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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and dividend income:        
Interest and fees on loans $ 52,112 $ 47,921 $ 152,576 $ 138,255
Interest and dividends on securities available for sale:        
U. S. government sponsored enterprises 718 672 2,533 2,055
State and political subdivisions 0 0 1 1
Mortgage-backed securities and collateralized mortgage obligations - residential 1,397 1,485 4,342 4,613
Corporate bonds 361 473 1,199 1,510
Small Business Administration-guaranteed participation securities 90 107 284 335
Other securities 2 2 7 7
Total interest and dividends on securities available for sale 2,568 2,739 8,366 8,521
Interest on held to maturity securities:        
Mortgage-backed securities and collateralized mortgage obligations-residential 62 73 195 226
Total interest on held to maturity securities 62 73 195 226
Federal Home Loan Bank stock 153 131 452 351
Interest on federal funds sold and other short-term investments 6,174 6,688 19,818 20,213
Total interest income 61,069 57,552 181,407 167,566
Interest on deposits:        
Interest-bearing checking 311 102 839 217
Savings accounts 770 639 2,157 1,824
Money market deposit accounts 2,154 2,384 6,724 4,954
Time deposits 18,969 11,962 58,046 26,525
Interest on short-term borrowings 194 244 604 808
Total interest expense 22,398 15,331 68,370 34,328
Net interest income 38,671 42,221 113,037 133,238
Provision (Credit) for credit losses 500 100 1,600 (100)
Net interest income after provision (credit) for credit losses 38,171 42,121 111,437 133,338
Noninterest income:        
Trustco financial services income 2,044 1,627 5,469 4,813
Fees for services to customers 2,482 2,590 7,626 8,085
Net gains on equity securities [1] 23 0 1,383 0
Other 382 357 947 943
Total noninterest income 4,931 4,574 15,425 13,841
Noninterest expenses:        
Salaries and employee benefits 12,134 12,393 36,081 38,798
Net occupancy expense 4,271 4,358 13,257 13,218
Equipment expense 1,757 1,923 5,485 5,758
Professional services 1,863 1,717 4,893 4,684
Outsourced services 2,551 2,720 7,807 7,507
Advertising expense 339 586 1,213 1,494
FDIC and other insurance 1,112 1,078 3,003 3,215
Other real estate expense, net 204 163 294 536
Other 1,969 2,522 5,529 7,256
Total noninterest expenses 26,200 27,460 77,562 82,466
Income before taxes 16,902 19,235 49,300 64,713
Income taxes 4,027 4,555 11,748 15,915
Net income $ 12,875 $ 14,680 $ 37,552 $ 48,798
Net income per share:        
Basic (in dollars per share) $ 0.68 $ 0.77 $ 1.97 $ 2.57
Diluted (in dollars per share) $ 0.68 $ 0.77 $ 1.97 $ 2.57
[1] Not within the scope of ASC 606.