For the quarterly period ended | Commission File Number 0-10592 |
NEW YORK | 14‑1630287 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
5 SARNOWSKI DRIVE, GLENVILLE, NEW YORK | 12302 | |
(Address of principal executive offices) | (Zip Code) |
(518) 377‑3311 |
Large accelerated filer ☐ | Accelerated filer ☒ | Non-accelerated filer ☐ |
Smaller reporting company ☐ | Emerging growth company ☐ |
Common Stock | Number of Shares Outstanding as of | |
$1 Par Value |
Part I. | FINANCIAL INFORMATION | PAGE NO. | |
Item 1. | Consolidated Interim Financial Statements (Unaudited): | ||
3 | |||
4 | |||
5 | |||
6 | |||
7 | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Part II. | OTHER INFORMATION | ||
Item 1. | |||
Item 1A. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 5. | |||
Item 6. |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||||||
Interest and fees on loans | $ | 36,044 | 35,605 | $ | 37,513 | 36,171 | 110,219 | 107,428 | ||||||||||||||||
Interest and dividends on securities available for sale: | ||||||||||||||||||||||||
U. S. government sponsored enterprises | 595 | 255 | 465 | 408 | 1,667 | 1,067 | ||||||||||||||||||
State and political subdivisions | 12 | 14 | 6 | 13 | 29 | 40 | ||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 1,958 | 2,116 | 1,815 | 1,829 | 5,717 | 6,114 | ||||||||||||||||||
Corporate bonds | 151 | - | 153 | 97 | 458 | 97 | ||||||||||||||||||
Small Business Administration-guaranteed participation securities | 415 | 476 | 380 | 445 | 1,189 | 1,371 | ||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial | 23 | 36 | 22 | 36 | 66 | 110 | ||||||||||||||||||
Other securities | 4 | 4 | 4 | 4 | 12 | 12 | ||||||||||||||||||
Total interest and dividends on securities available for sale | 3,158 | 2,901 | 2,845 | 2,832 | 9,138 | 8,811 | ||||||||||||||||||
Interest on held to maturity securities: | ||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 316 | 402 | 276 | 347 | 888 | 1,123 | ||||||||||||||||||
Corporate bonds | 154 | 154 | 102 | 156 | 410 | 464 | ||||||||||||||||||
Total interest on held to maturity securities | 470 | 556 | 378 | 503 | 1,298 | 1,587 | ||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 134 | 120 | 125 | 131 | 393 | 369 | ||||||||||||||||||
Interest on federal funds sold and other short-term investments | 1,246 | 844 | 1,927 | 866 | 4,900 | 2,542 | ||||||||||||||||||
Total interest income | 41,052 | 40,026 | 42,788 | 40,503 | 125,948 | 120,737 | ||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Interest on deposits: | ||||||||||||||||||||||||
Interest-bearing checking | 124 | 114 | 113 | 120 | 371 | 350 | ||||||||||||||||||
Savings | 430 | 604 | 435 | 504 | 1,300 | 1,712 | ||||||||||||||||||
Money market deposit accounts | 466 | 496 | 469 | 463 | 1,403 | 1,426 | ||||||||||||||||||
Time deposits | 2,283 | 2,373 | 2,247 | 2,468 | 6,711 | 7,301 | ||||||||||||||||||
Interest on short-term borrowings | 349 | 257 | 345 | 281 | 1,043 | 800 | ||||||||||||||||||
Total interest expense | 3,652 | 3,844 | 3,609 | 3,836 | 10,828 | 11,589 | ||||||||||||||||||
Net interest income | 37,400 | 36,182 | 39,179 | 36,667 | 115,120 | 109,148 | ||||||||||||||||||
Provision for loan losses | 600 | 800 | 550 | 750 | 1,700 | 2,350 | ||||||||||||||||||
Net interest income after provision for loan losses | 36,800 | 35,382 | 38,629 | 35,917 | 113,420 | 106,798 | ||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||
Trustco financial services income | 1,858 | 1,605 | 1,844 | 1,347 | 5,127 | 4,464 | ||||||||||||||||||
Fees for services to customers | 2,637 | 2,661 | 2,767 | 2,664 | 8,201 | 8,062 | ||||||||||||||||||
Net gain on securities transactions | - | - | - | 668 | ||||||||||||||||||||
Other | 232 | 306 | 243 | 718 | 757 | 1,306 | ||||||||||||||||||
Total noninterest income | 4,727 | 4,572 | 4,854 | 4,729 | 14,085 | 14,500 | ||||||||||||||||||
Noninterest expenses: | ||||||||||||||||||||||||
Salaries and employee benefits | 10,210 | 9,003 | 10,360 | 8,995 | 30,129 | 26,932 | ||||||||||||||||||
Net occupancy expense | 4,109 | 4,088 | 4,027 | 3,887 | 12,403 | 11,893 | ||||||||||||||||||
Equipment expense | 1,556 | 1,514 | 1,669 | 1,596 | 4,653 | 4,950 | ||||||||||||||||||
Professional services | 1,928 | 2,146 | 1,679 | 1,959 | 5,570 | 6,203 | ||||||||||||||||||
Outsourced services | 1,500 | 1,551 | 1,650 | 1,465 | 4,650 | 4,441 | ||||||||||||||||||
Advertising expense | 713 | 729 | 699 | 489 | 2,019 | 1,788 | ||||||||||||||||||
FDIC and other insurance | 1,047 | 1,990 | 1,018 | 1,127 | 3,077 | 5,066 | ||||||||||||||||||
Other real estate expense, net | 499 | 519 | ||||||||||||||||||||||
Other real estate expense (income), net | 275 | 895 | 770 | 1,837 | ||||||||||||||||||||
Other | 2,457 | 1,899 | 2,149 | 2,636 | 7,187 | 7,352 | ||||||||||||||||||
Total noninterest expenses | 24,019 | 23,439 | 23,526 | 23,049 | 70,458 | 70,462 | ||||||||||||||||||
Income before taxes | 17,508 | 16,515 | 19,957 | 17,597 | 57,047 | 50,836 | ||||||||||||||||||
Income taxes | 6,561 | 6,106 | 7,361 | 6,667 | 21,264 | 19,033 | ||||||||||||||||||
Net income | $ | 10,947 | 10,409 | $ | 12,596 | 10,930 | 35,783 | 31,803 | ||||||||||||||||
Net income per share: | ||||||||||||||||||||||||
- Basic | $ | 0.114 | 0.109 | $ | 0.131 | 0.114 | 0.373 | 0.333 | ||||||||||||||||
- Diluted | $ | 0.114 | 0.109 | $ | 0.131 | 0.114 | 0.372 | 0.333 |
Three Months Ended March 31 | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Net income | $ | 10,947 | 10,409 | $ | 12,596 | 10,930 | 35,783 | 31,803 | ||||||||||||||||
Net unrealized holding gain on securities available for sale | 1,179 | 8,035 | 938 | (125 | ) | 5,460 | 12,475 | |||||||||||||||||
Reclassification adjustments for net gain recognized in income | - | - | - | (668 | ) | |||||||||||||||||||
Tax effect | (472 | ) | (3,214 | ) | (376 | ) | 50 | (2,185 | ) | (4,723 | ) | |||||||||||||
Net unrealized gain on securities available for sale, net of tax | 707 | 4,821 | 562 | (75 | ) | 3,275 | 7,084 | |||||||||||||||||
Amortization of net actuarial (gain) loss | (63 | ) | 33 | |||||||||||||||||||||
Amortization of net actuarial gain | (72 | ) | (8 | ) | (208 | ) | (25 | ) | ||||||||||||||||
Amortization of prior service cost | 23 | 23 | 23 | 22 | 68 | 67 | ||||||||||||||||||
Tax effect | 16 | (23 | ) | 20 | (6 | ) | 56 | (17 | ) | |||||||||||||||
Amortization of net actuarial (gain) loss and prior service cost on pension and postretirement plans, net of tax | (24 | ) | 33 | |||||||||||||||||||||
Amortization of net actuarial gain and prior service cost on pension and postretirement plans, net of tax | (29 | ) | 8 | (84 | ) | 25 | ||||||||||||||||||
Other comprehensive income, net of tax | 683 | 4,854 | 533 | (67 | ) | 3,191 | 7,109 | |||||||||||||||||
Comprehensive income | $ | 11,630 | 15,263 | $ | 13,129 | 10,863 | 38,974 | 38,912 |
March 31, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | |||||||||||||
ASSETS: | (Unaudited) | (Audited) | (Unaudited) | (Audited) | ||||||||||||
Cash and due from banks | $ | 41,352 | 48,719 | $ | 41,598 | 48,719 | ||||||||||
Federal funds sold and other short term investments | 641,839 | 658,555 | 582,599 | 658,555 | ||||||||||||
Total cash and cash equivalents | 683,191 | 707,274 | 624,197 | 707,274 | ||||||||||||
Securities available for sale | 647,560 | 620,360 | 580,430 | 620,360 | ||||||||||||
Held to maturity securities (fair value 2017 $45,015; 2016 $47,526) | 43,270 | 45,490 | ||||||||||||||
Held to maturity securities (fair value 2017 $30,731; 2016 $47,526) | 29,268 | 45,490 | ||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 9,579 | 9,579 | 8,779 | 9,579 | ||||||||||||
Loans, net of deferred net costs | 3,448,936 | 3,430,586 | 3,578,282 | 3,430,586 | ||||||||||||
Less: | ||||||||||||||||
Allowance for loan losses | 44,048 | 43,890 | 44,082 | 43,890 | ||||||||||||
Net loans | 3,404,888 | 3,386,696 | 3,534,200 | 3,386,696 | ||||||||||||
Bank premises and equipment, net | 35,175 | 35,466 | 35,028 | 35,466 | ||||||||||||
Other assets | 63,080 | 63,941 | 58,373 | 63,941 | ||||||||||||
Total assets | $ | 4,886,743 | 4,868,806 | $ | 4,870,275 | 4,868,806 | ||||||||||
LIABILITIES: | ||||||||||||||||
Deposits: | ||||||||||||||||
Demand | $ | 373,930 | 377,755 | $ | 397,623 | 377,755 | ||||||||||
Interest-bearing checking | 838,936 | 815,534 | 862,067 | 815,534 | ||||||||||||
Savings accounts | 1,287,802 | 1,271,449 | 1,265,229 | 1,271,449 | ||||||||||||
Money market deposit accounts | 583,909 | 571,962 | 564,557 | 571,962 | ||||||||||||
Time deposits | 1,113,892 | 1,159,463 | 1,075,886 | 1,159,463 | ||||||||||||
Total deposits | 4,198,469 | 4,196,163 | 4,165,362 | 4,196,163 | ||||||||||||
Short-term borrowings | 220,946 | 209,406 | 216,508 | 209,406 | ||||||||||||
Accrued expenses and other liabilities | 28,628 | 30,551 | 33,477 | 30,551 | ||||||||||||
Total liabilities | $ | 4,448,043 | 4,436,120 | $ | 4,415,347 | 4,436,120 | ||||||||||
SHAREHOLDERS' EQUITY: | ||||||||||||||||
Capital stock par value $1; 150,000,000 shares authorized; 99,492,882 and 99,214,382 shares issued at March 31, 2017 and December 31, 2016, respectively | 99,493 | 99,214 | ||||||||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||||||||
Capital stock par value $1; 150,000,000 shares authorized; 99,561,882 and 99,214,382 shares issued at September 30, 2017 and December 31, 2016, respectively | 99,562 | 99,214 | ||||||||||||||
Surplus | 172,628 | 171,425 | 172,712 | 171,425 | ||||||||||||
Undivided profits | 206,173 | 201,517 | 218,401 | 201,517 | ||||||||||||
Accumulated other comprehensive loss, net of tax | (5,568 | ) | (6,251 | ) | (3,060 | ) | (6,251 | ) | ||||||||
Treasury stock at cost - 3,575,636 and 3,434,205 shares at March 31, 2017 and December 31, 2016, respectively | (34,026 | ) | (33,219 | ) | ||||||||||||
Treasury stock at cost - 3,454,286 and 3,434,205 shares at | ||||||||||||||||
September 30, 2017 and December 31, 2016, respectively | (32,687 | ) | (33,219 | ) | ||||||||||||
Total shareholders' equity | 438,700 | 432,686 | ||||||||||||||
Total shareholders’ equity | 454,928 | 432,686 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 4,886,743 | 4,868,806 | |||||||||||||
Total liabilities and shareholders’ equity | $ | 4,870,275 | 4,868,806 |
Capital Stock | Surplus | Undivided Profits | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||
Capital Stock | Surplus | Undivided Profits | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2016 | $ | 98,973 | 171,443 | 184,009 | (4,781 | ) | (36,334 | ) | 413,310 | $ | 98,973 | 171,443 | 184,009 | (4,781 | ) | (36,334 | ) | 413,310 | ||||||||||||||||||||||||||||||
Net income | - | - | 10,409 | - | - | 10,409 | - | - | 31,803 | - | - | 31,803 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | - | - | - | 4,854 | - | 4,854 | - | - | - | 7,109 | - | 7,109 | ||||||||||||||||||||||||||||||||||||
Cash dividend declared, $.0656 per share | - | - | (6,259 | ) | - | - | (6,259 | ) | ||||||||||||||||||||||||||||||||||||||||
Sale of treasury stock (106,351 shares) | - | (386 | ) | - | - | 1,041 | 655 | |||||||||||||||||||||||||||||||||||||||||
Cash dividend declared, $.1969 per share | - | - | (18,799 | ) | - | - | (18,799 | ) | ||||||||||||||||||||||||||||||||||||||||
Stock options exercised (147,630 shares) | 148 | 612 | - | - | - | 760 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock (111,906 shares) | - | - | - | - | (701 | ) | (701 | ) | ||||||||||||||||||||||||||||||||||||||||
Sale of treasury stock (316,337 shares) | - | (1,130 | ) | - | - | 3,088 | 1,958 | |||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | - | 56 | - | - | - | 56 | - | 168 | - | - | - | 168 | ||||||||||||||||||||||||||||||||||||
Ending balance, March 31, 2016 | $ | 98,973 | 171,113 | 188,159 | 73 | (35,293 | ) | 423,025 | ||||||||||||||||||||||||||||||||||||||||
Ending balance, September 30, 2016 | $ | 99,121 | 171,093 | 197,013 | 2,328 | (33,947 | ) | 435,608 | ||||||||||||||||||||||||||||||||||||||||
Beginning balance, January 1, 2017 | $ | 99,214 | 171,425 | 201,517 | (6,251 | ) | (33,219 | ) | 432,686 | $ | 99,214 | 171,425 | 201,517 | (6,251 | ) | (33,219 | ) | 432,686 | ||||||||||||||||||||||||||||||
