NEW YORK | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
5 SARNOWSKI DRIVE, GLENVILLE, NEW YORK | 12302 | |
(Address of principal executive offices) | (Zip Code) |
(518) 377-3311 | ||
(Registrant’s telephone number, including area |
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 | |
$1 Par Value |
DESCRIPTION | PAGE NO. | ||
3 | |||
Part I. | FINANCIAL INFORMATION | ||
Item 1. | Consolidated Interim Financial Statements (Unaudited): | ||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Part II. | OTHER INFORMATION | ||
Item 1. | |||
Item 1A. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 5. | |||
Item 6. |
• | changes in interest rates may significantly impact our financial condition and results of operations; |
• | ongoing inflationary pressures and continued elevated prices may affect our results of operations and financial condition; |
• | exposure to credit risk in our lending activities; |
• | our commercial loan portfolio is increasing and the inherently higher risk of loss may lead to additional provisions for credit losses or charge-offs, which would negatively impact earnings and capital; |
• | the allowance for credit losses on loans (“ACLL”) is not sufficient to cover expected loan losses, resulting in a decrease in earnings; |
• | our inability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; |
• | we are subject to claims and litigation pertaining to fiduciary responsibility and lender liability; |
• | our dependency upon the services of the management team; |
• | our disclosure controls and procedures may not prevent or detect all errors or acts of fraud; |
• | if the business continuity and disaster recovery plans that we have in place are not adequate to continue our operations in the event of a disaster, the business disruption can adversely impact its operations; |
• | our risk management framework may not be effective in mitigating risk and loss; |
• | new lines of business or new products and services may subject us to additional risks; |
• | we are exposed to climate risk; |
• | societal responses to climate change could adversely affect our business and performance, including indirectly through impacts on our customers; |
• | increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks |
• | a prolonged economic downturn, especially one affecting our geographic market area, will adversely affect our operations and financial results; |
• | instability in global economic conditions and geopolitical matters, as well as volatility in financial markets, could have a material adverse effect on our results of operations and financial condition; |
• | any downgrade in the credit rating of the U.S. government or default by the U.S. government as a result of political conflicts over legislation to raise the U.S. government’s debt limit may have a material adverse effect on us; |
• | the soundness of other financial institutions could adversely affect us; |
• | any government shutdown could adversely affect the U.S. and global economy and our liquidity, financial condition and earnings; |
• | the trust wealth management fees we receive may decrease as a result of poor investment performance, in either relative or absolute terms, which could decrease our revenues and net earnings; |
• | regulatory capital rules could slow our growth, cause us to seek to raise additional capital, or both; |
• | changes in laws and regulations and the cost of regulatory compliance with new laws and regulations may adversely affect our operations and our income; |
• | changes in cybersecurity or privacy regulations may increase our compliance costs, limit our ability to gain insight from data and lead to increased scrutiny; |
• | restrictions on data collection and use may limit opportunities to gain business insights useful to running our business and offering innovative products and services; |
• | non-compliance with the USA PATRIOT Act, Bank Secrecy Act, or other laws and regulations could result in fines or sanctions; |
• | changes in tax laws may adversely affect us, and the Internal Revenue Service or a court may disagree with our tax positions, which may result in adverse effects on our business, financial condition, and results of operations or cash flows; |
• | our ability to pay dividends is subject to regulatory limitations and other limitations that may affect our ability to pay dividends to our stockholders or to repurchase our common stock; |
• | we may be subject to a higher effective tax rate if Trustco Realty Corp. (“Trustco Realty”) fails to qualify as a real estate investment trust (“REIT”); |
• | changes in accounting standards could impact reported earnings; |
• | strong competition within the Bank’s market areas could hurt profits and slow growth; |
• | consumers and businesses are increasingly using non-banks to complete their financial transactions, which could adversely affect our business and results of operations; |
• | our business could be adversely affected by third-party service providers, data breaches, and cyber-attacks; |
• | a failure in or breach of our operational or security systems or infrastructure, or those of third parties, could disrupt our businesses, and adversely impact our results of operations, liquidity and financial condition, as well as cause reputational harm; |
• | unauthorized disclosure of sensitive or confidential client or customer information, whether through a breach of our computer systems or otherwise, could severely harm our business; |
• | we could suffer a material adverse impact from interruptions in the effective operation of, or security breaches affecting, our computer systems; |
• | provisions in our articles of incorporation and bylaws and New York law may discourage or prevent takeover attempts, and these provisions may have the effect of reducing the market price of our stock; and |
• | we cannot guarantee that the allocation of capital to various alternatives, including stock repurchase plans, will enhance long-term stockholder value. |
Three months ended | ||||||||
March 31, | ||||||||
2024 | 2023 | |||||||
Interest and dividend income: | ||||||||
Interest and fees on loans | $ | 49,804 | $ | 44,272 | ||||
Interest and dividends on securities available for sale: | ||||||||
U. S. government sponsored enterprises | 906 | 692 | ||||||
Mortgage-backed securities and collateralized mortgage obligations - residential | 1,494 | 1,585 | ||||||
Corporate bonds | 476 | 521 | ||||||
Small Business Administration-guaranteed participation securities | 100 | 117 | ||||||
Other securities | 3 | 2 | ||||||
Total interest and dividends on securities available for sale | 2,979 | 2,917 | ||||||
Interest on held to maturity securities: | ||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 68 | 78 | ||||||
Total interest on held to maturity securities | 68 | 78 | ||||||
Federal Home Loan Bank stock | 152 | 110 | ||||||
Interest on federal funds sold and other short-term investments | 6,750 | 6,555 | ||||||
Total interest income | 59,753 | 53,932 | ||||||
Interest expense: | ||||||||
Interest on deposits: | ||||||||
Interest-bearing checking | 240 | 66 | ||||||
Savings accounts | 712 | 530 | ||||||
Money market deposit accounts | 2,342 | 814 | ||||||
Time deposits | 19,677 | 5,272 | ||||||
Interest on short-term borrowings | 204 | 285 | ||||||
Total interest expense | 23,175 | 6,967 | ||||||
Net interest income | 36,578 | 46,965 | ||||||
Provision for credit losses | 600 | 300 | ||||||
Net interest income after provision for credit losses | 35,978 | 46,665 | ||||||
Noninterest income: | ||||||||
Trustco financial services income | 1,816 | 1,774 | ||||||
Fees for services to customers | 2,745 | 2,648 | ||||||
Other | 282 | 247 | ||||||
Total noninterest income | 4,843 | 4,669 | ||||||
Noninterest expenses: | ||||||||
Salaries and employee benefits | 11,427 | 13,283 | ||||||
Net occupancy expense | 4,611 | 4,598 | ||||||
Equipment expense | 1,738 | 1,962 | ||||||
Professional services | 1,460 | 1,607 | ||||||
Outsourced services | 2,501 | 2,296 | ||||||
Advertising expense | 408 | 390 | ||||||
FDIC and other insurance | 1,094 | 1,052 | ||||||
Other real estate expense, net | 74 | 225 | ||||||
Other | 1,590 | 2,266 | ||||||
Total noninterest expenses | 24,903 | 27,679 | ||||||
Income before taxes | 15,918 | 23,655 | ||||||
Income taxes | 3,792 | 5,909 | ||||||
Net income | $ | 12,126 | $ | 17,746 | ||||
Net income per share: | ||||||||
- Basic | $ | 0.64 | $ | 0.93 | ||||
- Diluted | $ | 0.64 | $ | 0.93 |
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 | ||||||||
March 31, | ||||||||
2024 | 2023 | |||||||
Net income | $ | 12,126 | $ | 17,746 | ||||
Net unrealized holding (loss) gain on securities available for sale | (1,872 | ) | 5,251 | |||||
Tax effect | 494 | (1,350 | ) | |||||
Net unrealized (loss) gain on securities available for sale, net of tax | (1,378 | ) | 3,901 | |||||
Amortization of net actuarial gain | (203 | ) | (114 | ) | ||||
Amortization of prior service cost | 3 | 3 | ||||||
Tax effect | 52 | 29 | ||||||
Amortization of net actuarial gain and prior service cost on pension and postretirement plans, net of tax | (148 | ) | (82 | ) | ||||
Other comprehensive (loss) income, net of tax | (1,526 | ) | 3,819 | |||||
Comprehensive income | $ | 10,600 | $ | 21,565 |
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 |
March 31, 2024 | December 31, 2023 | |||||||
ASSETS: | ||||||||
Cash and due from banks | $ | 44,868 | $ | 49,274 | ||||
Federal funds sold and other short term investments | 564,815 | 528,730 | ||||||
Total cash and cash equivalents | 609,683 | 578,004 | ||||||
Securities available for sale | 426,241 | 452,289 | ||||||
Held to maturity securities ($6,108 and $6,396 fair value at March 31, 2024 and December 31, 2023, respectively) | 6,206 | 6,458 | ||||||
Federal Home Loan Bank stock | 6,203 | 6,203 | ||||||
Loans, net of deferred net costs | 5,005,506 | 5,002,879 | ||||||
Less: | ||||||||
Allowance for credit losses on loans | 49,220 | 48,578 | ||||||
Net loans | 4,956,286 | 4,954,301 | ||||||
Bank premises and equipment, net | 33,423 | 34,007 | ||||||
Operating lease right-of-use assets | 39,647 | 40,542 | ||||||
Other assets | 101,881 | 96,387 | ||||||
Total assets | $ | 6,179,570 | $ | 6,168,191 | ||||
LIABILITIES: | ||||||||
Deposits: | ||||||||
Demand | $ | 742,997 | $ | 754,532 | ||||
Interest-bearing checking | 1,020,136 | 1,015,213 | ||||||
Savings accounts | 1,155,517 | 1,179,241 | ||||||
Money market deposit accounts | 532,611 | 565,767 | ||||||
Time deposits | 1,903,908 | 1,836,024 | ||||||
Total deposits | 5,355,169 | 5,350,777 | ||||||
Short-term borrowings | 94,374 | 88,990 | ||||||
Operating lease liabilities | 43,438 | 44,471 | ||||||
Accrued expenses and other liabilities | 37,399 | 38,668 | ||||||
Total liabilities | 5,530,380 | 5,522,906 | ||||||
SHAREHOLDERS’ EQUITY: | ||||||||
Capital stock par value $1.00; 30,000,000 shares authorized; 20,058,142 shares issued at March 31, 2024 and December 31, 2023, and 19,024,433 shares outstanding at March 31, 2024 and December 31, 2023, respectively | 20,058 | 20,058 | ||||||
Surplus | 257,335 | 257,181 | ||||||
Undivided profits | 430,346 | 425,069 | ||||||
