|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
(
|
(Registrant’s telephone number, including area code) |
Title of each class
|
Trading Symbol (s)
|
Name of each exchange on which registered
|
|
|
|
Large accelerated filer ☐
|
|
Non-accelerated filer ☐
|
Smaller reporting company
|
Emerging growth company
|
Common Stock
|
Number of Shares Outstanding
as of April 30, 2024 |
$1 Par Value
|
|
DESCRIPTION
|
PAGE NO.
|
|
3 |
||
Part I.
|
FINANCIAL INFORMATION
|
|
Item 1.
|
Consolidated Interim Financial Statements (Unaudited):
|
|
|
|
|
|
6 |
|
|
|
|
|
7 |
|
|
|
|
|
8 |
|
|
|
|
|
9 |
|
|
|
|
|
10 | |
|
|
|
|
11-44
|
|
|
|
|
|
45
|
|
|
|
|
Item 2.
|
46-62
|
|
|
|
|
Item 3.
|
63 | |
|
|
|
Item 4.
|
63 | |
|
|
|
Part II.
|
OTHER INFORMATION
|
|
|
|
|
Item 1.
|
64 |
|
|
|
|
Item 1A.
|
64
|
|
|
|
|
Item 2.
|
64 | |
|
|
|
Item 3.
|
65 | |
|
|
|
Item 4.
|
65 | |
|
|
|
Item 5.
|
65 | |
|
|
|
Item 6.
|
65 |
• |
changes in interest rates may significantly impact our financial condition and results of operations;
|
• |
ongoing inflationary pressures and continued elevated prices may affect our results of operations and financial condition;
|
• |
exposure to credit risk in our lending activities;
|
• |
our commercial loan portfolio is increasing and the inherently higher risk of loss may lead to additional provisions for credit losses or charge-offs, which would
negatively impact earnings and capital;
|
• |
the allowance for credit losses on loans (“ACLL”) is not sufficient to cover expected loan losses, resulting in a decrease in earnings;
|
• |
our inability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities;
|
• |
we are subject to claims and litigation pertaining to fiduciary responsibility and lender liability;
|
• |
our dependency upon the services of the management team;
|
• |
our disclosure controls and procedures may not prevent or detect all errors or acts of fraud;
|
• |
if the business continuity and disaster recovery plans that we have in place are not adequate to continue our operations in the event of a disaster, the business
disruption can adversely impact its operations;
|
• |
our risk management framework may not be effective in mitigating risk and loss;
|
• |
new lines of business or new products and services may subject us to additional risks;
|
• |
we are exposed to climate risk;
|
• |
societal responses to climate change could adversely affect our business and performance, including indirectly through impacts on our customers;
|
• |
increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance
practices may impose additional costs on us or expose us to new or additional risks
|
• |
a prolonged economic downturn, especially one affecting our geographic market area, will adversely affect our operations and financial results;
|
• |
instability in global economic conditions and geopolitical matters, as well as volatility in financial markets, could have a material adverse effect on our results of
operations and financial condition;
|
• |
any downgrade in the credit rating of the U.S. government or default by the U.S. government as a result of political conflicts over legislation to raise the U.S.
government’s debt limit may have a material adverse effect on us;
|
• |
the soundness of other financial institutions could adversely affect us;
|
• |
any government shutdown could adversely affect the U.S. and global economy and our liquidity, financial condition and earnings;
|
• |
the trust wealth management fees we receive may decrease as a result of poor investment performance, in either relative or absolute terms, which could decrease our
revenues and net earnings;
|
• |
regulatory capital rules could slow our growth, cause us to seek to raise additional capital, or both;
|
• |
changes in laws and regulations and the cost of regulatory compliance with new laws and regulations may adversely affect our operations and our income;
|
• |
changes in cybersecurity or privacy regulations may increase our compliance costs, limit our ability to gain insight from data and lead to increased scrutiny;
|
• |
restrictions on data collection and use may limit opportunities to gain business insights useful to running our business and offering innovative products and services;
|
• |
non-compliance with the USA PATRIOT Act, Bank Secrecy Act, or other laws and regulations could result in fines or sanctions;
|
• |
changes in tax laws may adversely affect us, and the Internal Revenue Service or a court may disagree with our tax positions, which may result in adverse effects on our
business, financial condition, and results of operations or cash flows;
|
• |
our ability to pay dividends is subject to regulatory limitations and other limitations that may affect our ability to pay dividends to our stockholders or to
repurchase our common stock;
|
• |
we may be subject to a higher effective tax rate if Trustco Realty Corp. (“Trustco Realty”) fails to qualify as a real estate investment trust (“REIT”);
|
• |
changes in accounting standards could impact reported earnings;
|
• |
strong competition within the Bank’s market areas could hurt profits and slow growth;
|
• |
consumers and businesses are increasingly using non-banks to complete their financial transactions, which could adversely affect our business and results of operations;
|
• |
our business could be adversely affected by third-party service providers, data breaches, and cyber-attacks;
|
• |
a failure in or breach of our operational or security systems or infrastructure, or those of third parties, could disrupt our businesses, and adversely impact our
results of operations, liquidity and financial condition, as well as cause reputational harm;
|
• |
unauthorized disclosure of sensitive or confidential client or customer information, whether through a breach of our computer systems or otherwise, could severely harm
our business;
|
• |
we could suffer a material adverse impact from interruptions in the effective operation of, or security breaches affecting, our computer systems;
|
• |
provisions in our articles of incorporation and bylaws and New York law may discourage or prevent takeover attempts, and these provisions may have the effect of
reducing the market price of our stock; and
|
• |
we cannot guarantee that the allocation of capital to various alternatives, including stock repurchase plans, will enhance long-term stockholder value.
|
Three months ended | ||||||||
March 31,
|
||||||||
2024
|
2023
|
|||||||
Interest and dividend income:
|
||||||||
Interest and fees on loans
|
$
|
|
$
|
|
||||
Interest and dividends on securities available for sale:
|
||||||||
U. S. government sponsored enterprises
|
|
|
||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
|
|
||||||
Corporate bonds
|
|
|
||||||
Small Business Administration-guaranteed participation securities
|
|
|
||||||
Other securities
|
|
|
||||||
Total interest and dividends on securities available for sale
|
|
|
||||||
Interest on held to maturity securities:
|
||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
|
|
||||||
Total interest on held to maturity securities
|
|
|
||||||
Federal Home Loan Bank stock
|
|
|
||||||
Interest on federal funds sold and other short-term investments
|
|
|
||||||
Total interest income
|
|
|
||||||
Interest expense:
|
||||||||
Interest on deposits:
|
||||||||
Interest-bearing checking
|
|
|
||||||
Savings accounts
|
|
|
||||||
Money market deposit accounts
|
|
|
||||||
Time deposits
|
|
|
||||||
Interest on short-term borrowings
|
|
|
||||||
Total interest expense
|
|
|
||||||
Net interest income
|
|
|
||||||
Provision for credit losses
|
|
|
||||||
Net interest income after provision for credit losses
|
|
|
||||||
Noninterest income:
|
||||||||
Trustco financial services income
|
|
|
||||||
Fees for services to customers
|
|
|
||||||
Other
|
|
|
||||||
Total noninterest income
|
|
|
||||||
Noninterest expenses:
|
||||||||
Salaries and employee benefits
|
|
|
||||||
Net occupancy expense
|
|
|
||||||
Equipment expense
|
|
|
||||||
Professional services
|
|
|
||||||
Outsourced services
|
|
|
||||||
Advertising expense
|
|
|
||||||
FDIC and other insurance
|
|
|
||||||
Other real estate expense, net
|
|
|
||||||
Other
|
|
|
||||||
Total noninterest expenses
|
|
|
||||||
Income before taxes
|
|
|
||||||
Income taxes
|
|
|
||||||
Net income
|
$
|
|
$
|
|
||||
Net income per share:
|
||||||||
- Basic
|
$
|
|
$
|
|
||||
- Diluted
|
$
|
|
$
|
|
Three months ended
|
||||||||
March 31,
|
||||||||
2024
|
2023
|
|||||||
Net income
|
$
|
|
$
|
|
||||
Net unrealized holding (loss) gain on securities available for sale
|
(
|
)
|
|
|||||
Tax effect
|
|
(
|
)
|
|||||
Net unrealized (loss) gain on securities available for sale, net of tax
|
(
|
)
|
|
|||||
Amortization of net actuarial gain
|
(
|
)
|
(
|
)
|
||||
Amortization of prior service cost
|
|
|
||||||
Tax effect
|
|
|
||||||
Amortization of net actuarial gain and prior service cost on pension and postretirement plans, net of tax
|
(
|
)
|
(
|
)
|
||||
Other comprehensive (loss) income, net of tax
|
(
|
)
|
|
|||||
Comprehensive income
|
$
|
|
$
|
|
March 31, 2024
|
December 31, 2023
|
|||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$
|
|
$
|
|
||||
Federal funds sold and other short term investments
|
|
|
||||||
Total cash and cash equivalents
|
|
|
||||||
Securities available for sale
|
|
|
||||||
Held to maturity securities ($
|
||||||||
Federal Home Loan Bank stock |
|
|
||||||
Loans, net of deferred net costs
|
||||||||
Less:
|
||||||||
Allowance for credit losses on loans
|
|
|
||||||
Net loans
|
|
|
||||||
Bank premises and equipment, net
|
|
|
||||||
Operating lease right-of-use assets
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
LIABILITIES:
|
||||||||
Deposits:
|
||||||||
Demand
|
$
|
|
$
|
|
||||
Interest-bearing checking
|
|
|
||||||
Savings accounts
|
|
|
||||||
Money market deposit accounts
|
|
|
||||||
Time deposits
|
|
|
||||||
Total deposits
|
|
|
||||||
Short-term borrowings
|
|
|
||||||
Operating lease liabilities
|
|
|
||||||
Accrued expenses and other liabilities
|
|
|
||||||
Total liabilities
|
|
|
||||||
SHAREHOLDERS’ EQUITY:
|
||||||||
Capital stock par value $
|
|
|
||||||
Surplus
|
|
|
||||||
Undivided profits
|
|
|
||||||
Accumulated other comprehensive loss, net of tax
|
(
|
)
|
(
|
)
|
||||
Treasury stock at cost -
|
(
|
)
|
(
|
)
|
||||
Total shareholders’ equity
|
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
|
$
|
|
Accumulated
|
||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||
Capital
|
Undivided
|
Comprehensive
|
Treasury
|
|||||||||||||||||||||
Stock
|
Surplus
|
Profits
|
Loss
|
Stock
|
Total
|
|||||||||||||||||||
Beginning balance, January 1, 2023
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
||||||||||
Net income
|
|
|
|
|
|
|
||||||||||||||||||
Other comprehensive income, net of tax
|
|
|
|
|
|
|
||||||||||||||||||
Cash dividend declared, $
|
|
|
(
|
)
|
|
|
(
|
)
|
||||||||||||||||
|
||||||||||||||||||||||||
Ending balance, March 31, 2023
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
||||||||||
|
||||||||||||||||||||||||
Beginning balance, January 1, 2024
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
||||||||||
Net income
|
|
|
|
|
|
|
||||||||||||||||||
Other comprehensive loss, net of tax
|
|
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||
Stock Based Compensation Expense |
||||||||||||||||||||||||
Cash dividend declared, $
|
|
|
(
|
)
|
|
|
(
|
)
|
||||||||||||||||
|
||||||||||||||||||||||||
Ending balance, March 31, 2024
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
Three months ended March 31,
|
||||||||
2024
|
2023
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation
|
|
|
||||||
Amortization of right-of-use asset
|
|
|
||||||
Net gain on sale of other real estate owned
|
|
(
|
)
|
|||||
Provision for credit losses
|
|
|
||||||
Deferred tax expense
|
|
|
||||||
Net amortization of securities
|
|
|
||||||
Stock based compensation expense
|
||||||||
Decrease in taxes receivable
|
|
|
||||||
Increase in interest receivable
|
(
|
)
|
(
|
)
|
||||
Increase in interest payable
|
|
|
||||||
Increase in other assets
|
(
|
)
|
(
|
)
|
||||
Decrease in operating lease liabilities
|
(
|
)
|
(
|
)
|
||||
Decrease in accrued expenses and other liabilities
|
(
|
)
|
(
|
)
|
||||
Total adjustments
|
(
|
)
|
|
|||||
Net cash provided by operating activities
|
|
|
||||||
Cash flows from investing activities:
|
||||||||
Proceeds from sales, paydowns and calls of securities available for sale
|
|
|
||||||
Proceeds from paydowns of held to maturity securities
|
|
|
||||||
Purchases of securities available for sale
|
(
|
)
|
(
|
)
|
||||
Proceeds from maturities of securities available for sale
|
|
|
||||||
Net increase in loans
|
(
|
)
|
(
|
)
|
||||
Proceeds from dispositions of other real estate owned
|
|
|
||||||
Purchases of bank premises and equipment
|
(
|
)
|
(
|
)
|
||||
Net cash provided by (used in) investing activities
|
|
(
|
)
|
|||||
Cash flows from financing activities:
|
||||||||
Net increase in deposits
|
|
|
||||||
Net change in short-term borrowings
|
|
|
||||||
Dividends paid
|
(
|
)
|
(
|
)
|
||||
Net cash provided by financing activities
|
|
|
||||||
Net increase (decrease) in cash and cash equivalents
|
|
(
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
|
$
|
|
||||
Supplemental Disclosure of Cash Flow Information:
|
||||||||
Cash paid during the year for:
|
||||||||
Interest paid
|
$
|
|
$
|
|
||||
Income taxes paid
|
|
|
||||||
Other non cash items:
|
||||||||
Transfer of loans to other real estate owned
|
||||||||
Increase (decrease) in dividends payable
|
( |
) | ||||||
Change in unrealized (loss) gain on securities available for sale-gross of deferred taxes
|
(
|
)
|
|
|||||
Change in deferred tax effect on unrealized loss (gain) on securities available for sale
|
( |
) | ||||||
Amortization of net actuarial gain and prior service cost on pension and postretirement plans
|
(
|
)
|
(
|
)
|
||||
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans
|
|
|
(in thousands, except per share data) | For the three months ended | |||||||
|
March 31,
|
|||||||
2024
|
2023
|
|||||||
Net income
|
$
|
|
$
|
|
||||
Weighted average common shares
|
|
|
||||||
Stock Options and Restricted Stock Units
|
|
|
||||||
Weighted average common shares including potential dilutive shares
|
|
|
||||||
Basic EPS
|
$
|
|
$
|
|
||||
Diluted EPS
|
$
|
|
$
|
|
Three months ended March 31,
|
||||||||||||||||
Pension Benefits
|
Other Postretirement Benefits
|
|||||||||||||||
(dollars in thousands)
|
2024
|
2023
|
2024
|
2023
|
||||||||||||
Service cost
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Interest cost
|
|
|
|
|
||||||||||||
Expected return on plan assets
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Amortization of net gain
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||
Amortization of prior service cost
|
|
|
|
|
||||||||||||
Net periodic benefit
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
March 31, 2024
|
||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(dollars in thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
U.S. government sponsored enterprises
|
$
|
|
$ |
|
$ |
|
$ |
|
||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
|
|
|
|
||||||||||||
Corporate bonds
|
|
|
|
|
||||||||||||
Small Business Administration - guaranteed participation securities
|
|
|
|
|
||||||||||||
Other
|
|
|
|
|
||||||||||||
Total Securities Available for Sale
|
$
|
|
$ |
|
$ |
|
$ |
|
December 31, 2023
|
||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(dollars in thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
U.S. government sponsored enterprises
|
$
|
|
$ |
|
$ |
|
$ |
|
||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
|
|
|
|
||||||||||||
Corporate bonds
|
|
|
|
|
||||||||||||
Small Business Administration - guaranteed participation securities
|
|
|
|
|
||||||||||||
Other
|
|
|
|
|
||||||||||||
Total Securities Available for Sale
|
$
|
|
$ |
|
$ |
|
$ |
|
|
Amortized
|
Fair
|
||||||
(dollars in thousands) | Cost | Value | ||||||
Due in one year or less
|
$
|
|
$ |
|
||||
Due after one year through five years
|
|
|
||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
|
|
||||||
Small Business Administration - guaranteed participation securities
|
|
|
||||||
$
|
|
$ |
|
March 31, 2024
|
||||||||||||||||||||||||
Less than
|
12 months
|
|||||||||||||||||||||||
12 months | or more | Total | ||||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair |
Unreal.
|
|||||||||||||||||||
(dollars in thousands)
|
Value
|
Loss
|
Value
|
Loss
|
Value
|
Loss
|
||||||||||||||||||
U.S. government sponsored enterprises
|
$
|
|
|
|
|
|
|
|||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
|
|
|
|
|
|
||||||||||||||||||
Corporate bonds
|
|
|
|
|
|
|
||||||||||||||||||
Small Business Administration - guaranteed participation securities
|
||||||||||||||||||||||||
Other |
||||||||||||||||||||||||
Total
|
$
|
|
|
|
|
|
|
|
December 31, 2023
|
||||||||||||||||||||||||
Less than
|
12 months
|
|
||||||||||||||||||||||
12 months | or more | Total | ||||||||||||||||||||||
|
|
Gross
|
|
Gross
|
|
Gross
|
||||||||||||||||||
Fair | Unreal. | Fair | Unreal. | Fair | Unreal. | |||||||||||||||||||
(dollars in thousands) | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||
U.S. government sponsored enterprises
|
$
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
|
|
|
|
|
|
||||||||||||||||||
Corporate bonds
|
|
|
|
|
|
|
||||||||||||||||||
Small Business Administration - guaranteed participation securities
|
||||||||||||||||||||||||
Other |
|
|
||||||||||||||||||||||
Total
|
$
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
||||||||
(dollars in thousands)
|
2024
|
2023
|
||||||
Proceeds from sales
|
$
|
|
|
|
||||
Proceeds from calls/paydowns
|
|
|
||||||
Proceeds from maturities
|
|
|
||||||
Gross realized gains
|
|
|
||||||
Gross realized losses
|
|
|
March 31, 2024
|
||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrecognized |
Unrecognized | Fair | |||||||||||||
(dollars in thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
$
|
|
|
|
|
|
|
|
||||||||
Total held to maturity
|
$
|
|
|
|
|
|
|
|
December 31, 2023
|
||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | |||||||||||||
(dollars in thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
$
|
|
|
|
|
|
|
|
||||||||
Total held to maturity
|
$
|
|
|
|
|
|
|
|
(dollars in thousands)
|
Amortized | Fair | ||||||
|
Cost
|
Value
|
||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
$
|
|
|
|||||
$
|
|
|
March 31, 2024
|
||||||||||||||||||||||||
Less than
|
12 months
|
|||||||||||||||||||||||
(dollars in thousands)
|
12 months
|
or more
|
Total
|
|||||||||||||||||||||
|
Gross
|
Gross
|
Gross
|
|||||||||||||||||||||
|
Fair
|
Unrec.
