Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 29, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false | ||
Entity File Number | 0-10592 | ||
Entity Registrant Name | TRUSTCO BANK CORP NY | ||
Entity Central Index Key | 0000357301 | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 14-1630287 | ||
Entity Address, Address Line One | 5 SARNOWSKI DRIVE | ||
Entity Address, City or Town | GLENVILLE | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 12302 | ||
City Area Code | 518 | ||
Local Phone Number | 377-3311 | ||
Title of 12(b) Security | Common Stock, $1.00 par value | ||
Trading Symbol | TRST | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 527 | ||
Entity Common Stock, Shares Outstanding | 19,024,433 | ||
Auditor Firm ID | 173 | ||
Auditor Name | Crowe LLP | ||
Auditor Location | New York, New York |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest and dividend income: | |||
Interest and fees on loans | $ 187,456 | $ 162,214 | $ 159,168 |
Interest and dividends on securities available for sale: | |||
U. S. government sponsored enterprises | 2,805 | 1,405 | 314 |
State and political subdivisions | 2 | 2 | 2 |
Mortgage-backed securities and collateralized mortgage obligations-residential | 6,146 | 5,677 | 4,515 |
Corporate bonds | 1,987 | 1,804 | 1,065 |
Small Business Administration-guaranteed participation securities | 437 | 551 | 745 |
Other | 10 | 9 | 20 |
Total interest and dividends on securities available for sale | 11,387 | 9,448 | 6,661 |
Interest on held to maturity securities: | |||
Mortgage-backed securities and collateralized mortgage obligations-residential | 296 | 343 | 435 |
Total interest on held to maturity securities | 296 | 343 | 435 |
Federal Home Loan Bank stock | 500 | 305 | 260 |
Interest on federal funds sold and other short-term investments | 26,567 | 14,292 | 1,458 |
Total interest and dividend income | 226,206 | 186,602 | 167,982 |
Interest expense: | |||
Interest on deposits | 53,352 | 5,727 | 6,665 |
Interest on short-term borrowings | 1,009 | 740 | 909 |
Total interest expense | 54,361 | 6,467 | 7,574 |
Net interest income | 171,845 | 180,135 | 160,408 |
Provision (Credit) for credit losses | 1,250 | (341) | (5,450) |
Net interest income after provision (credit) for credit losses | 170,595 | 180,476 | 165,858 |
Noninterest income: | |||
Trustco Financial Services income | 6,425 | 7,037 | 7,358 |
Fees for services to customers | 10,648 | 10,947 | 9,799 |
Other | 1,242 | 1,276 | 780 |
Total noninterest income | 18,315 | 19,260 | 17,937 |
Noninterest expense: | |||
Salaries and employee benefits | 51,242 | 45,904 | 48,721 |
Net occupancy expense | 17,427 | 17,527 | 17,742 |
Equipment expense | 7,610 | 6,487 | 6,617 |
Professional services | 6,245 | 5,577 | 6,108 |
Outsourced services | 10,039 | 9,210 | 8,384 |
Advertising expense | 1,878 | 2,046 | 1,975 |
FDIC and other insurance expense | 4,300 | 3,159 | 3,010 |
Other real estate expense, net | 524 | 310 | 183 |
Other | 12,032 | 10,099 | 8,922 |
Total noninterest expense | 111,297 | 100,319 | 101,662 |
Income before income taxes | 77,613 | 99,417 | 82,133 |
Income taxes | 18,967 | 24,183 | 20,614 |
Net income | $ 58,646 | $ 75,234 | $ 61,519 |
Earnings per share: | |||
Basic (in dollars per share) | $ 3.08 | $ 3.93 | $ 3.19 |
Diluted (in dollars per share) | $ 3.08 | $ 3.93 | $ 3.19 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income | $ 58,646 | $ 75,234 | $ 61,519 |
Net unrealized holding gain (loss) on securities available for sale | 11,293 | (43,513) | (9,715) |
Tax effect | (2,921) | 11,268 | 2,503 |
Net unrealized gain (loss) on securities available for sale, net of tax | 8,372 | (32,245) | (7,212) |
Change in overfunded position in pension and postretirement plans arising during the year | 7,955 | (8,266) | 10,297 |
Tax effect | (2,067) | 2,148 | (2,675) |
Change in overfunded position in pension and postretirement plans arising during the year, net of tax | 5,888 | (6,118) | 7,622 |
Amortization of net actuarial gain | (423) | (1,008) | (674) |
Amortization of prior service cost (credit) | 13 | (313) | 405 |
Tax effect | 107 | 343 | 70 |
Amortization of net actuarial gain and prior service cost (credit) on pension and postretirement plans, net of tax | (303) | (978) | (199) |
Other comprehensive income (loss), net of tax | 13,957 | (39,341) | 211 |
Comprehensive income | $ 72,603 | $ 35,893 | $ 61,730 |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 49,274 | $ 43,429 |
Federal funds sold and other short term investments | 528,730 | 607,170 |
Total cash and cash equivalents | 578,004 | 650,599 |
Securities available for sale | 452,289 | 481,513 |
Held to maturity securities ($6,396 and $7,580 fair value at December 31, 2023 and 2022, respectively) | 6,458 | 7,707 |
Federal Home Loan Bank stock | 6,203 | 5,797 |
Loans, net of deferred costs | 5,002,879 | 4,733,201 |
Less: Allowance for credit loss on loans | 48,578 | 46,032 |
Net loans | 4,954,301 | 4,687,169 |
Bank premises and equipment, net | 34,007 | 32,556 |
Operating lease right-of-use assets | 40,542 | 44,727 |
Other assets | 96,387 | 89,984 |
Total assets | 6,168,191 | 6,000,052 |
Deposits: | ||
Demand | 754,532 | 838,147 |
Savings accounts | 1,179,241 | 1,521,473 |
Interest-bearing checking | 1,015,213 | 1,183,321 |
Money market deposit accounts | 565,767 | 621,106 |
Time accounts | 1,836,024 | 1,028,763 |
Total deposits | 5,350,777 | 5,192,810 |
Short-term borrowings | 88,990 | 122,700 |
Operating lease liabilities | 44,471 | 48,980 |
Accrued expenses and other liabilities | 38,668 | 35,575 |
Total liabilities | 5,522,906 | 5,400,065 |
Commitments and contingent liabilities | ||
SHAREHOLDERS' EQUITY: | ||
Capital stock: $1.00 par value; 30,000,000 shares authorized, 20,058,142 shares issued and 19,024,433 shares outstanding at both December 31, 2023 and 2022 | 20,058 | 20,058 |
Surplus | 257,181 | 257,078 |
Undivided profits | 425,069 | 393,831 |
Accumulated other comprehensive loss, net of tax | (13,237) | (27,194) |
Treasury stock: 1,033,709 shares, at cost, at both December 31, 2023 and 2022 | (43,786) | (43,786) |
Total shareholders' equity | 645,285 | 599,987 |
Total liabilities and shareholders' equity | $ 6,168,191 | $ 6,000,052 |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Held to maturity securities, fair value | $ 6,396 | $ 7,580 |
SHAREHOLDERS' EQUITY: | ||
Capital stock, par value (in dollars per share) | $ 1 | $ 1 |
Capital stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Capital stock, shares issued (in shares) | 20,058,142 | 20,058,142 |
Capital stock, shares outstanding (in shares) | 19,024,433 | 19,024,433 |
Treasury stock, at cost (in shares) | 1,033,709 | 1,033,709 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Capital Stock [Member] | Surplus [Member] | Undivided Profits [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] Undivided Profits [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Capital Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Surplus [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Undivided Profits [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Accumulated Other Comprehensive Income (Loss) [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |
Balance at Dec. 31, 2020 | [1] | $ 20,041 | $ 256,606 | $ 313,974 | $ 11,936 | $ (34,396) | $ 568,161 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Accounting Standards Update [Extensible Enumeration] | ASU 2016-13 [Member] | ASU 2016-13 [Member] | |||||||||||||
Net income | 0 | 0 | 61,519 | 0 | 0 | 61,519 | |||||||||
Change in other comprehensive income (loss), net of tax | 0 | 0 | 0 | 211 | 0 | 211 | |||||||||
Cash used to Settle fractional shares in the Reverse Stock Split | (5) | (195) | 0 | 0 | 0 | (200) | |||||||||
Stock options exercises | [1] | 10 | 250 | 0 | 0 | 0 | 260 | ||||||||
Cash dividend declared | [1] | 0 | 0 | (26,437) | 0 | 0 | (26,437) | ||||||||
Purchase of treasury stock | [1] | 0 | 0 | 0 | 0 | (2,386) | (2,386) | ||||||||
Balance at Dec. 31, 2021 | 20,046 | 256,661 | 349,056 | 12,147 | (36,782) | 601,128 | $ (3,470) | $ (3,470) | $ 20,046 | $ 256,661 | $ 345,586 | $ 12,147 | $ (36,782) | $ 597,658 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 0 | 0 | 75,234 | 0 | 0 | 75,234 | |||||||||
Change in other comprehensive income (loss), net of tax | 0 | 0 | 0 | (39,341) | 0 | (39,341) | |||||||||
Stock options exercises | 12 | 417 | 0 | 0 | 0 | 429 | |||||||||
Cash dividend declared | 0 | 0 | (26,989) | 0 | 0 | (26,989) | |||||||||
Purchase of treasury stock | 0 | 0 | 0 | 0 | (7,004) | (7,004) | |||||||||
Balance at Dec. 31, 2022 | 20,058 | 257,078 | 393,831 | (27,194) | (43,786) | 599,987 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 0 | 0 | 58,646 | 0 | 0 | 58,646 | |||||||||
Change in other comprehensive income (loss), net of tax | 0 | 0 | 0 | 13,957 | 0 | 13,957 | |||||||||
Cash dividend declared | 0 | 0 | (27,408) | 0 | 0 | (27,408) | |||||||||
Stock based compensation expense | 0 | 103 | 0 | 0 | 0 | 103 | |||||||||
Balance at Dec. 31, 2023 | $ 20,058 | $ 257,181 | $ 425,069 | $ (13,237) | $ (43,786) | $ 645,285 | |||||||||
[1]All periods presented have been adjusted for the 1 for 5 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Consolidated Statements of Changes in Shareholders' Equity [Abstract] | |||
Stock options exercises (in shares) | 12,458 | 9,923 | |
Cash dividend declared (in dollars per share) | $ / shares | $ 1.44 | $ 1.41 | $ 1.3719 |
Purchase of treasury stock (in shares) | 208,014 | 71,260 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 58,646 | $ 75,234 | $ 61,519 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 4,114 | 4,101 | 4,219 |
Amortization of right-of-use asset | 6,672 | 6,452 | 6,383 |
Net gain on sale of other real estate owned | (355) | (122) | (216) |
Writedown of other real estate owned | 143 | 68 | 121 |
Provision (Credit) for credit losses | 1,250 | (341) | (5,450) |
Deferred tax expense | 2,156 | 4,114 | (238) |
Net amortization of securities | 1,734 | 2,266 | 3,955 |
Stock based compensation expense | 103 | 0 | 0 |
Net loss (gain) on sale of bank premises and equipment | 101 | (315) | 0 |
(Increase) Decrease in taxes receivable | (79) | 4,906 | (148) |
(Increase) Decrease in interest receivable | (2,192) | (2,393) | 932 |
Increase (Decrease) in interest payable | 3,010 | 439 | (311) |
Increase in other assets | (5,588) | (8,432) | (10,247) |
Decrease in operating lease liabilities | (6,996) | (6,829) | (6,652) |
Increase (Decrease) in accrued expenses and other liabilities | 1,410 | (522) | 1,498 |
Total adjustments | 5,483 | 3,392 | (6,154) |
Net cash provided by operating activities | 64,129 | 78,626 | 55,365 |
Cash flows from investing activities: | |||
Proceeds from paydowns and calls of securities available for sale | 53,503 | 68,954 | 148,609 |
Purchases of securities available for sale | (19,678) | (203,516) | (139,962) |
Proceeds from maturities of securities available for sale | 5,008 | 15,057 | 9,162 |
Proceeds from calls and maturities of held to maturity securities | 1,199 | 2,142 | 3,780 |
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock | (406) | (193) | (98) |
Net increase in loans | (269,952) | (296,343) | (194,677) |
Proceeds from dispositions of other real estate owned | 2,399 | 588 | 764 |
Proceeds from dispositions of bank premises and equipment | 0 | 470 | 6 |
Purchases of bank premises and equipment | (5,666) | (3,785) | (2,840) |
Net cash used in investing activities | (233,593) | (416,626) | (175,256) |
Cash flows from financing activities: | |||
Net change in deposits | 157,967 | (75,319) | 230,936 |
Net change in short-term borrowings | (33,710) | (121,986) | 29,931 |
Proceeds from exercise of stock options and related tax benefits | 0 | 429 | 260 |
Cash used to settle fractional shares in the Reverse Stock Split | 0 | 0 | (200) |
Purchases of treasury stock | 0 | (7,004) | (2,386) |
Dividends paid | (27,388) | (26,991) | (26,279) |
Net cash provided by (used in) financing activities | 96,869 | (230,871) | 232,262 |
Net (decrease) increase in cash and cash equivalents | (72,595) | (568,871) | 112,371 |
Cash and cash equivalents at beginning of period | 650,599 | 1,219,470 | 1,107,099 |
Cash and cash equivalents at end of period | 578,004 | 650,599 | 1,219,470 |
Cash paid during the year for: | |||
Interest paid | 51,351 | 6,028 | 7,885 |
Income taxes paid | 19,064 | 19,459 | 20,493 |
Non cash investing and financing activities: | |||
Transfer of loans to real estate owned | 320 | 2,233 | 490 |
Change in dividends payable | 20 | (2) | 158 |
Change in unrealized gain (loss) on securities available for sale - gross of deferred taxes | 11,293 | (43,513) | (9,715) |
Change in deferred tax effect on unrealized (gain) loss on securities available for sale, net of reclassification adjustment | (2,921) | 11,268 | 2,503 |
Amortization of net actuarial gain and prior service credit on pension and post retirement plans, gross of deferred taxes | (410) | (1,321) | (269) |
Change in deferred tax effect of amortization of net actuarial gain and prior service credit on pension and post retirement plans | 107 | 343 | 70 |
Change in overfunded portion of pension and post retirement benefit plans (ASC 715) - gross of deferred taxes | 7,955 | (8,266) | 10,297 |
Deferred tax effect of change in overfunded portion of pension and post retirement benefit plans (ASC 715) | $ (2,067) | $ 2,148 | $ (2,675) |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | (1) Basis of Presentation The accounting and financial reporting policies of TrustCo Bank Corp NY (the Company or TrustCo), ORE Subsidiary Corp., Trustco Bank (referred to as Trustco Bank or the Bank), and its wholly owned subsidiaries, Trustco Realty Corporation, Trustco Insurance Agency, Inc., ORE Property, Inc. and its subsidiaries ORE Property One, Inc. and ORE Property Two, Inc. conform to general practices within the banking industry and are in conformity with U.S. generally accepted accounting principles. A description of the more significant policies follows. Consolidation The consolidated financial statements of the Company include the accounts of the subsidiaries after elimination of all significant intercompany accounts and transactions. Reverse Stock Split Effective as of May 28, 2021, the Company completed a 1-for-5 Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Securities Available for Sale and Held to Maturity (Debt Securities) Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as available for sale when they might be sold before maturity. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments. Premiums on callable debt securities are amortized to their earlier call date. Discounts are amortized to maturity date. Gains and losses are recorded on the trade date and determined using the specific identification method. A debt security is placed on non-accrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. The Company measures expected credit losses on securities held to maturity debt on a collective basis. Accrued interest receivable on held to maturity debt securities is excluded from the estimate of credit losses. The estimate of expected credit losses considers nature of the Issuer, historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Based on the nature of the issuer, there is no allowance for credit losses on held to maturity securities. The Company evaluates securities available for sale in an unrealized loss position for other than temporary impairment (“OTTI”) by first assessing whether it intends to sell or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available for sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Federal Reserve Bank of New York (Reserve Bank) and Federal Home Loan Bank (FHLB) stock The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Dividends are reported as income. The Bank was also a member of the Federal Reserve Bank of New York until it discontinued its membership in 2020 and the Reserve Bank stock was redeemed. Prior to the stock redemption, the Reserve Bank stock was carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Any dividends received were reported as income Loans Loans that management has the intent and ability to hold for the near future or until maturity or payoff are reported at amortized cost net of allowance for credit losses on loans. Amortized cost is the principal balance outstanding, net of deferred loan fees and costs. Interest income is accrued on unpaid principal balances. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Interest income from mortgage and commercial loans is discontinued and placed on non-accrual status at the time the loan is 90 days delinquent. Non-accrual loans are individually reviewed and charged off at 180 days past due. Commercial loans are charged off to the extent principal or interest is deemed uncollectible. In all cases, loans are placed on non-accrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought to current and future payments are reasonably assured. Allowance for Credit Losses on Loans The allowance for credit losses on loans (“ACLL”) is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of the loan balance is confirmed. Expected recoveries are not to exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable is excluded from the estimate of credit losses. The level of the ACLL represents management’s estimate of expected credit losses over the expected life of the loans at the balance sheet date. he level of the ACLL is based on management’s ongoing review of all relevant information, from internal and external sources, relating to past and current events, utilizing an 8-quarter The ACLL is measured on a collective (pool) basis when similar risk characteristics exist. The Company evaluates its risk characteristics of loans based on regulatory call report code with sub-segmentation based on geographic territory (New York and Florida). Risk characteristics relevant to each portfolio segment are as follows: Commercial: ‑ Residential real estate: one‑ ‑ Installment: Loans that do not share risk characteristics are evaluated on an individual basis, which the Company has determined are non-accrual loans that have been delinquent 180 days or greater, commercial non-accrual loans and loans identified as loan modifications. Loans evaluated individually are not also included in the collective evaluation. Estimates of specific allowance may be determined by the present value of anticipated future cash flows or the loan’s observable fair market value, or the fair value of the collateral less costs to sell, if the loan is collateral dependent. However, for collateral dependent loans, the amount of the amortized cost in a loan that exceeds the fair value of the collateral is charged-off against the allowance for credit losses on loans in lieu of an allocation of a specific allowance amount when such an amount has been identified definitively as uncollectible. A loan for which terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered a loan modification. In situations where the Bank considers a loan modification, management determines whether the borrower is experiencing financial difficulty by performing an evaluation of the probability that the borrower will be in payment default on any of its debt in the near future without the modification. This evaluation is performed under the Company’s underwriting policy. Generally, the modification of the terms of loans was the result of the borrower filing for bankruptcy protection. Chapter 13 bankruptcies generally include the deferral of all past due amounts for a period of generally 60 months in accordance with the bankruptcy court order. In the case of Chapter 7 bankruptcies, even though there was no modification of terms, the borrowers’ debt to the Company was discharged and they may not reaffirm the debt. Loan modifications that have subsequently defaulted have the underlying collateral evaluated at the time these loans were identified as loan modifications, and a charge-off was taken at that time, if necessary. Collateral values on these loans are reviewed for collateral sufficiency on a quarterly basis. The allowance for unfunded commitments is maintained at a level by the Company determined to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). The allowance for unfunded commitments is recorded as a separate liability and is included with Accrued expenses and other liabilities on the consolidated statements of condition. Changes in the reserve are recorded through the provision for credit losses on the consolidated statements of income. Prior to the adoption of CECL, the Company calculated the allowance for loan losses under the incurred loss methodology. Bank Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on either the straight ‑ Other Real Estate Owned Assets that are acquired through or instead of foreclosure are initially recorded at fair value less costs to sell. These assets are subsequently accounted for at the lower of cost or fair value less costs to sell. Subsequent write downs and gains and losses on sale are included in noninterest expense. Operating costs after acquisition are also included in noninterest expense. At December 31, 2023 and 2022, there were $194 thousand and $2.1 million, respectively, of other real estate owned included in the category of Other Assets in the accompanying Consolidated Statements of Condition. Income Taxes Deferred taxes are recorded for the future tax consequences of events that have been recognized in the financial statements or tax returns based upon enacted tax laws and rates. Deferred tax assets are recognized subject to management’s judgment that realization is more likely than not. The amount recognized is the largest amount of tax benefit that has a greater than 50% likelihood of being realized on examination. For tax positions not meeting the “more likely than not” test, no benefit is recorded. Dividend Restrictions The Company’s ability to pay dividends to its shareholders is dependent upon the ability of the Bank to pay dividends to the Company. The payment of dividends by the Bank to the Company is subject to continued compliance with minimum regulatory capital requirements and the filing of notices with the Bank’s and the Company’s regulators. The Bank’s primary regulator may disapprove a dividend if: the Bank would be undercapitalized following the distribution; the proposed capital distribution raises safety and soundness concerns; or the capital distribution would violate a prohibition contained in any statue, regulation, or agreement between the Bank and a regulator or a condition imposed in a previously approved application or notice. Currently the Bank meets the regulatory definition of a well-capitalized institution. During 2024, the Bank could declare dividends of approximately $99.8 million plus any 2024 net profits retained to the date of the dividend declaration. Benefit Plans The Company has a defined benefit pension plan covering substantially all of its employees who participated in the plan before it was frozen as of December 31, 2006. The benefits are based on years of service and the employee’s compensation The Company has a postretirement benefit plan that permits retirees under age 65 to participate in the Company’s medical plan by which retirees pay all of their premiums. Under certain employment contracts with selected executive officers, the Company is obligated to provide postretirement benefits to these individuals once they attain certain vesting requirements. The Company recognized in the Consolidated Statement of Condition the funded status of the pension plan and postretirement benefit plan with an offset, net of tax, recorded in accumulated other comprehensive income (loss). Stock-Based Compensation Plans The Company has stock-based compensation plans for employees and directors. Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options while, for restricted stock awards, the fair value of the Company’s common stock at the date of grant is used. Compensation cost for stock options and restricted stock awards to be settled in stock are recognized over the required service period generally defined as the vesting period. The expense is recognized over the shorter of each award’s vesting period or the retirement date for any awards that vest immediately upon eligible retirement. Awards to be settled in cash based on the fair value of the Company’s stock at vesting are treated as liability based awards. Compensation costs for liability based awards are re ‑ Earnings Per Share Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. All outstanding unvested share ‑ ‑ Segment Reporting The Company’s operations are exclusively in the financial services industry and include the provision of traditional banking services. Management evaluates the performance of the Company based on only one business segment, that of community banking. The Company operates primarily in the geographical region of Upstate New York with branches also in Florida and the mid ‑ Cash and Cash Equivalents The Company classifies cash on hand, cash due from banks, Federal Funds sold, and other short-term investments as cash and cash equivalents for disclosure purposes. Trust Assets Assets under management with the Trustco Financial Services Department are not included in the Company’s consolidated financial statements because Trustco Financial Services holds these assets in a fiduciary capacity. Comprehensive Income Comprehensive income represents the sum of net income and items of other comprehensive income or loss, which are reported directly in shareholders’ equity, net of tax, such as the change in net unrealized gain or loss on securities available for sale and changes in the funded position of the pension and postretirement benefit plans. Accumulated other comprehensive income or loss, which is a component of shareholders’ equity, represents the net unrealized gain or loss on securities available for sale, net of tax and the funded position in the Company’s pension plan and postretirement benefit plans, net of tax. Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 13. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. Recently Adopted Accounting Standards On January 1, 2022, the Company adopted ASU 2016-13, “Financial Instruments - Credit Losses” (referred to as “CECL” and as Accounting Standards Codification Topic 326 (“ASC 326”)), which amended existing guidance to replace current generally accepted accounting principles used to measure a reporting entity’s credit losses. The main objective of this update is to provide financial statement users with enhanced financial disclosures for more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The allowance for credit losses on loans is a valuation account that is deducted from, or added to, the loans’ amortized cost basis to present the net, lifetime amount expected to be collected on the loans. The measurement of expected credit losses under the CECL methodology applies to financial assets measured at amortized cost including loan receivables and held to maturity debt securities. The update also applies to off-balance sheet exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees and other similar instruments). In addition, CECL made changes to the accounting for available for sale securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale debt securities that management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted CECL using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. Results for reporting periods beginning after January 1, 2022 are presented under CECL while prior period amounts continue to be reported in accordance with previous applicable GAAP. On the adoption date, the Company increased the allowance for credit losses on loans by $2.4 million and increased the allowance for credit losses for unfunded commitments by $2.3 million (included in Accrued expenses and other liabilities). The Company recorded a net decrease to undivided profits of $3.5 million, net of $1.2 million in deferred tax balances as of January 1, 2022 for the cumulative effect of adopting CECL. The Company did not record an allowance for credit losses as of January 1, 2022 on its securities available for sale or held to maturity. The impact of the January 1, 2022 adoption entry is summarized in the table below: (in thousands) December 31, 2021 Pre-CECL Adoption Impact of Adoption January 1, 2022 Post-CECL Adoption Assets: Allowance for credit losses on loans $ 44,267 $ 2,353 $ 46,620 Allowance for credit losses on securities - - - Liabilities and shareholders’ equity: Other liabilities (ACL unfunded loan commitments) 18 2,335 2,353 Tax Effect, net (included in other assets) - (1,218 ) - Total 44,285 3,470 48,973 Undivided Profits $ 349,056 $ (3,470 ) $ 345,586 ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures: In March 2022, FASB issued ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructuring and Vintage Disclosures. ASU 2022-02 eliminates the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, the amendments in this ASU require that public business entities disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments - Credit Losses -Measured at Amortized Cost. For entities, like TrustCo, that have adopted the amendments in ASU 2016-13, the amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those years. Early adoption was permitted, including adoption in an interim period. An entity may have elected to adopt the loan modification guidance and related disclosure enhancements separately from the amendments related to vintage disclosures. The Company adopted the ASU on January 1, 2023 using the prospective approach and the adoption did not have a material impact to the Company, however, disclosures were modified for the new guidance. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | (2) Cash and Cash Equivalents Cash and Cash Equivalents includes cash on hand, due from banks, and Federal fund sold and short-term investments with original maturities of 90 days or less. The Federal Reserve Bank requires the bank to maintain certain reserve requirements. As of December 31, 2023 and 2022 this reserve requirement was zero. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investment Securities [Abstract] | |