Accumulated other comprehensive loss, net of tax | (14,763 | ) | (13,237 | ) | ||||
Treasury stock at cost - 1,033,709 shares at March 31, 2024 and December 31, 2023, respectively | (43,786 | ) | (43,786 | ) | ||||
Total shareholders’ equity | 649,190 | 645,285 | ||||||
Total liabilities and shareholders’ equity | $ | 6,179,570 | $ | 6,168,191 |
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 |
Accumulated | ||||||||||||||||||||||||
Other | ||||||||||||||||||||||||
Capital | Undivided | Comprehensive | Treasury | |||||||||||||||||||||
Stock | Surplus | Profits | Loss | Stock | Total | |||||||||||||||||||
Beginning balance, January 1, 2023 | $ | 20,058 | $ | 257,078 | $ | 393,831 | $ | (27,194 | ) | $ | (43,786 | ) | $ | 599,987 | ||||||||||
Net income | - | - | 17,746 | - | - | 17,746 | ||||||||||||||||||
Other comprehensive income, net of tax | - | - | - | 3,819 | - | 3,819 | ||||||||||||||||||
Cash dividend declared, $0.36 per share | - | - | (6,849 | ) | - | - | (6,849 | ) | ||||||||||||||||
Ending balance, March 31, 2023 | $ | 20,058 | $ | 257,078 | $ | 404,728 | $ | (23,375 | ) | $ | (43,786 | ) | $ | 614,703 | ||||||||||
Beginning balance, January 1, 2024 | $ | 20,058 | $ | 257,181 | $ | 425,069 | $ | (13,237 | ) | $ | (43,786 | ) | $ | 645,285 | ||||||||||
Net income | - | - | 12,126 | - | - | 12,126 | ||||||||||||||||||
Other comprehensive loss, net of tax | - | - | - | (1,526 | ) | - | (1,526 | ) | ||||||||||||||||
Stock Based Compensation Expense | - | 154 | - | - | - | 154 | ||||||||||||||||||
Cash dividend declared, $0.36 per share | - | - | (6,849 | ) | - | - | (6,849 | ) | ||||||||||||||||
Ending balance, March 31, 2024 | $ | 20,058 | $ | 257,335 | $ | 430,346 | $ | (14,763 | ) | $ | (43,786 | ) | $ | 649,190 |
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, | ||||||||
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 | ) |
Three months ended March 31, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 12,126 | $ | 17,746 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | 1,085 | 1,008 | ||||||
Amortization of right-of-use asset | 1,654 | 1,634 | ||||||
Net gain on sale of other real estate owned | - | (148 | ) | |||||
Provision for credit losses | 600 | 300 | ||||||
Deferred tax expense | 1,447 | 1,816 | ||||||
Net amortization of securities | 346 | 460 | ||||||
Stock based compensation expense | 154 | - | ||||||
Decrease in taxes receivable | 3,844 | 5,456 | ||||||
Increase in interest receivable | (777 | ) | (198 | ) | ||||
Increase in interest payable | 288 | 842 | ||||||
Increase in other assets | (4,224 | ) | (3,583 | ) | ||||
Decrease in operating lease liabilities | (1,792 | ) | (1,722 | ) | ||||
Decrease in accrued expenses and other liabilities | (4,855 | ) | (4,831 | ) | ||||
Total adjustments | (2,230 | ) | 1,034 | |||||
Net cash provided by operating activities | 9,896 | 18,780 | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from sales, paydowns and calls of securities available for sale | 8,841 | 14,659 | ||||||
Proceeds from paydowns of held to maturity securities | 241 | 311 | ||||||
Purchases of securities available for sale | (20,000 | ) | (5,000 | ) | ||||
Proceeds from maturities of securities available for sale | 35,000 | - | ||||||
Net increase in loans | (4,793 | ) | (66,328 | ) | ||||
Proceeds from dispositions of other real estate owned | 68 | 340 | ||||||
Purchases of bank premises and equipment | (501 | ) | (757 | ) | ||||
Net cash provided by (used in) investing activities | 18,856 | (56,775 | ) | |||||
Cash flows from financing activities: | ||||||||
Net increase in deposits | 4,392 | 19,648 | ||||||
Net change in short-term borrowings | 5,384 | 11,593 | ||||||
Dividends paid | (6,849 | ) | (6,861 | ) | ||||
Net cash provided by financing activities | 2,927 | 24,380 | ||||||
Net increase (decrease) in cash and cash equivalents | 31,679 | (13,615 | ) | |||||
Cash and cash equivalents at beginning of period | 578,004 | 650,599 | ||||||
Cash and cash equivalents at end of period | $ | 609,683 | $ | 636,984 | ||||
Supplemental Disclosure of Cash Flow Information: | ||||||||
Cash paid during the year for: | ||||||||
Interest paid | $ | 22,887 | $ | 6,125 | ||||
Income taxes paid | 494 | 471 | ||||||
Other non cash items: | ||||||||
Transfer of loans to other real estate owned | 2,208 | - | ||||||
Increase (decrease) in dividends payable | - | (12 | ) | |||||
Change in unrealized (loss) gain on securities available for sale-gross of deferred taxes | (1,872 | ) | 5,251 | |||||
Change in deferred tax effect on unrealized loss (gain) on securities available for sale | 494 | (1,350 | ) | |||||
Amortization of net actuarial gain and prior service cost on pension and postretirement plans | (200 | ) | (111 | ) | ||||
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans | 52 | 29 |
(in thousands, except per share data) | For the three months ended | |||||||
March 31, | ||||||||
2024 | 2023 | |||||||
Net income | $ | 12,126 | $ | 17,746 | ||||
Weighted average common shares | 19,024 | 19,024 | ||||||
Stock Options and Restricted Stock Units | 8 | 3 | ||||||
Weighted average common shares including potential dilutive shares | 19,032 | 19,027 | ||||||
Basic EPS | $ | 0.64 | $ | 0.93 | ||||
Diluted EPS | $ | 0.64 | $ | 0.93 |
(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 March 31, | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
(dollars in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Service cost | $ | - | $ | - | $ | 5 | $ | 2 | ||||||||
Interest cost | 289 | 302 | 72 | 66 | ||||||||||||
Expected return on plan assets | (762 | ) | (680 | ) | (331 | ) | (289 | ) | ||||||||
Amortization of net gain | (19 | ) | - | (184 | ) | (114 | ) | |||||||||
Amortization of prior service cost | - | - | 3 | 3 | ||||||||||||
Net periodic benefit | $ | (492 | ) | $ | (378 | ) | $ | (435 | ) | $ | (332 | ) |
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 | ) |
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 | ) |
March 31, 2024 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||||
U.S. government sponsored enterprises | $ | 131,755 | $ | 4 | $ | 2,905 | $ | 128,854 | ||||||||
State and political subdivisions | 26 | - | - | 26 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 254,806 | 158 | 27,886 | 227,078 | ||||||||||||
Corporate bonds | 55,078 | - | 1,737 | 53,341 | ||||||||||||
Small Business Administration - guaranteed participation securities | 17,984 | - | 1,724 | 16,260 | ||||||||||||
Other | 688 | 7 | 13 | 682 | ||||||||||||
Total Securities Available for Sale | $ | 460,337 | $ | 169 | $ | 34,265 | $ | 426,241 |
(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, 2023 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||||
U.S. government sponsored enterprises | $ | 121,728 | $ | 5 | $ | 3,065 | $ | 118,668 | ||||||||
State and political subdivisions | 26 | - | - | 26 | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 263,182 | 270 | 25,775 | 237,677 | ||||||||||||
Corporate bonds | 80,150 | - | 2,098 | 78,052 | ||||||||||||
Small Business Administration - guaranteed participation securities | 18,740 | - | 1,554 | 17,186 | ||||||||||||
Other | 687 | 11 | 18 | 680 | ||||||||||||
Total Securities Available for Sale | $ | 484,513 | $ | 286 | $ | 32,510 | $ | 452,289 |
(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 |
Amortized | Fair | |||||||
(dollars in thousands) | Cost | Value | ||||||
Due in one year or less | $ | 70,613 | $ | 69,407 | ||||
Due after one year through five years | 116,934 | 113,496 | ||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 254,806 | 227,078 | ||||||
Small Business Administration - guaranteed participation securities | 17,984 | 16,260 | ||||||
$ | 460,337 | $ | 426,241 |
(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 |
March 31, 2024 | ||||||||||||||||||||||||
Less than | 12 months | |||||||||||||||||||||||
12 months | or more | Total | ||||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unreal. | |||||||||||||||||||
(dollars in thousands) | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||
U.S. government sponsored enterprises | $ | 14,993 | 7 | 106,358 | 2,898 | 121,351 | 2,905 | |||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 2,907 | 10 | 217,331 | 27,876 | 220,238 | 27,886 | ||||||||||||||||||
Corporate bonds | - | - | 53,341 | 1,737 | 53,341 | 1,737 | ||||||||||||||||||
Small Business Administration - guaranteed participation securities | - | - | 16,260 | 1,724 | 16,260 | 1,724 | ||||||||||||||||||
Other | - | - | 637 | 13 | 637 | 13 | ||||||||||||||||||
Total | $ | 17,900 | 17 | 393,927 | | 34,248 | 411,827 | 34,265 |
December 31, 2023 | ||||||||||||||||||||||||
Less than | 12 months | |||||||||||||||||||||||
12 months | or more | Total | ||||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||
Fair | Unreal. | Fair | Unreal. | Fair | Unreal. | |||||||||||||||||||
(dollars in thousands) | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||
U.S. government sponsored enterprises | $ | - | - | | 116,163 | 3,065 | 116,163 | | 3,065 | |||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | - | - | 227,891 | 25,775 | 227,891 | 25,775 | ||||||||||||||||||
Corporate bonds | - | - | 78,052 | 2,098 | 78,052 | 2,098 | ||||||||||||||||||
Small Business Administration - guaranteed participation securities | - | - | 17,186 | 1,554 | 17,186 | 1,554 | ||||||||||||||||||
Other | - | - | 631 | 18 | 631 | 18 | ||||||||||||||||||
Total | $ | - | - | 439,923 | 32,510 | | 439,923 | | 32,510 |
(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 |
Three months ended March 31, | ||||||||
(dollars in thousands) | 2024 | 2023 | ||||||
Proceeds from sales | $ | - | - | |||||
Proceeds from calls/paydowns | 8,841 | 14,659 | ||||||
Proceeds from maturities | 35,000 | - | ||||||
Gross realized gains | - | - | ||||||
Gross realized losses | - | - |
(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 | - | - |
March 31, 2024 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | |||||||||||||
(dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 6,206 | 49 | 147 | 6,108 | |||||||||||
Total held to maturity | $ | 6,206 | 49 | 147 | 6,108 |
December 31, 2023 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | |||||||||||||
(dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 6,458 | 74 | 136 | 6,396 | |||||||||||
Total held to maturity | $ | 6,458 | 74 | 136 | 6,396 |
(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 |
(dollars in thousands) | Amortized | Fair | ||||||
Cost | Value | |||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 6,206 | 6,108 | |||||
$ | 6,206 | 6,108 |
March 31, 2024 | ||||||||||||||||||||||||
Less than | 12 months | |||||||||||||||||||||||
(dollars in thousands) | 12 months | or more | Total | |||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||
Fair | Unrec. | Fair | Unrec. | Fair | Unrec. | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 136 | 3 | 2,523 | 144 | 2,659 | 147 | |||||||||||||||||
Total | $ | 136 | 3 | 2,523 | 144 | 2,659 | 147 |
December 31, 2023 | ||||||||||||||||||||||||
Less than | 12 months | |||||||||||||||||||||||
