|
|
|
State or Other Jurisdiction of Incorporation or Organization
|
Commission File No.
|
I.R.S. Employer Identification
Number
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
Item 2.02. |
Results of Operations and Financial Condition
|
Item 9.01. |
Financial Statements and Exhibits
|
Reg S-K Exhibit No.
|
Description
|
Press release dated April 21, 2020 for the period ending March 31, 2020, regarding quarterly results.
|
|
104
|
Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.
|
TrustCo Bank Corp NY
|
||
(Registrant)
|
||
By: |
/s/ Michael M. Ozimek
|
|
Michael M. Ozimek
|
||
Executive Vice President and
|
||
Chief Financial Officer
|
News Release |
Subsidiary:
|
TrustCo Bank
|
NASDAQ -- TRST
|
Contact:
|
Robert Leonard
|
Executive Vice President and
|
|
Chief Risk Officer
|
|
(518) 381-3693
|
Three months ended
|
||||||||||||
3/31/2020
|
12/31/2019
|
3/31/2019
|
||||||||||
Summary of operations
|
||||||||||||
Net interest income (TE)
|
$
|
38,554
|
38,243
|
39,733
|
||||||||
Provision for loan losses
|
2,000
|
200
|
300
|
|||||||||
Noninterest income
|
5,334
|
4,115
|
4,637
|
|||||||||
Noninterest expense
|
24,268
|
23,891
|
24,867
|
|||||||||
Net income
|
13,313
|
13,907
|
14,558
|
|||||||||
Per common share
|
||||||||||||
Net income per share:
|
||||||||||||
- Basic
|
$
|
0.138
|
0.143
|
0.150
|
||||||||
- Diluted
|
0.138
|
0.143
|
0.150
|
|||||||||
Cash dividends
|
0.068
|
0.068
|
0.068
|
|||||||||
Book value at period end
|
5.68
|
5.55
|
5.18
|
|||||||||
Market price at period end
|
5.41
|
8.67
|
7.76
|
|||||||||
At period end
|
||||||||||||
Full time equivalent employees
|
813
|
814
|
899
|
|||||||||
Full service banking offices
|
148
|
148
|
148
|
|||||||||
Performance ratios
|
||||||||||||
Return on average assets
|
1.03
|
%
|
1.06
|
1.17
|
||||||||
Return on average equity
|
9.87
|
10.41
|
11.93
|
|||||||||
Efficiency (1)
|
56.34
|
57.31
|
56.10
|
|||||||||
Net interest spread (TE)
|
2.91
|
2.86
|
3.11
|
|||||||||
Net interest margin (TE)
|
3.05
|
3.02
|
3.24
|
|||||||||
Dividend payout ratio
|
49.41
|
47.48
|
45.23
|
|||||||||
Capital ratios at period end
|
||||||||||||
Consolidated tangible equity to tangible assets (2)
|
10.42
|
%
|
10.30
|
9.72
|
||||||||
Consolidated equity to assets
|
10.43
|
%
|
10.31
|
9.73
|
||||||||
Asset quality analysis at period end
|
||||||||||||
Nonperforming loans to total loans
|
0.51
|
0.51
|
0.64
|
|||||||||
Nonperforming assets to total assets
|
0.42
|
0.43
|
0.50
|
|||||||||
Allowance for loan losses to total loans
|
1.13
|
1.09
|
1.16
|
|||||||||
Coverage ratio (3)
|
2.2
|
x
|
2.1
|
x
|
1.8
|
x
|
(1) |
Non-GAAP measure; calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income.
|
(2) |
Non-GAAP measure; calculated as total equity less $553 of intangible assets divided by total assets less $553 of intangible assets.
|
(3) |
Calculated as allowance for loan losses divided by total nonperforming loans.