Investment Securities | (3) Investment Securities (a) Securities available for sale The amortized cost and fair value of the securities available for sale are as follows: (dollars in thousands) December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair 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, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government sponsored enterprises $ 124,123 $ 1 $ 5,937 $ 118,187 State and political subdivisions 34 - - 34 Mortgage backed securities and collateralized mortgage obligations - residential 291,431 34 31,149 260,316 Corporate bonds 85,641 - 4,295 81,346 Small Business Administration - guaranteed participation securities 23,115 - 2,138 20,977 Other 686 - 33 653 Total securities available for sale $ 525,030 $ 35 $ 43,552 $ 481,513 The following table categorizes the amortized cost and fair value of debt securities included in the available for sale portfolio as of December 31, 2023, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Securities not due at a single maturity are shown separately: (dollars in thousands) Amortized Cost Fair Value Due in one year or less $ 70,701 $ 70,059 Due in after one year through five years 131,890 127,367 Mortgage backed securities and collateralized mortgage obligations - residential 263,182 237,677 Small Business Administration - guaranteed participation securities 18,740 17,186 $ 484,513 $ 452,289 Gross unrealized losses on securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows: (dollars in thousands) December 31, 2023 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 $ - $ - $ 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 Other - - 631 18 631 18 Small Business Administration - guaranteed participation securities - - 17,186 1,554 17,186 1,554 Total $ - $ - $ 439,923 $ 32,510 $ 439,923 $ 32,510 (dollars in thousands) December 31, 2022 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 $ 57,849 $ 1,290 $ 55,337 $ 4,647 $ 113,186 $ 5,937 Mortgage backed securities and collateralized mortgage obligations - residential 164,772 13,010 93,009 18,139 257,781 31,149 Corporate bonds 52,805 2,395 28,542 1,900 81,347 4,295 Small Business Administration - guaranteed participation securities 802 71 20,175 2,067 20,977 2,138 Mortgage backed securities and collateralized mortgage obligations - commercial - - - - - - Other 49 1 568 32 617 33 Total $ 276,277 $ 16,767 $ 197,631 $ 26,785 $ 473,908 $ 43,552 The proceeds from sales, calls/paydowns and maturities of securities available for sale, and gross realized gains and gross realized losses from sales during , and are as follows: Years ended December 31, (dollars in thousands) 2023 2022 2021 Proceeds from sales $ - $ - $ - Proceeds from calls/paydowns 53,503 68,954 148,609 Proceeds from maturities 5,008 15,057 9,162 Gross realized losses - - - Gross realized gains - - - The amount of securities pledged to secure short-term borrowings and for other purposes amounted to $155.3 million and $171.4 million at December 31, 2023 and 2022, respectively. There was no allowance for credit losses recorded for securities available for sale as of December 31, 2023 and 2022, respectively. All securities are performing in accordance with contractual terms. (b) Held to maturity securities The amortized cost and fair value of the held to maturity securities are as follows: December 31, 2023 (dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair 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 December 31, 2022 (dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 7,707 $ 90 $ 217 $ 7,580 Total held to maturity $ 7,707 $ 90 $ 217 $ 7,580 The following table categorizes the debt securities included in the held to maturity portfolio as of December 31, 2023, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Securities not due at a single maturity date are shown separately. (dollars in thousands) Amortized Cost Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 6,458 6,396 $ 6,458 6,396 Gross unrealized losses on held to maturity securities and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows: December 31, 2023 (dollars in thousands) Less than 12 months 12 months or more Total Fair Value Gross Unrec. Loss Fair Value Gross Unrec. Loss Fair Value Gross Unrec. 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 December 31, 2022 (dollars in thousands) Less than 12 months 12 months or more Total Fair Value Gross Unrec. Loss Fair Value Gross Unrec. Loss Fair Value Gross Unrec. Loss Mortgage backed securities and collateralized mortgage obligations - residential $ 3,327 $ 206 $ 258 $ 11 $ 3,585 $ 217 Total $ 3,327 $ 206 $ 258 $ 11 $ 3,585 $ 217 There were no allowance for credit losses recorded for held to maturity securities during 2023 and 2022 and as of December 31, 2023 and 2022. As of December 31, 2023 and 2022, there were no securities on non-accrual status and all securities were performing in accordance with contractual terms. (c) Concentrations The Company has the following balances of securities held in the available for sale and held to maturity portfolios as of December 31, 2023 that represent greater than 10% of shareholders’ equity: (dollars in thousands) Amortized Cost Fair Value Federal National Mortgage Association $ 165,146 $ 149,532 Federal Home Loan Mortgage Corporation 103,230 95,243 Corporate Bonds 80,150 78,052 (d) Other-Than-Temporary-Impairment Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The investment securities portfolio is evaluated for OTTI by segregating the portfolio by type and applying the appropriate OTTI model. In determining OTTI for debt securities, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether any other ‑ ‑ As of December 31, 2023, the Company’s security portfolio included certain securities which were in an unrealized loss position, and are discussed below. U.S. government sponsored enterprises In the case of unrealized losses on U.S. government sponsored enterprises, because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2023. Mortgage backed securities and collateralized mortgage obligations – residential At December 31, 2023, all mortgage backed securities and collateralized mortgage obligations held by the Company were issued by U.S. government sponsored entities and agencies, primarily Ginnie Mae, Fannie Mae and Freddie Mac, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2023. Small Business Administration (SBA) - guaranteed participation securities: At December 31, 2023, all of the SBA securities held by the Company were issued and guaranteed by the U.S. Small Business Administration. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2023. Corporate Bonds and other At December 31, 2023, corporate bonds held by the Company are investment grade quality. Because the decline in fair value is attributable to changes in interest rates, and not credit quality, and because the Company does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2023. |
Loan Portfolio and Allowance fo
Loan Portfolio and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Loan Portfolio and Allowance for Credit Losses [Abstract] | |
Loan Portfolio and Allowance for Credit Losses | (4) Loan Portfolio and Allowance for Credit Losses The following table presents loans by portfolio segment: 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 *Includes New York, New Jersey, Vermont and Massachussetts. December 31, 2022 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 177,371 $ 32,551 $ 209,922 Other 20,221 868 21,089 Real estate mortgage - 1 to 4 family: First mortgages 2,776,989 1,369,913 4,146,902 Home equity loans 43,999 12,550 56,549 Home equity lines of credit 191,926 94,506 286,432 Installment 9,408 2,899 12,307 Total loans, net $ 3,219,914 $ 1,513,287 4,733,201 Less: Allowance for credit losses 46,032 Net loans $ 4,687,169 *Includes New York, New Jersey, Vermont and Massachussetts. Included in commercial loans above are Paycheck Protection Program (“PPP”) loans totaling $620 thousand and $1.0 million as of December and respectively. At December and the Company had approximately and respectively, in real estate construction loans at December approximately are secured by mortgages to residential borrowers while ly were to commercial borrowers for residential construction projects. Of the in real estate construction loans at December approximately are secured by mortgages to residential borrowers while approximately were to commercial borrowers for residential construction projects. At December and loans to executive officers and , respectively. During approximately of new loans were made, and repayments of loans totaled approximately . The composition of the related parties’ loan balances had no changes during the year. All loans are current according to their term. TrustCo lends in the geographic territory of its branch locations in New York, Florida, Massachusetts, New Jersey and Vermont. Although the loan portfolio is diversified, a portion of its debtors’ ability to repay depends significantly on the economic conditions prevailing in the respective geographic territory. Allowance for credit losses on loans The level of the ACLL is based on factors that influence management’s current estimate of expected credit losses, including past events and current conditions. Consistent with the prior year, the Company has determined the Moody’s Stagflation forecast scenario to be appropriate for the December ACLL calculation. The Company selected the Moody’s Stagflation economic forecast for credit losses as management expects that markets will experience a slight decline in economic conditions and an increase in the unemployment rate over the next years. Activity in the allowance for credit losses on loans by portfolio segment for the years ended December 31, 2023, and 2022 are summarized as follows: For the year ended December 31, 2023 (dollars in thousands) Real Estate Mortgage- Commercial 1 to 4 Family Installment Total Balance at beginning of period $ 2,596 $ 43,271 $ 165 $ 46,032 Loans charged off: New York and other states* - 371 97 468 Florida - - 79 79 Total loan chargeoffs - 371 176 547 Recoveries of loans previously charged off: New York and other states* 129 392 45 566 Florida - 25 2 27 Total recoveries 129 417 47 593 Net loans (recoveries) charged off (129 ) (46 ) 129 (46 ) (Credit) provision for credit losses 10 2,308 182 2,500 Balance at end of period $ 2,735 $ 45,625 $ 218 $ 48,578 * Includes New York, New Jersey, Vermont and Massachusetts. For the year ended December 31, 2022 (dollars in s) Real Estate Mortgage- Commercial 1 to Family Installment Total Balance at beginning of period $ 3,135 40,689 443 44,267 Impact of ASU - Current Expected Credit Loss (CECL) (986 ) 3,717 (378 ) 2,353 Balance as of January as adjusted for ASU - 2,149 44,406 65 46,620 Loans charged off: New York and other states* 40 24 87 151 Florida - - 1 1 Total loan chargeoffs 40 24 88 152 Recoveries of loans previously charged off: New York and other states* 4 450 7 461 Florida - - 3 3 Total recoveries 4 450 10 464 Net loan recoveries 36 (426 ) 78 (312 ) (Credit) provision for loan losses 483 (1,561 ) 178 (900 ) Balance at end of period $ 2,596 43,271 165 46,032 * Includes New York, New Jersey, Vermont and Massachusetts. Activity in the allowance for loan losses by portfolio segment as calculated under the probable incurred loss method for the year ended December 31, 2021 is as follows: For the year ended December 31, 2021 (dollars in thousands) Real Estate Mortgage- Commercial 1 to 4 Family Installment Total Balance at beginning of period $ 4,140 $ 44,950 $ 505 $ 49,595 Loans charged off: New York and other states* 30 339 58 427 Florida - 1 2 3 Total loan chargeoffs 30 340 60 430 Recoveries of loans previously charged off: New York and other states* 32 464 54 550 Florida - 2 - 2 Total recoveries 32 466 54 552 Net loans charged off (2 ) (126 ) 6 (122 ) Credit for loan losses (1,007 ) (4,387 ) (56 ) (5,450 ) Balance at end of period $ 3,135 $ 40,689 $ 443 $ 44,267 * Includes New York, New Jersey, Vermont and Massachusetts. The following tables present the balance in the allowance for credit losses on loans by portfolio segment and based on impairment evaluation as of December 31, 2023 and 2022: 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 December 31, 2022 (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 2,596 43,271 165 46,032 Total ending allowance balance $ 2,596 43,271 165 46,032 Loans: Individually evaluated for impairment $ 646 24,967 82 25,695 Collectively evaluated for impairment 230,365 4,464,916 12,225 4,707,506 Total ending loans balance $ 231,011 $ 4,489,883 $ 12,307 $ 4,733,201 The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (accrued expenses and other liabilities) with adjustments to the reserve recognized in (credit) provision for credit losses in the consolidated statements of income. The Company’s activity in the allowance for credit losses on unfunded commitments were as follows: (In thousands) For the year ended December 31, 2023 Balance at January 1, 2023 $ 2,912 (Credit) provision for credit losses (1,250 ) Balance at December 31, 2023 $ 1,662 (In s) For the year ended December 31, Balance at January $ 18 Impact of Adopting CECL 2,335 Adjusted Balance at January $ 2,353 Provision for credit losses 559 Balance at December $ 2,912 Loan Credit Quality The Company categorizes commercial loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. On at least an annual basis, the Company’s loan grading process analyzes non-homogeneous loans, such as commercial loans and commercial real estate loans, individually by grading the loans based on credit risk. The Company’s internal loan review department in accordance with the Company’s internal loan review policy tests the loan grades assigned to all loan types. The Company uses the following definitions for classified loans: Special Mention Substandard Doubtful Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be “pass” rated loans. For homogeneous loan pools, such as residential mortgages, home equity lines of credit, and installment loans, the Company uses payment status to identify the credit risk in these loan portfolios. Payment status is reviewed on a daily basis by the Bank’s collection area and on a monthly basis with respect to determining the adequacy of the allowance for credit losses on loans. The payment status of these homogeneous pools as of December and December is also included in the aging of the past due loans table. Nonperforming loans shown in the table below were loans on non-accrual status and loans over days past due and accruing. As of December and based on the most recent analysis performed, the risk category of loans by class of loans, and gross charge-offs year to date for each loan type by origination year was as follows: Loan Credit Quality (in s) As of December 31, 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 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Residenti al First Mo Risk rating Performing $ 417,197 $ 565,601 $ 877,736 $ 732,798 $ 342,559 $ 1,354,867 $ 3,042 $ - $ 4,293,800 Nonperforming 64 210 383 229 1,119 11,300 - - 13,305 Total Mortgage: $ 417,261 $ 565,811 $ 878,119 $ 733,027 $ 343,678 $ 1,366,167 $ 3,042 $ - $ 4,307,105 Residential 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 Loans: Current-period Gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Home Equity Lines of Credit: 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 Lines of Credit: 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 Loan Credit Quality (in s) As of December Term Loans Amortized Cost Basis by Origination Year Commercial : 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loan Converted to Term Total Risk rating Pass $ 79,430 $ 29,991 $ 18,708 $ 22,790 $ 16,598 $ 32,666 $ 8,022 $ - $ 208,205 Special Mention - - 62 - 243 - - - 305 Substandard - - 113 - 128 1,171 - - 1,412 Total Commercial Loans $ 79,430 $ 29,991 $ 18,883 $ 22,790 $ 16,969 $ 33,837 $ 8,022 $ - $ 209,922 Commercial Loans: Current-period Gross writeoffs $ - $ - $ - $ - $ - $ 40 $ - $ - $ 40 $ - $ - $ - $ - $ - $ 40 $ - $ - $ 40 Commercial Other: Risk rating Pass $ 2,972 $ 2,848 $ 2,273 $ 590 $ 674 $ 2,348 $ 8,908 $ - $ 20,613 Special mention - - - - - - 39 - 39 Substandard - 339 - - - 98 - - 437 Total Commercial Real Estate Loans $ 2,972 $ 3,187 $ 2,273 $ 590 $ 674 $ 2,446 $ 8,947 $ - $ 21,089 Other Commercial Loans: Current-period Gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Residenti al First Mo Risk rating Performing $ 557,981 $ 933,754 $ 784,511 $ 368,137 $ 257,926 $ 1,228,776 $ 1,472 $ - $ 4,132,557 Nonperforming - 496 81 844 351 12,573 - - 14,345 Total Mortgage: $ 557,981 $ 934,250 $ 784,592 $ 368,981 $ 258,277 $ 1,241,349 $ 1,472 $ - $ 4,146,902 Residential Mortgage Loans: Current-period Gross writeoffs $ - $ - $ - $ - $ - $ 5 $ - $ - $ 5 $ - $ - $ - $ - $ - $ 5 $ - $ - $ 5 Home Equity Loans: Risk rating Performing $ 6,863 $ 9,124 $ 6,322 $ 7,588 $ 5,240 $ 21,217 $ - $ - $ 56,354 Nonperforming - - - - 66 129 - - 195 Total Home Equity Loans: $ 6,863 $ 9,124 $ 6,322 $ 7,588 $ 5,306 $ 21,346 $ - $ - $ 56,549 Home Equity Lines Loans: Current-period Gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Home Equity Credit Lines: Risk rating Performing $ 1,369 $ 1,246 $ 740 $ 52 $ 100 $ 18,377 $ 262,244 $ - $ 284,128 Nonperforming - 7 - - - 2,111 186 - 2,304 Total Home Equity Credit Lines: $ 1,369 $ 1,253 $ 740 $ 52 $ 100 $ 20,488 $ 262,430 $ - $ 286,432 Home Equity Credit Lines Loans: Current-period Gross writeoffs $ - $ - $ - $ - $ - $ 19 $ - $ - $ 19 $ - $ - $ - $ - $ - $ 19 $ - $ - $ 19 Installments: Risk rating Performing $ 6,385 $ 2,495 $ 805 $ 709 $ 374 $ 308 $ 1,125 $ - $ 12,201 Nonperforming 20 17 - 65 - 1 3 - 106 Total Installments $ 6,405 $ 2,512 $ 805 $ 774 $ 374 $ 309 $ 1,128 $ - $ 12,307 Installments Loans: Current-period Gross writeoffs $ 1 $ 47 $ 22 $ 7 $ 2 $ 9 $ - $ - $ 88 $ 1 $ 47 $ 22 $ 7 $ 2 $ 9 $ - $ - $ 88 The following tables present the aging of the amortized cost in past due loans by loan class and by region 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 * Includes New York, New Jersey, Vermont and Massachusetts. As of December 31, 2022 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 $ - - 161 161 177,210 177,371 Other 18 - 20 38 20,183 20,221 Real estate mortgage - 1 to 4 family: First mortgages 4,262 921 7,203 12,386 2,764,603 2,776,989 Home equity loans 283 - 67 350 43,649 43,999 Home equity lines of credit 978 - 591 1,569 190,357 191,926 Installment 78 4 23 105 9,303 9,408 Total $ 5,619 925 8,065 14,609 3,205,305 3,219,914 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 $ - - - - 32,551 32,551 Other - - 314 314 554 868 Real estate mortgage - 1 to 4 family: First mortgages 1,183 243 1,404 2,830 1,367,083 1,369,913 Home equity loans 51 - - 51 12,499 12,550 Home equity lines of credit 224 - - 224 94,282 94,506 Installment 6 - 83 89 2,810 2,899 Total $ 1,464 243 1,801 3,508 1,509,779 1,513,287 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 $ - - 161 161 209,761 209,922 Other 18 - 334 352 20,737 21,089 Real estate mortgage - 1 to 4 family: First mortgages 5,445 1,164 8,607 15,216 4,131,686 4,146,902 Home equity loans 334 - 67 401 56,148 56,549 Home equity lines of credit 1,202 - 591 1,793 284,639 286,432 Installment 84 4 106 194 12,113 12,307 Total $ 7,083 1,168 9,866 18,117 4,715,084 4,733,201 * Includes New York, New Jersey, Vermont and Massachusetts. At December and there were no loans that were days past due and still accruing interest. As a result, non-accrual loans include all loans days or more past due as well as certain loans less than days past due that were placed on non-accrual status for reasons other than delinquent status. There are no commitments to extend further credit on non-accrual or modified loans. The Company transfers loans to other real estate owned, at fair value less cost to sell, in the period the Company obtains physical possession of the property (through legal title or through a deed in lieu). Other real estate owned is included in Other assets on the Balance Sheet. As of December other real estate owned included of residential foreclosed properties. In addition, non-accrual residential mortgage loans that were in the process of foreclosure had an amortized cost of as of December As of December other real estate owned included of residential foreclosed properties. In addition, non-accrual residential mortgage loans that were in the process of foreclosure had an amortized cost of as of December Loans individually evaluated for impairment are non-accrual loans delinquent greater than days, non-accrual commercial loans, as well as loans classified as loan modifications. As of December there was no allowance for credit losses based on loans individually evaluated for impairment. Residential and installment non-accrual loans which are not loan modifications or greater than days delinquent are collectively evaluated to determine the allowance for credit loss. The following tables presents the amortized cost basis in non-accrual loans by portfolio segment as of December 31, 2023 and 2022: 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 December 31, 2022 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 199 $ - $ 199 Other 20 314 334 Real estate mortgage - 1 to 4 family: First mortgages 12,609 1,736 14,345 Home equity loans 153 42 195 Home equity lines of credit 2,187 117 2,304 Installment 23 83 106 Total non-accrual loans 15,191 2,292 17,483 Restructured real estate mortgages - 1 to 4 family 10 - 10 Total nonperforming loans $ 15,201 $ 2,292 $ 17,493 * Includes New York, New Jersey, Vermont and Massachusetts. The following tables present the amortized cost basis of loans on non-accrual status and loans past due over days still accruing as of December 31, 2023 and 2022: As of D ecember 31, (dollars in s) Non-accrual With No Allowance for Credit Loss Non-accrual With Allowance for Credit Loss Loans Past Due Over Days Still Accruing Commercial: Commercial real estate $ 536 $ - - Other 314 - - Real estate mortgage - to 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 D ecember 31, (dollars in s) Non-accrual With No Allowance for Credit Loss Non-accrual With Allowance for Credit Loss Loans Past Due Over Days Still Accruing Commercial: Commercial real estate $ 160 $ 39 - Other 20 314 - Real estate mortgage - to family: First mortgages 13,502 843 - Home equity loans 129 66 - Home equity lines of credit 2,257 47 - Installment 82 24 - Total loans, net $ 16,150 $ 1,333 - The non-accrual balance of disclosed above was collectively evaluated and the associated allowance for credit losses on loans was not material as of December A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. Expected credit losses for the collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. The following tables present the amortized cost basis of individually analyzed collateral dependent loans by portfolio segment as of December 2023 and : As of December 31, 2023 Type of Collateral (dollars in s) Real Estate Investment Securities/Cash Other Commercial: Commercial real estate $ 643 - - Other 314 - - Real estate mortgage - to family: First mortgages 20,018 - - Home equity loans 371 - - Home equity lines of credit 3,239 - - Installment 144 - - Total $ 24,729 - - As of December 31, 2022 Type of Collateral (dollars in s) Real Estate Investment Securities/Cash Other Commercial: Commercial real estate $ 312 - - Other 334 - - Real estate mortgage - to family: First mortgages 21,467 - - Home equity loans 236 - - Home equity lines of credit 3,264 - - Installment 82 - - Total $ 25,695 - - The Company has not committed to lend additional amounts to customers with outstanding loans that are modified. Interest income recognized on loans that are individually evaluated was not material during the years ended December 31, 2023, 2022 and 2021. A loan for which the terms have been modified, and for which a borrower is experiencing financial difficulties, is considered a loan modification and is classified as individually evaluated. Loan modifications at December 31, 2023 are measured at the amortized cost using the loan’s effective rate at inception or fair value of the underlying collateral if the loan is considered collateral dependent. As of December loans individually evaluated included approximately Pursuant to the adoption of ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructuring and Vintage Disclosures (“ASU 2022-02”), a borrower that is experiencing financial difficulty and receives a modification in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay or a term extension in the current period needs to be disclosed. The following table presents the amortized cost basis of loans at December 31, 2023 that were both experiencing financial difficulty and modified during the year ended December 31, 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below: For the year ended December 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 895 0.03 % Home equity loans - - Home equity lines of credit 50 0.02 % Installment - - Total $ 945 0.03 % 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 338 0.02 % Home equity loans - - Home equity lines of credit - - Installment - - Total $ 338 0.02 % 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 1,233 0.03 % Home equity loans - - Home equity lines of credit 50 0.02 % Installment - - Total $ 1,283 0.03 % * Includes New York, New Jersey, Vermont and Massachusetts. The Bank monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table describes the performance of loans that have been modified as of December 31, 2023: As of December 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 691 152 - 52 895 Home equity loans - - - - - Home equity lines of credit 50 - - - 50 Installment - - - - - Total $ 741 $ 152 $ - $ 52 $ 945 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 338 - - - 338 Home equity loans - - - - - Home equity lines of credit - - - - - Installment - - - - - Total $ 338 $ - $ - $ - $ 338 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 1,029 152 - 52 1,233 Home equity loans - - - - - Home equity lines of credit 50 - - - 50 Installment - - - - - Total $ 1,079 $ 152 $ - $ 52 $ 1,283 * Includes New York, New Jersey, Vermont and Massachusetts. The following tables describes the financial effect of the modifications made to borrowers experiencing financial difficulty: For the year ended December 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 21 Home equity loans - Home equity lines of credit 18 Installment - Total $ 39 Weighted Florida: Average Payment (dollars in thousands) Delay (Months) Commercial: Commercial real estate $ - Other - Real estate mortgage - 1 to 4 family: First mortgages 24 Home equity loans - Home equity lines of credit - Installment - Total $ 24 Weighted Average Payment (dollars in thousands) Delay (Months) Commercial: Commercial real estate $ - Other - Real estate mortgage - 1 to 4 family: First mortgages 45 Home equity loans - Home equity lines of credit 18 Installment - Total $ 63 * Includes New York, New Jersey, Vermont and Massachusetts. As of December 31, 2023, all loans both experiencing financial difficulty and modified during the year ended December 31, 2023 were current under the terms of the agreements. There were no commitments to lend additional funds to the borrowers and there were no no no |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Bank Premises and Equipment [Abstract] | |
