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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest and dividend income:        
Interest and fees on loans $ 50,660 $ 46,062 $ 100,464 $ 90,334
Interest and dividends on securities available for sale:        
U. S. government sponsored enterprises 909 691 1,815 1,383
State and political subdivisions 1 1 1 1
Mortgage-backed securities and collateralized mortgage obligations - residential 1,451 1,543 2,945 3,128
Corporate bonds 362 516 838 1,037
Small Business Administration-guaranteed participation securities 94 111 194 228
Other securities 2 3 5 5
Total interest and dividends on securities available for sale 2,819 2,865 5,798 5,782
Interest on held to maturity securities:        
Mortgage-backed securities and collateralized mortgage obligations-residential 65 75 133 153
Total interest on held to maturity securities 65 75 133 153
Federal Home Loan Bank stock 147 110 299 220
Interest on federal funds sold and other short-term investments 6,894 6,970 13,644 13,525
Total interest income 60,585 56,082 120,338 110,014
Interest on deposits:        
Interest-bearing checking 288 49 528 115
Savings accounts 675 655 1,387 1,185
Money market deposit accounts 2,228 1,756 4,570 2,570
Time deposits 19,400 9,291 39,077 14,563
Interest on short-term borrowings 206 279 410 564
Total interest expense 22,797 12,030 45,972 18,997
Net interest income 37,788 44,052 74,366 91,017
Provision (Credit) for credit losses 500 (500) 1,100 (200)
Net interest income after provision (credit) for credit losses 37,288 44,552 73,266 91,217
Noninterest income:        
Trustco financial services income 1,609 1,412 3,425 3,186
Fees for services to customers 2,399 2,847 5,144 5,495
Unrealized gain recognized on equity securities [1] 1,360 0 1,360 0
Other 283 339 565 586
Total noninterest income 5,651 4,598 10,494 9,267
Noninterest expenses:        
Salaries and employee benefits 12,520 13,122 23,947 26,405
Net occupancy expense 4,375 4,262 8,986 8,860
Equipment expense 1,990 1,873 3,728 3,835
Professional services 1,570 1,360 3,030 2,967
Outsourced services 2,755 2,491 5,256 4,787
Advertising expense 466 518 874 908
FDIC and other insurance 797 1,085 1,891 2,137
Other real estate expense, net 16 148 90 373
Other 1,970 2,468 3,560 4,734
Total noninterest expenses 26,459 27,327 51,362 55,006
Income before taxes 16,480 21,823 32,398 45,478
Income taxes 3,929 5,451 7,721 11,360
Net income $ 12,551 $ 16,372 $ 24,677 $ 34,118
Net income per share:        
Basic (in dollars per share) $ 0.66 $ 0.86 $ 1.3 $ 1.79
Diluted (in dollars per share) $ 0.66 $ 0.86 $ 1.3 $ 1.79
[1] Not within the scope of ASC 606.