benefits 11,711 10,741 23,162 21,163
Net occupancy expense 4,006 4,101 8,173 8,416
Equipment expense 1,709 1,793 3,611 3,544
Professional services 1,568 1,814 3,218 3,244
Outsourced services 1,875 1,825 3,800 3,750
Advertising expense 778 670 1,563 1,300
FDIC and other insurance 598 514 1,246 1,537
Other real estate expense, net 210 294 186 666
Other 2,447 2,343 4,810 4,630
Total noninterest expenses 24,902 24,095 49,769 48,250
Income before taxes 19,544 20,209 38,746 39,748
Income taxes 4,877 4,804 9,521 9,535
Net income $ 14,667 $ 15,405 $ 29,225 $ 30,213
Net income per share:        
Basic (in dollars per share) $ 0.152 $ 0.160 $ 0.302 $ 0.313
Diluted (in dollars per share) $ 0.151 $ 0.160 $ 0.302 $ 0.313