Bank Premises and Equipment | (5) Bank Premises and Equipment A summary of premises and equipment at December 31, 2023 and 2022 follows: (dollars in thousands) 2023 2022 Land $ 2,444 $ 2,426 Buildings 36,347 36,260 Furniture, fixtures and equipment 62,901 60,320 Leasehold improvements 36,418 34,860 Total bank premises and equipment 138,110 133,866 Accumulated depreciation and amortization (104,104 ) (101,310 ) Total $ 34,007 $ 32,556 Depreciation and amortization expense was approximately $4.1 million, $4.1 million, and $4.2 million for the years 2023, 2022, and 2021, respectively. Occupancy expense of the Bank’s premises included rental expense of $8.2 million in 2023 and 2022 and $8.1 million in 2021. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Deposits | (6) Deposits Interest expense on deposits was as follows: (dollars in thousands) For the year ended December 31, 2023 2022 2021 Interest bearing checking accounts $ 382 $ 190 $ 178 Savings accounts 2,531 920 624 Time deposits and money market accounts 50,439 4,617 5,863 Total $ 53,352 $ 5,727 $ 6,665 At December 31, 2023, the maturity of total time deposits is as follows: (dollars in thousands) Under 1 year $ 1,715,122 1 to 2 years 26,971 2 to 3 years 1,122 3 to 4 years 91,716 4 to 5 years 1,061 Over 5 years 32 $ 1,836,024 Included in total time deposits as of December 31, 2023 and 2022 is $ 474.4 million and $250.0 million in time deposits with balances in excess of $250,000. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings [Abstract] | |
Borrowings | (7) Borrowings Short-term borrowings (repurchase agreements) of the Company were cash management accounts as follows: (dollars in thousands) 2023 2022 2021 Amount outstanding at December 31, $ 88,990 $ 122,700 $ 244,686 Maximum amount outstanding at any month end 134,293 253,219 244,686 Average amount outstanding 114,639 177,599 232,815 Weighted average interest rate: For the year 0.88 % 0.42 % 0.39 % As of year end 0.86 0.86 0.37 Cash management accounts represent retail accounts with customers for which the Bank has pledged certain assets as collateral. As of December 31, 2023 the Company also has borrowing capacity of $938.6 million available with the Federal Home Loan Bank of New York. The borrowings capacity is secured by the loans pledged by the Company. As of December 31, 2023 and 2022, the Company had no outstanding borrowings with the Federal Home Loan Bank of New York. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | (8) Income Taxes A summary of income tax expense included in the Consolidated Statements of Income follows: (dollars in thousands) For the year ended December 31, 2023 2022 2021 Current tax expense: Federal $ 15,224 $ 17,136 $ 17,657 State 1,587 2,933 3,195 Total current tax expense 16,811 20,069 20,852 Deferred tax (benefit) expense 2,156 4,114 (238 ) Total income tax expense $ 18,967 $ 24,183 $ 20,614 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022, are as follows: As of December 31, (dollars in thousands) 2023 2022 Deductible temporary differences Deductible temporary differences Benefits and deferred remuneration $ (9,490 ) $ (8,478 ) Difference in reporting the allowance for credit losses, net 12,995 12,424 Other income or expense not yet reported for tax purposes (1,188 ) 420 Depreciable assets (2,496 ) (2,389 ) Net deferred tax (liability) asset at end of year (179 ) 1,977 Impact of ASU 2016-13, Current Expected Credit Loss (CECL) - 1,218 Net deferred tax asset at beginning of year 1,977 4,873 Deferred tax expense $ 2,156 $ 4,114 Deferred tax assets are recognized subject to management’s judgment that realization is more likely than not. Based primarily on the sufficiency of expected future taxable income, management believes it is more likely than not that the remaining deferred tax (liability) asset of $179 thousand and $2.0 million at December 31, 2023 and 2022, respectively, will be realized. In addition to the deferred tax items described in the preceding table, the Company has deferred tax assets of $8.4 million and $11.3 million at December 31, 2023 and 2022, respectively, relating to the net unrealized losses on securities available for sale and deferred tax liabilities of approximately $3.7 million and $1.8 million at December 31, 2023 and 2022, respectively, as a result of changes in the unrecognized overfunded position in the Company’s pension and postretirement benefit plans recorded, net of tax, as an adjustment to accumulated other comprehensive income. The effective tax rates differ from the statutory federal income tax rate. The reasons for these differences are as follows: For the year ended December 31, 2023 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % Increase/(decrease) in taxes resulting from: State income tax, net of federal tax benefit 3.1 3.0 3.2 Other items 0.3 0.3 0.9 Effective income tax rate 24.4 % 24.3 % 25.1 % On a periodic basis, the Company evaluates its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This evaluation takes into consideration the status of taxing authorities’ current examinations of the Company’s tax returns, recent positions taken by the taxing authorities on similar transactions, if any, and the overall tax environment in relation to uncertain tax positions. As of December 31, 2023 and 2022, no uncertain tax positions have been recorded. The Company does not anticipate a material charge to the amount of unrecognized tax benefits in the next twelve months. The Company recognizes interest and/or penalties related to income tax matters in noninterest expense. For the years 2023, 2022, and 2021, these amounts were not material. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction as well as in various states. In the normal course of business, the Company is subject to U.S. federal, state, and local income tax examinations by tax authorities. The Company’s federal and state income tax returns for the years 2020 2023 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Benefit Plans [Abstract] | |
Benefit Plans | (9) Benefit Plans (a) Retirement Plan The Company maintains a trusteed non-contributory pension plan covering employees that have completed one year of employment and 1,000 hours of service while the plan was in effect. This plan was frozen as of December 31, 2006. The benefits are based on the sum of (a) a benefit equal to a prior service benefit plus the average of the employees’ highest five consecutive years’ compensation in the ten years preceding retirement multiplied by a percentage of service after a specified date plus (b) a benefit based upon career average compensation. The amounts contributed to the plan are determined annually on the basis of (a) the maximum amount that can be deducted for federal income tax purposes or (b) the amount certified by a consulting actuary as necessary to avoid an accumulated funding deficiency as defined by the Employee Retirement Income Security Act of 1974. Contributions are intended to provide for benefits attributed to service to date. Assets of the plan are administered by Trustco Bank’s Financial Services Department. The following tables set forth the plan’s funded status and amounts recognized in the Company’s consolidated statements of condition at December 31, 2023 and 2022: Change in Projected Benefit Obligation: December 31, (dollars in thousands) 2023 2022 Projected benefit obligation at beginning of year $ 23,042 $ 30,905 Interest cost 1,213 888 Benefit payments and expected expenses (1,741 ) (1,823 ) Net actuarial loss (gain) 645 (6,928 ) Projected benefit obligation at end of year $ 23,159 $ 23,042 Change in Plan Assets and Reconciliation of Funded Status: December 31, (dollars in thousands) 2023 2022 Fair Value of plan assets at beginning of year $ 52,673 $ 63,066 Actual gain (loss) on plan assets 8,747 (8,532 ) Benefit payments and actual expenses (1,779 ) (1,861 ) Fair value of plan assets at end of year 59,641 52,673 Funded status at end of year $ 36,482 $ 29,631 Amounts recognized in accumulated other comprehensive income (loss) consist of the following as of: December 31, 2023 2022 Net actuarial loss (gain) $ 6,550 $ 1,170 The accumulated benefit obligation was $23.2 million and $23.0 million at December 31, 2023 and 2022, respectively. Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income (Loss): For the years ended December 31, (dollars in thousands) 2023 2022 2021 Service cost $ - $ - $ - Interest cost 1,213 888 856 Expected return on plan assets (2,684 ) (3,227 ) (2,846 ) Net periodic pension credit (1,471 ) (2,339 ) (1,990 ) Amortization of net loss - - - Net actuarial (gain) loss included in other comprehensive income (loss) (5,380 ) 4,869 (7,439 ) Total recognized in other comprehensive income (loss) (5,380 ) 4,869 (7,439 ) Total recognized in net periodic benefit (credit) cost and other comprehensive income (loss) $ (6,851 ) $ 2,530 $ (9,429 ) Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: (dollars in thousands) Year Pension Benefits 2024 $ 1,706 2025 1,721 2026 1,746 2027 1,747 2028 1,794 2029 - 2033 8,715 The assumptions used to determine benefit obligations at December 31 are as follows: 2023 2022 2021 Discount rate 5.18 % 5.44 % 2.96 % The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows: 2023 2022 2021 Discount rate 5.44 % 2.96 % 2.65 % Expected long-term rate of return on assets 5.25 5.25 5.25 The annual rate assumption used for purposes of computing the service and interest costs components is determined based upon factors including the yields on high quality corporate bonds and other appropriate yield curves along with analysis prepared by the Company’s actuaries. (b) Supplemental Retirement Plan The Company also has a supplementary pension plan under which additional retirement benefits are accrued for eligible executive officers. This plan supplements the defined benefit retirement plan for eligible employees that exceed the Internal Revenue Service limit on the amount of pension payments that are allowed from a retirement plan. The supplemental plan provides eligible employees with total benefit payments as calculated by the retirement plan without regard to this limitation. Benefits under this plan are calculated using the same actuarial assumptions and interest rates as used for the retirement plan calculations. The accumulated benefits under this supplementary pension plan was approximately $2.4 million and $2.3 million as of December 31, 2023 and 2022, respectively. Effective as of December 31, 2008, this plan has been frozen and no additional benefits will accrue. Instead, the amount of the Company’s annual contribution to the plan plus interest is paid directly to each eligible employee. The expense recorded for this plan was $2.9 million in 2023 and $2.7 million in 2022. Rabbi trusts have been established for this plan. These trust accounts are administered by the Trustco Financial Services Department and invest primarily in bonds issued by government-sponsored enterprises and money market instruments. These assets are recorded at their fair value and are included in short-term investments in the Consolidated Statements of Condition. As of December 31, 2023 and 2022, the trusts had assets totaling $2.4 million and $2.3 million, respectively. (c) Postretirement Benefits The Company permits retirees under age 65 to participate in the Company’s medical plan by making certain payments. In addition, the plan provides a death benefit to certain eligible employees and retirees. In 2003, the Company amended the medical plan to reflect changes to the retiree medical insurance coverage portion. The Company’s subsidy of the retiree medical insurance premiums was eliminated at that time. The Company continues to provide postretirement medical benefits for a limited number of executives in accordance with their employment contracts. The following tables show the plan’s funded status and amounts recognized in the Company’s Consolidated Statements of Condition at December 31, 2023 and 2022: Change in Accumulated Benefit Obligation: (dollars in thousands) December 31, 2023 2022 Accumulated benefit obligation at beginning of year $ 4,893 $ 7,016 Service cost 11 18 Interest cost 271 207 Prior Service cost - - Benefits paid (74 ) (72 ) Net actuarial loss (gain) 527 (2,276 ) Accumulated benefit obligation at end of year $ 5,628 $ 4,893 Change in Plan Assets and Reconciliation of Funded Status: (dollars in thousands) December 31, 2023 2022 Fair value of plan assets at beginning of year $ 28,988 $ 33,344 Actual gain (loss) on plan assets 4,260 (4,341 ) Company contributions 50 57 Benefits paid and actual expenses (74 ) (72 ) Fair value of plan assets at end of year 33,224 28,988 Funded status at end of year $ 27,596 $ 24,095 Amounts recognized in accumulated other comprehensive income consist of the following as of: (dollars in thousands) December 31, 2023 2022 Net actuarial gain $ (7,912 ) $ (5,760 ) Prior service cost 68 81 Total $ (7,844 ) $ (5,679 ) The accumulated benefit obligation was $5.6 million and $4.9 million at December 31, 2023 and 2022, respectively. Components of Net Periodic Benefit Income and Other Amounts Recognized in Other Comprehensive Income (Loss): (dollars in thousands) December 31, 2023 2022 2021 Service cost $ 11 $ 18 $ 75 Interest cost 271 207 190 Expected return on plan assets (1,157 ) (1,332 ) (1,163 ) Amortization of net actuarial gain (423 ) (1,008 ) (674 ) Amortization of prior service cost (credit) 13 (313 ) 405 Net periodic benefit credit (1,285 ) (2,428 ) (1,167 ) Net loss (gain) (2,575 ) 3,397 (3,469 ) Amortization of prior service credit (cost) (13 ) 313 (405 ) Prior service cost - - 611 Amortization of net gain 423 1,008 674 Total amount recognized in other comprehensive loss (2,165 ) 4,718 (2,589 ) Total amount recognized in net periodic benefit cost and other comprehensive loss $ (3,450 ) $ 2,290 $ (3,756 ) The estimated amount of net gain that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit income over the next fiscal year is approximately $734 thousand. The estimated amount of prior service cost that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit income (loss) over the next fiscal year is approximately $13 thousand. Expected Future Benefit Payments The following benefit payments are expected to be paid: (dollars in thousands) Year Postretirement Benefits 2024 $ 132 2025 160 2026 199 2027 229 2028 270 2029 - 2033 1,717 The discount rate assumption used to determine benefit obligations at December 31 is as follows: 2023 2022 2021 Discount rate 5.18 % 5.44 % 2.96 % The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows: 2023 2022 2021 Discount rate 5.44 % 2.96 % 2.65 % Expected long-term rate of return on assets, net of tax 4.00 4.00 4.00 The annual rate assumption used for purposes of computing the service and interest costs components is determined based upon factors including the yields on high quality corporate bonds and other appropriate yield curves along with analysis prepared by the Company’s actuaries. (d) Components of Accumulated Other Comprehensive Income (Loss) Related to Retirement and Postretirement Benefit Plans The following table details the change in the components of other comprehensive income (loss) related to the retirement plan and the postretirement benefit plan, at December 31, 2023 and 2022, respectively: (dollars in thousands) December 31, 2023 Retirement Plan Post- Retirement Benefit Plan Total Change in overfunded position of pension and postretirement benefits $ (5,380 ) $ (2,575 ) $ (7,955 ) Amortization of net actuarial gain - 423 423 Amortization of prior service credit - (13 ) (13 ) Total $ (5,380 ) $ (2,165 ) $ (7,545 ) December 31, 2022 Retirement Plan Post- Retirement Benefit Plan Total Change in overfunded position of pension and postretirement benefits $ 4,869 $ 3,397 $ 8,266 Prior service cost - - - Amortization of net actuarial gain - 1,008 1,008 Amortization of prior service cost - 313 313 Total $ 4,869 $ 4,718 $ 9,587 (e) Major Categories of Pension and Postretirement Benefit Plan Assets: The asset allocations of the Company’s pension and postretirement benefit plans at December 31, were as follows: Pension Benefit Plan Assets Postretirement Benefit Plan Assets 2023 2022 2023 2022 Debt Securities 34 % 30 % 27 % 29 % Equity Securities 63 59 61 57 Other 3 11 12 14 Total 100 % 100 % 100 % 100 % The expected long-term rate-of-return on plan assets, noted in sections (a) and (b) above, reflects long-term earnings expectations on existing plan assets. In estimating that rate, appropriate consideration was given to historical returns earned by plan assets and the rates of return expected to be available for reinvestment. Rates of return were adjusted to reflect current capital market assumptions and changes in investment allocations. The Company’s investment policies and strategies for the pension benefit and postretirement benefit plans prescribe a target allocation of 50% to 70% equity securities, 25% to 40% debt securities, and 0% to 10% for other securities for the asset categories. The Company’s investment goals are to maximize returns subject to specific risk management policies. Its risk management policies permit direct investments in equity and debt securities and mutual funds while prohibiting direct investment in derivative financial instruments. The Company addresses diversification by the use of mutual fund investments whose underlying investments are in domestic and international debt and equity securities. These mutual funds are readily marketable and can be sold to fund benefit payment obligations as they become payable. Fair Value of Plan Assets: Fair value is the exchange price that would be received for an asset in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date. The Company used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: Equity mutual funds, Fixed Income mutual funds and Debt Securities : The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). The fair value of the plan assets at December 31, 2023 and 2022, by asset category, is as follows: Fair Value Measurements at December 31, 2023 Using: Retirement Plan (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets Cash and cash equivalents $ 1,811 $ 1,811 $ - $ - Equity mutual funds 37,615 37,615 - - U.S. government sponsored enterprises 19,674 - 19,674 - Corporate bonds - - - - Fixed income mutual funds 541 541 - - Total Plan Assets $ 59,641 $ 39,967 $ 19,674 $ - Fair Value Measurements at December 31, 2023 Using: Postretirement Benefits (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets Cash and cash equivalents $ 3,986 $ 3,986 $ - $ - Equity mutual funds 20,236 20,236 - - U.S. government sponsored enterprises 9,002 - 9,002 - Total Plan Assets $ 33,224 $ 24,222 $ 9,002 $ - Fair Value Measurements at December 31, 2022 Using: Retirement Plan (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets Cash and cash equivalents $ 5,734 $ 5,734 $ - $ - Equity mutual funds 30,972 30,972 - - U.S. government sponsored enterprises 15,423 - 15,423 - Corporate bonds - - - - Fixed income mutual funds 544 544 - - Total Plan Assets $ 52,673 $ 37,250 $ 15,423 $ - Fair Value Measurements at December 31, 2022 Using: Postretirement Benefits (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets Cash and cash equivalents $ 3,945 $ 3,945 $ - $ - Equity mutual funds 16,646 16,646 - - U.S. government sponsored enterprises 8,397 - 8,397 - Corporate bonds - - - - Total Plan Assets $ 28,988 $ 20,591 $ 8,397 $ - At December 31, 2023 and 2022, the majority of the equity mutual funds included in the plan assets of the retirement plan and postretirement benefit plan consist of large-cap index funds, while the remainder of the equity mutual funds consists of mid ‑ ‑ There were no transfers between Level 1 and Level 2 in 2023 and 2022. The Company made no contributions to its pension and postretirement benefit plans in 2023 or 2022. The Company does not expect to make any contributions to its pension and postretirement benefit plans in 2024. (f) Incentive and Bonus Plans During 2006, the Company amended its profit sharing plan to include a 401(k) feature. Under the 401(k) feature, the Company matches 100% of the aggregate salary contribution up to the first 3% of compensation and 50% of the aggregate contribution of the next 3%. No profit sharing contributions were made in 2023, 2022 or 2021 but were replaced with Company contributions to the 401(k) feature of the plan. Expenses related to the plan equaled $1.4 million for 2023 and $1.3 million for 2022 and 2021. The Company also has an officers and executive incentive plan. The expense of these plans generally are based on the Company’s performance and estimated distributions to participants are accrued during the year and generally paid in the following year. The expense recorded for this plan was $2.3 million, $1.3 million and $3.2 million in 2023, 2022 and 2021, respectively. The Company has also awarded 291 thousand performance bonus units to the executive officers and directors. These units become vested and exercisable only under a change of control as defined in the plan. The units were awarded based upon the stock price at the time of grant and, if exercised under a change of control, allow the holder to receive the increase in value offered in the exchange over the stock price at the date of grant for each unit, if any. As of December 31, 2023, the weighted average strike price of each unit was $44.37. (g) Stock-Based Compensation Plans-Equity Awards Equity awards are types of stock-based compensation that are to be settled in shares. As such, the amount of compensation expense to be paid at the time of settlement is included in surplus in the Consolidated Statement of Condition. In May 2019, shareholders of the Company approved the TrustCo Bank Corp NY 2019 Equity Incentive Plan (“2019 Equity Incentive Plan”) which replaced and combined into one plan both the Amended and Restated TrustCo Bank Corp NY 2010 Equity Incentive Plan (“2010 Equity Incentive Plan”) and the Amended and Restated TrustCo Bank Corp NY 2010 Directors Equity Incentive Plan (“Directors Plan”), and all remaining shares eligible for issuance thereunder were canceled. Awards previously made under the prior plans remain in effect in accordance with the terms of those awards. The shareholders of the Company subsequently approved the amendment and restatement of the 2019 Equity Incentive Plan (“A&R 2019 Equity Incentive Plan”) in May 2023. Under the A&R 2019 Equity Incentive Plan, the Company may provide for the issuance of 700,000 shares of our common stock which is available for issuance pursuant to options, SARs, restricted stock, and restricted stock units (both time based and performance based), to eligible employees and directors. This allotment of shares includes the authorized but unissued shares remaining available for issuance under the 2010 Equity Incentive Plan and the Directors Plan. As of December 31, 2023, the Company did not issue any shares of our common stock pursuant to options, SARs, restricted stock, and restricted stock units (both time based and performance based) The Company did, however, grant restricted stock units (both time based and performance based) to certain officers in November 2023 that will settle in shares of common stock upon vesting as described below. Under the A&R 2019 Equity Incentive Plan, the exercise price of each option may not be less than 100% of the fair value of the Company’s stock on the date of grant, and for an Incentive Stock Option (ISO) granted to a ten-percent , from the date the options were granted. A summary of the status of TrustCo’s stock option awards as of December 31, 2023 and changes during the year then ended, are as follows: Outstanding Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Balance, January 1, 2023 76,853 $ 34.48 New options awarded - 2023 - - Expired options - 2023 (29,312 ) 35.23 Options forfeited - 2023 - - Exercised options - 2023 - - Balance, December 31, 2023 47,541 $ 34.01 1.41 years Exercisable Options Balance, December 31, 2023 47,541 $ 34.01 1.41 years At December 31, 2023, the intrinsic value of stock options was of no value. All outstanding options were vested as of December 31, 2023 During 2023 there was shares of stock were exercised. There were 10 stock options exercised in 2021. The intrinsic value and related tax benefits of stock options exercised in these years was not material. It is the Company’s policy to generally issue stock upon stock option exercises from previously unissued shares of common stock or treasury shares Income tax benefits recognized in the accompanying Consolidated Statements of Income related to stock-based compensation were not materia l. Valuation of Stock-Based Compensation: The fair value of the Company’s employee and director stock options granted is estimated on the measurement date, which, for the Company, is the date of grant. The Company did not grant new stock option awards in 2023, 2022, or 2021. There was no stock-based compensation expense for stock options recognized in 2023,2022, and 2021. In November 2023, the Company granted 68,293 of stock awards to executive officers of the company. The stock price was the fair value as of the date of the grant. The awards include performance -based and service-based awards and generally vest over three years. Stock-based compensation expense for these awards was $103 thousand as of December 31, 2023. Unrecognized stock-based compensation expense as of December 31, 2023 was $1.7 million and is expected to be recognized over the next 2.9 years. (h) Stock-Based Compensation Plans-Liability Awards Liability awards are types of compensation that are settled in cash (not shares). As such, the amount of compensation expense to be paid at the time of settlement is included in accrued expenses and other liabilities in the Consolidated Statement of Condition. The Company granted both service-based and performance based liability awards in 2023, 2022 and 2021. The activity for service-based awards during 2023 was as follows: Restricted share units Outstanding Units Balance, December 31, 2022 83,228 New cash settled awards granted 26,567 Forfeited awards (2,792 ) Awards settled (42,852 ) Balance, December 31, 2023 64,151 Service-Based Awards: During 2023 and 2022, the Company issued restricted share units to certain eligible officers, executives and members of its board of directors. The restricted share units do not hold voting powers, and are not eligible for common stock dividends. Depending on the year of the grant the awards either become 100% vested after one year, or vest in whole units in equal installments from the first through the third year following the award date. Upon issuance, the fair value of these awards is the fair value of the Company’s common stock on the grant date. Thereafter, the amount of compensation expense recognized is based on the fair value of the Company’s stock. During 2023, 2022 and 2021, the Company recognized $1.1 million, $1.6 million and $1.2 million, respectively, in compensation expense related to these awards. Unrecognized compensation expense related to the outstanding restricted share units totaled approximately $1.8 million at December 31, 2023. During of the awards granted in and became vested and settled. The liability related to service-based liability awards was approximately $202 thousand and $278 thousand at December 31, 2023 and 2022, respectively, and is included in Accrued expense and other liabilities on the Consolidated Statements of Condition. The activity for performance-based awards during 2023 was as follows: Performance share units Outstanding Units Balance, December 31, 2022 155,633 New cash settled awards granted 22,476 Forfeited awards - Awards settled (42,443 ) Balance, December 31, 2023 135,666 Performance Based Awards: During 2023, 2022 and 2021, the Company issued performance share units to certain eligible officers and executives. These units do not hold voting powers, are not eligible for common stock dividends, and become 100% vested after three years based upon a cliff-vesting schedule and the satisfaction of performance metrics. Upon issuance, fair value of these units was the fair value of the Company’s common stock on the grant date. Thereafter, the amount of compensation expense recognized is based upon the Company’s achievement of certain performance criteria in accordance with Plan provisions as well as the fair value of the Company’s stock. For units granted in 2020, those have been fully vested and unpaid. For units granted subsequent to 2020, all of the units are unvested as of December 31, 2023, and the Company expects to meet the required performance criteria of the awards. During 2023, 2022 and 2021, the Company recognized approximately $1.5 million, $1.3 million and $1.8 thousand, respectively, in compensation expense related to these units. Unrecognized compensation expense related to the outstanding performance share units totaled $1.4 million at December 31, 2023. The weighted average period over which the unrecognized expense is expected to be recognized was approximately 21 months as of December 31, 2023. The liability related to performance based liability awards totaled $3.5 million and $3.6 million at December 31, 2023 and 2022, respectively, and is included in Accrued expense and other liabilities on the Consolidated Statements of Condition. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingent Liabilities [Abstract] | |
