EX-99.A 2 ef20012912_ex99-a.htm EXHIBIT 99(A)
Exhibit 99(a)
News Release

5 Sarnowski Drive, Glenville, New York, 12302
(518) 377-3311    Fax:  (518) 381-3668

Subsidiary: 
Trustco Bank  NASDAQ -- TRST

 
Contact:
Robert Leonard

Executive Vice President

(518) 381-3693

FOR IMMEDIATE RELEASE:
TrustCo’s Home Town Approach to Customer Relationships Propels Loans to All Time High
Reports Third Quarter Net Income Of $14.7 million

Executive Snapshot:

•
Loan portfolio reaches all-time high:

o
Total loans were up $330.8 million or 7.1% for the third quarter 2023 compared to third quarter 2022

o
At $5.0 billion as of September 30, 2023, loans continue to set new all-time highs


•
Continued solid financial results:

o
Key metrics for third quarter 2023:

◾
Net income of $14.7 million

◾
Net interest income of $42.2 million

◾
Return on average assets (ROAA) of 0.96%

◾
Return on average equity (ROAE) of 9.32%

◾
Book value at period end was $32.80, up from $30.89 compared to September 30, 2022


•
Superior asset quality:

o
Nonperforming loans (NPLs) were $17.9 million as of September 30, 2023, down from the same period in the prior year, and continue to remain at low levels

o
NPLs to total loans improved to 0.36% compared to 0.40% at September 30, 2022

o
Quarterly net recoveries were $12 thousand in the third quarter 2023, resulting in seven consecutive quarters of net recoveries


•
Capital continues to grow:

o
Consolidated equity to assets increased to 10.31% at September 30, 2023 from 9.69% at September 30, 2022

Page | 1
Glenville, New York –October 23, 2023
TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced third quarter 2023 net income of $14.7 million, or $0.77 diluted earnings per share, compared to net income of $16.4 million, or $0.86 diluted earnings per share, for the second quarter 2023; and compared to net income of $19.4 million, or $1.01 diluted earnings per share, for the third quarter 2022; and net income of $48.8 million, or $2.57 diluted earnings per share, for the nine months ended September 30, 2023, compared to net income of $54.3 million, or $2.84 diluted earnings per share, for the nine months ended September 30, 2022.  Total loan growth increased $330.8 million, or 7.1% for the third quarter 2023 over the same period in 2022.
Overview
Chairman, President, and CEO, Robert J. McCormick said “Our strength, in large measure, is characterized by our credit quality.  Solid underwriting and the avoidance of irresponsible lending have long been part of the fabric of our company, and we recently have had seven consecutive quarters of net loan recoveries.  We have leveraged strong customer relationships to foster organic loan portfolio growth and retain deposits despite competitive pressure on pricing. We are realizing the benefits of our long-term capital preservation strategy, avoiding the pitfalls of low-return investments that have plagued others.  Liquidity management continues to be an acute focus, and our capital ratio results this quarter exemplify those efforts. Other TrustCo hallmarks continue to serve us well – we are debt free and extremely well-capitalized. While we can’t predict the future, no matter what the rate environment, we stand ready to capitalize on opportunities.”

TrustCo saw deposit balances rebound from the end of the prior year with net deposit inflows during the first nine months of 2023.  Loan growth continued across all categories in the third quarter 2023 compared to the prior year’s third quarter, led by an increase in residential mortgages. Loan portfolio expansion was funded by a combination of utilizing a portion of our strong cash balances and by cash flow from investments, deposit inflows, and cash flow from the existing loan portfolio.  The Federal Reserve’s decision to raise the target Federal Funds rate multiple times since March 2022 has contributed to our results in the third quarter 2023, as our cash position and other variable rate products continue to reprice upward, and they are likely to continue to do so to the extent there are additional rate increases.  Accordingly, deposit costs continue to increase while we are also experiencing a shift in deposits to Time Deposits.  We continue to deploy strong marketing efforts to retain our deposit balances.  We also note that current mortgage rates significantly exceed the yield on our existing portfolio of mortgages, which, if sustained, should result in positive to net interest margin going forward.  TrustCo’s strong liquidity position continues to allow us to take advantage of opportunities as they arise.
Details
Average loans were up $337.6 million or 7.4% in the third quarter 2023 over the same period in 2022.  Average residential loans, our primary lending focus, were up $219.4 million, or 5.3%, in the third quarter 2023 over the same period in 2022.  Average commercial loans and home equity lines of credit also increased $53.6 million, or 25.8%, and $58.9 million, or 22.5%, respectively, in the third quarter 2023 over the same period in 2022.