|
Three months ended
|
||||||||||||||||||||
3/31/2020
|
12/31/2019
|
9/30/2019
|
6/30/2019
|
3/31/2019
|
||||||||||||||||
Interest and dividend income:
|
||||||||||||||||||||
Interest and fees on loans
|
$
|
42,063
|
42,002
|
41,923
|
41,432
|
41,253
|
||||||||||||||
Interest and dividends on securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
421
|
609
|
996
|
821
|
783
|
|||||||||||||||
State and political subdivisions
|
1
|
2
|
2
|
3
|
1
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
2,113
|
2,334
|
2,178
|
2,152
|
1,555
|
|||||||||||||||
Corporate bonds
|
238
|
295
|
321
|
272
|
208
|
|||||||||||||||
Small Business Administration - guaranteed participation securities
|
245
|
253
|
282
|
289
|
297
|
|||||||||||||||
Other securities
|
6
|
6
|
6
|
5
|
5
|
|||||||||||||||
Total interest and dividends on securities available for sale
|
3,024
|
3,499
|
3,785
|
3,542
|
2,849
|
|||||||||||||||
Interest on held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
175
|
184
|
187
|
209
|
217
|
|||||||||||||||
Total interest on held to maturity securities
|
175
|
184
|
187
|
209
|
217
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
82
|
203
|
81
|
199
|
85
|
|||||||||||||||
Interest on federal funds sold and other short-term investments
|
1,267
|
1,635
|
2,552
|
3,282
|
3,009
|
|||||||||||||||
Total interest income
|
46,611
|
47,523
|
48,528
|
48,664
|
47,413
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Interest on deposits:
|
||||||||||||||||||||
Interest-bearing checking
|
16
|
21
|
52
|
94
|
121
|
|||||||||||||||
Savings
|
233
|
271
|
323
|
367
|
377
|
|||||||||||||||
Money market deposit accounts
|
1,096
|
1,175
|
1,177
|
1,119
|
826
|
|||||||||||||||
Time deposits
|
6,391
|
7,468
|
7,974
|
7,512
|
5,976
|
|||||||||||||||
Interest on short-term borrowings
|
322
|
347
|
359
|
381
|
381
|
|||||||||||||||
Total interest expense
|
8,058
|
9,282
|
9,885
|
9,473
|
7,681
|
|||||||||||||||
Net interest income
|
38,553
|
38,241
|
38,643
|
39,191
|
39,732
|
|||||||||||||||
Less: Provision for loan losses
|
2,000
|
200
|
-
|
(341
|
)
|
300
|
||||||||||||||
Net interest income after provision for loan losses
|
36,553
|
38,041
|
38,643
|
39,532
|
39,432
|
|||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Trustco Financial Services income
|
1,600
|
1,454
|
1,517
|
1,683
|
1,733
|
|||||||||||||||
Fees for services to customers
|
2,315
|
2,377
|
2,602
|
2,611
|
2,520
|
|||||||||||||||
Net gain on securities transactions
|
1,155
|
-
|
-
|
-
|
-
|
|||||||||||||||
Other
|
264
|
284
|
806
|
620
|
384
|
|||||||||||||||
Total noninterest income
|
5,334
|
4,115
|
4,925
|
4,914
|
4,637
|
|||||||||||||||
Noninterest expenses:
|
||||||||||||||||||||
Salaries and employee benefits
|
11,373
|
11,743
|
11,725
|
11,711
|
11,451
|
|||||||||||||||
Net occupancy expense
|
4,306
|
4,399
|
4,094
|
4,006
|
4,167
|
|||||||||||||||
Equipment expense
|
1,802
|
1,768
|
1,689
|
1,709
|
1,902
|
|||||||||||||||
Professional services
|
1,481
|
1,449
|
1,507
|
1,568
|
1,650
|
|||||||||||||||
Outsourced services
|
2,075
|
1,925
|
1,875
|
1,875
|
1,925
|
|||||||||||||||
Advertising expense
|
488
|
464
|
494
|
778
|
785
|
|||||||||||||||
FDIC and other insurance
|
294
|
259
|
282
|
598
|
648
|
|||||||||||||||
Other real estate expense (income), net
|
194
|
(385
|
)
|
33
|
210
|
(24
|
)
|
|||||||||||||
Other
|
2,255
|
2,269
|
2,371
|
2,447
|
2,363
|
|||||||||||||||
Total noninterest expenses
|
24,268
|
23,891
|
24,070
|
24,902
|
24,867
