(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) |
Title of each class | Trading Symbol (s) | Name of each exchange on which registered |
Common Stock, $1.00 par value | TRST | Nasdaq Global Select Market |
Large accelerated filer | Accelerated filer | Non-accelerated filer ☐ |
Smaller reporting company ☐ | Emerging growth company ☐ |
Common Stock | Number of Shares Outstanding as of October 31, | |
$1 Par Value |
Part I. | FINANCIAL INFORMATION | PAGE NO. | |
Item 1. | Consolidated Interim Financial Statements (Unaudited): | ||
3 | |||
4 | |||
5 | |||
6 | |||
7 | |||
8– | |||
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 September 30, | Nine months ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Interest and dividend income: | ||||||||||||||||
Interest and fees on loans | $ | 41,330 | 41,923 | 125,058 | 124,608 | |||||||||||
Interest and dividends on securities available for sale: | ||||||||||||||||
U. S. government sponsored enterprises | 14 | 996 | 541 | 2,600 | ||||||||||||
State and political subdivisions | 1 | 2 | 4 | 6 | ||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential | 1,319 | 2,178 | 4,959 | 5,885 | ||||||||||||
Corporate bonds | 646 | 321 | 1,372 | 801 | ||||||||||||
Small Business Administration-guaranteed participation securities | 216 | 282 | 690 | 868 | ||||||||||||
Other securities | 5 | 6 | 16 | 16 | ||||||||||||
Total interest and dividends on securities available for sale | 2,201 | 3,785 | 7,582 | 10,176 | ||||||||||||
Interest on held to maturity securities: | ||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 138 | 187 | 475 | 613 | ||||||||||||
Total interest on held to maturity securities | 138 | 187 | 475 | 613 | ||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 77 | 81 | 351 | 365 | ||||||||||||
Interest on federal funds sold and other short-term investments | 242 | 2,552 | 1,702 | 8,843 | ||||||||||||
Total interest income | 43,988 | 48,528 | 135,168 | 144,605 | ||||||||||||
Interest expense: | ||||||||||||||||
Interest on deposits: | ||||||||||||||||
Interest-bearing checking | 55 | 52 | 97 | 267 | ||||||||||||
Savings accounts | 161 | 323 | 560 | 1,067 | ||||||||||||
Money market deposit accounts | 637 | 1,177 | 2,595 | 3,122 | ||||||||||||
Time deposits | 4,749 | 7,974 | 16,739 | 21,462 | ||||||||||||
Interest on short-term borrowings | 221 | 359 | 778 | 1,121 | ||||||||||||
Total interest expense | 5,823 | 9,885 | 20,769 | 27,039 | ||||||||||||
Net interest income | 38,165 | 38,643 | 114,399 | 117,566 | ||||||||||||
Provision (Credit) for loan losses | 1,000 | 0 | 5,000 | (41 | ) | |||||||||||
Net interest income after provision for loan losses | 37,165 | 38,643 | 109,399 | 117,607 | ||||||||||||
Noninterest income: | ||||||||||||||||
Trustco financial services income | 1,784 | 1,517 | 4,752 | 4,933 | ||||||||||||
Fees for services to customers | 2,292 | 2,602 | 6,414 | 7,733 | ||||||||||||
Net gain on securities transactions | 0 | 0 | 1,155 | 0 | ||||||||||||
Other | 265 | 806 | 780 | 1,810 | ||||||||||||
Total noninterest income | 4,341 | 4,925 | 13,101 | 14,476 | ||||||||||||
Noninterest expenses: | ||||||||||||||||
Salaries and employee benefits | 10,899 | 11,725 | 33,920 | 34,887 | ||||||||||||
Net occupancy expense | 4,277 | 4,094 | 12,968 | 12,267 | ||||||||||||
Equipment expense | 1,607 | 1,689 | 5,015 | 5,300 | ||||||||||||
Professional services | 1,311 | 1,507 | 3,974 | 4,725 | ||||||||||||
Outsourced services | 1,875 | 1,875 | 5,825 | 5,675 | ||||||||||||
Advertising expense | 305 | 494 | 1,394 | 2,057 | ||||||||||||
FDIC and other insurance | 660 | 282 | 1,563 | 1,528 | ||||||||||||
Other real estate (income) expense, net | (115 | ) | 33 | 47 | 219 | |||||||||||
Other | 1,855 | 2,371 | 6,168 | 7,181 | ||||||||||||
Total noninterest expenses | 22,674 | 24,070 | 70,874 | 73,839 | ||||||||||||
Income before taxes | 18,832 | 19,498 | 51,626 | 58,244 | ||||||||||||
Income taxes | 4,761 | 4,790 | 12,988 | 14,311 | ||||||||||||
Net income | $ | 14,071 | 14,708 | $ | 38,638 | 43,933 | ||||||||||
Net income per share: | ||||||||||||||||
- Basic | $ | 0.146 | 0.152 | $ | 0.400 | 0.454 | ||||||||||
- Diluted | $ | 0.146 | 0.152 | $ | 0.400 | 0.453 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Interest and dividend income: | ||||||||||||||||
Interest and fees on loans | $ | 37,513 | 36,171 | 110,219 | 107,428 | |||||||||||
Interest and dividends on securities available for sale: | ||||||||||||||||
U. S. government sponsored enterprises | 465 | 408 | 1,667 | 1,067 | ||||||||||||
State and political subdivisions | 6 | 13 | 29 | 40 | ||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 1,815 | 1,829 | 5,717 | 6,114 | ||||||||||||
Corporate bonds | 153 | 97 | 458 | 97 | ||||||||||||
Small Business Administration-guaranteed participation securities | 380 | 445 | 1,189 | 1,371 | ||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial | 22 | 36 | 66 | 110 | ||||||||||||
Other securities | 4 | 4 | 12 | 12 | ||||||||||||
Total interest and dividends on securities available for sale | 2,845 | 2,832 | 9,138 | 8,811 | ||||||||||||
Interest on held to maturity securities: | ||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 276 | 347 | 888 | 1,123 | ||||||||||||
Corporate bonds | 102 | 156 | 410 | 464 | ||||||||||||
Total interest on held to maturity securities | 378 | 503 | 1,298 | 1,587 | ||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 125 | 131 | 393 | 369 | ||||||||||||
Interest on federal funds sold and other short-term investments | 1,927 | 866 | 4,900 | 2,542 | ||||||||||||
Total interest income | 42,788 | 40,503 | 125,948 | 120,737 | ||||||||||||
Interest expense: | ||||||||||||||||
Interest on deposits: | ||||||||||||||||
Interest-bearing checking | 113 | 120 | 371 | 350 | ||||||||||||
Savings | 435 | 504 | 1,300 | 1,712 | ||||||||||||
Money market deposit accounts | 469 | 463 | 1,403 | 1,426 | ||||||||||||
Time deposits | 2,247 | 2,468 | 6,711 | 7,301 | ||||||||||||
Interest on short-term borrowings | 345 | 281 | 1,043 | 800 | ||||||||||||
Total interest expense | 3,609 | 3,836 | 10,828 | 11,589 | ||||||||||||
Net interest income | 39,179 | 36,667 | 115,120 | 109,148 | ||||||||||||
Provision for loan losses | 550 | 750 | 1,700 | 2,350 | ||||||||||||
Net interest income after provision for loan losses | 38,629 | 35,917 | 113,420 | 106,798 | ||||||||||||
Noninterest income: | ||||||||||||||||
Trustco financial services income | 1,844 | 1,347 | 5,127 | 4,464 | ||||||||||||
Fees for services to customers | 2,767 | 2,664 | 8,201 | 8,062 | ||||||||||||
Net gain on securities transactions | - | - | - | 668 | ||||||||||||
Other | 243 | 718 | 757 | 1,306 | ||||||||||||
Total noninterest income | 4,854 | 4,729 | 14,085 | 14,500 | ||||||||||||
Noninterest expenses: | ||||||||||||||||
Salaries and employee benefits | 10,360 | 8,995 | 30,129 | 26,932 | ||||||||||||
Net occupancy expense | 4,027 | 3,887 | 12,403 | 11,893 | ||||||||||||
Equipment expense | 1,669 | 1,596 | 4,653 | 4,950 | ||||||||||||
Professional services | 1,679 | 1,959 | 5,570 | 6,203 | ||||||||||||
Outsourced services | 1,650 | 1,465 | 4,650 | 4,441 | ||||||||||||
Advertising expense | 699 | 489 | 2,019 | 1,788 | ||||||||||||
FDIC and other insurance | 1,018 | 1,127 | 3,077 | 5,066 | ||||||||||||
Other real estate expense (income), net | 275 | 895 | 770 | 1,837 | ||||||||||||
Other | 2,149 | 2,636 | 7,187 | 7,352 | ||||||||||||
Total noninterest expenses | 23,526 | 23,049 | 70,458 | 70,462 | ||||||||||||
Income before taxes | 19,957 | 17,597 | 57,047 | 50,836 | ||||||||||||
Income taxes | 7,361 | 6,667 | 21,264 | 19,033 | ||||||||||||
Net income | $ | 12,596 | 10,930 | 35,783 | 31,803 | |||||||||||
Net income per share: | ||||||||||||||||
- Basic | $ | 0.131 | 0.114 | 0.373 | 0.333 | |||||||||||
- Diluted | $ | 0.131 | 0.114 | 0.372 | 0.333 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net income | $ | 14,071 | 14,708 | 38,638 | 43,933 | |||||||||||
Net unrealized holding (loss) gain on securities available for sale | (267 | ) | 2,418 | 11,392 | 14,185 | |||||||||||
Reclassification adjustments for net gain recognized in income | 0 | 0 | (1,155 | ) | 0 | |||||||||||
Tax effect | 69 | (628 | ) | (2,660 | ) | (3,686 | ) | |||||||||
Net unrealized (loss) gain on securities available for sale, net of tax | (198 | ) | 1,790 | 7,577 | 10,499 | |||||||||||
Amortization of net actuarial gain | (222 | ) | (35 | ) | (531 | ) | (103 | ) | ||||||||
Amortization of prior service credit | (49 | ) | (83 | ) | (147 | ) | (250 | ) | ||||||||
Tax effect | 70 | 31 | 177 | 92 | ||||||||||||
Amortization of net actuarial gain and prior service credit on pension and postretirement plans, net of tax | (201 | ) | (87 | ) | (501 | ) | (261 | ) | ||||||||
Other comprehensive (loss) income, net of tax | (399 | ) | 1,703 | 7,076 | 10,238 | |||||||||||
Comprehensive income | $ | 13,672 | 16,411 | 45,714 | 54,171 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income | $ | 12,596 | 10,930 | 35,783 | 31,803 | |||||||||||
Net unrealized holding gain on securities available for sale | 938 | (125 | ) | 5,460 | 12,475 | |||||||||||
Reclassification adjustments for net gain recognized in income | - | - | - | (668 | ) | |||||||||||
Tax effect | (376 | ) | 50 | (2,185 | ) | (4,723 | ) | |||||||||
Net unrealized gain on securities available for sale, net of tax | 562 | (75 | ) | 3,275 | 7,084 | |||||||||||
Amortization of net actuarial gain | (72 | ) | (8 | ) | (208 | ) | (25 | ) | ||||||||
Amortization of prior service cost | 23 | 22 | 68 | 67 | ||||||||||||
Tax effect | 20 | (6 | ) | 56 | (17 | ) | ||||||||||
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 | 533 | (67 | ) | 3,191 | 7,109 | |||||||||||
Comprehensive income | $ | 13,129 | 10,863 | 38,974 | 38,912 |
September 30, 2020 | December 31, 2019 | |||||||
ASSETS: | ||||||||
Cash and due from banks | $ | 47,703 | 48,198 | |||||
Federal funds sold and other short term investments | 908,616 | 408,648 | ||||||
Total cash and cash equivalents | 956,319 | 456,846 | ||||||
Securities available for sale | 454,743 | 573,823 | ||||||
Held to maturity securities (fair value 2020 $16,343; 2019 $19,680) | 15,094 | 18,618 | ||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 5,506 | 9,183 | ||||||
Loans, net of deferred net costs | 4,214,555 | 4,062,196 | ||||||
Less: | ||||||||
Allowance for loan losses | 49,123 | 44,317 | ||||||
Net loans | 4,165,432 | 4,017,879 | ||||||
Bank premises and equipment, net | 34,417 | 34,622 | ||||||
Operating lease right-of-use assets | 47,174 | 51,475 | ||||||
Other assets | 57,244 | 58,876 | ||||||
Total assets | $ | 5,735,929 | 5,221,322 | |||||
LIABILITIES: | ||||||||
Deposits: | ||||||||
Demand | $ | 635,345 | 463,858 | |||||
Interest-bearing checking | 1,024,290 | 875,672 | ||||||
Savings accounts | 1,235,259 | 1,113,146 | ||||||
Money market deposit accounts | 699,132 | 599,163 | ||||||
Time deposits | 1,305,024 | 1,398,177 | ||||||
Total deposits | 4,899,050 | 4,450,016 | ||||||
Short-term borrowings | 193,455 | 148,666 | ||||||
Operating lease liabilities | 52,125 | 56,553 | ||||||
Accrued expenses and other liabilities | 30,771 | 27,830 | ||||||
Total liabilities | 5,175,401 | 4,683,065 | ||||||
SHAREHOLDERS' EQUITY: | ||||||||
Capital stock par value $1; 150,000,000 shares authorized; 100,204,832 and 100,204,832 shares issued at September 30, 2020 and December 31, 2019, respectively | 100,205 | 100,205 | ||||||
Surplus | 176,441 | 176,427 | ||||||
Undivided profits | 306,741 | 288,067 | ||||||
Accumulated other comprehensive income, net of tax | 11,537 | 4,461 | ||||||
Treasury stock at cost - 3,772,175 and 3,283,175 shares at September 30, 2020 and December 31, 2019, respectively | (34,396 | ) | (30,903 | ) | ||||
Total shareholders' equity | 560,528 | 538,257 | ||||||
Total liabilities and shareholders' equity | $ | 5,735,929 | 5,221,322 |
September 30, 2017 | December 31, 2016 | |||||||
ASSETS: | (Unaudited) | (Audited) | ||||||
Cash and due from banks | $ | 41,598 | 48,719 | |||||
Federal funds sold and other short term investments | 582,599 | 658,555 | ||||||
Total cash and cash equivalents | 624,197 | 707,274 | ||||||
Securities available for sale | 580,430 | 620,360 | ||||||
