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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and dividend income:        
Interest and fees on loans $ 46,062 $ 39,604 $ 90,334 $ 78,607
Interest and dividends on securities available for sale:        
U. S. government sponsored enterprises 691 147 1,383 233
State and political subdivisions 1 0 1 1
Mortgage-backed securities and collateralized mortgage obligations - residential 1,543 1,367 3,128 2,454
Corporate bonds 516 522 1,037 755
Small Business Administration-guaranteed participation securities 111 140 228 294
Other securities 3 2 5 4
Total interest and dividends on securities available for sale 2,865 2,178 5,782 3,741
Interest on held to maturity securities:        
Mortgage-backed securities and collateralized mortgage obligations-residential 75 87 153 177
Total interest on held to maturity securities 75 87 153 177
Federal Reserve Bank and Federal Home Loan Bank stock 110 65 220 127
Interest on federal funds sold and other short-term investments 6,970 2,253 13,525 2,825
Total interest income 56,082 44,187 110,014 85,477
Interest on deposits:        
Interest-bearing checking 49 42 115 86
Savings accounts 655 163 1,185 319
Money market deposit accounts 1,756 210 2,570 424
Time deposits 9,291 536 14,563 1,082
Interest on short-term borrowings 279 176 564 410
Total interest expense 12,030 1,127 18,997 2,321
Net interest income 44,052 43,060 91,017 83,156
Credit provision for credit losses (500) (491) (200) (691)
Net interest income after credit provision for credit losses 44,552 43,551 91,217 83,847
Noninterest income:        
Trustco financial services income 1,412 1,996 3,186 3,829
Fees for services to customers 2,847 2,658 5,495 5,459
Other 339 262 586 811
Total noninterest income 4,598 4,916 9,267 10,099
Noninterest expenses:        
Salaries and employee benefits 13,122 11,464 26,405 20,703
Net occupancy expense 4,262 4,254 8,860 8,783
Equipment expense 1,873 1,667 3,835 3,255
Professional services 1,360 1,484 2,967 2,951
Outsourced services 2,491 2,500 4,787 4,780
Advertising expense 518 389 908 1,006
FDIC and other insurance 1,085 804 2,137 1,616
Other real estate expense, net 148 74 373 85
Other 2,468 2,369 4,734 4,591
Total noninterest expenses 27,327 25,005 55,006 47,770
Income before taxes 21,823 23,462 45,478 46,176
Income taxes 5,451 5,591 11,360 11,216
Net income $ 16,372 $ 17,871 $ 34,118 $ 34,960
Net income per share:        
Basic (in dollars per share) $ 0.86 $ 0.93 $ 1.79 $ 1.82
Diluted (in dollars per share) $ 0.86 $ 0.93 $ 1.79 $ 1.82