Commitments and Contingent Liabilities | (10) Commitments and Contingent Liabilities (a) Litigation In the normal course of business, TrustCo and Trustco Bank become involved in a variety of routine legal proceedings. At present, there are no legal proceedings pending or threatened, which in the opinion of management and counsel, would result in a material loss to TrustCo or Trustco Bank: Like many banks, Trustco Bank has been subject to putative class-action claims alleging improper overdraft practices. Trustco Bank has reached an agreement to settle all claims thus asserted. That settlement agreement, which is subject to court approval, calls for the creation of a fund (“Fund”) to be overseen by a court-supervised administrator that will determine which Trustco Bank customers and former customers meet the criteria for participation in the settlement. That administrator also will distribute the Fund on a pro rata basis to eligible customers and former customers. The fees of the plaintiffs’ attorneys and other expenses also will be paid out of the Fund. The total liability of TrustCo and Trustco Bank in connection with this settlement will be $2.75 million. The Company has accrued for this amount as of December 31, 2023. (b) Outsourced Services The Company contracted with third-party service providers to perform certain banking functions. The outsourced services include data and item processing for the Bank and trust operations. The service expense can vary based upon the volume and nature of transactions processed. Outsourced service expense was $10.0 million for 2023, $9.2 million for 2022 and $8.4 million in 2021. The Company is contractually obligated to pay these third -party service providers approximately $9 million to $10 million per year through 2025. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (11) Earnings Per Share The Company computes earnings per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities A reconciliation of the component parts of earnings per share for 2023, 2022, and 2021 follows: (dollars in thousands, except per share data) For the years ended December 31, 2023 2022 2021 Net income $ 58,646 $ 75,234 $ 61,519 Weighted average common shares 19,024 19,131 19,259 Effect of dilutive common stock options 1 2 4 Weighted average common shares including potential dilutive shares 19,025 19,133 19,263 Basic EPS $ 3.08 $ 3.93 $ 3.19 Diluted EPS $ 3.08 $ 3.93 $ 3.19 For the years ended December and there were and thousand, respectively, of antidilutive stock options excluded from diluted earnings per share |
Off-Balance Sheet Financial Ins
Off-Balance Sheet Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Off-Balance Sheet Financial Instruments [Abstract] | |
Off-Balance Sheet Financial Instruments | (12) Off-Balance Sheet Financial Instruments Loan commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require a fee. Commitments sometimes expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. These arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Bank’s normal credit policies, including obtaining collateral. The Bank’s maximum exposure to credit loss for loan commitments, including unused lines of credit, at December 31, 2023 and 2022, was $596.8 million and $535.4 million, respectively. Approximately 71% and 74% of these commitments were for variable rate products at the end of 2023 and 2022, respectively. The Company does not issue any guarantees that require liability-recognition or disclosure, other than its standby letters of credit. The Company has issued conditional commitments in the form of standby letters of credit to guarantee payment on behalf of a customer and guarantee the performance of a customer to a third party. Standby letters of credit generally arise in connection with lending relationships. The credit risk involved in issuing these instruments is essentially the same as that involved in extending loans to customers. Contingent obligations under standby letters of credit totaled approximately $4.8 Million and $5.3 million at December 31, 2023 and 2022, and represent the maximum potential future payments the Company could be required to make. Typically, these instruments have terms of 12 months or less and expire unused; therefore, the total amounts do not necessarily represent future cash requirements. Each customer is evaluated individually for creditworthiness under the same underwriting standards used for commitments to extend credit and on-balance sheet instruments. Company policies governing loan collateral apply to standby letters of credit at the time of credit extension. Loan‑to‑value ratios are generally consistent with loan‑to‑value requirements for other commercial loans secured by similar types of collateral. The fair value of the Company’s standby letters of credit at December 31, 2023 and 2022 was insignificant. No losses are anticipated as a result of loan commitments or standby letters of credit. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value [Abstract] | |
Fair Value | (13) Fair Value Fair value measurements (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices or similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the value that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate the fair value of assets and liabilities: Securities Available for Sale Other Real Estate Owned Individually Evaluated Loans Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below: Fair Value Measurements at December 31, 2023 Using: (dollars in s) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale: U.S. government sponsored enterprises $ 118,668 $ - $ 118,668 $ - State and political subdivisions 26 - 26 - Mortgage backed securities and collateralized mortgage obligations - residential 237,677 - 237,677 - Corporate bonds 78,052 - 78,052 - Small Business Administration - guaranteed participation securities 17,186 - 17,186 - Other 680 - 680 - Total securities available for sale $ 452,289 $ - $ 452,289 $ - Fair Value Measurements at December 31, 2022 Using: (dollars in s) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale: U.S. government sponsored enterprises $ 118,187 $ - $ 118,187 $ - State and political subdivisions 34 - 34 - Mortgage backed securities and collateralized mortgage obligations - residential 260,316 - 260,316 - Corporate bonds 81,346 - 81,346 - Small Business Administration - guaranteed participation securities 20,977 - 20,977 - Other 653 - 653 - Total securities available for sale $ 481,513 $ - $ 481,513 $ - There were no transfers between Level 1 and Level 2 in 2023 and 2022. Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at December 31, 2023 Using: (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation technique Unobservable inputs Range (Weighted Average) Other real estate owned $ 194 $ - $ - $ 194 Sales comparison approach Adjustments for differences between comparable sales 0% - 39% (20 %) Individually evaluated loans: Real estate mortgage - 1 to 4 family - - - - Sales comparison approach Adjustments for differences between comparable sales N/A Fair Value Measurements at December 31, 2022 Using: (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation technique Unobservable inputs Range (Weighted Average) Other real estate owned $ 2,061 $ - $ - $ 2,061 Sales comparison approach Adjustments for differences between comparable sales 2% - 47% (18 %) Individually evaluated loans: Real estate mortgage - 1 to 4 family - - - - Sales comparison approach Adjustments for differences between comparable sales N/A Other real estate owned, which is carried at fair value less costs to sell, was approximately $194 thousand at December 31, 2023, and consisted of only residential real estate properties. A valuation charge of $143 thousand is included in earnings for the year ended December 31, 2023. Of the total individually evaluated loans of $24.7 million at December 31, 2023, there are no loans that were collateral dependent and are carried at fair value measured on a non-recurring basis. Due to the sufficiency of charge-offs taken on these loans and the adequacy of the underlying collateral, there were no specific valuation allowances for these loans at December 31, 2023. There were no gross charge-offs related to residential impaired loans included in the table above. Other real estate owned, which is carried at fair value less costs to sell, was approximately $2.1 million at December 31, 2022, and consisted of only residential real estate properties. A valuation charge of $68 thousand is included in earnings for the year ended December 31, 2022. Of the total individually evaluated loans of $25.7 million at December 31, 2022, there are no loans that were collateral dependent and are carried at fair value measured on a non-recurring basis. Due to the sufficiency of charge-offs taken on these loans and the adequacy of the underlying collateral, there were no specific valuation allowances for these loans at December 31, 2022. There were no gross charge-offs related to residential impaired loans included in the table above. In accordance with ASC 825, the carrying amounts and estimated fair values (exit price) of financial instruments at December 31, 2023 and 2022 are as follows: (dollars in thousands) Carrying Fair Value Measurements at December 31, 2023 Using: Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 578,004 578,004 - - 578,004 Securities available for sale 452,289 - 452,289 - 452,289 Held to maturity securities 6,458 - 6,396 - 6,396 Federal Reserve Bank and Federal Home Loan Bank stock 6,203 N/A N/A N/A N/A Net loans 4,954,301 - - 4,422,027 4,422,027 Accrued interest receivable 13,683 234 1,920 11,529 13,683 Financial liabilities: Demand deposits 754,532 754,532 - - 754,532 Interest bearing deposits 4,596,245 2,760,221 1,819,789 - 4,580,010 Short-term borrowings 88,990 - 88,990 - 88,990 Accrued interest payable 3,612 256 3,356 - 3,612 (dollars in thousands) Carrying Fair Value Measurements at December 31, 2022 Using: Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 650,599 650,599 - - 650,599 Securities available for sale 481,513 - 481,513 - 481,513 Held to maturity securities 7,707 - 7,580 - 7,580 Federal Reserve Bank and Federal Home Loan Bank stock 5,797 N/A N/A N/A N/A Net loans 4,687,169 - - 4,328,508 4,328,508 Accrued interest receivable 11,492 189 1,866 9,437 11,492 Financial liabilities: Demand deposits 838,147 838,147 - - 838,147 Interest bearing deposits 4,354,663 3,325,900 1,012,528 - 4,338,428 Short-term borrowings 122,700 - 122,700 - 122,700 Accrued interest payable 602 60 542 - 602 |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | (14) Regulatory Capital Requirements Depository institutions and their holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy rules and regulations involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can result in regulatory action. The capital rules include a capital conservation buffer of 2.5% that is designed to absorb losses during periods of economic stress and to require increased capital levels before capital distributions and certain other payments can be made. Failure to meet the full amount of the buffer will result in restrictions on capital distributions, including dividend payments and stock repurchases, and to pay discretionary bonuses to executive officers. For regulatory capital purposes, the ratios exclude the impact of accumulated other comprehensive income (loss). As of December 31, 2023, the Company and Bank meet all capital adequacy requirements to which they are subject and reported capital in levels that exceeded the capital conservation buffer Prompt corrective action regulations, to which banks, but not their holding companies, are subject, provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. If a bank is not classified as well capitalized, its ability to accept brokered deposits is restricted. If a bank is undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. The federal banking agencies are required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution or its holding company. Such actions could have a direct material effect on an institution’s or its holding company’s financial statements. As of December 31, 2023 and December 31, 2022, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. The following is a summary of actual capital amounts and ratios as of December 31, 2023 and 2022, for Trustco Bank: 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 As of December 31, 2022 Well Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Capitalized (1) Buffer (1)(2) Tier 1 leverage ratio $ 609,998 10.116 % 5.000 % 4.000 % Common equity Tier 1 capital 609,998 18.431 6.500 7.000 Tier 1 risk-based capital 609,998 18.431 8.000 8.500 Total risk-based capital 651,462 19.684 10.000 10.500 The following is a summary of actual capital amounts and ratios as of December 31, 2023 and 2022 for TrustCo on a consolidated basis. 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 As of December 31, 2022 Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Buffer (1)(2) Tier 1 leverage ratio $ 626,628 10.390 % 4.000 % Common equity Tier 1 capital 626,628 18.929 7.000 Tier 1 risk-based capital 626,628 18.929 8.500 Total risk-based capital 668,102 20.182 10.500 (1) Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized. (2) The December 31, 2023 and 2022 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | (15) Accumulated Other Comprehensive Income The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax: December 31, 2023 (dollars in thousands) Balance at 12/31/2022 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- year ended 12/31/2023 Balance at 12/31/2023 Net unrealized holding gain (loss) on securities available for sale, net of tax $ (32,271 ) $ 8,372 $ - $ 8,372 $ (23,899 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 7,588 5,888 - 5,888 13,476 Net change in net actuarial gain and prior service cost on pension and pension and postretirement benefit plans, net of tax (2,511 ) - (303 ) (303 ) (2,814 ) Accumulated other comprehensive (loss) income, net of tax $ (27,194 ) $ 14,260 $ (303 ) $ 13,957 $ (13,237 ) December 31, 2022 (dollars in thousands) Balance at 12/31/2021 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- year ended 12/31/2022 Balance at 12/31/2022 Net unrealized holding gain on securities available for sale, net of tax $ (26 ) $ (32,245 ) $ - $ (32,245 ) $ (32,271 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 13,706 (6,118 ) - (6,118 ) 7,588 Net change in net actuarial gain and prior service credit on pension and pension and postretirement benefit plans, net of tax (1,533 ) - (978 ) (978 ) (2,511 ) Accumulated other comprehensive income (loss), net of tax $ 12,147 $ (38,363 ) $ (978 ) $ (39,341 ) $ (27,194 ) December 31, 2021 (dollars in thousands) Balance at 12/31/2020 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- year ended 12/31/2021 Balance at 12/31/2021 Net unrealized holding (loss) gain on securities available for sale, net of tax $ 7,186 $ (7,212 ) $ - $ (7,212 ) $ (26 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 6,084 7,622 - 7,622 13,706 Net change in net actuarial gain and prior service credit on pension and pension and postretirement benefit plans, net of tax (1,334 ) - (199 ) (199 ) (1,533 ) Accumulated other comprehensive income, net of tax $ 11,936 $ 410 $ (199 ) $ 211 $ 12,147 The following represents the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021: (dollars in thousands) Years ended December 31, 2023 2022 2021 Affected Line Item in Financial Statements Amortization of pension and postretirement benefit items: Amortization of net actuarial gain 423 1,008 674 Salaries and employee benefits Amortization of prior service (cost) credit (13 ) 313 (405 ) Salaries and employee benefits Income tax benefit (107 ) (343 ) (70 ) Income taxes Net of tax 303 978 199 Total reclassifications, net of tax $ 303 $ 978 $ 199 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue from Contracts with Customers | (16) Revenue from Contracts with Customers All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within Non-Interest Income. The following table presents the Company’s sources of Non-Interest Income for the years ended December 31, 2023, 2022 and 2021. Items outside the scope of ASC 606 are noted as such. (dollars in thousands) December 31, 2023 2022 2021 Non-interest income Service Charges on Deposits Overdraft fees $ 2,939 $ 2,708 $ 2,660 Other 2,110 2,044 1,940 Interchange Income 5,819 6,348 5,281 Wealth management fees 6,425 7,037 7,358 Other (a) 1,022 1,123 698 Total non-interest income $ 18,315 $ 19,260 $ 17,937 (a) Not within the scope of ASC 606 A description of the Company’s revenue streams accounted in accordance with ASC 606 as follows: Service charges on Deposit Accounts Interchange Income: Wealth Management fees: Gains/Losses on Sales of Other real Estate Owned “OREO”: |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2023 | |
Operating Leases [Abstract] | |
Operating Leases | (17) Operating leases The Company has committed to rent premises used in business operations under non-cancelable operating leases and determines if an arrangement meets the definition of a lease upon inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on the Company’s balance sheets. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company’s leases do not provide an implicit rate, therefore the Company used its incremental collateralized borrowing rates commensurate with the underlying lease terms to determine present value of operating lease liabilities. Additionally, the Company does allocate the consideration between lease and non-lease components. The Company’s lease terms may include options to extend when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight -line basis over the lease term. Variable lease components, such as fair market value adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. As of December 31, 2023, the Company did not have any leases with terms of twelve months or less. As of December 31, 2023 the Company did not have any leases for which any related construction had not yet started. Other information related to leases was as follows: (dollars in thousands) 2023 2022 2021 Operating lease cost $ 8,165 $ 8,213 $ 8,128 Variable lease cost 2,226 2,183 2,015 Total Lease costs $ 10,391 $ 10,396 $ 10,143 Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,393 $ 8,327 $ 8,192 Right-of-use assets obtained in exchange for lease obligations: $ 2,487 $ 3,089 $ 6,588 Weighted average remaining lease term (years) 8.5 8.9 9.3 Weighted average discount rate 3.1 % 3.0 % 3.0 % Future minimum lease payments under non-cancellable leases as of December 31, 2023 were as follows: (dollars in thousands) Year ending December 31, 2024 $ 8,479 2025 8,078 2026 7,104 2027 5,867 2028 4,679 Thereafter 16,485 Total lease payments $ 50,692 Less: Interest 6,221 Present value of lease liabilities $ 44,471 A member of the Board of Directors has an ownership interest in five entities that own commercial real estate leased by the Company for use as branch locations. Total future lease payments from the Company to those entities, which are included in the table above, at December 31, 2023, were $2.7 million, which includes interest in the amount of $312 thousand. The Company paid total rent and fees to these entities in the amounts of $534 thousand, $500 thousand, and $548 thousand for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023 and 2022, the Company had amounts no amounts outstanding due to the entities. As of December 31, 2023 and 2022, the operating lease right-of-use asset was $40.5 million and $44.7 million, respectively. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | (18) Recent Accounting Pronouncements In March 2023, the FASB issued ASU No. 2023-02, “Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force).” The guidance is intended to improve the accounting and disclosures for investments in tax credit structures. The ASU allows entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Previously, this method was only available for qualifying investments in low- income housing tax credit structures. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this ASU will not have any impact on the Company as the Company doesn’t have such investments. |
Parent Company Only
Parent Company Only | 12 Months Ended |
Dec. 31, 2023 | |
Parent Company Only [Abstract] | |
Parent Company Only | (19) Parent Company Only The following statements pertain to TrustCo Bank Corp NY (Parent Company): Statements of Comprehensive Income (dollars in thousands) Years ended December 31, 2023 2022 2021 Income: Dividends and interest from subsidiaries $ 34,220 $ 34,125 $ 34,096 Net gain on securities transactions - - - Miscellaneous income - - - Total income 34,220 34,125 34,096 Expense: Operating supplies - - 21 Professional services 972 585 819 Miscellaneous expense 1,371 1,752 3,419 Total expense 2,343 2,337 4,259 Income before income taxes and subsidiaries’ undistributed earnings 31,877 31,788 29,837 Income tax benefit (530 ) (559 ) (972 ) Income before subsidiaries’ undistributed earnings 32,407 32,347 30,809 Equity in undistributed earnings of subsidiaries 26,239 42,887 30,710 Net income $ 58,646 $ 75,234 $ 61,519 Change in other comprehensive income 13,957 (39,341 ) 211 Comprehensive income $ 72,603 $ 35,893 $ 61,730 Statements of Condition (dollars in thousands) December 31, 2023 2022 Assets: Cash in subsidiary bank $ 28,547 $ 25,079 Investments in subsidiaries 623,658 583,370 Securities available for sale 48 36 Other assets 869 809 Total assets 653,122 609,294 Liabilities and shareholders’ equity: Accrued expenses and other liabilities 7,837 9,307 Total liabilities 7,837 9,307 Shareholders’ equity 645,285 599,987 Total liabilities and shareholders’ equity $ 653,122 $ 609,294 Statements of Cash Flows (dollars in thousands) Years ended December 31, 2023 2022 2021 Increase/(decrease) in cash and cash equivalents: Cash flows from operating activities: Net income $ 58,646 $ 75,234 $ 61,519 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (26,239 ) (42,887 ) (30,710 ) Stock based compensation expense - - - Net change in other assets and accrued expenses (1,563 ) (440 ) 354 Total adjustments (27,802 ) (43,327 ) (30,356 ) Net cash provided by operating activities 30,844 31,907 31,163 Cash flows from investing activities: Purchases of securities available for sale - - - Net cash used in investing activities - - - Cash flows from financing activities: Cash used to settle fractional shares in the Reverse Stock Split - - (200 ) Proceeds from exercise of stock options - 429 260 Dividends paid (27,376 ) (26,978 ) (26,266 ) Payments to acquire treasury stock - (7,004 ) (2,386 ) Proceeds from sales of treasury stock - - - Net cash used in financing activities (27,376 ) (33,553 ) (28,592 ) Net increase in cash and cash equivalents 3,468 (1,646 ) 2,571 Cash and cash equivalents at beginning of year 25,079 26,725 24,154 Cash and cash equivalents at end of year $ 28,547 $ 25,079 $ 26,725 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Presentation [Abstract] | |
Consolidation | Consolidation The consolidated financial statements of the Company include the accounts of the subsidiaries after elimination of all significant intercompany accounts and transactions. |
Reverse Stock Split | Reverse Stock Split Effective as of May 28, 2021, the Company completed a 1-for-5 |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Securities Available for Sale and Held to Maturity (Debt Securities) | Securities Available for Sale and Held to Maturity (Debt Securities) Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as available for sale when they might be sold before maturity. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments. Premiums on callable debt securities are amortized to their earlier call date. Discounts are amortized to maturity date. Gains and losses are recorded on the trade date and determined using the specific identification method. A debt security is placed on non-accrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. The Company measures expected credit losses on securities held to maturity debt on a collective basis. Accrued interest receivable on held to maturity debt securities is excluded from the estimate of credit losses. The estimate of expected credit losses considers nature of the Issuer, historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Based on the nature of the issuer, there is no allowance for credit losses on held to maturity securities. The Company evaluates securities available for sale in an unrealized loss position for other than temporary impairment (“OTTI”) by first assessing whether it intends to sell or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available for sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. |