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 | 8,779 | 9,579 | ||||||
Loans, net of deferred net costs | 3,578,282 | 3,430,586 | ||||||
Less: | ||||||||
Allowance for loan losses | 44,082 | 43,890 | ||||||
Net loans | 3,534,200 | 3,386,696 | ||||||
Bank premises and equipment, net | 35,028 | 35,466 | ||||||
Other assets | 58,373 | 63,941 | ||||||
Total assets | $ | 4,870,275 | 4,868,806 | |||||
LIABILITIES: | ||||||||
Deposits: | ||||||||
Demand | $ | 397,623 | 377,755 | |||||
Interest-bearing checking | 862,067 | 815,534 | ||||||
Savings accounts | 1,265,229 | 1,271,449 | ||||||
Money market deposit accounts | 564,557 | 571,962 | ||||||
Time deposits | 1,075,886 | 1,159,463 | ||||||
Total deposits | 4,165,362 | 4,196,163 | ||||||
Short-term borrowings | 216,508 | 209,406 | ||||||
Accrued expenses and other liabilities | 33,477 | 30,551 | ||||||
Total liabilities | $ | 4,415,347 | 4,436,120 | |||||
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 | 172,712 | 171,425 | ||||||
Undivided profits | 218,401 | 201,517 | ||||||
Accumulated other comprehensive loss, net of tax | (3,060 | ) | (6,251 | ) | ||||
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 | 454,928 | 432,686 | ||||||
Total liabilities and shareholders’ equity | $ | 4,870,275 | 4,868,806 |
Capital Stock | Surplus | Undivided Profits | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Total | |||||||||||||||||||
Beginning balance, January 1, 2019 | $ | 100,175 | 176,710 | 256,397 | (10,309 | ) | (33,102 | ) | 489,871 | |||||||||||||||
Net income | 0 | 0 | 14,558 | 0 | 0 | 14,558 | ||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 3,298 | 0 | 3,298 | ||||||||||||||||||
Stock options exercised (5,100 shares) | 5 | 30 | 0 | 0 | 0 | 35 | ||||||||||||||||||
Cash dividend declared, $0.068125 per share | 0 | 0 | (6,591 | ) | 0 | 0 | (6,591 | ) | ||||||||||||||||
Purchase of treasury stock (4,131 shares) | 0 | 0 | 0 | 0 | (35 | ) | (35 | ) | ||||||||||||||||
Sale of treasury stock (86,297 shares) | 0 | (218 | ) | 0 | 0 | 812 | 594 | |||||||||||||||||
Stock based compensation expense | 0 | (12 | ) | 0 | 0 | 0 | (12 | ) | ||||||||||||||||
Ending balance, March 31, 2019 | $ | 100,180 | 176,510 | 264,364 | (7,011 | ) | (32,325 | ) | 501,718 | |||||||||||||||
Net income | 0 | 0 | 14,667 | 0 | 0 | 14,667 | ||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 5,237 | 0 | 5,237 | ||||||||||||||||||
Cash dividend declared, $0.068125 per share | 0 | 0 | (6,598 | ) | 0 | 0 | (6,598 | ) | ||||||||||||||||
Sale of treasury stock (76,443 shares) | 0 | (120 | ) | 0 | 0 | 720 | 600 | |||||||||||||||||
Stock based compensation expense | 0 | 6 | 0 | 0 | 0 | 6 | ||||||||||||||||||
Ending balance, June 30, 2019 | $ | 100,180 | 176,396 | 272,433 | (1,774 | ) | (31,605 | ) | 515,630 | |||||||||||||||
Net income | 0 | 0 | 14,708 | 0 | 0 | 14,708 | ||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 1,703 | 0 | 1,703 | ||||||||||||||||||
Cash dividend declared, $0.068125 per share | 0 | 0 | (6,599 | ) | 0 | 0 | (6,599 | ) | ||||||||||||||||
Stock options exercised (19,850 shares) | 20 | 98 | 0 | 0 | 0 | 118 | ||||||||||||||||||
Sale of treasury stock (74,656 shares) | 0 | (105 | ) | 0 | 0 | 702 | 597 | |||||||||||||||||
Stock based compensation expense | 0 | 6 | 0 | 0 | 0 | 6 | ||||||||||||||||||
Ending balance, September 30, 2019 | $ | 100,200 | 176,395 | 280,542 | (71 | ) | (30,903 | ) | 526,163 | |||||||||||||||
Beginning balance, January 1, 2020 | $ | 100,205 | 176,427 | 288,067 | 4,461 | (30,903 | ) | 538,257 | ||||||||||||||||
Net income | 0 | 0 | 13,313 | 0 | 0 | 13,313 | ||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 6,931 | 0 | 6,931 | ||||||||||||||||||
Cash dividend declared, $0.068125 per share | 0 | 0 | (6,827 | ) | 0 | 0 | (6,827 | ) | ||||||||||||||||
Purchase of treasury stock (489,000 shares) | 0 | 0 | 0 | 0 | (3,493 | ) | (3,493 | ) | ||||||||||||||||
Stock based compensation expense | 0 | 4 | 0 | 0 | 0 | 4 | ||||||||||||||||||
Ending balance, March 31, 2020 | $ | 100,205 | 176,431 | 294,553 | 11,392 | (34,396 | ) | 548,185 | ||||||||||||||||
Net income | 0 | 0 | 11,254 | 0 | 0 | 11,254 | ||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 544 | 0 | 544 | ||||||||||||||||||
Cash dividend declared, $0.068125 per share | 0 | 0 | (6,568 | ) | 0 | 0 | (6,568 | ) | ||||||||||||||||
Stock based compensation expense | 0 | 6 | 0 | 0 | 0 | 6 | ||||||||||||||||||
Ending balance, June 30, 2020 | $ | 100,205 | 176,437 | 299,239 | 11,936 | (34,396 | ) | 553,421 | ||||||||||||||||
Net income | 0 | 0 | 14,071 | 0 | 0 | 14,071 | ||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | (399 | ) | 0 | (399 | ) | ||||||||||||||||
Cash dividend declared, $0.068125 per share | 0 | 0 | (6,569 | ) | 0 | 0 | (6,569 | ) | ||||||||||||||||
Stock based compensation expense | 0 | 4 | 0 | 0 | 0 | 4 | ||||||||||||||||||
Ending balance, September 30, 2020 | $ | 100,205 | 176,441 | 306,741 | 11,537 | (34,396 | ) | 560,528 |
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 | |||||||||||||||
Net income | - | - | 31,803 | - | - | 31,803 | ||||||||||||||||||
Other comprehensive income, net of tax | - | - | - | 7,109 | - | 7,109 | ||||||||||||||||||
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 | - | 168 | - | - | - | 168 | ||||||||||||||||||
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 | |||||||||||||||
Net income | - | - | 35,783 | - | - | 35,783 | ||||||||||||||||||
Other comprehensive income, net of tax | - | - | - | 3,191 | - | 3,191 | ||||||||||||||||||
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 | - | 114 | - | - | - | 114 | ||||||||||||||||||
Ending balance, September 30, 2017 | $ | 99,562 | 172,712 | 218,401 | (3,060 | ) | (32,687 | ) | 454,928 |
Nine months ended September 30, | ||||||||
2020 | 2019 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 38,638 | 43,933 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | 3,003 | 2,958 | ||||||
Amortization of right-of-use asset | 4,588 | 4,420 | ||||||
Net gain on sale of other real estate owned | (332 | ) | (686 | ) | ||||
Writedown of other real estate owned | 120 | 294 | ||||||
Provision (credit) for loan losses | 5,000 | (41 | ) | |||||
Deferred tax (benefit) expense | (1,199 | ) | 844 | |||||
Net amortization of securities | 2,703 | 2,128 | ||||||
Stock based compensation expense | 14 | 0 | ||||||
Net gain on sale of bank premises and equipment | 0 | (3 | ) | |||||
Net gain on sales of securities | (1,155 | ) | 0 | |||||
Decrease in taxes receivable | 570 | 1,903 | ||||||
Increase in interest receivable | (180 | ) | (397 | ) | ||||
(Decrease) increase in interest payable | (682 | ) | 510 | |||||
Increase in other assets | (1,201 | ) | (2,669 | ) | ||||
Decrease in operating lease liabilities | (4,715 | ) | (4,489 | ) | ||||
Increase in accrued expenses and other liabilities | 2,734 | 1,066 | ||||||
Total adjustments | 9,268 | 5,838 | ||||||
Net cash provided by operating activities | 47,906 | 49,771 | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from sales and calls of securities available for sale | 226,886 | 101,306 | ||||||
Proceeds from calls and maturities of held to maturity securities | 3,398 | 2,665 | ||||||
Purchases of securities available for sale | (103,991 | ) | (260,466 | ) | ||||
Proceeds from maturities of securities available for sale | 5,000 | 10,052 | ||||||
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (380 | ) | (230 | ) | ||||
Proceeds from redemption of Federal Reserve Bank stock | 4,057 | 0 | ||||||
Net increase in loans | (152,987 | ) | (115,120 | ) | ||||
Proceeds from dispositions of other real estate owned | 1,802 | 3,159 | ||||||
Proceeds from dispositions of bank premises and equipment | 0 | 3 | ||||||
Purchases of bank premises and equipment | (2,798 | ) | (2,432 | ) | ||||
Net cash used in investing activities | (19,013 | ) | (261,063 | ) | ||||
Cash flows from financing activities: | ||||||||
Net increase in deposits | 449,034 | 186,920 | ||||||
Net increase (decrease) in short-term borrowings | 44,789 | (10,798 | ) | |||||
Proceeds from exercise of stock options | 0 | 153 | ||||||
Proceeds from sale of treasury stock | 0 | 1,791 | ||||||
Purchases of treasury stock | (3,493 | ) | (35 | ) | ||||
Dividends paid | (19,750 | ) | (19,771 | ) | ||||
Net cash provided by financing activities | 470,580 | 158,260 | ||||||
Net increase (decrease) in cash and cash equivalents | 499,473 | (53,032 | ) | |||||
Cash and cash equivalents at beginning of period | 456,846 | 503,709 | ||||||
Cash and cash equivalents at end of period | $ | 956,319 | 450,677 | |||||
Supplemental Disclosure of Cash Flow Information: | ||||||||
Cash paid during the year for: | ||||||||
Interest paid | $ | 21,451 | 26,529 | |||||
Income taxes paid | 12,274 | 12,263 | ||||||
Other non cash items: | ||||||||
Transfer of loans to other real estate owned | 434 | 3,501 | ||||||
Increase in dividends payable | 214 | 17 | ||||||
Change in unrealized gain on securities available for sale-gross of deferred taxes | 10,237 | 14,185 | ||||||
Change in deferred tax effect on unrealized gain on securities available for sale | (2,660 | ) | (3,686 | ) | ||||
Amortization of net actuarial gain and prior service credit on pension and postretirement plans | (678 | ) | (353 | ) | ||||
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans | 177 | 92 |
Nine months ended September 30, | ||||||||
2017 | 2016 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 35,783 | 31,803 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 2,857 | 3,071 | ||||||
Net gain on sale of other real estate owned | (897 | ) | (281 | ) | ||||
Writedown of other real estate owned | 823 | 911 | ||||||
Provision for loan losses | 1,700 | 2,350 | ||||||
Deferred tax expense | 1,122 | 3,899 | ||||||
Net amortization of securities | 2,244 | 3,702 | ||||||
Stock based compensation expense | 114 | 168 | ||||||
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 | 257 | (610 | ) | |||||
Decrease in interest payable | (56 | ) | (5 | ) | ||||
Increase in other assets | (2,214 | ) | (4,844 | ) | ||||
Increase (decrease) in accrued expenses and other liabilities | 2,957 | (297 | ) | |||||
Total adjustments | 11,698 | 9,236 | ||||||
Net cash provided by operating activities | 47,481 | 41,039 | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from sales and calls of securities available for sale | 109,123 | 205,312 | ||||||
Proceeds from calls and maturities of held to maturity securities | 16,222 | 8,435 | ||||||
Purchases of securities available for sale | (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 | (152,334 | ) | (101,292 | ) | ||||
Proceeds from dispositions of other real estate owned | 4,593 | 4,860 | ||||||
Proceeds from dispositions of bank premises and equipment | - | 674 | ||||||
Purchases of bank premises and equipment | (2,462 | ) | (1,732 | ) | ||||
Net cash (used in) provided by investing activities | (90,035 | ) | (133,846 | ) | ||||
Cash flows from financing activities: | ||||||||
Net change in deposits | (30,801 | ) | 67,860 | |||||
Net change in short-term borrowings | 7,102 | (12,022 | ) | |||||
Proceeds from exercise of stock options | 1,858 | 760 | ||||||
Proceeds from sale of treasury stock | 1,878 | 1,958 | ||||||
Purchases of treasury stock | (1,683 | ) | (701 | ) | ||||
Dividends paid | (18,877 | ) | (18,776 | ) | ||||
Net cash provided by financing activities | (40,523 | ) | 39,079 | |||||
Net decrease in cash and cash equivalents | (83,077 | ) | (53,728 | ) | ||||
Cash and cash equivalents at beginning of period | 707,274 | 718,156 | ||||||
Cash and cash equivalents at end of period | $ | 624,197 | 664,428 | |||||
Supplemental Disclosure of Cash Flow Information: | ||||||||
Cash paid during the year for: | ||||||||
Interest paid | $ | 10,884 | 11,594 | |||||
Income taxes paid | 18,508 | 16,944 | ||||||
Other non cash items: | ||||||||
Transfer of loans to other real estate owned | 3,130 | 3,803 | ||||||
Increase in dividends payable | 22 | 23 | ||||||
Change in unrealized gain on securities available for sale-gross of deferred taxes | 5,460 | 11,807 | ||||||
Change in deferred tax effect on unrealized gain on securities available for sale | (2,185 | ) | (4,723 | ) | ||||