|
Fair
|
Unrec.
|
Fair
|
Unrec.
|
||||||||||||||||||
|
Value
|
Loss
|
Value
|
Loss
|
Value
|
Loss
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
$
|
|
|
|
|
|
|
|||||||||||||||||
|
||||||||||||||||||||||||
Total
|
$
|
|
|
|
|
|
|
December 31, 2023
|
||||||||||||||||||||||||
Less than
|
12 months
|
|||||||||||||||||||||||
(dollars in thousands)
|
12 months
|
or more
|
Total
|
|||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||
Fair
|
Unrec.
|
Fair
|
Unrec.
|
Fair
|
Unrec.
|
|||||||||||||||||||
Value
|
Loss
|
Value
|
Loss
|
Value
|
Loss
|
|||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
$
|
|
|
|
|
|
|
|||||||||||||||||
Total
|
$
|
|
|
|
|
|
|
|
March 31, 2024
|
|||||||||||
(dollars in thousands)
|
New York and | |||||||||||
|
other states*
|
Florida
|
Total
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
|
$ |
|
$ |
|
||||||
Other
|
|
|
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
|
|
|
|||||||||
Home equity loans
|
|
|
|
|||||||||
Home equity lines of credit
|
|
|
|
|||||||||
Installment
|
|
|
|
|||||||||
Total loans, net
|
$
|
|
$ |
|
|
|||||||
Less: Allowance for credit losses
|
|
|||||||||||
Net loans
|
$
|
|
December 31, 2023
|
||||||||||||
(dollars in thousands)
|
New York and
|
|||||||||||
other states*
|
Florida
|
Total
|
||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
|
$
|
|
$
|
|
||||||
Other
|
|
|
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
|
|
|
|||||||||
Home equity loans
|
|
|
|
|||||||||
Home equity lines of credit
|
|
|
|
|||||||||
Installment
|
|
|
|
|||||||||
Total loans, net
|
$
|
|
$
|
|
|
|||||||
Less: Allowance for credit losses
|
|
|||||||||||
Net loans
|
$
|
|
For the three months ended March 31, 2024
|
||||||||||||||||
(dollars in thousands)
|
Real Estate | |||||||||||||||
Mortgage- | ||||||||||||||||
|
Commercial
|
1 to 4 Family
|
Installment
|
Total
|
||||||||||||
Balance at beginning of period
|
$
|
|
$ |
|
$ |
|
$ |
|
||||||||
Loans charged off:
|
||||||||||||||||
New York and other states*
|
|
|
|
|
||||||||||||
Florida
|
|
|
|
|
||||||||||||
Total loan chargeoffs
|
|
|
|
|
||||||||||||
Recoveries of loans previously charged off:
|
||||||||||||||||
New York and other states*
|
|
|
|
|
||||||||||||
Florida
|
|
|
|
|
||||||||||||
Total recoveries
|
|
|
|
|
||||||||||||
Net loans (recoveries) charged off
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Provision for credit losses
|
|
|
|
|
||||||||||||
Balance at end of period
|
$
|
|
$ |
|
$ |
|
$ |
|
For the three months ended March 31, 2023
|
||||||||||||||||
(dollars in thousands)
|
Real Estate
|
|||||||||||||||
Mortgage-
|
||||||||||||||||
Commercial
|
1 to 4 Family
|
Installment
|
Total
|
|||||||||||||
Balance at beginning of period
|
$
|
|
|
|
||||||||||||
Loans charged off:
|
||||||||||||||||
New York and other states*
|
|
|
|
|||||||||||||
Florida
|
|
|
|
|||||||||||||
Total loan chargeoffs
|
|
|
|
|||||||||||||
Recoveries of loans previously charged off:
|
||||||||||||||||
New York and other states*
|
|
|
|
|||||||||||||
Florida
|
|
|
|
|||||||||||||
Total recoveries
|
|
|
|
|||||||||||||
Net loan (recoveries) charged off
|
|
(
|
)
|
(
|
)
|
|||||||||||
Provision for credit losses
|
|
|
|
|||||||||||||
Balance at end of period
|
$
|
|
|
|
For the three |
||||
months ended |
||||
(In thousands)
|
March 31, 2024
|
|||
Balance at January 31, 2024
|
$ | |||
Provision for credit losses
|
||||
Balance at March 31, 2024
|
$
|
|
For the three |
||||
(In thousands) |
months ended |
|||
|
March 31, 2023
|
|||
Balance at January 1, 2023
|
$
|
|
||
(Credit) provision for credit losses
|
(
|
)
|
||
Balance at March 31, 2023
|
$
|
|
(in thousands)
|
As of March 31, 2024
|
|||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year
|
||||||||||||||||||||||||||||||||||||
Commercial: |
2024
|
2023
|
2022
|
2021
|
2020
|
Prior
|
Revolving
Loans
Amortized
Cost Basis
|
Revolving
Loan
Converted to Term
|
Total
|
|||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Pass
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Special Mention
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Substandard
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Total Commercial
Loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Commercial Loans:
|
||||||||||||||||||||||||||||||||||||
Current-period
Gross writeoffs
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||
Commercial Other:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Pass
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Special mention
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Substandard
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Doubtful
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Total Commercial
Real Estate Loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Other Commercial
Loans:
|
||||||||||||||||||||||||||||||||||||
Current-period
Gross writeoffs
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$ |
|
||||||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||
Residential First
Mortgage:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Performing
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Nonperforming
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Total First
Mortgage:
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Residential First
Mortgage Loans:
|
||||||||||||||||||||||||||||||||||||
Current-period
Gross writeoffs
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$ |
|
||||||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||
Home Equity Loans:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Performing
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Nonperforming
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Total Home Equity
Loans:
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Home Equity
Loans:
|
||||||||||||||||||||||||||||||||||||
Current-period
Gross writeoffs
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$ |
|
||||||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||
Home Equity Lines
of Credit:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Performing
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Nonperforming
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Total Home Equity
Credit Lines:
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Home Equity Lines
of Credit:
|
||||||||||||||||||||||||||||||||||||
Current-period
Gross writeoffs
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$ |
|
||||||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||
Installments:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Performing
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Nonperforming
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
Total
Installments
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Installments
Loans:
|
||||||||||||||||||||||||||||||||||||
Current-period
Gross writeoffs
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$ |
|
||||||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
(in thousands)
|
As of December 31, 2023
|
|||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year
|
||||||||||||||||||||||||||||||||||||
Commercial :
|
2023
|
2022
|
2021
|
2020
|
2019
|
Prior
|
Revolving Loans Amortized Cost Basis
|
Revolving Loan Converted to Term
|
Total
|
|||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Pass
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Special Mention
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Substandard
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total Commercial Loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Commercial Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||
Commercial Other:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Pass
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$ |
|
$
|
|
||||||||||||||||||
Special mention
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Substandard
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total Commercial Real Estate Loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Other Commercial Loans:
|
||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|||||||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||
Residential First Mortgage:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Performing
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Nonperforming
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total First Mortgage:
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Residential First Mortgage Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|||||||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||
Home Equity Loans:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Performing
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Nonperforming
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total Home Equity Loans:
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Home Equity Lines Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|||||||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||
Home Equity Credit Lines:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Performing
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Nonperforming
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total Home Equity Credit Lines:
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Home Equity Credit Lines Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|||||||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||||||||||
Installments:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Performing
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Nonperforming
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total Installments
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Installments Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|||||||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
As of March 31,
2024
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||
New York and other states*: | 30-59 | 60-89 | 90 + | Total | ||||||||||||||||||||
Days | Days | Days | 30+ days | Total | ||||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||
Other
|
|
|
|
|
|
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
|
|
|
|
|
|
||||||||||||||||||
Home equity loans
|
|
|
|
|
|
|
||||||||||||||||||
Home equity lines of credit
|
|
|
|
|
|
|
||||||||||||||||||
Installment
|
|
|
|
|
|
|
||||||||||||||||||
Total
|
$
|
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Florida:
|
30-59 | 60-89 | 90 + | Total | ||||||||||||||||||||
Days | Days | Days | 30+ days |
Total | ||||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||
Other
|
|
|
|
|
|
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
|
|
|
|
|
|
||||||||||||||||||
Home equity loans
|
|
|
|
|
|
|
||||||||||||||||||
Home equity lines of credit
|
|
|
|
|
|
|
||||||||||||||||||
Installment
|
|
|
|
|
|
|
||||||||||||||||||
Total
|
$
|
|
$
|
|
$ |
|
$
|
|
$
|
|
$ |
|
Total:
|
30-59 | 60-89 | 90 + | Total | |
|||||||||||||||||||
Days | Days | Days | 30+ days | Total | ||||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||
Other
|
|
|
|
|
|
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
|
|
|
|
|
|
||||||||||||||||||
Home equity loans
|
|
|
|
|
|
|
||||||||||||||||||
Home equity lines of credit
|
|
|
|
|
|
|
||||||||||||||||||
Installment
|
|
|
|
|
|
|
||||||||||||||||||
Total
|
$
|
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
As of December 31, 2023
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
New York and other states*:
|
30-59
|
60-89
|
90 +
|
Total | ||||||||||||||||||||
Days | Days | Days |
30+ days
|
Total | ||||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
|
|
|
|
|
|
|||||||||||||||||
Other
|
|
|
|
|
|
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
|
|
|
|
|
|
||||||||||||||||||
Home equity loans
|
|
|
|
|
|
|
||||||||||||||||||
Home equity lines of credit
|
|
|
|
|
|
|
||||||||||||||||||
Installment
|
|
|
|
|
|
|
||||||||||||||||||
Total
|
$
|
|
|
|
|
|
|
Florida:
|
30-59
|
60-89
|
90 +
|
Total | ||||||||||||||||||||
Days | Days | Days |
30+ days
|
Total | ||||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
|
|
|
|
|
|
|||||||||||||||||
Other
|
|
|
|
|
|
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
|
|
|
|
|
|
||||||||||||||||||
Home equity loans
|
|
|
|
|
|
|
||||||||||||||||||
Home equity lines of credit
|
|
|
|
|
|
|
||||||||||||||||||
Installment
|
|
|
|
|
|
|
||||||||||||||||||
Total
|
$
|
|
|
|
|
|
|
Total:
|
30-59
|
60-89
|
90 +
|
Total | ||||||||||||||||||||
Days | Days | Days |
30+ days
|
Total | ||||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
|
|
|
|
|
|
|||||||||||||||||
Other
|
|
|
|
|
|
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
|
|
|
|
|
|
||||||||||||||||||
Home equity loans
|
|
|
|
|
|
|
||||||||||||||||||
Home equity lines of credit
|
|
|
|
|
|
|
||||||||||||||||||
Installment
|
|
|
|
|
|
|
||||||||||||||||||
Total
|
$
|
|
|
|
|
|
|
As of March 31,
2024
|
||||||||||||
(dollars in thousands)
|
New York and |
|||||||||||
|
other states*
|
Florida
|
Total
|
|||||||||
Loans in non-accrual status:
|
||||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
|
$ |
|
$ |
|
||||||
Other
|
|
|
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
|
|
|
|||||||||
Home equity loans
|
|
|
|
|||||||||
Home equity lines of credit
|
|
|
|
|||||||||
Installment
|
|
|
|
|||||||||
Total non-accrual loans
|
|
|
|
|||||||||
Restructured real estate mortgages - 1 to 4 family
|
|
|
|
|||||||||
Total nonperforming loans
|
$
|
|
$ |
|
$ |
|
As of December 31, 2023
|
||||||||||||
(dollars in thousands)
|
New York and
|
|||||||||||
|
other states*
|
Florida
|
Total
|
|||||||||
Loans in non-accrual status:
|
||||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
|
$ |
|
$ |
|
||||||
Other
|
|
|
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
|
|
|
|||||||||
Home equity loans
|
|
|
|
|||||||||
Home equity lines of credit
|
|
|
|
|||||||||
Installment
|
|
|
|
|||||||||
Total non-accrual loans
|
|
|
|
|||||||||
Restructured real estate mortgages - 1 to 4 family
|
|
|
|
|||||||||
Total nonperforming loans
|
$
|
|
$ |
|
$ |
|
As of March 31, 2024
|
||||||||||||
(dollars in thousands)
|
Non-accrual With | Non-accrual With |
Loans Past Due | |||||||||
No Allowance for | Allowance for |
Over 89 Days | ||||||||||
|
Credit Loss
|
Credit Loss
|
Still Accruing
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
|
$
|
|
|
|
||||||
Other
|
|
|
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
|
|
|
|||||||||
Home equity loans
|
|
|
|
|||||||||
Home equity lines of credit
|
|
|
|
|||||||||
Installment
|
|
|
|
|||||||||
Total loans, net
|
$
|
|
$
|
|
|
|
|
As of December 31, 2023
|
|||||||||||
(dollars in thousands)
|
Non-accrual With
|
Non-accrual With
|
Loans Past Due
|
|||||||||
|
No Allowance for
|
Allowance for
|
Over 89 Days
|
|||||||||
|
Credit Loss
|
Credit Loss
|
Still Accruing
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
|
$
|
|
|
|
||||||
Other
|
|
|
|
|||||||||
Real estate mortgage - 1
to 4 family:
|
||||||||||||
First mortgages
|
|
|
|
|||||||||
Home equity loans
|
|
|
|
|||||||||
Home equity lines of credit
|
|
|
|
|||||||||
Installment
|
|
|
|
|||||||||
Total loans, net
|
$
|
|
$
|
|
|
|
As of March 31,
2024
|
||||||||||||||||
(dollars in thousands)
|
1-to-4 Family | |||||||||||||||
Commercial | Residential | Installment | ||||||||||||||
|
Loans
|
Real Estate
|
Loans
|
Total
|
||||||||||||
Allowance for credit losses on loans:
|
||||||||||||||||
Ending allowance balance attributable to loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
|
$ |
|
$ |
|
$ |
|
||||||||
Collectively evaluated for impairment
|
|
|
|
|
||||||||||||
Total ending allowance balance
|
$
|
|
$ |
|
$ |
|
$ |
|
||||||||
Loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
|
$ |
|
$ |
|
$ |
|
||||||||
Collectively evaluated for impairment
|
|
|
|
|
||||||||||||
Total ending loans balance
|
$
|
|
$ |
|
$ |
|
$ |
|
As of December 31, 2023
|
||||||||||||||||
(dollars in thousands) |
1-to-4 Family | |||||||||||||||
Commercial | Residential | Installment | ||||||||||||||
|
Loans
|
Real Estate
|
Loans
|
Total
|
||||||||||||
Allowance for credit losses on loans:
|
||||||||||||||||
Ending allowance balance attributable to loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
|
|
|
|
|||||||||||
Collectively evaluated for impairment
|
|
|
|
|
||||||||||||
Total ending allowance balance
|
$
|
|
|
|
|
|||||||||||
Loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
|
|
|
|
|||||||||||
Collectively evaluated for impairment
|
|
|
|
|
||||||||||||
Total ending loans balance
|
$
|
|
|
|
|
|
As of March 31, 2024 | ||||||||||||
Type of Collateral
|
||||||||||||
(dollars in thousands) |
|
|||||||||||
|
Real Estate
|
Investment
Securities/Cash
|
Other
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
|
|
|
||||||||
Other
|
|
|
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
|
|
|
|||||||||
First mortgages
|
|
|
|
|||||||||
Home equity loans
|
|
|
|
|||||||||
Home equity lines of credit
|