Net income | - | - | 10,947 | - | - | 10,947 | - | - | 35,783 | - | - | 35,783 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | - | - | - | 683 | - | 683 | - | - | - | 3,191 | - | 3,191 | ||||||||||||||||||||||||||||||||||||
Cash dividend declared, $.0656 per share | - | - | (6,291 | ) | - | - | (6,291 | ) | ||||||||||||||||||||||||||||||||||||||||
Stock options exercised (278,500 shares) | 279 | 1,224 | - | - | - | 1,503 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock (213,356 shares) | - | - | - | - | (1,503 | ) | (1,503 | ) | ||||||||||||||||||||||||||||||||||||||||
Sale of treasury stock (71,925 shares) | - | (63 | ) | - | - | 696 | 633 | |||||||||||||||||||||||||||||||||||||||||
Cash dividend declared, $.1969 per share | - | - | (18,899 | ) | - | - | (18,899 | ) | ||||||||||||||||||||||||||||||||||||||||
Stock options exercised (347,500 shares) | 348 | 1,510 | - | - | - | 1,858 | ||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock (251,646 shares) | - | - | - | - | (1,683 | ) | (1,683 | ) | ||||||||||||||||||||||||||||||||||||||||
Sale of treasury stock (231,750 shares) | - | (337 | ) | - | - | 2,215 | 1,878 | |||||||||||||||||||||||||||||||||||||||||
Stock based compensation expense | - | 42 | - | - | - | 42 | - | 114 | - | - | - | 114 | ||||||||||||||||||||||||||||||||||||
Ending balance, March 31, 2017 | $ | 99,493 | 172,628 | 206,173 | (5,568 | ) | (34,026 | ) | 438,700 | |||||||||||||||||||||||||||||||||||||||
Ending balance, September 30, 2017 | $ | 99,562 | 172,712 | 218,401 | (3,060 | ) | (32,687 | ) | 454,928 |
Three months ended March 31, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 10,947 | 10,409 | $ | 35,783 | 31,803 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Depreciation and amortization | 946 | 1,061 | 2,857 | 3,071 | ||||||||||||
Net gain on sale of other real estate owned | (191 | ) | - | (897 | ) | (281 | ) | |||||||||
Writedown of other real estate owned | 188 | 346 | 823 | 911 | ||||||||||||
Provision for loan losses | 600 | 800 | 1,700 | 2,350 | ||||||||||||
Deferred tax expense (benefit) | 368 | (179 | ) | |||||||||||||
Deferred tax expense | 1,122 | 3,899 | ||||||||||||||
Net amortization of securities | 1,114 | 1,152 | 2,244 | 3,702 | ||||||||||||
Stock based compensation expense | 42 | 56 | 114 | 168 | ||||||||||||
Net loss on sale of bank premises and equipment | - | 3 | ||||||||||||||
(Increase) decrease in taxes receivable | (411 | ) | 4,703 | |||||||||||||
Net loss on sale/retirement of bank premises and equipment | 43 | (480 | ) | |||||||||||||
Net gain on sales of securities | - | (668 | ) | |||||||||||||
Decrease in taxes receivable | 2,748 | 2,320 | ||||||||||||||
Decrease in interest receivable | 328 | 264 | 257 | (610 | ) | |||||||||||
(Decrease) increase in interest payable | (16 | ) | 48 | |||||||||||||
Decrease in interest payable | (56 | ) | (5 | ) | ||||||||||||
Increase in other assets | (997 | ) | (632 | ) | (2,214 | ) | (4,844 | ) | ||||||||
Decrease in accrued expenses and other liabilities | (1,602 | ) | (1,912 | ) | ||||||||||||
Increase (decrease) in accrued expenses and other liabilities | 2,957 | (297 | ) | |||||||||||||
Total adjustments | 369 | 5,710 | 11,698 | 9,236 | ||||||||||||
Net cash provided by operating activities | 11,316 | 16,119 | 47,481 | 41,039 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Proceeds from sales and calls of securities available for sale | 20,770 | 48,913 | 109,123 | 205,312 | ||||||||||||
Proceeds from calls and maturities of held to maturity securities | 2,220 | 2,891 | 16,222 | 8,435 | ||||||||||||
Purchases of securities available for sale | (47,905 | ) | (31,121 | ) | (65,977 | ) | (250,554 | ) | ||||||||
Proceeds from maturities of securities available for sale | - | 550 | ||||||||||||||
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (144 | ) | (99 | ) | ||||||||||||
Proceeds from redemption of Federal Reserve Bank and Federal Home Loan Bank stock | 944 | - | ||||||||||||||
Net increase in loans | (19,579 | ) | (10,275 | ) | (152,334 | ) | (101,292 | ) | ||||||||
Proceeds from dispositions of other real estate owned | 1,867 | 1,461 | 4,593 | 4,860 | ||||||||||||
Proceeds from dispositions of bank premises and equipment | - | 18 | - | 674 | ||||||||||||
Purchases of bank premises and equipment | (655 | ) | (799 | ) | (2,462 | ) | (1,732 | ) | ||||||||
Net cash (used in) provided by investing activities | (43,282 | ) | 11,088 | (90,035 | ) | (133,846 | ) | |||||||||
Cash flows from financing activities: | ||||||||||||||||
Net increase in deposits | 2,306 | 42,110 | ||||||||||||||
Net increase (decrease) in short-term borrowings | 11,540 | (21,698 | ) | |||||||||||||
Net change in deposits | (30,801 | ) | 67,860 | |||||||||||||
Net change in short-term borrowings | 7,102 | (12,022 | ) | |||||||||||||
Proceeds from exercise of stock options | 1,503 | - | 1,858 | 760 | ||||||||||||
Stock based award tax withholding payments | (312 | ) | - | |||||||||||||
Proceeds from sale of treasury stock | 633 | 655 | 1,878 | 1,958 | ||||||||||||
Purchases of treasury stock | (1,503 | ) | - | (1,683 | ) | (701 | ) | |||||||||
Dividends paid | (6,284 | ) | (6,252 | ) | (18,877 | ) | (18,776 | ) | ||||||||
Net cash provided by financing activities | 7,883 | 14,815 | (40,523 | ) | 39,079 | |||||||||||
Net (decrease) increase in cash and cash equivalents | (24,083 | ) | 42,022 | |||||||||||||
Net decrease in cash and cash equivalents | (83,077 | ) | (53,728 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 707,274 | 718,156 | 707,274 | 718,156 | ||||||||||||
Cash and cash equivalents at end of period | $ | 683,191 | 760,178 | $ | 624,197 | 664,428 | ||||||||||
Supplemental Disclosure of Cash Flow Information: | ||||||||||||||||
Cash paid during the year for: | ||||||||||||||||
Interest paid | $ | 3,668 | 3,796 | $ | 10,884 | 11,594 | ||||||||||
Income taxes paid | 6,150 | 1,360 | 18,508 | 16,944 | ||||||||||||
Other non cash items: | ||||||||||||||||
Transfer of loans to other real estate owned | 787 | 1,036 | 3,130 | 3,803 | ||||||||||||
Increase in dividends payable | 7 | 7 | 22 | 23 | ||||||||||||
Change in unrealized gain on securities available for sale-gross of deferred taxes | 1,179 | 8,035 | 5,460 | 11,807 | ||||||||||||
Change in deferred tax effect on unrealized gain on securities available for sale | (472 | ) | (3,214 | ) | (2,185 | ) | (4,723 | ) | ||||||||
Amortization of net actuarial (gain) loss and prior service cost on pension and postretirement plans | (40 | ) | 56 | (140 | ) | 42 | ||||||||||
Change in deferred tax effect of amortization of net actuarial (gain) loss and prior service cost on pension and postretirement plans | 16 | (23 | ) | 56 | (17 | ) |
(2) Earnings Per Share |
(in thousands,except per share data) | For the three months ended March 31: | |||||||||||||||||||||||
(in thousands, except per share data) | For the three months ended September 30: | For the nine months ended September 30: | ||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Net income | $ | 10,947 | 10,409 | $ | 12,596 | 10,930 | $ | 35,783 | 31,803 | |||||||||||||||
Weighted average common shares | 95,879 | 95,365 | 96,102 | 95,603 | 95,997 | 95,486 | ||||||||||||||||||
Stock Options | 108 | 47 | 103 | 119 | 94 | 86 | ||||||||||||||||||
Weighted average common shares including potential dilutive shares | 95,987 | 95,412 | 96,205 | 95,722 | 96,091 | 95,572 | ||||||||||||||||||
Basic EPS | $ | 0.114 | 0.109 | $ | 0.131 | 0.114 | $ | 0.373 | 0.333 | |||||||||||||||
Diluted EPS | $ | 0.114 | 0.109 | $ | 0.131 | 0.114 | $ | 0.372 | 0.333 |
(3) Benefit Plans |
For the three months ended March 31, | For the three months ended September 30, | |||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||
Service cost | $ | 11 | 15 | 28 | 32 | $ | 11 | 15 | 26 | 32 | ||||||||||||||||||||||
Interest cost | 329 | 337 | 56 | 61 | 326 | 343 | 54 | 61 | ||||||||||||||||||||||||
Expected return on plan assets | (686 | ) | (644 | ) | (191 | ) | (181 | ) | (686 | ) | (669 | ) | (190 | ) | (180 | ) | ||||||||||||||||
Amortization of net loss (gain) | 23 | 87 | (86 | ) | (54 | ) | 17 | 46 | (89 | ) | (54 | ) | ||||||||||||||||||||
Amortization of prior service cost | - | - | 23 | 23 | - | - | 23 | 22 | ||||||||||||||||||||||||
Net periodic benefit | $ | (323 | ) | (205 | ) | (170 | ) | (119 | ) | $ | (332 | ) | (265 | ) | (176 | ) | (119 | ) |
For the nine months ended September 30, | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
(dollars in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Service cost | $ | 33 | 46 | 77 | 96 | |||||||||||
Interest cost | 977 | 1,029 | 164 | 184 | ||||||||||||
Expected return on plan assets | (2,058 | ) | (1,994 | ) | (571 | ) | (540 | ) | ||||||||
Amortization of net loss (gain) | 50 | 138 | (258 | ) | (163 | ) | ||||||||||
Amortization of prior service cost | - | - | 68 | 67 | ||||||||||||
Net periodic benefit | $ | (998 | ) | (781 | ) | (520 | ) | (356 | ) |
(4) Investment Securities |
(dollars in thousands) | March 31, 2017 | September 30, 2017 | ||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 165,026 | 4 | 2,689 | 162,341 | $ | 125,024 | 93 | 1,459 | 123,658 | ||||||||||||||||||||||
State and political subdivisions | 873 | 14 | - | 887 | 521 | 12 | - | 533 | ||||||||||||||||||||||||
Corporate bonds | 40,785 | - | 173 | 40,612 | 40,442 | - | 61 | 40,381 | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 362,665 | 132 | 5,114 | 357,683 | 338,519 | 164 | 3,152 | 335,531 | ||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 77,567 | - | 2,138 | 75,429 | ||||||||||||||||||||||||||||
Small Business Administration- guaranteed participation securities | 71,169 | - | 1,351 | 69,818 | ||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 10,045 | - | 122 | 9,923 | 9,875 | - | 51 | 9,824 | ||||||||||||||||||||||||
Other | 650 | - | - | 650 | 650 | - | - | 650 | ||||||||||||||||||||||||
Total debt securities | 657,611 | 150 | 10,236 | 647,525 | 586,200 | 269 | 6,074 | 580,395 | ||||||||||||||||||||||||
Equity securities | 35 | - | - | 35 | 35 | - | - | 35 | ||||||||||||||||||||||||
Total securities available for sale | $ | 657,646 | 150 | 10,236 | 647,560 | $ | 586,235 | 269 | 6,074 | 580,430 |
(dollars in thousands) | December 31, 2016 | December 31, 2016 | ||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 119,887 | - | 2,621 | 117,266 | $ | 119,887 | - | 2,621 | 117,266 | ||||||||||||||||||||||
State and political subdivisions | 873 | 13 | - | 886 | 873 | 13 | - | 886 | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 378,068 | 123 | 5,883 | 372,308 | 378,068 | 123 | 5,883 | 372,308 | ||||||||||||||||||||||||
Corporate bonds | 40,956 | - | 251 | 40,705 | 40,956 | - | 251 | 40,705 | ||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 81,026 | - | 2,527 | 78,499 | ||||||||||||||||||||||||||||
Small Business Administration- guaranteed participation securities | 81,026 | - | 2,527 | 78,499 | ||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 10,130 | - | 119 | 10,011 | 10,130 | - | 119 | 10,011 | ||||||||||||||||||||||||
Other | 650 | - | - | 650 | 650 | - | - | 650 | ||||||||||||||||||||||||
Total debt securities | 631,590 | 136 | 11,401 | 620,325 | 631,590 | 136 | 11,401 | 620,325 | ||||||||||||||||||||||||
Equity securities | 35 | - | - | 35 | 35 | - | - | 35 | ||||||||||||||||||||||||
Total securities available for sale | $ | 631,625 | 136 | 11,401 | 620,360 | $ | 631,625 | 136 | 11,401 | 620,360 |
(dollars in thousands) | Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 50,331 | 50,283 | |||||
Due in one year through five years | 106,105 | 104,749 | ||||||
Due after five years through ten years | 10,201 | 10,190 | ||||||
Due after ten years | - | - | ||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 338,519 | 335,531 | ||||||
Small Business Administration- guaranteed participation securities | 71,169 | 69,818 | ||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 9,875 | 9,824 | ||||||
$ | 586,200 | 580,395 |
(dollars in thousands) | September 30, 2017 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | |||||||||||||||||||
U.S. government sponsored enterprises | $ | 24,887 | 113 | 88,544 | 1,346 | 113,431 | 1,459 | |||||||||||||||||