Amortization of net actuarial (gain) loss and prior service cost on pension and postretirement plans | (140 | ) | 42 | |||||
Change in deferred tax effect of amortization of net actuarial (gain) loss and prior service cost on pension and postretirement plans | 56 | (17 | ) |
(in thousands, except per share data) | For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net income | $ | 14,071 | 14,708 | $ | 38,638 | 43,933 | ||||||||||
Weighted average common shares | 96,433 | 96,907 | 96,531 | 96,825 | ||||||||||||
Stock Options | 4 | 70 | 14 | 72 | ||||||||||||
Weighted average common shares including potential dilutive shares | 96,437 | 96,977 | 96,545 | 96,897 | ||||||||||||
Basic EPS | $ | 0.146 | 0.152 | $ | 0.400 | 0.454 | ||||||||||
Diluted EPS | $ | 0.146 | 0.152 | $ | 0.400 | 0.453 |
(in thousands, except per share data) | For the three months ended September 30: | For the nine months ended September 30: | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income | $ | 12,596 | 10,930 | $ | 35,783 | 31,803 | ||||||||||
Weighted average common shares | 96,102 | 95,603 | 95,997 | 95,486 | ||||||||||||
Stock Options | 103 | 119 | 94 | 86 | ||||||||||||
Weighted average common shares including potential dilutive shares | 96,205 | 95,722 | 96,091 | 95,572 | ||||||||||||
Basic EPS | $ | 0.131 | 0.114 | $ | 0.373 | 0.333 | ||||||||||
Diluted EPS | $ | 0.131 | 0.114 | $ | 0.372 | 0.333 |
Three months ended September 30, | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Service cost | $ | 9 | 10 | 15 | 17 | |||||||||||
Interest cost | 269 | 311 | 40 | 60 | ||||||||||||
Expected return on plan assets | (755 | ) | (702 | ) | (296 | ) | (248 | ) | ||||||||
Amortization of net loss (gain) | (5 | ) | 14 | (217 | ) | (49 | ) | |||||||||
Amortization of prior service credit | 0 | 0 | (49 | ) | (83 | ) | ||||||||||
Net periodic benefit | $ | (482 | ) | (367 | ) | (507 | ) | (303 | ) |
For the three months ended September 30, | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
(dollars in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Service cost | $ | 11 | 15 | 26 | 32 | |||||||||||
Interest cost | 326 | 343 | 54 | 61 | ||||||||||||
Expected return on plan assets | (686 | ) | (669 | ) | (190 | ) | (180 | ) | ||||||||
Amortization of net loss (gain) | 17 | 46 | (89 | ) | (54 | ) | ||||||||||
Amortization of prior service cost | - | - | 23 | 22 | ||||||||||||
Net periodic benefit | $ | (332 | ) | (265 | ) | (176 | ) | (119 | ) |
Nine months ended September 30, | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
(dollars in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Service cost | $ | 28 | 31 | 55 | 49 | |||||||||||
Interest cost | 807 | 933 | 152 | 180 | ||||||||||||
Expected return on plan assets | (2,265 | ) | (2,108 | ) | (887 | ) | (743 | ) | ||||||||
Amortization of net loss (gain) | 0 | 44 | (531 | ) | (147 | ) | ||||||||||
Amortization of prior service credit | 0 | 0 | (147 | ) | (250 | ) | ||||||||||
Net periodic benefit | $ | (1,430 | ) | (1,100 | ) | (1,358 | ) | (911 | ) |
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 | ) |
September 30, 2020 | ||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
U.S. government sponsored enterprises | $ | 30,000 | 3 | 7 | 29,996 | |||||||||||
State and political subdivisions | 110 | 1 | 0 | 111 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 301,490 | 8,369 | 91 | 309,768 | ||||||||||||
Corporate bonds | 69,231 | 1,048 | 166 | 70,113 | ||||||||||||
Small Business Administration - guaranteed participation securities | 42,599 | 1,471 | 0 | 44,070 | ||||||||||||
Other | 685 | 0 | 0 | 685 | ||||||||||||
Total Securities Available for Sale | $ | 444,115 | 10,892 | 264 | 454,743 |
(dollars in thousands) | September 30, 2017 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
U.S. government sponsored enterprises | $ | 125,024 | 93 | 1,459 | 123,658 | |||||||||||
State and political subdivisions | 521 | 12 | - | 533 | ||||||||||||
Corporate bonds | 40,442 | - | 61 | 40,381 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 338,519 | 164 | 3,152 | 335,531 | ||||||||||||
Small Business Administration- guaranteed participation securities | 71,169 | - | 1,351 | 69,818 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 9,875 | - | 51 | 9,824 | ||||||||||||
Other | 650 | - | - | 650 | ||||||||||||
Total debt securities | 586,200 | 269 | 6,074 | 580,395 | ||||||||||||
Equity securities | 35 | - | - | 35 | ||||||||||||
Total securities available for sale | $ | 586,235 | 269 | 6,074 | 580,430 |
December 31, 2019 | ||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
U.S. government sponsored enterprises | $ | 104,895 | 36 | 419 | 104,512 | |||||||||||
State and political subdivisions | 160 | 2 | 0 | 162 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 388,537 | 2,406 | 1,426 | 389,517 | ||||||||||||
Corporate bonds | 30,164 | 367 | 95 | 30,436 | ||||||||||||
Small Business Administration - guaranteed participation securities | 48,991 | 0 | 480 | 48,511 | ||||||||||||
Other | 685 | 0 | 0 | 685 | ||||||||||||
Total securities available for sale | $ | 573,432 | 2,811 | 2,420 | 573,823 |
(dollars in thousands) | December 31, 2016 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
U.S. government sponsored enterprises | $ | 119,887 | - | 2,621 | 117,266 | |||||||||||
State and political subdivisions | 873 | 13 | - | 886 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 378,068 | 123 | 5,883 | 372,308 | ||||||||||||
Corporate bonds | 40,956 | - | 251 | 40,705 | ||||||||||||
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 | ||||||||||||
Other | 650 | - | - | 650 | ||||||||||||
Total debt securities | 631,590 | 136 | 11,401 | 620,325 | ||||||||||||
Equity securities | 35 | - | - | 35 | ||||||||||||
Total securities available for sale | $ | 631,625 | 136 | 11,401 | 620,360 |
(dollars in thousands) | Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 18,563 | 18,747 | |||||
Due in one year through five years | 81,445 | 82,140 | ||||||
Due after five years through ten years | 18 | 18 | ||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 301,490 | 309,768 | ||||||
Small Business Administration - guaranteed participation securities | 42,599 | 44,070 | ||||||
$ | 444,115 | 454,743 |
September 30, 2020 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(dollars in thousands) | Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | ||||||||||||||||||
U.S. government sponsored enterprises | $ | 9,993 | 7 | 0 | 0 | 9,993 | 7 | |||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 20,096 | 91 | 0 | 0 | 20,096 | 91 | ||||||||||||||||||
Corporate bonds | 15,723 | 103 | 4,937 | 63 | 20,660 | 166 | ||||||||||||||||||
Total | $ | 45,812 | 201 | 4,937 | 63 | 50,749 | 264 |
December 31, 2019 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(dollars in thousands) | Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | Fair Value | Gross Unreal. Loss | ||||||||||||||||||
U.S. government sponsored enterprises | $ | 19,820 | 180 | 74,656 | 239 | 94,476 | 419 | |||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 67,322 | 446 | 169,169 | 980 | 236,491 | 1,426 | ||||||||||||||||||
Corporate bonds | 4,905 | 95 | 0 | 0 | 4,905 | 95 | ||||||||||||||||||
Small Business Administration - guaranteed participation securities | 48,510 | 480 | 0 | 0 | 48,510 | 480 | ||||||||||||||||||
Total | $ | 140,557 | 1,201 | 243,825 | 1,219 | 384,382 | 2,420 |
Three months ended September 30, | ||||||||
(dollars in thousands) | 2020 | 2019 | ||||||
Proceeds from sales | $ | 0 | $ | 0 | ||||
Proceeds from calls/paydowns | 43,052 | 56,856 | ||||||
Proceeds from maturities | 0 | 0 | ||||||
Gross realized losses | 0 | 0 |
Nine months ended September 30, | ||||||||
(dollars in thousands) | 2020 | 2019 | ||||||
Proceeds from sales | $ | 29,219 | $ | 0 | ||||
Proceeds from calls/paydowns | 197,667 | 101,306 | ||||||
Proceeds from maturities | 5,000 | 10,052 | ||||||
Gross realized gains | 1,155 | 0 |
September 30, 2020 | ||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 15,094 | 1,249 | 0 | 16,343 | |||||||||||
Total held to maturity | $ | 15,094 | 1,249 | 0 | 16,343 |
December 31, 2019 | ||||||||||||||||
(dollars in thousands) | Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 18,618 | 1,062 | 0 | 19,680 | |||||||||||
Total held to maturity | $ | 18,618 | 1,062 | 0 | 19,680 |
(dollars in thousands) | Amortized Cost | Fair Value | ||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 15,094 | 16,343 | |||||
$ | 15,094 | 16,343 |
(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 | ||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 29,268 | 30,731 | ||||||
$ | 29,268 | 30,731 |
September 30, 2020 | ||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 152,994 | 18,579 | 171,573 | ||||||||
Other | 59,886 | 204 | 60,090 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 2,580,577 | 1,065,903 | 3,646,480 | |||||||||
Home equity loans | 62,595 | 15,671 | 78,266 | |||||||||
Home equity lines of credit | 200,605 | 47,715 | 248,320 | |||||||||
Installment | 7,997 | 1,829 | 9,826 | |||||||||
Total loans, net | $ | 3,064,654 | $ | 1,149,901 | 4,214,555 | |||||||
Less: Allowance for loan losses | 49,123 | |||||||||||
Net loans | $ | 4,165,432 |
September 30, 2017 | ||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 152,228 | 12,980 | 165,208 | ||||||||
Other | 21,754 | 319 | 22,073 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 2,251,152 | 742,697 | 2,993,849 | |||||||||
Home equity loans | 64,556 | 12,565 | 77,121 | |||||||||
Home equity lines of credit | 267,143 | 44,610 | 311,753 | |||||||||
Installment | 6,796 | 1,482 | 8,278 | |||||||||
Total loans, net | $ | 2,763,629 | 814,653 | 3,578,282 | ||||||||
Less: Allowance for loan losses | 44,082 | |||||||||||
Net loans | $ | 3,534,200 | ||||||||||
December 31, 2019 | ||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 162,186 | 17,752 | 179,938 | ||||||||
Other | 19,326 | 235 | 19,561 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 2,541,440 | 953,995 | 3,495,435 | |||||||||
Home equity loans | 69,791 | 18,548 | 88,339 | |||||||||
Home equity lines of credit | 221,487 | 46,435 | 267,922 | |||||||||
Installment | 8,706 | 2,295 | 11,001 | |||||||||
Total loans, net | $ | 3,022,936 | 1,039,260 | 4,062,196 | ||||||||
Less: Allowance for loan losses | 44,317 | |||||||||||
Net loans | $ | 4,017,879 |
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 |
September 30, 2020 | ||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | |||||||||
Loans in non-accrual status: | ||||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 378 | 0 | 378 | ||||||||
Other | 113 | 0 | 113 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 17,193 | 1,075 | 18,268 | |||||||||
Home equity loans | 90 | 47 | 137 | |||||||||
Home equity lines of credit | 2,694 | 132 | 2,826 | |||||||||
Installment | 49 | 0 | 49 | |||||||||
Total non-accrual loans | 20,517 | 1,254 | 21,771 | |||||||||
Restructured real estate mortgages - 1 to 4 family | 25 | 0 | 25 | |||||||||
Total nonperforming loans | $ | 20,542 | 1,254 | 21,796 |
December 31, 2019 | ||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | |||||||||
Loans in non-accrual status: | ||||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 733 | 0 | 733 | ||||||||
Other | 83 | 0 | 83 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 15,385 | 1,468 | 16,853 | |||||||||
Home equity loans | 218 | 48 | 266 | |||||||||
Home equity lines of credit | 2,804 | 98 | 2,902 | |||||||||
Installment | 3 | 0 | 3 | |||||||||
Total non-accrual loans | 19,226 | 1,614 | 20,840 | |||||||||
Restructured real estate mortgages - 1 to 4 family | 29 | 0 | 29 | |||||||||
Total nonperforming loans | $ | 19,255 | 1,614 | 20,869 |
September 30, 2017 | ||||||||||||
(dollars in thousands) | New York and other states | Florida | Total | |||||||||
Loans in non-accrual status: | ||||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 1,596 | - | 1,596 | ||||||||
Other | 100 | - | 100 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 17,048 | 1,764 | 18,812 | |||||||||
Home equity loans | 35 | - | 35 | |||||||||
Home equity lines of credit | 3,843 | 131 | 3,974 | |||||||||
Installment | 30 | - | 30 | |||||||||