Federal Reserve Bank of New York (Reserve Bank) and Federal Home Loan Bank (FHLB) stock | Federal Reserve Bank of New York (Reserve Bank) and Federal Home Loan Bank (FHLB) stock The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Dividends are reported as income. The Bank was also a member of the Federal Reserve Bank of New York until it discontinued its membership in 2020 and the Reserve Bank stock was redeemed. Prior to the stock redemption, the Reserve Bank stock was carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Any dividends received were reported as income |
Loans | Loans Loans that management has the intent and ability to hold for the near future or until maturity or payoff are reported at amortized cost net of allowance for credit losses on loans. Amortized cost is the principal balance outstanding, net of deferred loan fees and costs. Interest income is accrued on unpaid principal balances. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Interest income from mortgage and commercial loans is discontinued and placed on non-accrual status at the time the loan is 90 days delinquent. Non-accrual loans are individually reviewed and charged off at 180 days past due. Commercial loans are charged off to the extent principal or interest is deemed uncollectible. In all cases, loans are placed on non-accrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought to current and future payments are reasonably assured. |
Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans The allowance for credit losses on loans (“ACLL”) is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of the loan balance is confirmed. Expected recoveries are not to exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable is excluded from the estimate of credit losses. The level of the ACLL represents management’s estimate of expected credit losses over the expected life of the loans at the balance sheet date. he level of the ACLL is based on management’s ongoing review of all relevant information, from internal and external sources, relating to past and current events, utilizing an 8-quarter The ACLL is measured on a collective (pool) basis when similar risk characteristics exist. The Company evaluates its risk characteristics of loans based on regulatory call report code with sub-segmentation based on geographic territory (New York and Florida). Risk characteristics relevant to each portfolio segment are as follows: Commercial: ‑ Residential real estate: one‑ ‑ Installment: Loans that do not share risk characteristics are evaluated on an individual basis, which the Company has determined are non-accrual loans that have been delinquent 180 days or greater, commercial non-accrual loans and loans identified as loan modifications. Loans evaluated individually are not also included in the collective evaluation. Estimates of specific allowance may be determined by the present value of anticipated future cash flows or the loan’s observable fair market value, or the fair value of the collateral less costs to sell, if the loan is collateral dependent. However, for collateral dependent loans, the amount of the amortized cost in a loan that exceeds the fair value of the collateral is charged-off against the allowance for credit losses on loans in lieu of an allocation of a specific allowance amount when such an amount has been identified definitively as uncollectible. A loan for which terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered a loan modification. In situations where the Bank considers a loan modification, management determines whether the borrower is experiencing financial difficulty by performing an evaluation of the probability that the borrower will be in payment default on any of its debt in the near future without the modification. This evaluation is performed under the Company’s underwriting policy. Generally, the modification of the terms of loans was the result of the borrower filing for bankruptcy protection. Chapter 13 bankruptcies generally include the deferral of all past due amounts for a period of generally 60 months in accordance with the bankruptcy court order. In the case of Chapter 7 bankruptcies, even though there was no modification of terms, the borrowers’ debt to the Company was discharged and they may not reaffirm the debt. Loan modifications that have subsequently defaulted have the underlying collateral evaluated at the time these loans were identified as loan modifications, and a charge-off was taken at that time, if necessary. Collateral values on these loans are reviewed for collateral sufficiency on a quarterly basis. The allowance for unfunded commitments is maintained at a level by the Company determined to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). The allowance for unfunded commitments is recorded as a separate liability and is included with Accrued expenses and other liabilities on the consolidated statements of condition. Changes in the reserve are recorded through the provision for credit losses on the consolidated statements of income. Prior to the adoption of CECL, the Company calculated the allowance for loan losses under the incurred loss methodology. |
Bank Premises and Equipment | Bank Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on either the straight ‑ |
Other Real Estate Owned | Other Real Estate Owned Assets that are acquired through or instead of foreclosure are initially recorded at fair value less costs to sell. These assets are subsequently accounted for at the lower of cost or fair value less costs to sell. Subsequent write downs and gains and losses on sale are included in noninterest expense. Operating costs after acquisition are also included in noninterest expense. At December 31, 2023 and 2022, there were $194 thousand and $2.1 million, respectively, of other real estate owned included in the category of Other Assets in the accompanying Consolidated Statements of Condition. |
Income Taxes | Income Taxes Deferred taxes are recorded for the future tax consequences of events that have been recognized in the financial statements or tax returns based upon enacted tax laws and rates. Deferred tax assets are recognized subject to management’s judgment that realization is more likely than not. The amount recognized is the largest amount of tax benefit that has a greater than 50% likelihood of being realized on examination. For tax positions not meeting the “more likely than not” test, no benefit is recorded. |
Dividend Restrictions | Dividend Restrictions The Company’s ability to pay dividends to its shareholders is dependent upon the ability of the Bank to pay dividends to the Company. The payment of dividends by the Bank to the Company is subject to continued compliance with minimum regulatory capital requirements and the filing of notices with the Bank’s and the Company’s regulators. The Bank’s primary regulator may disapprove a dividend if: the Bank would be undercapitalized following the distribution; the proposed capital distribution raises safety and soundness concerns; or the capital distribution would violate a prohibition contained in any statue, regulation, or agreement between the Bank and a regulator or a condition imposed in a previously approved application or notice. Currently the Bank meets the regulatory definition of a well-capitalized institution. During 2024, the Bank could declare dividends of approximately $99.8 million plus any 2024 net profits retained to the date of the dividend declaration. |
Benefit Plans | Benefit Plans The Company has a defined benefit pension plan covering substantially all of its employees who participated in the plan before it was frozen as of December 31, 2006. The benefits are based on years of service and the employee’s compensation The Company has a postretirement benefit plan that permits retirees under age 65 to participate in the Company’s medical plan by which retirees pay all of their premiums. Under certain employment contracts with selected executive officers, the Company is obligated to provide postretirement benefits to these individuals once they attain certain vesting requirements. The Company recognized in the Consolidated Statement of Condition the funded status of the pension plan and postretirement benefit plan with an offset, net of tax, recorded in accumulated other comprehensive income (loss). |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company has stock-based compensation plans for employees and directors. Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options while, for restricted stock awards, the fair value of the Company’s common stock at the date of grant is used. Compensation cost for stock options and restricted stock awards to be settled in stock are recognized over the required service period generally defined as the vesting period. The expense is recognized over the shorter of each award’s vesting period or the retirement date for any awards that vest immediately upon eligible retirement. Awards to be settled in cash based on the fair value of the Company’s stock at vesting are treated as liability based awards. Compensation costs for liability based awards are re ‑ |
Earnings Per Share | Earnings Per Share Basic earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. All outstanding unvested share ‑ ‑ |
Segment Reporting | Segment Reporting The Company’s operations are exclusively in the financial services industry and include the provision of traditional banking services. Management evaluates the performance of the Company based on only one business segment, that of community banking. The Company operates primarily in the geographical region of Upstate New York with branches also in Florida and the mid ‑ |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company classifies cash on hand, cash due from banks, Federal Funds sold, and other short-term investments as cash and cash equivalents for disclosure purposes. |
Trust Assets | Trust Assets Assets under management with the Trustco Financial Services Department are not included in the Company’s consolidated financial statements because Trustco Financial Services holds these assets in a fiduciary capacity. |
Comprehensive Income | Comprehensive Income Comprehensive income represents the sum of net income and items of other comprehensive income or loss, which are reported directly in shareholders’ equity, net of tax, such as the change in net unrealized gain or loss on securities available for sale and changes in the funded position of the pension and postretirement benefit plans. Accumulated other comprehensive income or loss, which is a component of shareholders’ equity, represents the net unrealized gain or loss on securities available for sale, net of tax and the funded position in the Company’s pension plan and postretirement benefit plans, net of tax. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 13. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards On January 1, 2022, the Company adopted ASU 2016-13, “Financial Instruments - Credit Losses” (referred to as “CECL” and as Accounting Standards Codification Topic 326 (“ASC 326”)), which amended existing guidance to replace current generally accepted accounting principles used to measure a reporting entity’s credit losses. The main objective of this update is to provide financial statement users with enhanced financial disclosures for more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The allowance for credit losses on loans is a valuation account that is deducted from, or added to, the loans’ amortized cost basis to present the net, lifetime amount expected to be collected on the loans. The measurement of expected credit losses under the CECL methodology applies to financial assets measured at amortized cost including loan receivables and held to maturity debt securities. The update also applies to off-balance sheet exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees and other similar instruments). In addition, CECL made changes to the accounting for available for sale securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale debt securities that management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted CECL using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. Results for reporting periods beginning after January 1, 2022 are presented under CECL while prior period amounts continue to be reported in accordance with previous applicable GAAP. On the adoption date, the Company increased the allowance for credit losses on loans by $2.4 million and increased the allowance for credit losses for unfunded commitments by $2.3 million (included in Accrued expenses and other liabilities). The Company recorded a net decrease to undivided profits of $3.5 million, net of $1.2 million in deferred tax balances as of January 1, 2022 for the cumulative effect of adopting CECL. The Company did not record an allowance for credit losses as of January 1, 2022 on its securities available for sale or held to maturity. The impact of the January 1, 2022 adoption entry is summarized in the table below: (in thousands) December 31, 2021 Pre-CECL Adoption Impact of Adoption January 1, 2022 Post-CECL Adoption Assets: Allowance for credit losses on loans $ 44,267 $ 2,353 $ 46,620 Allowance for credit losses on securities - - - Liabilities and shareholders’ equity: Other liabilities (ACL unfunded loan commitments) 18 2,335 2,353 Tax Effect, net (included in other assets) - (1,218 ) - Total 44,285 3,470 48,973 Undivided Profits $ 349,056 $ (3,470 ) $ 345,586 ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures: In March 2022, FASB issued ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructuring and Vintage Disclosures. ASU 2022-02 eliminates the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, the amendments in this ASU require that public business entities disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments - Credit Losses -Measured at Amortized Cost. For entities, like TrustCo, that have adopted the amendments in ASU 2016-13, the amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those years. Early adoption was permitted, including adoption in an interim period. An entity may have elected to adopt the loan modification guidance and related disclosure enhancements separately from the amendments related to vintage disclosures. The Company adopted the ASU on January 1, 2023 using the prospective approach and the adoption did not have a material impact to the Company, however, disclosures were modified for the new guidance. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Presentation [Abstract] | |
Impact of Financial Instruments - Credit Losses Adoption | The impact of the January 1, 2022 adoption entry is summarized in the table below: (in thousands) December 31, 2021 Pre-CECL Adoption Impact of Adoption January 1, 2022 Post-CECL Adoption Assets: Allowance for credit losses on loans $ 44,267 $ 2,353 $ 46,620 Allowance for credit losses on securities - - - Liabilities and shareholders’ equity: Other liabilities (ACL unfunded loan commitments) 18 2,335 2,353 Tax Effect, net (included in other assets) - (1,218 ) - Total 44,285 3,470 48,973 Undivided Profits $ 349,056 $ (3,470 ) $ 345,586 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment Securities [Abstract] | |
Amortized Cost and Fair Value of Securities Available For Sale | The amortized cost and fair value of the securities available for sale are as follows: (dollars in thousands) December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair 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, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government sponsored enterprises $ 124,123 $ 1 $ 5,937 $ 118,187 State and political subdivisions 34 - - 34 Mortgage backed securities and collateralized mortgage obligations - residential 291,431 34 31,149 260,316 Corporate bonds 85,641 - 4,295 81,346 Small Business Administration - guaranteed participation securities 23,115 - 2,138 20,977 Other 686 - 33 653 Total securities available for sale $ 525,030 $ 35 $ 43,552 $ 481,513 |
Securities, Available-for-sale and Held-to-maturity [Abstract] | |
Proceeds from Sales, Calls/Paydowns and Maturities of Securities Available for Sale, Gross Realized Gains and Gross Realized Losses | The proceeds from sales, calls/paydowns and maturities of securities available for sale, and gross realized gains and gross realized losses from sales during , and are as follows: Years ended December 31, (dollars in thousands) 2023 2022 2021 Proceeds from sales $ - $ - $ - Proceeds from calls/paydowns 53,503 68,954 148,609 Proceeds from maturities 5,008 15,057 9,162 Gross realized losses - - - Gross realized gains - - - |
Amortized Cost and Fair Value of Held to Maturity Securities | The amortized cost and fair value of the held to maturity securities are as follows: December 31, 2023 (dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair 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 December 31, 2022 (dollars in thousands) Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 7,707 $ 90 $ 217 $ 7,580 Total held to maturity $ 7,707 $ 90 $ 217 $ 7,580 |
Securities Held in Available For Sale and Held to Maturity Greater Than 10% of Shareholders Equity | The Company has the following balances of securities held in the available for sale and held to maturity portfolios as of December 31, 2023 that represent greater than 10% of shareholders’ equity: (dollars in thousands) Amortized Cost Fair Value Federal National Mortgage Association $ 165,146 $ 149,532 Federal Home Loan Mortgage Corporation 103,230 95,243 Corporate Bonds 80,150 78,052 |
Securities Available for Sale [Member] | |
Securities, Available-for-sale and Held-to-maturity [Abstract] | |
Debt Securities Based on Securities Contractual Maturity | The following table categorizes the amortized cost and fair value of debt securities included in the available for sale portfolio as of December 31, 2023, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Securities not due at a single maturity are shown separately: (dollars in thousands) Amortized Cost Fair Value Due in one year or less $ 70,701 $ 70,059 Due in after one year through five years 131,890 127,367 Mortgage backed securities and collateralized mortgage obligations - residential 263,182 237,677 Small Business Administration - guaranteed participation securities 18,740 17,186 $ 484,513 $ 452,289 |
Gross Unrealized Losses on Investment Securities and Related Fair Values in Unrealized Loss Position | Gross unrealized losses on securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows: (dollars in thousands) December 31, 2023 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 $ - $ - $ 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 Other - - 631 18 631 18 Small Business Administration - guaranteed participation securities - - 17,186 1,554 17,186 1,554 Total $ - $ - $ 439,923 $ 32,510 $ 439,923 $ 32,510 (dollars in thousands) December 31, 2022 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 $ 57,849 $ 1,290 $ 55,337 $ 4,647 $ 113,186 $ 5,937 Mortgage backed securities and collateralized mortgage obligations - residential 164,772 13,010 93,009 18,139 257,781 31,149 Corporate bonds 52,805 2,395 28,542 1,900 81,347 4,295 Small Business Administration - guaranteed participation securities 802 71 20,175 2,067 20,977 2,138 Mortgage backed securities and collateralized mortgage obligations - commercial - - - - - - Other 49 1 568 32 617 33 Total $ 276,277 $ 16,767 $ 197,631 $ 26,785 $ 473,908 $ 43,552 |
Held to Maturity Securities [Member] | |
Securities, Available-for-sale and Held-to-maturity [Abstract] | |
Debt Securities Based on Securities Contractual Maturity | The following table categorizes the debt securities included in the held to maturity portfolio as of December 31, 2023, based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Securities not due at a single maturity date are shown separately. (dollars in thousands) Amortized Cost Fair Value Mortgage backed securities and collateralized mortgage obligations - residential $ 6,458 6,396 $ 6,458 6,396 |
Gross Unrealized Losses on Investment Securities and Related Fair Values in Unrealized Loss Position | Gross unrealized losses on held to maturity securities and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows: December 31, 2023 (dollars in thousands) Less than 12 months 12 months or more Total Fair Value Gross Unrec. Loss Fair Value Gross Unrec. Loss Fair Value Gross Unrec. 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 December 31, 2022 (dollars in thousands) Less than 12 months 12 months or more Total Fair Value Gross Unrec. Loss Fair Value Gross Unrec. Loss Fair Value Gross Unrec. Loss Mortgage backed securities and collateralized mortgage obligations - residential $ 3,327 $ 206 $ 258 $ 11 $ 3,585 $ 217 Total $ 3,327 $ 206 $ 258 $ 11 $ 3,585 $ 217 |
Loan Portfolio and Allowance _2
Loan Portfolio and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loan Portfolio and Allowance for Credit Losses [Abstract] | |
Recorded Investment in Loans by Portfolio Segment | The following table presents loans by portfolio segment: 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 *Includes New York, New Jersey, Vermont and Massachussetts. December 31, 2022 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 177,371 $ 32,551 $ 209,922 Other 20,221 868 21,089 Real estate mortgage - 1 to 4 family: First mortgages 2,776,989 1,369,913 4,146,902 Home equity loans 43,999 12,550 56,549 Home equity lines of credit 191,926 94,506 286,432 Installment 9,408 2,899 12,307 Total loans, net $ 3,219,914 $ 1,513,287 4,733,201 Less: Allowance for credit losses 46,032 Net loans $ 4,687,169 *Includes New York, New Jersey, Vermont and Massachussetts. |
Activity in Allowance For Credit Losses on Loans by Portfolio Segment | Activity in the allowance for credit losses on loans by portfolio segment for the years ended December 31, 2023, and 2022 are summarized as follows: For the year ended December 31, 2023 (dollars in thousands) Real Estate Mortgage- Commercial 1 to 4 Family Installment Total Balance at beginning of period $ 2,596 $ 43,271 $ 165 $ 46,032 Loans charged off: New York and other states* - 371 97 468 Florida - - 79 79 Total loan chargeoffs - 371 176 547 Recoveries of loans previously charged off: New York and other states* 129 392 45 566 Florida - 25 2 27 Total recoveries 129 417 47 593 Net loans (recoveries) charged off (129 ) (46 ) 129 (46 ) (Credit) provision for credit losses 10 2,308 182 2,500 Balance at end of period $ 2,735 $ 45,625 $ 218 $ 48,578 * Includes New York, New Jersey, Vermont and Massachusetts. For the year ended December 31, 2022 (dollars in s) Real Estate Mortgage- Commercial 1 to Family Installment Total Balance at beginning of period $ 3,135 40,689 443 44,267 Impact of ASU - Current Expected Credit Loss (CECL) (986 ) 3,717 (378 ) 2,353 Balance as of January as adjusted for ASU - 2,149 44,406 65 46,620 Loans charged off: New York and other states* 40 24 87 151 Florida - - 1 1 Total loan chargeoffs 40 24 88 152 Recoveries of loans previously charged off: New York and other states* 4 450 7 461 Florida - - 3 3 Total recoveries 4 450 10 464 Net loan recoveries 36 (426 ) 78 (312 ) (Credit) provision for loan losses 483 (1,561 ) 178 (900 ) Balance at end of period $ 2,596 43,271 165 46,032 * Includes New York, New Jersey, Vermont and Massachusetts. Activity in the allowance for loan losses by portfolio segment as calculated under the probable incurred loss method for the year ended December 31, 2021 is as follows: For the year ended December 31, 2021 (dollars in thousands) Real Estate Mortgage- Commercial 1 to 4 Family Installment Total Balance at beginning of period $ 4,140 $ 44,950 $ 505 $ 49,595 Loans charged off: New York and other states* 30 339 58 427 Florida - 1 2 3 Total loan chargeoffs 30 340 60 430 Recoveries of loans previously charged off: New York and other states* 32 464 54 550 Florida - 2 - 2 Total recoveries 32 466 54 552 Net loans charged off (2 ) (126 ) 6 (122 ) Credit for loan losses (1,007 ) (4,387 ) (56 ) (5,450 ) Balance at end of period $ 3,135 $ 40,689 $ 443 $ 44,267 * Includes New York, New Jersey, Vermont and Massachusetts. |
Allowance For Credit Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following tables present the balance in the allowance for credit losses on loans by portfolio segment and based on impairment evaluation as of December 31, 2023 and 2022: 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 December 31, 2022 (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 2,596 43,271 165 46,032 Total ending allowance balance $ 2,596 43,271 165 46,032 Loans: Individually evaluated for impairment $ 646 24,967 82 25,695 Collectively evaluated for impairment 230,365 4,464,916 12,225 4,707,506 Total ending loans balance $ 231,011 $ 4,489,883 $ 12,307 $ 4,733,201 |
Allowance for Credit Losses on Unfunded Commitments | The Company’s activity in the allowance for credit losses on unfunded commitments were as follows: (In thousands) For the year ended December 31, 2023 Balance at January 1, 2023 $ 2,912 (Credit) provision for credit losses (1,250 ) Balance at December 31, 2023 $ 1,662 (In s) For the year ended December 31, Balance at January $ 18 Impact of Adopting CECL 2,335 Adjusted Balance at January $ 2,353 Provision for credit losses 559 Balance at December $ 2,912 |
Risk Category Loans by Class of Loans | As of December and based on the most recent analysis performed, the risk category of loans by class of loans, and gross charge-offs year to date for each loan type by origination year was as follows: Loan Credit Quality (in s) As of December 31, 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 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Residenti al First Mo Risk rating Performing $ 417,197 $ 565,601 $ 877,736 $ 732,798 $ 342,559 $ 1,354,867 $ 3,042 $ - $ 4,293,800 Nonperforming 64 210 383 229 1,119 11,300 - - 13,305 Total Mortgage: $ 417,261 $ 565,811 $ 878,119 $ 733,027 $ 343,678 $ 1,366,167 $ 3,042 $ - $ 4,307,105 Residential 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 Loans: Current-period Gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Home Equity Lines of Credit: 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 Lines of Credit: 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 Loan Credit Quality (in s) As of December Term Loans Amortized Cost Basis by Origination Year Commercial : 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loan Converted to Term Total Risk rating Pass $ 79,430 $ 29,991 $ 18,708 $ 22,790 $ 16,598 $ 32,666 $ 8,022 $ - $ 208,205 Special Mention - - 62 - 243 - - - 305 Substandard - - 113 - 128 1,171 - - 1,412 Total Commercial Loans $ 79,430 $ 29,991 $ 18,883 $ 22,790 $ 16,969 $ 33,837 $ 8,022 $ - $ 209,922 Commercial Loans: Current-period Gross writeoffs $ - $ - $ - $ - $ - $ 40 $ - $ - $ 40 $ - $ - $ - $ - $ - $ 40 $ - $ - $ 40 Commercial Other: Risk rating Pass $ 2,972 $ 2,848 $ 2,273 $ 590 $ 674 $ 2,348 $ 8,908 $ - $ 20,613 Special mention - - - - - - 39 - 39 Substandard - 339 - - - 98 - - 437 Total Commercial Real Estate Loans $ 2,972 $ 3,187 $ 2,273 $ 590 $ 674 $ 2,446 $ 8,947 $ - $ 21,089 Other Commercial Loans: Current-period Gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Residenti al First Mo Risk rating Performing $ 557,981 $ 933,754 $ 784,511 $ 368,137 $ 257,926 $ 1,228,776 $ 1,472 $ - $ 4,132,557 Nonperforming - 496 81 844 351 12,573 - - 14,345 Total Mortgage: $ 557,981 $ 934,250 $ 784,592 $ 368,981 $ 258,277 $ 1,241,349 $ 1,472 $ - $ 4,146,902 Residential Mortgage Loans: Current-period Gross writeoffs $ - $ - $ - $ - $ - $ 5 $ - $ - $ 5 $ - $ - $ - $ - $ - $ 5 $ - $ - $ 5 Home Equity Loans: Risk rating Performing $ 6,863 $ 9,124 $ 6,322 $ 7,588 $ 5,240 $ 21,217 $ - $ - $ 56,354 Nonperforming - - - - 66 129 - - 195 Total Home Equity Loans: $ 6,863 $ 9,124 $ 6,322 $ 7,588 $ 5,306 $ 21,346 $ - $ - $ 56,549 Home Equity Lines Loans: Current-period Gross writeoffs $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Home Equity Credit Lines: Risk rating Performing $ 1,369 $ 1,246 $ 740 $ 52 $ 100 $ 18,377 $ 262,244 $ - $ 284,128 Nonperforming - 7 - - - 2,111 186 - 2,304 Total Home Equity Credit Lines: $ 1,369 $ 1,253 $ 740 $ 52 $ 100 $ 20,488 $ 262,430 $ - $ 286,432 Home Equity Credit Lines Loans: Current-period Gross writeoffs $ - $ - $ - $ - $ - $ 19 $ - $ - $ 19 $ - $ - $ - $ - $ - $ 19 $ - $ - $ 19 Installments: Risk rating Performing $ 6,385 $ 2,495 $ 805 $ 709 $ 374 $ 308 $ 1,125 $ - $ 12,201 Nonperforming 20 17 - 65 - 1 3 - 106 Total Installments $ 6,405 $ 2,512 $ 805 $ 774 $ 374 $ 309 $ 1,128 $ - $ 12,307 Installments Loans: Current-period Gross writeoffs $ 1 $ 47 $ 22 $ 7 $ 2 $ 9 $ - $ - $ 88 $ 1 $ 47 $ 22 $ 7 $ 2 $ 9 $ - $ - $ 88 |