Page | 2
We are actively retaining deposits, which is evident since they have increased since December 31, 2022.  Total deposits as of September 30, 2023 increased $41.6 million to $5.23 billion from December 31, 2022.  As we move forward, our objective is to continue to encourage customers to retain these funds in the expanded product offerings of the Bank through aggressive marketing and product differentiation.  We understood the big inflows of deposits during the pandemic were temporary and that is why we did not invest that liquidity into securities or loans, but we instead retained that liquidity on the balance sheet for when depositors would start to absorb the funds.  This gave us flexibility to strategically price deposits while retaining core customers.
Net interest income was $42.2 million for the third quarter 2023, a decrease of $5.6 million, or 11.7%, compared to the same period in 2022, driven by a higher cost of deposits, partially offset by the increased yield on the cash balance at the Federal Reserve Bank due to the increases in the Federal Funds target rate over the past year, and loan growth.  The net interest margin for the third quarter 2023 was 2.85%, down 31 basis points from 3.16% in the third quarter of 2022.  The yield on interest earnings assets increased to 3.88%, up 64 basis points from 3.24 % in the third quarter of 2022.  The cost of interest bearing liabilities increased to 1.33% in the third quarter 2023 from 0.11% in the third quarter 2022.
Asset quality remains strong and has been consistent over the past twelve months.  The Company recorded a provision for credit losses of $100 thousand in the third quarter of 2023, which is the result of a provision for credit losses on loans of $300 thousand, offset by a benefit for credit losses on unfunded commitments of $200 thousand as a result of a corresponding decrease in unfunded loan commitments.  The ratio of allowance for credit losses on loans to total loans was 0.95% and 0.98% as of September 30, 2023 and 2022, respectively.  The allowance for credit losses on loans was $47.2 million at September 30, 2023, compared to $45.5 million at September 30, 2022.  NPLs were $17.9 million at September 30, 2023, compared to $18.7 million at September 30, 2022.  NPLs were 0.36% and 0.40% of total loans at September 30, 2023 and 2022, respectively.  The coverage ratio, or allowance for credit losses on loans to NPLs, was 264.2% at September 30, 2023, compared to 243.6% at September 30, 2022.  Nonperforming assets (NPAs) were $19.1 million at September 30, 2023, compared to $19.4 million at September 30, 2022.  Additionally, we have also had minimal charge-offs and have been in a net recovery position for the past seven quarters.
At September 30, 2023, our equity to asset ratio was 10.31%, compared to 9.69% at September 30, 2022.  Book value per share at September 30, 2023 was $32.80, up 6.2% compared to $30.89 a year earlier.
A conference call to discuss third quarter 2023 results will be held at 9:00 a.m. Eastern Time on October 24, 2023.  Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 040076.  A replay of the call will be available for thirty days by dialing toll-free for the United States and Canada at 1-866-813-9403, Access code 265872.  The call will also be audio webcast at https://events.q4inc.com/attendee/175259326 , and will be available for one year.
Page | 3
About TrustCo Bank Corp NY
TrustCo Bank Corp NY is a $6.1 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 143 offices in New York, New Jersey, Vermont, Massachusetts, and Florida at September 30, 2023.
In addition, the Bank’s Financial Services Department offers a full range of investment services, retirement planning and trust and estate administration services.  The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.
Page | 4
Forward-Looking Statements
All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the effects of the economic environment on our financial results, our ability to retain customers and the amount of customers’ business, including deposit balances, with us, the impact of the Federal Reserve’s actions regarding interest rates, the growth of loans and deposits throughout our branch network, the increase in residential mortgage rates, and our ability to capitalize on economic changes in the areas in which we operate.  Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, rising interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement:  the soundness of other financial institutions; U.S. government shutdowns or failure to increase the debt ceiling; changes in interest rates, including recent and possible future increases fueled by inflation; inflationary pressures and rising prices; exposure to credit risk in our lending activities; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of any expansion by us into new lines of business or new products and services; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.
Page | 5
TRUSTCO BANK CORP NY
GLENVILLE, NY
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
(Unaudited)
 
  
Three months ended
  
 
  
9/30/2023
    
6/30/2023
    
9/30/2022
  
Summary of operations
                  
Net interest income
  
$
42,221
    
$
44,052
    
$
47,793
  
Provision (Credit) for credit losses
    
100
      
(500
)
    
300
  
Noninterest income
    
4,574
      
4,598
      
4,386
  
Noninterest expense
    
27,460
      
27,327
      
26,144
  
Net income
    
14,680
      
16,372
      
19,364
  
 
                        
Per share
                        
Net income per share:
                        
- Basic
  
$
0.77
    
$
0.86
    
$
1.01
  
- Diluted
    
0.77
      
0.86
      
1.01
  
Cash dividends
    
0.36
      
0.36
      
0.35
  
Book value at period end
    
32.80
      
32.66
      
30.89
  
Market price at period end
    
27.29
      
28.61
      
31.42
  
 
                        
At period end
                        
Full time equivalent employees
    
764
      
791
      
753
  
Full service banking offices
    
143
      
143
      
144
  
 
                        
Performance ratios
                        
Return on average assets
    
0.96
%
    
1.09
%
    
1.24
%
Return on average equity
    
9.32
      
10.61
      
12.78
  
Efficiency ratio (1)
    
58.33
      
55.87
      
49.87
  
Net interest spread
    
2.55
      
2.74
      
3.13
  
Net interest margin
    
2.85
      
2.98
      
3.16
  
Dividend payout ratio
    
46.65
      
41.83
      
34.57
  
 
                        
Capital ratios at period end
                        
Consolidated equity to assets
    
10.31
%
    
10.23
%
    
9.69
%
Consolidated tangible equity to tangible assets (2)
    
10.30
%
    
10.22
%
    
9.68
%
 
                        
Asset quality analysis at period end
                        
Nonperforming loans to total loans
    
0.36
%
    
0.40
%
    
0.40
%
Nonperforming assets to total assets
    
0.31
      
0.34
      
0.32
  
Allowance for credit losses on loans to total loans
    
0.95
      
0.96
      
0.98
  
Coverage ratio (3)
    
2.6
x
    
2.4
x
    
2.4
x

(1)
Non-GAAP measure; calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income. See Non-GAAP Financial Measures Reconciliation.
(2)
Non-GAAP measure; calculated as total shareholders’ equity less $553 of intangible assets divided by total assets less $553 of intangible assets.  See Non-GAAP Financial Measures Reconciliation.
(3)
Calculated as allowance for credit losses on loans divided by total nonperforming loans.