(dollars in thousands) | 12 months | or more | Total | |||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||
Fair | Unrec. | Fair | Unrec. | Fair | Unrec. | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | $ | 283 | 3 | 2,703 | 133 | 2,986 | 136 | |||||||||||||||||
Total | $ | 283 | 3 | 2,703 | 133 | 2,986 | 136 |
September 30, 2017 | March 31, 2024 | |||||||||||||||||||||||
(dollars in thousands) | New York and other states* | Florida | Total | New York and | ||||||||||||||||||||
other states* | Florida | Total | ||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | 152,228 | 12,980 | 165,208 | $ | 214,158 | $ | 40,757 | $ | 254,915 | ||||||||||||||
Other | 21,754 | 319 | 22,073 | 23,536 | 641 | 24,177 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 2,251,152 | 742,697 | 2,993,849 | 2,744,294 | 1,552,257 | 4,296,551 | ||||||||||||||||||
Home equity loans | 64,556 | 12,565 | 77,121 | 44,207 | 13,611 | 57,818 | ||||||||||||||||||
Home equity lines of credit | 267,143 | 44,610 | 311,753 | 213,754 | 142,125 | 355,879 | ||||||||||||||||||
Installment | 6,796 | 1,482 | 8,278 | 11,581 | 4,585 | 16,166 | ||||||||||||||||||
Total loans, net | $ | 2,763,629 | 814,653 | 3,578,282 | $ | 3,251,530 | $ | 1,753,976 | 5,005,506 | |||||||||||||||
Less: Allowance for loan losses | 44,082 | |||||||||||||||||||||||
Less: Allowance for credit losses | 49,220 | |||||||||||||||||||||||
Net loans | $ | 3,534,200 | $ | 4,956,286 | ||||||||||||||||||||
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 |
December 31, 2023 | ||||||||||||
(dollars in thousands) | New York and | |||||||||||
other states* | Florida | Total | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 212,754 | $ | 39,501 | $ | 252,255 | ||||||
Other | 20,863 | 397 | 21,260 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 2,756,914 | 1,550,191 | 4,307,105 | |||||||||
Home equity loans | 44,152 | 13,806 | 57,958 | |||||||||
Home equity lines of credit | 212,298 | 135,117 | 347,415 | |||||||||
Installment | 12,057 | 4,829 | 16,886 | |||||||||
Total loans, net | $ | 3,259,038 | $ | 1,743,841 | 5,002,879 | |||||||
Less: Allowance for credit losses | 48,578 | |||||||||||
Net loans | $ | 4,954,301 |
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 |
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 |
For the three months ended March 31, 2024 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | For the three months ended September 30, 2017 | Real Estate | ||||||||||||||||||||||||||||||
Mortgage- | ||||||||||||||||||||||||||||||||
Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | Commercial | 1 to 4 Family | Installment | Total | |||||||||||||||||||||||||
Balance at beginning of period | $ | 4,596 | 38,871 | 695 | 44,162 | $ | 2,735 | $ | 45,625 | $ | 218 | $ | 48,578 | |||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | - | 747 | 65 | 812 | - | 117 | 44 | 161 | ||||||||||||||||||||||||
Florida | - | 31 | 4 | 35 | - | - | - | - | ||||||||||||||||||||||||
Total loan chargeoffs | - | 778 | 69 | 847 | - | 117 | 44 | 161 | ||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | - | 137 | 8 | 145 | - | 195 | 8 | 203 | ||||||||||||||||||||||||
Florida | - | 72 | - | 72 | - | - | - | - | ||||||||||||||||||||||||
Total recoveries | - | 209 | 8 | 217 | - | 195 | 8 | 203 | ||||||||||||||||||||||||
Net loans charged off | - | 569 | 61 | 630 | ||||||||||||||||||||||||||||
Provision for loan losses | 24 | 434 | 92 | 550 | ||||||||||||||||||||||||||||
Net loans (recoveries) charged off | - | (78 | ) | 36 | (42 | ) | ||||||||||||||||||||||||||
Provision for credit losses | 7 | 592 | 1 | 600 | ||||||||||||||||||||||||||||
Balance at end of period | $ | 4,620 | 38,736 | 726 | 44,082 | $ | 2,742 | $ | 46,295 | $ | 183 | $ | 49,220 |
(dollars in thousands) | For the three months ended September 30, 2016 | |||||||||||||||
Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | |||||||||||||
Balance at beginning of period | $ | 5,046 | 38,589 | 429 | 44,064 | |||||||||||
Loans charged off: | ||||||||||||||||
New York and other states* | 356 | 549 | 57 | 962 | ||||||||||||
Florida | - | 2 | 3 | 5 | ||||||||||||
Total loan chargeoffs | 356 | 551 | 60 | 967 | ||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||
New York and other states* | 3 | 78 | 20 | 101 | ||||||||||||
Florida | - | 2 | - | 2 | ||||||||||||
Total recoveries | 3 | 80 | 20 | 103 | ||||||||||||
Net loans charged off | 353 | 471 | 40 | 864 | ||||||||||||
Provision (credit) for loan losses | 505 | (51 | ) | 296 | 750 | |||||||||||
Balance at end of period | $ | 5,198 | 38,067 | 685 | 43,950 |
For the three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||
(dollars in thousands) | For the nine months ended September 30, 2017 | Real Estate | ||||||||||||||||||||||||||||||
Mortgage- | ||||||||||||||||||||||||||||||||
Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | Commercial | 1 to 4 Family | Installment | Total | |||||||||||||||||||||||||
Balance at beginning of period | $ | 4,929 | 38,231 | 730 | 43,890 | $ | 2,596 | 43,271 | 165 | 46,032 | ||||||||||||||||||||||
Loans charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 72 | 1,699 | 146 | 1,917 | - | - | 17 | 17 | ||||||||||||||||||||||||
Florida | - | 167 | 19 | 186 | - | - | 31 | 31 | ||||||||||||||||||||||||
Total loan chargeoffs | 72 | 1,866 | 165 | 2,103 | - | - | 48 | 48 | ||||||||||||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||||||||||||||
New York and other states* | 8 | 494 | 21 | 523 | - | 53 | 23 | 76 | ||||||||||||||||||||||||
Florida | - | 72 | - | 72 | - | 25 | - | 25 | ||||||||||||||||||||||||
Total recoveries | 8 | 566 | 21 | 595 | - | 78 | 23 | 101 | ||||||||||||||||||||||||
Net loans charged off | 64 | 1,300 | 144 | 1,508 | ||||||||||||||||||||||||||||
Provision for loan losses | (245 | ) | 1,805 | 140 | 1,700 | |||||||||||||||||||||||||||
Net loan (recoveries) charged off | - | (78 | ) | 25 | (53 | ) | ||||||||||||||||||||||||||
Provision for credit losses | 112 | 417 | 71 | 600 | ||||||||||||||||||||||||||||
Balance at end of period | $ | 4,620 | 38,736 | 726 | 44,082 | $ | 2,708 | 43,766 | 211 | 46,685 |
(dollars in thousands) | For the nine months ended September 30, 2016 | |||||||||||||||
Commercial | Real Estate Mortgage- 1 to 4 Family | Installment | Total | |||||||||||||
Balance at beginning of period | $ | 4,491 | 39,753 | 518 | 44,762 | |||||||||||
Loans charged off: | ||||||||||||||||
New York and other states* | 688 | 2,528 | 230 | 3,446 | ||||||||||||
Florida | - | 103 | 20 | 123 | ||||||||||||
Total loan chargeoffs | 688 | 2,631 | 250 | 3,569 | ||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||
New York and other states* | 44 | 313 | 46 | 403 | ||||||||||||
Florida | - | 4 | - | 4 | ||||||||||||
Total recoveries | 44 | 317 | 46 | 407 | ||||||||||||
Net loans charged off | 644 | 2,314 | 204 | 3,162 | ||||||||||||
Provision for loan losses | 1,351 | 628 | 371 | 2,350 | ||||||||||||
Balance at end of period | $ | 5,198 | 38,067 | 685 | 43,950 |
September 30, 2017 | ||||||||||||||||
(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 | 4,620 | 38,736 | 726 | 44,082 | ||||||||||||
Total ending allowance balance | $ | 4,620 | 38,736 | 726 | 44,082 | |||||||||||
Loans: | ||||||||||||||||
Individually evaluated for impairment | $ | 2,969 | 21,585 | - | 24,554 | |||||||||||
Collectively evaluated for impairment | 184,312 | 3,361,138 | 8,278 | 3,553,728 | ||||||||||||
Total ending loans balance | $ | 187,281 | 3,382,723 | 8,278 | 3,578,282 |
December 31, 2016 | ||||||||||||||||
(dollars in thousands) | Commercial Loans | 1-to-4 Family Residential Real Estate | Installment Loans | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||
Individually evaluated for impairment | $ | - | - | - | - | |||||||||||
Collectively evaluated for impairment | 4,929 | 38,231 | 730 | 43,890 | ||||||||||||
Total ending allowance balance | $ | 4,929 | 38,231 | 730 | 43,890 | |||||||||||
Loans: | ||||||||||||||||
Individually evaluated for impairment | $ | 2,418 | 21,607 | - | 24,025 | |||||||||||
Collectively evaluated for impairment | 188,776 | 3,208,967 | 8,818 | 3,406,561 | ||||||||||||
Total ending loans balance | $ | 191,194 | 3,230,574 | 8,818 | 3,430,586 |
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, 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 9/30/2017 | Three months ended 9/30/2016 | |||||||||||||||||||||||
New York and other states*: | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||
(dollars in thousands) | Number of Contracts | Outstanding Recorded | Outstanding Recorded | Number of Contracts | Outstanding Recorded | Outstanding Recorded | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | - | $ | - | - | - | $ | - | - | ||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 7 | $ | 941 | $ | 941 | 7 | $ | 655 | $ | 655 | ||||||||||||||
Home equity loans | - | - | - | 1 | 44 | 44 | ||||||||||||||||||
Home equity lines of credit | 3 | 296 | 296 | 2 | 183 | 183 | ||||||||||||||||||
Total | 10 | $ | 1,237 | $ | 1,237 | 10 | $ | 882 | $ | 882 |
Florida: (dollars in thousands) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | - | $ | - | - | - | $ | - | - | ||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 2 | $ | 251 | $ | 251 | - | $ | - | $ | - | ||||||||||||||
Home equity loans | - | - | - | - | - | - | ||||||||||||||||||
Home equity lines of credit | - | - | - | - | - | - | ||||||||||||||||||
Total | 2 | $ | 251 | $ | 251 | - | $ | - | $ | - |
For the three | ||||
months ended | ||||
(In thousands) | March 31, 2024 | |||
Balance at January 31, 2024 | $ | 1,662 | ||
Provision for credit losses | - | |||
Balance at March 31, 2024 | $ | 1,662 |
For the three | ||||
(In thousands) | months ended | |||
March 31, 2023 | ||||
Balance at January 1, 2023 | $ | 2,912 | ||
(Credit) provision for credit losses | (300 | ) | ||
Balance at March 31, 2023 | $ | 2,612 |
Nine months ended 9/30/2017 | Nine months ended 9/30/2016 | |||||||||||||||||||||||
New York and other states*: | Pre-Modification | Post-Modification | Pre-Modification | Post-Modification | ||||||||||||||||||||
(dollars in thousands) | Number of Contracts | Outstanding Recorded Investment | Outstanding Recorded Investment | Number of Contracts | Outstanding Recorded Investment | Outstanding Recorded Investment | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | 3 | $ | 747 | $ | 747 | - | $ | - | $ | - | ||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 25 | $ | 3,986 | 3,986 | 27 | $ | 2,383 | 2,383 | ||||||||||||||||
Home equity loans | 1 | 13 | 13 | 1 | 44 | 44 | ||||||||||||||||||
Home equity lines of credit | 8 | 457 | 457 | 10 | 316 | 316 | ||||||||||||||||||
Total | 37 | $ | 5,203 | $ | 5,203 | 38 | $ | 2,743 | $ | 2,743 |
Florida: (dollars in thousands) | Number of Contracts | Pre-Modification OutstandingRecorded Investment | Post-Modification OutstandingRecorded Investment | Number of Contracts | Pre-Modification OutstandingRecorded Investment | Post-Modification OutstandingRecorded Investment | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | - | $ | - | - | - | $ | - | - | ||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 7 | $ | 718 | $ | 718 | 2 | $ | 408 | $ | 408 | ||||||||||||||