|
|
|
|||||||||
Installment
|
|
|
|
|||||||||
Total
|
$
|
|
|
|
|
As of December 31, 2023
|
|||||||||||
|
Type of Collateral
|
|||||||||||
(dollars in thousands)
|
||||||||||||
|
Real Estate
|
Investment Securities/Cash
|
Other
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
|
|
|
||||||||
Other
|
|
|
|
|||||||||
Real estate mortgage - 1
to 4 family:
|
|
|
|
|||||||||
First mortgages
|
|
|
|
|||||||||
Home equity loans
|
|
|
|
|||||||||
Home equity lines of credit
|
|
|
|
|||||||||
Installment
|
|
|
|
|||||||||
Total
|
$
|
|
|
|
For the three months ended March 31, 2024 | ||||||||
New York and other states*:
|
||||||||
|
Payment
|
% of Total Class
|
||||||
(dollars in thousands)
|
Delay
|
of Loans
|
||||||
|
||||||||
Commercial:
|
||||||||
Commercial real estate
|
$
|
|
- | |||||
Other
|
|
- | ||||||
Real estate mortgage - 1 to 4 family:
|
-
|
- | ||||||
First mortgages
|
|
-
|
||||||
Home equity loans
|
- | |||||||
Home equity lines of credit
|
|
- | ||||||
Installment
|
|
- | ||||||
|
||||||||
Total
|
$
|
|
% |
Florida:
|
||||||||
|
Payment
|
% of Total Class
|
||||||
(dollars in thousands)
|
Delay
|
of Loans
|
||||||
|
||||||||
Commercial:
|
||||||||
Commercial real estate
|
$
|
|
- | |||||
Other
|
|
- | ||||||
Real estate mortgage - 1 to 4 family:
|
- |
|||||||
First mortgages
|
|
|
%
|
|||||
Home equity loans
|
|
- | ||||||
Home equity lines of credit
|
|
- | ||||||
Installment
|
|
- | ||||||
|
||||||||
Total
|
$
|
|
% |
Total
|
||||||||
|
Payment
|
% of Total Class
|
||||||
(dollars in thousands)
|
Delay
|
of Loans
|
||||||
|
||||||||
Commercial:
|
||||||||
Commercial real estate
|
$
|
|
- | |||||
Other
|
|
- | ||||||
Real estate mortgage - 1 to 4 family:
|
||||||||
First mortgages
|
|
|
%
|
|||||
Home equity loans
|
|
- | ||||||
Home equity lines of credit
|
|
-
|
||||||
Installment
|
|
- | ||||||
|
||||||||
Total
|
$
|
|
% |
As of March 31, 2024
|
||||||||||||||||||||
New York and other states*: | 30-59 |
60-89 |
90+ | |||||||||||||||||
Days |
Days |
Days |
||||||||||||||||||
(dollars in thousands) | Current | Past Due |
Past Due |
Past Due |
Total | |||||||||||||||
Commercial:
|
||||||||||||||||||||
Commercial real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Other
|
|
|
|
|
|
|||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||
First mortgages
|
|
|
|
|
|
|||||||||||||||
Home equity loans | ||||||||||||||||||||
Home equity lines of credit
|
|
|
|
|
|
|||||||||||||||
Installment
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Florida: | 30-59 |
60-89 |
90+ | |||||||||||||||||
Days |
Days |
Days |
||||||||||||||||||
(dollars in thousands) | Current | Past Due |
Past Due |
Past Due |
Total | |||||||||||||||
Commercial:
|
||||||||||||||||||||
Commercial real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Other | ||||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||
First mortgages
|
|
|
|
|
|
|||||||||||||||
Home equity loans
|
|
|
|
|
||||||||||||||||
Home equity lines of credit
|
|
|
|
|
|
|||||||||||||||
Installment
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Total | 30-59 |
60-89 |
90+ | |||||||||||||||||
Days |
Days |
Days |
||||||||||||||||||
(dollars in thousands) | Current | Past Due |
Past Due |
Past Due |
Total | |||||||||||||||
Commercial:
|
||||||||||||||||||||
Commercial real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Other
|
|
|
|
|
|
|||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||
First mortgages
|
|
|
|
|
|
|||||||||||||||
Home equity loans
|
|
|
|
|
||||||||||||||||
Home equity lines of credit
|
|
|
|
|
|
|||||||||||||||
Installment
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
For the three months ended March 31,
2024
|
||||
Weighted
|
||||
New York and other states*:
|
Average
|
|||
Payment
|
||||
(dollars in thousands)
|
Delay (Months)
|
|||
Commercial:
|
||||
Commercial real estate
|
$
|
-
|
||
Other
|
-
|
|||
Real estate mortgage - 1 to 4 family:
|
||||
First mortgages
|
-
|
|||
Home equity loans
|
-
|
|||
Home equity lines of credit
|
-
|
|||
Installment
|
-
|
|||
Total
|
$
|
-
|
Weighted |
||||
Florida:
|
Average |
|||
Payment
|
||||
(dollars in thousands)
|
Delay (Months)
|
|||
Commercial:
|
||||
Commercial real estate
|
$
|
-
|
||
Other
|
-
|
|||
Real estate mortgage - 1 to 4 family:
|
||||
First mortgages
|
|
|||
Home equity loans
|
-
|
|||
Home equity lines of credit
|
-
|
|||
Installment
|
-
|
|||
Total
|
$
|
|
Weighted |
||||
|
Average |
|||
Payment
|
||||
(dollars in thousands)
|
Delay (Months)
|
|||
Commercial:
|
||||
Commercial real estate
|
$
|
-
|
||
Other
|
-
|
|||
Real estate mortgage - 1 to 4 family:
|
||||
First mortgages
|
|
|||
Home equity loans
|
-
|
|||
Home equity lines of credit
|
-
|
|||
Installment
|
-
|
|||
Total
|
$
|
|
Fair Value Measurements at
|
||||||||||||||||
March 31, 2024 Using:
|
||||||||||||||||
Significant | ||||||||||||||||
Quoted Prices in | Other | Significant | ||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | |||||||||||||
(dollars in thousands)
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
U.S. government sponsored enterprises
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
|
|
|
|
||||||||||||
Corporate bonds
|
|
|
|
|
||||||||||||
Small Business Administration- guaranteed participation securities
|
|
|
|
|
||||||||||||
Other securities
|
|
|
|
|
||||||||||||
Total securities available for sale
|
$
|
|
$
|
|
$
|
|
$
|
|
Fair Value Measurements at
|
||||||||||||||||
December 31, 2023 Using:
|
||||||||||||||||
Significant | ||||||||||||||||
Quoted Prices in | Other | Significant | ||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | |||||||||||||
(dollars in thousands)
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Securities available for sale:
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
|
|
|
|
||||||||||||
Corporate bonds
|
|
|
|
|
||||||||||||
Small Business Administration- guaranteed participation securities
|
|
|
|
|
||||||||||||
Other securities
|
|
|
|
|
||||||||||||
Total securities available for sale
|
$
|
|
$
|
|
$
|
|
$
|
|
|
Fair Value Measurements at
|
|
|
||||||||||||||||||||
|
March 31, 2024 Using:
|
|
|
||||||||||||||||||||
Significant | |||||||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||||
(dollars in thousands)
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Valuation technique
|
Unobservable inputs
|
Range (Weighted Average)
|
||||||||||||||||
|
|
|
|||||||||||||||||||||
Other real estate owned
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
%)
|
|
Fair Value Measurements at
|
|
|
||||||||||||||||||||
|
December 31, 2023 Using:
|
|
|
||||||||||||||||||||
Significant | |||||||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||||
(dollars in thousands)
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Valuation technique
|
Unobservable inputs
|
Range (Weighted Average)
|
||||||||||||||||
|
|
|
|||||||||||||||||||||
Other real estate owned
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
%)
|
(dollars in thousands)
|
Fair Value Measurements at
|
|||||||||||||||||||
Carrying
|
March 31, 2024 Using:
|
|||||||||||||||||||
Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
|
|
|
|
|
||||||||||||||
Securities available for sale
|
|
|
|
|
|
|||||||||||||||
Held to maturity securities
|
|
|
|
|
|
|||||||||||||||
Federal Home Loan Bank stock
|
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Net loans
|
|
|
|
|
|
|||||||||||||||
Accrued interest receivable
|
|
|
|
|
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Demand deposits
|
|
|
|
|
|
|||||||||||||||
Interest bearing deposits
|
|
|
|
|
|
|||||||||||||||
Short-term borrowings
|
|
|
|
|
|
|||||||||||||||
Accrued interest payable
|
|
|
|
|
|
(dollars in thousands)
|
Fair Value Measurements at
|
|||||||||||||||||||
Carrying
|
December 31, 2023 Using:
|
|||||||||||||||||||
Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
|
|
|
|
|
||||||||||||||
Securities available for sale
|
|
|
|
|
|
|||||||||||||||
Held to maturity securities
|
|
|
|
|
|
|||||||||||||||
Federal Reserve Bank and Federal
|
||||||||||||||||||||
Home Loan Bank stock
|
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Net loans
|
|
|
|
|
|
|||||||||||||||
Accrued interest receivable
|
|
|
|
|
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Demand deposits
|
|
|
|
|
|
|||||||||||||||
Interest bearing deposits
|
|
|
|
|
|
|||||||||||||||
Short-term borrowings
|
|
|
|
|
|
|||||||||||||||
Accrued interest payable
|
|
|
|
|
|
|
Three months ended March 31, 2024
|
|||||||||||||||||||
Amount | ||||||||||||||||||||
Other | reclassified | Other | ||||||||||||||||||
Comprehensive | from Accumulated | Comprehensive loss- | ||||||||||||||||||
Balance at | loss-Before | Other Comprehensive | Three months ended | Balance at | ||||||||||||||||
(dollars in thousands)
|
12/31/2023
|
Reclassifications
|
Loss
|
3/31/2024
|
3/31/2024
|
|||||||||||||||
|
||||||||||||||||||||
Net unrealized holding loss on securities available for sale, net of tax
|
$
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax
|
|
|
|
|
|
|||||||||||||||
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||
|
||||||||||||||||||||
Accumulated other comprehensive loss, net of tax
|
$
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
Three months ended March 31, 2023
|
||||||||||||||||||||
Amount | ||||||||||||||||||||
Other | reclassified | Other | ||||||||||||||||||
Comprehensive |
from Accumulated | Comprehensive loss- | ||||||||||||||||||
Balance at | loss-Before | Other Comprehensive | Three months ended | Balance at | ||||||||||||||||
(dollars in thousands)
|
12/31/2022
|
Reclassifications
|
Loss
|
3/31/2023
|
3/31/2023
|
|||||||||||||||
Net unrealized holding gain on securities available for sale, net of tax
|
$
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax
|
|
|
|
|
|
|||||||||||||||
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||
Accumulated other comprehensive loss, net of tax
|
$
|
(
|
)
|
|
|
|
(
|
)
|
|
|
|
(
|
)
|
(dollars in thousands) | Three months ended | ||||||||
March 31,
|
|||||||||
2024
|
2023
|
Affected Line Item in Financial Statements
|
|||||||
Amortization of pension and postretirement benefit items:
|
|||||||||
Amortization of net actuarial gain
|
$
|
|
|
Salaries and employee benefits
|
|||||
Amortization of prior service cost
|
(
|
)
|
(
|
)
|
Salaries and employee benefits
|
||||
Income tax benefit
|
(
|
)
|
(
|
)
|
Income taxes
|
||||
Net of tax
|
|
|
|||||||
Total reclassifications, net of tax
|
$
|
|
|
(dollars in thousands)
|
Three months ended
|
|||||||
March 31,
|
||||||||
2024
|
2023
|
|||||||
Non-interest income
|
||||||||
Service Charges on Deposits
|
||||||||
Overdraft fees
|
$
|
|
$
|
|
||||
Other
|
|
|
||||||
Interchange Income
|
|
|
||||||
Wealth management fees
|
|
|
||||||
Other (a)
|
|
|
||||||
Total non-interest income
|
$
|
|
$
|
|
(dollars in thousands) | Three months ended | |||||||
|
March 31,
|
|||||||
2024
|
2023
|
|||||||
Operating lease cost
|
$
|
|
|
|
||||
Variable lease cost
|
|
|
||||||
Total Lease costs
|
$
|
|
|
|
(dollars in thousands) | Three months ended | |||||||
|
March 31,
|
|||||||
2024
|
2023
|
|||||||
Supplemental cash flows information:
|
||||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
||||||||
Operating cash flows from operating leases
|
$
|
|
|
|
||||
Right-of-use assets obtained in exchange for lease obligations:
|
|
|
||||||
Weighted average remaining lease term
|
|
|
||||||
Weighted average discount rate
|
|
%
|
|
%
|
(dollars in thousands) |
||||
Year ending | ||||
December 31,
|
||||
2024(a)
|
$
|
|
||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
2028
|
|
|||
Thereafter
|
|
|||
Total lease payments
|
$
|
|
||
Less: Interest
|
|
|||
Present value of lease liabilities
|
$
|
|
(a)
|
|
(Bank Only) |
Minimum for
|
|||||||||||||||
|
As of March 31, 2024
|
Well
|
Capital Adequacy plus | |||||||||||||
Capital Conservation | ||||||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Capitalized(1)
|
Buffer (1)(2)
|
||||||||||||
|
||||||||||||||||
Tier 1 leverage ratio
|
|
$
|
|
|
%
|
|
%
|
|
%
|
|||||||
Common equity tier 1 capital
|
|
|
|
|
||||||||||||
Tier 1 risk-based capital
|
|
|
|
|
||||||||||||
Total risk-based capital
|
|
|
|
|
|
As of December 31, 2023
|
Well
|
Minimum for
|
|||||||||||||
Capital Adequacy plus | ||||||||||||||||
Capital Conservation | ||||||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Capitalized(1)
|
Buffer (1)(2)
|
||||||||||||
|
||||||||||||||||
Tier 1 leverage ratio
|
|
$
|
|
|
%
|
|
%
|
|
%
|
|||||||
Common equity tier 1 capital
|
|
|
|
|
||||||||||||
Tier 1 risk-based capital
|
|
|
|
|
||||||||||||
Total risk-based capital
|
|
|
|
|
(Consolidated)
|
||||||||||||
As of March 31, 2024
|
Minimum for
|
|||||||||||
Capital Adequacy plus | ||||||||||||
Capital Conservation | ||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Buffer (1)(2)
|
|||||||||
|
||||||||||||
Tier 1 leverage ratio
|
$
|
|
|
%
|
|
%
|
||||||
Common equity tier 1 capital
|
|
|
|
|
||||||||
Tier 1 risk-based capital
|
|
|
|
|
||||||||
Total risk-based capital
|
|
|
|
|
|
As of December 31, 2023
|
Minimum for
|
||||||||||
Capital Adequacy plus | ||||||||||||
Capital Conservation | ||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Buffer (1)(2)
|
|||||||||
|
||||||||||||
Tier 1 leverage ratio
|
|
$
|
|
|
%
|
|
%
|
|||||
Common equity Tier 1 capital
|
|
|
|
|||||||||
Tier 1 risk-based capital
|
|
|
|
|||||||||
Total risk-based capital
|
|
|
|
(1) |
|
(2) |
|
Item 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
3 Month
|
2 Year
|
5 Year
|
10 Year
|
10 - 2 Year
|
||||||||||||||||||
Yield (%)
|
Yield (%)
|
Yield (%)
|
Yield (%)
|
Spread (%)
|
||||||||||||||||||
Q1/23
|
Beg of Q1
|
4.42
|
4.41
|
3.99
|
3.88
|
-0.53
|
||||||||||||||||
Peak
|
5.06
|
5.05
|
4.34
|
4.08
|
-0.38
|
|||||||||||||||||
Trough
|
4.52
|
3.76
|
3.39
|
3.37
|
-1.07
|
|||||||||||||||||
End of Q1
|
4.97
|
4.10
|
3.66
|
3.55
|
-0.55
|
|||||||||||||||||
Average in Q1
|
4.78
|
4.35
|
3.80
|
3.65
|
-0.70
|
|||||||||||||||||
Q2/23
|
Beg of Q2
|
4.97
|
4.10
|
3.66
|
3.55
|
-0.55
|
||||||||||||||||
Peak
|
5.55
|
4.87
|
4.14
|
3.85
|
-0.38
|
|||||||||||||||||
Trough
|
4.86
|
3.75
|
3.29
|
3.30
|
-1.06
|
|||||||||||||||||
End of Q2
|
5.43
|
4.87
|
4.13
|
3.81
|
-1.06
|
|||||||||||||||||
Average in Q2
|
5.27
|
4.26
|
3.69
|
3.60
|
-0.67
|
|||||||||||||||||
Q3/23
|
Beg of Q3
|
5.43
|
4.87
|
4.13
|
3.81
|
-1.06
|
||||||||||||||||
Peak
|
5.61
|
5.12
|
4.67
|
4.61
|
-0.44
|
|||||||||||||||||
Trough
|
5.44
|
4.59
|
3.93
|
3.75
|
-1.08
|
|||||||||||||||||
End of Q3
|
5.55
|
5.03
|
4.60
|
4.59
|
-0.44
|
|||||||||||||||||
Average in Q3
|
5.54
|
4.92
|
4.31
|
4.15
|
-0.77
|
|||||||||||||||||
Q4/23
|
Beg of Q4
|
5.55
|
5.03
|
4.60
|
4.59
|
-0.44
|
||||||||||||||||
Peak
|
5.63
|
5.19
|
4.95
|
4.98
|
-0.13
|
|||||||||||||||||
Trough
|
5.40
|
4.20
|
3.78
|
3.79
|
-0.53
|
|||||||||||||||||
End of Q4
|
5.40
|
4.23
|
3.84
|
3.88
|
-0.35
|
|||||||||||||||||
Average in Q4
|
5.52
|
4.81
|
4.43
|
4.45
|
-0.36
|
|||||||||||||||||
Q1/24
|
Beg of Q1
|
5.40
|
4.23
|
3.84
|
3.88
|
-0.35
|
||||||||||||||||
Peak
|
5.49
|
4.73
|
4.36
|
4.34
|
-0.14
|
|||||||||||||||||
Trough
|
5.42
|
4.14
|
3.80
|
3.87
|
-0.44
|
|||||||||||||||||
End of Q1
|
5.46
|
4.59
|
4.21
|
4.20
|
-0.39
|
|||||||||||||||||
Average in Q1
|
5.45
|
4.48
|
4.12
|
4.16
|
-0.33
|
• |
A decrease of $10.4 million, or 22.1%, in GAAP net interest income and taxable equivalent net interest income (non-GAAP) compared to the first quarter of 2023 primarily as a result of an increase in interest expense as a result of the
current interest rate environment.
|
• |
An increase of $300 thousand in provision for credit losses for the first quarter of 2024 compared to the first quarter 2023.
|
• |
An increase of $174 thousand in noninterest income for the first quarter of 2024 compared to the first quarter of 2023.
|
• |
A decrease of $2.8 million in noninterest expense for the first quarter 2024 compared to the first quarter 2023, primarily as a result of a decrease in salaries and employee benefits in the first quarter of 2024 due to a favorable
true-up to the incentive compensation accrual upon payout, as well as decreases in various other employee benefit plan expenses.
|
• |
The average balance of securities available for sale decreased by $38.8 million and the average yield increased 24 basis points to 2.50%.
|
• |
The average balance of Federal funds sold and other short-term investments decreased $79.3 million; however the average yield increased 84 basis points to 5.45% which was enough to offset the decrease in the average balance.
|
• |
The average loan portfolio grew by $249.4 million to $5.01 billion and the average yield increased 25 basis points to 3.98% in the first quarter of 2024 compared to the same period in 2023.
|
• |
The average balance of interest bearing liabilities (primarily deposit accounts) increased $193.3 million and the average rate paid increased 136 basis points to 1.99% in the first quarter of 2024 compared to the same period in 2023.