Total non-accrual loans | 22,652 | 1,895 | 24,547 | |||||||||
Restructured real estate mortgages - 1 to 4 family | 40 | - | 40 | |||||||||
Total nonperforming loans | $ | 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 |
September 30, 2020 | ||||||||||||||||||||||||
New York and other states*: | ||||||||||||||||||||||||
(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 | $ | 0 | 0 | 279 | 279 | 152,715 | 152,994 | |||||||||||||||||
Other | 0 | 0 | 113 | 113 | 59,773 | 59,886 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 3,842 | 738 | 12,183 | 16,763 | 2,563,814 | 2,580,577 | ||||||||||||||||||
Home equity loans | 147 | 4 | 49 | 200 | 62,395 | 62,595 | ||||||||||||||||||
Home equity lines of credit | 722 | 33 | 1,236 | 1,991 | 198,614 | 200,605 | ||||||||||||||||||
Installment | 46 | 15 | 49 | 110 | 7,887 | 7,997 | ||||||||||||||||||
Total | $ | 4,757 | 790 | 13,909 | 19,456 | 3,045,198 | 3,064,654 |
Florida: | ||||||||||||||||||||||||
(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 | $ | 0 | 0 | 0 | 0 | 18,579 | 18,579 | |||||||||||||||||
Other | 0 | 0 | 0 | 0 | 204 | 204 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 636 | 0 | 718 | 1,354 | 1,064,549 | 1,065,903 | ||||||||||||||||||
Home equity loans | 0 | 47 | 0 | 47 | 15,624 | 15,671 | ||||||||||||||||||
Home equity lines of credit | 0 | 0 | 0 | 0 | 47,715 | 47,715 | ||||||||||||||||||
Installment | 16 | 8 | 0 | 24 | 1,805 | 1,829 | ||||||||||||||||||
Total | $ | 652 | 55 | 718 | 1,425 | 1,148,476 | 1,149,901 |
Total: | ||||||||||||||||||||||||
(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 | $ | 0 | 0 | 279 | 279 | 171,294 | 171,573 | |||||||||||||||||
Other | 0 | 0 | 113 | 113 | 59,977 | 60,090 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 4,478 | 738 | 12,901 | 18,117 | 3,628,363 | 3,646,480 | ||||||||||||||||||
Home equity loans | 147 | 51 | 49 | 247 | 78,019 | 78,266 | ||||||||||||||||||
Home equity lines of credit | 722 | 33 | 1,236 | 1,991 | 246,329 | 248,320 | ||||||||||||||||||
Installment | 62 | 23 | 49 | 134 | 9,692 | 9,826 | ||||||||||||||||||
Total | $ | 5,409 | 845 | 14,627 | 20,881 | 4,193,674 | 4,214,555 |
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 |
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 |
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 |
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 |
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 |
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 |
December 31, 2019 | ||||||||||||||||||||||||
New York and other states*: | ||||||||||||||||||||||||
(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 | $ | 141 | 0 | 617 | 758 | 161,428 | 162,186 | |||||||||||||||||
Other | 80 | 0 | 33 | 113 | 19,213 | 19,326 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 3,444 | 292 | 11,328 | 15,064 | 2,526,376 | 2,541,440 | ||||||||||||||||||
Home equity loans | 183 | 7 | 133 | 323 | 69,468 | 69,791 | ||||||||||||||||||
Home equity lines of credit | 232 | 149 | 1,141 | 1,522 | 219,965 | 221,487 | ||||||||||||||||||
Installment | 37 | 8 | 3 | 48 | 8,658 | 8,706 | ||||||||||||||||||
Total | $ | 4,117 | 456 | 13,255 | 17,828 | 3,005,108 | 3,022,936 |
Florida: | ||||||||||||||||||||||||
(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 | $ | 0 | 0 | 0 | 0 | 17,752 | 17,752 | |||||||||||||||||
Other | 0 | 0 | 0 | 0 | 235 | 235 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 542 | 0 | 617 | 1,159 | 952,836 | 953,995 | ||||||||||||||||||
Home equity loans | 63 | 0 | 0 | 63 | 18,485 | 18,548 | ||||||||||||||||||
Home equity lines of credit | 80 | 0 | 50 | 130 | 46,305 | 46,435 | ||||||||||||||||||
Installment | 0 | 0 | 0 | 0 | 2,295 | 2,295 | ||||||||||||||||||
Total | $ | 685 | 0 | 667 | 1,352 | 1,037,908 | 1,039,260 |
Total: | ||||||||||||||||||||||||
(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 | $ | 141 | 0 | 617 | 758 | 179,180 | 179,938 | |||||||||||||||||
Other | 80 | 0 | 33 | 113 | 19,448 | 19,561 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 3,986 | 292 | 11,945 | 16,223 | 3,479,212 | 3,495,435 | ||||||||||||||||||
Home equity loans | 246 | 7 | 133 | 386 | 87,953 | 88,339 | ||||||||||||||||||
Home equity lines of credit | 312 | 149 | 1,191 | 1,652 | �� | 266,270 | 267,922 | |||||||||||||||||
Installment | 37 | 8 | 3 | 48 | 10,953 | 11,001 | ||||||||||||||||||
Total | $ | 4,802 | 456 | 13,922 | 19,180 | 4,043,016 | 4,062,196 |
(dollars in thousands) | For the three months ended September 30, 2017 | |||||||||||||||||||||||||||||||
Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | For the three months ended September 30, 2020 | ||||||||||||||||||||||||||||
(dollars in thousands) | Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 4,596 | 38,871 | 695 | 44,162 | $ | 4,366 | 43,274 | 504 | 48,144 | ||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | - | 747 | 65 | 812 | 0 | 64 | 21 | 85 | ||||||||||||||||||||||||
Florida | - | 31 | 4 | 35 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total loan chargeoffs | - | 778 | 69 | 847 | 0 | 64 | 21 | 85 | ||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | - | 137 | 8 | 145 | 1 | 60 | 3 | 64 | ||||||||||||||||||||||||
Florida | - | 72 | - | 72 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total recoveries | - | 209 | 8 | 217 | 1 | 60 | 3 | 64 | ||||||||||||||||||||||||
Net loans charged off | - | 569 | 61 | 630 | ||||||||||||||||||||||||||||
Provision for loan losses | 24 | 434 | 92 | 550 | ||||||||||||||||||||||||||||
Net loans (recoveries) charged off | (1 | ) | 4 | 18 | 21 | |||||||||||||||||||||||||||
(Credit) provision for loan losses | (100 | ) | 1,053 | 47 | 1,000 | |||||||||||||||||||||||||||
Balance at end of period | $ | 4,620 | 38,736 | 726 | 44,082 | $ | 4,267 | 44,323 | 533 | 49,123 |
(dollars in thousands) | For the three months ended September 30, 2016 | |||||||||||||||||||||||||||||||
Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | For the three months ended September 30, 2019 | ||||||||||||||||||||||||||||
(dollars in thousands) | Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 5,046 | 38,589 | 429 | 44,064 | $ | 3,913 | 39,963 | 489 | 44,365 | ||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 356 | 549 | 57 | 962 | 13 | 147 | 16 | 176 | ||||||||||||||||||||||||
Florida | - | 2 | 3 | 5 | 0 | 0 | 16 | 16 | ||||||||||||||||||||||||
Total loan chargeoffs | 356 | 551 | 60 | 967 | 13 | 147 | 32 | 192 | ||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 3 | 78 | 20 | 101 | 41 | 108 | 7 | 156 | ||||||||||||||||||||||||
Florida | - | 2 | - | 2 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total recoveries | 3 | 80 | 20 | 103 | 41 | 108 | 7 | 156 | ||||||||||||||||||||||||
Net loans charged off | 353 | 471 | 40 | 864 | ||||||||||||||||||||||||||||
Provision (credit) for loan losses | 505 | (51 | ) | 296 | 750 | |||||||||||||||||||||||||||
Net loans (recoveries) charged off | (28 | ) | 39 | 25 | 36 | |||||||||||||||||||||||||||
(Credit) provision for loan losses | (70 | ) | (18 | ) | 88 | 0 | ||||||||||||||||||||||||||
Balance at end of period | $ | 5,198 | 38,067 | 685 | 43,950 | $ | 3,871 | 39,906 | 552 | 44,329 |
(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 | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 | ||||||||||||||||||||||||||||||||
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 | $ | 3,999 | 39,748 | 570 | 44,317 | ||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 688 | 2,528 | 230 | 3,446 | 3 | 277 | 77 | 357 | ||||||||||||||||||||||||
Florida | - | 103 | 20 | 123 | 0 | 0 | 19 | 19 | ||||||||||||||||||||||||
Total loan chargeoffs | 688 | 2,631 | 250 | 3,569 | 3 | 277 | 96 | 376 | ||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 44 | 313 | 46 | 403 | 9 | 160 | 11 | 180 | ||||||||||||||||||||||||
Florida | - | 4 | - | 4 | 0 | 2 | 0 | 2 | ||||||||||||||||||||||||
Total recoveries | 44 | 317 | 46 | 407 | 9 | 162 | 11 | 182 | ||||||||||||||||||||||||
Net loans charged off | 644 | 2,314 | 204 | 3,162 | ||||||||||||||||||||||||||||
Net loans charged off (recoveries) | (6 | ) | 115 | 85 | 194 | |||||||||||||||||||||||||||
Provision for loan losses | 1,351 | 628 | 371 | 2,350 | 262 | 4,690 | 48 | 5,000 | ||||||||||||||||||||||||
Balance at end of period | $ | 5,198 | 38,067 | 685 | 43,950 | $ | 4,267 | 44,323 | 533 | 49,123 |
Nine months ended September 30, 2019 | ||||||||||||||||
Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | |||||||||||||
Balance at beginning of period | $ | 4,048 | 39,772 | 946 | 44,766 | |||||||||||
Loans charged off: | ||||||||||||||||
New York and other states* | 20 | 744 | 94 | 858 | ||||||||||||
Florida | 0 | 29 | 47 | 76 | ||||||||||||
Total loan chargeoffs | 20 | 773 | 141 | 934 | ||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||
New York and other states* | 45 | 441 | 17 | 503 | ||||||||||||
Florida | 0 | 35 | 0 | 35 | ||||||||||||
Total recoveries | 45 | 476 | 17 | 538 | ||||||||||||
Net loans charged off | (25 | ) | 297 | 124 | 396 | |||||||||||
(Credit) provision for loan losses | (202 | ) | 431 | (270 | ) | (41 | ) | |||||||||
Balance at end of period | $ | 3,871 | $ | 39,906 | 552 | 44,329 |
September 30, 2017 | September 30, 2020 | |||||||||||||||||||||||||||||||
(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 | $ | - | - | - | - | $ | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Collectively evaluated for impairment | 4,620 | 38,736 | 726 | 44,082 | 4,267 | 44,323 | 533 | 49,123 | ||||||||||||||||||||||||
Total ending allowance balance | $ | 4,620 | 38,736 | 726 | 44,082 | $ | 4,267 | 44,323 | 533 | 49,123 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,969 | 21,585 | - | 24,554 | $ | 1,084 | 20,648 | 0 | 21,732 | ||||||||||||||||||||||
Collectively evaluated for impairment | 184,312 | 3,361,138 | 8,278 | 3,553,728 | 230,579 | 3,952,418 | 9,826 | 4,192,823 | ||||||||||||||||||||||||
Total ending loans balance | $ | 187,281 | 3,382,723 | 8,278 | 3,578,282 | $ | 231,663 | 3,973,066 | 9,826 | 4,214,555 |
December 31, 2019 | ||||||||||||||||
(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 | $ | 0 | 0 | 0 | 0 | |||||||||||
Collectively evaluated for impairment | 3,999 | 39,748 | 570 | 44,317 | ||||||||||||
Total ending allowance balance | $ | 3,999 | 39,748 | 570 | 44,317 | |||||||||||
Loans: | ||||||||||||||||
Individually evaluated for impairment | $ | 1,437 | 19,539 | 0 | 20,976 | |||||||||||
Collectively evaluated for impairment | 198,062 | 3,832,157 | 11,001 | 4,041,220 | ||||||||||||
Total ending loans balance | $ | 199,499 | 3,851,696 | 11,001 | 4,062,196 |
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 |
September 30, 2020 | ||||||||||||||||
New York and other states*: | ||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 839 | 1,062 | 0 | 1,121 | |||||||||||
Other | 145 | 145 | 0 | 112 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 14,895 | 15,282 | 0 | 14,062 | ||||||||||||
Home equity loans | 223 | 243 | 0 | 235 | ||||||||||||
Home equity lines of credit | 2,268 | 2,408 | 0 | 2,249 | ||||||||||||
Total | $ | 18,370 | 19,140 | 0 | 17,779 |
Florida: | ||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 100 | 0 | 105 | ||||||||||||
Other | 0 | 0 | 0 | |||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 3,018 | 3,018 | 0 | 2,567 | ||||||||||||
Home equity loans | 0 | 0 | 0 | 13 | ||||||||||||
Home equity lines of credit | 244 | 244 | 0 | 245 | ||||||||||||
Total | $ | 3,362 | 3,262 | 0 | 2,930 |
Total: | ||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 939 | 1,062 | 0 | 1,226 | |||||||||||
Other | 145 | 145 | 0 | 112 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 17,913 | 18,300 | 0 | 16,629 | ||||||||||||
Home equity loans | 223 | 243 | 0 | 248 | ||||||||||||
Home equity lines of credit | 2,512 | 2,652 | 0 | 2,494 | ||||||||||||
Total | $ | 21,732 | 22,402 | 0 | 20,709 |
September 30, 2017 | ||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid PrincipalBalance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 2,869 | 3,916 | - | 2,879 | |||||||||||
Other | 100 | 100 | - | 100 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 16,043 | 16,351 | - | 16,715 | ||||||||||||
Home equity loans | 252 | 272 | - | 265 | ||||||||||||
