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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest and dividend income:      
Interest and fees on loans $ 187,456 $ 162,214 $ 159,168
Interest and dividends on securities available for sale:      
U. S. government sponsored enterprises 2,805 1,405 314
State and political subdivisions 2 2 2
Mortgage-backed securities and collateralized mortgage obligations-residential 6,146 5,677 4,515
Corporate bonds 1,987 1,804 1,065
Small Business Administration-guaranteed participation securities 437 551 745
Other 10 9 20
Total interest and dividends on securities available for sale 11,387 9,448 6,661
Interest on held to maturity securities:      
Mortgage-backed securities and collateralized mortgage obligations-residential 296 343 435
Total interest on held to maturity securities 296 343 435
Federal Home Loan Bank stock 500 305 260
Interest on federal funds sold and other short-term investments 26,567 14,292 1,458
Total interest and dividend income 226,206 186,602 167,982
Interest expense:      
Interest on deposits 53,352 5,727 6,665
Interest on short-term borrowings 1,009 740 909
Total interest expense 54,361 6,467 7,574
Net interest income 171,845 180,135 160,408
Provision (Credit) for credit losses 1,250 (341) (5,450)
Net interest income after provision (credit) for credit losses 170,595 180,476 165,858
Noninterest income:      
Trustco Financial Services income 6,425 7,037 7,358
Fees for services to customers 10,648 10,947 9,799
Other 1,242 1,276 780
Total noninterest income 18,315 19,260 17,937
Noninterest expense:      
Salaries and employee benefits 51,242 45,904 48,721
Net occupancy expense 17,427 17,527 17,742
Equipment expense 7,610 6,487 6,617
Professional services 6,245 5,577 6,108
Outsourced services 10,039 9,210 8,384
Advertising expense 1,878 2,046 1,975
FDIC and other insurance expense 4,300 3,159 3,010
Other real estate expense, net 524 310 183
Other 12,032 10,099 8,922
Total noninterest expense 111,297 100,319 101,662
Income before income taxes 77,613 99,417 82,133
Income taxes 18,967 24,183 20,614
Net income $ 58,646 $ 75,234 $ 61,519
Earnings per share:      
Basic (in dollars per share) $ 3.08 $ 3.93 $ 3.19
Diluted (in dollars per share) $ 3.08 $ 3.93 $ 3.19