|
|||||||||||||||
Income before taxes
|
17,619
|
18,265
|
19,498
|
19,544
|
19,202
|
|||||||||||||||
Income taxes
|
4,306
|
4,358
|
4,790
|
4,877
|
4,644
|
|||||||||||||||
Net income
|
$
|
13,313
|
13,907
|
14,708
|
14,667
|
14,558
|
||||||||||||||
Net income per common share:
|
||||||||||||||||||||
- Basic
|
$
|
0.138
|
0.143
|
0.152
|
0.152
|
0.150
|
||||||||||||||
- Diluted
|
0.138
|
0.143
|
0.152
|
0.151
|
0.150
|
|||||||||||||||
Average basic shares (in thousands)
|
96,727
|
96,919
|
96,907
|
96,822
|
96,744
|
|||||||||||||||
Average diluted shares (in thousands)
|
96,750
|
97,015
|
96,977
|
96,891
|
96,822
|
|||||||||||||||
Note: Taxable equivalent net interest income
|
$
|
38,554
|
38,243
|
38,644
|
39,192
|
39,733
|
3/31/2020
|
12/31/2019
|
9/30/2019
|
6/30/2019
|
3/31/2019
|
||||||||||||||||
ASSETS:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
43,362
|
48,198
|
49,526
|
42,471
|
43,064
|
||||||||||||||
Federal funds sold and other short term investments
|
492,691
|
408,648
|
401,151
|
517,684
|
576,123
|
|||||||||||||||
Total cash and cash equivalents
|
536,053
|
456,846
|
450,677
|
560,155
|
619,187
|
|||||||||||||||
Securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
54,970
|
104,512
|
164,490
|
184,448
|
148,292
|
|||||||||||||||
States and political subdivisions
|
112
|
162
|
169
|
170
|
172
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
352,067
|
389,517
|
406,166
|
354,679
|
312,946
|
|||||||||||||||
Small Business Administration - guaranteed participation securities
|
46,768
|
48,511
|
50,970
|
53,091
|
54,113
|
|||||||||||||||
Corporate bonds
|
48,564
|
30,436
|
40,281
|
40,467
|
30,258
|
|||||||||||||||
Other securities
|
685
|
685
|
683
|
685
|
685
|
|||||||||||||||
Total securities available for sale
|
503,166
|
573,823
|
662,759
|
633,540
|
546,466
|
|||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
17,720
|
18,618
|
19,705
|
20,667
|
21,609
|
|||||||||||||||
Total held to maturity securities
|
17,720
|
18,618
|
19,705
|
20,667
|
21,609
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,183
|
9,183
|
9,183
|
9,183
|
8,953
|
|||||||||||||||
Loans:
|
||||||||||||||||||||
Commercial
|
195,805
|
199,499
|
192,443
|
190,507
|
190,347
|
|||||||||||||||
Residential mortgage loans
|
3,627,121
|
3,583,774
|
3,508,647
|
3,428,829
|
3,376,193
|
|||||||||||||||
Home equity line of credit
|
265,753
|
267,922
|
273,526
|
277,559
|
282,034
|
|||||||||||||||
Installment loans
|
10,713
|
11,001
|
10,703
|
9,514
|
12,579
|
|||||||||||||||
Loans, net of deferred net costs
|
4,099,392
|
4,062,196
|
3,985,319
|
3,906,409
|
3,861,153
|
|||||||||||||||
Less: Allowance for loan losses
|
46,155
|
44,317
|
44,329
|
44,365
|
44,671
|
|||||||||||||||
Net loans
|
4,053,237
|
4,017,879
|
3,940,990
|
3,862,044
|
3,816,482
|
|||||||||||||||
Bank premises and equipment, net
|
34,428
|
34,622
|
34,168
|
34,058
|
34,428
|
|||||||||||||||
Operating lease right-of-use assets
|
49,955
|
51,475
|
49,618
|
51,097
|
51,559
|
|||||||||||||||
Other assets
|
52,905
|
58,876
|
55,369
|
56,926
|
57,637
|
|||||||||||||||
Total assets
|
$
|
5,256,647
|
5,221,322
|
5,222,469
|
5,227,670
|
5,156,321
|
||||||||||||||
LIABILITIES:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Demand
|
$
|
480,255
|
463,858
|
453,439
|
432,780
|
408,417
|
||||||||||||||
Interest-bearing checking
|
895,254
|
875,672
|
869,101
|
888,433
|
895,099
|
|||||||||||||||
Savings accounts
|
1,122,116
|
1,113,146
|
1,110,947
|
1,132,308