Home equity lines of credit | 2,330 | 2,524 | - | 2,128 | ||||||||||||
Total | $ | 21,594 | 23,163 | - | 22,087 |
(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 | 2,335 | 2,441 | - | 2,217 | ||||||||||||
Home equity loans | 90 | 90 | - | 92 | ||||||||||||
Home equity lines of credit | 535 | 535 | - | 568 | ||||||||||||
Total | $ | 2,960 | 3,066 | - | 2,877 |
(dollars in thousands) | Recorded Investment | Unpaid PrincipalBalance | Related Allowance | Average RecordedInvestment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 2,869 | 3,916 | - | 2,879 | |||||||||||
Other | 100 | 100 | - | 100 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 18,378 | 18,792 | - | 18,932 | ||||||||||||
Home equity loans | 342 | 362 | - | 358 | ||||||||||||
Home equity lines of credit | 2,865 | 3,059 | - | 2,696 | ||||||||||||
Total | $ | 24,554 | 26,229 | - | 24,964 |
December 31, 2019 | ||||||||||||||||
New York and other states*: | ||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 1,217 | 1,359 | 0 | 1,385 | |||||||||||
Other | 115 | 115 | 0 | 38 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 14,414 | 14,714 | 0 | 14,358 | ||||||||||||
Home equity loans | 235 | 255 | 0 | 241 | ||||||||||||
Home equity lines of credit | 2,160 | 2,300 | 0 | 2,274 | ||||||||||||
Total | $ | 18,141 | 18,743 | 0 | 18,296 |
Florida: | ||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 105 | 105 | 0 | 82 | |||||||||||
Other | 0 | 0 | 0 | 26 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 2,486 | 2,486 | 0 | 2,259 | ||||||||||||
Home equity loans | 0 | 0 | 0 | 51 | ||||||||||||
Home equity lines of credit | 244 | 244 | 0 | 249 | ||||||||||||
Total | $ | 2,835 | 2,835 | 0 | 2,667 |
Total: | ||||||||||||||||
(dollars in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | $ | 1,322 | 1,464 | 0 | 1,467 | |||||||||||
Other | 115 | 115 | 0 | 64 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 16,900 | 17,200 | 0 | 16,617 | ||||||||||||
Home equity loans | 235 | 255 | 0 | 292 | ||||||||||||
Home equity lines of credit | 2,404 | 2,544 | 0 | 2,523 | ||||||||||||
Total | $ | 20,976 | 21,578 | 0 | 20,963 |
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 9/30/2020 | Three months ended 9/30/2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended 9/30/2017 | Three months ended 9/30/2016 | |||||||||||||||||||||||||||||||||||||||||||||||
New York and other states*: | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | 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 | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of Contracts | Outstanding Recorded | Outstanding Recorded | Number of Contracts | Outstanding Recorded | Outstanding Recorded | ||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | - | $ | - | - | - | $ | - | - | 1 | $ | 126 | 126 | 0 | $ | 0 | 0 | ||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 7 | $ | 941 | $ | 941 | 7 | $ | 655 | $ | 655 | 6 | 1,533 | 1,533 | 4 | 537 | 537 | ||||||||||||||||||||||||||||||||
Home equity loans | - | - | - | 1 | 44 | 44 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 3 | 296 | 296 | 2 | 183 | 183 | 1 | 50 | 50 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Total | 10 | $ | 1,237 | $ | 1,237 | 10 | $ | 882 | $ | 882 | 8 | $ | 1,709 | 1,709 | 4 | $ | 537 | 537 |
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 | - | $ | - | - | - | $ | - | - | 0 | $ | 0 | 0 | 0 | $ | 0 | 0 | ||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 2 | $ | 251 | $ | 251 | - | $ | - | $ | - | 0 | 0 | 0 | 5 | 509 | 509 | ||||||||||||||||||||||||||||||||
Home equity loans | - | - | - | - | - | - | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | - | - | - | - | - | - | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Total | 2 | $ | 251 | $ | 251 | - | $ | - | $ | - | 0 | $ | 0 | 0 | 5 | $ | 509 | 509 |
Nine months ended 9/30/2020 | Nine months ended 9/30/2019 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 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 | ||||||||||||||||||||||||||||||||||||||
(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 | - | $ | - | $ | - | 1 | $ | 126 | 126 | 1 | $ | 127 | 127 | ||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 25 | $ | 3,986 | 3,986 | 27 | $ | 2,383 | 2,383 | 9 | 1,982 | 1,982 | 12 | 1,768 | 1,768 | ||||||||||||||||||||||||||||||||||
Home equity loans | 1 | 13 | 13 | 1 | 44 | 44 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 8 | 457 | 457 | 10 | 316 | 316 | 3 | 169 | 169 | 2 | 235 | 235 | ||||||||||||||||||||||||||||||||||||
Total | 37 | $ | 5,203 | $ | 5,203 | 38 | $ | 2,743 | $ | 2,743 | 13 | $ | 2,277 | 2,277 | 15 | $ | 2,130 | 2,130 |
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 | 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 | - | $ | - | - | - | $ | - | - | 0 | $ | 0 | 0 | 0 | $ | 0 | 0 | ||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgages | 7 | $ | 718 | $ | 718 | 2 | $ | 408 | $ | 408 | 4 | 589 | 589 | 5 | 509 | 509 | ||||||||||||||||||||||||||||||||
Home equity loans | - | - | - | 1 | 45 | 45 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 1 | 70 | 70 | 1 | 6 | 6 | �� | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Total | 8 | $ | 788 | $ | 788 | 4 | $ | 459 | $ | 459 | 4 | $ | 589 | 589 | 5 | $ | 509 | 509 |
Three months ended 9/30/2020 | Three months ended 9/30/2019 | |||||||||||||||
New York and other states*: | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||
(dollars in thousands) | ||||||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 3 | 264 | 0 | 0 | ||||||||||||
Home equity lines of credit | 1 | 19 | 0 | 0 | ||||||||||||
Total | 4 | $ | 283 | 0 | $ | 0 |
Florida: (dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 0 | 0 | 0 | 0 | ||||||||||||
Home equity loans | 0 | 0 | 0 | 0 | ||||||||||||
Home equity lines of credit | 0 | 0 | 0 | 0 | ||||||||||||
Total | 0 | $ | 0 | 0 | $ | 0 |
Nine months ended 9/30/2020 | Nine months ended 9/30/2019 | |||||||||||||||
New York and other states*: | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||
(dollars in thousands) | ||||||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 4 | 459 | 0 | 0 | ||||||||||||
Home equity loans | 0 | 0 | 0 | 0 | ||||||||||||
Home equity lines of credit | 1 | 19 | 0 | 0 | ||||||||||||
Total | 5 | $ | 478 | 0 | $ | 0 |
(dollars in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | ||||||||||||
Commercial: | ||||||||||||||||
Commercial real estate | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 0 | 0 | 0 | 0 | ||||||||||||
Home equity lines of credit | 0 | 0 | 0 | 0 | ||||||||||||
Total | 0 | $ | 0 | 0 | $ | 0 |
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 | ||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||
First mortgages | 2 | $ | 236 | - | $ | - | ||||||||||
Home equity lines of credit | - | - | - | - | ||||||||||||
Total | 2 | $ | 236 | - | $ | - |
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 |
September 30, 2017 | September 30, 2020 | |||||||||||||||||||||||
New York and other states: | ||||||||||||||||||||||||
New York and other states*: | ||||||||||||||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||||||||||||||
Pass | Classified | Total | ||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 142,390 | 9,838 | 152,228 | $ | 149,866 | 3,128 | 152,994 | ||||||||||||||||
Other | 20,154 | 1,600 | 21,754 | 59,404 | 482 | 59,886 | ||||||||||||||||||
$ | 162,544 | 11,438 | 173,982 | $ | 209,270 | 3,610 | 212,880 |
Florida: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 18,005 | 574 | 18,579 | ||||||||
Other | 204 | 0 | 204 | |||||||||
$ | 18,209 | 574 | 18,783 |
Total: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 167,871 | 3,702 | 171,573 | ||||||||
Other | 59,608 | 482 | 60,090 | |||||||||
$ | 227,479 | 4,184 | 231,663 |
(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 | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 155,370 | 9,838 | 165,208 | ||||||||
Other | 20,473 | 1,600 | 22,073 | |||||||||
$ | 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: | ||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
New York and other states: | ||||||||||||||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||||||||||||||
Pass | Classified | Total | ||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 12,243 | - | 12,243 | $ | 157,280 | 4,906 | 162,186 | ||||||||||||||||
Other | 46 | - | 46 | 18,384 | 942 | 19,326 | ||||||||||||||||||
$ | 12,289 | - | 12,289 | $ | 175,664 | 5,848 | 181,512 |
Florida: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 17,752 | 0 | 17,752 | ||||||||
Other | 235 | 0 | 235 | |||||||||
$ | 17,987 | 0 | 17,987 |
Total: | ||||||||||||
(dollars in thousands) | Pass | Classified | Total | |||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 175,032 | 4,906 | 179,938 | ||||||||
Other | 18,619 | 942 | 19,561 | |||||||||
$ | 193,651 | 5,848 | 199,499 |
(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 |
Fair Value Measurements at September 30, 2017 Using: | ||||||||||||||||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for | Significant Other | Significant Unobservable | September 30, 2020 Using: | ||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 123,658 | $ | - | $ | 123,658 | $ | - | $ | 29,996 | $ | 0 | $ | 29,996 | $ | 0 | ||||||||||||||||
State and political subdivisions | 533 | - | 533 | - | 111 | 0 | 111 | 0 | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 309,768 | 0 | 309,768 | 0 | ||||||||||||||||||||||||||||
Corporate bonds | 40,381 | - | 40,381 | - | 70,113 | 0 | 70,113 | 0 | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 335,531 | - | 335,531 | - | ||||||||||||||||||||||||||||
Small Business Administration- guaranteed participation securities | 69,818 | - | 69,818 | - | 44,070 | 0 | 44,070 | 0 | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 9,824 | - | 9,824 | - | ||||||||||||||||||||||||||||
Other securities | 685 | 35 | 650 | - | 685 | 0 | 685 | 0 | ||||||||||||||||||||||||
Total securities available for sale | $ | 580,430 | $ | 35 | $ | 580,395 | $ | - | $ | 454,743 | $ | 0 | $ | 454,743 | $ | 0 |
Fair Value Measurements at December 31, 2016 Using: | ||||||||||||||||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for | Significant Other | Significant Unobservable | December 31, 2019 Using: | ||||||||||||||||||||||||||||
(dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 117,266 | $ | - | $ | 117,266 | $ | - | $ | 104,512 | $ | 0 | $ | 104,512 | $ | 0 | ||||||||||||||||
State and political subdivisions | 886 | - | 886 | - | 162 | 0 | 162 | 0 | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 372,308 | - | 372,308 | - | 389,517 | 0 | 389,517 | 0 | ||||||||||||||||||||||||
Corporate bonds | 40,705 | - | 40,705 | - | 30,436 | 0 | 30,436 | 0 | ||||||||||||||||||||||||
Small Business Administration- guaranteed participation securities | 78,499 | - | 78,499 | - | 48,511 | 0 | 48,511 | 0 | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 10,011 | - | 10,011 | - | ||||||||||||||||||||||||||||
Other securities | 685 | 35 | 650 | - | 685 | 0 | 685 | 0 | ||||||||||||||||||||||||
Total securities available for sale | $ | 620,360 | $ | 35 | $ | 620,325 | $ | - | $ | 573,823 | $ | 0 | $ | 573,823 | $ | 0 |
Fair Value Measurements at September 30, 2017 Using: | Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for | Significant Other | Significant Unobservable | Valuation technique | Unobservable inputs | Range (Weighted Average) | September 30, 2020 Using: | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 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) | ||||||||||||||||||||||||||||||||||||||
Other real estate owned | $ | 2,879 | $ | - | $ | - | $ | 2,879 | Sales comparison approach | Adjustments for differences between comparable sales | 2% - 10% (4%) | $ | 423 | $ | 0 | $ | 0 | $ | 423 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 9% (3 | %) | ||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family | 651 | - | - | 651 | Sales comparison approach | Adjustments for differences between comparable sales | 2% - 5% (4%) | ||||||||||||||||||||||||||||||||||||||
Real estate mortgage -1 to 4 family | 509 | 0 | 0 | 509 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 11% (11 | %) |