Page | 6
FINANCIAL HIGHLIGHTS, Continued
(dollars in thousands, except per share data)
(Unaudited)
   
Nine months ended
  
   
09/30/23
    
09/30/22
  
Summary of operations
            
Net interest income
  
$
133,238
      
130,949
  
(Credit) Provision for credit losses
    
(100
)
    
(391
)
Noninterest income
    
13,841
      
14,485
  
Noninterest expense
    
82,466
      
73,914
  
Net income
    
48,798
      
54,324
  
                 
Per share
                
Net income per share:
                
- Basic
  
$
2.57
      
2.84
  
- Diluted
    
2.57
      
2.84
  
Cash dividends
    
1.08
      
1.05
  
Book value at period end
    
32.80
      
30.89
  
Market price at period end
    
27.29
      
31.42
  
                 
Performance ratios
                
Return on average assets
    
1.08
%
    
1.17
  
Return on average equity
    
10.57
      
12.16
  
Efficiency ratio (1)
    
55.70
      
50.77
  
Net interest spread
    
2.78
      
2.86
  
Net interest margin
    
3.01
      
2.88
  
Dividend payout ratio
    
42.11
      
37.03
  

(1)
Non-GAAP measure; calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income.  See Non-GAAP Financial Measures Reconciliation.

Page | 7
CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share data)
(Unaudited)

   
Three months ended
  
   
9/30/2023
    
6/30/2023
    
3/31/2023
    
12/31/2022
    
9/30/2022
  
Interest and dividend income:
                              
Interest and fees on loans
  
$
47,921
    
$
46,062
    
$
44,272
    
$
42,711
    
$
40,896
  
Interest and dividends on securities available for sale:
                                        
U. S. government sponsored enterprises
    
672
      
691
      
692
      
693
      
479
  
State and political subdivisions
    
-
      
1
      
-
      
-
      
1
  
Mortgage-backed securities and collateralized mortgage obligations - residential
    
1,485
      
1,543
      
1,585
      
1,606
      
1,617
  
Corporate bonds
    
473
      
516
      
521
      
523
      
526
  
Small Business Administration - guaranteed participation securities
    
107
      
111
      
117
      
124
      
133
  
Other securities
    
2
      
3
      
2
      
2
      
3
  
Total interest and dividends on securities available for sale
    
2,739
      
2,865
      
2,917
      
2,948
      
2,759
  
                                         
Interest on held to maturity securities:
                                        
Mortgage-backed securities and collateralized mortgage obligations - residential
    
73
      
75
      
78
      
81
      
85
  
Total interest on held to maturity securities
    
73
      
75
      
78
      
81
      
85
  
                                         
Federal Home Loan Bank stock
    
131
      
110
      
110
      
98
      
80
  
                                         
Interest on federal funds sold and other short-term investments
    
6,688
      
6,970
      
6,555
      
6,246
      
5,221
  
Total interest income
    
57,552
      
56,082
      
53,932
      
52,084
      
49,041
  
                                         
Interest expense:
                                        
Interest on deposits:
                                        
Interest-bearing checking
    
102
      
49
      
66
      
61
      
43
  
Savings
    
639
      
655
      
530
      
401
      
200
  
Money market deposit accounts
    
2,384
      
1,756
      
814
      
389
      
237
  
Time deposits
    
11,962
      
9,291
      
5,272
      
1,839
      
646
  
Interest on short-term borrowings
    
244
      
279
      
285
      
208
      
122
  
Total interest expense
    
15,331
      
12,030
      
6,967
      
2,898
      
1,248
  
                                         
Net interest income
    
42,221
      
44,052
      
46,965
      
49,186
      
47,793
  
                                         
Less: Provision (Credit) for credit losses
    
100
      
(500
)
    
300
      
50
      
300
  
Net interest income after provision (credit) for credit losses
    
42,121
      
44,552
      
46,665
      
49,136
      
47,493
  
                                         
Noninterest income:
                                        
Trustco Financial Services income
    
1,627
      
1,412
      
1,774
      
1,773
      
1,435
  
Fees for services to customers
    
2,590
      
2,847
      
2,648
      
2,783
      
2,705
  
Other
    
357
      
339
      
247
      
219
      
246
  
Total noninterest income
    
4,574
      
4,598
      
4,669
      
4,775
      
4,386
  
                                         
Noninterest expenses:
                                        
Salaries and employee benefits
    
12,393
      
13,122
      
13,283
      
13,067
      
12,134
  
Net occupancy expense
    
4,358
      
4,262
      
4,598
      
4,261
      
4,483
  
Equipment expense
    
1,923
      
1,873
      
1,962
      
1,700
      
1,532
  
Professional services
    
1,717
      
1,360
      
1,607
      
1,251
      
1,375
  
Outsourced services
    
2,720
      
2,491
      
2,296
      
2,102
      
2,328
  
Advertising expense
    
586
      
518
      
390
      
532
      
508
  
FDIC and other insurance
    
1,078
      
1,085
      
1,052
      
770
      
773
  
Other real estate expense, net
    
163
      
148
      
225
      
101
      
124
  
Other
    
2,522
      
2,468
      
2,266
      
2,621
      
2,887
  
Total noninterest expenses
    
27,460
      
27,327
      
27,679
      
26,405
      
26,144
  
                                         
Income before taxes
    
19,235
      
21,823
      
23,655
      
27,506
      
25,735
  
Income taxes
    
4,555
      
5,451
      
5,909
      
6,596
      
6,371
  
                                         
Net income
  
$
14,680
    
$
16,372
    
$
17,746
    
$
20,910
    
$
19,364
  
                                         
Net income per common share:
                                        
- Basic
  
$
0.77
    
$
0.86
    
$
0.93
    
$
1.10
    
$
1.01
  
                                         
- Diluted
    
0.77
      
0.86
      
0.93
      
1.10
      
1.01
  
                                         
Average basic shares (in thousands)
    
