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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Interest and dividend income:      
Interest and fees on loans $ 165,964 $ 166,610 $ 158,304
Interest and dividends on securities available for sale:      
U. S. government sponsored enterprises 568 3,209 3,112
State and political subdivisions 6 8 22
Mortgage-backed securities and collateralized mortgage obligations-residential 6,131 8,219 6,593
Corporate bonds 1,721 1,096 687
Small Business Administration-guaranteed participation securities 902 1,121 1,339
Mortgage-backed securities and collateralized mortgage obligations-commercial 0 0 37
Other 23 22 18
Total interest and dividends on securities available for sale 9,351 13,675 11,808
Interest on held to maturity securities:      
Mortgage-backed securities and collateralized mortgage obligations-residential 604 797 962
Total interest on held to maturity securities 604 797 962
Federal Reserve Bank and Federal Home Loan Bank stock 421 568 564
Interest on federal funds sold and other short-term investments 1,948 10,478 9,276
Total interest and dividend income 178,288 192,128 180,914
Interest expense:      
Interest on deposits 23,698 34,853 18,958
Interest on short-term borrowings 1,010 1,468 1,270
Total interest expense 24,708 36,321 20,228
Net interest income 153,580 155,807 160,686
Provision for loan losses 5,600 159 1,400
Net interest income after provision for loan losses 147,980 155,648 159,286
Noninterest income:      
Trustco Financial Services income 6,279 6,387 6,283
Fees for services to customers 8,779 10,110 10,912
Net gain on securities transactions [1] 1,155 0 0
Other 957 2,094 886
Total noninterest income 17,170 18,591 18,081
Noninterest expense:      
Salaries and employee benefits 45,647 46,630 42,107
Net occupancy expense 17,519 16,666 17,213
Equipment expense 6,636 7,068 7,068
Professional services 5,618 6,174 6,555
Outsourced services 7,750 7,600 7,500
Advertising expense 1,921 2,521 3,020
FDIC and other insurance expense 2,220 1,787 2,741
Other real estate expense (income), net 92 (166) 1,231
Other 8,301 9,450 10,278
Total noninterest expense 95,704 97,730 97,713
Income before income taxes 69,446 76,509 79,654
Income taxes 16,994 18,669 18,209
Net income $ 52,452 $ 57,840 $ 61,445
Earnings per share:      
Basic (in dollars per share) $ 0.544 $ 0.597 $ 0.637
Diluted (in dollars per share) $ 0.543 $ 0.597 $ 0.636
[1] Not within the scope of ASC 606.