Fair Value Measurements at December 31, 2016 Using: | Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for | Significant Other | Significant Unobservable | Valuation technique | Unobservable inputs | Range (Weighted Average) | December 31, 2019 Using: | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 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) | ||||||||||||||||||||||||||||||||||||||
Other real estate owned | $ | 4,268 | $ | - | $ | - | $ | 4,268 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 14% (7%) | $ | 1,579 | $ | 0 | $ | 0 | $ | 1,579 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 21% (2 | %) | ||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 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%) | ||||||||||||||||||||||||||||||||||||||
Real estate mortgage -1 to 4 family | 120 | 0 | 0 | 120 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 17% (9 | %) |
(dollars in thousands) | Carrying | Fair Value Measurements at September 30, 2017 Using: | Fair Value Measurements at | |||||||||||||||||||||||||||||||||||||
Carrying | September 30, 2020 Using: | |||||||||||||||||||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Total | Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 624,197 | 624,197 | - | - | 624,197 | $ | 956,319 | 956,319 | 0 | 0 | 956,319 | ||||||||||||||||||||||||||||
Securities available for sale | 580,430 | 35 | 580,395 | - | 580,430 | 454,743 | 0 | 454,743 | 0 | 454,743 | ||||||||||||||||||||||||||||||
Held to maturity securities | 29,268 | - | 30,731 | - | 30,731 | 15,094 | 0 | 16,343 | 0 | 16,343 | ||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal | ||||||||||||||||||||||||||||||||||||||||
Home Loan Bank stock | 8,779 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 5,506 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Net loans | 3,534,200 | - | - | 3,541,135 | 3,541,135 | 4,165,432 | 0 | 0 | 4,258,258 | 4,258,258 | ||||||||||||||||||||||||||||||
Accrued interest receivable | 10,813 | 56 | 2,473 | 8,284 | 10,813 | 11,095 | 16 | 1,471 | 9,608 | 11,095 | ||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Demand deposits | 397,623 | 397,623 | - | - | 397,623 | 635,345 | 635,345 | 0 | 0 | 635,345 | ||||||||||||||||||||||||||||||
Interest bearing deposits | 3,767,739 | 2,691,853 | 1,069,906 | - | 3,761,759 | 4,263,705 | 2,958,681 | 1,308,158 | 0 | 4,266,839 | ||||||||||||||||||||||||||||||
Short-term borrowings | 216,508 | - | 216,508 | - | 216,508 | 193,455 | 0 | 193,455 | 0 | 193,455 | ||||||||||||||||||||||||||||||
Accrued interest payable | 470 | 67 | 402 | - | 470 | 777 | 85 | 692 | 0 | 777 |
(dollars in thousands) | Carrying | Fair Value Measurements at December 31, 2016 Using: | Fair Value Measurements at | |||||||||||||||||||||||||||||||||||||
Carrying | December 31, 2019 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 | $ | 456,846 | 456,846 | 0 | 0 | 456,846 | ||||||||||||||||||||||||||||
Securities available for sale | 620,360 | 35 | 620,325 | - | 620,360 | 573,823 | 0 | 573,823 | 0 | 573,823 | ||||||||||||||||||||||||||||||
Held to maturity securities | 45,490 | - | 47,526 | - | 47,526 | 18,618 | 0 | 19,680 | 0 | 19,680 | ||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal | ||||||||||||||||||||||||||||||||||||||||
Home Loan Bank stock | 9,579 | N/A | N/A | N/A | N/A | 9,183 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Net loans | 3,386,696 | - | - | 3,370,976 | 3,370,976 | 4,017,879 | 0 | 0 | 4,078,210 | 4,078,210 | ||||||||||||||||||||||||||||||
Accrued interest receivable | 11,070 | 145 | 2,654 | 8,271 | 11,070 | 10,915 | 216 | 2,221 | 8,478 | 10,915 | ||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Demand deposits | 377,755 | 377,755 | - | - | 377,755 | 463,858 | 463,858 | 0 | 0 | 463,858 | ||||||||||||||||||||||||||||||
Interest bearing deposits | 3,818,408 | 2,658,945 | 1,156,025 | - | 3,814,970 | 3,986,158 | 2,587,981 | 1,397,271 | 0 | 3,985,252 | ||||||||||||||||||||||||||||||
Short-term borrowings | 209,406 | - | 209,406 | - | 209,406 | 148,666 | 0 | 148,666 | 0 | 148,666 | ||||||||||||||||||||||||||||||
Accrued interest payable | 526 | 82 | 444 | - | 526 | 1,459 | 174 | 1,285 | 0 | 1,459 |
Three months ended 9/30/17 | ||||||||||||||||||||
(dollars in thousands) | 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 | $ | (4,049 | ) | 562 | - | 562 | (3,487 | ) | ||||||||||||
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 9/30/2020 | ||||||||||||||||||||
(dollars in thousands) | Balance at 7/1/2020 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 9/30/2020 | Balance at 9/30/2020 | |||||||||||||||
Net unrealized holding loss on securities available for sale, net of tax | $ | 8,061 | (198 | ) | 0 | (198 | ) | 7,863 | ||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | 4,840 | 0 | 0 | 0 | 4,840 | |||||||||||||||
Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax | (965 | ) | 0 | (201 | ) | (201 | ) | (1,166 | ) | |||||||||||
Accumulated other comprehensive loss, net of tax | $ | 11,936 | (198 | ) | (201 | ) | (399 | ) | 11,537 |
Three months ended 9/30/2016 | Three months ended 9/30/2019 | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance at 7/1/2016 | Other Comprehensive | Amount reclassified | Other Comprehensive | Balance at 9/30/2016 | Balance at 7/1/2019 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 9/30/2019 | Balance at 9/30/2019 | ||||||||||||||||||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax | $ | 2,667 | (75 | ) | - | (75 | ) | 2,592 | ||||||||||||||||||||||||||||||||
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax | (272 | ) | - | 8 | 8 | (264 | ) | |||||||||||||||||||||||||||||||||
Net unrealized holding gain on securities available for sale, net of tax | $ | (1,707 | ) | 1,790 | 0 | 1,790 | 83 | |||||||||||||||||||||||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | 423 | 0 | 0 | 0 | 423 | |||||||||||||||||||||||||||||||||||
Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax | (490 | ) | 0 | (87 | ) | (87 | ) | (577 | ) | |||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | 2,395 | (75 | ) | 8 | (67 | ) | 2,328 | $ | (1,774 | ) | 1,790 | (87 | ) | 1,703 | (71 | ) |
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 9/30/2020 | ||||||||||||||||||||
(dollars in thousands) | Balance at 1/1/2020 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 9/30/2020 | Balance at 9/30/2020 | |||||||||||||||
Net unrealized holding gain on securities available for sale, net of tax | $ | 286 | 8,432 | (855 | ) | 7,577 | 7,863 | |||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | 4,840 | 0 | 0 | 0 | 4,840 | |||||||||||||||
Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax | (665 | ) | 0 | (501 | ) | (501 | ) | (1,166 | ) | |||||||||||
Accumulated other comprehensive loss, net of tax | $ | 4,461 | 8,432 | (1,356 | ) | 7,076 | 11,537 |
Nine months ended 9/30/16 | Nine months ended 9/30/2019 | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance at 1/1/2016 | Other Comprehensive | Amount reclassified | Other Comprehensive | Balance at 9/30/2016 | Balance at 1/1/2019 | Other Comprehensive Income (loss)- Before Reclassifications | Amount reclassified from Accumulated Other Comprehensive Income | Other Comprehensive Income (loss)- Three months ended 9/30/2019 | Balance at 9/30/2019 | ||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||||||||||||||
Net unrealized holding gain on securities available for sale, net of tax | $ | (10,416 | ) | 10,499 | 0 | 10,499 | 83 | |||||||||||||||||||||||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | 423 | 0 | 0 | 0 | 423 | |||||||||||||||||||||||||||||||||||
Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax | (316 | ) | 0 | (261 | ) | (261 | ) | (577 | ) | |||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | (4,781 | ) | 7,483 | (376 | ) | 7,109 | 2,328 | $ | (10,309 | ) | 10,499 | (261 | ) | 10,238 | (71 | ) |
(dollars in thousands) | Three months ended September 30, | Nine months ended September 30, | Three months ended | Nine months ended | ||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Affected Line Item in Statements | September 30, | September 30, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | Affected Line Item in Financial Statements | ||||||||||||||||||||||||||||||
Net unrealized holding gain on securities available for sale | ||||||||||||||||||||||||||||||||||
Realized gain on securities transactions | $ | - | - | $ | - | 668 | Net gain on securities transactions | $ | 0 | 0 | $ | 1,155 | 0 | Net gain on securities transactions | ||||||||||||||||||||
Income tax effect | - | - | - | (267 | ) | Income taxes | 0 | 0 | (300 | ) | 0 | Income taxes | ||||||||||||||||||||||
Net of tax | - | - | - | 401 | 0 | 0 | 855 | 0 | ||||||||||||||||||||||||||
Amortization of pension and postretirement benefit items | ||||||||||||||||||||||||||||||||||
Amortization of net actuarial gain | 72 | 8 | 208 | 25 | Salaries and employee benefits | |||||||||||||||||||||||||||||
Amortization of prior service cost | (23 | ) | (22 | ) | (68 | ) | (67 | ) | Salaries and employee benefits | |||||||||||||||||||||||||
Income tax effect | (20 | ) | 6 | (56 | ) | 17 | Income taxes | |||||||||||||||||||||||||||
Amortization of pension and postretirement benefit items: | ||||||||||||||||||||||||||||||||||
Amortization of net actuarial gain (loss) | $ | 222 | 35 | $ | 531 | 103 | Salaries and employee benefits | |||||||||||||||||||||||||||
Amortization of prior service credit (cost) | 49 | 83 | 147 | 250 | Salaries and employee benefits | |||||||||||||||||||||||||||||
Income tax benefit | (70 | ) | (31 | ) | (177 | ) | (92 | ) | Income taxes | |||||||||||||||||||||||||
Net of tax | 29 | (8 | ) | 84 | (25 | ) | 201 | 87 | 501 | 261 | ||||||||||||||||||||||||
Total reclassifications, net of tax | $ | 29 | (8 | ) | $ | 84 | 376 | $ | 201 | 87 | $ | 1,356 | 261 |
(dollars in thousands) | Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Non-interest income | ||||||||||||||||
Service Charges on Deposits | ||||||||||||||||
Overdraft fees | $ | 595 | $ | 931 | $ | 1,920 | $ | 2,630 | ||||||||
Other | 348 | 124 | 1,159 | 343 | ||||||||||||
Interchange Income | 1,195 | 970 | 3,072 | 3,785 | ||||||||||||
Net gain on securities transactions (a) | 0 | 0 | 1,155 | 0 | ||||||||||||
Wealth management fees | 1,784 | 1,517 | 4,752 | 4,933 | ||||||||||||
Other (a) | 419 | 1,383 | 1,043 | 2,785 | ||||||||||||
Total non-interest income | $ | 4,341 | $ | 4,925 | $ | 13,101 | $ | 14,476 |
(dollars in thousands) | Three months ended September 30, | |||||||
2020 | 2019 | |||||||
Operating lease cost | $ | 1,966 | $ | 2,007 | ||||
Variable lease cost | 369 | 497 | ||||||
Total Lease costs | $ | 2,335 | $ | 2,504 |
(dollars in thousands) | Nine months ended September 30, | |||||||
2020 | 2019 | |||||||
Operating lease cost | $ | 5,893 | $ | 5,828 | ||||
Variable lease cost | 1,524 | 1,472 | ||||||
Total Lease costs | $ | 7,417 | $ | 7,300 |
(dollars in thousands) | Nine months ended September 30, | |||||||
2020 | 2019 | |||||||
Supplemental cash flows information: | ||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||
Operating cash flows from operating leases | $ | 6,022 | $ | 5,824 | ||||
Right-of-use assets obtained in exchange for lease obligations: | $ | 287 | $ | 54,038 | ||||
Weighted average remaining lease term | 8.9 years | 9.4 years | ||||||
Weighted average discount rate | 3.25 | % | 3.30 | % |
(dollars in thousands) | ||||
Year ending December 31, | ||||
2020(a) | $ | 2,020 | ||
2021 | 8,062 | |||
2022 | 7,561 | |||
2023 | 7,256 | |||
2024 | 7,128 | |||
Thereafter | 28,551 | |||
Total lease payments | $ | 60,578 | ||
Less: Interest | 8,453 | |||
Present value of lease liabilities | $ | 52,125 |
(dollars in thousands) | ||||
Year ending December 31, | ||||
2019(a) | $ | 1,967 | ||
2020 | 7,820 | |||
2021 | 7,818 | |||
2022 | 7,300 | |||
2023 | 6,978 | |||
Thereafter | 32,600 | |||
Total lease payments | $ | 64,483 | ||
Less: Interest | 9,752 | |||
Present value of lease liabilities | $ | 54,731 |
(Bank Only) | ||||||||||||||||
Minimum for Capital Adequacy plus Capital Conservation | ||||||||||||||||
As of September 30, 2020 | Well | |||||||||||||||