19,024
      
19,024
      
19,024
      
19,045
      
19,111
  
Average diluted shares (in thousands)
    
19,024
      
19,024
      
19,028
      
19,050
      
19,112
  

Page | 8
CONSOLIDATED STATEMENTS OF INCOME, Continued
(dollars in thousands, except per share data)
(Unaudited)
   
Nine months ended
  
   
09/30/23
    
09/30/22
  
Interest and dividend income:
            
Interest and fees on loans
  
$
138,255
      
119,503
  
Interest and dividends on securities available for sale:
                
U. S. government sponsored enterprises
    
2,055
      
712
  
State and political subdivisions
    
1
      
2
  
Mortgage-backed securities and collateralized mortgage obligations - residential
    
4,613
      
4,071
  
Corporate bonds
    
1,510
      
1,281
  
Small Business Administration - guaranteed participation securities
    
335
      
427
  
Other securities
    
7
      
7
  
Total interest and dividends on securities available for sale
    
8,521
      
6,500
  
                 
Interest on held to maturity securities:
                
Mortgage-backed securities-residential
    
226
      
262
  
Total interest on held to maturity securities
    
226
      
262
  
                 
Federal Home Loan Bank stock
    
351
      
207
  
                 
Interest on federal funds sold and other short-term investments
    
20,213
      
8,046
  
Total interest income
    
167,566
      
134,518
  
                 
Interest expense:
                
Interest on deposits:
                
Interest-bearing checking
    
217
      
129
  
Savings
    
1,824
      
519
  
Money market deposit accounts
    
4,954
      
661
  
Time deposits
    
26,525
      
1,728
  
Interest on short-term borrowings
    
808
      
532
  
Total interest expense
    
34,328
      
3,569
  
                 
Net interest income
    
133,238
      
130,949
  
                 
Less: (Credit) Provision for credit losses
    
(100
)
    
(391
)
Net interest income after (credit) provision for credit losses
    
133,338
      
131,340
  
                 
Noninterest income:
                
Trustco Financial Services income
    
4,813
      
5,264
  
Fees for services to customers
    
8,085
      
8,164
  
Other
    
943
      
1,057
  
Total noninterest income
    
13,841
      
14,485
  
                 
Noninterest expenses:
                
Salaries and employee benefits
    
38,798
      
32,837
  
Net occupancy expense
    
13,218
      
13,266
  
Equipment expense
    
5,758
      
4,787
  
Professional services
    
4,684
      
4,326
  
Outsourced services
    
7,507
      
7,108
  
Advertising expense
    
1,494
      
1,514
  
FDIC and other insurance
    
3,215
      
2,389
  
Other real estate expense, net
    
536
      
209
  
Other
    
7,256
      
7,478
  
Total noninterest expenses
    
82,466
      
73,914
  
                 
Income before taxes
    
64,713
      
71,911
  
Income taxes
    
15,915
      
17,587
  
                 
Net income
  
$
48,798
      
54,324
  
                 
Net income per common share:
                
- Basic
  
$
2.57
      
2.84
  
                 
- Diluted
    
2.57
      
2.84
  
                 
Average basic shares (in thousands)
    
19,024
      
19,160
  
Average diluted shares (in thousands)
    
19,024
      
19,160
  

Page | 9
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)
(Unaudited)
   
9/30/2023
    
6/30/2023
    
3/31/2023
    
12/31/2022
    
9/30/2022
  
ASSETS:
                              
                               
Cash and due from banks
  
$
45,940
    
$
55,662
    
$
47,595
    
$
43,429
    
$
46,236
  
Federal funds sold and other short term investments
    
461,321
      
547,695
      
589,389
      
607,170
      
795,028
  
Total cash and cash equivalents
    
507,261
      
603,357
      
636,984
      
650,599
      
841,264
  
                                         
Securities available for sale:
                                        
U. S. government sponsored enterprises
    
121,474
      
113,570
      
119,132
      
118,187
      
102,779
  
States and political subdivisions
    
34
      
34
      
34
      
34
      
41
  
Mortgage-backed securities and collateralized mortgage obligations - residential
    
233,719
      
243,444
      
255,556
      
260,316
      
261,242
  
Small Business Administration - guaranteed participation securities
    
17,316
      
18,382
      
19,821
      
20,977
      
22,498
  
Corporate bonds
    
76,935
      
76,618
      
81,464
      
81,346
      
81,002
  
Other securities
    
657
      
656
      
652
      
653
      
657
  
Total securities available for sale
    
450,135
      
452,704
      
476,659
      
481,513
      
468,219
  
                                         
Held to maturity securities:
                                        
Mortgage-backed securities and collateralized mortgage obligations-residential
    
6,724
      
7,043
      
7,382
      
7,707
      
8,091
  
Total held to maturity securities
    
6,724
      
7,043
      
7,382
      
7,707
      
8,091
  
                                         
Federal Reserve Bank and Federal Home Loan Bank stock
    
6,203
      
6,203
      
5,797
      
5,797
      
5,797
  
                                         
Loans:
                                        
Commercial
    
268,642
      
251,434
      
246,307
      
231,011
      
217,120
  
Residential mortgage loans
    
4,343,006
      
4,310,005
      
4,241,459
      
4,203,451
      
4,132,365
  
Home equity line of credit
    
332,028
      
308,976
      
296,490
      
286,432
      
269,341
  
Installment loans
    
16,605
      
16,396
      
15,326
      
12,307
      
10,665
  
Loans, net of deferred net costs
    
4,960,281
      
4,886,811
      
4,799,582
      
4,733,201
      
4,629,491
  
                                         
Less: Allowance for credit losses on loans
    
47,226
      
46,914
      
46,685
      
46,032
      
45,517
  
Net loans
    
4,913,055
      
4,839,897
      
4,752,897
      
4,687,169
      
4,583,974
  
                                         
Bank premises and equipment, net
    
32,135
      
32,351
      
32,305
      
32,556
      
31,931
  
Operating lease right-of-use assets
    
41,475
      
43,113
      
43,478
      
44,727
      
45,733
  
Other assets
    
97,310
      
90,957
      
90,306
      
89,984
      
94,485
  
                                         
Total assets
  
$
6,054,298
    
$
6,075,625
    
$
6,045,808
    
$
6,000,052
    
$
6,079,494
  
                                         
LIABILITIES:
                                        