|
(dollars in thousands)
|
||||
|
||||
Under 1 year
|
$
|
1,785,931
|
||
1 to 2 years
|
22,971
|
|||
2 to 3 years
|
1,491
|
|||
3 to 4 years
|
92,184
|
|||
4 to 5 years
|
1,303
|
|||
Over 5 years
|
28
|
|||
|
$
|
1,903,908
|
(dollars in thousands)
|
As of
March 31, 2024
|
As of
December 31, 2024
|
|||||||||||||||
Amount
|
Percent of
Loans to
Total Loans
|
Amount
|
Percent of
Loans to
Total Loans
|
||||||||||||||
Commercial
|
$
|
2,557
|
5.21
|
%
|
$
|
2,519
|
5.05
|
% | |||||||||
Real estate - construction
|
258
|
0.52
|
%
|
291
|
0.58
|
% | |||||||||||
Real estate mortgage - 1 to 4 family
|
41,303
|
86.84
|
%
|
40,745
|
87.09
|
% | |||||||||||
Home equity lines of credit
|
4,919
|
7.11
|
%
|
4,805
|
6.94
|
% | |||||||||||
Installment Loans
|
183
|
0.32
|
%
|
218
|
0.34
|
% | |||||||||||
$
|
49,220
|
100.00
|
%
|
$
|
48,578
|
100.00
|
% |
|
For the three months ended March 31: |
|||||||
|
2024 |
2023
|
||||||
Commercial |
0.00 |
% |
0.00
|
% |
||||
Real estate mortgage - 1 to 4 family |
0.00
|
% |
0.00 |
% |
||||
Installment |
0.22
|
% |
0.19 |
% |
||||
Total |
0.00 |
% |
0.00
|
% |
As of March 31, 2024
|
Estimated Percentage of
Fair value of Capital to
Fair value of Assets
|
|||
+400 BP
|
19.60
|
%
|
||
+300 BP
|
20.10
|
|||
+200 BP
|
21.60
|
|||
+100 BP
|
23.10
|
|||
Current rates
|
23.40
|
|||
-100 BP
|
23.10
|
|||
-200 BP
|
21.60
|
|||
-300 BP
|
19.20
|
|||
-400 BP
|
16.40
|
(Bank Only)
|
Minimum for
|
|||||||||||||||
|
Capital Adequacy plus
|
|||||||||||||||
|
As of March 31, 2024
|
Well
|
Capital Conservation
|
|||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Capitalized(1)
|
Buffer (1)(2)
|
||||||||||||
|
||||||||||||||||
Tier 1 leverage ratio
|
$
|
640,288
|
10.427
|
%
|
5.000
|
%
|
4.000
|
|||||||||
Common equity tier 1 capital
|
640,288
|
18.505
|
6.500
|
7.000
|
||||||||||||
Tier 1 risk-based capital
|
640,288
|
18.505
|
8.000
|
8.500
|
||||||||||||
Total risk-based capital
|
683,633
|
19.758
|
10.000
|
10.500
|
|
Minimum for
|
|||||||||||||||
|
Capital Adequacy plus
|
|||||||||||||||
|
As of December 31, 2023
|
Well
|
Capital Conservation
|
|||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Capitalized(1)
|
Buffer (1)(2)
|
||||||||||||
|
||||||||||||||||
Tier 1 leverage ratio
|
$
|
636,327
|
10.428
|
%
|
5.000
|
%
|
4.000
|
|||||||||
Common equity tier 1 capital
|
636,327
|
18.280
|
6.500
|
7.000
|
||||||||||||
Tier 1 risk-based capital
|
636,327
|
18.280
|
8.000
|
8.500
|
||||||||||||
Total risk-based capital
|
679,924
|
19.532
|
10.000
|
10.500
|
(Consolidated)
|
||||||||||||
|
Minimum for
|
|||||||||||
|
Capital Adequacy plus
|
|||||||||||
|
As of March 31, 2024
|
Capital Conservation
|
||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Buffer (1)(2)
|
|||||||||
|
||||||||||||
Tier 1 leverage ratio
|
$
|
663,400
|
10.798
|
%
|
4.000
|
%
|
||||||
Common equity tier 1 capital
|
663,400
|
19.168
|
7.000
|
|||||||||
Tier 1 risk-based capital
|
663,400
|
19.168
|
8.500
|
|||||||||
Total risk-based capital
|
706,757
|
20.421
|
10.500
|
|
Minimum for
|
|||||||||||
|
Capital Adequacy plus
|
|||||||||||
|
As of December 31, 2023
|
Capital Conservation
|
||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Buffer (1)(2)
|
|||||||||
|
||||||||||||
Tier 1 leverage ratio
|
$
|
657,968
|
10.780
|
%
|
4.000
|
%
|
||||||
Common equity Tier 1 capital
|
657,968
|
18.896
|
7.000
|
|||||||||
Tier 1 risk-based capital
|
657,968
|
18.896
|
8.500
|
|||||||||
Total risk-based capital
|
701,577
|
20.149
|
10.500
|
(1) |
Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized
|
(2) |
The March 31, 2024 and December 31, 2023 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent
|
Three months ended
|
Three months ended
|
|||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
March 31, 2024
|
March 31, 2023
|
||||||||||||||||||||||||||||||||||
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
Change in
|
Variance
|
Variance
|
||||||||||||||||||||||||||||
Balance
|
Rate
|
Balance
|
Rate
|
Interest
|
Balance
|
Rate
|
||||||||||||||||||||||||||||||
Income/
|
Change
|
Change
|
||||||||||||||||||||||||||||||||||
Assets
|
Expense
|
|||||||||||||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
125,973
|
$
|
906
|
2.88
|
%
|
$
|
120,692
|
$
|
692
|
2.29
|
%
|
$
|
214
|
$
|
31
|
$
|
183
|
|
|||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
258,814
|
1,494
|
2.30
|
%
|
287,046
|
1,585
|
2.20
|
%
|
(91
|
)
|
(450
|
)
|
359
|
|||||||||||||||||||||||
State and political subdivisions
|
26
|
-
|
6.90
|
%
|
34
|
-
|
6.74
|
%
|
-
|
-
|
-
|
|||||||||||||||||||||||||
Corporate bonds
|
73,625
|
476
|
2.59
|
%
|
85,578
|
521
|
2.43
|
%
|
(45
|
)
|
(211
|
)
|
166
|
|||||||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
18,224
|
100
|
2.20
|
%
|
22,129
|
117
|
2.12
|
%
|
(17
|
)
|
(45
|
)
|
28
|
|||||||||||||||||||||||
Other
|
696
|
3
|
1.72
|
%
|
686
|
2
|
1.17
|
%
|
1
|
-
|
1
|
|||||||||||||||||||||||||
Total securities available for sale
|
477,358
|
2,979
|
2.50
|
%
|
516,165
|
2,917
|
2.26
|
%
|
62
|
(675
|
)
|
737
|
||||||||||||||||||||||||
Federal funds sold and other short-term Investments
|
497,652
|
6,750
|
5.45
|
%
|
576,931
|
6,555
|
4.61
|
%
|
195
|
(4,097
|
)
|
4,292
|
||||||||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
6,329
|
68
|
4.30
|
%
|
7,542
|
78
|
4.14
|
%
|
(10
|
)
|
(27
|
)
|
17
|
|||||||||||||||||||||||
Total held to maturity securities
|
6,329
|
68
|
4.30
|
%
|
7,542
|
78
|
4.14
|
%
|
(10
|
)
|
(27
|
)
|
17
|
|||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
6,203
|
152
|
9.80
|
%
|
5,797
|
110
|
7.59
|
%
|
42
|
8
|
34
|
|||||||||||||||||||||||||
Commercial loans
|
277,183
|
3,661
|
5.28
|
%
|
238,870
|
3,024
|
5.06
|
%
|
637
|
502
|
135
|
|||||||||||||||||||||||||
Residential mortgage loans
|
4,359,476
|
40,415
|
3.71
|
%
|
4,212,878
|
36,913
|
3.50
|
%
|
3,502
|
1,312
|
2,190
|
|||||||||||||||||||||||||
Home equity lines of credit
|
353,004
|
5,464
|
6.22
|
%
|
291,326
|
4,119
|
5.73
|
%
|
1,345
|
958
|
387
|
|||||||||||||||||||||||||
Installment loans
|
16,128
|
264
|
6.58
|
%
|
13,323
|
216
|
6.56
|
%
|
48
|
47
|
1
|
|||||||||||||||||||||||||
Loans, net of unearned income
|
5,005,791
|
49,804
|
3.98
|
%
|
4,756,397
|
44,272
|
3.73
|
%
|
5,532
|
2,819
|
2,713
|
|||||||||||||||||||||||||
Total interest earning assets
|
5,993,333
|
59,753
|
3.99
|
%
|
5,862,832
|
53,932
|
3.69
|
%
|
5,821
|
(1,972
|
)
|
7,793
|
||||||||||||||||||||||||
Allowance for credit losses on loans
|
(48,824
|
)
|
(46,290
|
)
|
||||||||||||||||||||||||||||||||
Cash & non-interest earning assets
|
185,230
|
175,097
|
||||||||||||||||||||||||||||||||||
Total assets
|
$
|
6,129,739
|
$
|
5,991,639
|
||||||||||||||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts
|
990,130
|
240
|
0.10
|
%
|
$
|
1,133,383
|
$
|
66
|
0.02
|
%
|
174
|
(58
|
)
|
232 | ||||||||||||||||||||||
Money market accounts
|
544,687
|
2,342
|
1.73 |
%
|
600,855
|
814
|
0.55
|
%
|
1,528
|
(527
|
)
|
2,055
|
||||||||||||||||||||||||
Savings
|
1,158,558
|
712
|
0.25
|
%
|
1,456,242
|
530
|
0.15
|
%
|
182
|
(632
|
)
|
814
|
||||||||||||||||||||||||
Time deposits
|
1,889,929
|
19,677
|
4.19
|
%
|
1,160,969
|
5,272
|
1.84
|
%
|
14,405
|
4,757
|
9,648
|
|||||||||||||||||||||||||
Total interest bearing deposits
|
4,583,304
|
22,971
|
2.02
|
%
|
4,351,449
|
6,682
|
0.62
|
%
|
16,289
|
3,540
|
12,749
|
|||||||||||||||||||||||||
Short-term borrowings
|
93,316
|
204
|
0.88
|
%
|
131,867
|
285
|
0.88
|
%
|
(81
|
)
|
(81
|
)
|
-
|
|||||||||||||||||||||||
Total interest bearing liabilities
|
4,676,620
|
23,175
|
1.99
|
%
|
4,483,316
|
6,967
|
0.63
|
%
|
16,208
|
3,459
|
12,749
|
|||||||||||||||||||||||||
Demand deposits
|
726,299
|
816,565
|
||||||||||||||||||||||||||||||||||
Other liabilities
|
80,158
|
84,092
|
||||||||||||||||||||||||||||||||||
Shareholders' equity
|
646,662
|
607,666
|
||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
6,129,739
|
$
|
5,991,639
|
||||||||||||||||||||||||||||||||
Net interest income, tax equivalent
|
36,578
|
46,965
|
$
|
(10,387
|
)
|
$
|
(5,431
|
)
|
$
|
(4,956
|
)
|
|||||||||||||||||||||||||
Net interest spread
|
2.00
|
%
|
3.06
|
%
|
||||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
2.44
|
%
|
3.21
|
%
|
||||||||||||||||||||||||||||||||
Tax equivalent adjustment
|
-
|
-
|
||||||||||||||||||||||||||||||||||
Net interest income
|
$
|
36,578
|
$
|
46,965
|
Item 3. |
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4. |
Controls and Procedures
|
PART II |
OTHER INFORMATION
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
|
Issuer Purchases of Common Shares
|
||||||||||||||||
Period
|
Total numbers
of shares purchased
|
Average price
paid per share
|
Total number of shares
purchased as part of
publicly announced
plans or programs
|
Maximum number of
shares that may yet be
purchased under the
plans or programs (1)
|
||||||||||||
January 1, 2024 through January 31, 2024
|
-
|
$
|
-
|
-
|
||||||||||||
February 1, 2024 through February 29, 2024
|
-
|
-
|
-
|
|||||||||||||
March 1, 2024 through March 31, 2024
|
-
|
-
|
-
|
200,000
|
||||||||||||
Total
|
-
|
$
|
-
|
-
|
200,000
|
(1) |
On March 29, 2024 the Company’s Board of Directors authorized, and the Company announced, another share repurchase program of up to 200,000 shares, or approximately 1% of its currently outstanding common stock. There were no
repurchases during the three months ended March 31, 2024.
|
Item 3. |
Defaults Upon Senior Securities
|
Item 4. |
Mine Safety Disclosures
|
Item 5. |
Other Information
|
(a) |
None.
|
(b) |
None.
|
(c) |
During the period covered by this report, none of the Company’s directors or executive officers
|
Item 6. |
Exhibits
|
Reg S-K (Item 601)
|
|
Exhibit No.
|
Description
|
Amended and Restated Certificate of Incorporation of TrustCo Bank Corp NY, as amended, incorporated by reference to Exhibit 3.1 to TrustCo Bank Corp NY’s Quarterly Report on Form
10-Q, filed August 5, 2021.
|
|
Amended and Restated Bylaws of TrustCo Bank Corp NY, effective October 17, 2023, incorporated by reference to Exhibit 3.1 to TrustCo Bank Corp NY’s Current Report on Form 8-K, filed
October 17, 2023.
|
|
Crowe LLP Letter Regarding Unaudited Interim Financial Information
|
|
Rule 13a-15(e)/15d-15(e) Certification of Robert J. McCormick, principal executive officer.
|
|
Rule 13a-15(e)/15d-15(e) Certification of Michael M. Ozimek, principal financial officer.
|
|
Section 1350 Certifications of Robert J. McCormick, principal executiveofficer and Michael M. Ozimek, principal financial officer.
|
|
101
|
Sections of the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in Inline XBRL (eXtensible Business Reporting Language), submitted in the following
files:
|
101.INS
|
Inline XBRL Instance Document
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
104
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
TrustCo Bank Corp NY
|
|||
By:
|
/s/ Robert J. McCormick
|
||
Robert J. McCormick
|
|||
Chairman, President and Chief Executive Officer
|
|||
By:
|
/s/ Michael M. Ozimek
|
||
Michael M. Ozimek
|
|||
Executive Vice President and Chief Financial Officer
|
|||
Date: May 9, 2024
|
1. |
I have reviewed this Form 10-Q of TrustCo Bank Corp NY;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report;
|
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by
this report based on such evaluation; and
|
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of
directors (or persons performing the equivalent functions):
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and
report financial information; and
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: May 9, 2024
|
||
/s/ Robert J. McCormick
|
||
Robert J. McCormick
|
||
Chairman, President and
|
||
Chief Executive Officer
|
1.
|
I have reviewed this Form 10-Q of TrustCo Bank Corp NY;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report;
|
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by
this report based on such evaluation; and
|
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of
directors (or persons performing the equivalent functions):
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and
report financial information; and
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: May 9, 2024
|
||
/s/ Michael M. Ozimek
|
||
Michael M. Ozimek
|
||
Executive Vice President and
|
||
Chief Financial Officer
|
1. |
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2. |
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company for the periods described therein.
|
/s/ Robert J. McCormick
|
||
Robert J. McCormick
|
||
Chairman, President and
|
||
Chief Executive Officer
|
||
/s/ Michael M. Ozimek
|
||
Michael M. Ozimek
|
||
Executive Vice President and
|
||
Chief Financial Officer
|
||
Date: May 9, 2024
|
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Consolidated Statements of Comprehensive Income (Unaudited) [Abstract] | ||
Net income | $ 12,126 | $ 17,746 |
Net unrealized holding (loss) gain on securities available for sale | (1,872) | 5,251 |
Tax effect | 494 | (1,350) |
Net unrealized (loss) gain on securities available for sale, net of tax | (1,378) | 3,901 |
Amortization of net actuarial gain | (203) | (114) |
Amortization of prior service cost | 3 | 3 |
Tax effect | 52 | 29 |
Amortization of net actuarial gain and prior service cost on pension and postretirement plans, net of tax | (148) | (82) |
Other comprehensive (loss) income, net of tax | (1,526) | 3,819 |
Comprehensive income | $ 10,600 | $ 21,565 |
Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
ASSETS: | ||
Held to maturity securities, fair value | $ 6,108 | $ 6,396 |
SHAREHOLDERS' EQUITY: | ||
Capital stock, par value (in dollars per share) | $ 1 | $ 1 |
Capital stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Capital stock, shares issued (in shares) | 20,058,142 | 20,058,142 |
Capital stock, shares outstanding (in shares) | 19,024,433 | 19,024,433 |
Treasury stock, at cost (in shares) | 1,033,709 | 1,033,709 |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands |
Capital Stock [Member] |
Surplus [Member] |
Undivided Profits [Member] |
Accumulated Other Comprehensive Loss [Member] |
Treasury Stock [Member] |
Total |
---|---|---|---|---|---|---|
Balance at Dec. 31, 2022 | $ 20,058 | $ 257,078 | $ 393,831 | $ (27,194) | $ (43,786) | $ 599,987 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 17,746 | 0 | 0 | 17,746 |
Other comprehensive (loss) income, net of tax | 0 | 0 | 0 | 3,819 | 0 | 3,819 |
Cash dividend declared | 0 | 0 | (6,849) | 0 | 0 | (6,849) |
Balance at Mar. 31, 2023 | 20,058 | 257,078 | 404,728 | (23,375) | (43,786) | 614,703 |
Balance at Dec. 31, 2023 | 20,058 | 257,181 | 425,069 | (13,237) | (43,786) | 645,285 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 0 | 0 | 12,126 | 0 | 0 | 12,126 |
Other comprehensive (loss) income, net of tax | 0 | 0 | 0 | (1,526) | 0 | (1,526) |
Stock based compensation expense | 0 | 154 | 0 | 0 | 0 | 154 |
Cash dividend declared | 0 | 0 | (6,849) | 0 | 0 | (6,849) |
Balance at Mar. 31, 2024 | $ 20,058 | $ 257,335 | $ 430,346 | $ (14,763) | $ (43,786) | $ 649,190 |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) [Abstract] | ||
Cash dividend declared (in dollars per share) | $ 0.36 | $ 0.36 |
Financial Statement Presentation |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Financial Statement Presentation [Abstract] | |
Financial Statement Presentation |
(1) Financial Statement Presentation
The unaudited Consolidated Interim Financial Statements of TrustCo Bank Corp NY
(the “Company” or “TrustCo”) include the accounts of the Company’s subsidiary, Trustco Bank (also referred to as the “Bank”) and other subsidiaries after elimination of all significant intercompany accounts and transactions. Prior period amounts
are reclassified when necessary to conform to the current period presentation. The net income reported for the three months ended March 31, 2024 is not necessarily indicative of the results that may be expected for the year ending December 31,
2024, or any interim periods. These financial statements consider events that occurred through the date of filing.
In the opinion of the management of the Company, the accompanying unaudited
Consolidated Interim Financial Statements contain all recurring adjustments necessary to present fairly the financial position as of March 31, 2024, the results of operations and cash flows for the three months ended March 31, 2024 and 2023. The
accompanying unaudited Consolidated Interim Financial Statements should be read in conjunction with the Company’s year‑end Consolidated Financial Statements, including notes thereto, which are included in the Company’s Annual Report on Form 10‑K
for the year ended December 31, 2023. The accompanying unaudited Consolidated Interim Financial Statements have been prepared in accordance with the applicable rules of the Securities and Exchange Commission (the “SEC”) and, therefore, do not
include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States. Results of
operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
The accounting policies of the Company, as applied in the Consolidated Interim
Financial Statements presented herein, are substantially the same as those followed on an annual basis in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 11, 2024.
Risks and Uncertainties: Industry events have led to a greater focus by financial institutions, investors and regulators on liquidity positions of and funding
sources for financial institutions, the composition of their deposits, including the amount of uninsured deposits, the amount of accumulated other comprehensive loss, capital levels and interest rate risk management. Present economic
conditions have caused disruption to the banking system and any additional implications are uncertain. The Company believes that it has sufficient liquid assets and borrowing sources should there be a liquidity need.
|
Earnings Per Share |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share |
(2) Earnings Per Share
The Company computes earnings per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”). A reconciliation of the component parts of earnings per share for the three months ended March 31, 2024 and 2023 is as follows:
For the three months, ended March 31, 2024 and 2023 there were approximately 48 thousand and 2 thousand weighted average anti-dilutive stock options excluded from diluted earnings
per share. The stock options are antidilutive because the strike price is greater than the average fair value of the Company’s common stock for the periods presented.
|
Benefit Plans |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans |
(3) Benefit Plans
The table below outlines the components of the Company’s net periodic benefit recognized during the three months ended March 31, 2024 and 2023 for its pension and other postretirement benefit plans:
The Company does not expect to contribute to its pension and postretirement benefit plans in 2024. As of March 31, 2024, no contributions have been made; however, this decision is reviewed each quarter and is subject to change based upon market conditions.