(dollars in thousands) | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | ||||||||||||
Tier 1 leverage ratio | $ | 533,874 | 9.329 | % | 5.000 | % | 4.000 | % | ||||||||
Common equity tier 1 capital | 533,874 | 18.491 | 6.500 | 7.000 | ||||||||||||
Tier 1 risk-based capital | 533,874 | 18.491 | 8.000 | 8.500 | ||||||||||||
Total risk-based capital | 570,127 | 19.747 | 10.000 | 10.500 |
As of December 31, 2019 | Well | Minimum for Capital Adequacy plus Capital Conservation | ||||||||||||||
(dollars in thousands) | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | ||||||||||||
Tier 1 leverage ratio | $ | 516,775 | 9.940 | % | 5.000 | % | 4.000 | % | ||||||||
Common equity tier 1 capital | 516,775 | 18.412 | 6.500 | 7.000 | ||||||||||||
Tier 1 risk-based capital | 516,775 | 18.412 | 8.000 | 8.500 | ||||||||||||
Total risk-based capital | 551,975 | 19.666 | 10.000 | 10.500 |
(Consolidated) | As of September 30, 2020 | Minimum for Capital Adequacy plus Capital Conservation | ||||||||||
(dollars in thousands) | Amount | Ratio | Buffer (1)(2) | |||||||||
Tier 1 leverage ratio | $ | 548,437 | 9.582 | % | 4.000 | % | ||||||
Common equity tier 1 capital | 548,437 | 18.994 | 7.000 | |||||||||
Tier 1 risk-based capital | 548,437 | 18.994 | 8.500 | |||||||||
Total risk-based capital | 584,692 | 20.250 | 10.500 |
As of December 31, 2019 | Minimum for Capital Adequacy plus Capital Conservation | |||||||||||
(dollars in thousands) | Amount | Ratio | Buffer (1)(2) | |||||||||
Tier 1 leverage ratio | $ | 533,243 | 10.254 | % | 4.000 | % | ||||||
Common equity Tier 1 capital | 533,243 | 18.988 | 7.000 | |||||||||
Tier 1 risk-based capital | 533,243 | 18.988 | 8.500 | |||||||||
Total risk-based capital | 568,463 | 20.242 | 10.500 |
(1) | Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized |
(2) | The September 30, 2020 and December 31, 2019 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent |
Crowe Independent Member Crowe |
/s/ Crowe LLP | |
New York, New York | |
November 6, 2020 |
Item 2. |
adverse conditions in the securities markets that lead to impairment in the value of securities in TrustCo’s investment portfolio; |
September 30, 2020 | June 30, 2020 | |||||||||||||||
(Dollars In Thousands) | ||||||||||||||||
New York and Other states*: | Number of loans | Outstanding loan balance | Number of loans | Outstanding loan balance | ||||||||||||
Commercial | 5 | $ | 1,351 | 79 | $ | 39,630 | ||||||||||
Residential mortgage loans | 13 | 2,780 | 441 | 94,028 | ||||||||||||
Home equity line of credit | - | - | 13 | 641 | ||||||||||||
Installment loans | 1 | 88 | 5 | 150 | ||||||||||||
Total | 19 | $ | 4,219 | 538 | $ | 134,449 | ||||||||||
Florida: | Number of loans | Outstanding loan balance | Number of loans | Outstanding loan balance | ||||||||||||
Commercial | 1 | $ | 574 | 5 | $ | 5,392 | ||||||||||
Residential mortgage loans | 10 | 2,387 | 205 | 49,745 | ||||||||||||
Home equity line of credit | - | - | 1 | 9 | ||||||||||||
Installment loans | - | - | 3 | 86 | ||||||||||||
Total | 11 | $ | 2,961 | 214 | $ | 55,232 | ||||||||||
Total: | Number of loans | Outstanding loan balance | Number of loans | Outstanding loan balance | ||||||||||||
Commercial | 6 | $ | 1,925 | 84 | $ | 45,022 | ||||||||||
Residential mortgage loans | 23 | 5,167 | 646 | 143,773 | ||||||||||||
Home equity line of credit | - | - | 14 | 650 | ||||||||||||
Installment loans | 1 | 88 | 8 | 236 | ||||||||||||
Total | 30 | $ | 7,180 | 752 | $ | 189,681 |
September 30, 2020 | June 30, 2020 | |||||||||||||||
(Dollars In Thousands) | ||||||||||||||||
New York and Other states* | Number of loans | Outstanding loan balance | Number of loans | Outstanding loan balance | ||||||||||||
Fitness and Recreational Sports Centers | - | $ | - | 7 | $ | 11,534 | ||||||||||
Lessors and Property Managers of Nonresidential Buildings | - | - | 7 | 6,551 | ||||||||||||
Lessors and Property Managers of Residential Buildings | - | - | 31 | 9,818 | ||||||||||||
Other various businesses | - | - | 14 | 2,558 | ||||||||||||
Lessors of Nonresidential Buildings - Self Storage Units | - | - | 2 | 2,238 | ||||||||||||
New Single-Family Housing Construction | - | - | 3 | 1,921 | ||||||||||||
Food Service | 5 | 1,351 | 5 | 1,351 | ||||||||||||
Retail | - | - | 4 | 1,349 | ||||||||||||
New Single-Family Housing Construction - Land Development | - | - | 3 | 1,260 | ||||||||||||
Commercial Construction | - | - | 3 | 1,050 | ||||||||||||
5 | $ | 1,351 | 79 | $ | 39,630 | |||||||||||
Florida: | Number of loans | Outstanding loan balance | Number of loans | Outstanding loan balance | ||||||||||||
Fitness and Recreational Sports Centers | - | $ | - | - | $ | - | ||||||||||
Lessors and Property Managers of Nonresidential Buildings | - | - | 2 | 4,533 | ||||||||||||
Lessors and Property Managers of Residential Buildings | - | - | 1 | 46 | ||||||||||||
Other various businesses | - | - | 1 | 319 | ||||||||||||
Lessors of Nonresidential Buildings - Self Storage Units | - | - | 1 | 494 | ||||||||||||
New Single-Family Housing Construction | - | - | - | - | ||||||||||||
Food Service | 1 | 574 | - | - | ||||||||||||
Retail | - | - | - | - | ||||||||||||
New Single-Family Housing Construction - Land Development | - | - | - | - | ||||||||||||
Commercial Construction | - | - | - | - | ||||||||||||
1 | $ | 574 | 5 | $ | 5,392 | |||||||||||
Total: | Number of loans | Outstanding loan balance | Number of loans | Outstanding loan balance | ||||||||||||
Fitness and Recreational Sports Centers | - | $ | - | 7 | $ | 11,534 | ||||||||||
Lessors and Property Managers of Nonresidential Buildings | - | - | 9 | 11,084 | ||||||||||||
Lessors and Property Managers of Residential Buildings | - | - | 32 | 9,864 | ||||||||||||
Other various businesses | - | - | 15 | 2,877 | ||||||||||||
Lessors of Nonresidential Buildings - Self Storage Units | - | - | 3 | 2,732 | ||||||||||||
New Single-Family Housing Construction | - | - | 3 | 1,921 | ||||||||||||
Food Service | 6 | 1,925 | 5 | 1,351 | ||||||||||||
Retail | - | - | 4 | 1,349 | ||||||||||||
New Single-Family Housing Construction - Land Development | - | - | 3 | 1,260 | ||||||||||||
Commercial Construction | - | - | 3 | 1,050 | ||||||||||||
6 | $ | 1,925 | 84 | $ | 45,022 |
3 Month | 2 Year | 5 Year | 10 Year | 10 - 2 Year | |||
Yield (%) | Yield (%) | Yield (%) | Yield (%) | Spread (%) | |||
Q3/19 | Beg of Q3 | 2.12 | 1.75 | 1.76 | 2.00 | 0.25 | |
Peak | 2.26 | 1.92 | 1.88 | 2.13 | 0.28 | ||
Trough | 1.80 | 1.43 | 1.32 | 1.47 | -0.04 | ||
End of Q3 | 1.88 | 1.63 | 1.55 | 1.68 | 0.05 | ||
Average in Q3 | 2.03 | 1.69 | 1.63 | 1.80 | 0.11 | ||
Q4/19 | Beg of Q4 | 1.88 | 1.63 | 1.55 | 1.68 | 0.05 | |
Peak | 1.82 | 1.68 | 1.75 | 1.94 | 0.34 | ||
Trough | 1.52 | 1.39 | 1.34 | 1.52 | 0.09 | ||
End of Q4 | 1.55 | 1.58 | 1.69 | 1.92 | 0.34 | ||
Average in Q4 | 1.61 | 1.59 | 1.61 | 1.79 | 0.20 | ||
Q1/20 | Beg of Q1 | 1.55 | 1.58 | 1.69 | 1.92 | 0.34 | |
Peak | 1.59 | 1.58 | 1.67 | 1.88 | 0.68 | ||
Trough | 0.00 | 0.23 | 0.37 | 0.54 | 0.12 | ||
End of Q1 | 0.11 | 0.23 | 0.37 | 0.70 | 0.47 | ||
Average in Q1 | 1.10 | 1.08 | 1.14 | 1.37 | 0.28 | ||
Q2/20 | Beg of Q2 | 0.11 | 0.23 | 0.37 | 0.70 | 0.47 | |
Peak | 0.26 | 0.28 | 0.48 | 0.91 | 0.69 | ||
Trough | 0.09 | 0.13 | 0.28 | 0.58 | 0.38 | ||
End of Q2 | 0.16 | 0.16 | 0.29 | 0.66 | 0.50 | ||
Average in Q2 | 0.14 | 0.19 | 0.36 | 0.69 | 0.49 | ||
Q3/20 | Beg of Q3 | 0.16 | 0.16 | 0.29 | 0.66 | 0.50 | |
Peak | 0.16 | 0.17 | 0.32 | 0.74 | 0.60 | ||
Trough | 0.09 | 0.11 | 0.19 | 0.52 | 0.41 | ||
End of Q3 | 0.10 | 0.13 | 0.28 | 0.69 | 0.56 | ||
Average in Q3 | 0.14 | 0.14 | 0.27 | 0.65 | 0.51 |
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 |
(dollars in thousands) | ||||||||
Under 1 year | $ | 773,959 | $ | 1,184,740 | ||||
1 to 2 years | 274,233 | 106,072 | ||||||
2 to 3 years | 23,568 | 9,774 | ||||||
3 to 4 years | 1,912 | 3,015 | ||||||
4 to 5 years | 1,989 | 1,223 | ||||||
Over 5 years | 225 | 200 | ||||||
$ | 1,075,886 | $ | 1,305,024 |
(dollars in thousands) | As of September 30, 2020 | As of December 31, 2019 | ||||||||||||||
Percent of | Percent of | |||||||||||||||
Loans to | Loans to | |||||||||||||||
Amount | Total Loans | Amount | Total Loans | |||||||||||||
Commercial | $ | 4,083 | 5.12 | % | $ | 3,805 | 4.47 | % | ||||||||
Real estate - construction | 315 | 0.64 | % | 311 | 0.70 | % | ||||||||||
Real estate mortgage - 1 to 4 family | 40,458 | 88.12 | % | 35,632 | 87.96 | % | ||||||||||
Home equity lines of credit | 3,734 | 5.89 | % | 3,999 | 6.60 | % | ||||||||||
Installment Loans | 533 | 0.23 | % | 570 | 0.27 | % | ||||||||||
$ | 49,123 | 100.00 | % | $ | 44,317 | 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; |
As of September 30, 2020 | Estimated Percentage of Fair value of Capital to Fair value of Assets | |||
+400 BP | % | |||
+300 BP | ||||
+200 BP | ||||
+100 BP | ||||
Current rates | ||||
-100 BP |
(Bank Only) | As of September 30, 2020 | Well | Minimum for Capital Adequacy plus Capital Conservation | |||||||||||||
(dollars in thousands) | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | ||||||||||||
Tier 1 leverage ratio | 533,874 | 9.329 | % | 5.000 | % | 4.000 | % | |||||||||
Common equity tier 1 capital | 533,874 | 18.491 | 6.500 | 7.000 | ||||||||||||
Tier 1 risk-based capital | 533,874 | 18.491 | 8.000 | 8.500 | ||||||||||||
Total risk-based capital | 570,127 | 19.747 | 10.000 | 10.500 |
As of December 31, 2019 | Well | Minimum for Capital Adequacy plus Capital Conservation | ||||||||||||||
(dollars in thousands) | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | ||||||||||||
Tier 1 leverage ratio | $ | 516,775 | 9.940 | % | 5.000 | % | 4.000 | % | ||||||||
Common equity tier 1 capital | 516,775 | 18.412 | 6.500 | 7.000 | ||||||||||||
Tier 1 risk-based capital | 516,775 | 18.412 | 8.000 | 8.500 | ||||||||||||
Total risk-based capital | 551,975 | 19.666 | 10.000 | 10.500 |
(Consolidated) | As of September 30, 2020 | Minimum for Capital Adequacy plus Capital Conservation | ||||||||||||||||||||||||||
(dollars in thousands) | As of September 30, 2017 | Well Capitalized(1) | Adequately Capitalized(1)(2) | Amount | Ratio | Buffer (1)(2) | ||||||||||||||||||||||
Amount | Ratio | |||||||||||||||||||||||||||
Tier 1 leverage capital | $ | 443,310 | 9.071 | % | 5.000 | % | 4.000 | % | ||||||||||||||||||||
Tier 1 leverage ratio | $ | 548,437 | 9.582 | % | 4.000 | % | ||||||||||||||||||||||
Common equity tier 1 capital | 443,310 | 17.763 | 6.500 | 5.750 | 548,437 | 18.994 | 7.000 | |||||||||||||||||||||
Tier 1 risk-based capital | 443,310 | 17.763 | 8.000 | 7.250 | 548,437 | 18.994 | 8.500 | |||||||||||||||||||||
Total risk-based capital | 474,669 | 19.019 | 10.000 | 9.250 | 584,692 | 20.250 | 10.500 |
As of December 31, 2019 | Minimum for Capital Adequacy plus Capital Conservation | |||||||||||||||||||||||||||
(dollars in thousands) | As of December 31, 2016 | Well Capitalized(1) | Adequately Capitalized(1)(3) | Amount | Ratio | Buffer (1)(2) | ||||||||||||||||||||||
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 leverage ratio | $ | 533,243 | 10.254 | % | 4.000 | % | ||||||||||||||||||||||
Common equity Tier 1 capital | 533,243 | 18.988 | 7.000 | |||||||||||||||||||||||||
Tier 1 risk-based capital | 424,802 | 17.238 | 8.000 | 6.625 | 533,243 | 18.988 | 8.500 | |||||||||||||||||||||
Total risk-based capital | 455,772 | 18.492 | 10.000 | 8.625 | 568,463 | 20.242 | 10.500 |
(1) | Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized |
(2) | The September 30, |
(dollars in thousands) | As of September 30, 2017 | |||||||
Amount | Ratio | |||||||
Tier 1 leverage capital | $ | 457,434 | 9.359 | % | ||||
Common equity tier 1 capital | 457,434 | 18.319 | ||||||
Tier 1 risk-based capital | 457,434 | 18.319 | ||||||
Total risk-based capital | 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 |
(dollars in thousands) | Three months ended September 30, 2020 | Three months ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
Assets | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Change in Interest Income/ Expense | Variance Balance Change | Variance Rate Change | |||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||||||