Home equity loans | - | - | - | 1 | 45 | 45 | ||||||||||||||||||
Home equity lines of credit | 1 | 70 | 70 | 1 | 6 | 6 | ||||||||||||||||||
Total | 8 | $ | 788 | $ | 788 | 4 | $ | 459 | $ | 459 |
Three months ended 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 | ||||||||||||
New York and other states: | ||||||||||||
(dollars in thousands) | ||||||||||||
Pass | Classified | Total | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 142,390 | 9,838 | 152,228 | ||||||||
Other | 20,154 | 1,600 | 21,754 | |||||||||
$ | 162,544 | 11,438 | 173,982 |
(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: | ||||||||||||
(dollars in thousands) | ||||||||||||
Pass | Classified | Total | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 12,243 | - | 12,243 | ||||||||
Other | 46 | - | 46 | |||||||||
$ | 12,289 | - | 12,289 |
(dollars in thousands) | ||||||||||||
Pass | Classified | Total | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 148,919 | 14,690 | 163,609 | ||||||||
Other | 25,488 | 2,097 | 27,585 | |||||||||
$ | 174,407 | 16,787 | 191,194 |
(in thousands) | As of March 31, 2024 | |||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||
Commercial: | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loan Converted to Term | Total | |||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Pass | $ | 10,568 | $ | 57,315 | $ | 80,610 | $ | 23,628 | $ | 16,206 | $ | 59,591 | $ | 5,360 | $ | - | $ | 253,278 | ||||||||||||||||||
Special Mention | $ | - | $ | - | $ | 247 | $ | - | $ | 37 | $ | 537 | $ | - | $ | - | $ | 821 | ||||||||||||||||||
Substandard | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 816 | $ | - | $ | - | $ | 816 | ||||||||||||||||||
Total Commercial Loans | $ | 10,568 | $ | 57,315 | $ | 80,857 | $ | 23,628 | $ | 16,243 | $ | 60,944 | $ | 5,360 | $ | - | $ | 254,915 | ||||||||||||||||||
Commercial Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Commercial Other: | ||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Pass | $ | 1,542 | $ | 9,170 | $ | 2,079 | $ | 1,798 | $ | 1,329 | $ | 3,132 | $ | 4,614 | $ | - | $ | 23,664 | ||||||||||||||||||
Special mention | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 38 | $ | - | $ | 38 | ||||||||||||||||||
Substandard | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 285 | $ | - | $ | 285 | ||||||||||||||||||
Doubtful | $ | - | $ | - | $ | - | $ | 190 | $ | - | $ | - | $ | - | $ | - | $ | 190 | ||||||||||||||||||
Total Commercial Real Estate Loans | $ | 1,542 | $ | 9,170 | $ | 2,079 | $ | 1,988 | $ | 1,329 | $ | 3,132 | $ | 4,937 | $ | - | $ | 24,177 | ||||||||||||||||||
Other Commercial Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Residential First Mortgage: | ||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Performing | $ | 49,915 | $ | 420,073 | $ | 560,709 | $ | 865,629 | $ | 721,417 | $ | 1,664,927 | $ | - | $ | - | $ | 4,282,670 | ||||||||||||||||||
Nonperforming | $ | - | $ | 64 | $ | 209 | $ | 539 | $ | 78 | $ | 12,991 | $ | - | $ | - | $ | 13,881 | ||||||||||||||||||
Total First Mortgage: | $ | 49,915 | $ | 420,137 | $ | 560,918 | $ | 866,168 | $ | 721,495 | $ | 1,677,918 | $ | - | $ | - | $ | 4,296,551 | ||||||||||||||||||
Residential First Mortgage Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 18 | $ | - | $ | - | $ | 18 | ||||||||||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | 18 | $ | - | $ | - | $ | 18 | |||||||||||||||||||
Home Equity Loans: | ||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Performing | $ | 1,417 | $ | 9,565 | $ | 5,884 | $ | 7,601 | $ | 5,512 | $ | 27,515 | $ | - | $ | - | $ | 57,494 | ||||||||||||||||||
Nonperforming | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 324 | $ | - | $ | - | $ | 324 | ||||||||||||||||||
Total Home Equity Loans: | $ | 1,417 | $ | 9,565 | $ | 5,884 | $ | 7,601 | $ | 5,512 | $ | 27,839 | $ | - | $ | - | $ | 57,818 | ||||||||||||||||||
Home Equity Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Home Equity Lines of Credit: | ||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Performing | $ | 812 | $ | 1,348 | $ | 712 | $ | 543 | $ | 169 | $ | 15,686 | $ | 333,534 | $ | - | $ | 352,804 | ||||||||||||||||||
Nonperforming | $ | - | $ | - | $ | - | $ | - | $ | 56 | $ | 2,804 | $ | 215 | $ | - | $ | 3,075 | ||||||||||||||||||
Total Home Equity Credit Lines: | $ | 812 | $ | 1,348 | $ | 712 | $ | 543 | $ | 225 | $ | 18,490 | $ | 333,749 | $ | - | $ | 355,879 | ||||||||||||||||||
Home Equity Lines of Credit: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 99 | $ | - | $ | - | $ | 99 | ||||||||||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | 99 | $ | - | $ | - | $ | 99 | |||||||||||||||||||
Installments: | ||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Performing | $ | 984 | $ | 7,823 | $ | 4,148 | $ | 1,273 | $ | 289 | $ | 544 | $ | 956 | $ | - | $ | 16,017 | ||||||||||||||||||
Nonperforming | $ | - | $ | - | $ | 46 | $ | 36 | $ | - | $ | 66 | $ | 1 | $ | - | $ | 149 | ||||||||||||||||||
Total Installments | $ | 984 | $ | 7,823 | $ | 4,194 | $ | 1,309 | $ | 289 | $ | 610 | $ | 957 | $ | - | $ | 16,166 | ||||||||||||||||||
Installments Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | - | $ | 18 | $ | 19 | $ | - | $ | - | $ | 7 | $ | - | $ | - | $ | 44 | ||||||||||||||||||
$ | - | $ | 18 | $ | 19 | $ | - | $ | - | $ | 7 | $ | - | $ | - | $ | 44 |
(in thousands) | As of December 31, 2023 | |||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||
Commercial : | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loan Converted to Term | Total | |||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Pass | $ | 61,148 | $ | 82,339 | $ | 23,940 | $ | 16,653 | $ | 19,835 | $ | 41,153 | $ | 5,664 | $ | - | $ | 250,732 | ||||||||||||||||||
Special Mention | - | - | - | 42 | - | 225 | - | - | 267 | |||||||||||||||||||||||||||
Substandard | - | - | - | - | - | 1,256 | - | - | 1,256 | |||||||||||||||||||||||||||
Total Commercial Loans | $ | 61,148 | $ | 82,339 | $ | 23,940 | $ | 16,695 | $ | 19,835 | $ | 42,634 | $ | 5,664 | $ | - | $ | 252,255 | ||||||||||||||||||
Commercial Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Commercial Other: | ||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Pass | $ | 7,873 | $ | 2,164 | $ | 1,933 | $ | 1,386 | $ | 321 | $ | 2,641 | $ | 4,482 | $ | - | $ | 20,800 | ||||||||||||||||||
Special mention | - | - | - | - | - | - | 34 | - | 34 | |||||||||||||||||||||||||||
Substandard | - | - | 328 | - | - | 98 | - | - | 426 | |||||||||||||||||||||||||||
Total Commercial Real Estate Loans | $ | 7,873 | $ | 2,164 | $ | 2,261 | $ | 1,386 | $ | 321 | $ | 2,739 | $ | 4,516 | $ | - | $ | 21,260 | ||||||||||||||||||
Other Commercial Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | - | |||||||||||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Residential First Mortgage: | ||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Performing | $ | 418,891 | $ | 566,617 | $ | 878,015 | $ | 732,851 | $ | 342,559 | $ | 1,354,867 | $ | - | $ | - | $ | 4,293,800 | ||||||||||||||||||
Nonperforming | 64 | 210 | 383 | 229 | 1,119 | 11,300 | - | - | 13,305 | |||||||||||||||||||||||||||
Total First Mortgage: | $ | 418,955 | $ | 566,827 | $ | 878,398 | $ | 733,080 | $ | 343,678 | $ | 1,366,167 | $ | - | $ | - | $ | 4,307,105 | ||||||||||||||||||
Residential First Mortgage Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | - | $ | - | $ | - | $ | - | $ | 27 | $ | 336 | $ | - | $ | - | 363 | |||||||||||||||||||
$ | - | $ | - | $ | - | $ | - | $ | 27 | $ | 336 | $ | - | $ | - | $ | 363 | |||||||||||||||||||
Home Equity Loans: | ||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Performing | $ | 9,660 | $ | 5,963 | $ | 7,770 | $ | 5,668 | $ | 6,542 | $ | 22,076 | $ | - | $ | - | $ | 57,679 | ||||||||||||||||||
Nonperforming | - | - | - | - | - | 279 | - | - | 279 | |||||||||||||||||||||||||||
Total Home Equity Loans: | $ | 9,660 | $ | 5,963 | $ | 7,770 | $ | 5,668 | $ | 6,542 | $ | 22,355 | $ | - | $ | - | $ | 57,958 | ||||||||||||||||||
Home Equity Lines Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | - | |||||||||||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||
Home Equity Credit Lines: | ||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Performing | $ | 355 | $ | 641 | $ | 248 | $ | 75 | $ | 10 | $ | 15,964 | $ | 327,059 | $ | - | $ | 344,352 | ||||||||||||||||||
Nonperforming | - | - | 8 | 56 | - | 2,813 | 186 | - | 3,063 | |||||||||||||||||||||||||||
Total Home Equity Credit Lines: | $ | 355 | $ | 641 | $ | 256 | $ | 131 | $ | 10 | $ | 18,777 | $ | 327,245 | $ | - | $ | 347,415 | ||||||||||||||||||
Home Equity Credit Lines Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 8 | $ | - | $ | - | 8 | |||||||||||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | 8 | $ | - | $ | - | $ | 8 | |||||||||||||||||||
Installments: | ||||||||||||||||||||||||||||||||||||
Risk rating | ||||||||||||||||||||||||||||||||||||
Performing | $ | 8,473 | $ | 4,592 | $ | 1,484 | $ | 360 | $ | 198 | $ | 605 | $ | 1,008 | $ | - | $ | 16,720 | ||||||||||||||||||
Nonperforming | - | 49 | 51 | - | 63 | 3 | - | - | 166 | |||||||||||||||||||||||||||
Total Installments | $ | 8,473 | $ | 4,641 | $ | 1,535 | $ | 360 | $ | 261 | $ | 608 | $ | 1,008 | $ | - | $ | 16,886 | ||||||||||||||||||
Installments Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs | $ | 16 | $ | 67 | $ | 50 | $ | 1 | $ | 21 | $ | 21 | $ | - | $ | - | 176 | |||||||||||||||||||
$ | 16 | $ | 67 | $ | 50 | $ | 1 | $ | 21 | $ | 21 | $ | - | $ | - | $ | 176 |
As of March 31, 2024 | ||||||||||||||||||||||||
New York and other states*: | 30-59 | 60-89 | 90 + | Total | ||||||||||||||||||||
Days | Days | Days | 30+ days | Total | ||||||||||||||||||||
(dollars in thousands) | Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | - | $ | - | $ | 520 | $ | 520 | $ | 213,638 | $ | 214,158 | ||||||||||||
Other | 11 | - | - | 11 | 23,525 | 23,536 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 4,576 | 1,279 | 5,873 | 11,728 | 2,732,566 | 2,744,294 | ||||||||||||||||||
Home equity loans | 13 | 89 | 175 | 277 | 43,930 | 44,207 | ||||||||||||||||||
Home equity lines of credit | 383 | 436 | 1,578 | 2,397 | 211,357 | 213,754 | ||||||||||||||||||
Installment | 38 | 4 | 99 | 141 | 11,440 | 11,581 | ||||||||||||||||||
Total | $ | 5,021 | $ | 1,808 | $ | 8,245 | $ | 15,074 | $ | 3,236,456 | $ | 3,251,530 |
Florida: | 30-59 | 60-89 | 90 + | Total | ||||||||||||||||||||
Days | Days | Days | 30+ days | Total | ||||||||||||||||||||
(dollars in thousands) | Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | - | $ | - | $ | - | $ | - | $ | 40,757 | $ | 40,757 | ||||||||||||
Other | - | - | 314 | 314 | 327 | 641 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 956 | 1,152 | 1,287 | 3,395 | 1,548,862 | 1,552,257 | ||||||||||||||||||
Home equity loans | - | 91 | 6 | 97 | 13,514 | 13,611 | ||||||||||||||||||
Home equity lines of credit | 146 | - | 143 | 289 | 141,836 | 142,125 | ||||||||||||||||||
Installment | 6 | 8 | - | 14 | 4,571 | 4,585 | ||||||||||||||||||
Total | $ | 1,108 | $ | 1,251 | $ | 1,750 | $ | 4,109 | $ | 1,749,867 | $ | 1,753,976 |
Total: | 30-59 | 60-89 | 90 + | Total | | |||||||||||||||||||
