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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Interest and dividend income:      
Interest and fees on loans $ 162,214 $ 159,168 $ 165,964
Interest and dividends on securities available for sale:      
U. S. government sponsored enterprises 1,405 314 568
State and political subdivisions 2 2 6
Mortgage-backed securities and collateralized mortgage obligations-residential 5,677 4,515 6,131
Corporate bonds 1,804 1,065 1,721
Small Business Administration-guaranteed participation securities 551 745 902
Other 9 20 23
Total interest and dividends on securities available for sale 9,448 6,661 9,351
Interest on held to maturity securities:      
Mortgage-backed securities and collateralized mortgage obligations-residential 343 435 604
Total interest on held to maturity securities 343 435 604
Federal Reserve Bank and Federal Home Loan Bank stock 305 260 421
Interest on federal funds sold and other short-term investments 14,292 1,458 1,948
Total interest and dividend income 186,602 167,982 178,288
Interest expense:      
Interest on deposits 5,727 6,665 23,698
Interest on short-term borrowings 740 909 1,010
Total interest expense 6,467 7,574 24,708
Net interest income 180,135 160,408 153,580
(Credit) provision for credit losses (341) (5,450) 5,600
Net interest income after (credit) provision for credit losses 180,476 165,858 147,980
Noninterest income:      
Trustco Financial Services income 7,037 7,358 6,279
Fees for services to customers 10,947 9,799 8,779
Net gain on securities transactions [1] 0 0 1,155
Other 1,276 780 957
Total noninterest income 19,260 17,937 17,170
Noninterest expense:      
Salaries and employee benefits 45,904 48,721 45,647
Net occupancy expense 17,527 17,742 17,519
Equipment expense 6,487 6,617 6,636
Professional services 5,577 6,108 5,618
Outsourced services 9,210 8,384 7,750
Advertising expense 2,046 1,975 1,921
FDIC and other insurance expense 3,159 3,010 2,220
Other real estate expense, net 310 183 92
Other 10,099 8,922 8,301
Total noninterest expense 100,319 101,662 95,704
Income before income taxes 99,417 82,133 69,446
Income taxes 24,183 20,614 16,994
Net income $ 75,234 $ 61,519 $ 52,452
Earnings per share:      
Basic (in dollars per share) [2],[3] $ 3.93 $ 3.19 $ 2.72
Diluted (in dollars per share) [2],[3] $ 3.93 $ 3.19 $ 2.72
[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.