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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Interest and dividend income:    
Interest and fees on loans $ 40,217 $ 42,063
Interest and dividends on securities available for sale:    
U. S. government sponsored enterprises 50 421
State and political subdivisions 1 1
Mortgage-backed securities and collateralized mortgage obligations - residential 1,237 2,113
Corporate bonds 316 238
Small Business Administration-guaranteed participation securities 206 245
Other securities 6 6
Total interest and dividends on securities available for sale 1,816 3,024
Interest on held to maturity securities:    
Mortgage-backed securities and collateralized mortgage obligations-residential 123 175
Total interest on held to maturity securities 123 175
Federal Reserve Bank and Federal Home Loan Bank stock 69 82
Interest on federal funds sold and other short-term investments 270 1,267
Total interest income 42,495 46,611
Interest on deposits:    
Interest-bearing checking 52 16
Savings accounts 159 233
Money market deposit accounts 283 1,096
Time deposits 1,666 6,391
Interest on short-term borrowings 228 322
Total interest expense 2,388 8,058
Net interest income 40,107 38,553
Provision for loan losses 350 2,000
Net interest income after provision for loan losses 39,757 36,553
Noninterest income:    
Trustco financial services income 2,035 1,600
Fees for services to customers 2,204 2,315
Net gain on securities transactions [1] 0 1,155
Other 189 264
Total noninterest income 4,428 5,334
Noninterest expenses:    
Salaries and employee benefits 12,425 11,373
Net occupancy expense 4,586 4,306
Equipment expense 1,631 1,802
Professional services 1,432 1,481
Outsourced services 2,250 2,075
Advertising expense 354 488
FDIC and other insurance 707 294
Other real estate expense, net 239 194
Other 1,711 2,255
Total noninterest expenses 25,335 24,268
Income before taxes 18,850 17,619
Income taxes 4,767 4,306
Net income $ 14,083 $ 13,313
Net income per share:    
Basic (in dollars per share) $ 0.146 $ 0.138
Diluted (in dollars per share) $ 0.146 $ 0.138
[1] Not within the scope of ASC 606.