|
1,150,329
|
|||||||||||||||
Money market deposit accounts
|
617,198
|
599,163
|
570,457
|
562,318
|
538,043
|
|||||||||||||||
Time deposits
|
1,367,005
|
1,398,177
|
1,457,223
|
1,446,428
|
1,421,181
|
|||||||||||||||
Total deposits
|
4,481,828
|
4,450,016
|
4,461,167
|
4,462,267
|
4,413,069
|
|||||||||||||||
Short-term borrowings
|
148,090
|
148,666
|
151,095
|
166,746
|
159,778
|
|||||||||||||||
Operating lease liabilities
|
54,998
|
56,553
|
54,731
|
56,237
|
56,723
|
|||||||||||||||
Accrued expenses and other liabilities
|
23,546
|
27,830
|
29,313
|
26,790
|
25,033
|
|||||||||||||||
Total liabilities
|
4,708,462
|
4,683,065
|
4,696,306
|
4,712,040
|
4,654,603
|
|||||||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||
Capital stock
|
100,205
|
100,205
|
100,200
|
100,180
|
100,180
|
|||||||||||||||
Surplus
|
176,431
|
176,427
|
176,395
|
176,396
|
176,510
|
|||||||||||||||
Undivided profits
|
294,553
|
288,067
|
280,542
|
272,433
|
264,364
|
|||||||||||||||
Accumulated other comprehensive income (loss), net of tax
|
11,392
|
4,461
|
(71
|
)
|
(1,774
|
)
|
(7,011
|
)
|
||||||||||||
Treasury stock at cost
|
(34,396
|
)
|
(30,903
|
)
|
(30,903
|
)
|
(31,605
|
)
|
(32,325
|
)
|
||||||||||
Total shareholders' equity
|
548,185
|
538,257
|
526,163
|
515,630
|
501,718
|
|||||||||||||||
|
||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
5,256,647
|
5,221,322
|
5,222,469
|
5,227,670
|
5,156,321
|
||||||||||||||
Outstanding shares (in thousands)
|
96,433
|
96,922
|
96,917
|
96,822
|
96,746
|
3/31/2020
|
12/31/2019
|
9/30/2019
|
6/30/2019
|
3/31/2019
|
||||||||||||||||
Nonperforming Assets
|
||||||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
630
|
816
|
888
|
905
|
701
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
18,570
|
18,407
|
18,275
|
19,633
|
22,343
|
|||||||||||||||
Installment
|
24
|
3
|
13
|
1
|
26
|
|||||||||||||||
Total non-accrual loans
|
19,224
|
19,226
|
19,176
|
20,539
|
23,070
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
27
|
29
|
30
|
31
|
33
|
|||||||||||||||
Total nonperforming loans
|
19,251
|
19,255
|
19,206
|
20,570
|
23,103
|
|||||||||||||||
Other real estate owned
|
1,284
|
1,579
|
2,409
|
2,625
|
1,262
|
|||||||||||||||
Total nonperforming assets
|
$
|
20,535
|
20,834
|
21,615
|
23,195
|
24,365
|
||||||||||||||
Florida
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
1,492
|
1,614
|
1,809
|
1,564
|
1,644
|
|||||||||||||||
Installment
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total non-accrual loans
|
1,492
|
1,614
|
1,809
|
1,564
|
1,644
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming loans
|
1,492
|
1,614
|
1,809
|
1,564
|
1,644
|
|||||||||||||||
Other real estate owned
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming assets
|
$
|
1,492
|
1,614
|
1,809
|
1,564
|
1,644
|
||||||||||||||
Total
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
630
|
816
|
888
|
905
|
701
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
20,062
|
20,021
|
20,084
|
21,197
|
23,987
|
|||||||||||||||
Installment
|
24
|
3
|
13
|
1
|
26
|
|||||||||||||||
Total non-accrual loans
|
20,716
|
20,840
|
20,985
|
22,103
|
24,714
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
27
|
29
|
30
|
31
|
33
|
|||||||||||||||
Total nonperforming loans
|
20,743
|
20,869
|
21,015
|
22,134
|
24,747
|
|||||||||||||||
Other real estate owned
|
1,284
|
1,579
|
2,409
|
2,625
|
1,262
|
|||||||||||||||
Total nonperforming assets
|
$
|
22,027
|
22,448
|
23,424