Corporate bonds | - | - | 40,381 | 61 | 40,381 | 61 | ||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 228,925 | 1,972 | 82,423 | 1,180 | 311,348 | 3,152 | ||||||||||||||||||
Small Business Administration- guaranteed participation securities | 20,070 | 270 | 49,748 | 1,081 | 69,818 | 1,351 | ||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | - | - | 9,824 | 51 | 9,824 | 51 | ||||||||||||||||||
Total | $ | 273,882 | 2,355 | 270,920 | 3,719 | 544,802 | 6,074 |
(dollars in thousands) | December 31, 2016 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | |||||||||||||||||||
U.S. government sponsored enterprises | $ | 102,266 | 2,621 | - | - | 102,266 | 2,621 | |||||||||||||||||
Corporate bonds | 40,705 | 251 | - | - | 40,705 | 251 | ||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 359,622 | 5,766 | 4,713 | 117 | 364,335 | 5,883 | ||||||||||||||||||
Small Business Administration- guaranteed participation securities | 64,560 | 1,960 | 13,940 | 567 | 78,500 | 2,527 | ||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 10,011 | 119 | - | - | 10,011 | 119 | ||||||||||||||||||
Total | $ | 577,164 | 10,717 | 18,653 | 684 | 595,817 | 11,401 |
(dollars in thousands) | Three months ended September 30, | |||||||
2017 | 2016 | |||||||
Proceeds from sales | $ | - | - | |||||
Proceeds from calls | 35,554 | 70,762 | ||||||
Gross realized gains | - | - | ||||||
Gross realized losses | - | - |
(dollars in thousands) | Nine months ended September 30, | |||||||
2017 | 2016 | |||||||
Proceeds from sales | $ | - | 44,829 | |||||
Proceeds from calls | 109,123 | 160,483 | ||||||
Gross realized gains | - | 668 | ||||||
Gross realized losses | - | - |
(dollars in thousands) | September 30, 2017 | |||||||||||||||
Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | |||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 29,268 | 1,463 | - | 30,731 | |||||||||||
Total held to maturity | $ | 29,268 | 1,463 | - | 30,731 |
(dollars in thousands) | December 31, 2016 | |||||||||||||||
Amortized Cost | Gross Unrecognized | Gross Unrecognized | Fair Value | |||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 35,500 | 1,736 | - | 37,236 | |||||||||||
Corporate bonds | 9,990 | 300 | - | 10,290 | ||||||||||||
Total held to maturity | $ | 45,490 | 2,036 | - | 47,526 |
(dollars in thousands) | Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 30,044 | 29,980 | |||||
Due in one year through five years | 142,230 | 140,094 | ||||||
Due after five years through ten years | 35,060 | 34,416 | ||||||
Due after ten years | - | - | ||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 362,665 | 357,683 | ||||||
Small Business Administration-guaranteed participation securities | 77,567 | 75,429 | ||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 10,045 | 9,923 | ||||||
$ | 657,611 | 647,525 |
(dollars in thousands) | Amortized Cost | Fair Value | ||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 29,268 | 30,731 | ||||||
$ | 29,268 | 30,731 |
(dollars in thousands) | March 31, 2017 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | |||||||||||||||||||
U.S. government sponsored enterprises | $ | 142,187 | 2,689 | - | - | 142,187 | 2,689 | |||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 345,977 | 5,004 | 4,466 | 110 | 350,443 | 5,114 | ||||||||||||||||||
Corporate bonds | 40,612 | 173 | - | - | 40,612 | 173 | ||||||||||||||||||
Small Business Administration-guaranteed participation securities | 61,474 | 1,590 | 13,955 | 548 | 75,429 | 2,138 | ||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 9,923 | 122 | - | - | 9,923 | 122 | ||||||||||||||||||
Total | $ | 600,173 | 9,578 | 18,421 | 658 | 618,594 | 10,236 |
(dollars in thousands) | December 31, 2016 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | |||||||||||||||||||
U.S. government sponsored enterprises | $ | 102,266 | 2,621 | - | - | 102,266 | 2,621 | |||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 359,622 | 5,766 | 4,713 | 117 | 364,335 | 5,883 | ||||||||||||||||||
Corporate bonds | 40,705 | 251 | - | - | 40,705 | 251 | ||||||||||||||||||
Small Business Administration-guaranteed participation securities | 64,560 | 1,960 | 13,940 | 567 | 78,500 | 2,527 | ||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 10,011 | 119 | - | - | 10,011 | 119 | ||||||||||||||||||
Total | $ | 577,164 | 10,717 | 18,653 | 684 | 595,817 | 11,401 |
(dollars in thousands) | Three months ended March 31, | |||||||
2017 | 2016 | |||||||
Proceeds from sales | $ | - | - | |||||
Proceeds from calls | 20,770 | 48,913 | ||||||
Gross realized gains | - | - | ||||||
Gross realized losses | - | - |
(dollars in thousands) | March 31, 2017 | |||||||||||||||
Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | |||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 33,276 | 1,557 | - | 34,833 | |||||||||||
Corporate bonds | 9,994 | 188 | - | 10,182 | ||||||||||||
Total held to maturity | $ | 43,270 | 1,745 | - | 45,015 |
(dollars in thousands) | December 31, 2016 | |||||||||||||||
Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | |||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 35,500 | 1,736 | - | 37,236 | |||||||||||
Corporate bonds | 9,990 | 300 | - | 10,290 | ||||||||||||
Total held to maturity | $ | 45,490 | 2,036 | - | 47,526 |
(dollars in thousands) | Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 9,994 | 10,182 | |||||
Mortgage backed securities and collateralized mortgage obligations - residential | 33,276 | 34,833 | ||||||
$ | 43,270 | 45,015 |
(5) Loans and Allowance for Loan Losses |
March 31, 2017 | September 30, 2017 | |||||||||||||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | New York and other states* | Florida | Total | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 150,683 | 11,375 | 162,058 | $ | 152,228 | 12,980 | 165,208 | ||||||||||||||||
Other | 22,048 | 345 | 22,393 | 21,754 | 319 | 22,073 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 2,167,971 | 688,426 | 2,856,397 | 2,251,152 | 742,697 | 2,993,849 | ||||||||||||||||||
Home equity loans | 61,913 | 11,618 | 73,531 | 64,556 | 12,565 | 77,121 | ||||||||||||||||||
Home equity lines of credit | 279,986 | 46,294 | 326,280 | 267,143 | 44,610 | 311,753 | ||||||||||||||||||
Installment | 6,447 | 1,830 | 8,277 | 6,796 | 1,482 | 8,278 | ||||||||||||||||||
Total loans, net | $ | 2,689,048 | 759,888 | 3,448,936 | $ | 2,763,629 | 814,653 | 3,578,282 | ||||||||||||||||
Less: Allowance for loan losses | 44,048 | 44,082 | ||||||||||||||||||||||
Net loans | $ | 3,404,888 | $ | 3,534,200 | ||||||||||||||||||||
December 31, 2016 | ||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 151,366 | 12,243 | 163,609 | ||||||||
Other | 27,539 | 46 | 27,585 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 2,158,904 | 665,183 | 2,824,087 | |||||||||
Home equity loans | 60,892 | 10,754 | 71,646 | |||||||||
Home equity lines of credit | 286,586 | 48,255 | 334,841 | |||||||||
Installment | 7,048 | 1,770 | 8,818 | |||||||||
Total loans, net | $ | 2,692,335 | 738,251 | 3,430,586 | ||||||||
Less: Allowance for loan losses | 43,890 | |||||||||||
Net loans | $ | 3,386,696 |
March 31, 2017 | September 30, 2017 | |||||||||||||||||||||||
(dollars in thousands) | New York and other states | Florida | Total | New York and other states | Florida | Total | ||||||||||||||||||
Loans in non-accrual status: | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 1,758 | - | 1,758 | $ | 1,596 | - | 1,596 | ||||||||||||||||
Other | 100 | - | 100 | 100 | - | 100 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 19,445 | 1,440 | 20,885 | 17,048 | 1,764 | 18,812 | ||||||||||||||||||
Home equity loans | 46 | - | 46 | 35 | - | 35 | ||||||||||||||||||
Home equity lines of credit | 3,281 | 272 | 3,553 | 3,843 | 131 | 3,974 | ||||||||||||||||||
Installment | 41 | - | 41 | 30 | - | 30 | ||||||||||||||||||
Total non-accrual loans | 24,671 | 1,712 | 26,383 | 22,652 | 1,895 | 24,547 | ||||||||||||||||||
Restructured real estate mortgages - 1 to 4 family | 41 | - | 41 | 40 | - | 40 | ||||||||||||||||||
Total nonperforming loans | $ | 24,712 | 1,712 | 26,424 | $ | 22,692 | 1,895 | 24,587 |
December 31, 2016 | ||||||||||||
(dollars in thousands) | New York and other states | Florida | Total | |||||||||
Loans in non-accrual status: | ||||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 1,843 | - | 1,843 | ||||||||
Other | - | - | - | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 17,727 | 1,659 | 19,386 | |||||||||
Home equity loans | 95 | - | 95 | |||||||||
Home equity lines of credit | 3,376 | 270 | 3,646 | |||||||||
Installment | 48 | - | 48 | |||||||||
Total non-accrual loans | 23,089 | 1,929 | 25,018 | |||||||||
Restructured real estate mortgages - 1 to 4 family | 42 | - | 42 | |||||||||
Total nonperforming loans | $ | 23,131 | 1,929 | 25,060 |
New York and other states: | ||||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days | 60-89 Days | 90+ Days | Total 30+ days | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | - | - | 1,481 | 1,481 | 150,747 | 152,228 | |||||||||||||||||
Other | - | - | 100 | 100 | 21,654 | 21,754 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 4,972 | 1,973 | 9,560 | 16,505 | 2,234,647 | 2,251,152 | ||||||||||||||||||
Home equity loans | 70 | - | 3 | 73 | 64,483 | 64,556 | ||||||||||||||||||
Home equity lines of credit | 337 | 167 | 2,235 | 2,739 | 264,404 | 267,143 | ||||||||||||||||||
Installment | 39 | 29 | 10 | 78 | 6,718 | 6,796 | ||||||||||||||||||
Total | $ | 5,418 | 2,169 | 13,389 | 20,976 | 2,742,653 | 2,763,629 |
March 31, 2017 | ||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 + Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 270 | - | 1,626 | 1,896 | 148,787 | 150,683 | |||||||||||||||||
Other | - | - | 100 | 100 | 21,948 | 22,048 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 2,614 | 1,185 | 10,573 | 14,372 | 2,153,599 | 2,167,971 | ||||||||||||||||||
Home equity loans | 5 | 3 | 22 | 30 | 61,883 | 61,913 | ||||||||||||||||||
Home equity lines of credit | 402 | 179 | 1,684 | 2,265 | 277,721 | 279,986 | ||||||||||||||||||
Installment | 20 | 8 | 22 | 50 | 6,397 | 6,447 | ||||||||||||||||||
Total | $ | 3,311 | 1,375 | 14,027 | 18,713 | 2,670,335 | 2,689,048 |
Florida: | ||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days | 60-89 Days Past Due | 90+ Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | - | - | - | - | 12,980 | 12,980 | |||||||||||||||||
Other | - | - | - | - | 319 | 319 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 845 | 291 | 1,323 | 2,459 | 740,238 | 742,697 | ||||||||||||||||||
Home equity loans | - | - | - | - | 12,565 | 12,565 | ||||||||||||||||||
Home equity lines of credit | - | - | - | - | 44,610 | 44,610 | ||||||||||||||||||
Installment | - | - | - | - | 1,482 | 1,482 | ||||||||||||||||||
Total | $ | 845 | 291 | 1,323 | 2,459 | 812,194 | 814,653 |
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 + Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | - | - | - | - | 11,375 | 11,375 | |||||||||||||||||
Other | - | - | - | - | 345 | 345 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 1,656 | 393 | 571 | 2,620 | 685,806 | 688,426 | ||||||||||||||||||
Home equity loans | - | 10 | - | 10 | 11,608 | 11,618 | ||||||||||||||||||
Home equity lines of credit | 50 | 20 | 90 | 160 | 46,134 | 46,294 | ||||||||||||||||||
Installment | 12 | 7 | - | 19 | 1,811 | 1,830 | ||||||||||||||||||
Total | $ | 1,718 | 430 | 661 | 2,809 | 757,079 | 759,888 |
Total: | ||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days | 60-89 Days | 90+ Days | Total 30+ days | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | - | - | 1,481 | 1,481 | 163,727 | 165,208 | |||||||||||||||||
Other | - | - | 100 | 100 | 21,973 | 22,073 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 5,817 | 2,264 | 10,883 | 18,964 | 2,974,885 | 2,993,849 | ||||||||||||||||||
Home equity loans | 70 | - | 3 | 73 | 77,048 | 77,121 | ||||||||||||||||||
Home equity lines of credit | 337 | 167 | 2,235 | 2,739 | 309,014 | 311,753 | ||||||||||||||||||
Installment | 39 | 29 | 10 | 78 | 8,200 | 8,278 | ||||||||||||||||||
Total | $ | 6,263 | 2,460 | 14,712 | 23,435 | 3,554,847 | 3,578,282 |
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 + Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 270 | - | 1,626 | 1,896 | 160,162 | 162,058 | |||||||||||||||||