Days | Days | Days | 30+ days | Total | ||||||||||||||||||||
(dollars in thousands) | Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | - | $ | - | $ | 520 | $ | 520 | $ | 254,395 | $ | 254,915 | ||||||||||||
Other | 11 | - | 314 | 325 | 23,852 | 24,177 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 5,532 | 2,431 | 7,160 | 15,123 | 4,281,428 | 4,296,551 | ||||||||||||||||||
Home equity loans | 13 | 180 | 181 | 374 | 57,444 | 57,818 | ||||||||||||||||||
Home equity lines of credit | 529 | 436 | 1,721 | 2,686 | 353,193 | 355,879 | ||||||||||||||||||
Installment | 44 | 12 | 99 | 155 | 16,011 | 16,166 | ||||||||||||||||||
Total | $ | 6,129 | $ | 3,059 | $ | 9,995 | $ | 19,183 | $ | 4,986,323 | $ | 5,005,506 |
As of December 31, 2023 | ||||||||||||||||||||||||
New York and other states*: | 30-59 | 60-89 | 90 + | Total | ||||||||||||||||||||
Days | Days | Days | 30+ days | Total | ||||||||||||||||||||
(dollars in thousands) | Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | - | - | 521 | 521 | 212,233 | 212,754 | |||||||||||||||||
Other | - | 26 | - | 26 | 20,837 | 20,863 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 4,330 | 811 | 6,008 | 11,149 | 2,745,765 | 2,756,914 | ||||||||||||||||||
Home equity loans | 20 | 138 | 157 | 315 | 43,837 | 44,152 | ||||||||||||||||||
Home equity lines of credit | 591 | 135 | 1,499 | 2,225 | 210,073 | 212,298 | ||||||||||||||||||
Installment | 6 | 18 | 95 | 119 | 11,938 | 12,057 | ||||||||||||||||||
Total | $ | 4,947 | 1,128 | 8,280 | 14,355 | 3,244,683 | 3,259,038 |
Florida: | 30-59 | 60-89 | 90 + | Total | ||||||||||||||||||||
Days | Days | Days | 30+ days | Total | ||||||||||||||||||||
(dollars in thousands) | Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | - | - | - | - | 39,501 | 39,501 | |||||||||||||||||
Other | - | - | 314 | 314 | 83 | 397 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 1,290 | 78 | 1,433 | 2,801 | 1,547,390 | 1,550,191 | ||||||||||||||||||
Home equity loans | 73 | 6 | - | 79 | 13,727 | 13,806 | ||||||||||||||||||
Home equity lines of credit | 184 | - | 56 | 240 | 134,877 | 135,117 | ||||||||||||||||||
Installment | 16 | - | 60 | 76 | 4,753 | 4,829 | ||||||||||||||||||
Total | $ | 1,563 | 84 | 1,863 | 3,510 | 1,740,331 | 1,743,841 |
Total: | 30-59 | 60-89 | 90 + | Total | ||||||||||||||||||||
Days | Days | Days | 30+ days | Total | ||||||||||||||||||||
(dollars in thousands) | Past Due | Past Due | Past Due | Past Due | Current | Loans | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial real estate | $ | - | - | 521 | 521 | 251,734 | 252,255 | |||||||||||||||||
Other | - | 26 | 314 | 340 | 20,920 | 21,260 | ||||||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||||||
First mortgages | 5,620 | 889 | 7,441 | 13,950 | 4,293,155 | 4,307,105 | ||||||||||||||||||
Home equity loans | 93 | 144 | 157 | 394 | 57,564 | 57,958 | ||||||||||||||||||
Home equity lines of credit | 775 | 135 | 1,555 | 2,465 | 344,950 | 347,415 | ||||||||||||||||||
Installment | 22 | 18 | 155 | 195 | 16,691 | 16,886 | ||||||||||||||||||
Total | $ | 6,510 | 1,212 | 10,143 | 17,865 | 4,985,014 | 5,002,879 |
As of March 31, 2024 | ||||||||||||
(dollars in thousands) | New York and | |||||||||||
other states* | Florida | Total | ||||||||||
Loans in non-accrual status: | ||||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 532 | $ | - | $ | 532 | ||||||
Other | - | 314 | 314 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 11,274 | 2,607 | 13,881 | |||||||||
Home equity loans | 281 | 43 | 324 | |||||||||
Home equity lines of credit | 2,803 | 272 | 3,075 | |||||||||
Installment | 149 | - | 149 | |||||||||
Total non-accrual loans | 15,039 | 3,236 | 18,275 | |||||||||
Restructured real estate mortgages - 1 to 4 family | - | - | - | |||||||||
Total nonperforming loans | $ | 15,039 | $ | 3,236 | $ | 18,275 |
As of December 31, 2023 | ||||||||||||
(dollars in thousands) | New York and | |||||||||||
other states* | Florida | Total | ||||||||||
Loans in non-accrual status: | ||||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 536 | $ | - | $ | 536 | ||||||
Other | - | 314 | 314 | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 11,324 | 1,981 | 13,305 | |||||||||
Home equity loans | 235 | 44 | 279 | |||||||||
Home equity lines of credit | 2,816 | 247 | 3,063 | |||||||||
Installment | 151 | 15 | 166 | |||||||||
Total non-accrual loans | 15,062 | 2,601 | 17,663 | |||||||||
Restructured real estate mortgages - 1 to 4 family | 3 | - | 3 | |||||||||
Total nonperforming loans | $ | 15,065 | $ | 2,601 | $ | 17,666 |
As of March 31, 2024 | ||||||||||||
(dollars in thousands) | Non-accrual With | Non-accrual With | Loans Past Due | |||||||||
No Allowance for | Allowance for | Over 89 Days | ||||||||||
Credit Loss | Credit Loss | Still Accruing | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 532 | $ | - | - | |||||||
Other | 314 | - | - | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 12,785 | 1,096 | - | |||||||||
Home equity loans | 275 | 49 | - | |||||||||
Home equity lines of credit | 2,759 | 316 | - | |||||||||
Installment | 126 | 19 | - | |||||||||
Total loans, net | $ | 16,791 | $ | 1,480 | - |
As of December 31, 2023 | ||||||||||||
(dollars in thousands) | Non-accrual With | Non-accrual With | Loans Past Due | |||||||||
No Allowance for | Allowance for | Over 89 Days | ||||||||||
Credit Loss | Credit Loss | Still Accruing | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 536 | $ | - | | - | ||||||
Other | 314 | - | - | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 12,584 | 721 | - | |||||||||
Home equity loans | 271 | 8 | - | |||||||||
Home equity lines of credit | 2,395 | 668 | - | |||||||||
Installment | 144 | 22 | - | |||||||||
Total loans, net | $ | 16,244 | $ | 1,419 | | - |
As of March 31, 2024 | ||||||||||||||||
(dollars in thousands) | 1-to-4 Family | |||||||||||||||
Commercial | Residential | Installment | ||||||||||||||
Loans | Real Estate | Loans | Total | |||||||||||||
Allowance for credit losses on loans: | ||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | ||||||||
Collectively evaluated for impairment | 2,742 | 46,295 | 183 | 49,220 | ||||||||||||
Total ending allowance balance | $ | 2,742 | $ | 46,295 | $ | 183 | $ | 49,220 | ||||||||
Loans: | ||||||||||||||||
Individually evaluated for impairment | $ | 952 | $ | 23,769 | $ | 126 | $ | 24,847 | ||||||||
Collectively evaluated for impairment | 278,140 | 4,686,479 | 16,040 | 4,980,659 | ||||||||||||
Total ending loans balance | $ | 279,092 | $ | 4,710,248 | $ | 16,166 | $ | 5,005,506 |
As of December 31, 2023 | ||||||||||||||||
(dollars in thousands) | 1-to-4 Family | |||||||||||||||
Commercial | Residential | Installment | ||||||||||||||
Loans | Real Estate | Loans | Total | |||||||||||||
Allowance for credit losses on loans: | ||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||
Individually evaluated for impairment | $ | - | - | - | - | |||||||||||
Collectively evaluated for impairment | 2,735 | 45,625 | 218 | 48,578 | ||||||||||||
Total ending allowance balance | $ | 2,735 | 45,625 | 218 | 48,578 | |||||||||||
Loans: | ||||||||||||||||
Individually evaluated for impairment | $ | 957 | 23,628 | 144 | 24,729 | |||||||||||
Collectively evaluated for impairment | 272,558 | 4,688,850 | 16,742 | 4,978,150 | ||||||||||||
Total ending loans balance | $ | 273,515 | 4,712,478 | 16,886 | 5,002,879 |
As of March 31, 2024 | ||||||||||||
Type of Collateral | ||||||||||||
(dollars in thousands) | ||||||||||||
Real Estate | Investment Securities/Cash | Other | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 638 | - | - | ||||||||
Other | 314 | - | - | |||||||||
Real estate mortgage - 1 to 4 family: | | | | |||||||||
First mortgages | 19,774 | - | - | |||||||||
Home equity loans | 373 | - | - | |||||||||
Home equity lines of credit | 3,622 | - | - | |||||||||
Installment | 126 | - | - | |||||||||
Total | $ | 24,847 | - | - |
As of December 31, 2023 | ||||||||||||
Type of Collateral | ||||||||||||
(dollars in thousands) | ||||||||||||
Real Estate | Investment Securities/Cash | Other | ||||||||||
Commercial: | ||||||||||||
Commercial real estate | $ | 643 | - | - | ||||||||
Other | 314 | - | - | |||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||
First mortgages | 20,018 | - | - | |||||||||
Home equity loans | 371 | - | - | |||||||||
Home equity lines of credit | 3,239 | - | - | |||||||||
Installment | 144 | - | - | |||||||||
Total | $ | 24,729 | - | - |
For the three months ended March 31, 2024 | ||||||||
New York and other states*: | ||||||||
Payment | % of Total Class | |||||||
(dollars in thousands) | Delay | of Loans | ||||||
Commercial: | ||||||||
Commercial real estate | $ | - | - | |||||
Other | - | - | ||||||
Real estate mortgage - 1 to 4 family: | - | - | ||||||
First mortgages | - | - | ||||||
Home equity loans | - | - | ||||||
Home equity lines of credit | - | - | ||||||
Installment | - | - | ||||||
Total | $ | - | 0.00 | % |
Florida: | ||||||||
Payment | % of Total Class | |||||||
(dollars in thousands) | Delay | of Loans | ||||||
Commercial: | ||||||||
Commercial real estate | $ | - | - | |||||
Other | - | - | ||||||
Real estate mortgage - 1 to 4 family: | - | |||||||
First mortgages | 85 | 0.01 | % | |||||
Home equity loans | - | - | ||||||
Home equity lines of credit | - | - | ||||||
Installment | - | - | ||||||
Total | $ | 85 | 0.00 | % |
Total | ||||||||
Payment | % of Total Class | |||||||
(dollars in thousands) | Delay | of Loans | ||||||
Commercial: | ||||||||
Commercial real estate | $ | - | - | |||||
Other | - | - | ||||||
Real estate mortgage - 1 to 4 family: | ||||||||
First mortgages | 85 | 0.00 | % | |||||
Home equity loans | - | - | ||||||
Home equity lines of credit | - | - | ||||||
Installment | - | - | ||||||
Total | $ | 85 | 0.00 | % |
As of | ||||||||||||||||||||
New York and other states*: | 30-59 | 60-89 | 90+ | |||||||||||||||||
Days | Days | Days | ||||||||||||||||||
(dollars in thousands) | Current | Past Due | Past Due | Past Due | Total | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial real estate | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Other | - | - | - | - | - | |||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||
First mortgages | - | - | - | - | - | |||||||||||||||
Home equity loans | - | - | - | - | - | |||||||||||||||
Home equity lines of credit | - | - | - | - | - | |||||||||||||||
Installment | - | - | - | - | - | |||||||||||||||
Total | $ | - | $ | - | $ | - | $ | - | $ | - |
Florida: | 30-59 | 60-89 | 90+ | |||||||||||||||||
Days | Days | Days | ||||||||||||||||||
(dollars in thousands) | Current | Past Due | Past Due | Past Due | Total | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial real estate | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Other | - | - | - | - | - | |||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||
First mortgages | 85 | - | - | - | 85 | |||||||||||||||
Home equity loans | - | - | - | - | - | |||||||||||||||
Home equity lines of credit | - | - | - | - | - | |||||||||||||||
Installment | - | - | - | - | - | |||||||||||||||
Total | $ | 85 | $ | - | $ | - | $ | - | $ | 85 |
Total | 30-59 | 60-89 | 90+ | |||||||||||||||||