|
24,759
|
26,009
|
||||||||||||||
Quarterly Net Chargeoffs (Recoveries)
|
||||||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Commercial
|
$
|
1
|
(1
|
)
|
(28
|
)
|
(1
|
)
|
4
|
|||||||||||
Real estate mortgage - 1 to 4 family
|
140
|
146
|
39
|
(54
|
)
|
318
|
||||||||||||||
Installment
|
4
|
67
|
9
|
45
|
23
|
|||||||||||||||
Total net chargeoffs
|
$
|
145
|
212
|
20
|
(10
|
)
|
345
|
|||||||||||||
|
||||||||||||||||||||
Florida
|
||||||||||||||||||||
Commercial
|
$
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
(2
|
)
|
(1
|
)
|
-
|
(25
|
)
|
19
|
||||||||||||
Installment
|
19
|
1
|
16
|
-
|
31
|
|||||||||||||||
Total net chargeoffs
|
$
|
17
|
-
|
16
|
(25
|
)
|
50
|
|||||||||||||
|
||||||||||||||||||||
Total
|
||||||||||||||||||||
Commercial
|
$
|
1
|
(1
|
)
|
(28
|
)
|
(1
|
)
|
4
|
|||||||||||
Real estate mortgage - 1 to 4 family
|
138
|
145
|
39
|
(79
|
)
|
337
|
||||||||||||||
Installment
|
23
|
68
|
25
|
45
|
54
|
|||||||||||||||
Total net chargeoffs
|
$
|
162
|
212
|
36
|
(35
|
)
|
395
|
|||||||||||||
Asset Quality Ratios
|
||||||||||||||||||||
Total nonperforming loans (1)
|
$
|
20,743
|
20,869
|
21,015
|
22,134
|
24,747
|
||||||||||||||
Total nonperforming assets (1)
|
22,027
|
22,448
|
23,424
|
24,759
|
26,009
|
|||||||||||||||
Total net chargeoffs (2)
|
162
|
212
|
36
|
(35
|
)
|
395
|
||||||||||||||
Allowance for loan losses (1)
|
46,155
|
44,317
|
44,329
|
44,365
|
44,671
|
|||||||||||||||
Nonperforming loans to total loans
|
0.51
|
%
|
0.51
|
%
|
0.53
|
%
|
0.57
|
%
|
0.64
|
%
|
||||||||||
Nonperforming assets to total assets
|
0.42
|
%
|
0.43
|
%
|
0.45
|
%
|
0.47
|
%
|
0.50
|
%
|
||||||||||
Allowance for loan losses to total loans
|
1.13
|
%
|
1.09
|
%
|
1.11
|
%
|
1.14
|
%
|
1.16
|
%
|
||||||||||
Coverage ratio (1)
|
222.5
|
%
|
212.4
|
%
|
210.9
|
%
|
200.4
|
%
|
180.5
|
%
|
||||||||||
Annualized net chargeoffs to average loans (2)
|
0.02
|
%
|
0.02
|
%
|
0.00
|
%
|
0.00
|
%
|
0.04
|
%
|
||||||||||
Allowance for loan losses to annualized net chargeoffs (2)
|
71.2
|
x
|
52.3
|
x
|
307.8
|
x
|
N/A
|
28.3
|
x
|
(1) |
At period-end
|
(2) |
For the period ended
|
(dollars in thousands)
|
||||||||||||||||||||||||
(Unaudited)
|
Three months ended
March 31, 2020 |
Three months ended
March 31, 2019 |
||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Rate
|
Average
Balance
|
Interest |
Average
Rate
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
92,369
|
421
|
1.82
|
%
|
$
|
154,258
|
783
|
2.03
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
371,768
|
2,113
|
2.27
|
273,004
|
1,555
|
2.28
|
||||||||||||||||||
State and political subdivisions
|
114
|
2
|
7.59
|
168
|
2
|
7.85
|
||||||||||||||||||
Corporate bonds
|
28,332
|
238
|
3.36
|
26,862
|
208
|
3.09
|
||||||||||||||||||
Small Business Administration - guaranteed participation securities
|
47,418
|
245
|
2.06
|
57,057
|
297
|
2.08
|
||||||||||||||||||
Other
|
685
|
6
|
3.50
|
685
|
5
|
2.92
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total securities available for sale
|
540,686
|
3,025
|
2.26
|
512,034
|
2,850
|
2.23
|
||||||||||||||||||
Federal funds sold and other short-term Investments
|
412,076
|
1,267
|
1.24
|
502,976
|
3,009
|
2.43
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
18,144
|
175
|
3.86
|
22,037
|
217
|
3.94
|
||||||||||||||||||
Total held to maturity securities
|
18,144
|
175
|
3.86
|
22,037
|
217
|
3.94
|
||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,183
|
82
|
3.57
|
8,953