Other | - | - | 100 | 100 | 22,293 | 22,393 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 4,270 | 1,578 | 11,144 | 16,992 | 2,839,405 | 2,856,397 | ||||||||||||||||||
Home equity loans | 5 | 13 | 22 | 40 | 73,491 | 73,531 | ||||||||||||||||||
Home equity lines of credit | 452 | 199 | 1,774 | 2,425 | 323,855 | 326,280 | ||||||||||||||||||
Installment | 32 | 15 | 22 | 69 | 8,208 | 8,277 | ||||||||||||||||||
Total | $ | 5,029 | 1,805 | 14,688 | 21,522 | 3,427,414 | 3,448,936 |
New York and other states: | ||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days | 60-89 Days | 90+ Days | Total 30+ days | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 50 | 43 | 1,706 | 1,799 | 149,567 | 151,366 | |||||||||||||||||
Other | - | - | - | - | 27,539 | 27,539 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 6,379 | 2,924 | 9,643 | 18,946 | 2,139,958 | 2,158,904 | ||||||||||||||||||
Home equity loans | 50 | 3 | 74 | 127 | 60,765 | 60,892 | ||||||||||||||||||
Home equity lines of credit | 685 | 111 | 1,839 | 2,635 | 283,951 | 286,586 | ||||||||||||||||||
Installment | 34 | 32 | 15 | 81 | 6,967 | 7,048 | ||||||||||||||||||
Total | $ | 7,198 | 3,113 | 13,277 | 23,588 | 2,668,747 | 2,692,335 |
December 31, 2016 | ||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 + Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 50 | 43 | 1,706 | 1,799 | 149,567 | 151,366 | |||||||||||||||||
Other | - | - | - | - | 27,539 | 27,539 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 6,379 | 2,924 | 9,643 | 18,946 | 2,139,958 | 2,158,904 | ||||||||||||||||||
Home equity loans | 50 | 3 | 74 | 127 | 60,765 | 60,892 | ||||||||||||||||||
Home equity lines of credit | 685 | 111 | 1,839 | 2,635 | 283,951 | 286,586 | ||||||||||||||||||
Installment | 34 | 32 | 15 | 81 | 6,967 | 7,048 | ||||||||||||||||||
Total | $ | 7,198 | 3,113 | 13,277 | 23,588 | 2,668,747 | 2,692,335 |
Florida: | ||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days | 60-89 Days | 90+ Days | Total 30+ days | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | - | - | - | - | 12,243 | 12,243 | |||||||||||||||||
Other | - | - | - | - | 46 | 46 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 1,942 | 69 | 1,255 | 3,266 | 661,917 | 665,183 | ||||||||||||||||||
Home equity loans | 19 | - | - | 19 | 10,735 | 10,754 | ||||||||||||||||||
Home equity lines of credit | - | - | 156 | 156 | 48,099 | 48,255 | ||||||||||||||||||
Installment | 30 | 6 | - | 36 | 1,734 | 1,770 | ||||||||||||||||||
Total | $ | 1,991 | 75 | 1,411 | 3,477 | 734,774 | 738,251 |
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 + Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | - | - | - | - | 12,243 | 12,243 | |||||||||||||||||
Other | - | - | - | - | 46 | 46 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 1,942 | 69 | 1,255 | 3,266 | 661,917 | 665,183 | ||||||||||||||||||
Home equity loans | 19 | - | - | 19 | 10,735 | 10,754 | ||||||||||||||||||
Home equity lines of credit | - | - | 156 | 156 | 48,099 | 48,255 | ||||||||||||||||||
Installment | 30 | 6 | - | 36 | 1,734 | 1,770 | ||||||||||||||||||
Total | $ | 1,991 | 75 | 1,411 | 3,477 | 734,774 | 738,251 |
Total: | ||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days | 60-89 Days | 90+ Days | Total 30+ days | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 50 | 43 | 1,706 | 1,799 | 161,810 | 163,609 | |||||||||||||||||
Other | - | - | - | - | 27,585 | 27,585 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 8,321 | 2,993 | 10,898 | 22,212 | 2,801,875 | 2,824,087 | ||||||||||||||||||
Home equity loans | 69 | 3 | 74 | 146 | 71,500 | 71,646 | ||||||||||||||||||
Home equity lines of credit | 685 | 111 | 1,995 | 2,791 | 332,050 | 334,841 | ||||||||||||||||||
Installment | 64 | 38 | 15 | 117 | 8,701 | 8,818 | ||||||||||||||||||
Total | $ | 9,189 | 3,188 | 14,688 | 27,065 | 3,403,521 | 3,430,586 |
(dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 + Days Past Due | Total 30+ days Past Due | Current | Total Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 50 | 43 | 1,706 | 1,799 | 161,810 | 163,609 | |||||||||||||||||
Other | - | - | - | - | 27,585 | 27,585 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 8,321 | 2,993 | 10,898 | 22,212 | 2,801,875 | 2,824,087 | ||||||||||||||||||
Home equity loans | 69 | 3 | 74 | 146 | 71,500 | 71,646 | ||||||||||||||||||
Home equity lines of credit | 685 | 111 | 1,995 | 2,791 | 332,050 | 334,841 | ||||||||||||||||||
Installment | 64 | 38 | 15 | 117 | 8,701 | 8,818 | ||||||||||||||||||
Total | $ | 9,189 | 3,188 | 14,688 | 27,065 | 3,403,521 | 3,430,586 |
(dollars in thousands) | For the three months ended March 31, 2017 | For the three months ended September 30, 2017 | ||||||||||||||||||||||||||||||
Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | |||||||||||||||||||||||||
Balance at beginning of period | $ | 4,929 | 38,231 | 730 | 43,890 | $ | 4,596 | 38,871 | 695 | 44,162 | ||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 72 | 430 | 41 | 543 | - | 747 | 65 | 812 | ||||||||||||||||||||||||
Florida | - | 84 | 2 | 86 | - | 31 | 4 | 35 | ||||||||||||||||||||||||
Total loan chargeoffs | 72 | 514 | 43 | 629 | - | 778 | 69 | 847 | ||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 8 | 169 | 10 | 187 | - | 137 | 8 | 145 | ||||||||||||||||||||||||
Florida | - | - | - | - | - | 72 | - | 72 | ||||||||||||||||||||||||
Total recoveries | 8 | 169 | 10 | 187 | - | 209 | 8 | 217 | ||||||||||||||||||||||||
Net loans charged off | 64 | 345 | 33 | 442 | - | 569 | 61 | 630 | ||||||||||||||||||||||||
Provision for loan losses | (55 | ) | 695 | (40 | ) | 600 | 24 | 434 | 92 | 550 | ||||||||||||||||||||||
Balance at end of period | $ | 4,810 | 38,581 | 657 | 44,048 | $ | 4,620 | 38,736 | 726 | 44,082 |
(dollars in thousands) | For the three months ended March 31, 2016 | For the three months ended September 30, 2016 | ||||||||||||||||||||||||||||||
Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | |||||||||||||||||||||||||
Balance at beginning of period | $ | 4,491 | 39,753 | 518 | 44,762 | $ | 5,046 | 38,589 | 429 | 44,064 | ||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 264 | 889 | 81 | 1,234 | 356 | 549 | 57 | 962 | ||||||||||||||||||||||||
Florida | - | 84 | 16 | 100 | - | 2 | 3 | 5 | ||||||||||||||||||||||||
Total loan chargeoffs | 264 | 973 | 97 | 1,334 | 356 | 551 | 60 | 967 | ||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 40 | 118 | 11 | 169 | 3 | 78 | 20 | 101 | ||||||||||||||||||||||||
Florida | - | 1 | - | 1 | - | 2 | - | 2 | ||||||||||||||||||||||||
Total recoveries | 40 | 119 | 11 | 170 | 3 | 80 | 20 | 103 | ||||||||||||||||||||||||
Net loans charged off | 224 | 854 | 86 | 1,164 | 353 | 471 | 40 | 864 | ||||||||||||||||||||||||
Provision for loan losses | 652 | 118 | 30 | 800 | ||||||||||||||||||||||||||||
Provision (credit) for loan losses | 505 | (51 | ) | 296 | 750 | |||||||||||||||||||||||||||
Balance at end of period | $ | 4,919 | 39,017 | 462 | 44,398 | $ | 5,198 | 38,067 | 685 | 43,950 |
(dollars in thousands) | For the nine months ended September 30, 2017 | |||||||||||||||
Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | |||||||||||||
Balance at beginning of period | $ | 4,929 | 38,231 | 730 | 43,890 | |||||||||||
Loans charged off: | ||||||||||||||||
New York and other states* | 72 | 1,699 | 146 | 1,917 | ||||||||||||
Florida | - | 167 | 19 | 186 | ||||||||||||
Total loan chargeoffs | 72 | 1,866 | 165 | 2,103 | ||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||
New York and other states* | 8 | 494 | 21 | 523 | ||||||||||||
Florida | - | 72 | - | 72 | ||||||||||||
Total recoveries | 8 | 566 | 21 | 595 | ||||||||||||
Net loans charged off | 64 | 1,300 | 144 | 1,508 | ||||||||||||
Provision for loan losses | (245 | ) | 1,805 | 140 | 1,700 | |||||||||||
Balance at end of period | $ | 4,620 | 38,736 | 726 | 44,082 |
(dollars in thousands) | For the nine months ended September 30, 2016 | |||||||||||||||
Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | |||||||||||||
Balance at beginning of period | $ | 4,491 | 39,753 | 518 | 44,762 | |||||||||||
Loans charged off: | ||||||||||||||||
New York and other states* | 688 | 2,528 | 230 | 3,446 | ||||||||||||
Florida | - | 103 | 20 | 123 | ||||||||||||
Total loan chargeoffs | 688 | 2,631 | 250 | 3,569 | ||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||
New York and other states* | 44 | 313 | 46 | 403 | ||||||||||||
Florida | - | 4 | - | 4 | ||||||||||||
Total recoveries | 44 | 317 | 46 | 407 | ||||||||||||
Net loans charged off | 644 | 2,314 | 204 | 3,162 | ||||||||||||
Provision for loan losses | 1,351 | 628 | 371 | 2,350 | ||||||||||||
Balance at end of period | $ | 5,198 | 38,067 | 685 | 43,950 |
March 31, 2017 | September 30, 2017 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Commercial Loans | 1-to-4 Family Residential Real Estate | Installment Loans | Total | Commercial Loans | 1-to-4 Family Residential Real Estate | Installment Loans | Total | ||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | - | - | - | $ | - | - | - | - | ||||||||||||||||||||||
Collectively evaluated for impairment | 4,810 | 38,581 | 657 | 44,048 | 4,620 | 38,736 | 726 | 44,082 | ||||||||||||||||||||||||
Total ending allowance balance | $ | 4,810 | 38,581 | 657 | 44,048 | $ | 4,620 | 38,736 | 726 | 44,082 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,422 | 22,964 | - | 25,386 | $ | 2,969 | 21,585 | - | 24,554 | ||||||||||||||||||||||
Collectively evaluated for impairment | 182,029 | 3,233,244 | 8,277 | 3,423,550 | 184,312 | 3,361,138 | 8,278 | 3,553,728 | ||||||||||||||||||||||||
Total ending loans balance | $ | 184,451 | 3,256,208 | 8,277 | 3,448,936 | $ | 187,281 | 3,382,723 | 8,278 | 3,578,282 |
December 31, 2016 | ||||||||||||||||
(dollars in thousands) | Commercial Loans | 1-to-4 Family Residential Real Estate | Installment Loans | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||
Individually evaluated for impairment | $ | - | - | - | - | |||||||||||
Collectively evaluated for impairment | 4,929 | 38,231 | 730 | 43,890 | ||||||||||||
Total ending allowance balance | $ | 4,929 | 38,231 | 730 | 43,890 | |||||||||||
Loans: | ||||||||||||||||
Individually evaluated for impairment | $ | 2,418 | 21,607 | - | 24,025 | |||||||||||
Collectively evaluated for impairment | 188,776 | 3,208,967 | 8,818 | 3,406,561 | ||||||||||||
Total ending loans balance | $ | 191,194 | 3,230,574 | 8,818 | 3,430,586 |
March 31, 2017 | September 30, 2017 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Recorded Investment | Unpaid PrincipalBalance | Related Allowance | Average Recorded Investment | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,322 | 3,514 | - | 2,282 | $ | 2,869 | 3,916 | - | 2,879 | ||||||||||||||||||||||
Other | 100 | 100 | - | 100 | 100 | 100 | - | 100 | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||
First mortgages | 17,791 | 18,526 | - | 16,154 | 16,043 | 16,351 | - | 16,715 | ||||||||||||||||||||||||
Home equity loans | 275 | 311 | - | 269 | 252 | 272 | - | 265 | ||||||||||||||||||||||||
Home equity lines of credit | 2,139 | 2,301 | - | 2,039 | 2,330 | 2,524 | - | 2,128 | ||||||||||||||||||||||||
Total | $ | 22,627 | 24,752 | - | 20,844 | $ | 21,594 | 23,163 | - | 22,087 |
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Recorded Investment | Unpaid PrincipalBalance | Related Allowance | Average RecordedInvestment | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | - | - | - | - | $ | - | - | - | - | ||||||||||||||||||||||
Other | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||
First mortgages | 2,077 | 2,168 | - | 2,714 | 2,335 | 2,441 | - | 2,217 | ||||||||||||||||||||||||
Home equity loans | 93 | 93 | - | 94 | 90 | 90 | - | 92 | ||||||||||||||||||||||||
Home equity lines of credit | 589 | 661 | - | 579 | 535 | 535 | - | 568 | ||||||||||||||||||||||||
Total | $ | 2,759 | 2,922 | - | 3,387 | $ | 2,960 | 3,066 | - | 2,877 |
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Recorded Investment | Unpaid PrincipalBalance | Related Allowance | Average RecordedInvestment | ||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,322 | 3,514 | - | 2,282 | $ | 2,869 | 3,916 | - | 2,879 | ||||||||||||||||||||||