Since 2003, the Company has not subsidized retiree medical insurance premiums. However, it continues to provide medical benefits and postretirement medical benefits to a
limited number of current and retired executives in accordance with the terms of their employment contracts.
|
Investment Securities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Investment Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities |
(4) Investment Securities
(a) Securities available for sale
The amortized cost and fair value of the securities available for sale are as follows:
The following table categorizes the debt securities included in the available for sale portfolio as of March 31, 2024, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty.
Securities not due at a single maturity date are presented separately:
Gross unrealized losses on securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an
unrealized loss position, were as follows:
There were no allowance for credit losses recorded for securities available for sale during the three months ended March 31, 2024 and 2023.
The proceeds from sales and calls and maturities
of securities available for sale, gross realized gains and gross realized losses from sales and calls during the three months ended March 31, 2024 and 2023 are as follows:
(b) Held to maturity securities
The amortized cost and fair value of the held to maturity securities are as follows:
The following table categorizes
the debt securities included in the held to maturity portfolio as of March 31, 2024, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their
obligations without penalty. Securities not due at a single maturity date are presented separately:
All held to maturity securities are held at cost on the financial statements.
Gross unrecognized losses on held to maturity securities and the related fair values aggregated by the length of time that individual securities have been in an
unrecognized loss position, were as follows:
There were no sales or transfers of held to
maturity securities during the three months ended March 31, 2024 and 2023.
There were no allowance for credit losses recorded
for held to maturity securities during the three months ended March 31, 2024 and 2023. There were no securities on non-accrual
status and all securities were performing in accordance with contractual terms.
(c) Other-Than-Temporary Impairment
Debt Securities
Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions
warrant such an evaluation. The investment securities portfolio is evaluated for OTTI by segregating the portfolio by type and applying the appropriate OTTI model.
In determining OTTI for debt securities, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than
cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent to sell the debt security or it is more likely than not that
it will be required to sell the debt security before its anticipated recovery. The assessment of whether any other‑than‑temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to
management at a point in time.
When OTTI occurs, the amount of the OTTI recognized in earnings depends on whether management intends to sell the security or it is more likely than not it will be
required to sell the security before recovery of its amortized cost basis. If management intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, the OTTI shall be recognized
in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If management does not intend to sell the security and it is not more likely than not that the entity will be
required to sell the security before recovery of its amortized cost basis, the OTTI on debt securities shall be separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total OTTI related
to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings through the provision for credit losses. The amount of the total OTTI related to other factors is recognized in other
comprehensive income, net of applicable taxes.
The Company does not intend to sell nor does it anticipate that it will be required to sell any of its securities in an unrealized loss position as of March 31, 2024.
The Company’s ability and intent to hold these securities until recovery is supported by the Company’s strong capital and liquidity positions as well as its historically low turnover in the portfolio.
As of March 31, 2024, the Company’s securities portfolio included certain securities, which were in an unrealized loss position, and are discussed below.
U.S. government sponsored enterprises: In the case of unrealized losses on U.S. government
sponsored enterprises, because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required
to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired as of March 31, 2024.
Mortgage backed securities and collateralized mortgage obligations – residential: As of March
31, 2024, all mortgage backed securities and collateralized mortgage obligations held by the Company were issued by U.S. government sponsored entities and agencies, primarily Ginnie Mae, Fannie Mae and Freddie Mac, institutions which the
government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely
that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other‑than‑temporarily impaired as of March 31, 2024.
Corporate Bonds & Other: As of March 31, 2024, corporate and other bonds held by the Company were investment grade quality. Because the decline in fair value is
attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery,
the Company does not consider these securities to be other-than-temporarily impaired as of March 31, 2024.
Small Business Administration (SBA) - guaranteed participation securities: As of March 31, 2024, all of the SBA securities held by the Company were issued and guaranteed by
U.S. Small Business Administration. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will
not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired as of March 31, 2024.
|
Loan Portfolio and Allowance for Credit Losses |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Loan Portfolio and Allowance for Credit Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Portfolio and Allowance for Credit Losses |
(5) Loan Portfolio and Allowance for
Credit Losses
The following tables presents loans by portfolio segment:
* Includes New York, New Jersey, Vermont and Massachussetts.
*Includes New York, New Jersey, Vermont and Massachussetts.
Included in commercial loans above are Paycheck Protection Program (“PPP”) loans totaling $556 thousand and $620 thousand as of March 31, 2024 and December 31, 2023,
respectively.
As of March 31, 2024, the Company had approximately $25.8
million of real estate construction loans. Of the $25.8 million in real estate construction loans as of March 31, 2024, approximately $7.6 million are secured by first mortgages to residential borrowers while approximately $18.2 million were to commercial borrowers for residential construction projects. The majority of construction loans are in the Company’s New York market.
At December 31, 2023, the Company had approximately $29.1
million of real estate construction loans. Of the $29.1 million in real estate construction loans at December 31, 2023, approximately
$8.0 million are secured by first mortgages to residential borrowers while approximately $21.1 million were to commercial borrowers for residential construction projects. The majority of construction loans held in 2023 were in the Company’s New York market.
Allowance for credit
losses on loans
The level of the ACLL is based on factors that influence management’s current estimate of expected credit losses including past events and current conditions.
Consistent with previous periods, the Company has determined the stagflation forecast scenario to be appropriate for the March 31, 2024 ACLL calculation. The Company selected the stagflation economic forecast for credit losses as management
expects that markets will experience a slight decline in economic conditions and a slight increase in the unemployment rate over the next two years.
The Company recorded a provision for credit losses of $600 thousand for the three months ended March 31, 2024, which is the result a provision for credit losses on loans of $600 thousand, and there was no
provision for credit losses on unfunded commitments.
The Company recorded a provision for credit losses of $300 thousand for the three months ended March 31, 2023, which includes a provision for credit losses on loans of $600 thousand, and a benefit for credit losses on unfunded commitments of $300 thousand.
Activity in the allowance for credit losses on loans by
portfolio segment for the three months ended March 31, 2024 and 2023 is summarized as follows:
* Includes New York, New Jersey, Vermont and Massachusetts.
* Includes New York, New Jersey, Vermont
and Massachusetts.
The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (accrued expenses and other liabilities) with
adjustments to the reserve recognized in provision for credit losses in the consolidated income statement. The Company’s activity in the allowance for credit losses on unfunded commitments for the three months ended
March 31, 2024 and 2023 is as follows:
Loan Credit Quality
The Company categorizes commercial loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current
financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. On at least an annual basis, the Company’s loan grading process analyzes non-homogeneous loans, such
as commercial loans and commercial real estate loans, individually by grading the loans based on credit risk. The loan grades assigned to all loan types are tested by the Company’s internal loan review department in accordance with the Company’s
internal loan review policy.
The Company uses the following definitions for classified loans:
Special Mention: Loans classified as
special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at
some future date.
Substandard: Loans classified as
substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as such have a well-defined weakness or weaknesses that jeopardize the liquidation of the
debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.
Doubtful: Loans classified as doubtful
have all the weaknesses inherent in those loans classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly
questionable and improbable.
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be “pass” rated loans.
For homogeneous loan pools, such as residential mortgages, home equity lines of credit, and installment loans, the Company uses payment status to identify the credit risk in these loan portfolios.
Payment status is reviewed on a daily basis by the Bank’s collection area and on a monthly basis with respect to determining the adequacy of the allowance for credit losses on loans. The payment status of these homogeneous pools as of March
31, 2024 is also included in the aging of the past due loans table. Nonperforming loans shown in the table below were loans on nonaccrual status and loans over 90 days past due and accruing.
As of March 31, 2024 and December 31, 2023, based on the most recent analysis performed, the risk category of loans by class of loans, and gross
charge-offs for each loan type by origination year was as follows:
The Company transfers loans to other real estate owned, at fair value less cost to sell, in the period the Company obtains physical possession of the property
(through foreclosure or through a deed in lieu). Other real estate owned is included in other assets on the Balance Sheet. Other real estate owned included $2.2 million and $-0- of commercial foreclosed properties, and $126 thousand and $1.9
million of residential foreclosed properties as of March 31, 2024 and 2023, respectively. In addition, non-accrual residential mortgage loans that are in the process of foreclosure had an amortized cost of $6.7
million and $8.7 million, respectively, as of March 31, 2024 and
2023.
The following tables present the aging of the amortized cost in past due loans by loan class and by region as of March 31, 2024 and December 31, 2023:
* Includes New York, New Jersey, Vermont and Massachusetts.
* Includes New York, New Jersey, Vermont and Massachusetts.
As of
March 31, 2024, there were no loans that were 90 days past due and still accruing interest. As a result, non-accrual loans include
all loans 90 days or more past due as well as certain loans less than 90 days past due that were placed on non-accrual status for
reasons other than delinquent status. There are no commitments to extend further credit on non-accrual or restructured loans.
Loans individually
evaluated for impairment are non-accrual loans delinquent greater than 180 days, non-accrual commercial loans, as well as loans
classified as loan modifications. As of March 31, 2024 and 2023, there was no allowance for credit losses based on the loans
individually evaluated for impairment.
Residential and
installment non-accrual loans which are not loan modifications are collectively evaluated to determine the allowance for credit loss.
The following tables present the amortized cost basis in non-accrual loans by portfolio segment:
* Includes New York, New Jersey, Vermont and Massachusetts.
* Includes New York, New Jersey, Vermont and
Massachusetts.
The following tables present the amortized cost basis of loans on non-accrual status and loans past due over 89 days still accruing as of March 31, 2024 and
December 31, 2023:
The non-accrual balance of $1.5 million and $1.4 million was collectively evaluated and the associated allowance for credit losses on loans was determined not to be material as of March 31, 2024
and December 31, 2023, respectively.
The following tables present the balance in the allowance for credit losses on loans by portfolio segment and based
on impairment evaluation as of March 31, 2024 and December 31, 2023:
A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially
through the sale or operation of the collateral. Expected credit losses for the collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. The
following tables present the amortized cost basis of individually analyzed collateral dependent loans by portfolio segment as of March 31, 2024 and December 31, 2023:
The Company has not committed to lend additional amounts to customers with outstanding loans that are modified. Interest income recognized on loans that are
individually evaluated was not material during the three months ended March 31, 2024 and 2023.
As of March 31, 2024 and 2023 loans individually evaluated included approximately $8.1 million and $8.8 million, respectively, of loans in accruing status
that were identified as loan modifications in accordance with regulatory guidance related to Chapter 7 and 13 bankruptcy loans.
Pursuant to the adoption of ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructuring and Vintage Disclosures (“ASU 2022-02”), a borrower that is experiencing financial difficulty and receives a
modification in the form of principal forgiveness, interest rate reduction, an other-than-insignificant payment delay or a term extension in the current period needs to be disclosed.
The following table presents the amortized cost basis of loans at March 31, 2024 that were both experiencing financial difficulty and modified during the
three months ended March 31, 2024, by class and by type of modification. There were no loan modifications for the three
months ended March 31, 2023. The percentage of the amortized cost basis of loans that were modified to borrowers in
financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:
* Includes New York, New Jersey, Vermont and Massachusetts.
The Bank monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table describes the performance of loans that have been modified as of March 31, 2024:
* Includes New York, New Jersey, Vermont and
Massachusetts.
The following tables describes the financial effect of the
modifications made to borrowers experiencing financial difficulty:
* Includes New York, New Jersey, Vermont and
Massachusetts.
The addition of these loan modifications did not have a significant impact on the allowance for credit
losses on loans. The nature of the modifications that resulted in them being classified as a loan modification was the borrower filing for bankruptcy protection. There were no loans that defaulted during the three months ended March 31, 2024 and 2023 which had been classified as a loan modification
within the prior twelve months.
In situations where the Bank considers a loan modification, management determines whether the borrower is experiencing financial difficulty by performing an
evaluation of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s underwriting policy.
Generally,
the modification of the terms of loans was the result of the borrower filing for bankruptcy protection. Chapter 13 bankruptcies generally include the deferral of all past due amounts for a period of generally 60 months in accordance with the bankruptcy court order. In the case of Chapter 7 bankruptcies even though there is no modification of terms, the
borrowers’ debt to the Company was discharged and they did not reaffirm the debt.
A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. In situations involving a
borrower filing for Chapter 13 bankruptcy protection, however, a loan is considered to be in payment default once it is 30 days contractually past due, consistent with the treatment by the bankruptcy court.
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Fair Value of Financial Instruments |
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Fair Value of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments |
(6) Fair Value of Financial Instruments
FASB Topic 820, Fair Value Measurements (“ASC
820”) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in
the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of
observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values:
Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access as of the measurement date.
Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not
active; or other inputs that are observable or can be corroborated by observable market data.
Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the value that market participants would use in pricing an asset or liability.
The Company used the following methods and significant assumptions to estimate the fair value of assets and liabilities:
Securities Available for Sale: The fair value of securities available for sale is determined
utilizing an independent pricing service for identical assets or significantly similar securities. The pricing service uses a variety of techniques to arrive at fair value including market maker bids, quotes and pricing models. Inputs to the pricing
models include recent trades, benchmark interest rates, spreads and actual and projected cash flows. This results in a Level 1 or Level 2 classification of the inputs for determining fair value. Interest and dividend income is recorded on the accrual
method and is included in the Consolidated Statements of Income in the respective investment class under total interest and dividend income. The Company does not have any securities that would be designated as Level 3.
Other Real Estate Owned: Assets acquired through loan foreclosure are initially recorded at
fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals. These
appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process to adjust for differences between the comparable sales and
income data available. This results in a Level 3 classification of the inputs for determining fair value.
Individually evaluated loans: Periodically the Company records non-recurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those
loans. Non-recurring adjustments can also include certain adjustments for collateral-dependent loans to adjust balances to fair value and generally have had a charge-off through the allowance for credit losses. For collateral dependent loans, fair value is commonly based
on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process to adjust
for differences between the comparable sales and income data available. Such adjustments may be significant and typically result in a Level 3 classification of the inputs for determining fair value. When obtained, non-real estate collateral may be
valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s
expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Loans individually evaluated are evaluated on a quarterly basis for additional impairment and adjusted accordingly.
Indications of value for both collateral-dependent loans and other real estate owned are obtained from third party providers or the Company’s internal Appraisal
Department. All indications of value are reviewed for reasonableness by a member of the Appraisal Department for the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value via comparison with independent data
sources such as recent market data or industry-wide statistics.
There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2024 and 2023.
Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below:
Assets measured at fair value on a non-recurring basis are summarized below:
Other real estate owned, that is carried at fair value less costs to sell was approximately $2.3 million as of March 31, 2024 and consisted of residential and commercial real estate properties. There were no valuation charges included in earnings for the three months ended March 31,
2024.
Of the total individually evaluated loans of $24.8 million as of March 31, 2024, there are no loans that are collateral
dependent and are carried at fair value measured on a non-recurring basis. Due to the sufficiency of charge-offs taken on these loans and the adequacy of the underlying collateral, there were no specific valuation allowances for these loans as of March 31, 2024. There were no
gross charge-offs related to residential individually evaluated loans included in the table above.
Other real estate owned, which is carried at fair value less costs to sell, was approximately $194 thousand at December 31, 2023, and consisted of only residential real estate properties. A valuation charge of $143 thousand is included in earnings for the year ended December 31, 2023.
Of the
total individually evaluated loans of $24.7 million at December 31, 2023, there are no loans that were collateral dependent and are carried at fair value measured on a non-recurring basis. Due to the sufficiency of charge-offs taken on these loans and the
adequacy of the underlying collateral, there were no specific valuation allowances for these loans at December 31, 2023. There were no gross charge-offs related to residential individually evaluated loans included in the table above.
In accordance with FASB Topic 825, Financial Instruments (“ASC 825”), the carrying amounts and estimated fair values of
financial instruments, at March 31, 2024 and December 31, 2023 are as follows:
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Accumulated Other Comprehensive Loss |
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Accumulated Other Comprehensive Loss |
(7) Accumulated Other Comprehensive Loss
The following is a summary of the accumulated other comprehensive income loss balances, net of tax:
The following represents the reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023:
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Revenue from Contracts with Customers |
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Revenue from Contracts with Customers |
(8) Revenue from Contracts with Customers
All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-Interest Income. The following table presents the Company’s
sources of non-Interest Income for the three months ended March 31, 2024 and 2023. Items outside the scope of ASC 606 are noted as such.
(a) Not within the scope of ASC 606.
A description of the Company’s revenue streams accounted in accordance with ASC
606 as follows:
Service charges on Deposit Accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance and overdraft services. Transaction-based fees, which include services such as stop payment charges, statement rendering and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Interchange Income: Interchange revenue primarily consists of interchange fees, volume-related incentives and ATM charges. As the card-issuing bank, interchange fees represent our portion of discount fees paid by merchants for credit/debit card transactions processed through the interchange network. The levels and structure of interchange rates are set by the card processing companies and are based on cardholder purchase volumes. The Company earns interchange income as cardholder transactions occur and interchange fees are settled on a daily basis concurrent with the transaction processing services provided to the cardholder. Wealth Management fees: Trustco Financial Services provides a comprehensive suite of trust and wealth management products and services, including financial and estate planning, trustee and custodial services, investment management, corporate retirement plan recordkeeping and administration of which a fee is charged to manage assets for investment or transact on accounts. These fees are earned over time as the Company provides the contracted monthly or quarterly services and are generally assessed over the period in which services are performed based on a percentage of the fair value of assets under management or administration. Other services are based on a fixed fee for certain account types, or based on transaction activity and are recognized when services are rendered. Fees are withdrawn from the customer’s account balance. |
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Operating Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases |
(9) Operating Leases
The Company has committed to rent premises used in business operations under non-cancelable operating leases and determines if an arrangement meets the definition of a
lease upon inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on the Company’s balance sheets.
Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make
lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company’s leases do not provide an implicit rate,
therefore the Company used its incremental collateralized borrowing rates commensurate with the underlying lease terms to determine present value of operating lease liabilities. Additionally, the Company does allocate the consideration between lease
and non-lease components. The Company’s lease terms may include options to extend when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease
term. Variable lease components, such as fair market value adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet;
we recognize lease expense for these leases on a straight-line basis over the lease term. As of March 31, 2024, the Company did not have any leases with terms of twelve months or less.
