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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest and dividend income:      
Interest and fees on loans $ 205,600 $ 187,456 $ 162,214
Interest and dividends on securities available for sale:      
U. S. government sponsored enterprises 3,213 2,805 1,405
State and political subdivisions 1 2 2
Mortgage-backed securities and collateralized mortgage obligations-residential 5,760 6,146 5,677
Corporate bonds 1,557 1,987 1,804
Small Business Administration-guaranteed participation securities 368 437 551
Other 13 10 9
Total interest and dividends on securities available for sale 10,912 11,387 9,448
Interest on held to maturity securities:      
Mortgage-backed securities and collateralized mortgage obligations-residential 254 296 343
Total interest on held to maturity securities 254 296 343
Federal Home Loan Bank stock 604 500 305
Interest on federal funds sold and other short-term investments 25,946 26,567 14,292
Total interest and dividend income 243,316 226,206 186,602
Interest expense:      
Interest on deposits 90,586 53,352 5,727
Interest on short-term borrowings 791 1,009 740
Total interest expense 91,377 54,361 6,467
Net interest income 151,939 171,845 180,135
Provision (Credit) for credit losses 2,000 1,250 (341)
Net interest income after provision (credit) for credit losses 149,939 170,595 180,476
Noninterest income:      
Trustco Financial Services income 7,247 6,425 7,037
Fees for services to customers 9,852 10,648 10,947
Net gain on equity securities [1] 1,383 0 0
Other 1,352 1,242 1,276
Total noninterest income 19,834 18,315 19,260
Noninterest expense:      
Salaries and employee benefits 48,149 51,242 45,904
Net occupancy expense 17,820 17,427 17,527
Equipment expense 7,889 7,610 6,487
Professional services 6,675 6,245 5,577
Outsourced services 10,858 10,039 9,210
Advertising expense 1,803 1,878 2,046
FDIC and other insurance expense 4,116 4,300 3,159
Other real estate expense, net 770 524 310
Other 7,647 12,032 10,099
Total noninterest expense 105,727 111,297 100,319
Income before income taxes 64,046 77,613 99,417
Income taxes 15,213 18,967 24,183
Net income $ 48,833 $ 58,646 $ 75,234
Earnings per share:      
Basic (in dollars per share) $ 2.57 $ 3.08 $ 3.93
Diluted (in dollars per share) $ 2.57 $ 3.08 $ 3.93
[1] Not within the scope of ASC 606.