Deposits:
                                        
Demand
  
$
773,293
    
$
791,353
    
$
806,075
    
$
838,147
    
$
859,829
  
Interest-bearing checking
    
1,033,898
      
1,082,989
      
1,124,785
      
1,183,321
      
1,188,790
  
Savings accounts
    
1,235,658
      
1,315,893
      
1,400,887
      
1,521,473
      
1,562,564
  
Money market deposit accounts
    
610,012
      
625,253
      
600,410
      
621,106
      
716,319
  
Time deposits
    
1,581,504
      
1,442,959
      
1,280,301
      
1,028,763
      
954,352
  
Total deposits
    
5,234,365
      
5,258,447
      
5,212,458
      
5,192,810
      
5,281,854
  
                                         
Short-term borrowings
    
103,110
      
113,765
      
134,293
      
122,700
      
124,932
  
Operating lease liabilities
    
45,418
      
47,172
      
47,643
      
48,980
      
50,077
  
Accrued expenses and other liabilities
    
47,479
      
34,852
      
36,711
      
35,575
      
33,625
  
                                         
Total liabilities
    
5,430,372
      
5,454,236
      
5,431,105
      
5,400,065
      
5,490,488
  
                                         
SHAREHOLDERS’ EQUITY:
                                        
Capital stock
    
20,058
      
20,058
      
20,058
      
20,058
      
20,046
  
Surplus
    
257,078
      
257,078
      
257,078
      
257,078
      
256,661
  
Undivided profits
    
422,082
      
414,251
      
404,728
      
393,831
      
379,769
  
Accumulated other comprehensive loss, net of tax
    
(31,506
)
    
(26,212
)
    
(23,375
)
    
(27,194
)
    
(25,209
)
Treasury stock at cost
    
(43,786
)
    
(43,786
)
    
(43,786
)
    
(43,786
)
    
(42,261
)
                                         
Total shareholders’ equity
    
623,926
      
621,389
      
614,703
      
599,987
      
589,006
  
                                         
Total liabilities and shareholders’ equity
  
$
6,054,298
    
$
6,075,625
    
$
6,045,808
    
$
6,000,052
    
$
6,079,494
  
                                         
Outstanding shares (in thousands)
    
19,024
      
19,024
      
19,024
      
19,024
      
19,052
  

Page | 10
NONPERFORMING ASSETS
(dollars in thousands)
(Unaudited)

   
9/30/2023
    
6/30/2023
    
3/31/2023
    
12/31/2022
    
9/30/2022
  
Nonperforming Assets
                              
                               
New York and other states*
                              
Loans in nonaccrual status:
                              
Commercial
  
$
540
    
$
545
    
$
560
    
$
219
    
$
179
  
Real estate mortgage - 1 to 4 family
    
14,633
      
16,260
      
15,722
      
14,949
      
16,295
  
Installment
    
93
      
124
      
59
      
23
      
29
  
Total non-accrual loans
    
15,266
      
16,929
      
16,341
      
15,191
      
16,503
  
Other nonperforming real estate mortgages - 1 to 4 family
    
5
      
7
      
8
      
10
      
12
  
Total nonperforming loans
    
15,271
      
16,936
      
16,349
      
15,201
      
16,515
  
Other real estate owned
    
1,185
      
1,412
      
1,869
      
2,061
      
682
  
Total nonperforming assets
  
$
16,456
    
$
18,348
    
$
18,218
    
$
17,262
    
$
17,197
  
                                         
Florida
                                        
Loans in nonaccrual status:
                                        
Commercial
  
$
314
    
$
314
    
$
314
    
$
314
    
$
-
  
Real estate mortgage - 1 to 4 family
    
2,228
      
2,170
      
2,437
      
1,895
      
2,104
  
Installment
    
65
      
-
      
62
      
83
      
65
  
Total non-accrual loans
    
2,607
      
2,484
      
2,813
      
2,292
      
2,169
  
Other nonperforming real estate mortgages - 1 to 4 family
    
-
      
-
      
-
      
-
      
-
  
Total nonperforming loans
    
2,607
      
2,484
      
2,813
      
2,292
      
2,169
  
Other real estate owned
    
-
      
-
      
-
      
-
      
-
  
Total nonperforming assets
  
$
2,607
    
$
2,484
    
$
2,813
    
$
2,292
    
$
2,169
  
                                         
Total
                                        
Loans in nonaccrual status:
                                        
Commercial
  
$
854
    
$
859
    
$
874
    
$
533
    
$
179
  
Real estate mortgage - 1 to 4 family
    
16,861
      
18,430
      
18,159
      
16,844
      
18,399
  
Installment
    
158
      
124
      
121
      
106
      
94
  
Total non-accrual loans
    
17,873
      
19,413
      
19,154
      
17,483
      
18,672
  
Other nonperforming real estate mortgages - 1 to 4 family
    
5
      
7
      
8
      
10
      
12
  
Total nonperforming loans
    
17,878
      
19,420
      
19,162
      
17,493
      
18,684
  
Other real estate owned
    
1,185
      
1,412
      
1,869
      
2,061
      
682
  
Total nonperforming assets
  
$
19,063
    
$
20,832
    
$
21,031
    
$
19,554
    
$
19,366
  
                                         
Quarterly Net (Recoveries) Chargeoffs
                                        
                                         
New York and other states*
                                        
Commercial
  
$
-
    
$
(129
)
  
