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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest and dividend income:        
Interest and fees on loans $ 41,923 $ 40,073 $ 124,608 $ 117,120
Interest and dividends on securities available for sale:        
U. S. government sponsored enterprises 996 787 2,600 2,324
State and political subdivisions 2 7 6 20
Mortgage-backed securities and collateralized mortgage obligations 2,178 1,601 5,885 5,039
Corporate bonds 321 202 801 485
Small Business Administration-guaranteed participation securities 282 325 868 1,010
Mortgage-backed securities and collateralized mortgage obligations-commercial 0 0 0 37
Other securities 6 4 16 13
Total interest and dividends on securities available for sale 3,785 2,926 10,176 8,928
Interest on held to maturity securities:        
Mortgage-backed securities and collateralized mortgage obligations-residential 187 232 613 736
Total interest on held to maturity securities 187 232 613 736
Federal Reserve Bank and Federal Home Loan Bank stock 81 82 365 357
Interest on federal funds sold and other short-term investments 2,552 2,425 8,843 6,909
Total interest income 48,528 45,738 144,605 134,050
Interest on deposits:        
Interest-bearing checking 52 113 267 331
Savings accounts 323 417 1,067 1,256
Money market deposit accounts 1,177 544 3,122 1,435
Time deposits 7,974 3,864 21,462 10,163
Interest on short-term borrowings 359 277 1,121 918
Total interest expense 9,885 5,215 27,039 14,103
Net interest income 38,643 40,523 117,566 119,947
Provision (Credit) for loan losses 0 300 (41) 900
Net interest income after provision for loan losses 38,643 40,223 117,607 119,047
Noninterest income:        
Trustco financial services income 1,517 1,516 4,933 4,927
Fees for services to customers 2,602 2,693 7,733 8,015
Other 806 246 1,810 687
Total noninterest income 4,925 4,455 14,476 13,629
Noninterest expenses:        
Salaries and employee benefits 11,725 10,761 34,887 31,924
Net occupancy expense 4,094 3,997 12,267 12,413
Equipment expense 1,689 1,783 5,300 5,327
Professional services 1,507 1,578 4,725 4,822
Outsourced services 1,875 1,875 5,675 5,625
Advertising expense 494 844 2,057 2,144
FDIC and other insurance 282 682 1,528 2,219
Other real estate expense, net 33 528 219 1,194
Other 2,371 2,496 7,181 7,126
Total noninterest expenses 24,070 24,544 73,839 72,794
Income before taxes 19,498 20,134 58,244 59,882
Income taxes 4,790 4,935 14,311 14,470
Net income $ 14,708 $ 15,199 $ 43,933 $ 45,412
Net income per share:        
Basic (in dollars per share) $ 0.152 $ 0.157 $ 0.454 $ 0.471
Diluted (in dollars per share) $ 0.152 $ 0.157 $ 0.453 $ 0.470