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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest and dividend income:        
Interest and fees on loans $ 40,896 $ 39,488 $ 119,503 $ 119,513
Interest and dividends on securities available for sale:        
U. S. government sponsored enterprises 479 91 712 238
State and political subdivisions 1 1 2 2
Mortgage-backed securities and collateralized mortgage obligations - residential 1,617 1,038 4,071 3,442
Corporate bonds 526 220 1,281 859
Small Business Administration-guaranteed participation securities 133 181 427 580
Other securities 3 5 7 16
Total interest and dividends on securities available for sale 2,759 1,536 6,500 5,137
Interest on held to maturity securities:        
Mortgage-backed securities and collateralized mortgage obligations-residential 85 104 262 338
Total interest on held to maturity securities 85 104 262 338
Federal Home Loan Bank stock 80 64 207 198
Interest on federal funds sold and other short-term investments 5,221 470 8,046 1,026
Total interest income 49,041 41,662 134,518 126,212
Interest on deposits:        
Interest-bearing checking 43 38 129 136
Savings accounts 200 154 519 475
Money market deposit accounts 237 202 661 721
Time deposits 646 1,149 1,728 4,076
Interest on short-term borrowings 122 232 532 688
Total interest expense 1,248 1,775 3,569 6,096
Net interest income 47,793 39,887 130,949 120,116
Provision (Credit) for credit losses 300 (2,800) (391) (2,450)
Net interest income after (credit) provision for credit losses 47,493 42,687 131,340 122,566
Noninterest income:        
Trustco financial services income 1,435 1,558 5,264 5,592
Fees for services to customers 2,705 2,531 8,164 7,221
Other 246 206 1,057 598
Total noninterest income 4,386 4,295 14,485 13,411
Noninterest expenses:        
Salaries and employee benefits 12,134 11,909 32,837 36,737
Net occupancy expense 4,483 4,259 13,266 13,173
Equipment expense 1,532 1,628 4,787 4,859
Professional services 1,375 1,483 4,326 4,529
Outsourced services 2,328 2,015 7,108 6,434
Advertising expense 508 310 1,514 1,213
FDIC and other insurance 773 746 2,389 2,230
Other real estate expense, net 124 32 209 211
Other 2,887 2,315 7,478 6,086
Total noninterest expenses 26,144 24,697 73,914 75,472
Income before taxes 25,735 22,285 71,911 60,505
Income taxes 6,371 5,523 17,587 15,227
Net income $ 19,364 $ 16,762 $ 54,324 $ 45,278
Net income per share:        
Basic (in dollars per share) $ 1.013 $ 0.871 $ 2.835 $ 2.349
Diluted (in dollars per share) $ 1.013 $ 0.871 $ 2.835 $ 2.349