U. S. government sponsored enterprises | $ | 12,391 | 14 | 0.45 | % | $ | 183,580 | $ | 996 | 2.17 | % | $ | (982 | ) | (530 | ) | (452 | ) | ||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 313,296 | 1,319 | 1.68 | % | 370,808 | 2,178 | 2.35 | % | (859 | ) | (304 | ) | (555 | ) | ||||||||||||||||||||||
State and political subdivisions | 110 | 2 | 7.90 | % | 166 | 3 | 7.23 | % | (1 | ) | (1 | ) | - | |||||||||||||||||||||||
Corporate bonds | 59,555 | 646 | 4.33 | % | 40,231 | 321 | 3.19 | % | 325 | 186 | 139 | |||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 43,282 | 216 | 1.99 | % | 51,988 | 282 | 2.17 | % | (66 | ) | (44 | ) | (22 | ) | ||||||||||||||||||||||
Other | 685 | 5 | 2.92 | % | 685 | 6 | 3.50 | % | (1 | ) | - | (1 | ) | |||||||||||||||||||||||
Total securities available for sale | 429,319 | 2,202 | 2.05 | % | 647,458 | 3,786 | 2.34 | % | (1,584 | ) | (693 | ) | (891 | ) | ||||||||||||||||||||||
Federal funds sold and other short-term Investments | 938,087 | 242 | 0.10 | % | 465,251 | 2,552 | 2.19 | % | (2,310 | ) | 8,831 | (11,141 | ) | |||||||||||||||||||||||
Held to maturity securities: | ||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 15,759 | 138 | 3.52 | % | 20,197 | 187 | 3.70 | % | (49 | ) | (40 | ) | (9 | ) | ||||||||||||||||||||||
Total held to maturity securities | 15,759 | 138 | 3.52 | % | 20,197 | 187 | 3.70 | % | (49 | ) | (40 | ) | (9 | ) | ||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 5,506 | 77 | 5.59 | % | 9,183 | 81 | 3.53 | % | (4 | ) | (156 | ) | 152 | |||||||||||||||||||||||
Commercial loans | 231,517 | 2,625 | 4.54 | % | 190,538 | 2,596 | 5.45 | % | 29 | 1,972 | (1,943 | ) | ||||||||||||||||||||||||
Residential mortgage loans | 3,702,680 | 36,020 | 3.89 | % | 3,465,102 | 35,743 | 4.13 | % | 277 | 9,129 | (8,852 | ) | ||||||||||||||||||||||||
Home equity lines of credit | 251,459 | 2,515 | 3.98 | % | 275,047 | 3,401 | 4.95 | % | (886 | ) | (269 | ) | (617 | ) | ||||||||||||||||||||||
Installment loans | 9,632 | 170 | 7.02 | % | 9,967 | 183 | 7.34 | % | (13 | ) | (6 | ) | (7 | ) | ||||||||||||||||||||||
Loans, net of unearned income | 4,195,288 | 41,330 | 3.94 | % | 3,940,654 | 41,923 | 4.26 | % | (593 | ) | 10,826 | (11,419 | ) | |||||||||||||||||||||||
Total interest earning assets | 5,583,959 | 43,989 | 3.15 | % | 5,082,743 | 48,529 | 3.82 | % | (4,540 | ) | 18,768 | (23,308 | ) | |||||||||||||||||||||||
Allowance for loan losses | (48,483 | ) | (44,448 | ) | ||||||||||||||||||||||||||||||||
Cash & non-interest earning assets | 201,018 | 188,528 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 5,736,494 | 5,226,823 | |||||||||||||||||||||||||||||||||
Liabilities and shareholders' equity | ||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts | $ | 1,024,455 | 55 | 0.02 | % | $ | 874,179 | $ | 52 | 0.02 | % | 3 | 3 | - | ||||||||||||||||||||||
Money market accounts | 682,319 | 637 | 0.37 | % | 567,554 | 1,177 | 0.83 | % | (540 | ) | 1,250 | (1,790 | ) | |||||||||||||||||||||||
Savings | 1,222,956 | 161 | 0.05 | % | 1,126,935 | 323 | 0.11 | % | (162 | ) | 159 | (321 | ) | |||||||||||||||||||||||
Time deposits | 1,355,244 | 4,749 | 1.39 | % | 1,457,510 | 7,974 | 2.19 | % | (3,225 | ) | (522 | ) | (2,703 | ) | ||||||||||||||||||||||
Total interest bearing deposits | 4,284,974 | 5,602 | 0.52 | % | 4,026,178 | 9,526 | 0.95 | % | (3,924 | ) | 890 | (4,814 | ) | |||||||||||||||||||||||
Short-term borrowings | 193,765 | 221 | 0.45 | % | 160,162 | 359 | 0.90 | % | (138 | ) | 384 | (522 | ) | |||||||||||||||||||||||
Total interest bearing liabilities | 4,478,739 | 5,823 | 0.52 | % | 4,186,340 | 9,885 | 0.94 | % | (4,062 | ) | 1,274 | (5,336 | ) | |||||||||||||||||||||||
Demand deposits | 622,313 | 438,789 | ||||||||||||||||||||||||||||||||||
Other liabilities | 78,093 | 80,188 | ||||||||||||||||||||||||||||||||||
Shareholders' equity | 557,349 | 521,506 | ||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 5,736,494 | $ | 5,226,823 | ||||||||||||||||||||||||||||||||
Net interest income , tax equivalent | 38,166 | 38,644 | $ | (478 | ) | 17,494 | (17,972 | ) | ||||||||||||||||||||||||||||
Net interest spread | 2.63 | % | 2.88 | % | ||||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets) | 2.73 | % | 3.04 | % | ||||||||||||||||||||||||||||||||
Tax equivalent adjustment | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||
Net interest income | 38,165 | 38,643 |
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 |
(dollars in thousands) | Nine months ended September 30, 2020 | Nine months ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Interest Income/ Expense | Variance Balance Change | Variance Rate Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Change in Interest Income/ Expense | Variance Balance Change | Variance Rate Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U. S. government sponsored enterprises | $ | 139,629 | 1,667 | 1.59 | % | $ | 97,281 | 1,067 | 1.46 | % | $ | 600 | 497 | 103 | $ | 42,573 | 541 | 1.69 | % | $ | 166,119 | 2,600 | 2.09 | % | $ | (2,059 | ) | (1,641 | ) | (418 | ) | |||||||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 357,347 | 5,717 | 2.13 | % | 419,185 | 6,114 | 1.94 | % | (397 | ) | (1,204 | ) | 807 | 339,300 | 4,959 | 1.95 | % | 329,188 | 5,885 | 2.38 | % | (926 | ) | 277 | (1,203 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | 736 | 41 | 7.43 | % | 1,007 | 60 | 7.94 | % | (19 | ) | (11 | ) | (8 | ) | 111 | 6 | 7.79 | % | 167 | 9 | 7.19 | % | (3 | ) | (4 | ) | 1 | |||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 42,272 | 458 | 1.44 | % | 9,120 | 97 | 1.42 | % | 361 | 359 | 2 | 46,508 | 1,372 | 3.93 | % | 33,678 | 801 | 3.17 | % | 571 | 350 | 221 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 75,429 | 1,189 | 2.10 | % | 87,896 | 1,371 | 2.08 | % | (182 | ) | (205 | ) | 23 | 45,313 | 690 | 2.03 | % | 54,414 | 868 | 2.13 | % | (178 | ) | (139 | ) | (39 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial | 10,003 | 66 | 0.88 | % | 10,320 | 110 | 1.42 | % | (44 | ) | (3 | ) | (41 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 685 | 12 | 2.34 | % | 683 | 12 | 2.34 | % | - | - | - | 685 | 16 | 3.11 | % | 685 | 16 | 3.11 | % | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | 626,101 | 9,150 | 1.95 | % | 625,492 | 8,831 | 1.88 | % | 319 | (567 | ) | 886 | 474,490 | 7,584 | 2.13 | % | 584,251 | 10,179 | 2.32 | % | (2,595 | ) | (1,157 | ) | (1,438 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and other short-term Investments | 635,450 | 4,900 | 1.03 | % | 675,948 | 2,542 | 0.50 | % | 2,358 | (256 | ) | 2,614 | 693,286 | 1,702 | 0.33 | % | 504,512 | 8,843 | 2.34 | % | (7,141 | ) | 3,991 | (11,132 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Held to maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 8,897 | 410 | 6.14 | % | 10,202 | 464 | 6.06 | % | (54 | ) | (64 | ) | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 32,202 | 888 | 3.68 | % | 42,192 | 1,123 | 3.55 | % | (235 | ) | (297 | ) | 62 | 17,029 | 475 | 3.72 | % | 21,123 | 613 | 3.87 | % | (138 | ) | (115 | ) | (23 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total held to maturity securities | 41,099 | 1,298 | 4.21 | % | 52,394 | 1,587 | 4.04 | % | (289 | ) | (361 | ) | 72 | 17,029 | 475 | 3.72 | % | 21,123 | 613 | 3.87 | % | (138 | ) | (115 | ) | (23 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 9,467 | 393 | 5.54 | % | 9,545 | 369 | 5.15 | % | 24 | (5 | ) | 29 | 7,998 | 351 | 5.85 | % | 9,104 | 365 | 5.35 | % | (14 | ) | (59 | ) | 45 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 184,932 | 7,313 | 5.27 | % | 198,461 | 7,777 | 5.22 | % | (464 | ) | (586 | ) | 122 | 217,573 | 7,778 | 4.77 | % | 191,370 | 7,725 | 5.38 | % | 53 | 1,310 | (1,257 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 2,969,363 | 92,910 | 4.17 | % | 2,768,579 | 89,523 | 4.31 | % | 3,387 | 7,652 | (4,265 | ) | 3,652,766 | 108,845 | 3.97 | % | 3,412,411 | 105,786 | 4.13 | % | 3,059 | 8,916 | (5,857 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 321,276 | 9,453 | 3.92 | % | 353,461 | 9,569 | 3.61 | % | (116 | ) | (1,193 | ) | 1,077 | 258,956 | 7,898 | 4.07 | % | 280,248 | 10,441 | 4.97 | % | (2,543 | ) | (754 | ) | (1,789 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Installment loans | 8,117 | 563 | 9.25 | % | 8,435 | 579 | 9.15 | % | (16 | ) | (22 | ) | 6 | 10,129 | 537 | 7.08 | % | 10,718 | 656 | 8.16 | % | (119 | ) | (35 | ) | (84 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income | 3,483,688 | 110,239 | 4.22 | % | 3,328,936 | 107,448 | 4.30 | % | 2,791 | 5,850 | (3,059 | ) | 4,139,424 | 125,058 | 4.03 | % | 3,894,747 | 124,608 | 4.27 | % | 450 | 9,437 | (8,987 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 4,795,805 | 125,980 | 3.50 | % | 4,692,315 | 120,777 | 3.43 | % | 5,203 | 4,660 | 543 | 5,332,227 | 135,170 | 3.38 | % | 5,013,737 | 144,608 | 3.85 | % | (9,438 | ) | 12,097 | (21,535 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (44,317 | ) | (44,832 | ) | (46,618 | ) | (44,744 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash & non-interest earning assets | 129,384 | 136,584 | 196,835 | 180,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,880,872 | $ | 4,784,067 | $ | 5,482,444 | $ | 5,149,561 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts | $ | 840,322 | 371 | 0.06 | % | $ | 758,314 | 350 | 0.06 | % | 21 | 44 | (23 | ) | $ | 949,909 | 97 | 0.01 | % | $ | 878,106 | 267 | 0.04 | % | (170 | ) | 32 | (202 | ) | |||||||||||||||||||||||||||||||||||||||||||
Money market accounts | 576,518 | 1,403 | 0.32 | % | 585,019 | 1,426 | 0.33 | % | (23 | ) | (21 | ) | (2 | ) | 646,170 | 2,595 | 0.54 | % | 546,601 | 3,122 | 0.76 | % | (527 | ) | 733 | (1,260 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Savings | 1,280,473 | 1,300 | 0.14 | % | 1,273,565 | 1,712 | 0.18 | % | (412 | ) | 16 | (428 | ) | 1,169,316 | 560 | 0.06 | % | 1,141,607 | 1,067 | 0.12 | % | (507 | ) | 28 | (535 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 1,104,731 | 6,711 | 0.81 | % | 1,162,603 | 7,301 | 0.84 | % | (590 | ) | (343 | ) | (247 | ) | 1,372,369 | 16,739 | 1.63 | % | 1,416,306 | 21,462 | 2.02 | % | (4,723 | ) | (653 | ) | (4,070 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | 3,802,044 | 9,785 | 0.34 | % | 3,779,501 | 10,789 | 0.38 | % | (1,004 | ) | (304 | ) | (700 | ) | 4,137,764 | 19,991 | 0.65 | % | 3,982,620 | 25,918 | 0.87 | % | (5,927 | ) | 140 | (6,067 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 226,447 | 1,043 | 0.61 | % | 182,453 | 800 | 0.58 | % | 243 | 196 | 47 | 173,497 | 778 | 0.60 | % | 160,647 | 1,121 | 0.93 | % | (343 | ) | 132 | (475 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 4,028,491 | 10,828 | 0.36 | % | 3,961,954 | 11,589 | 0.39 | % | (761 | ) | (108 | ) | (653 | ) | 4,311,261 | 20,769 | 0.64 | % | 4,143,267 | 27,039 | 0.87 | % | (6,270 | ) | 272 | (6,542 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 380,216 | 368,852 | 543,279 | 418,327 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 27,880 | 27,179 | 77,568 | 79,937 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 444,285 | 426,082 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 550,336 | 508,030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,880,872 | $ | 4,784,067 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 5,482,444 | $ | 5,149,561 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income , tax equivalent | 115,152 | 109,188 | $ | 5,964 | 4,768 | 1,196 | 114,401 | 117,569 | $ | (3,168 | ) | 11,825 | (14,993 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | 3.14 | % | 3.04 | % | 2.74 | % | 2.98 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets) | 3.20 | % | 3.10 | % | 2.86 | % | 3.13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax equivalent adjustment | (32 | ) | (40 | ) | (2 | ) | (3 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 115,120 | 109,148 | 114,399 | 117,566 |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
Item 4. | Controls and Procedures |
Item 2. |
Item 3. |
Item 4. |
Item 5. |
Item 6. |
Exhibit No. | Description |
Crowe | |
Rule | |
Rule | |
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: | ||
Robert J. McCormick | ||
Chairman, President and Chief Executive Officer |
By: | ||
Michael M. Ozimek | ||
Date: November 6, 2020 | ||