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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest and dividend income:      
Interest and fees on loans $ 166,610 $ 158,304 $ 148,133
Interest and dividends on securities available for sale:      
U. S. government sponsored enterprises 3,209 3,112 2,281
State and political subdivisions 8 22 39
Mortgage-backed securities and collateralized mortgage obligations-residential 8,219 6,593 7,447
Corporate bonds 1,096 687 606
Small Business Administration-guaranteed participation securities 1,121 1,339 1,547
Mortgage-backed securities and collateralized mortgage obligations-commercial 0 37 109
Other 22 18 16
Total interest and dividends on securities available for sale 13,675 11,808 12,045
Interest on held to maturity securities:      
Mortgage-backed securities and collateralized mortgage obligations-residential 797 962 1,149
Corporate bonds 0 0 410
Total interest on held to maturity securities 797 962 1,559
Federal Reserve Bank and Federal Home Loan Bank stock 568 564 544
Interest on federal funds sold and other short-term investments 10,478 9,276 6,679
Total interest and dividend income 192,128 180,914 168,960
Interest expense:      
Interest on deposits 34,853 18,958 13,190
Interest on short-term borrowings 1,468 1,270 1,402
Total interest expense 36,321 20,228 14,592
Net interest income 155,807 160,686 154,368
Provision for loan losses 159 1,400 2,000
Net interest income after provision for loan losses 155,648 159,286 152,368
Noninterest income:      
Trustco Financial Services income 6,387 6,283 6,584
Fees for services to customers 10,110 10,912 10,798
Other 2,094 886 991
Total noninterest income 18,591 18,081 18,373
Noninterest expense:      
Salaries and employee benefits 46,630 42,107 40,665
Net occupancy expense 16,666 17,213 16,543
Equipment expense 7,068 7,068 6,118
Professional services 6,174 6,555 6,895
Outsourced services 7,600 7,500 6,410
Advertising expense 2,521 3,020 2,578
FDIC and other insurance expense 1,787 2,741 4,179
Other real estate (income) expense, net (166) 1,231 1,171
Other 9,450 10,278 9,435
Total noninterest expense 97,730 97,713 93,994
Income before income taxes 76,509 79,654 76,747
Income taxes 18,669 18,209 33,602
Net income $ 57,840 $ 61,445 $ 43,145
Earnings per share:      
Basic (in dollars per share) $ 0.597 $ 0.637 $ 0.449
Diluted (in dollars per share) $ 0.597 $ 0.636 $ 0.448