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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest and dividend income:      
Interest and fees on loans $ 159,168 $ 165,964 $ 166,610
Interest and dividends on securities available for sale:      
U. S. government sponsored enterprises 314 568 3,209
State and political subdivisions 2 6 8
Mortgage-backed securities and collateralized mortgage obligations-residential 4,515 6,131 8,219
Corporate bonds 1,065 1,721 1,096
Small Business Administration-guaranteed participation securities 745 902 1,121
Other 20 23 22
Total interest and dividends on securities available for sale 6,661 9,351 13,675
Interest on held to maturity securities:      
Mortgage-backed securities and collateralized mortgage obligations-residential 435 604 797
Total interest on held to maturity securities 435 604 797
Federal Reserve Bank and Federal Home Loan Bank stock 260 421 568
Interest on federal funds sold and other short-term investments 1,458 1,948 10,478
Total interest and dividend income 167,982 178,288 192,128
Interest expense:      
Interest on deposits 6,665 23,698 34,853
Interest on short-term borrowings 909 1,010 1,468
Total interest expense 7,574 24,708 36,321
Net interest income 160,408 153,580 155,807
(Credit) Provision for loan losses (5,450) 5,600 159
Net interest income after provision for loan losses 165,858 147,980 155,648
Noninterest income:      
Trustco Financial Services income 7,358 6,279 6,387
Fees for services to customers 9,799 8,779 10,110
Net gain on securities transactions [1] 0 1,155 0
Other 780 957 2,094
Total noninterest income 17,937 17,170 18,591
Noninterest expense:      
Salaries and employee benefits 48,721 45,647 46,630
Net occupancy expense 17,742 17,519 16,666
Equipment expense 6,617 6,636 7,068
Professional services 6,108 5,618 6,174
Outsourced services 8,384 7,750 7,600
Advertising expense 1,975 1,921 2,521
FDIC and other insurance expense 3,010 2,220 1,787
Other real estate expense (income), net 183 92 (166)
Other 8,922 8,301 9,450
Total noninterest expense 101,662 95,704 97,730
Income before income taxes 82,133 69,446 76,509
Income taxes 20,614 16,994 18,669
Net income $ 61,519 $ 52,452 $ 57,840
Earnings per share:      
Basic (in dollars per share) [2],[3] $ 3.194 $ 2.718 $ 2.986
Diluted (in dollars per share) [2],[3] $ 3.194 $ 2.717 $ 2.984
[1] Not within the scope of ASC 606.
[2] All periods presented have been adjusted for the 1 for 5 reverse stock split which occurred on May 28, 2021.
[3] Share and per share amounts have been adjusted for all periods presented for the 1 for 5 reverse stock split which occurred on May 28, 2021.