As of March 31, 2024, the Company did not have any leases for which the construction had not yet started. As of March 31, 2024, lease expiration
dates ranged from two months to 20.5
years and have a weighted average remaining lease term of 8.4 years. Certain leases provide for increases in future minimum annual
rental payments as defined in the lease agreements. As mentioned above the leases generally also include variable lease components, which include real estate taxes, insurance, and common area maintenance (“CAM”) charges in the annual rental
payments.
Other information related to leases was as follows:
Future minimum lease payments under non-cancellable leases as of March 31, 2024 were as follows:
A member of the Board of Directors has an ownership interest in five
entities that own commercial real estate leased by the Company for use as branch locations. Total lease payments from the Company to those entities, which are included in the table above, owed as of March 31, 2024, were $2.6 million, which includes interest in the amount of $292
thousand.
|
Regulatory Capital Requirements |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements |
(10) Regulatory Capital Requirements
Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy regulations and, additionally
for banks, the prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to
qualitative judgments by regulators. Failure to meet capital requirements can result in regulatory action. As of March 31, 2024, the Company and Bank meet all capital adequacy requirements to which they are subject.
Prompt corrective action regulations provide five
classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If a bank is not classified as
well capitalized, regulatory approval is required to accept brokered deposits. If a bank is undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. The federal banking
agencies are required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution or its holding company. Such actions could have a direct material effect on an institution’s or
its holding company’s financial statements. As of March 31, 2024 and December 31, 2023, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no
conditions or events since that notification that management believes have changed the Bank’s category.
The Bank and the Company reported the following capital ratios as of March 31, 2024 and December
31, 2023:
|
New Accounting Pronouncements |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements |
(11) New Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 expands reportable segment
disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 implements a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker, expands certain
annual disclosures to interim periods, clarifies that single reportable segment entities must apply Topic 280 in its entirety and permits more than one measure of segment profit or loss to be reported under certain conditions. ASU 2023-07 is
effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the requirements of the expanded
segment disclosures but does not currently expect the additional disclosures to have a material impact on the Company’s consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is focused on additional income tax
disclosures and requires public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those
reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate). ASU 2023-09 is effective for the Company for fiscal years, and interim periods within those
fiscal years, beginning after December 15, 2024, with early adoption permitted. While the Company is currently assessing the impact applying this standard will have on its income tax disclosures, the adoption of ASU 2023-09 is not expected to
have a material impact on the Company’s consolidated financial statements.
|
Insider Trading Arrangements |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Earnings Per Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Earnings Per Share | A reconciliation of the component parts of earnings per share for the three months ended March 31, 2024 and 2023 is as follows:
|
Benefit Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Benefit |
The table below outlines the components of the Company’s net periodic benefit recognized during the three months ended March 31, 2024 and 2023 for its pension and other postretirement benefit plans:
|
Investment Securities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost and Fair Value of Securities Available For Sale |
The amortized cost and fair value of the securities available for sale are as follows:
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Securities, Available-for-sale and Held-to-maturity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Sales and Calls of Securities Available For Sale, Gross Realized Gains and Gross Realized Losses |
The proceeds from sales and calls and maturities
of securities available for sale, gross realized gains and gross realized losses from sales and calls during the three months ended March 31, 2024 and 2023 are as follows:
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Amortized Cost and Fair Value of Held to Maturity Securities |
The amortized cost and fair value of the held to maturity securities are as follows:
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Securities Available for Sale [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities, Available-for-sale and Held-to-maturity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities Based on Securities Contractual Maturity |
The following table categorizes the debt securities included in the available for sale portfolio as of March 31, 2024, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty.
Securities not due at a single maturity date are presented separately:
|
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Gross Unrealized Losses on Investment Securities and Related Fair Values in Unrealized Loss Position |
Gross unrealized losses on securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an
unrealized loss position, were as follows:
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Held to Maturity Securities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities, Available-for-sale and Held-to-maturity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities Based on Securities Contractual Maturity |
The following table categorizes
the debt securities included in the held to maturity portfolio as of March 31, 2024, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their
obligations without penalty. Securities not due at a single maturity date are presented separately:
|
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Gross Unrealized Losses on Investment Securities and Related Fair Values in Unrealized Loss Position |
Gross unrecognized losses on held to maturity securities and the related fair values aggregated by the length of time that individual securities have been in an
unrecognized loss position, were as follows:
|
Loan Portfolio and Allowance for Credit Losses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Portfolio and Allowance for Credit Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded Investment in Loans by Portfolio Segment |
The following tables presents loans by portfolio segment:
* Includes New York, New Jersey, Vermont and Massachussetts.
*Includes New York, New Jersey, Vermont and Massachussetts.
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Activity in Allowance For Credit Losses on Loans by Portfolio Segment |
Activity in the allowance for credit losses on loans by
portfolio segment for the three months ended March 31, 2024 and 2023 is summarized as follows:
* Includes New York, New Jersey, Vermont and Massachusetts.
* Includes New York, New Jersey, Vermont
and Massachusetts.
|
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Allowance for Credit Losses on Unfunded Commitments | The Company’s activity in the allowance for credit losses on unfunded commitments for the three months ended
March 31, 2024 and 2023 is as follows:
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Risk Category Loans by Class of Loans |
As of March 31, 2024 and December 31, 2023, based on the most recent analysis performed, the risk category of loans by class of loans, and gross
charge-offs for each loan type by origination year was as follows:
|
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Aging of Recorded Investment in Past Due Loans by Loan Class and by Region |
The following tables present the aging of the amortized cost in past due loans by loan class and by region as of March 31, 2024 and December 31, 2023:
* Includes New York, New Jersey, Vermont and Massachusetts.
* Includes New York, New Jersey, Vermont and Massachusetts.
|
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Recorded Investment in Non-Accrual Loans by Loan Class |
The following tables present the amortized cost basis in non-accrual loans by portfolio segment:
* Includes New York, New Jersey, Vermont and Massachusetts.
* Includes New York, New Jersey, Vermont and
Massachusetts.
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Loans on Non-Accrual Status and Past Due More than 90 Days |
The following tables present the amortized cost basis of loans on non-accrual status and loans past due over 89 days still accruing as of March 31, 2024 and
December 31, 2023:
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Allowance For Credit Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method |
The following tables present the balance in the allowance for credit losses on loans by portfolio segment and based
on impairment evaluation as of March 31, 2024 and December 31, 2023:
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Amortized Cost of Collateral-dependent Loans by Class | The
following tables present the amortized cost basis of individually analyzed collateral dependent loans by portfolio segment as of March 31, 2024 and December 31, 2023:
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Amortized Cost Basis of Loans Modified to Borrowers Experiencing Financial Difficulty and Financial Effects of Loan Modifications | The percentage of the amortized cost basis of loans that were modified to borrowers in
financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:
* Includes New York, New Jersey, Vermont and Massachusetts.
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Performance of Loans Modified to Borrowers Experiencing Financial Difficulty | The following table
describes the performance of loans that have been modified as of March 31, 2024:
* Includes New York, New Jersey, Vermont and
Massachusetts.
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Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty |
The following tables describes the financial effect of the
modifications made to borrowers experiencing financial difficulty:
* Includes New York, New Jersey, Vermont and
Massachusetts.
|
Fair Value of Financial Instruments (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis |
Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below:
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Assets Measured at Fair Value on Non-Recurring Basis |
Assets measured at fair value on a non-recurring basis are summarized below:
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Carrying Amounts and Estimated Fair Values of Financial Instruments |
In accordance with FASB Topic 825, Financial Instruments (“ASC 825”), the carrying amounts and estimated fair values of
financial instruments, at March 31, 2024 and December 31, 2023 are as follows:
|
Accumulated Other Comprehensive Loss (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) Balances, Net of Tax |
The following is a summary of the accumulated other comprehensive income loss balances, net of tax:
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Reclassifications out of Accumulated Other Comprehensive Loss |
The following represents the reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023:
|
Revenue from Contracts with Customers (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Source of Non-Interest Income |
All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-Interest Income. The following table presents the Company’s
sources of non-Interest Income for the three months ended March 31, 2024 and 2023. Items outside the scope of ASC 606 are noted as such.
(a) Not within the scope of ASC 606.
|
Operating Leases (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Information Related to Leases |
Other information related to leases was as follows:
|
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Supplemental Cash Flows Information |
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Future Minimum Lease Payments |
Future minimum lease payments under non-cancellable leases as of March 31, 2024 were as follows:
|
Regulatory Capital Requirements (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual Capital Amounts and Ratios |
The Bank and the Company reported the following capital ratios as of March 31, 2024 and December
31, 2023:
|
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Reconciliation of the component parts of earnings per share [Abstract] | ||
Net income | $ 12,126 | $ 17,746 |
Weighted average common shares (in shares) | 19,024 | 19,024 |
Stock Options and Restricted Stock Units (in shares) | 8 | 3 |
Weighted average common shares including potential dilutive shares (in shares) | 19,032 | 19,027 |
Basic EPS (in dollars per share) | $ 0.64 | $ 0.93 |
Diluted EPS (in dollars per share) | $ 0.64 | $ 0.93 |
Stock Options [Member] | ||
Antidilutive Securities [Abstract] | ||
Number of anti-dilutive stock options excluded from diluted earnings per share (in shares) | 48 | 2 |
Benefit Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Components of net periodic benefit cost [Abstract] | ||
Contribution made to pension and postretirement plans | $ 0 | |
Pension Benefits [Member] | ||
Components of net periodic benefit cost [Abstract] | ||
Service cost | 0 | $ 0 |
Interest cost | 289 | 302 |
Expected return on plan assets | (762) | (680) |
Amortization of net gain | (19) | 0 |
Amortization of prior service cost | 0 | 0 |
Net periodic benefit | (492) | (378) |
Other Postretirement Benefits [Member] | ||
Components of net periodic benefit cost [Abstract] | ||
Service cost | 5 | 2 |
Interest cost | 72 | 66 |
Expected return on plan assets | (331) | (289) |
Amortization of net gain | (184) | (114) |
Amortization of prior service cost | 3 | 3 |
Net periodic benefit | $ (435) | $ (332) |
Investment Securities, Available-for-sale Securities, Maturities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Amortized Cost [Abstract] | ||
Due in one year or less | $ 70,613 | |
Due after one year through five years | 116,934 | |
Amortized Cost | 460,337 | $ 484,513 |
Fair Value [Abstract] | ||
Due in one year or less | 69,407 | |
Due in one year through five years | 113,496 | |
Fair Value | 426,241 | 452,289 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 254,806 | |
Amortized Cost | 254,806 | 263,182 |
Fair Value [Abstract] | ||
Securities, fair value | 227,078 | |
Fair Value | 227,078 | 237,677 |
Small Business Administration-Guaranteed Participation Securities [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 17,984 | |
Amortized Cost | 17,984 | 18,740 |
Fair Value [Abstract] | ||
Securities, fair value | 16,260 | |
Fair Value | $ 16,260 | $ 17,186 |
Investment Securities, Available-for-sale Securities, Transaction Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Proceeds from sales and calls of securities available for sale, gross realized gains and gross realized losses [Abstract] | ||
Proceeds from sales | $ 0 | $ 0 |
Proceeds from calls/paydowns | 8,841 | 14,659 |
Proceeds from maturities | 35,000 | 0 |
Gross realized gains | 0 | 0 |
Gross realized losses | $ 0 | $ 0 |
Investment Securities, Held-to-maturity Securities, Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Amortized cost and fair value of the held to maturity securities [Abstract] | ||
Amortized Cost | $ 6,206 | $ 6,458 |
Gross Unrecognized Gains | 49 | 74 |
Gross Unrecognized Losses | 147 | 136 |
Fair Value | 6,108 | 6,396 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Amortized cost and fair value of the held to maturity securities [Abstract] | ||
Amortized Cost | 6,206 | 6,458 |
Gross Unrecognized Gains | 49 | 74 |
Gross Unrecognized Losses | 147 | 136 |
Fair Value | $ 6,108 | $ 6,396 |
Investment Securities, Held-to-maturity Securities, Maturity (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Amortized Cost [Abstract] | ||
Amortized Cost | $ 6,206 | $ 6,458 |
Fair Value [Abstract] | ||
Fair Value | 6,108 | 6,396 |
Mortgage Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 6,206 | |
Amortized Cost | 6,206 | 6,458 |
Fair Value [Abstract] | ||
Securities, fair value | 6,108 | |
Fair Value | $ 6,108 | $ 6,396 |
Loan Portfolio and Allowance for Credit Losses, Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | $ 48,578 | $ 46,032 | $ 46,032 | ||
Loans charged off [Abstract] | |||||
Total loan charge offs | 161 | 48 | |||
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 203 | 101 | |||
Net loans (recoveries) charged off | (42) | (53) | |||
Provision for credit losses | 600 | 600 | |||
Balance at end of period | 49,220 | 46,685 | 48,578 | ||
Provision (benefit) for credit losses | 600 | 300 | |||
Credit losses on unfunded commitments | 0 | 300 | |||
New York and Other States [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | [1] | 161 | 17 | ||
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | [1] | 203 | 76 | ||
Florida [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 31 | |||
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 0 | 25 | |||
Commercial [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 2,735 | 2,596 | 2,596 | ||
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 0 | |||
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 0 | 0 | |||
Net loans (recoveries) charged off | 0 | 0 | |||
Provision for credit losses | 7 | 112 | |||
Balance at end of period | 2,742 | 2,708 | 2,735 | ||
Commercial [Member] | New York and Other States [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | [1] | 0 | 0 | ||
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | [1] | 0 | 0 | ||
Commercial [Member] | Florida [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 0 | |||
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 0 | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 45,625 | 43,271 | 43,271 | ||
Loans charged off [Abstract] | |||||
Total loan charge offs | 117 | 0 | |||
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 195 | 78 | |||
Net loans (recoveries) charged off | (78) | (78) | |||
Provision for credit losses | 592 | 417 | |||
Balance at end of period | 46,295 | 43,766 | 45,625 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | New York and Other States [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | [1] | 117 | 0 | ||
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | [1] | 195 | 53 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Florida [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 0 | |||
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 0 | 25 | |||
Installment [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 218 | 165 | 165 | ||
Loans charged off [Abstract] | |||||
Total loan charge offs | 44 | 48 | 176 | ||
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 8 | 23 | |||
Net loans (recoveries) charged off | 36 | 25 | |||
Provision for credit losses | 1 | 71 | |||
Balance at end of period | 183 | 211 | $ 218 | ||
Installment [Member] | New York and Other States [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | [1] | 44 | 17 | ||
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | [1] | 8 | 23 | ||
Installment [Member] | Florida [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 31 | |||
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | $ 0 | $ 0 | |||
|
Loan Portfolio and Allowance for Credit Losses, Allowance for Credit Losses on Unfunded Commitments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Allowance for Credit Losses on Unfunded Commitments [Abstract] | ||
Balance at beginning of period | $ 48,578 | $ 46,032 |
(Credit) provision for credit losses | 0 | 300 |
Balance at end of period | 49,220 | 46,685 |
Unfunded Loan Commitment [Member] | ||
Allowance for Credit Losses on Unfunded Commitments [Abstract] | ||
Balance at beginning of period | 1,662 | |
Balance at beginning of period | 2,912 | |
(Credit) provision for credit losses | 0 | (300) |
Balance at end of period | $ 1,662 | $ 2,612 |
Loan Portfolio and Allowance for Credit Losses, Risk Category of Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Credit Risk Profile, Segregated by Class [Abstract] | |||
Total loans | $ 5,005,506 | $ 5,002,879 | |
Current-period Gross writeoffs | 161 | $ 48 | |
Commercial [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
Total loans | 279,092 | 273,515 | |
Current-period Gross writeoffs | 0 | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 10,568 | 61,148 | |
2022/2021 | 57,315 | 82,339 | |
2021/2020 | 80,857 | 23,940 | |
2020/2019 | 23,628 | 16,695 | |
2019/2018 | 16,243 | 19,835 | |
Prior | 60,944 | 42,634 | |
Revolving Loans Amortized Cost Basis | 5,360 | 5,664 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 254,915 | 252,255 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
2019/2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis Writeoffs | 0 | 0 | |
Revolving Loan Converted to Term Writeoffs | 0 | 0 | |
Current-period Gross writeoffs | 0 | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 10,568 | 61,148 | |
2022/2021 | 57,315 | 82,339 | |
2021/2020 | 80,610 | 23,940 | |
2020/2019 | 23,628 | 16,653 | |
2019/2018 | 16,206 | 19,835 | |
Prior | 59,591 | 41,153 | |
Revolving Loans Amortized Cost Basis | 5,360 | 5,664 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 253,278 | 250,732 | |
Commercial [Member] | Commercial Real Estate [Member] | Special Mention [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 247 | 0 | |
2020/2019 | 0 | 42 | |
2019/2018 | 37 | 0 | |
Prior | 537 | 225 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 821 | 267 | |
Commercial [Member] | Commercial Real Estate [Member] | Substandard [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
2019/2018 | 0 | 0 | |
Prior | 816 | 1,256 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 816 | 1,256 | |
Commercial [Member] | Other [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 1,542 | 7,873 | |
2022/2021 | 9,170 | 2,164 | |
2021/2020 | 2,079 | 2,261 | |
2020/2019 | 1,988 | 1,386 | |
2019/2018 | 1,329 | 321 | |
Prior | 3,132 | 2,739 | |
Revolving Loans Amortized Cost Basis | 4,937 | 4,516 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 24,177 | 21,260 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
2019/2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis Writeoffs | 0 | 0 | |
Revolving Loan Converted to Term Writeoffs | 0 | 0 | |
Current-period Gross writeoffs | 0 | 0 | |
Commercial [Member] | Other [Member] | Pass [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 1,542 | 7,873 | |
2022/2021 | 9,170 | 2,164 | |
2021/2020 | 2,079 | 1,933 | |
2020/2019 | 1,798 | 1,386 | |
2019/2018 | 1,329 | 321 | |
Prior | 3,132 | 2,641 | |
Revolving Loans Amortized Cost Basis | 4,614 | 4,482 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 23,664 | 20,800 | |
Commercial [Member] | Other [Member] | Special Mention [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
2019/2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 38 | 34 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 38 | 34 | |
Commercial [Member] | Other [Member] | Substandard [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 328 | |
2020/2019 | 0 | 0 | |
2019/2018 | 0 | 0 | |
Prior | 0 | 98 | |
Revolving Loans Amortized Cost Basis | 285 | 0 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 285 | 426 | |
Commercial [Member] | Other [Member] | Doubtful [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 0 | ||
2022/2021 | 0 | ||
2021/2020 | 0 | ||
2020/2019 | 190 | ||
2019/2018 | 0 | ||
Prior | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | ||
Revolving Loan Converted to Term | 0 | ||
Total loans | 190 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
Total loans | 4,710,248 | 4,712,478 | |
Current-period Gross writeoffs | 117 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 49,915 | 418,955 | |
2022/2021 | 420,137 | 566,827 | |
2021/2020 | 560,918 | 878,398 | |
2020/2019 | 866,168 | 733,080 | |
2019/2018 | 721,495 | 343,678 | |
Prior | 1,677,918 | 1,366,167 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 4,296,551 | 4,307,105 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
2019/2018 | 0 | 27 | |
Prior | 18 | 336 | |