$
-
    
$
-
    
$
-
  
Real estate mortgage - 1 to 4 family
    
(26
)
    
(161
)
    
(53
)
    
(46
)
    
(164
)
Installment
    
14
      
21
      
(6
)
    
31
      
34
  
Total net (recoveries) chargeoffs
  
$
(12
)
  
$
(269
)
  
$
(59
)
  
$
(15
)
  
$
(130
)
                                         
Florida
                                        
Commercial
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Real estate mortgage - 1 to 4 family
    
-
      
-
      
(25
)
    
-
      
-
  
Installment
    
-
      
40
      
31
      
-
      
(2
)
Total net (recoveries) chargeoffs
  
$
-
    
$
40
    
$
6
    
$
-
    
$
(2
)
                                         
Total
                                        
Commercial
  
$
-
    
$
(129
)
  
$
-
    
$
-
    
$
-
  
Real estate mortgage - 1 to 4 family
    
(26
)
    
(161
)
    
(78
)
    
(46
)
    
(164
)
Installment
    
14
      
61
      
25
      
31
      
32
  
Total net (recoveries) chargeoffs
  
$
(12
)
  
$
(229
)
  
$
(53
)
  
$
(15
)
  
$
(132
)
                                         
Asset Quality Ratios
                                        
                                         
Total nonperforming loans (1)
  
$
17,878
    
$
19,420
    
$
19,162
    
$
17,493
    
$
18,684
  
Total nonperforming assets (1)
    
19,063
      
20,832
      
21,031
      
19,554
      
19,366
  
Total net recoveries (2)
    
(12
)
    
(229
)
    
(53
)
    
(15
)
    
(132
)
                                         
Allowance for credit losses on loans (1)
    
47,226
      
46,914
      
46,685
      
46,032
      
45,517
  
                                         
Nonperforming loans to total loans
    
0.36
%
    
0.40
%
    
0.40
%
    
0.37
%
    
0.40
%
Nonperforming assets to total assets
    
0.31
%
    
0.34
%
    
0.35
%
    
0.33
%
    
0.32
%
Allowance for credit losses on loans to total loans
    
0.95
%
    
0.96
%
    
0.97
%
    
0.97
%
    
0.98
%
Coverage ratio (1)
    
264.2
%
    
241.6
%
    
243.6
%
    
263.1
%
    
243.6
%
Annualized net (recoveries) chargeoffs to average loans (2)
    
0.00
%
    
-0.02
%
    
0.00
%
    
0.00
%
    
-0.01
%
Allowance for credit losses on loans
to annualized net (recoveries) chargeoffs (2)
    
N/A
      
N/A
      
N/A
      
N/A
      
N/A
  

* Includes New York, New Jersey, Vermont and Massachusetts.
(1)  At period-end
(2)  For the three-month period ended
Page | 11
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY -
INTEREST RATES AND INTEREST DIFFERENTIAL
(dollars in thousands)
  
   
 
(Unaudited)
   
Three months ended
September 30, 2023
      
Three months ended
September 30, 2022
   
 
    
Average
Balance
      
Interest
 		      
Average
Rate
      
Average
Balance
      
Interest
 		      
Average
Rate
   
 
Assets
                                    
                                     
Securities available for sale:
                                    
U. S. government sponsored enterprises
  
$
119,406
    
$
672
      
2.25
%
  
$
104,633
    
$
479
      
1.83
%
Mortgage backed securities and collateralized
mortgage obligations - residential
    
269,535
      
1,485
      
2.19
      
302,886
      
1,617
      
2.13
  
State and political subdivisions
    
34
      
-
      
6.74
      
41
      
1
      
8.12
  
Corporate bonds
    
80,331
      
473
      
2.36
      
86,965
      
526
      
2.42
  
Small Business Administration - guaranteed participation securities
    
19,801
      
107
      
2.15
      
25,533
      
133
      
2.08
  
Other
    
686
      
2
      
1.17
      
686
      
3
      
1.75
  
                                                 
Total securities available for sale
    
489,793
      
2,739
      
2.24
      
520,744
      
2,759
      
2.12
  
                                                 
Federal funds sold and other short-term Investments
    
494,597
      
6,688
      
5.37
      
918,909
      
5,221
      
2.25
  
                                                 
Held to maturity securities:
                                                
Mortgage backed securities and collateralized
mortgage obligations - residential
    
6,877
      
73
      
4.22
      
8,306
      
85
      
4.08
  
                                                 
Total held to maturity securities
    
6,877
      
73
      
4.22
      
8,306
      
85
      
4.08
  
                                                 
Federal Home Loan Bank stock
    
6,203
      
131
      
8.45
      
5,797
      
80
      
5.52
  
                                                 
Commercial loans
    
261,061
      
3,398
      
5.21
      
207,477
      
2,484
      
4.79
  
Residential mortgage loans
    
4,325,219
      
39,321
      
3.64
      
4,105,859
      
35,342
      
3.44
  
Home equity lines of credit
    
320,446
      
4,946
      
6.12
      
261,575
      
2,896
      
4.39
  
Installment loans
    
15,959
      
256
      
6.37
      
10,213
      
174
      
6.75
  
                                                 
Loans, net of unearned income
    
4,922,685
      
47,921
      
3.89
      
4,585,124
      
40,896
      
3.57
  
                                                 
Total interest earning assets
    
5,920,155
    
$
57,552
      
3.88
      
6,038,880
    
$
49,041
      
3.24
  
                                                 
Allowance for credit losses on loans
    
(47,077
)
                    