Other | 100 | 100 | - | 100 | 100 | 100 | - | 100 | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | Real estate mortgage - 1 to 4 family: | |||||||||||||||||||||||||||||||
First mortgages | 19,868 | 20,694 | - | 18,868 | 18,378 | 18,792 | - | 18,932 | ||||||||||||||||||||||||
Home equity loans | 368 | 404 | - | 363 | 342 | 362 | - | 358 | ||||||||||||||||||||||||
Home equity lines of credit | 2,728 | 2,962 | - | 2,618 | 2,865 | 3,059 | - | 2,696 | ||||||||||||||||||||||||
Total | $ | 25,386 | 27,674 | - | 24,231 | $ | 24,554 | 26,229 | - | 24,964 |
December 31, 2016 | ||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid PrincipalBalance | Related Allowance | Average RecordedInvestment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 2,418 | 3,470 | - | 2,214 | |||||||||||
Other | - | - | - | - | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 16,675 | 17,439 | - | 15,665 | ||||||||||||
Home equity loans | 269 | 305 | - | 251 | ||||||||||||
Home equity lines of credit | 1,999 | 2,160 | - | 1,806 | ||||||||||||
Total | $ | 21,361 | 23,374 | - | 19,936 |
(dollars in thousands) | Recorded Investment | Unpaid PrincipalBalance | Related Allowance | Average RecordedInvestment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | - | - | - | - | |||||||||||
Other | - | - | - | - | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 2,009 | 2,100 | - | 1,800 | ||||||||||||
Home equity loans | 94 | 94 | - | 81 | ||||||||||||
Home equity lines of credit | 561 | 633 | - | 591 | ||||||||||||
Total | $ | 2,664 | 2,827 | - | 2,472 |
(dollars in thousands) | Recorded Investment | Unpaid Principal | Related Allowance | Average Recorded | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 2,418 | 3,470 | - | 2,214 | |||||||||||
Other | - | - | - | - | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 18,684 | 19,539 | - | 17,465 | ||||||||||||
Home equity loans | 363 | 399 | - | 332 | ||||||||||||
Home equity lines of credit | 2,560 | 2,793 | - | 2,397 | ||||||||||||
Total | $ | 24,025 | 26,201 | - | 22,408 |
Three months ended 3/31/2017 | Three months ended 3/31/2016 | Three months ended 9/30/2017 | Three months ended 9/30/2016 | |||||||||||||||||||||||||||||||||||||||||||||
New York and other states*: (dollars in thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||||||||||||||||||||
New York and other states*: | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of Contracts | Outstanding Recorded | Outstanding Recorded | Number of Contracts | Outstanding Recorded | Outstanding Recorded | ||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | - | $ | - | - | - | $ | - | - | ||||||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 11 | $ | 1,947 | $ | 1,947 | 12 | $ | 1,270 | $ | 1,270 | 7 | $ | 941 | $ | 941 | 7 | $ | 655 | $ | 655 | ||||||||||||||||||||||||||||
Home equity loans | 1 | 13 | 13 | - | - | - | - | - | - | 1 | 44 | 44 | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 4 | 158 | 158 | 4 | 103 | 103 | 3 | 296 | 296 | 2 | 183 | 183 | ||||||||||||||||||||||||||||||||||||
Total | 16 | $ | 2,118 | $ | 2,118 | 16 | $ | 1,373 | $ | 1,373 | 10 | $ | 1,237 | $ | 1,237 | 10 | $ | 882 | $ | 882 |
Florida: (dollars in thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | - | $ | - | - | - | $ | - | - | ||||||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 1 | $ | 80 | $ | 80 | 2 | $ | 245 | $ | 245 | 2 | $ | 251 | $ | 251 | - | $ | - | $ | - | ||||||||||||||||||||||||||||
Home equity loans | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 1 | 70 | 70 | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Total | 2 | $ | 150 | $ | 150 | 2 | $ | 245 | $ | 245 | 2 | $ | 251 | $ | 251 | - | $ | - | $ | - |
Nine months ended 9/30/2017 | Nine months ended 9/30/2016 | |||||||||||||||||||||||
New York and other states*: | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||
(dollars in thousands) | Number of Contracts | Outstanding Recorded Investment | Outstanding Recorded Investment | Number of Contracts | Outstanding Recorded Investment | Outstanding Recorded Investment | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | 3 | $ | 747 | $ | 747 | - | $ | - | $ | - | ||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 25 | $ | 3,986 | 3,986 | 27 | $ | 2,383 | 2,383 | ||||||||||||||||
Home equity loans | 1 | 13 | 13 | 1 | 44 | 44 | ||||||||||||||||||
Home equity lines of credit | 8 | 457 | 457 | 10 | 316 | 316 | ||||||||||||||||||
Total | 37 | $ | 5,203 | $ | 5,203 | 38 | $ | 2,743 | $ | 2,743 |
Florida: (dollars in thousands) | Number of Contracts | Pre-Modification OutstandingRecorded Investment | Post-Modification OutstandingRecorded Investment | Number of Contracts | Pre-Modification OutstandingRecorded Investment | Post-Modification OutstandingRecorded Investment | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | - | $ | - | - | - | $ | - | - | ||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 7 | $ | 718 | $ | 718 | 2 | $ | 408 | $ | 408 | ||||||||||||||
Home equity loans | - | - | - | 1 | 45 | 45 | ||||||||||||||||||
Home equity lines of credit | 1 | 70 | 70 | 1 | 6 | 6 | ||||||||||||||||||
Total | 8 | $ | 788 | $ | 788 | 4 | $ | 459 | $ | 459 |
Three months ended 3/31/2017 | Three months ended 3/31/2016 | Three months ended 9/30/2017 | Three months ended 9/30/2016 | |||||||||||||||||||||||||||||
New York and other states*: (dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||
First mortgages | - | $ | - | 2 | $ | 101 | 2 | $ | 236 | - | $ | - | ||||||||||||||||||||
Home equity lines of credit | - | - | 1 | 48 | - | - | - | - | ||||||||||||||||||||||||
Total | - | $ | - | 3 | $ | 149 | 2 | $ | 236 | - | $ | - |
(dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 1 | $ | 80 | - | $ | - | ||||||||||
Home equity lines of credit | 1 | $ | 70 | - | $ | - | ||||||||||
Total | 2 | $ | 150 | - | $ | - |
(dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | - | $ | - | - | $ | - | ||||||||||
Total | - | $ | - | - | $ | - |
Nine months ended 9/30/2017 | Nine months ended 9/30/2016 | |||||||||||||||
New York and other states*: (dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 2 | $ | 236 | 1 | $ | 107 | ||||||||||
Home equity loans | - | - | - | - | ||||||||||||
Home equity lines of credit | 1 | 3 | - | - | ||||||||||||
Total | 3 | $ | 239 | 1 | $ | 107 |
(dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 1 | $ | 77 | - | $ | - | ||||||||||
Home equity lines of credit | 1 | $ | 70 | 1 | $ | 46 | ||||||||||
Total | 2 | $ | 147 | 1 | $ | 46 |
March 31, 2017 | September 30, 2017 | |||||||||||||||||||||||
New York and other states: | ||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Pass | Classified | Total | Pass | Classified | Total | |||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 137,482 | 13,201 | 150,683 | $ | 142,390 | 9,838 | 152,228 | ||||||||||||||||
Other | 19,915 | 2,133 | 22,048 | 20,154 | 1,600 | 21,754 | ||||||||||||||||||
$ | 157,397 | 15,334 | 172,731 | $ | 162,544 | 11,438 | 173,982 |
(dollars in thousands) | ||||||||||||
Pass | Classified | Total | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 11,375 | - | 11,375 | ||||||||
Other | 345 | - | 345 | |||||||||
$ | 11,720 | - | 11,720 |
(dollars in thousands) | ||||||||||||
Pass | Classified | Total | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 12,980 | - | 12,980 | ||||||||
Other | 319 | - | 319 | |||||||||
$ | 13,299 | - | 13,299 |
(dollars in thousands) | ||||||||||||||||||||||||
Pass | Classified | Total | Pass | Classified | Total | |||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 148,857 | 13,201 | 162,058 | $ | 155,370 | 9,838 | 165,208 | ||||||||||||||||
Other | 20,260 | 2,133 | 22,393 | 20,473 | 1,600 | 22,073 | ||||||||||||||||||
$ | 169,117 | 15,334 | 184,451 | $ | 175,843 | 11,438 | 187,281 |
December 31, 2016 | ||||||||||||
New York and other states: | ||||||||||||
(dollars in thousands) | ||||||||||||
Pass | Classified | Total | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 136,676 | 14,690 | 151,366 | ||||||||
Other | 25,442 | 2,097 | 27,539 | |||||||||
$ | 162,118 | 16,787 | 178,905 |
Florida: | ||||||||||||
(dollars in thousands) | ||||||||||||
Pass | Classified | Total | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 12,243 | - | 12,243 | ||||||||
Other | 46 | - | 46 | |||||||||
$ | 12,289 | - | 12,289 |
(dollars in thousands) | ||||||||||||
Pass | Classified | Total | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 12,243 | - | 12,243 | ||||||||
Other | 46 | - | 46 | |||||||||
$ | 12,289 | - | 12,289 |
(dollars in thousands) | ||||||||||||
Pass | Classified | Total | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 148,919 | 14,690 | 163,609 | ||||||||
Other | 25,488 | 2,097 | 27,585 | |||||||||
$ | 174,407 | 16,787 | 191,194 |
(6) | Fair Value of Financial Instruments |
Fair Value Measurements at March 31, 2017 Using: | Fair Value Measurements at September 30, 2017 Using: | |||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Value | Quoted Prices in Active Markets for | Significant Other | Significant Unobservable | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 162,341 | $ | - | $ | 162,341 | $ | - | $ | 123,658 | $ | - | $ | 123,658 | $ | - | ||||||||||||||||
State and political subdivisions | 887 | - | 887 | - | 533 | - | 533 | - | ||||||||||||||||||||||||
Corporate bonds | 40,612 | - | 40,612 | - | 40,381 | - | 40,381 | - | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 357,683 | - | 357,683 | - | 335,531 | - | 335,531 | - | ||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 75,429 | - | 75,429 | - | ||||||||||||||||||||||||||||
Small Business Administration- guaranteed participation securities | 69,818 | - | 69,818 | - | ||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 9,923 | - | 9,923 | - | 9,824 | - | 9,824 | - | ||||||||||||||||||||||||
Other securities | 685 | 35 | 650 | - | 685 | 35 | 650 | - | ||||||||||||||||||||||||
Total securities available for sale | $ | 647,560 | $ | 35 | $ | 647,525 | $ | - | $ | 580,430 | $ | 35 | $ | 580,395 | $ | - |
Fair Value Measurements at | ||||||||||||||||||||||||||||||||
December 31, 2016 Using: | Fair Value Measurements at December 31, 2016 Using: | |||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Value | Quoted Prices in Active Markets for | Significant Other | Significant Unobservable | |||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 117,266 | $ | - | $ | 117,266 | $ | - | $ | 117,266 | $ | - | $ | 117,266 | $ | - | ||||||||||||||||
State and political subdivisions | 886 | - | 886 | - | 886 | - | 886 | - | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 372,308 | - | 372,308 | - | 372,308 | - | 372,308 | - | ||||||||||||||||||||||||
Corporate bonds | 40,705 | - | 40,705 | - | 40,705 | - | 40,705 | - | ||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 78,499 | - | 78,499 | - | ||||||||||||||||||||||||||||
Small Business Administration- guaranteed participation securities | 78,499 | - | 78,499 | - | ||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 10,011 | - | 10,011 | - | 10,011 | - | 10,011 | - | ||||||||||||||||||||||||
Other securities | 685 | 35 | 650 | - | 685 | 35 | 650 | - | ||||||||||||||||||||||||
Total securities available for sale | $ | 620,360 | $ | 35 | $ | 620,325 | $ | - | $ | 620,360 | $ | 35 | $ | 620,325 | $ | - |
Fair Value Measurements at March 31, 2017 Using: | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements at September 30, 2017 Using: | ||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Valuation technique | Unobservable inputs | Range (Weighted Average) | Carrying Value | Quoted Prices in Active Markets for | Significant Other | Significant Unobservable | Valuation technique | Unobservable inputs | Range (Weighted Average) | |||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned | $ | 3,191 | $ | - | $ | - | $ | 3,191 | Sales comparison approach | Adjustments for differences between comparable sales | 2% - 13% (4%) | $ | 2,879 | $ | - | $ | - | $ | 2,879 | Sales comparison approach | Adjustments for differences between comparable sales | 2% - 10% (4%) | ||||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 542 | - | - | 542 | Sales comparison approach | Adjustments for differences between comparable sales | 11% - 22% (20%) | |||||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family | 920 | - | - | 920 | Sales comparison approach | Adjustments for differences between comparable sales | 5% - 17% (10%) | 651 | - | - | 651 | Sales comparison approach | Adjustments for differences between comparable sales | 2% - 5% (4%) |
