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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest and dividend income:        
Interest and fees on loans $ 54,557 $ 50,660 $ 108,007 $ 100,464
Interest and dividends on securities available for sale:        
U. S. government sponsored enterprises 614 909 1,210 1,815
State and political subdivisions 0 1 0 1
Mortgage-backed securities and collateralized mortgage obligations - residential 1,613 1,451 3,096 2,945
Corporate bonds 210 362 470 838
Small Business Administration-guaranteed participation securities 75 94 156 194
Other securities 8 2 15 5
Total interest and dividends on securities available for sale 2,520 2,819 4,947 5,798
Interest on held to maturity securities:        
Mortgage-backed securities and collateralized mortgage obligations-residential 54 65 111 133
Total interest on held to maturity securities 54 65 111 133
Federal Home Loan Bank stock 129 147 280 299
Interest on federal funds sold and other short-term investments 7,212 6,894 13,944 13,644
Total interest income 64,472 60,585 127,289 120,338
Interest on deposits:        
Interest-bearing checking 536 288 1,094 528
Savings accounts 733 675 1,467 1,387
Money market deposit accounts 2,086 2,228 4,075 4,570
Time deposits 19,195 19,400 38,178 39,077
Interest on short-term borrowings 176 206 356 410
Total interest expense 22,726 22,797 45,170 45,972
Net interest income 41,746 37,788 82,119 74,366
Provision for credit losses 650 500 950 1,100
Net interest income after provision for credit losses 41,096 37,288 81,169 73,266
Noninterest income:        
Trustco financial services income 1,818 1,609 3,938 3,425
Fees for services to customers 2,266 2,399 4,911 5,144
Net gains on equity securities [1] 0 1,360 0 1,360
Other 768 283 977 565
Total noninterest income 4,852 5,651 9,826 10,494
Noninterest expenses:        
Salaries and employee benefits 11,876 12,520 23,770 23,947
Net occupancy expense 4,518 4,375 9,072 8,986
Equipment expense 1,918 1,990 3,862 3,728
Professional services 1,886 1,570 3,612 3,030
Outsourced services 2,460 2,755 5,160 5,256
Advertising expense 304 466 665 874
FDIC and other insurance 1,136 797 2,324 1,891
Other real estate expense, net 522 16 550 90
Other 1,603 1,970 3,537 3,560
Total noninterest expenses 26,223 26,459 52,552 51,362
Income before taxes 19,725 16,480 38,443 32,398
Income taxes 4,686 3,929 9,129 7,721
Net income $ 15,039 $ 12,551 $ 29,314 $ 24,677
Net income per share:        
Basic (in dollars per share) $ 0.79 $ 0.66 $ 1.54 $ 1.3
Diluted (in dollars per share) $ 0.79 $ 0.66 $ 1.54 $ 1.3
[1] Not within the scope of ASC 606.