Aging of Recorded Investment in Past Due Loans by Loan Class and by Region | The following tables present the aging of the amortized cost in past due loans by loan class and by region 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 * Includes New York, New Jersey, Vermont and Massachusetts. As of December 31, 2022 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 $ - - 161 161 177,210 177,371 Other 18 - 20 38 20,183 20,221 Real estate mortgage - 1 to 4 family: First mortgages 4,262 921 7,203 12,386 2,764,603 2,776,989 Home equity loans 283 - 67 350 43,649 43,999 Home equity lines of credit 978 - 591 1,569 190,357 191,926 Installment 78 4 23 105 9,303 9,408 Total $ 5,619 925 8,065 14,609 3,205,305 3,219,914 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 $ - - - - 32,551 32,551 Other - - 314 314 554 868 Real estate mortgage - 1 to 4 family: First mortgages 1,183 243 1,404 2,830 1,367,083 1,369,913 Home equity loans 51 - - 51 12,499 12,550 Home equity lines of credit 224 - - 224 94,282 94,506 Installment 6 - 83 89 2,810 2,899 Total $ 1,464 243 1,801 3,508 1,509,779 1,513,287 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 $ - - 161 161 209,761 209,922 Other 18 - 334 352 20,737 21,089 Real estate mortgage - 1 to 4 family: First mortgages 5,445 1,164 8,607 15,216 4,131,686 4,146,902 Home equity loans 334 - 67 401 56,148 56,549 Home equity lines of credit 1,202 - 591 1,793 284,639 286,432 Installment 84 4 106 194 12,113 12,307 Total $ 7,083 1,168 9,866 18,117 4,715,084 4,733,201 * Includes New York, New Jersey, Vermont and Massachusetts. |
Recorded Investment in Non-Accrual Loans by Loan Class | The following tables presents the amortized cost basis in non-accrual loans by portfolio segment as of December 31, 2023 and 2022: 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 December 31, 2022 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 199 $ - $ 199 Other 20 314 334 Real estate mortgage - 1 to 4 family: First mortgages 12,609 1,736 14,345 Home equity loans 153 42 195 Home equity lines of credit 2,187 117 2,304 Installment 23 83 106 Total non-accrual loans 15,191 2,292 17,483 Restructured real estate mortgages - 1 to 4 family 10 - 10 Total nonperforming loans $ 15,201 $ 2,292 $ 17,493 * Includes New York, New Jersey, Vermont and Massachusetts. |
Loans on Non-Accrual Status and Past Due More than 90 Days | The following tables present the amortized cost basis of loans on non-accrual status and loans past due over days still accruing as of December 31, 2023 and 2022: As of D ecember 31, (dollars in s) Non-accrual With No Allowance for Credit Loss Non-accrual With Allowance for Credit Loss Loans Past Due Over Days Still Accruing Commercial: Commercial real estate $ 536 $ - - Other 314 - - Real estate mortgage - to 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 D ecember 31, (dollars in s) Non-accrual With No Allowance for Credit Loss Non-accrual With Allowance for Credit Loss Loans Past Due Over Days Still Accruing Commercial: Commercial real estate $ 160 $ 39 - Other 20 314 - Real estate mortgage - to family: First mortgages 13,502 843 - Home equity loans 129 66 - Home equity lines of credit 2,257 47 - Installment 82 24 - Total loans, net $ 16,150 $ 1,333 - |
Amortized Cost of Collateral-dependent Loans by Class | The following tables present the amortized cost basis of individually analyzed collateral dependent loans by portfolio segment as of December 2023 and : As of December 31, 2023 Type of Collateral (dollars in s) Real Estate Investment Securities/Cash Other Commercial: Commercial real estate $ 643 - - Other 314 - - Real estate mortgage - to family: First mortgages 20,018 - - Home equity loans 371 - - Home equity lines of credit 3,239 - - Installment 144 - - Total $ 24,729 - - As of December 31, 2022 Type of Collateral (dollars in s) Real Estate Investment Securities/Cash Other Commercial: Commercial real estate $ 312 - - Other 334 - - Real estate mortgage - to family: First mortgages 21,467 - - Home equity loans 236 - - Home equity lines of credit 3,264 - - Installment 82 - - Total $ 25,695 - - |
Amortized Cost Basis of Loans Modified to Borrowers Experiencing Financial Difficulty and Financial Effects of Loan Modifications | The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below: For the year ended December 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 895 0.03 % Home equity loans - - Home equity lines of credit 50 0.02 % Installment - - Total $ 945 0.03 % 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 338 0.02 % Home equity loans - - Home equity lines of credit - - Installment - - Total $ 338 0.02 % 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 1,233 0.03 % Home equity loans - - Home equity lines of credit 50 0.02 % Installment - - Total $ 1,283 0.03 % * Includes New York, New Jersey, Vermont and Massachusetts. |
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty | The following table describes the performance of loans that have been modified as of December 31, 2023: As of December 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 691 152 - 52 895 Home equity loans - - - - - Home equity lines of credit 50 - - - 50 Installment - - - - - Total $ 741 $ 152 $ - $ 52 $ 945 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 338 - - - 338 Home equity loans - - - - - Home equity lines of credit - - - - - Installment - - - - - Total $ 338 $ - $ - $ - $ 338 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 1,029 152 - 52 1,233 Home equity loans - - - - - Home equity lines of credit 50 - - - 50 Installment - - - - - Total $ 1,079 $ 152 $ - $ 52 $ 1,283 * Includes New York, New Jersey, Vermont and Massachusetts. |
Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty | The following tables describes the financial effect of the modifications made to borrowers experiencing financial difficulty: For the year ended December 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 21 Home equity loans - Home equity lines of credit 18 Installment - Total $ 39 Weighted Florida: Average Payment (dollars in thousands) Delay (Months) Commercial: Commercial real estate $ - Other - Real estate mortgage - 1 to 4 family: First mortgages 24 Home equity loans - Home equity lines of credit - Installment - Total $ 24 Weighted Average Payment (dollars in thousands) Delay (Months) Commercial: Commercial real estate $ - Other - Real estate mortgage - 1 to 4 family: First mortgages 45 Home equity loans - Home equity lines of credit 18 Installment - Total $ 63 * Includes New York, New Jersey, Vermont and Massachusetts. |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Bank Premises and Equipment [Abstract] | |
Summary of Premises and Equipment | A summary of premises and equipment at December 31, 2023 and 2022 follows: (dollars in thousands) 2023 2022 Land $ 2,444 $ 2,426 Buildings 36,347 36,260 Furniture, fixtures and equipment 62,901 60,320 Leasehold improvements 36,418 34,860 Total bank premises and equipment 138,110 133,866 Accumulated depreciation and amortization (104,104 ) (101,310 ) Total $ 34,007 $ 32,556 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Interest Expense on Deposits | Interest expense on deposits was as follows: (dollars in thousands) For the year ended December 31, 2023 2022 2021 Interest bearing checking accounts $ 382 $ 190 $ 178 Savings accounts 2,531 920 624 Time deposits and money market accounts 50,439 4,617 5,863 Total $ 53,352 $ 5,727 $ 6,665 |
Maturity of Total Time Deposits | At December 31, 2023, the maturity of total time deposits is as follows: (dollars in thousands) Under 1 year $ 1,715,122 1 to 2 years 26,971 2 to 3 years 1,122 3 to 4 years 91,716 4 to 5 years 1,061 Over 5 years 32 $ 1,836,024 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings [Abstract] | |
Short-Term Borrowings (Repurchase Agreements) | Short-term borrowings (repurchase agreements) of the Company were cash management accounts as follows: (dollars in thousands) 2023 2022 2021 Amount outstanding at December 31, $ 88,990 $ 122,700 $ 244,686 Maximum amount outstanding at any month end 134,293 253,219 244,686 Average amount outstanding 114,639 177,599 232,815 Weighted average interest rate: For the year 0.88 % 0.42 % 0.39 % As of year end 0.86 0.86 0.37 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Summary of Income Tax Expense | A summary of income tax expense included in the Consolidated Statements of Income follows: (dollars in thousands) For the year ended December 31, 2023 2022 2021 Current tax expense: Federal $ 15,224 $ 17,136 $ 17,657 State 1,587 2,933 3,195 Total current tax expense 16,811 20,069 20,852 Deferred tax (benefit) expense 2,156 4,114 (238 ) Total income tax expense $ 18,967 $ 24,183 $ 20,614 |
Tax Effects of Temporary Differences | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022, are as follows: As of December 31, (dollars in thousands) 2023 2022 Deductible temporary differences Deductible temporary differences Benefits and deferred remuneration $ (9,490 ) $ (8,478 ) Difference in reporting the allowance for credit losses, net 12,995 12,424 Other income or expense not yet reported for tax purposes (1,188 ) 420 Depreciable assets (2,496 ) (2,389 ) Net deferred tax (liability) asset at end of year (179 ) 1,977 Impact of ASU 2016-13, Current Expected Credit Loss (CECL) - 1,218 Net deferred tax asset at beginning of year 1,977 4,873 Deferred tax expense $ 2,156 $ 4,114 |
Effective Income Tax Rate | The effective tax rates differ from the statutory federal income tax rate. The reasons for these differences are as follows: For the year ended December 31, 2023 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % Increase/(decrease) in taxes resulting from: State income tax, net of federal tax benefit 3.1 3.0 3.2 Other items 0.3 0.3 0.9 Effective income tax rate 24.4 % 24.3 % 25.1 % |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Change in Component of Other Comprehensive income (Loss) Related to Retirement Plan and Post-retirement Benefit Plan | The following table details the change in the components of other comprehensive income (loss) related to the retirement plan and the postretirement benefit plan, at December 31, 2023 and 2022, respectively: (dollars in thousands) December 31, 2023 Retirement Plan Post- Retirement Benefit Plan Total Change in overfunded position of pension and postretirement benefits $ (5,380 ) $ (2,575 ) $ (7,955 ) Amortization of net actuarial gain - 423 423 Amortization of prior service credit - (13 ) (13 ) Total $ (5,380 ) $ (2,165 ) $ (7,545 ) December 31, 2022 Retirement Plan Post- Retirement Benefit Plan Total Change in overfunded position of pension and postretirement benefits $ 4,869 $ 3,397 $ 8,266 Prior service cost - - - Amortization of net actuarial gain - 1,008 1,008 Amortization of prior service cost - 313 313 Total $ 4,869 $ 4,718 $ 9,587 |
Asset Allocation of Pension and Postretirement Benefit Plans | The asset allocations of the Company’s pension and postretirement benefit plans at December 31, were as follows: Pension Benefit Plan Assets Postretirement Benefit Plan Assets 2023 2022 2023 2022 Debt Securities 34 % 30 % 27 % 29 % Equity Securities 63 59 61 57 Other 3 11 12 14 Total 100 % 100 % 100 % 100 % |
Fair Value of Plan Assets by type of Financial Instrument and Level Hierarchy | The fair value of the plan assets at December 31, 2023 and 2022, by asset category, is as follows: Fair Value Measurements at December 31, 2023 Using: Retirement Plan (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets Cash and cash equivalents $ 1,811 $ 1,811 $ - $ - Equity mutual funds 37,615 37,615 - - U.S. government sponsored enterprises 19,674 - 19,674 - Corporate bonds - - - - Fixed income mutual funds 541 541 - - Total Plan Assets $ 59,641 $ 39,967 $ 19,674 $ - Fair Value Measurements at December 31, 2023 Using: Postretirement Benefits (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets Cash and cash equivalents $ 3,986 $ 3,986 $ - $ - Equity mutual funds 20,236 20,236 - - U.S. government sponsored enterprises 9,002 - 9,002 - Total Plan Assets $ 33,224 $ 24,222 $ 9,002 $ - Fair Value Measurements at December 31, 2022 Using: Retirement Plan (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets Cash and cash equivalents $ 5,734 $ 5,734 $ - $ - Equity mutual funds 30,972 30,972 - - U.S. government sponsored enterprises 15,423 - 15,423 - Corporate bonds - - - - Fixed income mutual funds 544 544 - - Total Plan Assets $ 52,673 $ 37,250 $ 15,423 $ - Fair Value Measurements at December 31, 2022 Using: Postretirement Benefits (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets Cash and cash equivalents $ 3,945 $ 3,945 $ - $ - Equity mutual funds 16,646 16,646 - - U.S. government sponsored enterprises 8,397 - 8,397 - Corporate bonds - - - - Total Plan Assets $ 28,988 $ 20,591 $ 8,397 $ - |
Summary of the Status of Stock Option Plans | Under the A&R 2019 Equity Incentive Plan, the exercise price of each option may not be less than 100% of the fair value of the Company’s stock on the date of grant, and for an Incentive Stock Option (ISO) granted to a ten-percent , from the date the options were granted. A summary of the status of TrustCo’s stock option awards as of December 31, 2023 and changes during the year then ended, are as follows: Outstanding Options Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Balance, January 1, 2023 76,853 $ 34.48 New options awarded - 2023 - - Expired options - 2023 (29,312 ) 35.23 Options forfeited - 2023 - - Exercised options - 2023 - - Balance, December 31, 2023 47,541 $ 34.01 1.41 years Exercisable Options Balance, December 31, 2023 47,541 $ 34.01 1.41 years |
Restricted Share Units | Restricted share units Outstanding Units Balance, December 31, 2022 83,228 New cash settled awards granted 26,567 Forfeited awards (2,792 ) Awards settled (42,852 ) Balance, December 31, 2023 64,151 |
Performance Share Units | Performance share units Outstanding Units Balance, December 31, 2022 155,633 New cash settled awards granted 22,476 Forfeited awards - Awards settled (42,443 ) Balance, December 31, 2023 135,666 |
Retirement Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Change in Projected/Accumulated Benefit Obligation | The following tables set forth the plan’s funded status and amounts recognized in the Company’s consolidated statements of condition at December 31, 2023 and 2022: Change in Projected Benefit Obligation: December 31, (dollars in thousands) 2023 2022 Projected benefit obligation at beginning of year $ 23,042 $ 30,905 Interest cost 1,213 888 Benefit payments and expected expenses (1,741 ) (1,823 ) Net actuarial loss (gain) 645 (6,928 ) Projected benefit obligation at end of year $ 23,159 $ 23,042 |
Change in Plan Assets and Reconciliation of Funded Status | Change in Plan Assets and Reconciliation of Funded Status: (dollars in thousands) December 31, 2023 2022 Fair value of plan assets at beginning of year $ 28,988 $ 33,344 Actual gain (loss) on plan assets 4,260 (4,341 ) Company contributions 50 57 Benefits paid and actual expenses (74 ) (72 ) Fair value of plan assets at end of year 33,224 28,988 Funded status at end of year $ 27,596 $ 24,095 |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income (loss) consist of the following as of: December 31, 2023 2022 Net actuarial loss (gain) $ 6,550 $ 1,170 |
Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income (Loss) | Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income (Loss): For the years ended December 31, (dollars in thousands) 2023 2022 2021 Service cost $ - $ - $ - Interest cost 1,213 888 856 Expected return on plan assets (2,684 ) (3,227 ) (2,846 ) Net periodic pension credit (1,471 ) (2,339 ) (1,990 ) Amortization of net loss - - - Net actuarial (gain) loss included in other comprehensive income (loss) (5,380 ) 4,869 (7,439 ) Total recognized in other comprehensive income (loss) (5,380 ) 4,869 (7,439 ) Total recognized in net periodic benefit (credit) cost and other comprehensive income (loss) $ (6,851 ) $ 2,530 $ (9,429 ) |
Estimated Future Benefit Payments | Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: (dollars in thousands) Year Pension Benefits 2024 $ 1,706 2025 1,721 2026 1,746 2027 1,747 2028 1,794 2029 - 2033 8,715 |
Assumptions used to Determine Benefit Obligation and Net Periodic Expense | The discount rate assumption used to determine benefit obligations at December 31 is as follows: 2023 2022 2021 Discount rate 5.18 % 5.44 % 2.96 % The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows: 2023 2022 2021 Discount rate 5.44 % 2.96 % 2.65 % Expected long-term rate of return on assets, net of tax 4.00 4.00 4.00 |
Postretirement Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Change in Projected/Accumulated Benefit Obligation | Change in Accumulated Benefit Obligation: (dollars in thousands) December 31, 2023 2022 Accumulated benefit obligation at beginning of year $ 4,893 $ 7,016 Service cost 11 18 Interest cost 271 207 Prior Service cost - - Benefits paid (74 ) (72 ) Net actuarial loss (gain) 527 (2,276 ) Accumulated benefit obligation at end of year $ 5,628 $ 4,893 |
Change in Plan Assets and Reconciliation of Funded Status | Change in Plan Assets and Reconciliation of Funded Status: December 31, (dollars in thousands) 2023 2022 Fair Value of plan assets at beginning of year $ 52,673 $ 63,066 Actual gain (loss) on plan assets 8,747 (8,532 ) Benefit payments and actual expenses (1,779 ) (1,861 ) Fair value of plan assets at end of year 59,641 52,673 Funded status at end of year $ 36,482 $ 29,631 |
Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income consist of the following as of: (dollars in thousands) December 31, 2023 2022 Net actuarial gain $ (7,912 ) $ (5,760 ) Prior service cost 68 81 Total $ (7,844 ) $ (5,679 ) |
Components of Net Periodic Pension Income and Other Amounts Recognized in Other Comprehensive Income (Loss) | Components of Net Periodic Benefit Income and Other Amounts Recognized in Other Comprehensive Income (Loss): (dollars in thousands) December 31, 2023 2022 2021 Service cost $ 11 $ 18 $ 75 Interest cost 271 207 190 Expected return on plan assets (1,157 ) (1,332 ) (1,163 ) Amortization of net actuarial gain (423 ) (1,008 ) (674 ) Amortization of prior service cost (credit) 13 (313 ) 405 Net periodic benefit credit (1,285 ) (2,428 ) (1,167 ) Net loss (gain) (2,575 ) 3,397 (3,469 ) Amortization of prior service credit (cost) (13 ) 313 (405 ) Prior service cost - - 611 Amortization of net gain 423 1,008 674 Total amount recognized in other comprehensive loss (2,165 ) 4,718 (2,589 ) Total amount recognized in net periodic benefit cost and other comprehensive loss $ (3,450 ) $ 2,290 $ (3,756 ) |
Estimated Future Benefit Payments | Expected Future Benefit Payments The following benefit payments are expected to be paid: (dollars in thousands) Year Postretirement Benefits 2024 $ 132 2025 160 2026 199 2027 229 2028 270 2029 - 2033 1,717 |
Assumptions used to Determine Benefit Obligation and Net Periodic Expense | The assumptions used to determine benefit obligations at December 31 are as follows: 2023 2022 2021 Discount rate 5.18 % 5.44 % 2.96 % The assumptions used to determine net periodic pension expense (benefit) for the years ended December 31 are as follows: 2023 2022 2021 Discount rate 5.44 % 2.96 % 2.65 % Expected long-term rate of return on assets 5.25 5.25 5.25 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings Per Share | A reconciliation of the component parts of earnings per share for 2023, 2022, and 2021 follows: (dollars in thousands, except per share data) For the years ended December 31, 2023 2022 2021 Net income $ 58,646 $ 75,234 $ 61,519 Weighted average common shares 19,024 19,131 19,259 Effect of dilutive common stock options 1 2 4 Weighted average common shares including potential dilutive shares 19,025 19,133 19,263 Basic EPS $ 3.08 $ 3.93 $ 3.19 Diluted EPS $ 3.08 $ 3.93 $ 3.19 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below: Fair Value Measurements at December 31, 2023 Using: (dollars in s) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale: U.S. government sponsored enterprises $ 118,668 $ - $ 118,668 $ - State and political subdivisions 26 - 26 - Mortgage backed securities and collateralized mortgage obligations - residential 237,677 - 237,677 - Corporate bonds 78,052 - 78,052 - Small Business Administration - guaranteed participation securities 17,186 - 17,186 - Other 680 - 680 - Total securities available for sale $ 452,289 $ - $ 452,289 $ - Fair Value Measurements at December 31, 2022 Using: (dollars in s) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale: U.S. government sponsored enterprises $ 118,187 $ - $ 118,187 $ - State and political subdivisions 34 - 34 - Mortgage backed securities and collateralized mortgage obligations - residential 260,316 - 260,316 - Corporate bonds 81,346 - 81,346 - Small Business Administration - guaranteed participation securities 20,977 - 20,977 - Other 653 - 653 - Total securities available for sale $ 481,513 $ - $ 481,513 $ - |
Assets Measured at Fair Value on Non-Recurring Basis | Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at December 31, 2023 Using: (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation technique Unobservable inputs Range (Weighted Average) Other real estate owned $ 194 $ - $ - $ 194 Sales comparison approach Adjustments for differences between comparable sales 0% - 39% (20 %) Individually evaluated loans: Real estate mortgage - 1 to 4 family - - - - Sales comparison approach Adjustments for differences between comparable sales N/A Fair Value Measurements at December 31, 2022 Using: (dollars in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation technique Unobservable inputs Range (Weighted Average) Other real estate owned $ 2,061 $ - $ - $ 2,061 Sales comparison approach Adjustments for differences between comparable sales 2% - 47% (18 %) Individually evaluated loans: Real estate mortgage - 1 to 4 family - - - - Sales comparison approach Adjustments for differences between comparable sales N/A |
Carrying Amounts and Estimated Fair Values of Financial Instruments | In accordance with ASC 825, the carrying amounts and estimated fair values (exit price) of financial instruments at December 31, 2023 and 2022 are as follows: (dollars in thousands) Carrying Fair Value Measurements at December 31, 2023 Using: Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 578,004 578,004 - - 578,004 Securities available for sale 452,289 - 452,289 - 452,289 Held to maturity securities 6,458 - 6,396 - 6,396 Federal Reserve Bank and Federal Home Loan Bank stock 6,203 N/A N/A N/A N/A Net loans 4,954,301 - - 4,422,027 4,422,027 Accrued interest receivable 13,683 234 1,920 11,529 13,683 Financial liabilities: Demand deposits 754,532 754,532 - - 754,532 Interest bearing deposits 4,596,245 2,760,221 1,819,789 - 4,580,010 Short-term borrowings 88,990 - 88,990 - 88,990 Accrued interest payable 3,612 256 3,356 - 3,612 (dollars in thousands) Carrying Fair Value Measurements at December 31, 2022 Using: Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 650,599 650,599 - - 650,599 Securities available for sale 481,513 - 481,513 - 481,513 Held to maturity securities 7,707 - 7,580 - 7,580 Federal Reserve Bank and Federal Home Loan Bank stock 5,797 N/A N/A N/A N/A Net loans 4,687,169 - - 4,328,508 4,328,508 Accrued interest receivable 11,492 189 1,866 9,437 11,492 Financial liabilities: Demand deposits 838,147 838,147 - - 838,147 Interest bearing deposits 4,354,663 3,325,900 1,012,528 - 4,338,428 Short-term borrowings 122,700 - 122,700 - 122,700 Accrued interest payable 602 60 542 - 602 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Capital Requirements [Abstract] | |
Summary of Actual Capital Amounts and Ratios | The following is a summary of actual capital amounts and ratios as of December 31, 2023 and 2022, for Trustco Bank: 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 As of December 31, 2022 Well Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Capitalized (1) Buffer (1)(2) Tier 1 leverage ratio $ 609,998 10.116 % 5.000 % 4.000 % Common equity Tier 1 capital 609,998 18.431 6.500 7.000 Tier 1 risk-based capital 609,998 18.431 8.000 8.500 Total risk-based capital 651,462 19.684 10.000 10.500 The following is a summary of actual capital amounts and ratios as of December 31, 2023 and 2022 for TrustCo on a consolidated basis. 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 As of December 31, 2022 Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Buffer (1)(2) Tier 1 leverage ratio $ 626,628 10.390 % 4.000 % Common equity Tier 1 capital 626,628 18.929 7.000 Tier 1 risk-based capital 626,628 18.929 8.500 Total risk-based capital 668,102 20.182 10.500 (1) Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized. (2) The December 31, 2023 and 2022 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Income (Loss) Balances, Net of Tax | The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax: December 31, 2023 (dollars in thousands) Balance at 12/31/2022 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- year ended 12/31/2023 Balance at 12/31/2023 Net unrealized holding gain (loss) on securities available for sale, net of tax $ (32,271 ) $ 8,372 $ - $ 8,372 $ (23,899 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 7,588 5,888 - 5,888 13,476 Net change in net actuarial gain and prior service cost on pension and pension and postretirement benefit plans, net of tax (2,511 ) - (303 ) (303 ) (2,814 ) Accumulated other comprehensive (loss) income, net of tax $ (27,194 ) $ 14,260 $ (303 ) $ 13,957 $ (13,237 ) December 31, 2022 (dollars in thousands) Balance at 12/31/2021 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- year ended 12/31/2022 Balance at 12/31/2022 Net unrealized holding gain on securities available for sale, net of tax $ (26 ) $ (32,245 ) $ - $ (32,245 ) $ (32,271 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 13,706 (6,118 ) - (6,118 ) 7,588 Net change in net actuarial gain and prior service credit on pension and pension and postretirement benefit plans, net of tax (1,533 ) - (978 ) (978 ) (2,511 ) Accumulated other comprehensive income (loss), net of tax $ 12,147 $ (38,363 ) $ (978 ) $ (39,341 ) $ (27,194 ) December 31, 2021 (dollars in thousands) Balance at 12/31/2020 Other Comprehensive Income (loss)- Before Reclassifications Amount reclassified from Accumulated Other Comprehensive Income Other Comprehensive Income (loss)- year ended 12/31/2021 Balance at 12/31/2021 Net unrealized holding (loss) gain on securities available for sale, net of tax $ 7,186 $ (7,212 ) $ - $ (7,212 ) $ (26 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 6,084 7,622 - 7,622 13,706 Net change in net actuarial gain and prior service credit on pension and pension and postretirement benefit plans, net of tax (1,334 ) - (199 ) (199 ) (1,533 ) Accumulated other comprehensive income, net of tax $ 11,936 $ 410 $ (199 ) $ 211 $ 12,147 |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following represents the reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021: (dollars in thousands) Years ended December 31, 2023 2022 2021 Affected Line Item in Financial Statements Amortization of pension and postretirement benefit items: Amortization of net actuarial gain 423 1,008 674 Salaries and employee benefits Amortization of prior service (cost) credit (13 ) 313 (405 ) Salaries and employee benefits Income tax benefit (107 ) (343 ) (70 ) Income taxes Net of tax 303 978 199 Total reclassifications, net of tax $ 303 $ 978 $ 199 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contracts with Customers [Abstract] | |