Fair Value Measurements at December 31, 2016 Using: | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2016 Using: | ||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Valuation technique | Unobservable inputs | Range (Weighted Average) | Carrying Value | Quoted Prices in Active Markets for | Significant Other | Significant Unobservable | Valuation technique | Unobservable inputs | Range (Weighted Average) | |||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Other real estate owned | $ | 4,268 | $ | - | $ | - | $ | 4,268 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 14% (7%) | $ | 4,268 | $ | - | $ | - | $ | 4,268 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 14% (7%) | ||||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,250 | - | - | 1,250 | Sales comparison approach | Adjustments for differences between comparable sales | 7% - 35% (23%) | 1,250 | - | - | 1,250 | Sales comparison approach | Adjustments for differences between comparable sales | 7% - 35% (23%) | ||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family | 458 | - | - | 458 | Sales comparison approach | Adjustments for differences between comparable sales | 5% - 14% (10%) | 458 | - | - | 458 | Sales comparison approach | Adjustments for differences between comparable sales | 5% - 14% (10%) |
(dollars in thousands) | Carrying | Fair Value Measurements at March 31, 2017 Using: | Carrying | Fair Value Measurements at September 30, 2017 Using: | ||||||||||||||||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 683,191 | 683,191 | - | - | 683,191 | $ | 624,197 | 624,197 | - | - | 624,197 | ||||||||||||||||||||||||||||
Securities available for sale | 647,560 | 35 | 647,525 | - | 647,560 | 580,430 | 35 | 580,395 | - | 580,430 | ||||||||||||||||||||||||||||||
Held to maturity securities | 43,270 | - | 45,015 | - | 45,015 | 29,268 | - | 30,731 | - | 30,731 | ||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 9,579 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal | ||||||||||||||||||||||||||||||||||||||||
Home Loan Bank stock | 8,779 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Net loans | 3,404,888 | - | - | 3,399,832 | 3,399,832 | 3,534,200 | - | - | 3,541,135 | 3,541,135 | ||||||||||||||||||||||||||||||
Accrued interest receivable | 10,742 | 34 | 2,855 | 7,853 | 10,742 | 10,813 | 56 | 2,473 | 8,284 | 10,813 | ||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Demand deposits | 373,930 | 373,930 | - | - | 373,930 | 397,623 | 397,623 | - | - | 397,623 | ||||||||||||||||||||||||||||||
Interest bearing deposits | 3,824,539 | 2,710,647 | 1,108,640 | - | 3,819,287 | 3,767,739 | 2,691,853 | 1,069,906 | - | 3,761,759 | ||||||||||||||||||||||||||||||
Short-term borrowings | 220,946 | - | 220,946 | - | 220,946 | 216,508 | - | 216,508 | - | 216,508 | ||||||||||||||||||||||||||||||
Accrued interest payable | 510 | 91 | 419 | - | 510 | 470 | 67 | 402 | - | 470 |
(dollars in thousands) | Carrying | Fair Value Measurements at December 31, 2016 Using: | Carrying | Fair Value Measurements at December 31, 2016 Using: | ||||||||||||||||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 707,274 | 707,274 | - | - | 707,274 | $ | 707,274 | 707,274 | - | - | 707,274 | ||||||||||||||||||||||||||||
Securities available for sale | 620,360 | 35 | 620,325 | - | 620,360 | 620,360 | 35 | 620,325 | - | 620,360 | ||||||||||||||||||||||||||||||
Held to maturity securities | 45,490 | - | 47,526 | - | 47,526 | 45,490 | - | 47,526 | - | 47,526 | ||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 9,579 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal | ||||||||||||||||||||||||||||||||||||||||
Home Loan Bank stock | 9,579 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Net loans | 3,386,696 | - | - | 3,370,976 | 3,370,976 | 3,386,696 | - | - | 3,370,976 | 3,370,976 | ||||||||||||||||||||||||||||||
Accrued interest receivable | 11,070 | 145 | 2,654 | 8,271 | 11,070 | 11,070 | 145 | 2,654 | 8,271 | 11,070 | ||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Demand deposits | 377,755 | 377,755 | - | - | 377,755 | 377,755 | 377,755 | - | - | 377,755 | ||||||||||||||||||||||||||||||
Interest bearing deposits | 3,818,408 | 2,658,945 | 1,156,025 | - | 3,814,970 | 3,818,408 | 2,658,945 | 1,156,025 | - | 3,814,970 | ||||||||||||||||||||||||||||||
Short-term borrowings | 209,406 | - | 209,406 | - | 209,406 | 209,406 | - | 209,406 | - | 209,406 | ||||||||||||||||||||||||||||||
Accrued interest payable | 526 | 82 | 444 | - | 526 | 526 | 82 | 444 | - | 526 |
(7) | Accumulated Other Comprehensive Income (Loss) |
Three months ended 3/31/17 | Three months ended 9/30/17 | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance at 12/31/2016 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 3/31/2017 | Balance at 3/31/2017 | Balance at 7/1/2017 | Other Comprehensive | Amount reclassified | Other Comprehensive | Balance at 9/30/2017 | ||||||||||||||||||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax | $ | (6,762 | ) | 707 | - | 707 | (6,055 | ) | $ | (4,049 | ) | 562 | - | 562 | (3,487 | ) | ||||||||||||||||||||||||
Net change in net actuarial (gain) loss and prior service cost on pension and postretirement benefit plans, net of tax | 511 | - | (24 | ) | (24 | ) | 487 | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive (loss) income, net of tax | (6,251 | ) | 707 | (24 | ) | 683 | (5,568 | ) | ||||||||||||||||||||||||||||||||
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax | 456 | - | (29 | ) | (29 | ) | 427 | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | (3,593 | ) | 562 | (29 | ) | 533 | (3,060 | ) |
Three months ended 3/31/2016 | Three months ended 9/30/2016 | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance at 12/31/2015 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 3/31/2016 | Balance at 3/31/2016 | Balance at 7/1/2016 | Other Comprehensive | Amount reclassified | Other Comprehensive | Balance at 9/30/2016 | ||||||||||||||||||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax | $ | (4,492 | ) | 4,821 | - | 4,821 | 329 | $ | 2,667 | (75 | ) | - | (75 | ) | 2,592 | |||||||||||||||||||||||||
Net change in net actuarial (gain) loss and prior service cost on pension and postretirement benefit plans, net of tax | (289 | ) | - | 33 | 33 | (256 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive (loss) income, net of tax | (4,781 | ) | 4,821 | 33 | 4,854 | 73 | ||||||||||||||||||||||||||||||||||
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax | (272 | ) | - | 8 | 8 | (264 | ) | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | 2,395 | (75 | ) | 8 | (67 | ) | 2,328 |
Nine months ended 9/30/17 | ||||||||||||||||||||
(dollars in thousands) | Balance at 1/1/2017 | Other Comprehensive | Amount reclassified | Other Comprehensive | Balance at 9/30/2017 | |||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax | $ | (6,762 | ) | 3,275 | - | 3,275 | (3,487 | ) | ||||||||||||
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax | 511 | - | (84 | ) | (84 | ) | 427 | |||||||||||||
Accumulated other comprehensive income (loss), net of tax | (6,251 | ) | 3,275 | (84 | ) | 3,191 | (3,060 | ) |
Nine months ended 9/30/16 | ||||||||||||||||||||
(dollars in thousands) | Balance at 1/1/2016 | Other Comprehensive | Amount reclassified | Other Comprehensive | Balance at 9/30/2016 | |||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax | $ | (4,492 | ) | 7,483 | (401 | ) | 7,084 | 2,592 | ||||||||||||
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax | (289 | ) | - | 25 | 25 | (264 | ) | |||||||||||||
Accumulated other comprehensive income (loss), net of tax | (4,781 | ) | 7,483 | (376 | ) | 7,109 | 2,328 |
(dollars in thousands) | Three months ended March 31, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
2017 | 2016 | Affected Line Item in Statements | 2017 | 2016 | 2017 | 2016 | Affected Line Item in Statements | |||||||||||||||||||
Net unrealized holding gain on securities available for sale | ||||||||||||||||||||||||||
Realized gain on securities transactions | $ | - | - | $ | - | 668 | Net gain on securities transactions | |||||||||||||||||||
Income tax effect | - | - | - | (267 | ) | Income taxes | ||||||||||||||||||||
Net of tax | - | - | - | 401 | ||||||||||||||||||||||
Amortization of pension and postretirement benefit items | ||||||||||||||||||||||||||
Amortization of net actuarial (gain) loss | (63 | ) | 33 | Salaries and employee benefits | ||||||||||||||||||||||
Amortization of net actuarial gain | 72 | 8 | 208 | 25 | Salaries and employee benefits | |||||||||||||||||||||
Amortization of prior service cost | 23 | 23 | Salaries and employee benefits | (23 | ) | (22 | ) | (68 | ) | (67 | ) | Salaries and employee benefits | ||||||||||||||
Income tax expense (benefit) | 16 | (23 | ) | Income taxes | ||||||||||||||||||||||
Income tax effect | (20 | ) | 6 | (56 | ) | 17 | Income taxes | |||||||||||||||||||
Net of tax | (24 | ) | 33 | 29 | (8 | ) | 84 | (25 | ) | |||||||||||||||||
Total reclassifications, net of tax | $ | (24 | ) | 33 | $ | 29 | (8 | ) | $ | 84 | 376 |
(8) | Agreement with the Office of the Comptroller of the Currency |
(9) | New Accounting Pronouncements |
Crowe Horwath LLP | |
Independent Member Crowe Horwath International |
· | TrustCo’s ability to continue to originate a significant volume of one- to- four family mortgage loans in its market areas and to otherwise maintain or increase its market share in the areas in which it operates; |
· | TrustCo’s ability to continue to maintain noninterest expense and other overhead costs at reasonable levels relative to income; |
· | TrustCo’s ability to comply with the Formal Agreement entered into with Trustco Bank’s regulator, the OCC, and potential regulatory actions if TrustCo or Trustco Bank fails to comply; |
· | restrictions or conditions imposed by TrustCo’s and Trustco Bank’s regulators on their operations that may make it more difficult to achieve TrustCo’s and Trustco Bank’s goals; |
· | the future earnings and capital levels of TrustCo and Trustco Bank and the continued receipt of approvals from TrustCo’s and Trustco Bank’s primary federal banking regulators under regulatory rules and the Formal Agreement to distribute capital from Trustco Bank to TrustCo, which could affect the ability of TrustCo to |
· | the results of supervisory monitoring or examinations of Trustco Bank and the Company by their respective primary federal banking regulators, including the possibility that the regulators may, among other things, require us to increase our loss |
· | TrustCo’s ability to make accurate assumptions and judgments regarding the credit risks associated with its lending and investing activities, including changes in the level and direction of loan delinquencies and chargeoffs, changes in property values, and changes in estimates of the adequacy of the allowance for loan |
· | the effects of and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rates, market and monetary fluctuations; |
· | adverse conditions in the securities markets that lead to impairment in the value of securities in TrustCo’s investment portfolio; |
· | changes in law and policy accompanying the new presidential administration and uncertainty or speculation pending the enactment of such changes; |
· | the perceived overall value of TrustCo’s products and services by users, including the features, pricing and quality compared to competitors’ products and services and the willingness of current and prospective customers to substitute competitors’ products and services for TrustCo’s products and services; |
· | changes in consumer spending, borrowing and savings habits; |
· | the effect of changes in financial services laws and regulations (including laws concerning taxation, banking and securities) and the impact of other governmental initiatives affecting the financial services industry, including new regulatory capital requirements that took effect |