Revolving Loans Amortized Cost Basis Writeoffs | 0 | 0 | |
Revolving Loan Converted to Term Writeoffs | 0 | 0 | |
Current-period Gross writeoffs | 18 | 363 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Performing [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 49,915 | 418,891 | |
2022/2021 | 420,073 | 566,617 | |
2021/2020 | 560,709 | 878,015 | |
2020/2019 | 865,629 | 732,851 | |
2019/2018 | 721,417 | 342,559 | |
Prior | 1,664,927 | 1,354,867 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 4,282,670 | 4,293,800 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Nonperforming [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 0 | 64 | |
2022/2021 | 64 | 210 | |
2021/2020 | 209 | 383 | |
2020/2019 | 539 | 229 | |
2019/2018 | 78 | 1,119 | |
Prior | 12,991 | 11,300 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 13,881 | 13,305 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 1,417 | 9,660 | |
2022/2021 | 9,565 | 5,963 | |
2021/2020 | 5,884 | 7,770 | |
2020/2019 | 7,601 | 5,668 | |
2019/2018 | 5,512 | 6,542 | |
Prior | 27,839 | 22,355 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 57,818 | 57,958 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
2019/2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis Writeoffs | 0 | 0 | |
Revolving Loan Converted to Term Writeoffs | 0 | 0 | |
Current-period Gross writeoffs | 0 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Performing [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 1,417 | 9,660 | |
2022/2021 | 9,565 | 5,963 | |
2021/2020 | 5,884 | 7,770 | |
2020/2019 | 7,601 | 5,668 | |
2019/2018 | 5,512 | 6,542 | |
Prior | 27,515 | 22,076 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 57,494 | 57,679 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Nonperforming [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
2019/2018 | 0 | 0 | |
Prior | 324 | 279 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 324 | 279 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 812 | 355 | |
2022/2021 | 1,348 | 641 | |
2021/2020 | 712 | 256 | |
2020/2019 | 543 | 131 | |
2019/2018 | 225 | 10 | |
Prior | 18,490 | 18,777 | |
Revolving Loans Amortized Cost Basis | 333,749 | 327,245 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 355,879 | 347,415 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
2019/2018 | 0 | 0 | |
Prior | 99 | 8 | |
Revolving Loans Amortized Cost Basis Writeoffs | 0 | 0 | |
Revolving Loan Converted to Term Writeoffs | 0 | 0 | |
Current-period Gross writeoffs | 99 | 8 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Performing [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 812 | 355 | |
2022/2021 | 1,348 | 641 | |
2021/2020 | 712 | 248 | |
2020/2019 | 543 | 75 | |
2019/2018 | 169 | 10 | |
Prior | 15,686 | 15,964 | |
Revolving Loans Amortized Cost Basis | 333,534 | 327,059 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 352,804 | 344,352 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Nonperforming [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 8 | |
2020/2019 | 0 | 56 | |
2019/2018 | 56 | 0 | |
Prior | 2,804 | 2,813 | |
Revolving Loans Amortized Cost Basis | 215 | 186 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 3,075 | 3,063 | |
Installment [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 984 | 8,473 | |
2022/2021 | 7,823 | 4,641 | |
2021/2020 | 4,194 | 1,535 | |
2020/2019 | 1,309 | 360 | |
2019/2018 | 289 | 261 | |
Prior | 610 | 608 | |
Revolving Loans Amortized Cost Basis | 957 | 1,008 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 16,166 | 16,886 | |
2023/2022 | 0 | 16 | |
2022/2021 | 18 | 67 | |
2021/2020 | 19 | 50 | |
2020/2019 | 0 | 1 | |
2019/2018 | 0 | 21 | |
Prior | 7 | 21 | |
Revolving Loans Amortized Cost Basis Writeoffs | 0 | 0 | |
Revolving Loan Converted to Term Writeoffs | 0 | 0 | |
Current-period Gross writeoffs | 44 | $ 48 | 176 |
Installment [Member] | Performing [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 984 | 8,473 | |
2022/2021 | 7,823 | 4,592 | |
2021/2020 | 4,148 | 1,484 | |
2020/2019 | 1,273 | 360 | |
2019/2018 | 289 | 198 | |
Prior | 544 | 605 | |
Revolving Loans Amortized Cost Basis | 956 | 1,008 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 16,017 | 16,720 | |
Installment [Member] | Nonperforming [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 49 | |
2021/2020 | 46 | 51 | |
2020/2019 | 36 | 0 | |
2019/2018 | 0 | 63 | |
Prior | 66 | 3 | |
Revolving Loans Amortized Cost Basis | 1 | 0 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | $ 149 | $ 166 |
Loan Portfolio and Allowance for Credit Losses, Past Due (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | $ 5,005,506 | $ 5,002,879 | ||
Number of days past due | 90 days | |||
Loans that are 90 days past due and still accruing interest | $ 0 | 0 | ||
Period of delinquency after which a loan is placed in nonaccrual status | 180 days | |||
New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | $ 3,251,530 | 3,259,038 | |
Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 1,753,976 | 1,743,841 | ||
Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 19,183 | 17,865 | ||
Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 15,074 | 14,355 | |
Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 4,109 | 3,510 | ||
30 - 59 Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 6,129 | 6,510 | ||
30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 5,021 | 4,947 | |
30 - 59 Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 1,108 | 1,563 | ||
60 - 89 Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 3,059 | 1,212 | ||
60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 1,808 | 1,128 | |
60 - 89 Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 1,251 | 84 | ||
90+ Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 9,995 | 10,143 | ||
90+ Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 8,245 | 8,280 | |
90+ Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 1,750 | 1,863 | ||
Current [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 4,986,323 | 4,985,014 | ||
Current [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 3,236,456 | 3,244,683 | |
Current [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 1,749,867 | 1,740,331 | ||
Commercial [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 279,092 | 273,515 | ||
Commercial [Member] | Commercial Real Estate [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 254,915 | 252,255 | ||
Loans that are 90 days past due and still accruing interest | 0 | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 214,158 | 212,754 | |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 40,757 | 39,501 | ||
Commercial [Member] | Commercial Real Estate [Member] | Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 520 | 521 | ||
Commercial [Member] | Commercial Real Estate [Member] | Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 520 | 521 | |
Commercial [Member] | Commercial Real Estate [Member] | Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 0 | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | 30 - 59 Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 0 | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 0 | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 0 | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | 60 - 89 Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 0 | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 0 | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 0 | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 520 | 521 | ||
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 520 | 521 | |
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 0 | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | Current [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 254,395 | 251,734 | ||
Commercial [Member] | Commercial Real Estate [Member] | Current [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 213,638 | 212,233 | |
Commercial [Member] | Commercial Real Estate [Member] | Current [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 40,757 | 39,501 | ||
Commercial [Member] | Other [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 24,177 | 21,260 | ||
Loans that are 90 days past due and still accruing interest | 0 | 0 | ||
Commercial [Member] | Other [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 23,536 | 20,863 | |
Commercial [Member] | Other [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 641 | 397 | ||
Commercial [Member] | Other [Member] | Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 325 | 340 | ||
Commercial [Member] | Other [Member] | Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 11 | 26 | |
Commercial [Member] | Other [Member] | Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 314 | 314 | ||
Commercial [Member] | Other [Member] | 30 - 59 Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 11 | 0 | ||
Commercial [Member] | Other [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 11 | 0 | |
Commercial [Member] | Other [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 0 | 0 | ||
Commercial [Member] | Other [Member] | 60 - 89 Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 0 | 26 | ||
Commercial [Member] | Other [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 0 | 26 | |
Commercial [Member] | Other [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 0 | 0 | ||
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 314 | 314 | ||
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 0 | 0 | |
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 314 | 314 | ||
Commercial [Member] | Other [Member] | Current [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 23,852 | 20,920 | ||
Commercial [Member] | Other [Member] | Current [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 23,525 | 20,837 | |
Commercial [Member] | Other [Member] | Current [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 327 | 83 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 4,710,248 | 4,712,478 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 4,296,551 | 4,307,105 | ||
Loans that are 90 days past due and still accruing interest | 0 | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 2,744,294 | 2,756,914 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 1,552,257 | 1,550,191 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 15,123 | 13,950 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 11,728 | 11,149 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 3,395 | 2,801 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30 - 59 Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 5,532 | 5,620 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 4,576 | 4,330 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 956 | 1,290 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60 - 89 Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 2,431 | 889 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 1,279 | 811 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 1,152 | 78 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 7,160 | 7,441 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 5,873 | 6,008 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 1,287 | 1,433 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Current [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 4,281,428 | 4,293,155 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Current [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 2,732,566 | 2,745,765 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Current [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 1,548,862 | 1,547,390 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 57,818 | 57,958 | ||
Loans that are 90 days past due and still accruing interest | 0 | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 44,207 | 44,152 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 13,611 | 13,806 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 374 | 394 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 277 | 315 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 97 | 79 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30 - 59 Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 13 | 93 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 13 | 20 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 0 | 73 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60 - 89 Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 180 | 144 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 89 | 138 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 91 | 6 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 181 | 157 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 175 | 157 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 6 | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Current [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 57,444 | 57,564 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Current [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 43,930 | 43,837 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Current [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 13,514 | 13,727 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 355,879 | 347,415 | ||
Loans that are 90 days past due and still accruing interest | 0 | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 213,754 | 212,298 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 142,125 | 135,117 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 2,686 | 2,465 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 2,397 | 2,225 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 289 | 240 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30 - 59 Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 529 | 775 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 383 | 591 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 146 | 184 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60 - 89 Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 436 | 135 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 436 | 135 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 0 | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 1,721 | 1,555 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 1,578 | 1,499 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 143 | 56 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Current [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 353,193 | 344,950 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Current [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 211,357 | 210,073 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Current [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 141,836 | 134,877 | ||
Installment [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 16,166 | 16,886 | ||
Loans that are 90 days past due and still accruing interest | 0 | 0 | ||
Installment [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 11,581 | 12,057 | |
Installment [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 4,585 | 4,829 | ||
Installment [Member] | Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 155 | 195 | ||
Installment [Member] | Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 141 | 119 | |
Installment [Member] | Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 14 | 76 | ||
Installment [Member] | 30 - 59 Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 44 | 22 | ||
Installment [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 38 | 6 | |
Installment [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 6 | 16 | ||
Installment [Member] | 60 - 89 Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 12 | 18 | ||
Installment [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 4 | 18 | |
Installment [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 8 | 0 | ||
Installment [Member] | 90+ Days Past Due [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 99 | 155 | ||
Installment [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 99 | 95 | |
Installment [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 0 | 60 | ||
Installment [Member] | Current [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | 16,011 | 16,691 | ||
Installment [Member] | Current [Member] | New York and Other States [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | [1] | 11,440 | 11,938 | |
Installment [Member] | Current [Member] | Florida [Member] | ||||
Aging of the recorded investment in past due loans [Abstract] | ||||
Recorded past due loans | $ 4,571 | $ 4,753 | ||
|
Loan Portfolio and Allowance for Credit Losses, Non-accrual Loans, By Loan Class (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
||
---|---|---|---|---|---|
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | $ 18,275 | $ 17,663 | |||
Restructured real estate mortgages - 1 to 4 family | 0 | 3 | |||
Total nonperforming loans | 18,275 | 17,666 | |||
New York and Other States [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | [1] | 15,039 | 15,062 | ||
Restructured real estate mortgages - 1 to 4 family | [1] | 0 | 3 | ||
Total nonperforming loans | [1] | 15,039 | 15,065 | ||
Florida [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | 3,236 | 2,601 | |||
Restructured real estate mortgages - 1 to 4 family | 0 | 0 | |||
Total nonperforming loans | 3,236 | 2,601 | |||
Residential Real Estate [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Other estate owned | 126 | $ 1,900 | |||
Non accrual residential mortgage loans in process of foreclosure | 6,700 | 8,700 | |||
Commercial [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Other estate owned | 2,200 | $ 0 | |||
Commercial [Member] | Commercial Real Estate [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | 532 | 536 | |||
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | [1] | 532 | 536 | ||
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | 0 | 0 | |||
Commercial [Member] | Other [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | 314 | 314 | |||
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | [1] | 0 | 0 | ||
Commercial [Member] | Other [Member] | Florida [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | 314 | 314 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | 13,881 | 13,305 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | [1] | 11,274 | 11,324 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | 2,607 | 1,981 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | 324 | 279 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | [1] | 281 | 235 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | 43 | 44 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | 3,075 | 3,063 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | [1] | 2,803 | 2,816 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | 272 | 247 | |||
Installment [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | 149 | 166 | |||
Installment [Member] | New York and Other States [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | [1] | 149 | 151 | ||
Installment [Member] | Florida [Member] | |||||
Non accrual loans by loan class [Abstract] | |||||
Total non-accrual loans | $ 0 | $ 15 | |||
|
Loan Portfolio and Allowance for Credit Losses, Amortized Cost Basis of Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | $ 16,791 | $ 16,244 |
Non-accrual | 1,480 | 1,419 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Commercial [Member] | Commercial Real Estate [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 532 | 536 |
Non-accrual | 0 | 0 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Commercial [Member] | Other [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 314 | 314 |
Non-accrual | 0 | 0 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 12,785 | 12,584 |
Non-accrual | 1,096 | 721 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 275 | 271 |
Non-accrual | 49 | 8 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 2,759 | 2,395 |
Non-accrual | 316 | 668 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Installment [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 126 | 144 |
Non-accrual | 19 | 22 |
Loans Past Due Over 89 Days Still Accruing | $ 0 | $ 0 |
Loan Portfolio and Allowance for Credit Losses, Based on Impairment Review Method (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Ending allowance balance attributable to loans [Abstract] | ||||
Individually evaluated for impairment | $ 0 | $ 0 | $ 0 | |
Collectively evaluated for impairment | 49,220 | 48,578 | ||
Total ending allowance balance | 49,220 | 48,578 | 46,685 | $ 46,032 |
Loans [Abstract] | ||||
Individually evaluated for impairment | 24,847 | 24,729 | ||
Collectively evaluated for impairment | 4,980,659 | 4,978,150 | ||
Total loans | 5,005,506 | 5,002,879 | ||
Commercial Loans [Member] | ||||
Ending allowance balance attributable to loans [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 2,742 | 2,735 | ||
Total ending allowance balance | 2,742 | 2,735 | 2,708 | 2,596 |
Loans [Abstract] | ||||
Individually evaluated for impairment | 952 | 957 | ||
Collectively evaluated for impairment | 278,140 | 272,558 | ||
Total loans | 279,092 | 273,515 | ||
1 to 4 Family Residential Real Estate [Member] | ||||
Ending allowance balance attributable to loans [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 46,295 | 45,625 | ||
Total ending allowance balance | 46,295 | 45,625 | 43,766 | 43,271 |
Loans [Abstract] | ||||
Individually evaluated for impairment | 23,769 | 23,628 | ||
Collectively evaluated for impairment | 4,686,479 | 4,688,850 | ||
Total loans | 4,710,248 | 4,712,478 | ||
Installment Loans [Member] | ||||
Ending allowance balance attributable to loans [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 183 | 218 | ||
Total ending allowance balance | 183 | 218 | $ 211 | $ 165 |
Loans [Abstract] | ||||
Individually evaluated for impairment | 126 | 144 | ||
Collectively evaluated for impairment | 16,040 | 16,742 | ||
Total loans | $ 16,166 | $ 16,886 |
Loan Portfolio and Allowance for Credit Losses, Type of Collateral Dependent Loans by Portfolio Segment (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Loans and Leases Receivable [Abstract] | ||
Total loans, net | $ 5,005,506 | $ 5,002,879 |
Real Estate [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 24,847 | 24,729 |
Investment Securities/Cash [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 0 | 0 |
Other [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 0 | 0 |
Commercial [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 279,092 | 273,515 |
Commercial [Member] | Commercial Real Estate [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 254,915 | 252,255 |
Commercial [Member] | Commercial Real Estate [Member] | Real Estate [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 638 | 643 |
Commercial [Member] | Commercial Real Estate [Member] | Investment Securities/Cash [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 0 | 0 |
Commercial [Member] | Commercial Real Estate [Member] | Other [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 0 | 0 |
Commercial [Member] | Other [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 24,177 | 21,260 |
Commercial [Member] | Other [Member] | Real Estate [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 314 | 314 |
Commercial [Member] | Other [Member] | Investment Securities/Cash [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 0 | 0 |
Commercial [Member] | Other [Member] | Other [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 4,710,248 | 4,712,478 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 4,296,551 | 4,307,105 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Real Estate [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 19,774 | 20,018 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Investment Securities/Cash [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Other [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 57,818 | 57,958 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Real Estate [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 373 | 371 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Investment Securities/Cash [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Other [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 355,879 | 347,415 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Real Estate [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 3,622 | 3,239 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Investment Securities/Cash [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Other [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 0 | 0 |
Installment [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 16,166 | 16,886 |
Installment [Member] | Real Estate [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 126 | 144 |
Installment [Member] | Investment Securities/Cash [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | 0 | 0 |
