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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest and dividend income:    
Interest and fees on loans $ 44,272 $ 39,003
Interest and dividends on securities available for sale:    
U. S. government sponsored enterprises 692 86
State and political subdivisions 0 1
Mortgage-backed securities and collateralized mortgage obligations - residential 1,585 1,087
Corporate bonds 521 233
Small Business Administration-guaranteed participation securities 117 154
Other securities 2 2
Total interest and dividends on securities available for sale 2,917 1,563
Interest on held to maturity securities:    
Mortgage-backed securities and collateralized mortgage obligations-residential 78 90
Total interest on held to maturity securities 78 90
Federal Home Loan Bank stock 110 62
Interest on federal funds sold and other short-term investments 6,555 572
Total interest income 53,932 41,290
Interest on deposits:    
Interest-bearing checking 66 44
Savings accounts 530 156
Money market deposit accounts 814 214
Time deposits 5,272 546
Interest on short-term borrowings 285 234
Total interest expense 6,967 1,194
Net interest income 46,965 40,096
Provision (Credit) for credit losses 300 (200)
Net interest income after provision (credit) for credit losses 46,665 40,296
Noninterest income:    
Trustco financial services income 1,774 1,833
Fees for services to customers 2,648 2,801
Other 247 549
Total noninterest income 4,669 5,183
Noninterest expenses:    
Salaries and employee benefits 13,283 9,239
Net occupancy expense 4,598 4,529
Equipment expense 1,962 1,588
Professional services 1,607 1,467
Outsourced services 2,296 2,280
Advertising expense 390 617
FDIC and other insurance 1,052 812
Other real estate expense, net 225 11
Other 2,266 2,222
Total noninterest expenses 27,679 22,765
Income before taxes 23,655 22,714
Income taxes 5,909 5,625
Net income $ 17,746 $ 17,089
Net income per share:    
Basic (in dollars per share) $ 0.93 $ 0.89
Diluted (in dollars per share) $ 0.93 $ 0.89