Days | Days | Days | ||||||||||||||||||
(dollars in thousands) | Current | Past Due | Past Due | Past Due | Total | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial real estate | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Other | - | - | - | - | - | |||||||||||||||
Real estate mortgage - 1 to 4 family: | ||||||||||||||||||||
First mortgages | 85 | - | - | - | 85 | |||||||||||||||
Home equity loans | - | - | - | - | - | |||||||||||||||
Home equity lines of credit | - | - | - | - | - | |||||||||||||||
Installment | - | - | - | - | - | |||||||||||||||
Total | $ | 85 | $ | - | $ | - | $ | - | $ | 85 |
For the three months ended March 31, 2024 | ||||
Weighted | ||||
New York and other states*: | Average | |||
Payment | ||||
(dollars in thousands) | Delay (Months) | |||
Commercial: | ||||
Commercial real estate | $ | - | ||
Other | - | |||
Real estate mortgage - 1 to 4 family: | ||||
First mortgages | - | |||
Home equity loans | - | |||
Home equity lines of credit | - | |||
Installment | - | |||
Total | $ | - |
Weighted | ||||
Florida: | Average | |||
Payment | ||||
(dollars in thousands) | Delay (Months) | |||
Commercial: | ||||
Commercial real estate | $ | - | ||
Other | - | |||
Real estate mortgage - 1 to 4 family: | ||||
First mortgages | 12 | |||
Home equity loans | - | |||
Home equity lines of credit | - | |||
Installment | - | |||
Total | $ | 12 |
Weighted | ||||
Average | ||||
Payment | ||||
(dollars in thousands) | Delay (Months) | |||
Commercial: | ||||
Commercial real estate | $ | - | ||
Other | - | |||
Real estate mortgage - 1 to 4 family: | ||||
First mortgages | 12 | |||
Home equity loans | - | |||
Home equity lines of credit | - | |||
Installment | - | |||
Total | $ | 12 |
Fair Value Measurements at | ||||||||||||||||||||||||||||||||
March 31, 2024 Using: | ||||||||||||||||||||||||||||||||
Significant | ||||||||||||||||||||||||||||||||
Fair Value Measurements at September 30, 2017 Using: | Quoted Prices in | Other | Significant | |||||||||||||||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for | Significant Other | Significant Unobservable | Carrying | Identical Assets | Inputs | Inputs | |||||||||||||||||||||||||
(dollars in thousands) | Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 123,658 | $ | - | $ | 123,658 | $ | - | $ | 128,854 | $ | - | $ | 128,854 | $ | - | ||||||||||||||||
State and political subdivisions | 533 | - | 533 | - | 26 | - | 26 | - | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 227,078 | - | 227,078 | - | ||||||||||||||||||||||||||||
Corporate bonds | 40,381 | - | 40,381 | - | 53,341 | - | 53,341 | - | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 335,531 | - | 335,531 | - | ||||||||||||||||||||||||||||
Small Business Administration- guaranteed participation securities | 69,818 | - | 69,818 | - | 16,260 | - | 16,260 | - | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 9,824 | - | 9,824 | - | ||||||||||||||||||||||||||||
Other securities | 685 | 35 | 650 | - | 682 | - | 682 | - | ||||||||||||||||||||||||
Total securities available for sale | $ | 580,430 | $ | 35 | $ | 580,395 | $ | - | $ | 426,241 | $ | - | $ | 426,241 | $ | - |
Fair Value Measurements at | ||||||||||||||||||||||||||||||||
December 31, 2023 Using: | ||||||||||||||||||||||||||||||||
Significant | ||||||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2016 Using: | Quoted Prices in | Other | Significant | |||||||||||||||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for | Significant Other | Significant Unobservable | Carrying | Identical Assets | Inputs | Inputs | |||||||||||||||||||||||||
(dollars in thousands) | Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises | $ | 117,266 | $ | - | $ | 117,266 | $ | - | $ | 118,668 | $ | - | $ | 118,668 | $ | - | ||||||||||||||||
State and political subdivisions | 886 | - | 886 | - | 26 | - | 26 | - | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential | 372,308 | - | 372,308 | - | 237,677 | - | 237,677 | - | ||||||||||||||||||||||||
Corporate bonds | 40,705 | - | 40,705 | - | 78,052 | - | 78,052 | - | ||||||||||||||||||||||||
Small Business Administration- guaranteed participation securities | 78,499 | - | 78,499 | - | 17,186 | - | 17,186 | - | ||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial | 10,011 | - | 10,011 | - | ||||||||||||||||||||||||||||
Other securities | 685 | 35 | 650 | - | 680 | - | 680 | - | ||||||||||||||||||||||||
Total securities available for sale | $ | 620,360 | $ | 35 | $ | 620,325 | $ | - | $ | 452,289 | $ | - | $ | 452,289 | $ | - |
Fair Value Measurements at | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 Using: | ||||||||||||||||||||||||||||||||||||||||||||||
Significant | ||||||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in | Other | Significant | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements at September 30, 2017 Using: | Active Markets for | Observable | Unobservable | |||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for | Significant Other | Significant Unobservable | Valuation technique | Unobservable inputs | Range (Weighted Average) | Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Value | (Level 1) | (Level 2) | (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%) | $ | 2,334 | $ | - | $ | - | $ | 2,334 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 1% (1 | %) | |||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family | 651 | - | - | 651 | Sales comparison approach | Adjustments for differences between comparable sales | 2% - 5% (4%) |
Fair Value Measurements at December 31, 2016 Using: | |||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for | Significant Other | Significant Unobservable | Valuation technique | Unobservable inputs | Range (Weighted Average) | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Other real estate owned | $ | 4,268 | $ | - | $ | - | $ | 4,268 | Sales comparison approach | Adjustments for differences between comparable sales | 1% - 14% (7%) | ||||||||||||
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%) |
Fair Value Measurements at | |||||||||||||||||||||||
December 31, 2023 Using: | |||||||||||||||||||||||
Significant | |||||||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||||
(dollars in thousands) | Value | (Level 1) | (Level 2) | (Level 3) | Valuation technique | Unobservable inputs | Range (Weighted Average) | ||||||||||||||||
Other real estate owned | $ | 194 | $ | - | $ | - | $ | 194 | Sales comparison approach | Adjustments for differences between comparable sales | 0% - 39% (20 | %) |
(dollars in thousands) | Carrying | Fair Value Measurements at September 30, 2017 Using: | Fair Value Measurements at | |||||||||||||||||||||||||||||||||||||
Carrying | March 31, 2024 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 | $ | 609,683 | 609,683 | - | - | 609,683 | ||||||||||||||||||||||||||||
Securities available for sale | 580,430 | 35 | 580,395 | - | 580,430 | 426,241 | - | 426,241 | - | 426,241 | ||||||||||||||||||||||||||||||
Held to maturity securities | 29,268 | - | 30,731 | - | 30,731 | 6,206 | - | 6,108 | - | 6,108 | ||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal | ||||||||||||||||||||||||||||||||||||||||
Home Loan Bank stock | 8,779 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Federal Home Loan Bank stock | 6,203 | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Net loans | 3,534,200 | - | - | 3,541,135 | 3,541,135 | 4,956,286 | - | - | 4,432,000 | 4,432,000 | ||||||||||||||||||||||||||||||
Accrued interest receivable | 10,813 | 56 | 2,473 | 8,284 | 10,813 | 14,460 | 799 | 2,073 | 11,588 | 14,460 | ||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Demand deposits | 397,623 | 397,623 | - | - | 397,623 | 742,997 | 742,997 | - | - | 742,997 | ||||||||||||||||||||||||||||||
Interest bearing deposits | 3,767,739 | 2,691,853 | 1,069,906 | - | 3,761,759 | 4,612,172 | 2,708,264 | 1,886,696 | - | 4,594,960 | ||||||||||||||||||||||||||||||
Short-term borrowings | 216,508 | - | 216,508 | - | 216,508 | 94,374 | - | 94,374 | - | 94,374 | ||||||||||||||||||||||||||||||
Accrued interest payable | 470 | 67 | 402 | - | 470 | 3,900 | 248 | 3,652 | - | 3,900 |
(dollars in thousands) | Carrying | Fair Value Measurements at December 31, 2016 Using: | Fair Value Measurements at | |||||||||||||||||||||||||||||||||||||
Carrying | December 31, 2023 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 | $ | 578,004 | 578,004 | - | - | 578,004 | ||||||||||||||||||||||||||||
Securities available for sale | 620,360 | 35 | 620,325 | - | 620,360 | 452,289 | - | 452,289 | - | 452,289 | ||||||||||||||||||||||||||||||
Held to maturity securities | 45,490 | - | 47,526 | - | 47,526 | 6,458 | - | 6,396 | - | 6,396 | ||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal | ||||||||||||||||||||||||||||||||||||||||
Home Loan Bank stock | 9,579 | N/A | N/A | N/A | N/A | 6,203 | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Net loans | 3,386,696 | - | - | 3,370,976 | 3,370,976 | 4,954,301 | - | - | 4,422,027 | 4,422,027 | ||||||||||||||||||||||||||||||
Accrued interest receivable | 11,070 | 145 | 2,654 | 8,271 | 11,070 | 13,683 | 234 | 1,920 | 11,529 | 13,683 | ||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Demand deposits | 377,755 | 377,755 | - | - | 377,755 | 754,532 | 754,532 | - | - | 754,532 | ||||||||||||||||||||||||||||||
Interest bearing deposits | 3,818,408 | 2,658,945 | 1,156,025 | - | 3,814,970 | 4,596,245 | 2,760,221 | 1,819,789 | - | 4,580,010 | ||||||||||||||||||||||||||||||
Short-term borrowings | 209,406 | - | 209,406 | - | 209,406 | 88,990 | - | 88,990 | - | 88,990 | ||||||||||||||||||||||||||||||
Accrued interest payable | 526 | 82 | 444 | - | 526 | 3,612 | 256 | 3,356 | - | 3,612 |
Three months ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||||||||||||||
Other | reclassified | Other | ||||||||||||||||||||||||||||||||||||||
Comprehensive | from Accumulated | Comprehensive loss- | ||||||||||||||||||||||||||||||||||||||
Three months ended 9/30/17 | Balance at | loss-Before | Other Comprehensive | Three months ended | Balance at | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance at 7/1/2017 | Other Comprehensive | Amount reclassified | Other Comprehensive | Balance at 9/30/2017 | 12/31/2023 | Reclassifications | Loss | 3/31/2024 | 3/31/2024 | ||||||||||||||||||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax | $ | (4,049 | ) | 562 | - | 562 | (3,487 | ) | ||||||||||||||||||||||||||||||||
Net unrealized holding loss on securities available for sale, net of tax | $ | (23,899 | ) | (1,378 | ) | - | (1,378 | ) | (25,277 | ) | ||||||||||||||||||||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | 13,476 | - | - | - | 13,476 | |||||||||||||||||||||||||||||||||||
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax | 456 | - | (29 | ) | (29 | ) | 427 | (2,814 | ) | - | (148 | ) | (148 | ) | (2,962 | ) | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | (3,593 | ) | 562 | (29 | ) | 533 | (3,060 | ) | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss, net of tax | $ | (13,237 | ) | (1,378 | ) | (148 | ) | (1,526 | ) | (14,763 | ) |
Three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||||||||||||||