(45,519
)
                
Cash & non-interest earning assets
    
172,523
                      
188,672
                  
                                                 
Total assets
  
$
6,045,601
                    
$
6,182,033
                  
                                                 
Liabilities and shareholders’ equity
                                                
                                                 
Deposits:
                                                
Interest bearing checking accounts
  
$
1,050,313
    
$
102
      
0.04
%
  
$
1,195,370
    
$
43
      
0.01
%
Money market accounts
    
625,031
      
2,384
      
1.51
      
744,868
      
237
      
0.13
  
Savings
    
1,282,641
      
639
      
0.20
      
1,579,513
      
200
      
0.05
  
Time deposits
    
1,494,402
      
11,962
      
3.18
      
981,704
      
646
      
0.26
  
                                                 
Total interest bearing deposits
    
4,452,387
      
15,087
      
1.34
      
4,501,455
      
1,126
      
0.10
  
Short-term borrowings
    
110,018
      
244
      
0.88
      
138,105
      
122
      
0.35
  
                                                 
Total interest bearing liabilities
    
4,562,405
    
$
15,331
      
1.33
      
4,639,560
    
$
1,248
      
0.11
  
                                                 
Demand deposits
    
776,885
                      
859,122
                  
Other liabilities
    
81,411
                      
82,290
                  
Shareholders’ equity
    
624,900
                      
601,061
                  
                                                 
Total liabilities and shareholders’ equity
  
$
6,045,601
                    
$
6,182,033
                  
                                                 
Net interest income, GAAP and non-GAAP tax equivalent (1)
          
$
42,221
                    
$
47,793
          
                                                 
Net interest spread, GAAP and non-GAAP tax equivalent (1)
                    
2.55
%
                    
3.13
%
                                                 
Net interest margin (net interest income to total interest earning assets),
GAAP and non-GAAP tax equivalent (1)
                    
2.85
%
                    
3.16
%
                                                 
Tax equivalent adjustment (1)
            
-
                      
-
          
                                                 
Net interest income
          
$
42,221
                    
$
47,793
          

(1)
Tax equivalent adjustment to a measure results in a non-GAAP financial measure.  See Non-GAAP Financial Measures Reconciliation.

Page | 12
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY -
INTEREST RATES AND INTEREST DIFFERENTIAL, Continued

(dollars in thousands)
(Unaudited)
 		   
Nine months ended
September 30, 2023
      
Nine months ended
September 30, 2022
   
     
Average
Balance
      
Interest
 		      
Average
Rate
      
Average
Balance
      
Interest
 		      
Average
Rate
   
Assets
                                    
                                     
Securities available for sale:
                                    
U. S. government sponsored enterprises
  
$
120,243
      
2,055
      
2.28
%
  
$
79,423
      
712
      
1.19
%
Mortgage backed securities and collateralized
mortgage obligations - residential
    
278,252
      
4,613
      
2.21
      
282,423
      
4,071
      
1.92
  
State and political subdivisions
    
34
      
1
      
6.74
      
41
      
2
      
6.73
  
Corporate bonds
    
83,732
      
1,510
      
2.41
      
75,957
      
1,281
      
2.25
  
Small Business Administration - guaranteed participation securities
    
20,876
      
335
      
2.14
      
27,623
      
427
      
2.06
  
Other
    
686
      
7
      
1.02
      
686
      
7
      
2.04
  
                                                 
Total securities available for sale
    
503,823
      
8,521
      
1.69
      
466,153
      
6,500
      
2.79
  
                                                 
Federal funds sold and other short-term Investments
    
540,570
      
20,213
      
5.00
      
1,068,217
      
8,046
      
1.01
  
                                                 
Held to maturity securities:
                                                
Mortgage backed securities and collateralized
mortgage obligations - residential
    
7,205
      
226
      
4.18
      
8,897
      
262
      
3.93
  
                                                 
Total held to maturity securities
    
7,205
      
226
      
4.18
      
8,897
      
262
      
3.93
  
                                                 
Federal Home Loan Bank stock
    
5,957
      
351
      
5.89
      
5,734
      
207
      
7.22
  
                                                 
Commercial loans
    
249,738
      
9,716
      
5.19
      
200,525
      
7,412
      
4.93
  
Residential mortgage loans
    
4,269,494
      
114,227
      
3.57
      
4,054,657
      
104,310
      
3.43
  
Home equity lines of credit
    
305,075
      
13,598
      
5.96
      
246,026
      
7,289
      
3.96
  
Installment loans
    
15,015
      
714
      
6.35
      
9,507
      
492
      
6.91
  
                                                 
Loans, net of unearned income
    
4,839,322
      
138,255
      
3.81
      
4,510,715
      
119,503
      
3.53
  
                                                 
Total interest earning assets
    
5,896,877
      
167,566
      
3.79
      
6,059,716
      
134,518
      
2.96
  
                                                 
Allowance for credit losses on loans
    
(46,812
)
                    
(46,225
)
                
Cash & non-interest earning assets
    
173,521
                      
196,333
                  
                                                 
Total assets
  
$
6,023,586
                    
$
6,209,824
                  
                                                 
Liabilities and shareholders’ equity
                                                
                                                 
Deposits:
                                                