· | changes in management personnel; |
· | real estate and collateral values; |
· | changes in accounting policies and practices, as may be adopted by the bank regulatory agencies Financial Accounting Standards Board (“FASB”) or the Public Company Accounting Oversight Board; |
· | disruptions, security breaches, or other adverse events affecting the third-party vendors who perform several of our critical processing functions; |
· | technological changes and electronic, cyber and physical security breaches; |
· | changes in local market areas and general business and economic trends, as well as changes in consumer spending and saving habits; |
· | TrustCo’s success at managing the risks involved in the foregoing and managing its business; and |
· | other risks and uncertainties included under “Risk Factors” in our Form 10-K for the year ended December 31, 2016. |
3 Month Yield (%) | 2 Year Yield (%) | 5 Year Yield (%) | 10 Year Yield (%) | 10 - 2 Year Spread (%) | ||||||||||||||||||
Q1/16 | Beg of Q1 | 0.16 | 1.06 | 1.76 | 2.27 | 1.21 | ||||||||||||||||
Peak | 0.36 | 1.06 | 1.76 | 2.27 | 1.23 | |||||||||||||||||
Trough | 0.16 | 0.64 | 1.11 | 1.63 | 0.95 | |||||||||||||||||
End of Q1 | 0.21 | 0.73 | 1.21 | 1.78 | 1.05 | |||||||||||||||||
Average in Q1 | 0.29 | 0.84 | 1.37 | 1.92 | 1.08 | |||||||||||||||||
Q2/16 | Beg of Q2 | 0.23 | 0.76 | 1.24 | 1.78 | 1.03 | ||||||||||||||||
Peak | 0.35 | 0.92 | 1.41 | 1.94 | 1.08 | |||||||||||||||||
Trough | 0.19 | 0.58 | 1.00 | 1.46 | 0.85 | |||||||||||||||||
End of Q2 | 0.26 | 0.58 | 1.01 | 1.49 | 0.91 | |||||||||||||||||
Average in Q2 | 0.26 | 0.77 | 1.24 | 1.75 | 0.98 | |||||||||||||||||
Q3/16 | Beg of Q3 | 0.28 | 0.59 | 1.00 | 1.46 | 0.87 | ||||||||||||||||
Peak | 0.37 | 0.84 | 1.26 | 1.73 | 0.97 | |||||||||||||||||
Trough | 0.18 | 0.56 | 0.94 | 1.37 | 0.76 | |||||||||||||||||
End of Q3 | 0.29 | 0.77 | 1.14 | 1.60 | 0.83 | |||||||||||||||||
Average in Q3 | 0.30 | 0.73 | 1.13 | 1.56 | 0.84 | |||||||||||||||||
Q4/16 | Beg of Q4 | 0.32 | 0.80 | 0.91 | 1.63 | 0.83 | ||||||||||||||||
Peak | 0.55 | 1.29 | 1.61 | 2.60 | 1.34 | |||||||||||||||||
Trough | 0.30 | 0.80 | 0.91 | 1.63 | 0.83 | |||||||||||||||||
End of Q4 | 0.51 | 1.20 | 1.47 | 2.45 | 1.25 | |||||||||||||||||
Average in Q4 | 0.43 | 1.01 | 1.24 | 2.14 | 1.13 | |||||||||||||||||
Q1/17 | Beg of Q1 | 0.16 | 1.06 | 1.76 | 2.27 | 1.21 | ||||||||||||||||
Peak | 0.79 | 1.40 | 2.14 | 2.62 | 1.30 | |||||||||||||||||
Trough | 0.50 | 1.12 | 1.80 | 2.31 | 1.11 | |||||||||||||||||
End of Q1 | 0.76 | 1.27 | 1.93 | 2.40 | 1.13 | |||||||||||||||||
Average in Q1 | 0.60 | 1.24 | 1.95 | 2.45 | 1.20 |
3 Month Yield (%) | 2 Year Yield (%) | 5 Year Yield (%) | 10 Year Yield (%) | 10 - 2 Year Spread (%) | ||||||||||||||||||
Q3/16 | Beg of Q3 | 0.28 | 0.59 | 1.00 | 1.46 | 0.87 | ||||||||||||||||
Peak | 0.37 | 0.84 | 1.26 | 1.73 | 0.97 | |||||||||||||||||
Trough | 0.18 | 0.56 | 0.94 | 1.37 | 0.76 | |||||||||||||||||
End of Q3 | 0.29 | 0.77 | 1.14 | 1.60 | 0.83 | |||||||||||||||||
Average in Q3 | 0.30 | 0.73 | 1.13 | 1.56 | 0.84 | |||||||||||||||||
Q4/16 | Beg of Q4 | 0.32 | 0.80 | 0.91 | 1.63 | 0.83 | ||||||||||||||||
Peak | 0.55 | 1.29 | 1.61 | 2.60 | 1.34 | |||||||||||||||||
Trough | 0.30 | 0.80 | 0.91 | 1.63 | 0.83 | |||||||||||||||||
End of Q4 | 0.51 | 1.20 | 1.47 | 2.45 | 1.25 | |||||||||||||||||
Average in Q4 | 0.43 | 1.01 | 1.24 | 2.14 | 1.13 | |||||||||||||||||
Q1/17 | Beg of Q1 | 0.16 | 1.06 | 1.76 | 2.27 | 1.21 | ||||||||||||||||
Peak | 0.79 | 1.40 | 2.14 | 2.62 | 1.30 | |||||||||||||||||
Trough | 0.50 | 1.12 | 1.80 | 2.31 | 1.11 | |||||||||||||||||
End of Q1 | 0.76 | 1.27 | 1.93 | 2.40 | 1.13 | |||||||||||||||||
Average in Q1 | 0.60 | 1.24 | 1.95 | 2.45 | 1.20 | |||||||||||||||||
Q2/17 | Beg of Q2 | 0.76 | 1.27 | 1.93 | 2.40 | 1.13 | ||||||||||||||||
Peak | 1.04 | 1.38 | 1.94 | 2.42 | 1.11 | |||||||||||||||||
Trough | 0.79 | 1.18 | 1.71 | 2.14 | 0.78 | |||||||||||||||||
End of Q2 | 1.03 | 1.38 | 1.89 | 2.31 | 0.93 | |||||||||||||||||
Average in Q2 | 0.91 | 1.30 | 1.81 | 2.26 | 0.96 | |||||||||||||||||
Q3/17 | Beg of Q3 | 1.03 | 1.38 | 1.89 | 2.31 | 0.93 | ||||||||||||||||
Peak | 1.18 | 1.47 | 1.95 | 2.39 | 1.00 | |||||||||||||||||
Trough | 0.98 | 1.27 | 1.63 | 2.05 | 0.77 | |||||||||||||||||
End of Q3 | 1.06 | 1.47 | 1.92 | 2.33 | 0.86 | |||||||||||||||||
Average in Q3 | 1.05 | 1.36 | 1.81 | 2.24 | 0.88 |
· | An increase in the average balance of interest earning assets of |
· | An increase in taxable equivalent net interest margin for the |
· | An increase of |
· | An increase of $1.4 million in salaries and benefits expense for the |
· | A decrease of $280 thousand in Professional Services expense for the third quarter of 2017 compared to the third quarter of 2016. |
· | A increase of $210 thousand in Advertising expense for the third quarter of 2017 compared to the third quarter of 2016. |
· | A decrease of |
· | An increase of $694 thousand in income taxes in the third quarter of 2017 compared to the prior year due primarily to higher pre-tax earnings. |
· | An increase in the average balance of interest earning assets of $104.5 million to $4.90 billion for the first nine months of 2017 compared to the same period in 2016. |
· | An increase in taxable equivalent net interest margin for the first nine months of 2017 to 3.20% from 3.10% in the prior year period. The increase in the margin coupled with the increase in average earning assets, resulted in an increase of $6.0 million in taxable equivalent net interest income in the first nine months of 2017 compared to the same period in 2016. |
· | A decrease of |
· | An increase of $663 in Financial Services income for the first nine months of 2017 as compared to the prior year period, the majority of which was recognized in the third quarter as noted previously. |
· | An increase of $3.2 million in salaries and benefits for the first nine months of 2017 as compared to the prior year period, for similar reasons as previously noted in regard to the third quarter of 2017. |
· | A decrease of $2.0 million in FDIC and other insurance expense and a decrease of $1.1 million in net other real estate (“ORE”) expense, for the first |
· | An increase of |
(dollars in thousands) | ||||||||
Under 1 year | $ | 933,108 | $ | 773,959 | ||||
1 to 2 years | 126,530 | 274,233 | ||||||
2 to 3 years | 50,320 | 23,568 | ||||||
3 to 4 years | 2,768 | 1,912 | ||||||
4 to 5 years | 950 | 1,989 | ||||||
Over 5 years | 216 | 225 | ||||||
$ | 1,113,892 | $ | 1,075,886 |
(dollars in thousands) | As of March 31, 2017 | As of December 31, 2016 | ||||||||||||||
Amount | Percent of Loans to Total Loans | Amount | Percent of Loans to Total Loans | |||||||||||||
Commercial | $ | 4,687 | 5.07 | % | $ | 4,820 | 5.32 | % | ||||||||
Real estate - construction | $ | 307 | 0.69 | % | 318 | 0.72 | % | |||||||||
Real estate mortgage - 1 to 4 family | $ | 32,924 | 84.54 | % | 32,452 | 83.94 | % | |||||||||
Home equity lines of credit | $ | 5,473 | 9.46 | % | 5,570 | 9.76 | % | |||||||||
Installment Loans | $ | 657 | 0.24 | % | 730 | 0.26 | % | |||||||||
$ | 44,048 | 100.00 | % | $ | 43,890 | 100.00 | % |
(dollars in thousands) | As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||
Amount | Percent of Loans to | Amount | Percent of Loans to | |||||||||||||
Commercial | $ | 4,490 | 4.94 | % | $ | 4,820 | 5.32 | % | ||||||||
Real estate - construction | $ | 343 | 0.78 | % | 318 | 0.72 | % | |||||||||
Real estate mortgage - 1 to 4 family | $ | 33,083 | 85.34 | % | 32,452 | 83.94 | % | |||||||||
Home equity lines of credit | $ | 5,440 | 8.71 | % | 5,570 | 9.76 | % | |||||||||
Installment Loans | $ | 726 | 0.23 | % | 730 | 0.26 | % | |||||||||
$ | 44,082 | 100.00 | % | $ | 43,890 | 100.00 | % |
· | The magnitude and nature of recent loan chargeoffs and recoveries; |
· | The growth in the loan portfolio and the implication that it has in relation to the economic climate in the Bank’s market territories, and; |
· | The economic environment in the Upstate New York and Florida territories over the last several years, as well as in the Company’s other market areas. |
As of | Estimated Percentage of Fair value of Capital to | |||
+400 BP | % | |||
+300 BP | ||||
+200 BP | ||||
+100 BP | ||||
Current rates | ||||
-100 BP |
(dollars in thousands) | As of March 31, 2017 | Well | Adequately | As of September 30, 2017 | Well Capitalized(1) | Adequately Capitalized(1)(2) | ||||||||||||||||||||||||||
Amount | Ratio | Capitalized(1) | Capitalized(1)(2) | Amount | Ratio | |||||||||||||||||||||||||||
Tier 1 leverage capital | $ | 429,771 | 8.844 | % | 5.000 | % | 4.000 | $ | 443,310 | 9.071 | % | 5.000 | % | 4.000 | % | |||||||||||||||||
Common equity tier 1 capital | 429,771 | 17.338 | 6.500 | 5.750 | 443,310 | 17.763 | 6.500 | 5.750 | ||||||||||||||||||||||||
Tier 1 risk-based capital | 429,771 | 17.338 | 8.000 | 7.250 | 443,310 | 17.763 | 8.000 | 7.250 | ||||||||||||||||||||||||
Total risk-based capital | 460,920 | 18.595 | 10.000 | 9.250 | 474,669 | 19.019 | 10.000 | 9.250 |
(dollars in thousands) | As of December 31, 2016 | Well Capitalized(1) | Adequately Capitalized(1)(3) | |||||||||||||
Amount | Ratio | |||||||||||||||
Tier 1 (core) capital | $ | 424,802 | 8.829 | % | 5.000 | % | 4.000 | % | ||||||||
Common equity tier 1 capital | 424,802 | 17.238 | 6.500 | 5.125 | ||||||||||||
Tier 1 risk-based capital | 424,802 | 17.238 | 8.000 | 6.625 | ||||||||||||
Total risk-based capital | 455,772 | 18.492 | 10.000 | 8.625 |
(dollars in thousands) | As of December 31, 2016 | Well | Adequately | |||||||||||||
Amount | Ratio | Capitalized(1) | Capitalized(1)(3) | |||||||||||||
Tier 1 (core) capital | $ | 424,802 | 8.829 | % | 5.000 | % | 4.000 | % | ||||||||
Common equity tier 1 capital | 424,802 | 17.238 | 6.500 | 5.125 | ||||||||||||
Tier 1 risk-based capital | 424,802 | 17.238 | 8.000 | 6.625 | ||||||||||||
Total risk-based capital | 455,772 | 18.492 | 10.000 | 8.625 |
(1) | Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized |
(2) | The |
(3) | The December 31, 2016 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a transition capital conservation buffer of 0.625 percent |
(dollars in thousands) | As of March 31, 2017 | As of September 30, 2017 | ||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||
Tier 1 leverage capital | $ | 443,714 | 9.117 | % | $ | 457,434 | 9.359 | % | ||||||||
Common equity tier 1 capital | 443,714 | 17.891 | 457,434 | 18.319 | ||||||||||||
Tier 1 risk-based capital | 443,714 | 17.891 | 457,434 | 18.319 | ||||||||||||
Total risk-based capital | 474,880 | 19.147 | 488,810 | 19.576 |
(dollars in thousands) | As of December 31, 2016 | |||||||
Amount | Ratio | |||||||
Leverage capital | $ | 438,426 | 9.110 | % | ||||
Common equity tier 1 capital | 438,426 | 17.782 | ||||||
Tier 1 risk-based capital | 438,426 | 17.782 | ||||||
Total risk-based capital | 469,411 | 19.038 |
Three months ended September 30, 2017 | Three months ended September 30, 2016 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Change in Interest Income/ Expense | Variance Balance Change | Variance Rate Change | |||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||||||
U. S. government sponsored enterprises | $ | 123,055 | 465 | 1.51 | % | $ | 109,488 | 408 | 1.49 | % | $ | 57 | 51 | 6 | ||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 345,248 | 1,815 | 2.10 | % | 400,103 | 1,829 | 1.83 | % | (14 | ) | (1,053 | ) | 1,039 | |||||||||||||||||||||||
State and political subdivisions | 522 | 11 | 8.43 | % | 953 | 20 | 8.39 | % | (9 | ) | (10 | ) | 1 | |||||||||||||||||||||||
Corporate bonds | 42,528 | 153 | 1.44 | % | 27,161 | 97 | 1.43 | % | 56 | - | - | |||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 72,204 | 380 | 2.11 | % | 85,305 | 445 | 2.09 | % | (65 | ) | (87 | ) | 22 | |||||||||||||||||||||||
Mortgage backed securities and | ||||||||||||||||||||||||||||||||||||
collateralized mortgage obligations-commercial | 9,918 | 22 | 0.89 | 10,247 | 36 | 1.41 | (14 | ) | (1 | ) | (13 | ) | ||||||||||||||||||||||||
Other | 685 | 4 | 2.34 | % | 685 | 4 | 2.34 | % | - | - | - | |||||||||||||||||||||||||
