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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Interest and dividend income:    
Interest and fees on loans $ 42,063 $ 41,253
Interest and dividends on securities available for sale:    
U. S. government sponsored enterprises 421 783
State and political subdivisions 1 1
Mortgage-backed securities and collateralized mortgage obligations-residential 2,113 1,555
Corporate bonds 238 208
Small Business Administration-guaranteed participation securities 245 297
Other securities 6 5
Total interest and dividends on securities available for sale 3,024 2,849
Interest on held to maturity securities:    
Mortgage-backed securities and collateralized mortgage obligations-residential 175 217
Total interest on held to maturity securities 175 217
Federal Reserve Bank and Federal Home Loan Bank stock 82 85
Interest on federal funds sold and other short-term investments 1,267 3,009
Total interest income 46,611 47,413
Interest on deposits:    
Interest-bearing checking 16 121
Savings accounts 233 377
Money market deposit accounts 1,096 826
Time deposits 6,391 5,976
Interest on short-term borrowings 322 381
Total interest expense 8,058 7,681
Net interest income 38,553 39,732
Provision for loan losses 2,000 300
Net interest income after provision for loan losses 36,553 39,432
Noninterest income:    
Trustco financial services income 1,600 1,733
Fees for services to customers 2,315 2,520
Net gain on securities transactions [1] 1,155 0
Other 264 384
Total noninterest income 5,334 4,637
Noninterest expenses:    
Salaries and employee benefits 11,373 11,451
Net occupancy expense 4,306 4,167
Equipment expense 1,802 1,902
Professional services 1,481 1,650
Outsourced services 2,075 1,925
Advertising expense 488 785
FDIC and other insurance 294 648
Other real estate expense (income), net 194 (24)
Other 2,255 2,363
Total noninterest expenses 24,268 24,867
Income before taxes 17,619 19,202
Income taxes 4,306 4,644
Net income $ 13,313 $ 14,558
Net income per share:    
Basic (in dollars per share) $ 0.138 $ 0.150
Diluted (in dollars per share) $ 0.138 $ 0.150
[1] Not within the scope of ASC 606.