Interest bearing checking accounts
  
$
1,088,859
      
217
      
0.03
%
  
$
1,199,154
      
129
      
0.01
%
Money market accounts
    
613,119
      
4,954
      
1.08
      
771,301
      
661
      
0.11
  
Savings
    
1,363,052
      
1,824
      
0.18
      
1,557,503
      
519
      
0.04
  
Time deposits
    
1,343,762
      
26,525
      
2.64
      
971,539
      
1,728
      
0.24
  
                                                 
Total interest bearing deposits
    
4,408,792
      
33,520
      
1.02
      
4,499,497
      
3,037
      
0.09
  
Short-term borrowings
    
121,911
      
808
      
0.89
      
194,228
      
532
      
0.37
  
                                                 
Total interest bearing liabilities
    
4,530,703
      
34,328
      
1.01
      
4,693,725
      
3,569
      
0.10
  
                                                 
Demand deposits
    
793,890
                      
836,953
                  
Other liabilities
    
81,771
                      
81,780
                  
Shareholders’ equity
    
617,224
                      
597,366
                  
                                                 
Total liabilities and shareholders’ equity
  
$
6,023,588
                    
$
6,209,824
                  
                                                 
Net interest income, GAAP and non-GAAP tax equivalent (1)
            
133,238
                      
130,949
          
                                                 
Net interest spread, GAAP and non-GAAP tax equivalent (1)
                    
2.78
%
                    
2.86
%
                                                 
Net interest margin (net interest income to total interest earning assets),
GAAP and non-GAAP tax equivalent (1)
                    
3.01
%
                    
2.88
%
                                                 
Tax equivalent adjustment (1)
            
-
                      
-
          
                                                 
Net interest income
            
133,238
                      
130,949
          

(1)
Tax equivalent adjustment to a measure results in a non-GAAP financial measure.  See Non-GAAP Financial Measures Reconciliation.

Page | 13
 Non-GAAP Financial Measures Reconciliation
Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively.  We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end.  We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios.  Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.
Net interest income is commonly presented on a taxable equivalent basis. That is, to the extent that some component of the institution’s net interest income will be exempt from taxation (e.g., was received by the institution as a result of its holdings of state or municipal obligations), an amount equal to the tax benefit derived from that component is added back to the net interest income total. Management considers this adjustment helpful to investors in comparing one financial institution’s net interest income (pre- tax) to that of another institution, as each will have a different proportion of tax-exempt items in their portfolios. Moreover, net interest income is itself a component of another financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average interest earning assets.  Additionally, management and many financial institutions also present net interest spread, which is the average yield on interest earning assets minus the average rate paid on interest bearing liabilities. For purposes of these measures as well, taxable equivalent net interest income is generally used by financial institutions, again to provide investors with a better basis of comparison from institution to institution. We calculate taxable equivalent net interest margin by dividing net interest income, adjusted to include the benefit of non-taxable interest income, by average interest earning assets.  We calculate taxable equivalent net interest spread as the difference between average yield on interest earning assets, adjusted to include the benefit of non-taxable interest income, and the average rate paid on interest bearing liabilities.
The efficiency ratio is a non-GAAP measure of expense control relative to revenue from net interest income and non-interest fee income.  We calculate the efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income (fully taxable equivalent) and total noninterest income as determined under GAAP, excluding non-routine items from this calculation.  We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue.  Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.
We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures.  However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below.  We have not presented a reconciliation of taxable equivalent net interest income, taxable equivalent net interest margin or taxable equivalent net interest spread to the most directly comparable GAAP measure, as there was no difference between the taxable equivalent measure and comparable GAAP measure for any period presented in this release.
Page | 14
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(dollars in thousands)
(Unaudited)
 
9/30/2023
  
6/30/2023

9/30/2022
Tangible Book Value Per Share








 






 
Equity (GAAP)
$
623,926

$
621,389
  
$
589,006
Less: Intangible assets
 
553

 
553
  
 
553
Tangible equity (Non-GAAP)
$
623,373

$
620,836

$
588,453
 

 


 


 
Shares outstanding

19,024


19,024


19,052
Tangible book value per share

32.77


32.63


30.89
Book value per share

32.80


32.66


30.92
 

 


 


 
Tangible Equity to Tangible Assets

 


 


 
Total Assets (GAAP)
$
6,054,298

$
6,075,625

$
6,079,494
Less: Intangible assets

553

 
553


553
Tangible assets (Non-GAAP)
$
6,053,745

$
6,075,072

$
6,078,941
 

 


 


 
Tangible Equity to Tangible Assets (Non-GAAP)

10.30
%

10.22
%

9.68
%
Equity to Assets (GAAP)

10.31
%

10.23
%

9.69
%

 
Three months ended
    
Nine months ended
  
Efficiency Ratio
9/30/2023
  
6/30/2023
    
9/30/2022
    
9/30/2023
    
9/30/2022
  



   

   
                 
Net interest income (GAAP)
$
42,221
  
$
44,052
  
$
47,793
 
$
133,238
    
$
130,949
  
Taxable equivalent adjustment

-
  

-
  

-
   
-
      
-
  
Net interest income (fully taxable equivalent) (Non-GAAP)

42,221
  

44,052
  

47,793
      
133,238
      
130,949
  
Non-interest income (GAAP)

4,574
  

4,598
  

4,386
      
13,841
      
14,485
  
Less:  Net gain on sale of building

-
  

-
  

-
      
-
      
268
  
Revenue used for efficiency ratio (Non-GAAP)
$
46,795
  
$
48,650
  
$
52,179
    
$
147,079
    
$
145,166
  



   
     

                   
Total noninterest expense (GAAP)
$
27,460
  
$
27,327
  

26,144
    
$
82,466
      
73,914
  
Less:  Other real estate expense, net

163
  

148
  

124
      
536
      
209
  
Expense used for efficiency ratio (Non-GAAP)
$
27,297
  
$
27,179
  
$
26,020
    
$
81,930
    
$
73,705
  



   

   

                   
Efficiency Ratio

58.33
%

55.87
%

49.87
%
    
55.70
%
    
50.77
%


Page | 15