Installment [Member] | Other [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans, net | $ 0 | $ 0 |
Loan Portfolio and Allowance for Credit Losses, Amortized Cost Basis of Loans Modified to Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications classifications from previously performing loans | $ 8,100 | $ 8,800 | ||
Loan modifications | $ 85 | $ 0 | ||
Financing Receivable Modifications [Abstract] | ||||
% of Total Class of Financing Receivable | 0.00% | |||
New York and Other States [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | [1] | $ 0 | ||
Financing Receivable Modifications [Abstract] | ||||
% of Total Class of Financing Receivable | [1] | 0.00% | ||
Florida [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | $ 85 | |||
Financing Receivable Modifications [Abstract] | ||||
% of Total Class of Financing Receivable | 0.00% | |||
Commercial [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | $ 0 | |||
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | [1] | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | 0 | |||
Commercial [Member] | Other [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | 0 | |||
Commercial [Member] | Other [Member] | New York and Other States [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | [1] | 0 | ||
Commercial [Member] | Other [Member] | Florida [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | $ 85 | |||
Financing Receivable Modifications [Abstract] | ||||
% of Total Class of Financing Receivable | 0.00% | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | [1] | $ 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | $ 85 | |||
Financing Receivable Modifications [Abstract] | ||||
% of Total Class of Financing Receivable | 0.01% | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | $ 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | [1] | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | [1] | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | 0 | |||
Installment [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | 0 | |||
Installment [Member] | New York and Other States [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | [1] | 0 | ||
Installment [Member] | Florida [Member] | ||||
Financing Receivable Modifications Information [Abstract] | ||||
Loan modifications | 0 | |||
Payment Delay [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | 85 | |||
Payment Delay [Member] | New York and Other States [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | [1] | 0 | ||
Payment Delay [Member] | Florida [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | 85 | |||
Payment Delay [Member] | Commercial [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | 0 | |||
Payment Delay [Member] | Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | [1] | 0 | ||
Payment Delay [Member] | Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | 0 | |||
Payment Delay [Member] | Commercial [Member] | Other [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | 0 | |||
Payment Delay [Member] | Commercial [Member] | Other [Member] | New York and Other States [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | [1] | 0 | ||
Payment Delay [Member] | Commercial [Member] | Other [Member] | Florida [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | 0 | |||
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | 85 | |||
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | [1] | 0 | ||
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | 85 | |||
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | 0 | |||
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | [1] | 0 | ||
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | 0 | |||
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | 0 | |||
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | [1] | 0 | ||
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | 0 | |||
Payment Delay [Member] | Installment [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | 0 | |||
Payment Delay [Member] | Installment [Member] | New York and Other States [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | [1] | 0 | ||
Payment Delay [Member] | Installment [Member] | Florida [Member] | ||||
Financing Receivable Modifications [Abstract] | ||||
Loans modified | $ 0 | |||
|
Loan Portfolio and Allowance for Credit Losses, Performance of Loans Modified to Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Mar. 31, 2023 |
||
---|---|---|---|---|
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | $ 85 | $ 0 | ||
New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 85 | |||
30 - 59 Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
30 - 59 Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
60 - 89 Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
60 - 89 Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
90+ Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
90+ Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
90+ Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Current [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 85 | |||
Current [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Current [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 85 | |||
Commercial [Member] | Commercial Real Estate [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Commercial Real Estate [Member] | 30 - 59 Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Commercial Real Estate [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Commercial Real Estate [Member] | 60 - 89 Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Commercial Real Estate [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Commercial Real Estate [Member] | Current [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Commercial Real Estate [Member] | Current [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | Current [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Other [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Other [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Commercial [Member] | Other [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Other [Member] | 30 - 59 Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Other [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Commercial [Member] | Other [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Other [Member] | 60 - 89 Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Other [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Commercial [Member] | Other [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Other [Member] | Current [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Commercial [Member] | Other [Member] | Current [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Commercial [Member] | Other [Member] | Current [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 85 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 85 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30 - 59 Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60 - 89 Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Current [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 85 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Current [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Current [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 85 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30 - 59 Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60 - 89 Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Current [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Current [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Current [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30 - 59 Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60 - 89 Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Current [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Current [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Current [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Installment [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Installment [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Installment [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Installment [Member] | 30 - 59 Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Installment [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Installment [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Installment [Member] | 60 - 89 Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Installment [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Installment [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Installment [Member] | 90+ Days Past Due [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Installment [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Installment [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Installment [Member] | Current [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | 0 | |||
Installment [Member] | Current [Member] | New York and Other States [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | [1] | 0 | ||
Installment [Member] | Current [Member] | Florida [Member] | ||||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Performance of modified loans | $ 0 | |||
|
Loan Portfolio and Allowance for Credit Losses, Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty (Details) - Payment Delay [Member] |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 | ||||
Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Weighted average term | 12 months | |||
Florida [Member] | ||||
Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Weighted average term | 12 months | [1] | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||||
Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Weighted average term | 12 months | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | ||||
Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty [Abstract] | ||||
Weighted average term | 12 months | [1] | ||
|
Loan Portfolio and Allowance for Credit Losses, Loan Modifications (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Financing Receivable Modifications Information [Abstract] | ||
Number of loans defaulted from loan modifications within last 12 months | $ 0 | $ 0 |
Deferral period of past due loans | 60 months | |
Number of days past due, when loans considered in payment default under modified terms | 90 days | |
Contractual past due period for loans to be in payment default | 30 days |
Fair Value of Financial Instruments, Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Securities available for sale [Abstract] | ||
Fair Value | $ 426,241 | $ 452,289 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale [Abstract] | ||
Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
Fair Value | 426,241 | 452,289 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale [Abstract] | ||
Fair Value | 0 | 0 |
Carrying Value [Member] | ||
Securities available for sale [Abstract] | ||
Fair Value | 426,241 | 452,289 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale [Abstract] | ||
U.S. government sponsored enterprises | 0 | 0 |
State and political subdivisions | 0 | 0 |
Mortgage backed securities and collateralized mortgage obligations - residential | 0 | 0 |
Corporate bonds | 0 | 0 |
Small Business Administration - guaranteed participation securities | 0 | 0 |
Other securities | 0 | 0 |
Fair Value | 0 | 0 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
U.S. government sponsored enterprises | 128,854 | 118,668 |
State and political subdivisions | 26 | 26 |
Mortgage backed securities and collateralized mortgage obligations - residential | 227,078 | 237,677 |
Corporate bonds | 53,341 | 78,052 |
Small Business Administration - guaranteed participation securities | 16,260 | 17,186 |
Other securities | 682 | 680 |
Fair Value | 426,241 | 452,289 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale [Abstract] | ||
U.S. government sponsored enterprises | 0 | 0 |
State and political subdivisions | 0 | 0 |
Mortgage backed securities and collateralized mortgage obligations - residential | 0 | 0 |
Corporate bonds | 0 | 0 |
Small Business Administration - guaranteed participation securities | 0 | 0 |
Other securities | 0 | 0 |
Fair Value | 0 | 0 |
Recurring [Member] | Carrying Value [Member] | ||
Securities available for sale [Abstract] | ||
U.S. government sponsored enterprises | 128,854 | 118,668 |
State and political subdivisions | 26 | 26 |
Mortgage backed securities and collateralized mortgage obligations - residential | 227,078 | 237,677 |
Corporate bonds | 53,341 | 78,052 |
Small Business Administration - guaranteed participation securities | 16,260 | 17,186 |
Other securities | 682 | 680 |
Fair Value | $ 426,241 | $ 452,289 |
Fair Value of Financial Instruments, Assets and Liabilities Measured at Fair Value Non-recurring Basis (Details) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned, Valuation Technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember | us-gaap:MarketApproachValuationTechniqueMember |
Other real estate owned, Measurement Input [Extensible List] | us-gaap:MeasurementInputComparabilityAdjustmentMember | us-gaap:MeasurementInputComparabilityAdjustmentMember |
Impaired loans | $ 24,800 | $ 24,700 |
Valuation charge on other real estate owned | 0 | 143 |
Collateral dependent impaired loans | 0 | 0 |
Valuation allowance | 0 | 0 |
Gross charge offs, residential impaired loans | 0 | 0 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned | 0 | 0 |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned | 0 | 0 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned | $ 2,334 | $ 194 |
Nonrecurring [Member] | Minimum [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned, unobservable inputs | 0.01 | 0 |
Nonrecurring [Member] | Maximum [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned, unobservable inputs | 0.01 | 0.39 |
Nonrecurring [Member] | Weighted Average [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned, unobservable inputs | 0.01 | 0.20 |
Nonrecurring [Member] | Carrying Value [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned | $ 2,334 | $ 194 |
Fair Value of Financial Instruments, Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Financial assets [Abstract] | ||
Cash and cash equivalents | $ 609,683 | $ 578,004 |
Securities available for sale | 426,241 | 452,289 |
Held to maturity securities | 6,108 | 6,396 |
Net loans | 4,432,000 | 4,422,027 |
Accrued interest receivable | 14,460 | 13,683 |
Financial liabilities [Abstract] | ||
Demand deposits | 742,997 | 754,532 |
Interest bearing deposits | 4,594,960 | 4,580,010 |
Short-term borrowings | 94,374 | 88,990 |
Accrued interest payable | 3,900 | 3,612 |
Level 1 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 609,683 | 578,004 |
Securities available for sale | 0 | 0 |
Held to maturity securities | 0 | 0 |
Net loans | 0 | 0 |
Accrued interest receivable | 799 | 234 |
Financial liabilities [Abstract] | ||
Demand deposits | 742,997 | 754,532 |
Interest bearing deposits | 2,708,264 | 2,760,221 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 248 | 256 |
Level 2 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 426,241 | 452,289 |
Held to maturity securities | 6,108 | 6,396 |
Net loans | 0 | 0 |
Accrued interest receivable | 2,073 | 1,920 |
Financial liabilities [Abstract] | ||
Demand deposits | 0 | 0 |
Interest bearing deposits | 1,886,696 | 1,819,789 |
Short-term borrowings | 94,374 | 88,990 |
Accrued interest payable | 3,652 | 3,356 |
Level 3 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 0 | 0 |
Held to maturity securities | 0 | 0 |
Net loans | 4,432,000 | 4,422,027 |
Accrued interest receivable | 11,588 | 11,529 |
Financial liabilities [Abstract] | ||
Demand deposits | 0 | 0 |
Interest bearing deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Value [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 609,683 | 578,004 |
Securities available for sale | 426,241 | 452,289 |
Held to maturity securities | 6,206 | 6,458 |
Federal Reserve Bank and Federal Home Loan Bank stock | 6,203 | 6,203 |
Net loans | 4,956,286 | 4,954,301 |
Accrued interest receivable | 14,460 | 13,683 |
Financial liabilities [Abstract] | ||
Demand deposits | 742,997 | 754,532 |
Interest bearing deposits | 4,612,172 | 4,596,245 |
Short-term borrowings | 94,374 | 88,990 |
Accrued interest payable | $ 3,900 | $ 3,612 |
Accumulated Other Comprehensive Loss, Accumulated Other Comprehensive Income (Loss) Balances, Net of Tax (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance | $ 645,285 | $ 599,987 |
Other comprehensive loss - before reclassifications | (1,378) | 3,901 |
Amount reclassified from accumulated other comprehensive income | (148) | (82) |
Other comprehensive (loss) income, net of tax | (1,526) | 3,819 |
Balance | 649,190 | 614,703 |
Accumulated Other Comprehensive Loss [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance | (13,237) | (27,194) |
Other comprehensive (loss) income, net of tax | (1,526) | 3,819 |
Balance | (14,763) | (23,375) |
Net Unrealized Holding Gain (Loss) on Securities Available for Sale, Net of Tax [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance | (23,899) | (32,271) |
Other comprehensive loss - before reclassifications | (1,378) | 3,901 |
Amount reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive (loss) income, net of tax | (1,378) | 3,901 |
Balance | (25,277) | (28,370) |
Net Change in Overfunded Position in Pension and Postretirement Plans Arising During the Year, Net of Tax [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance | 13,476 | 7,588 |
Other comprehensive loss - before reclassifications | 0 | 0 |
Amount reclassified from accumulated other comprehensive income | 0 | 0 |
Other comprehensive (loss) income, net of tax | 0 | 0 |
Balance | 13,476 | 7,588 |
Net Change in Net Actuarial Gain and Prior Service Cost on Pension and Postretirement Benefit Plans, Net of Tax [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance | (2,814) | (2,511) |
Other comprehensive loss - before reclassifications | 0 | 0 |
Amount reclassified from accumulated other comprehensive income | (148) | (82) |
Other comprehensive (loss) income, net of tax | (148) | (82) |
Balance | $ (2,962) | $ (2,593) |
Accumulated Other Comprehensive Loss, Reclassifications out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Reclassification Adjustment Out of Accumulated Other Comprehensive Loss [Abstract] | ||
Salaries and employee benefits | $ 11,427 | $ 13,283 |
Income tax benefit | 3,792 | 5,909 |
Net of tax | 12,126 | 17,746 |
Reclassification Out of Accumulated Other Comprehensive Loss [Member] | ||
Reclassification Adjustment Out of Accumulated Other Comprehensive Loss [Abstract] | ||
Net of tax | 148 | 82 |
Amortization of Pension and Postretirement Benefit Items [Member] | Reclassification Out of Accumulated Other Comprehensive Loss [Member] | ||
Reclassification Adjustment Out of Accumulated Other Comprehensive Loss [Abstract] | ||
Income tax benefit | (52) | (29) |
Net of tax | 148 | 82 |
Amortization of Net Actuarial Gain [Member] | Reclassification Out of Accumulated Other Comprehensive Loss [Member] | ||
Reclassification Adjustment Out of Accumulated Other Comprehensive Loss [Abstract] | ||
Salaries and employee benefits | 203 | 114 |
Amortization of Prior Service Cost [Member] | Reclassification Out of Accumulated Other Comprehensive Loss [Member] | ||
Reclassification Adjustment Out of Accumulated Other Comprehensive Loss [Abstract] | ||
Salaries and employee benefits | $ (3) | $ (3) |
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||
Sources of non-interest income [Abstract] | ||||
Other | [1] | $ 256 | $ 204 | |
Total non-interest income | 4,843 | 4,669 | ||
Overdraft Fees [Member] | ||||
Sources of non-interest income [Abstract] | ||||
Non-interest income | 663 | 680 | ||
Other [Member] | ||||
Sources of non-interest income [Abstract] | ||||
Non-interest income | 511 | 532 | ||
Interchange Income [Member] | ||||
Sources of non-interest income [Abstract] | ||||
Non-interest income | 1,597 | 1,479 | ||
Wealth Management Fees [Member] | ||||
Sources of non-interest income [Abstract] | ||||
Non-interest income | $ 1,816 | $ 1,774 | ||
|
Operating Leases (Details) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2024
USD ($)
Property
Lease
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
|||
Leases, operating [Abstract] | |||||
Number of lease for which construction not started | Lease | 0 | ||||
Other information related to leases [Abstract] | |||||
Operating lease cost | $ 2,097 | $ 2,050 | |||
Variable lease cost | 606 | 585 | |||
Total Lease costs | 2,703 | 2,635 | |||
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | |||||
Operating cash flows from operating leases | 2,124 | 2,072 | |||
Right-of-use assets obtained in exchange for lease obligations: | $ 759 | $ 385 | |||
Weighted average remaining lease term | 8 years 4 months 24 days | 8 years 8 months 12 days | |||
Weighted average discount rate | 3.12% | 3.00% | |||
Future minimum lease payments under non-cancellable leases [Abstract] | |||||
2024 | [1] | $ 6,362 | |||
2025 | 8,156 | ||||
2026 | 7,183 | ||||
2027 | 5,974 | ||||
2028 | 4,786 | ||||
Thereafter | 17,085 | ||||
Total lease payments | 49,546 | ||||
Less: Interest | 6,108 | ||||
Present value of lease liabilities | 43,438 | $ 44,471 | |||
Director [Member] | |||||
Future minimum lease payments under non-cancellable leases [Abstract] | |||||
Total lease payments | 2,600 | ||||
Less: Interest | $ 292 | ||||
Number of properties under lease owned by related party | Property | 5 | ||||
Minimum [Member] | |||||
Leases, operating [Abstract] | |||||
Operating lease expiration term | 2 months | ||||
Maximum [Member] | |||||
Leases, operating [Abstract] | |||||
Operating lease expiration term | 20 years 6 months | ||||
|
Regulatory Capital Requirements (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
Classification
|
Dec. 31, 2023
USD ($)
|
||||
---|---|---|---|---|---|---|
Trustco Bank [Member] | ||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations Information [Abstract] | ||||||
Number of classifications for prompt corrective action regulations provide | Classification | 5 | |||||
Tier One Risk Based Capital [Abstract] | ||||||
Tier 1 leverage capital | $ 640,288 | $ 636,327 | ||||
Common equity Tier 1 capital | 640,288 | 636,327 | ||||
Tier 1 risk-based capital | 640,288 | 636,327 | ||||
Total risk-based capital | $ 683,633 | $ 679,924 | ||||
Risk Based Ratios [Abstract] | ||||||
Tier 1 leverage ratio, ratio | 0.10427 | 0.10428 | ||||
Common equity Tier 1 capital, ratio | 0.18505 | 0.1828 | ||||
Tier 1 risk-based capital, ratio | 0.18505 | 0.1828 | ||||
Total risk-based capital, ratio | 0.19758 | 0.19532 | ||||
Leverage Ratios [Abstract] | ||||||
Tier 1 leverage ratio, well capitalized | [1] | 0.05 | 0.05 | |||
Tier 1 leverage ratio, minimum for capital adequacy plus capital conservation | [1],[2] | 0.04 | 0.04 | |||
Common equity Tier 1 capital, well capitalized | [1] | 0.065 | 0.065 | |||
Common equity Tier 1 capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.07 | 0.07 | |||
Tier 1 risk-based capital, well capitalized | [1] | 0.08 | 0.08 | |||
Tier 1 risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.085 | 0.085 | |||
Total risk-based capital, well capitalized | [1] | 0.10 | 0.10 | |||
Total risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.105 | 0.105 | |||
Common equity Tier 1 capital conservation buffer | 0.025 | 0.025 | ||||
Tier 1 risk based capital ratio, capital conservation buffer | 0.025 | 0.025 | ||||
Total risk based capital ratio, capital conservation buffer | 0.025 | 0.025 | ||||
TrustCo Bank Corp NY [Member] | ||||||
Tier One Risk Based Capital [Abstract] | ||||||
Tier 1 leverage capital | $ 663,400 | $ 657,968 | ||||
Common equity Tier 1 capital | 663,400 | 657,968 | ||||
Tier 1 risk-based capital | 663,400 | 657,968 | ||||
Total risk-based capital | $ 706,757 | $ 701,577 | ||||
Risk Based Ratios [Abstract] | ||||||
Tier 1 leverage ratio, ratio | 0.10798 | 0.1078 | ||||
Common equity Tier 1 capital, ratio | 0.19168 | 0.18896 | ||||
Tier 1 risk-based capital, ratio | 0.19168 | 0.18896 | ||||
Total risk-based capital, ratio | 0.20421 | 0.20149 | ||||
Leverage Ratios [Abstract] | ||||||
Tier 1 leverage ratio, minimum for capital adequacy plus capital conservation | [1],[2] | 0.04 | 0.04 | |||
Common equity Tier 1 capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.07 | 0.07 | |||
Tier 1 risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.085 | 0.085 | |||
Total risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.105 | 0.105 | |||
Common equity Tier 1 capital conservation buffer | 0.025 | 0.025 | ||||
Tier 1 risk based capital ratio, capital conservation buffer | 0.025 | 0.025 | ||||
Total risk based capital ratio, capital conservation buffer | 0.025 | 0.025 | ||||
|
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