|
85
|
3.80
|
||||||||||||||||||
Commercial loans
|
198,047
|
2,542
|
5.13
|
193,738
|
2,583
|
5.33
|
||||||||||||||||||
Residential mortgage loans
|
3,601,728
|
36,461
|
4.05
|
3,374,990
|
34,864
|
4.14
|
||||||||||||||||||
Home equity lines of credit
|
265,461
|
2,868
|
4.35
|
286,199
|
3,537
|
5.01
|
||||||||||||||||||
Installment loans
|
10,717
|
192
|
7.20
|
11,897
|
269
|
9.17
|
||||||||||||||||||
Loans, net of unearned income
|
4,075,953
|
42,063
|
4.13
|
3,866,824
|
41,253
|
4.28
|
||||||||||||||||||
Total interest earning assets
|
5,056,042
|
46,612
|
3.69
|
4,912,824
|
47,414
|
3.87
|
||||||||||||||||||
Allowance for loan losses
|
(44,520
|
)
|
(44,947
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
193,619
|
176,009
|
||||||||||||||||||||||
Total assets
|
$
|
5,205,141
|
$
|
5,043,886
|
||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
871,153
|
16
|
0.01
|
%
|
$
|
880,474
|
121
|
0.06
|
%
|
||||||||||||||
Money market accounts
|
614,201
|
1,096
|
0.72
|
517,995
|
826
|
0.65
|
||||||||||||||||||
Savings
|
1,116,558
|
233
|
0.08
|
1,160,142
|
377
|
0.13
|
||||||||||||||||||
Time deposits
|
1,369,914
|
6,391
|
1.88
|
1,353,160
|
5,976
|
1.79
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest bearing deposits
|
3,971,826
|
7,736
|
0.78
|
3,911,771
|
7,300
|
0.76
|
||||||||||||||||||
Short-term borrowings
|
153,668
|
322
|
0.84
|
159,076
|
381
|
0.97
|
||||||||||||||||||
Total interest bearing liabilities
|
4,125,494
|
8,058
|
0.79
|
4,070,847
|
7,681
|
0.77
|
||||||||||||||||||
Demand deposits
|
458,476
|
397,522
|
||||||||||||||||||||||
Other liabilities
|
79,003
|
80,579
|
||||||||||||||||||||||
Shareholders' equity
|
542,168
|
494,938
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
5,205,141
|
$
|
5,043,886
|
||||||||||||||||||||
Net interest income, tax equivalent
|
38,554
|
39,733
|
||||||||||||||||||||||
Net interest spread
|
2.91
|
%
|
3.11
|
%
|
||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
3.05
|
%
|
3.24
|
%
|
||||||||||||||||||||
Tax equivalent adjustment
|
(1
|
)
|
(1
|
)
|
||||||||||||||||||||
Net interest income
|
38,553
|
39,732
|
3/31/2020
|
12/31/2019
|
3/31/2019
|
||||||||||
Tangible Equity to Tangible Assets
|
||||||||||||
Total Assets (GAAP)
|
$
|
5,256,647
|
5,221,322
|
5,156,321
|
||||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible assets (Non-GAAP)
|
5,256,094
|
5,220,769
|
5,155,768
|
|||||||||
Equity (GAAP)
|
548,185
|
538,257
|
501,718
|
|||||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible equity (Non-GAAP)
|
547,632
|
537,704
|
501,165
|
|||||||||
Tangible Equity to Tangible Assets (Non-GAAP)
|
10.42
|
%
|
10.30
|
%
|
9.72
|
%
|
||||||
Equity to Assets (GAAP)
|
10.43
|
%
|
10.31
|
%
|
9.73
|
%
|
Three months ended
|
||||||||||||
Efficiency Ratio
|
3/31/2020
|
12/31/2019
|
3/31/2019
|
|||||||||
Net interest income (fully taxable equivalent) (Non-GAAP)
|
38,554
|
38,243
|
39,733
|
|||||||||
Non-interest income (GAAP)
|
5,334
|
4,115
|
4,637
|
|||||||||
Less: Net gain on securities
|
1,155
|
-
|
-
|
|||||||||
Revenue used for efficiency ratio (Non-GAAP)
|
42,733
|
42,358
|
44,370
|
|||||||||
Total noninterest expense (GAAP)
|
24,268
|
23,891
|
24,867
|
|||||||||
Less: Other real estate expense (income), net
|
194
|
(385
|
)
|
(24
|
)
|
|||||||
Expense used for efficiency ratio (Non-GAAP)
|
24,074
|
24,276
|
24,891
|
|||||||||
Efficiency Ratio
|
56.34
|
%
|
57.31
|
%
|
56.10
|
%
|
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