Total securities available for sale | 594,160 | 2,850 | 1.92 | % | 633,942 | 2,839 | 1.79 | % | 11 | (1,099 | ) | 1,054 | ||||||||||||||||||||||||
Federal funds sold and other short-term Investments | 621,878 | 1,927 | 1.24 | % | 683,777 | 866 | 0.50 | % | 1,061 | (522 | ) | 1,583 | ||||||||||||||||||||||||
Held to maturity securities: | ||||||||||||||||||||||||||||||||||||
Corporate bonds | 6,738 | 102 | 6.06 | % | 10,644 | 156 | 5.86 | % | (54 | ) | (88 | ) | 34 | |||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 30,161 | 276 | 3.66 | % | 39,307 | 347 | 3.53 | % | (71 | ) | (150 | ) | 79 | |||||||||||||||||||||||
Total held to maturity securities | 36,899 | 378 | 4.10 | % | 49,951 | 503 | 4.03 | % | (125 | ) | (237 | ) | 112 | |||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 9,117 | 125 | 5.48 | % | 9,579 | 131 | 5.47 | % | (6 | ) | (8 | ) | 2 | |||||||||||||||||||||||
Commercial loans | 183,867 | 2,482 | 5.40 | % | 195,115 | 2,597 | 5.32 | % | (115 | ) | (338 | ) | 223 | |||||||||||||||||||||||
Residential mortgage loans | 3,035,745 | 31,600 | 4.16 | % | 2,819,343 | 30,175 | 4.28 | % | 1,425 | 5,895 | (4,470 | ) | ||||||||||||||||||||||||
Home equity lines of credit | 312,812 | 3,237 | 4.14 | % | 346,744 | 3,211 | 3.70 | % | 26 | (1,365 | ) | 1,391 | ||||||||||||||||||||||||
Installment loans | 8,096 | 200 | 9.88 | % | 8,331 | 195 | 9.36 | % | 5 | (28 | ) | 33 | ||||||||||||||||||||||||
Loans, net of unearned income | 3,540,520 | 37,519 | 4.24 | % | 3,369,533 | 36,178 | 4.29 | % | 1,341 | 4,165 | (2,824 | ) | ||||||||||||||||||||||||
Total interest earning assets | 4,802,574 | 42,799 | 3.56 | % | 4,746,782 | 40,517 | 3.41 | % | 2,282 | 2,298 | (72 | ) | ||||||||||||||||||||||||
Allowance for loan losses | (44,284 | ) | (44,473 | ) | ||||||||||||||||||||||||||||||||
Cash & non-interest earning assets | 127,004 | 137,462 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 4,885,294 | $ | 4,839,771 | ||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts | $ | 861,387 | 113 | 0.05 | % | $ | 780,058 | 120 | 0.06 | % | (7 | ) | 54 | (61 | ) | |||||||||||||||||||||
Money market accounts | 572,168 | 469 | 0.33 | % | 571,333 | 463 | 0.32 | % | 6 | 0 | 6 | |||||||||||||||||||||||||
Savings | 1,280,318 | 435 | 0.14 | % | 1,284,533 | 504 | 0.16 | % | (69 | ) | (1 | ) | (68 | ) | ||||||||||||||||||||||
Time deposits | 1,078,085 | 2,247 | 0.83 | % | 1,176,115 | 2,468 | 0.84 | % | (221 | ) | (80 | ) | (141 | ) | ||||||||||||||||||||||
Total interest bearing deposits | 3,791,958 | 3,264 | 0.34 | % | 3,812,039 | 3,555 | 0.37 | % | (291 | ) | (27 | ) | (264 | ) | ||||||||||||||||||||||
Short-term borrowings | 223,238 | 345 | 0.62 | % | 189,910 | 281 | 0.59 | % | 64 | 50 | 14 | |||||||||||||||||||||||||
Total interest bearing liabilities | 4,015,196 | 3,609 | 0.36 | % | 4,001,949 | 3,836 | 0.38 | % | (227 | ) | 23 | (250 | ) | |||||||||||||||||||||||
Demand deposits | 389,286 | 377,455 | ||||||||||||||||||||||||||||||||||
Other liabilities | 28,809 | 27,496 | ||||||||||||||||||||||||||||||||||
Shareholders’ equity | 452,003 | 432,871 | ||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,885,294 | $ | 4,839,771 | ||||||||||||||||||||||||||||||||
Net interest income , tax equivalent | 39,190 | 36,681 | $ | 2,509 | 2,275 | 178 | ||||||||||||||||||||||||||||||
Net interest spread | 3.21 | % | 3.03 | % | ||||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets) | 3.26 | % | 3.09 | % | ||||||||||||||||||||||||||||||||
Tax equivalent adjustment | (11 | ) | (14 | ) | ||||||||||||||||||||||||||||||||
Net interest income | 39,179 | 36,667 |
Three months ended March 31, 2017 | Three months ended March 31, 2016 | Nine months ended September 30, 2017 | Nine months ended September 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Change in InterestIncome/ Expense | Variance BalanceChange | Variance RateChange | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Change in Interest Income/ Expense | Variance Balance Change | Variance Rate Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U. S. government sponsored enterprises | $ | 142,495 | 595 | 1.67 | % | $ | 75,031 | 255 | 1.36 | % | $ | 340 | (168 | ) | 508 | $ | 139,629 | 1,667 | 1.59 | % | $ | 97,281 | 1,067 | 1.46 | % | $ | 600 | 497 | 103 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 367,956 | 1,958 | 2.13 | % | 412,499 | 2,116 | 2.05 | % | (158 | ) | (247 | ) | 89 | 357,347 | 5,717 | 2.13 | % | 419,185 | 6,114 | 1.94 | % | (397 | ) | (1,204 | ) | 807 | ||||||||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | 873 | 19 | 8.71 | % | 1,114 | 22 | 7.90 | % | (3 | ) | (14 | ) | 11 | 736 | 41 | 7.43 | % | 1,007 | 60 | 7.94 | % | (19 | ) | (11 | ) | (8 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 41,580 | 151 | 1.45 | % | - | - | 0.00 | % | 151 | 151 | - | 42,272 | 458 | 1.44 | % | 9,120 | 97 | 1.42 | % | 361 | 359 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 78,591 | 415 | 2.11 | % | 90,611 | 476 | 2.10 | % | (61 | ) | (76 | ) | 15 | 75,429 | 1,189 | 2.10 | % | 87,896 | 1,371 | 2.08 | % | (182 | ) | (205 | ) | 23 | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial | 10,089 | 23 | 0.91 | % | 10,394 | 36 | 1.40 | % | (13 | ) | (8 | ) | (5 | ) | 10,003 | 66 | 0.88 | % | 10,320 | 110 | 1.42 | % | (44 | ) | (3 | ) | (41 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Other | 685 | 4 | 2.34 | % | 685 | 4 | 2.34 | % | - | - | - | 685 | 12 | 2.34 | % | 683 | 12 | 2.34 | % | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | 642,269 | 3,165 | 1.97 | % | 590,334 | 2,909 | 1.97 | % | 256 | (363 | ) | 619 | 626,101 | 9,150 | 1.95 | % | 625,492 | 8,831 | 1.88 | % | 319 | (567 | ) | 886 | ||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and other short-term Investments | 641,126 | 1,246 | 0.78 | % | 675,586 | 844 | 0.50 | % | 402 | (40 | ) | 442 | 635,450 | 4,900 | 1.03 | % | 675,948 | 2,542 | 0.50 | % | 2,358 | (256 | ) | 2,614 | ||||||||||||||||||||||||||||||||||||||||||||||||
Held to maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 9,992 | 154 | 6.16 | % | 9,977 | 154 | 6.17 | % | - | 1 | (1 | ) | 8,897 | 410 | 6.14 | % | 10,202 | 464 | 6.06 | % | (54 | ) | (64 | ) | 10 | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 34,303 | 316 | 3.68 | % | 45,112 | 402 | 3.56 | % | (86 | ) | (170 | ) | 84 | 32,202 | 888 | 3.68 | % | 42,192 | 1,123 | 3.55 | % | (235 | ) | (297 | ) | 62 | ||||||||||||||||||||||||||||||||||||||||||||||
Total held to maturity securities | 44,295 | 470 | 4.24 | % | 55,089 | 556 | 4.03 | % | (86 | ) | (169 | ) | 83 | 41,099 | 1,298 | 4.21 | % | 52,394 | 1,587 | 4.04 | % | (289 | ) | (361 | ) | 72 | ||||||||||||||||||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 9,579 | 134 | 5.60 | % | 9,480 | 120 | 5.06 | % | 14 | 1 | 13 | 9,467 | 393 | 5.54 | % | 9,545 | 369 | 5.15 | % | 24 | (5 | ) | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | �� | 187,590 | 2,429 | 5.18 | % | 201,367 | 2,617 | 5.20 | % | (188 | ) | (114 | ) | (74 | ) | 184,932 | 7,313 | 5.27 | % | 198,461 | 7,777 | 5.22 | % | (464 | ) | (586 | ) | 122 | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 2,911,987 | 30,367 | 4.17 | % | 2,726,811 | 29,622 | 4.35 | % | 745 | 6,563 | (5,818 | ) | 2,969,363 | 92,910 | 4.17 | % | 2,768,579 | 89,523 | 4.31 | % | 3,387 | 7,652 | (4,265 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 330,338 | 3,085 | 3.74 | % | 358,817 | 3,179 | 3.56 | % | (94 | ) | (846 | ) | 752 | 321,276 | 9,453 | 3.92 | % | 353,461 | 9,569 | 3.61 | % | (116 | ) | (1,193 | ) | 1,077 | ||||||||||||||||||||||||||||||||||||||||||||||
Installment loans | 8,228 | 169 | 8.22 | % | 8,659 | 193 | 8.94 | % | (24 | ) | (163 | ) | 139 | 8,117 | 563 | 9.25 | % | 8,435 | 579 | 9.15 | % | (16 | ) | (22 | ) | 6 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | 3,438,143 | 36,050 | 4.19 | % | 3,295,654 | 35,611 | 4.33 | % | 439 | 5,439 | (5,000 | ) | 3,483,688 | 110,239 | 4.22 | % | 3,328,936 | 107,448 | 4.30 | % | 2,791 | 5,850 | (3,059 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 4,775,412 | 41,065 | 3.44 | % | 4,626,143 | 40,040 | 3.47 | % | 1,025 | 4,868 | (3,843 | ) | 4,795,805 | 125,980 | 3.50 | % | 4,692,315 | 120,777 | 3.43 | % | 5,203 | 4,660 | 543 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (44,236 | ) | (45,271 | ) | (44,317 | ) | (44,832 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash & non-interest earning assets | 130,186 | 135,532 | 129,384 | 136,584 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,861,362 | $ | 4,716,404 | $ | 4,880,872 | $ | 4,784,067 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts | $ | 809,039 | 124 | 0.06 | % | $ | 735,098 | 114 | 0.06 | % | 10 | 10 | - | $ | 840,322 | 371 | 0.06 | % | $ | 758,314 | 350 | 0.06 | % | 21 | 44 | (23 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | 580,006 | 466 | 0.32 | % | 603,774 | 496 | 0.33 | % | (30 | ) | (17 | ) | (13 | ) | 576,518 | 1,403 | 0.32 | % | 585,019 | 1,426 | 0.33 | % | (23 | ) | (21 | ) | (2 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Savings | 1,274,757 | 430 | 0.13 | % | 1,262,467 | 604 | 0.19 | % | (174 | ) | 40 | (214 | ) | 1,280,473 | 1,300 | 0.14 | % | 1,273,565 | 1,712 | 0.18 | % | (412 | ) | 16 | (428 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 1,133,942 | 2,283 | 0.81 | % | 1,134,459 | 2,373 | 0.84 | % | (90 | ) | (1 | ) | (89 | ) | 1,104,731 | 6,711 | 0.81 | % | 1,162,603 | 7,301 | 0.84 | % | (590 | ) | (343 | ) | (247 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | 3,797,744 | 3,303 | 0.35 | % | 3,735,798 | 3,587 | 0.39 | % | (284 | ) | 32 | (316 | ) | 3,802,044 | 9,785 | 0.34 | % | 3,779,501 | 10,789 | 0.38 | % | (1,004 | ) | (304 | ) | (700 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 229,719 | 349 | 0.61 | % | 176,119 | 257 | 0.59 | % | 92 | 83 | 9 | 226,447 | 1,043 | 0.61 | % | 182,453 | 800 | 0.58 | % | 243 | 196 | 47 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 4,027,463 | 3,652 | 0.36 | % | 3,911,917 | 3,844 | 0.40 | % | (192 | ) | 115 | (307 | ) | 4,028,491 | 10,828 | 0.36 | % | 3,961,954 | 11,589 | 0.39 | % | (761 | ) | (108 | ) | (653 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 370,552 | 358,224 | 380,216 | 368,852 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 26,781 | 26,917 | 27,880 | 27,179 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 436,566 | 419,346 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 444,285 | 426,082 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 4,861,362 | $ | 4,716,404 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,880,872 | $ | 4,784,067 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income , tax equivalent | 37,413 | 36,196 | $ | 1,217 | 4,753 | (3,536 | ) | 115,152 | 109,188 | $ | 5,964 | 4,768 | 1,196 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | 3.08 | % | 3.07 | % | 3.14 | % | 3.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets) | 3.14 | % | 3.13 | % | 3.20 | % | 3.10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax equivalent adjustment | (13 | ) | (14 | ) | (32 | ) | (40 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 37,400 | 36,182 | 115,120 | 109,148 |
PART II | OTHER INFORMATION |
Reg S-K (Item 601) Exhibit No. | Description |
15 | Crowe Horwath LLP Letter Regarding Unaudited Interim Financial Information |
31(a) | Rule 13a-15(e)/15d-15(e) Certification of Robert J. McCormick, principal executive officer. |
31(b) | Rule 13a-15(e)/15d-15(e) Certification of Michael M. Ozimek, principal financial officer. |
32 | Section 1350 Certifications of Robert J. McCormick, principal executive officer and Michael M. Ozimek, principal financial officer. |
101.INS | Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRLTaxonomy Extension Presentation Linkbase Document |
TrustCo Bank Corp NY | |||
By: /s/ Robert J. McCormick | |||
Robert J. McCormick | |||
President and Chief Executive Officer | |||
By: | |||
Michael M. Ozimek | |||
Senior Vice President and Chief Financial Officer | |||
Reg S-K Exhibit No. | Description |
Crowe Horwath 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 executive officer and Michael M. Ozimek, principal financial officer. | |
101.INS | Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRLTaxonomy Extension Presentation Linkbase Document |