Other | reclassified | Other | ||||||||||||||||||||||||||||||||||||||
Comprehensive | from Accumulated | Comprehensive loss- | ||||||||||||||||||||||||||||||||||||||
Three months ended 9/30/2016 | Balance at | loss-Before | Other Comprehensive | Three months ended | Balance at | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance at 7/1/2016 | Other Comprehensive | Amount reclassified | Other Comprehensive | Balance at 9/30/2016 | 12/31/2022 | Reclassifications | Loss | 3/31/2023 | 3/31/2023 | ||||||||||||||||||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax | $ | 2,667 | (75 | ) | - | (75 | ) | 2,592 | ||||||||||||||||||||||||||||||||
Net unrealized holding gain on securities available for sale, net of tax | $ | (32,271 | ) | 3,901 | - | 3,901 | (28,370 | ) | ||||||||||||||||||||||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax | 7,588 | - | - | - | 7,588 | |||||||||||||||||||||||||||||||||||
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax | (272 | ) | - | 8 | 8 | (264 | ) | (2,511 | ) | - | (82 | ) | (82 | ) | (2,593 | ) | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax | 2,395 | (75 | ) | 8 | (67 | ) | 2,328 | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss, net of tax | $ | (27,194 | ) | 3,901 | (82 | ) | 3,819 | (23,375 | ) |
Nine months ended 9/30/17 | ||||||||||||||||||||
(dollars in thousands) | Balance at 1/1/2017 | Other Comprehensive | Amount reclassified | Other Comprehensive | Balance at 9/30/2017 | |||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax | $ | (6,762 | ) | 3,275 | - | 3,275 | (3,487 | ) | ||||||||||||
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax | 511 | - | (84 | ) | (84 | ) | 427 | |||||||||||||
Accumulated other comprehensive income (loss), net of tax | (6,251 | ) | 3,275 | (84 | ) | 3,191 | (3,060 | ) |
Nine months ended 9/30/16 | ||||||||||||||||||||
(dollars in thousands) | Balance at 1/1/2016 | Other Comprehensive | Amount reclassified | Other Comprehensive | Balance at 9/30/2016 | |||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax | $ | (4,492 | ) | 7,483 | (401 | ) | 7,084 | 2,592 | ||||||||||||
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax | (289 | ) | - | 25 | 25 | (264 | ) | |||||||||||||
Accumulated other comprehensive income (loss), net of tax | (4,781 | ) | 7,483 | (376 | ) | 7,109 | 2,328 |
(dollars in thousands) | Three months ended September 30, | Nine months ended September 30, | Three months ended | |||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Affected Line Item in Statements | March 31, | |||||||||||||||||||||
Net unrealized holding gain on securities available for sale | ||||||||||||||||||||||||||
2024 | 2023 | Affected Line Item in Financial Statements | ||||||||||||||||||||||||
Realized gain on securities transactions | $ | - | - | $ | - | 668 | Net gain on securities transactions | |||||||||||||||||||
Income tax effect | - | - | - | (267 | ) | Income taxes | ||||||||||||||||||||
Net of tax | - | - | - | 401 | ||||||||||||||||||||||
Amortization of pension and postretirement benefit items | ||||||||||||||||||||||||||
Amortization of pension and postretirement benefit items: | ||||||||||||||||||||||||||
Amortization of net actuarial gain | 72 | 8 | 208 | 25 | Salaries and employee benefits | $ | 203 | 114 | Salaries and employee benefits | |||||||||||||||||
Amortization of prior service cost | (23 | ) | (22 | ) | (68 | ) | (67 | ) | Salaries and employee benefits | (3 | ) | (3 | ) | Salaries and employee benefits | ||||||||||||
Income tax effect | (20 | ) | 6 | (56 | ) | 17 | Income taxes | |||||||||||||||||||
Income tax benefit | (52 | ) | (29 | ) | Income taxes | |||||||||||||||||||||
Net of tax | 29 | (8 | ) | 84 | (25 | ) | ||||||||||||||||||||
Total reclassifications, net of tax | $ | 29 | (8 | ) | $ | 84 | 376 |
(dollars in thousands) | Three months ended | |||||||
March 31, | ||||||||
2024 | 2023 | |||||||
Non-interest income | ||||||||
Service Charges on Deposits | ||||||||
Overdraft fees | $ | 663 | $ | 680 | ||||
Other | 511 | 532 | ||||||
Interchange Income | 1,597 | 1,479 | ||||||
Wealth management fees | 1,816 | 1,774 | ||||||
Other (a) | 256 | 204 | ||||||
Total non-interest income | $ | 4,843 | $ | 4,669 |
(dollars in thousands) | Three months ended | |||||||
March 31, | ||||||||
2024 | 2023 | |||||||
Operating lease cost | $ | 2,097 | 2,050 | |||||
Variable lease cost | 606 | 585 | ||||||
Total Lease costs | $ | 2,703 | 2,635 |
(dollars in thousands) | Three months ended | |||||||
March 31, | ||||||||
2024 | 2023 | |||||||
Supplemental cash flows information: | ||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||
Operating cash flows from operating leases | $ | 2,124 | 2,072 | |||||
Right-of-use assets obtained in exchange for lease obligations: | 759 | 385 | ||||||
Weighted average remaining lease term | 8.4 years | 8.7 years | ||||||
Weighted average discount rate | 3.12 | % | 3.00 | % |
(dollars in thousands) | ||||
Year ending | ||||
December 31, | ||||
2024(a) | $ | 6,362 | ||
2025 | 8,156 | |||
2026 | 7,183 | |||
2027 | 5,974 | |||
2028 | 4,786 | |||
Thereafter | 17,085 | |||
Total lease payments | $ | 49,546 | ||
Less: Interest | 6,108 | |||
Present value of lease liabilities | $ | 43,438 |
(a) | Excluding the three months ended March 31, 2024. |
(Bank Only) | Minimum for | |||||||||||||||
As of March 31, 2024 | Well | Capital Adequacy plus | ||||||||||||||
Capital Conservation | ||||||||||||||||
(dollars in thousands) | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | ||||||||||||
Tier 1 leverage ratio | | $ | 640,288 | 10.427 | % | 5.000 | % | 4.000 | % | |||||||
Common equity tier 1 capital | 640,288 | 18.505 | 6.500 | 7.000 | ||||||||||||
Tier 1 risk-based capital | 640,288 | 18.505 | 8.000 | 8.500 | ||||||||||||
Total risk-based capital | 683,633 | 19.758 | 10.000 | 10.500 |
As of December 31, 2023 | Well | Minimum for | ||||||||||||||
Capital Adequacy plus | ||||||||||||||||
Capital Conservation | ||||||||||||||||
(dollars in thousands) | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | ||||||||||||
Tier 1 leverage ratio | | $ | 636,327 | 10.428 | % | 5.000 | % | 4.000 | % | |||||||
Common equity tier 1 capital | 636,327 | 18.280 | 6.500 | 7.000 | ||||||||||||
Tier 1 risk-based capital | 636,327 | 18.280 | 8.000 | 8.500 | ||||||||||||
Total risk-based capital | 679,924 | 19.532 | 10.000 | 10.500 |
(Consolidated) | ||||||||||||
As of March 31, 2024 | Minimum for | |||||||||||
Capital Adequacy plus | ||||||||||||
Capital Conservation | ||||||||||||
(dollars in thousands) | Amount | Ratio | Buffer (1)(2) | |||||||||
Tier 1 leverage ratio | $ | 663,400 | 10.798 | % | 4.000 | % | ||||||
Common equity tier 1 capital | 663,400 | 19.168 | 7.000 | |||||||||
Tier 1 risk-based capital | 663,400 | 19.168 | 8.500 | |||||||||
Total risk-based capital | 706,757 | 20.421 | 10.500 |
As of December 31, 2023 | Minimum for | |||||||||||
Capital Adequacy plus | ||||||||||||
Capital Conservation | ||||||||||||
(dollars in thousands) | Amount | Ratio | Buffer (1)(2) | |||||||||
Tier 1 leverage ratio | | $ | 657,968 | 10.780 | % | 4.000 | % | |||||
Common equity Tier 1 capital | 657,968 | 18.896 | 7.000 | |||||||||
Tier 1 risk-based capital | 657,968 | 18.896 | 8.500 | |||||||||
Total risk-based capital | 701,577 | 20.149 | 10.500 |
(1) | Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized |
(2) | The March 31, 2024 and December 31, 2023 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent |
3 Month | 2 Year | 5 Year | 10 Year | 10 - 2 Year | ||||||||||||||||||
Yield (%) | Yield (%) | Yield (%) | Yield (%) | Spread (%) | ||||||||||||||||||
Q1/23 | Beg of Q1 | 4.42 | 4.41 | 3.99 | 3.88 | -0.53 | ||||||||||||||||
Peak | 5.06 | 5.05 | 4.34 | 4.08 | -0.38 | |||||||||||||||||
Trough | 4.52 | 3.76 | 3.39 | 3.37 | -1.07 | |||||||||||||||||
End of Q1 | 4.97 | 4.10 | 3.66 | 3.55 | -0.55 | |||||||||||||||||
Average in Q1 | 4.78 | 4.35 | 3.80 | 3.65 | -0.70 | |||||||||||||||||
Q2/23 | Beg of Q2 | 4.97 | 4.10 | 3.66 | 3.55 | -0.55 | ||||||||||||||||
Peak | 5.55 | 4.87 | 4.14 | 3.85 | -0.38 | |||||||||||||||||
Trough | 4.86 | 3.75 | 3.29 | 3.30 | -1.06 | |||||||||||||||||
End of Q2 | 5.43 | 4.87 | 4.13 | 3.81 | -1.06 | |||||||||||||||||
Average in Q2 | 5.27 | 4.26 | 3.69 | 3.60 | -0.67 | |||||||||||||||||
Q3/23 | Beg of Q3 | 5.43 | 4.87 | 4.13 | 3.81 | -1.06 | ||||||||||||||||
Peak | 5.61 | 5.12 | 4.67 | 4.61 | -0.44 | |||||||||||||||||
Trough | 5.44 | 4.59 | 3.93 | 3.75 | -1.08 | |||||||||||||||||
End of Q3 | 5.55 | 5.03 | 4.60 | 4.59 | -0.44 | |||||||||||||||||
Average in Q3 | 5.54 | 4.92 | 4.31 | 4.15 | -0.77 | |||||||||||||||||
Q4/23 | Beg of Q4 | 5.55 | 5.03 | 4.60 | 4.59 | -0.44 | ||||||||||||||||
Peak | 5.63 | 5.19 | 4.95 | 4.98 | -0.13 | |||||||||||||||||
Trough | 5.40 | 4.20 | 3.78 | 3.79 | -0.53 | |||||||||||||||||
End of Q4 | 5.40 | 4.23 | 3.84 | 3.88 | -0.35 | |||||||||||||||||
Average in Q4 | 5.52 | 4.81 | 4.43 | 4.45 | -0.36 | |||||||||||||||||
Q1/24 | Beg of Q1 | 5.40 | 4.23 | 3.84 | 3.88 | -0.35 | ||||||||||||||||
Peak | 5.49 | 4.73 | 4.36 | 4.34 | -0.14 | |||||||||||||||||
Trough | 5.42 | 4.14 | 3.80 | 3.87 | -0.44 | |||||||||||||||||
End of Q1 | 5.46 | 4.59 | 4.21 | 4.20 | -0.39 | |||||||||||||||||
Average in Q1 | 5.45 | 4.48 | 4.12 | 4.16 | -0.33 |
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 |
(dollars in thousands) | ||||
Under 1 year | $ | 1,785,931 | ||
1 to 2 years | 22,971 | |||
2 to 3 years | 1,491 | |||
3 to 4 years | 92,184 | |||
4 to 5 years | 1,303 | |||
Over 5 years | 28 | |||
$ | 1,903,908 |
(dollars in thousands) | ||||
Under 1 year | $ | 773,959 | ||
1 to 2 years | 274,233 | |||
2 to 3 years | 23,568 | |||
3 to 4 years | 1,912 | |||
4 to 5 years | 1,989 | |||
Over 5 years | 225 | |||
$ | 1,075,886 |
(dollars in thousands) | As of March 31, 2024 | As of December 31, 2024 | |||||||||||||||
Amount | Percent of Loans to Total Loans | Amount | Percent of Loans to Total Loans | ||||||||||||||
Commercial | $ | 2,557 | 5.21 | % | $ | 2,519 | 5.05 | % | |||||||||
Real estate - construction | 258 | 0.52 | % | 291 | 0.58 | % | |||||||||||
Real estate mortgage - 1 to 4 family | 41,303 | 86.84 | % | 40,745 | 87.09 | % | |||||||||||
Home equity lines of credit | 4,919 | 7.11 | % | 4,805 | 6.94 | % | |||||||||||
Installment Loans | 183 | 0.32 | % | 218 | 0.34 | % | |||||||||||
$ | 49,220 | 100.00 | % | $ | 48,578 | 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 | % |
For the three months ended March 31: | ||||||||
2024 | 2023 | |||||||
Commercial | 0.00 | % | 0.00 | % | ||||
Real estate mortgage - 1 to 4 family | 0.00 | % | 0.00 | % | ||||
Installment | 0.22 | % | 0.19 | % | ||||
Total | 0.00 | % | 0.00 | % |
As of | Estimated Percentage of Fair value of Capital to Fair value of Assets | |||
+400 BP | % | |||
+300 BP | ||||
+200 BP | ||||
+100 BP | ||||
Current rates | ||||
-100 BP | ||||
-200 BP | 21.60 | |||
-300 BP | 19.20 | |||
-400 BP | 16.40 |
(Bank Only) | Minimum for | |||||||||||||||
Capital Adequacy plus | ||||||||||||||||
As of March 31, 2024 | Well | Capital Conservation | ||||||||||||||
(dollars in thousands) | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | ||||||||||||
Tier 1 leverage ratio | $ | 640,288 | 10.427 | % | 5.000 | % | 4.000 | |||||||||
Common equity tier 1 capital | 640,288 | 18.505 | 6.500 | 7.000 | ||||||||||||
Tier 1 risk-based capital | 640,288 | 18.505 | 8.000 | 8.500 | ||||||||||||
Total risk-based capital | 683,633 | 19.758 | 10.000 | 10.500 |
Minimum for | ||||||||||||||||
Capital Adequacy plus | ||||||||||||||||
As of December 31, 2023 | Well | Capital Conservation | ||||||||||||||
(dollars in thousands) | Amount | Ratio | Capitalized(1) | Buffer (1)(2) | ||||||||||||
Tier 1 leverage ratio | $ | 636,327 | 10.428 | % | 5.000 | % | 4.000 | |||||||||
Common equity tier 1 capital | 636,327 | 18.280 | 6.500 | 7.000 | ||||||||||||
Tier 1 risk-based capital | 636,327 | 18.280 | 8.000 | 8.500 | ||||||||||||
Total risk-based capital | 679,924 | 19.532 | 10.000 | 10.500 |
(Consolidated) | ||||||||||||||||||||||||||||
Minimum for | ||||||||||||||||||||||||||||
Capital Adequacy plus | ||||||||||||||||||||||||||||
As of March 31, 2024 | 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 | $ | 663,400 | 10.798 | % | 4.000 | % | ||||||||||||||||||||||
Common equity tier 1 capital | 443,310 | 17.763 | 6.500 | 5.750 | 663,400 | 19.168 | 7.000 | |||||||||||||||||||||
Tier 1 risk-based capital | 443,310 | 17.763 | 8.000 | 7.250 | 663,400 | 19.168 | 8.500 | |||||||||||||||||||||
Total risk-based capital | 474,669 | 19.019 | 10.000 | 9.250 | 706,757 | 20.421 | 10.500 |
Minimum for | ||||||||||||||||||||||||||||
Capital Adequacy plus | ||||||||||||||||||||||||||||
As of December 31, 2023 | 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 | $ | 657,968 | 10.780 | % | 4.000 | % | ||||||||||||||||||||||
Common equity Tier 1 capital | 657,968 | 18.896 | 7.000 | |||||||||||||||||||||||||
Tier 1 risk-based capital | 424,802 | 17.238 | 8.000 | 6.625 | 657,968 | 18.896 | 8.500 | |||||||||||||||||||||
Total risk-based capital | 455,772 | 18.492 | 10.000 | 8.625 | 701,577 | 20.149 | 10.500 |
(1) | Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized |
(2) | The |
(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 |
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 |
Nine months ended September 30, 2017 | Nine months ended September 30, 2016 | Three months ended | Three months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Change in Interest Income/ Expense | Variance Balance Change | Variance Rate Change | March 31, 2024 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average | Interest | Average | Average | Interest | Average | Change in | Variance | Variance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | Interest | Balance | Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income/ | Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U. S. government sponsored enterprises | $ | 139,629 | 1,667 | 1.59 | % | $ | 97,281 | 1,067 | 1.46 | % | $ | 600 | 497 | 103 | $ | 125,973 | $ | 906 | 2.88 | % | $ | 120,692 | $ | 692 | 2.29 | % | $ | 214 | $ | 31 | $ | 183 | ||||||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential | 357,347 | 5,717 | 2.13 | % | 419,185 | 6,114 | 1.94 | % | (397 | ) | (1,204 | ) | 807 | 258,814 | 1,494 | 2.30 | % | 287,046 | 1,585 | 2.20 | % | (91 | ) | (450 | ) | 359 | ||||||||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | 736 | 41 | 7.43 | % | 1,007 | 60 | 7.94 | % | (19 | ) | (11 | ) | (8 | ) | 26 | - | 6.90 | % | 34 | - | 6.74 | % | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 42,272 | 458 | 1.44 | % | 9,120 | 97 | 1.42 | % | 361 | 359 | 2 | 73,625 | 476 | 2.59 | % | 85,578 | 521 | 2.43 | % | (45 | ) | (211 | ) | 166 | ||||||||||||||||||||||||||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities | 75,429 | 1,189 | 2.10 | % | 87,896 | 1,371 | 2.08 | % | (182 | ) | (205 | ) | 23 | 18,224 | 100 | 2.20 | % | 22,129 | 117 | 2.12 | % | (17 | ) | (45 | ) | 28 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | % | - | - | - | 696 | 3 | 1.72 | % | 686 | 2 | 1.17 | % | 1 | - | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | 626,101 | 9,150 | 1.95 | % | 625,492 | 8,831 | 1.88 | % | 319 | (567 | ) | 886 | 477,358 | 2,979 | 2.50 | % | 516,165 | 2,917 | 2.26 | % | 62 | (675 | ) | 737 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | 497,652 | 6,750 | 5.45 | % | 576,931 | 6,555 | 4.61 | % | 195 | (4,097 | ) | 4,292 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | 6,329 | 68 | 4.30 | % | 7,542 | 78 | 4.14 | % | (10 | ) | (27 | ) | 17 | ||||||||||||||||||||||||||||||||||||||||||||||
Total held to maturity securities | 41,099 | 1,298 | 4.21 | % | 52,394 | 1,587 | 4.04 | % | (289 | ) | (361 | ) | 72 | 6,329 | 68 | 4.30 | % | 7,542 | 78 | 4.14 | % | (10 | ) | (27 | ) | 17 | ||||||||||||||||||||||||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 9,467 | 393 | 5.54 | % | 9,545 | 369 | 5.15 | % | 24 | (5 | ) | 29 | 6,203 | 152 | 9.80 | % | 5,797 | 110 | 7.59 | % | 42 | 8 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 184,932 | 7,313 | 5.27 | % | 198,461 | 7,777 | 5.22 | % | (464 | ) | (586 | ) | 122 | 277,183 | 3,661 | 5.28 | % | 238,870 | 3,024 | 5.06 | % | 637 | 502 | 135 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | 2,969,363 | 92,910 | 4.17 | % | 2,768,579 | 89,523 | 4.31 | % | 3,387 | 7,652 | (4,265 | ) | 4,359,476 | 40,415 | 3.71 | % | 4,212,878 | 36,913 | 3.50 | % | 3,502 | 1,312 | 2,190 | |||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 321,276 | 9,453 | 3.92 | % | 353,461 | 9,569 | 3.61 | % | (116 | ) | (1,193 | ) | 1,077 | 353,004 | 5,464 | 6.22 | % | 291,326 | 4,119 | 5.73 | % | 1,345 | 958 | 387 | ||||||||||||||||||||||||||||||||||||||||||||||||
Installment loans | 8,117 | 563 | 9.25 | % | 8,435 | 579 | 9.15 | % | (16 | ) | (22 | ) | 6 | 16,128 | 264 | 6.58 | % | 13,323 | 216 | 6.56 | % | 48 | 47 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | ) | 5,005,791 | 49,804 | 3.98 | % | 4,756,397 | 44,272 | 3.73 | % | 5,532 | 2,819 | 2,713 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 4,795,805 | 125,980 | 3.50 | % | 4,692,315 | 120,777 | 3.43 | % | 5,203 | 4,660 | 543 | 5,993,333 | 59,753 | 3.99 | % | 5,862,832 | 53,932 | 3.69 | % | 5,821 | (1,972 | ) | 7,793 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (44,317 | ) | (44,832 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans | (48,824 | ) | (46,290 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash & non-interest earning assets | 129,384 | 136,584 | 185,230 | 175,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,880,872 | $ | 4,784,067 | $ | 6,129,739 | $ | 5,991,639 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ) | 990,130 | 240 | 0.10 | % | $ | 1,133,383 | $ | 66 | 0.02 | % | 174 | (58 | ) | 232 | ||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | 576,518 | 1,403 | 0.32 | % | 585,019 | 1,426 | 0.33 | % | (23 | ) | (21 | ) | (2 | ) | 544,687 | 2,342 | 1.73 | % | 600,855 | 814 | 0.55 | % | 1,528 | (527 | ) | 2,055 | ||||||||||||||||||||||||||||||||||||||||||||||
Savings | 1,280,473 | 1,300 | 0.14 | % | 1,273,565 | 1,712 | 0.18 | % | (412 | ) | 16 | (428 | ) | 1,158,558 | 712 | 0.25 | % | 1,456,242 | 530 | 0.15 | % | 182 | (632 | ) | 814 | |||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 1,104,731 | 6,711 | 0.81 | % | 1,162,603 | 7,301 | 0.84 | % | (590 | ) | (343 | ) | (247 | ) | 1,889,929 | 19,677 | 4.19 | % | 1,160,969 | 5,272 | 1.84 | % | 14,405 | 4,757 | 9,648 | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | 3,802,044 | 9,785 | 0.34 | % | 3,779,501 | 10,789 | 0.38 | % | (1,004 | ) | (304 | ) | (700 | ) | 4,583,304 | 22,971 | 2.02 | % | 4,351,449 | 6,682 | 0.62 | % | 16,289 | 3,540 | 12,749 | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 226,447 | 1,043 | 0.61 | % | 182,453 | 800 | 0.58 | % | 243 | 196 | 47 | 93,316 | 204 | 0.88 | % | 131,867 | 285 | 0.88 | % | (81 | ) | (81 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 4,028,491 | 10,828 | 0.36 | % | 3,961,954 | 11,589 | 0.39 | % | (761 | ) | (108 | ) | (653 | ) | 4,676,620 | 23,175 | 1.99 | % | 4,483,316 | 6,967 | 0.63 | % | 16,208 | 3,459 | 12,749 | |||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 380,216 | 368,852 | 726,299 | 816,565 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 27,880 | 27,179 | 80,158 | 84,092 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 444,285 | 426,082 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 646,662 | 607,666 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 4,880,872 | $ | 4,784,067 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 6,129,739 | $ | 5,991,639 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income , tax equivalent | 115,152 | 109,188 | $ | 5,964 | 4,768 | 1,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, tax equivalent | 36,578 | 46,965 | $ | (10,387 | ) | $ | (5,431 | ) | $ | (4,956 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | 3.14 | % | 3.04 | % | 2.00 | % | 3.06 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets) | 3.20 | % | 3.10 | % | 2.44 | % | 3.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax equivalent adjustment | (32 | ) | (40 | ) | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 115,120 | 109,148 | $ | 36,578 | $ | 46,965 |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
Item 4. | Controls and Procedures |
PART II | OTHER INFORMATION |
Item 1. |
Item 1A. |
Item 2. |
Issuer Purchases of Common Shares | ||||||||||||||||
Period | Total numbers of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs (1) | ||||||||||||
January 1, 2024 through January 31, 2024 | - | $ | - | - | ||||||||||||
February 1, 2024 through February 29, 2024 | - | - | - | |||||||||||||
March 1, 2024 through March 31, 2024 | - | - | - | 200,000 | ||||||||||||
Total | - | $ | - | - | 200,000 |
(1) | On March 29, 2024 the Company’s Board of Directors authorized, and the Company announced, another share repurchase program of up to 200,000 shares, or approximately 1% of its currently outstanding common stock. There were no repurchases during the three months ended March 31, 2024. |
Item 3. |
Item 5. |
(a) | None. |
(b) | None. |
(c) | During the period covered by this report, none of the Company’s directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended). |
Reg S-K (Item 601) | |
Exhibit No. | Description |
TrustCo Bank Corp NY, | ||
effective October 17, 2023, incorporated by reference to Exhibit | |
Crowe | |
Rule 13a-15(e)/15d-15(e) Certification of Robert J. McCormick, principal executive officer. | |
Rule 13a-15(e)/15d-15(e) Certification of Michael M. Ozimek, principal financial officer. | |
Section 1350 Certifications of Robert J. McCormick, principal | |
101 | Sections of the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in Inline XBRL (eXtensible Business Reporting Language), submitted in the following files: |
101.INS | Inline XBRL Instance Document |
101.SCH | Inline XBRL Taxonomy Extension Schema Document |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
TrustCo Bank Corp NY | |||
By: | /s/ Robert J. McCormick | ||
Robert J. McCormick | |||
Chairman, President and Chief Executive Officer | |||
By: | /s/ Michael M. Ozimek | ||
Michael M. Ozimek | |||
Executive Vice President and Chief Financial Officer | |||
Date: May 9, 2024 |