Source of Non-Interest Income | The following table presents the Company’s sources of Non-Interest Income for the years ended December 31, 2023, 2022 and 2021. Items outside the scope of ASC 606 are noted as such. (dollars in thousands) December 31, 2023 2022 2021 Non-interest income Service Charges on Deposits Overdraft fees $ 2,939 $ 2,708 $ 2,660 Other 2,110 2,044 1,940 Interchange Income 5,819 6,348 5,281 Wealth management fees 6,425 7,037 7,358 Other (a) 1,022 1,123 698 Total non-interest income $ 18,315 $ 19,260 $ 17,937 (a) Not within the scope of ASC 606 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating Leases [Abstract] | |
Other Information Related to Leases | Other information related to leases was as follows: (dollars in thousands) 2023 2022 2021 Operating lease cost $ 8,165 $ 8,213 $ 8,128 Variable lease cost 2,226 2,183 2,015 Total Lease costs $ 10,391 $ 10,396 $ 10,143 |
Supplemental Cash Flows Information | Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,393 $ 8,327 $ 8,192 Right-of-use assets obtained in exchange for lease obligations: $ 2,487 $ 3,089 $ 6,588 Weighted average remaining lease term (years) 8.5 8.9 9.3 Weighted average discount rate 3.1 % 3.0 % 3.0 % |
Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases as of December 31, 2023 were as follows: (dollars in thousands) Year ending December 31, 2024 $ 8,479 2025 8,078 2026 7,104 2027 5,867 2028 4,679 Thereafter 16,485 Total lease payments $ 50,692 Less: Interest 6,221 Present value of lease liabilities $ 44,471 |
Parent Company Only (Tables)
Parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Parent Company Only [Abstract] | |
Statements of Comprehensive Income | Statements of Comprehensive Income (dollars in thousands) Years ended December 31, 2023 2022 2021 Income: Dividends and interest from subsidiaries $ 34,220 $ 34,125 $ 34,096 Net gain on securities transactions - - - Miscellaneous income - - - Total income 34,220 34,125 34,096 Expense: Operating supplies - - 21 Professional services 972 585 819 Miscellaneous expense 1,371 1,752 3,419 Total expense 2,343 2,337 4,259 Income before income taxes and subsidiaries’ undistributed earnings 31,877 31,788 29,837 Income tax benefit (530 ) (559 ) (972 ) Income before subsidiaries’ undistributed earnings 32,407 32,347 30,809 Equity in undistributed earnings of subsidiaries 26,239 42,887 30,710 Net income $ 58,646 $ 75,234 $ 61,519 Change in other comprehensive income 13,957 (39,341 ) 211 Comprehensive income $ 72,603 $ 35,893 $ 61,730 |
Statements of Condition | Statements of Condition (dollars in thousands) December 31, 2023 2022 Assets: Cash in subsidiary bank $ 28,547 $ 25,079 Investments in subsidiaries 623,658 583,370 Securities available for sale 48 36 Other assets 869 809 Total assets 653,122 609,294 Liabilities and shareholders’ equity: Accrued expenses and other liabilities 7,837 9,307 Total liabilities 7,837 9,307 Shareholders’ equity 645,285 599,987 Total liabilities and shareholders’ equity $ 653,122 $ 609,294 |
Statements of Cash Flows | Statements of Cash Flows (dollars in thousands) Years ended December 31, 2023 2022 2021 Increase/(decrease) in cash and cash equivalents: Cash flows from operating activities: Net income $ 58,646 $ 75,234 $ 61,519 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (26,239 ) (42,887 ) (30,710 ) Stock based compensation expense - - - Net change in other assets and accrued expenses (1,563 ) (440 ) 354 Total adjustments (27,802 ) (43,327 ) (30,356 ) Net cash provided by operating activities 30,844 31,907 31,163 Cash flows from investing activities: Purchases of securities available for sale - - - Net cash used in investing activities - - - Cash flows from financing activities: Cash used to settle fractional shares in the Reverse Stock Split - - (200 ) Proceeds from exercise of stock options - 429 260 Dividends paid (27,376 ) (26,978 ) (26,266 ) Payments to acquire treasury stock - (7,004 ) (2,386 ) Proceeds from sales of treasury stock - - - Net cash used in financing activities (27,376 ) (33,553 ) (28,592 ) Net increase in cash and cash equivalents 3,468 (1,646 ) 2,571 Cash and cash equivalents at beginning of year 25,079 26,725 24,154 Cash and cash equivalents at end of year $ 28,547 $ 25,079 $ 26,725 |
Basis of Presentation, Reverse
Basis of Presentation, Reverse Stock Split (Details) | May 28, 2021 $ / shares | Dec. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | |
Reverse Stock Split [Abstract] | ||||
Reverse stock split ratio | [1] | 0.2 | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | |
[1]All periods presented have been adjusted for the 1 for 5 |
Basis of Presentation, Securiti
Basis of Presentation, Securities Available for Sale and Held to Maturity (Debt Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Securities Available for Sale and Held to Maturity [Abstract] | ||
Non-payment period of loans moved to non-accrual status, debt securities | 90 days | |
Allowance for credit losses on securities held to maturity | $ 0 | $ 0 |
Basis of Presentation, Loans (D
Basis of Presentation, Loans (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Loans [Abstract] | |
Non-payment period of loans moved to non-accrual status | 90 days |
Non accrual loans review and charge off period | 180 days |
Basis of Presentation, Allowanc
Basis of Presentation, Allowance for Credit Losses on Loans (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Allowance for Credit Losses on Loans [Abstract] | |
Period considered for reasonable and supportable forecast | 24 months |
Non-payment period of non-accrual loans for individual assessment | 180 days |
Deferral period of chapter 13 bankruptcies | 60 months |
Basis of Presentation, Bank Pre
Basis of Presentation, Bank Premises and Equipment (Details) | Dec. 31, 2023 |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Abstract] | |
Premises and equipment, useful life | 20 years |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Abstract] | |
Premises and equipment, useful life | 40 years |
Furniture and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Abstract] | |
Premises and equipment, useful life | 3 years |
Furniture and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Abstract] | |
Premises and equipment, useful life | 7 years |
Basis of Presentation, Other Re
Basis of Presentation, Other Real Estate Owned (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Real Estate Owned [Abstract] | ||
Other real estate owned | $ 194 | $ 2,100 |
Basis of Presentation, Dividend
Basis of Presentation, Dividend Restrictions (Details) $ in Millions | Dec. 31, 2024 USD ($) |
Plan [Member] | |
Dividend Restrictions [Abstract] | |
Statutory amount available for dividend payments with regulatory approval | $ 99.8 |
Basis of Presentation, Benefit
Basis of Presentation, Benefit Plans (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Benefit Plans [Abstract] | |
Age at which company provides access to Medicare Supplemental program for retirees | 65 years |
Basis of Presentation, Segment
Basis of Presentation, Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segment | 1 |
Basis of Presentation, Recently
Basis of Presentation, Recently Adopted Accounting Standards (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Recently Adopted Accounting Standards [Abstract] | ||||
Allowance for credit losses on securities available for sale | $ 0 | $ 0 | ||
Allowance for credit losses on securities held to maturity | 0 | 0 | ||
Assets [Abstract] | ||||
Less: Allowance for credit losses on loans | 48,578 | 46,032 | $ 44,267 | $ 49,595 |
Liabilities and Shareholders' Equity [Abstract] | ||||
Tax Effect, net (included in other assets) | 179 | |||
Undivided Profits | 425,069 | 393,831 | ||
Pre-CECL Adoption [Member] | ||||
Assets [Abstract] | ||||
Less: Allowance for credit losses on loans | 44,267 | |||
Allowance for credit losses on securities | 0 | |||
Liabilities and Shareholders' Equity [Abstract] | ||||
Tax Effect, net (included in other assets) | 0 | |||
Total | 44,285 | |||
Undivided Profits | 349,056 | |||
Unfunded Loan Commitment [Member] | ||||
Assets [Abstract] | ||||
Less: Allowance for credit losses on loans | $ 1,662 | 2,912 | 18 | |
Unfunded Loan Commitment [Member] | Pre-CECL Adoption [Member] | ||||
Liabilities and Shareholders' Equity [Abstract] | ||||
Other liabilities (ACL unfunded loan commitments) | 18 | |||
ASU 2016-13 [Member] | ||||
Assets [Abstract] | ||||
Less: Allowance for credit losses on loans | 46,620 | 46,620 | ||
Allowance for credit losses on securities | 0 | |||
Liabilities and Shareholders' Equity [Abstract] | ||||
Tax Effect, net (included in other assets) | 0 | |||
Total | 48,973 | |||
Undivided Profits | 345,586 | |||
ASU 2016-13 [Member] | Impact of Adoption [Member] | ||||
Assets [Abstract] | ||||
Less: Allowance for credit losses on loans | $ 2,353 | |||
ASU 2016-13 [Member] | Unfunded Loan Commitment [Member] | ||||
Assets [Abstract] | ||||
Less: Allowance for credit losses on loans | 2,353 | |||
Liabilities and Shareholders' Equity [Abstract] | ||||
Other liabilities (ACL unfunded loan commitments) | 2,353 | |||
ASU 2016-13 [Member] | Unfunded Loan Commitment [Member] | Impact of Adoption [Member] | ||||
Assets [Abstract] | ||||
Less: Allowance for credit losses on loans | 2,335 | |||
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Recently Adopted Accounting Standards [Abstract] | ||||
Allowance for credit losses on securities available for sale | 0 | |||
Allowance for credit losses on securities held to maturity | 0 | |||
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Impact of Adoption [Member] | ||||
Assets [Abstract] | ||||
Less: Allowance for credit losses on loans | 2,353 | |||
Allowance for credit losses on securities | 0 | |||
Liabilities and Shareholders' Equity [Abstract] | ||||
Tax Effect, net (included in other assets) | (1,218) | |||
Total | 3,470 | |||
Undivided Profits | (3,470) | |||
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Unfunded Loan Commitment [Member] | Impact of Adoption [Member] | ||||
Liabilities and Shareholders' Equity [Abstract] | ||||
Other liabilities (ACL unfunded loan commitments) | $ 2,335 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||
Federal reserve requirement | $ 0 | $ 0 |
Investment Securities, Availabl
Investment Securities, Available-for-sale Securities, Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | $ 484,513 | $ 525,030 |
Gross Unrealized Gains | 286 | 35 |
Gross Unrealized Losses | 32,510 | 43,552 |
Fair Value | 452,289 | 481,513 |
U. S. Government Sponsored Enterprises [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 121,728 | 124,123 |
Gross Unrealized Gains | 5 | 1 |
Gross Unrealized Losses | 3,065 | 5,937 |
Fair Value | 118,668 | 118,187 |
State and Political Subdivisions [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 26 | 34 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 26 | 34 |
Mortgage Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 263,182 | 291,431 |
Gross Unrealized Gains | 270 | 34 |
Gross Unrealized Losses | 25,775 | 31,149 |
Fair Value | 237,677 | 260,316 |
Corporate Bonds [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 80,150 | 85,641 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2,098 | 4,295 |
Fair Value | 78,052 | 81,346 |
Small Business Administration - Guaranteed Participation Securities [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 18,740 | 23,115 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 1,554 | 2,138 |
Fair Value | 17,186 | 20,977 |
Other [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 687 | 686 |
Gross Unrealized Gains | 11 | 0 |
Gross Unrealized Losses | 18 | 33 |
Fair Value | $ 680 | $ 653 |
Investment Securities, Availa_2
Investment Securities, Available-for-sale Securities, Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized Cost [Abstract] | ||
Due in one year or less | $ 70,701 | |
Due in after one year through five years | 131,890 | |
Amortized Cost | 484,513 | $ 525,030 |
Fair Value [Abstract] | ||
Due in one year or less | 70,059 | |
Due in after one year through five years | 127,367 | |
Total securities available for sale | 452,289 | 481,513 |
Mortgage Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 263,182 | |
Amortized Cost | 263,182 | 291,431 |
Fair Value [Abstract] | ||
Securities, fair value | 237,677 | |
Total securities available for sale | 237,677 | 260,316 |
Small Business Administration - Guaranteed Participation Securities [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 18,740 | |
Amortized Cost | 18,740 | 23,115 |
Fair Value [Abstract] | ||
Securities, fair value | 17,186 | |
Total securities available for sale | $ 17,186 | $ 20,977 |
Investment Securities, Availa_3
Investment Securities, Available-for-sale Securities, Gross Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | $ 0 | $ 276,277 |
12 months or more - Fair Value | 439,923 | 197,631 |
Total - Fair Value | 439,923 | 473,908 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 0 | 16,767 |
12 months or more - Gross Unrealized Loss | 32,510 | 26,785 |
Total - Gross Unrealized Loss | 32,510 | 43,552 |
U. S. Government Sponsored Enterprises [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 0 | 57,849 |
12 months or more - Fair Value | 116,163 | 55,337 |
Total - Fair Value | 116,163 | 113,186 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 0 | 1,290 |
12 months or more - Gross Unrealized Loss | 3,065 | 4,647 |
Total - Gross Unrealized Loss | 3,065 | 5,937 |
Mortgage Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 0 | 164,772 |
12 months or more - Fair Value | 227,891 | 93,009 |
Total - Fair Value | 227,891 | 257,781 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 0 | 13,010 |
12 months or more - Gross Unrealized Loss | 25,775 | 18,139 |
Total - Gross Unrealized Loss | 25,775 | 31,149 |
Mortgage Backed Securities and Collateralized Mortgage Obligations - Commercial [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 0 | |
12 months or more - Fair Value | 0 | |
Total - Fair Value | 0 | |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 0 | |
12 months or more - Gross Unrealized Loss | 0 | |
Total - Gross Unrealized Loss | 0 | |
Corporate Bonds [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 0 | 52,805 |
12 months or more - Fair Value | 78,052 | 28,542 |
Total - Fair Value | 78,052 | 81,347 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 0 | 2,395 |
12 months or more - Gross Unrealized Loss | 2,098 | 1,900 |
Total - Gross Unrealized Loss | 2,098 | 4,295 |
Small Business Administration - Guaranteed Participation Securities [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 0 | 802 |
12 months or more - Fair Value | 17,186 | 20,175 |
Total - Fair Value | 17,186 | 20,977 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 0 | 71 |
12 months or more - Gross Unrealized Loss | 1,554 | 2,067 |
Total - Gross Unrealized Loss | 1,554 | 2,138 |
Other [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 0 | 49 |
12 months or more - Fair Value | 631 | 568 |
Total - Fair Value | 631 | 617 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 0 | 1 |
12 months or more - Gross Unrealized Loss | 18 | 32 |
Total - Gross Unrealized Loss | $ 18 | $ 33 |
Investment Securities, Availa_4
Investment Securities, Available-for-sale Securities, Transaction Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds from sales, calls/paydowns and maturities of securities available for sale, gross realized gains and gross realized losses [Abstract] | |||
Proceeds from sales | $ 0 | $ 0 | $ 0 |
Proceeds from calls/paydowns | 53,503 | 68,954 | 148,609 |
Proceeds from maturities | 5,008 | 15,057 | 9,162 |
Gross realized losses | 0 | 0 | 0 |
Gross realized gains | 0 | 0 | $ 0 |
Securities available for sale pledged to secure short-term borrowings and for other purposes | 155,300 | 171,400 | |
Available-for-sale, allowance for credit loss | $ 0 | $ 0 |
Investment Securities, Held-to-
Investment Securities, Held-to-maturity Securities, Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized cost and fair value of the held to maturity securities [Abstract] | ||
Amortized Cost | $ 6,458 | $ 7,707 |
Gross Unrecognized Gains | 74 | 90 |
Gross Unrecognized Losses | 136 | 217 |
Fair Value | 6,396 | 7,580 |
Mortgage Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Amortized cost and fair value of the held to maturity securities [Abstract] | ||
Amortized Cost | 6,458 | 7,707 |
Gross Unrecognized Gains | 74 | 90 |
Gross Unrecognized Losses | 136 | 217 |
Fair Value | $ 6,396 | $ 7,580 |
Investment Securities, Held-t_2
Investment Securities, Held-to-maturity Securities, Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized Cost [Abstract] | ||
Amortized Cost | $ 6,458 | $ 7,707 |
Fair Value [Abstract] | ||
Fair Value | 6,396 | 7,580 |
Mortgage Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 6,458 | |
Amortized Cost | 6,458 | 7,707 |
Fair Value [Abstract] | ||
Securities, fair value | 6,396 | |
Fair Value | $ 6,396 | $ 7,580 |
Investment Securities, Held-t_3
Investment Securities, Held-to-maturity Securities, Gross Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months - Fair value | $ 283 | $ 3,327 |
More than 12 months - Fair value | 2,703 | 258 |
Fair Value | 2,986 | 3,585 |
Held-to-maturity, allowance for credit loss | 0 | 0 |
Held to maturity securities on non-accrual status | 0 | 0 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months - Gross Unrecognized Loss | 3 | 206 |
More than 12 months - Gross Unrecognized Loss | 133 | 11 |
Gross Unrecognized Losses | 136 | 217 |
Mortgage Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months - Fair value | 283 | 3,327 |
More than 12 months - Fair value | 2,703 | 258 |
Fair Value | 2,986 | 3,585 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months - Gross Unrecognized Loss | 3 | 206 |
More than 12 months - Gross Unrecognized Loss | 133 | 11 |
Gross Unrecognized Losses | $ 136 | $ 217 |
Investment Securities, Concentr
Investment Securities, Concentrations (Details) - Stockholders' Equity [Member] $ in Thousands | Dec. 31, 2023 USD ($) |
Corporate Bonds [Member] | |
Securities Held in Available for Sale and Held to Maturity Portfolios that Represent Greater than 10% of Shareholders Equity [Abstract] | |
Amortized cost | $ 80,150 |
Fair value | 78,052 |
Federal National Mortgage Association [Member] | |
Securities Held in Available for Sale and Held to Maturity Portfolios that Represent Greater than 10% of Shareholders Equity [Abstract] | |
Amortized cost | 165,146 |
Fair value | 149,532 |
Federal Home Loan Mortgage Corporation [Member] | |
Securities Held in Available for Sale and Held to Maturity Portfolios that Represent Greater than 10% of Shareholders Equity [Abstract] | |
Amortized cost | 103,230 |
Fair value | $ 95,243 |
Loan Portfolio and Allowance _3
Loan Portfolio and Allowance for Credit Losses, Recorded Investment in Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Loans and Leases Receivable [Abstract] | |||||
Total loans | $ 5,002,879 | $ 4,733,201 | |||
Allowance for credit losses | 48,578 | 46,032 | $ 44,267 | $ 49,595 | |
Net loans | 4,954,301 | 4,687,169 | |||
Due from officers | $ 29,300 | $ 20,500 | |||
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] | srt:OfficerMember | srt:OfficerMember | |||
New loans | $ 16,000 | ||||
Repayments of loans | 7,200 | ||||
Changes in outstanding loans | 0 | ||||
New York and Other States [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | [1] | 3,259,038 | $ 3,219,914 | ||
Florida [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 1,743,841 | 1,513,287 | |||
Real Estate Construction Loans [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 29,100 | 36,400 | |||
Residential Borrowers [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 8,000 | 14,100 | |||
Commercial Borrowers Residential Purpose [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 21,100 | 22,300 | |||
Commercial [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 273,515 | 231,011 | |||
Allowance for credit losses | 2,735 | 2,596 | 3,135 | 4,140 | |
Commercial [Member] | Commercial Real Estate [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 252,255 | 209,922 | |||
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | [1] | 212,754 | 177,371 | ||
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 39,501 | 32,551 | |||
Commercial [Member] | Other [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 21,260 | 21,089 | |||
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | [1] | 20,863 | 20,221 | ||
Commercial [Member] | Other [Member] | Florida [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 397 | 868 | |||
Commercial [Member] | PPP Loans [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 620 | 1,000 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 4,712,478 | 4,489,883 | |||
Allowance for credit losses | 45,625 | 43,271 | 40,689 | 44,950 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 4,307,105 | 4,146,902 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | [1] | 2,756,914 | 2,776,989 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 1,550,191 | 1,369,913 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 57,958 | 56,549 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | [1] | 44,152 | 43,999 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 13,806 | 12,550 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 347,415 | 286,432 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | [1] | 212,298 | 191,926 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 135,117 | 94,506 | |||
Installment [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | 16,886 | 12,307 | |||
Allowance for credit losses | 218 | 165 | $ 443 | $ 505 | |
Installment [Member] | New York and Other States [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | [1] | 12,057 | 9,408 | ||
Installment [Member] | Florida [Member] | |||||
Loans and Leases Receivable [Abstract] | |||||
Total loans | $ 4,829 | $ 2,899 | |||
[1] Includes New York, New Jersey, Vermont and Massachusetts. |
Loan Portfolio and Allowance _4
Loan Portfolio and Allowance for Credit Losses, Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance at beginning of period | $ 46,032 | $ 44,267 | $ 49,595 | |
Loans charged off [Abstract] | ||||
Total loan charge offs | 547 | 152 | 430 | |
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | 593 | 464 | 552 | |
Net loans (recoveries) charged off | (46) | (312) | (122) | |
(Credit) provision for credit losses | 2,500 | (900) | (5,450) | |
Balance at end of period | 48,578 | 46,032 | 44,267 | |
New York and Other States [Member] | ||||
Loans charged off [Abstract] | ||||
Total loan charge offs | [1] | 468 | 151 | 427 |
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | [1] | 566 | 461 | 550 |
Florida [Member] | ||||
Loans charged off [Abstract] | ||||
Total loan charge offs | 79 | 1 | 3 | |
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | 27 | 3 | 2 | |
Commercial [Member] | ||||
Allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance at beginning of period | 2,596 | 3,135 | 4,140 | |
Loans charged off [Abstract] | ||||
Total loan charge offs | 0 | 40 | 30 | |
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | 129 | 4 | 32 | |
Net loans (recoveries) charged off | (129) | 36 | (2) | |
(Credit) provision for credit losses | 10 | 483 | (1,007) | |
Balance at end of period | 2,735 | 2,596 | 3,135 | |
Commercial [Member] | New York and Other States [Member] | ||||
Loans charged off [Abstract] | ||||
Total loan charge offs | [1] | 0 | 40 | 30 |
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | [1] | 129 | 4 | 32 |
Commercial [Member] | Florida [Member] | ||||
Loans charged off [Abstract] | ||||
Total loan charge offs | 0 | 0 | 0 | |
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | 0 | 0 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | ||||
Allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance at beginning of period | 43,271 | 40,689 | 44,950 | |
Loans charged off [Abstract] | ||||
Total loan charge offs | 371 | 24 | 340 | |
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | 417 | 450 | 466 | |
Net loans (recoveries) charged off | (46) | (426) | (126) | |
(Credit) provision for credit losses | 2,308 | (1,561) | (4,387) | |
Balance at end of period | 45,625 | 43,271 | 40,689 | |
Real Estate Mortgage - 1 to 4 Family [Member] | New York and Other States [Member] | ||||
Loans charged off [Abstract] | ||||
Total loan charge offs | [1] | 371 | 24 | 339 |
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | [1] | 392 | 450 | 464 |
Real Estate Mortgage - 1 to 4 Family [Member] | Florida [Member] | ||||
Loans charged off [Abstract] | ||||
Total loan charge offs | 0 | 0 | 1 | |
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | 25 | 0 | 2 | |
Installment [Member] | ||||
Allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance at beginning of period | 165 | 443 | 505 | |
Loans charged off [Abstract] | ||||
Total loan charge offs | 176 | 88 | 60 | |
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | 47 | 10 | 54 | |
Net loans (recoveries) charged off | 129 | 78 | 6 | |
(Credit) provision for credit losses | 182 | 178 | (56) | |
Balance at end of period | 218 | 165 | 443 | |
Installment [Member] | New York and Other States [Member] | ||||
Loans charged off [Abstract] | ||||
Total loan charge offs | [1] | 97 | 87 | 58 |
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | [1] | 45 | 7 | 54 |
Installment [Member] | Florida [Member] | ||||
Loans charged off [Abstract] | ||||
Total loan charge offs | 79 | 1 | 2 | |
Recoveries of loans previously charged off [Abstract] | ||||
Total recoveries | 2 | 3 | 0 | |
ASU 2016-13 [Member] | ||||
Allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance at beginning of period | 46,620 | 46,620 | ||
Recoveries of loans previously charged off [Abstract] | ||||
Balance at end of period | 46,620 | $ 46,620 | ||
ASU 2016-13 [Member] | Commercial [Member] | ||||
Allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance at beginning of period | 2,149 | |||
Recoveries of loans previously charged off [Abstract] | ||||
Balance at end of period | 2,149 | |||
ASU 2016-13 [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | ||||
Allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance at beginning of period | 44,406 | |||
Recoveries of loans previously charged off [Abstract] | ||||
Balance at end of period | 44,406 | |||
ASU 2016-13 [Member] | Installment [Member] | ||||
Allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance at beginning of period | 65 | |||
Recoveries of loans previously charged off [Abstract] | ||||
Balance at end of period | 65 | |||
ASU 2016-13 [Member] | Impact of Adoption [Member] | ||||
Allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance at beginning of period | 2,353 | |||
Recoveries of loans previously charged off [Abstract] | ||||
Balance at end of period | 2,353 | |||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Commercial [Member] | ||||
Allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance at beginning of period | (986) | |||
Recoveries of loans previously charged off [Abstract] | ||||
Balance at end of period | (986) | |||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | ||||
Allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance at beginning of period | 3,717 | |||
Recoveries of loans previously charged off [Abstract] | ||||
Balance at end of period | 3,717 | |||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Installment [Member] | ||||
Allowance for loan losses by portfolio segment [Roll Forward] | ||||
Balance at beginning of period | $ (378) | |||
Recoveries of loans previously charged off [Abstract] | ||||
Balance at end of period | $ (378) | |||
[1] Includes New York, New Jersey, Vermont and Massachusetts. |
Loan Portfolio and Allowance _5
Loan Portfolio and Allowance for Credit Losses, Based on Impairment Review Method (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Ending allowance balance attributable to loans [Abstract] | ||||
Individually evaluated for impairment | $ 0 | $ 0 | ||
Collectively evaluated for impairment | 48,578 | 46,032 | ||
Total ending allowance balance | 48,578 | 46,032 | $ 44,267 | $ 49,595 |
Loans [Abstract] | ||||
Individually evaluated for impairment | 24,729 | 25,695 | ||
Collectively evaluated for impairment | 4,978,150 | 4,707,506 | ||
Total loans | 5,002,879 | 4,733,201 | ||
Commercial [Member] | ||||
Ending allowance balance attributable to loans [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 2,735 | 2,596 | ||
Total ending allowance balance | 2,735 | 2,596 | 3,135 | 4,140 |
Loans [Abstract] | ||||
Individually evaluated for impairment | 957 | 646 | ||
Collectively evaluated for impairment | 272,558 | 230,365 | ||
Total loans | 273,515 | 231,011 | ||
1 to 4 Family Residential Real Estate [Member] | ||||
Ending allowance balance attributable to loans [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 45,625 | 43,271 | ||
Total ending allowance balance | 45,625 | 43,271 | 40,689 | 44,950 |
Loans [Abstract] | ||||
Individually evaluated for impairment | 23,628 | 24,967 | ||
Collectively evaluated for impairment | 4,688,850 | 4,464,916 | ||
Total loans | 4,712,478 | 4,489,883 | ||
Installment [Member] | ||||
Ending allowance balance attributable to loans [Abstract] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 218 | 165 | ||
Total ending allowance balance | 218 | 165 | $ 443 | $ 505 |
Loans [Abstract] | ||||
Individually evaluated for impairment | 144 | 82 | ||
Collectively evaluated for impairment | 16,742 | 12,225 | ||
Total loans | $ 16,886 | $ 12,307 |
Loan Portfolio and Allowance _6
Loan Portfolio and Allowance for Credit Losses, Allowance for Credit Losses on Unfunded Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Allowance for Credit Losses on Unfunded Commitments [Abstract] | ||
Balance at beginning of period | $ 46,032 | $ 44,267 |
Balance at end of period | 48,578 | 46,032 |
Unfunded Loan Commitment [Member] | ||
Allowance for Credit Losses on Unfunded Commitments [Abstract] | ||
Balance at beginning of period | 2,912 | 18 |
(Credit) provision for credit losses | (1,250) | 559 |
Balance at end of period | 1,662 | 2,912 |
ASU 2016-13 [Member] | ||
Allowance for Credit Losses on Unfunded Commitments [Abstract] | ||
Balance at beginning of period | 46,620 | 46,620 |
Balance at end of period | 46,620 | |
ASU 2016-13 [Member] | Unfunded Loan Commitment [Member] | ||
Allowance for Credit Losses on Unfunded Commitments [Abstract] | ||
Balance at beginning of period | 2,353 | |
ASU 2016-13 [Member] | Impact of Adoption [Member] | ||
Allowance for Credit Losses on Unfunded Commitments [Abstract] | ||
Balance at beginning of period | $ 2,353 | |
Balance at end of period | 2,353 | |
ASU 2016-13 [Member] | Impact of Adoption [Member] | Unfunded Loan Commitment [Member] | ||
Allowance for Credit Losses on Unfunded Commitments [Abstract] | ||
Balance at beginning of period | $ 2,335 |
Loan Portfolio and Allowance _7
Loan Portfolio and Allowance for Credit Losses, Risk Category of Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Credit Risk Profile, Segregated by Class [Abstract] | |||
Total loans | $ 5,002,879 | $ 4,733,201 | |
Current-period Gross writeoffs | 547 | 152 | $ 430 |
Commercial [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
Total loans | 273,515 | 231,011 | |
Current-period Gross writeoffs | 0 | 40 | 30 |
Commercial [Member] | Commercial Real Estate [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 61,148 | 79,430 | |
2022/2021 | 82,339 | 29,991 | |
2021/2020 | 23,940 | 18,883 | |
2020/2019 | 16,695 | 22,790 | |
2019/2018 | 19,835 | 16,969 | |
Prior | 42,634 | 33,837 | |
Revolving Loans Amortized Cost Basis | 5,664 | 8,022 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 252,255 | 209,922 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
2019/2018 | 0 | 0 | |
Prior | 0 | 40 | |
Revolving Loans Amortized Cost Basis Writeoffs | 0 | 0 | |
Revolving Loan Converted to Term Writeoffs | 0 | 0 | |
Current-period Gross writeoffs | 0 | 40 | |
Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 61,148 | 79,430 | |
2022/2021 | 82,339 | 29,991 | |
2021/2020 | 23,940 | 18,708 | |
2020/2019 | 16,653 | 22,790 | |
2019/2018 | 19,835 | 16,598 | |
Prior | 41,153 | 32,666 | |
Revolving Loans Amortized Cost Basis | 5,664 | 8,022 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 250,732 | 208,205 | |
Commercial [Member] | Commercial Real Estate [Member] | Special Mention [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 62 | |
2020/2019 | 42 | 0 | |
2019/2018 | 0 | 243 | |
Prior | 225 | 0 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 267 | 305 | |
Commercial [Member] | Commercial Real Estate [Member] | Substandard [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 113 | |
2020/2019 | 0 | 0 | |
2019/2018 | 0 | 128 | |
Prior | 1,256 | 1,171 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 1,256 | 1,412 | |
Commercial [Member] | Other [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 7,873 | 2,972 | |
2022/2021 | 2,164 | 3,187 | |
2021/2020 | 2,261 | 2,273 | |
2020/2019 | 1,386 | 590 | |
2019/2018 | 321 | 674 | |
Prior | 2,739 | 2,446 | |
Revolving Loans Amortized Cost Basis | 4,516 | 8,947 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 21,260 | 21,089 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
2019/2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis Writeoffs | 0 | 0 | |
Revolving Loan Converted to Term Writeoffs | 0 | 0 | |
Current-period Gross writeoffs | 0 | 0 | |
Commercial [Member] | Other [Member] | Pass [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 7,873 | 2,972 | |
2022/2021 | 2,164 | 2,848 | |
2021/2020 | 1,933 | 2,273 | |
2020/2019 | 1,386 | 590 | |
2019/2018 | 321 | 674 | |
Prior | 2,641 | 2,348 | |
Revolving Loans Amortized Cost Basis | 4,482 | 8,908 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 20,800 | 20,613 | |
Commercial [Member] | Other [Member] | Special Mention [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
2019/2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis | 34 | 39 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 34 | 39 | |
Commercial [Member] | Other [Member] | Substandard [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 339 | |
2021/2020 | 328 | 0 | |
2020/2019 | 0 | 0 | |
2019/2018 | 0 | 0 | |
Prior | 98 | 98 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 426 | 437 | |
Real Estate Mortgage - 1 to 4 Family [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
Total loans | 4,712,478 | 4,489,883 | |
Current-period Gross writeoffs | 371 | 24 | 340 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 417,261 | 557,981 | |
2022/2021 | 565,811 | 934,250 | |
2021/2020 | 878,119 | 784,592 | |
2020/2019 | 733,027 | 368,981 | |
2019/2018 | 343,678 | 258,277 | |
Prior | 1,366,167 | 1,241,349 | |
Revolving Loans Amortized Cost Basis | 3,042 | 1,472 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 4,307,105 | 4,146,902 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
2019/2018 | 27 | 0 | |
Prior | 336 | 5 | |
Revolving Loans Amortized Cost Basis Writeoffs | 0 | 0 | |
Revolving Loan Converted to Term Writeoffs | 0 | 0 | |
Current-period Gross writeoffs | 363 | 5 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Performing [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 417,197 | 557,981 | |
2022/2021 | 565,601 | 933,754 | |
2021/2020 | 877,736 | 784,511 | |
2020/2019 | 732,798 | 368,137 | |
2019/2018 | 342,559 | 257,926 | |
Prior | 1,354,867 | 1,228,776 | |
Revolving Loans Amortized Cost Basis | 3,042 | 1,472 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 4,293,800 | 4,132,557 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Nonperforming [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 64 | 0 | |
2022/2021 | 210 | 496 | |
2021/2020 | 383 | 81 | |
2020/2019 | 229 | 844 | |
2019/2018 | 1,119 | 351 | |
Prior | 11,300 | 12,573 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 13,305 | 14,345 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 9,660 | 6,863 | |
2022/2021 | 5,963 | 9,124 | |
2021/2020 | 7,770 | 6,322 | |
2020/2019 | 5,668 | 7,588 | |
2019/2018 | 6,542 | 5,306 | |
Prior | 22,355 | 21,346 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 57,958 | 56,549 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
2019/2018 | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans Amortized Cost Basis Writeoffs | 0 | 0 | |
Revolving Loan Converted to Term Writeoffs | 0 | 0 | |
Current-period Gross writeoffs | 0 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Performing [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 9,660 | 6,863 | |
2022/2021 | 5,963 | 9,124 | |
2021/2020 | 7,770 | 6,322 | |
2020/2019 | 5,668 | 7,588 | |
2019/2018 | 6,542 | 5,240 | |
Prior | 22,076 | 21,217 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 57,679 | 56,354 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Nonperforming [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
2019/2018 | 0 | 66 | |
Prior | 279 | 129 | |
Revolving Loans Amortized Cost Basis | 0 | 0 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 279 | 195 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 355 | 1,369 | |
2022/2021 | 641 | 1,253 | |
2021/2020 | 256 | 740 | |
2020/2019 | 131 | 52 | |
2019/2018 | 10 | 100 | |
Prior | 18,777 | 20,488 | |
Revolving Loans Amortized Cost Basis | 327,245 | 262,430 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 347,415 | 286,432 | |
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 0 | |
2021/2020 | 0 | 0 | |
2020/2019 | 0 | 0 | |
2019/2018 | 0 | 0 | |
Prior | 8 | 19 | |
Revolving Loans Amortized Cost Basis Writeoffs | 0 | 0 | |
Revolving Loan Converted to Term Writeoffs | 0 | 0 | |
Current-period Gross writeoffs | 8 | 19 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Performing [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 355 | 1,369 | |
2022/2021 | 641 | 1,246 | |
2021/2020 | 248 | 740 | |
2020/2019 | 75 | 52 | |
2019/2018 | 10 | 100 | |
Prior | 15,964 | 18,377 | |
Revolving Loans Amortized Cost Basis | 327,059 | 262,244 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 344,352 | 284,128 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Nonperforming [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 0 | 0 | |
2022/2021 | 0 | 7 | |
2021/2020 | 8 | 0 | |
2020/2019 | 56 | 0 | |
2019/2018 | 0 | 0 | |
Prior | 2,813 | 2,111 | |
Revolving Loans Amortized Cost Basis | 186 | 186 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 3,063 | 2,304 | |
Installment [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 8,473 | 6,405 | |
2022/2021 | 4,641 | 2,512 | |
2021/2020 | 1,535 | 805 | |
2020/2019 | 360 | 774 | |
2019/2018 | 261 | 374 | |
Prior | 608 | 309 | |
Revolving Loans Amortized Cost Basis | 1,008 | 1,128 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 16,886 | 12,307 | |
2023/2022 | 16 | 1 | |
2022/2021 | 67 | 47 | |
2021/2020 | 50 | 22 | |
2020/2019 | 1 | 7 | |
2019/2018 | 21 | 2 | |
Prior | 21 | 9 | |
Revolving Loans Amortized Cost Basis Writeoffs | 0 | 0 | |
Revolving Loan Converted to Term Writeoffs | 0 | 0 | |
Current-period Gross writeoffs | 176 | 88 | $ 60 |
Installment [Member] | Performing [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 8,473 | 6,385 | |
2022/2021 | 4,592 | 2,495 | |
2021/2020 | 1,484 | 805 | |
2020/2019 | 360 | 709 | |
2019/2018 | 198 | 374 | |
Prior | 605 | 308 | |
Revolving Loans Amortized Cost Basis | 1,008 | 1,125 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | 16,720 | 12,201 | |
Installment [Member] | Nonperforming [Member] | |||
Credit Risk Profile, Segregated by Class [Abstract] | |||
2023/2022 | 0 | 20 | |
2022/2021 | 49 | 17 | |
2021/2020 | 51 | 0 | |
2020/2019 | 0 | 65 | |
2019/2018 | 63 | 0 | |
Prior | 3 | 1 | |
Revolving Loans Amortized Cost Basis | 0 | 3 | |
Revolving Loan Converted to Term | 0 | 0 | |
Total loans | $ 166 | $ 106 |
Loan Portfolio and Allowance _8
Loan Portfolio and Allowance for Credit Losses, Past Due (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | $ 5,002,879 | $ 4,733,201 | |
Recorded Past Due loans | $ 4,733,201 | ||
Number of days past due | 90 days | 90 days | |
Loans that are 90 days past due and still accruing interest | $ 0 | $ 0 | |
New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 3,259,038 | 3,219,914 |
Recorded Past Due loans | [1] | 3,219,914 | |
Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 1,743,841 | 1,513,287 | |
Recorded Past Due loans | 1,513,287 | ||
Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 17,865 | ||
Recorded Past Due loans | 18,117 | ||
Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 14,355 | |
Recorded Past Due loans | [1] | 14,609 | |
Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 3,510 | ||
Recorded Past Due loans | 3,508 | ||
30 - 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 6,510 | ||
Recorded Past Due loans | 7,083 | ||
30 - 59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 4,947 | |
Recorded Past Due loans | [1] | 5,619 | |
30 - 59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 1,563 | ||
Recorded Past Due loans | 1,464 | ||
60 - 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 1,212 | ||
Recorded Past Due loans | 1,168 | ||
60 - 89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 1,128 | |
Recorded Past Due loans | [1] | 925 | |
60 - 89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 84 | ||
Recorded Past Due loans | 243 | ||
90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 10,143 | ||
Recorded Past Due loans | 9,866 | ||
90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 8,280 | |
Recorded Past Due loans | [1] | 8,065 | |
90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 1,863 | ||
Recorded Past Due loans | 1,801 | ||
Current [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 4,985,014 | ||
Recorded Past Due loans | 4,715,084 | ||
Current [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 3,244,683 | |
Recorded Past Due loans | [1] | 3,205,305 | |
Current [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 1,740,331 | ||
Recorded Past Due loans | 1,509,779 | ||
Commercial [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 273,515 | 231,011 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 252,255 | 209,922 | |
Recorded Past Due loans | 209,922 | ||
Loans that are 90 days past due and still accruing interest | 0 | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 212,754 | 177,371 |
Recorded Past Due loans | [1] | 177,371 | |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 39,501 | 32,551 | |
Recorded Past Due loans | 32,551 | ||
Commercial [Member] | Commercial Real Estate [Member] | Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 521 | ||
Recorded Past Due loans | 161 | ||
Commercial [Member] | Commercial Real Estate [Member] | Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 521 | |
Recorded Past Due loans | [1] | 161 | |
Commercial [Member] | Commercial Real Estate [Member] | Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 0 | ||
Recorded Past Due loans | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | 30 - 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 0 | ||
Recorded Past Due loans | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 0 | |
Recorded Past Due loans | [1] | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 0 | ||
Recorded Past Due loans | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | 60 - 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 0 | ||
Recorded Past Due loans | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 0 | |
Recorded Past Due loans | [1] | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 0 | ||
Recorded Past Due loans | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 521 | ||
Recorded Past Due loans | 161 | ||
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 521 | |
Recorded Past Due loans | [1] | 161 | |
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 0 | ||
Recorded Past Due loans | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | Current [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 251,734 | ||
Recorded Past Due loans | 209,761 | ||
Commercial [Member] | Commercial Real Estate [Member] | Current [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 212,233 | |
Recorded Past Due loans | [1] | 177,210 | |
Commercial [Member] | Commercial Real Estate [Member] | Current [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 39,501 | ||
Recorded Past Due loans | 32,551 | ||
Commercial [Member] | Other [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 21,260 | 21,089 | |
Recorded Past Due loans | 21,089 | ||
Loans that are 90 days past due and still accruing interest | 0 | 0 | |
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 20,863 | 20,221 |
Recorded Past Due loans | [1] | 20,221 | |
Commercial [Member] | Other [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 397 | 868 | |
Recorded Past Due loans | 868 | ||
Commercial [Member] | Other [Member] | Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 340 | ||
Recorded Past Due loans | 352 | ||
Commercial [Member] | Other [Member] | Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 26 | |
Recorded Past Due loans | [1] | 38 | |
Commercial [Member] | Other [Member] | Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 314 | ||
Recorded Past Due loans | 314 | ||
Commercial [Member] | Other [Member] | 30 - 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 0 | ||
Recorded Past Due loans | 18 | ||
Commercial [Member] | Other [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 0 | |
Recorded Past Due loans | [1] | 18 | |
Commercial [Member] | Other [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 0 | ||
Recorded Past Due loans | 0 | ||
Commercial [Member] | Other [Member] | 60 - 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 26 | ||
Recorded Past Due loans | 0 | ||
Commercial [Member] | Other [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 26 | |
Recorded Past Due loans | [1] | 0 | |
Commercial [Member] | Other [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 0 | ||
Recorded Past Due loans | 0 | ||
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 314 | ||
Recorded Past Due loans | 334 | ||
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 0 | |
Recorded Past Due loans | [1] | 20 | |
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 314 | ||
Recorded Past Due loans | 314 | ||
Commercial [Member] | Other [Member] | Current [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 20,920 | ||
Recorded Past Due loans | 20,737 | ||
Commercial [Member] | Other [Member] | Current [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 20,837 | |
Recorded Past Due loans | [1] | 20,183 | |
Commercial [Member] | Other [Member] | Current [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 83 | ||
Recorded Past Due loans | 554 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 4,712,478 | 4,489,883 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 4,307,105 | 4,146,902 | |
Recorded Past Due loans | 4,146,902 | ||
Loans that are 90 days past due and still accruing interest | 0 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 2,756,914 | 2,776,989 |
Recorded Past Due loans | [1] | 2,776,989 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 1,550,191 | 1,369,913 | |
Recorded Past Due loans | 1,369,913 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 13,950 | ||
Recorded Past Due loans | 15,216 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 11,149 | |
Recorded Past Due loans | [1] | 12,386 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 2,801 | ||
Recorded Past Due loans | 2,830 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30 - 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 5,620 | ||
Recorded Past Due loans | 5,445 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 4,330 | |
Recorded Past Due loans | [1] | 4,262 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 1,290 | ||
Recorded Past Due loans | 1,183 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60 - 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 889 | ||
Recorded Past Due loans | 1,164 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 811 | |
Recorded Past Due loans | [1] | 921 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 78 | ||
Recorded Past Due loans | 243 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 7,441 | ||
Recorded Past Due loans | 8,607 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 6,008 | |
Recorded Past Due loans | [1] | 7,203 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 1,433 | ||
Recorded Past Due loans | 1,404 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Current [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 4,293,155 | ||
Recorded Past Due loans | 4,131,686 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Current [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 2,745,765 | |
Recorded Past Due loans | [1] | 2,764,603 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Current [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 1,547,390 | ||
Recorded Past Due loans | 1,367,083 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 57,958 | 56,549 | |
Recorded Past Due loans | 56,549 | ||
Loans that are 90 days past due and still accruing interest | 0 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 44,152 | 43,999 |
Recorded Past Due loans | [1] | 43,999 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 13,806 | 12,550 | |
Recorded Past Due loans | 12,550 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 394 | ||
Recorded Past Due loans | 401 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 315 | |
Recorded Past Due loans | [1] | 350 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 79 | ||
Recorded Past Due loans | 51 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30 - 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 93 | ||
Recorded Past Due loans | 334 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 20 | |
Recorded Past Due loans | [1] | 283 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 73 | ||
Recorded Past Due loans | 51 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60 - 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 144 | ||
Recorded Past Due loans | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 138 | |
Recorded Past Due loans | [1] | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 6 | ||
Recorded Past Due loans | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 157 | ||
Recorded Past Due loans | 67 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 157 | |
Recorded Past Due loans | [1] | 67 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 0 | ||
Recorded Past Due loans | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Current [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 57,564 | ||
Recorded Past Due loans | 56,148 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Current [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 43,837 | |
Recorded Past Due loans | [1] | 43,649 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Current [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 13,727 | ||
Recorded Past Due loans | 12,499 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 347,415 | 286,432 | |
Recorded Past Due loans | 286,432 | ||
Loans that are 90 days past due and still accruing interest | 0 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 212,298 | 191,926 |
Recorded Past Due loans | [1] | 191,926 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 135,117 | 94,506 | |
Recorded Past Due loans | 94,506 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 2,465 | ||
Recorded Past Due loans | 1,793 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 2,225 | |
Recorded Past Due loans | [1] | 1,569 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 240 | ||
Recorded Past Due loans | 224 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30 - 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 775 | ||
Recorded Past Due loans | 1,202 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 591 | |
Recorded Past Due loans | [1] | 978 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 184 | ||
Recorded Past Due loans | 224 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60 - 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 135 | ||
Recorded Past Due loans | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 135 | |
Recorded Past Due loans | [1] | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 0 | ||
Recorded Past Due loans | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 1,555 | ||
Recorded Past Due loans | 591 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 1,499 | |
Recorded Past Due loans | [1] | 591 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 56 | ||
Recorded Past Due loans | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Current [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 344,950 | ||
Recorded Past Due loans | 284,639 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Current [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 210,073 | |
Recorded Past Due loans | [1] | 190,357 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Current [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 134,877 | ||
Recorded Past Due loans | 94,282 | ||
Installment [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 16,886 | 12,307 | |
Recorded Past Due loans | 12,307 | ||
Loans that are 90 days past due and still accruing interest | 0 | 0 | |
Installment [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 12,057 | 9,408 |
Recorded Past Due loans | [1] | 9,408 | |
Installment [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 4,829 | 2,899 | |
Recorded Past Due loans | 2,899 | ||
Installment [Member] | Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 195 | ||
Recorded Past Due loans | 194 | ||
Installment [Member] | Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 119 | |
Recorded Past Due loans | [1] | 105 | |
Installment [Member] | Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 76 | ||
Recorded Past Due loans | 89 | ||
Installment [Member] | 30 - 59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 22 | ||
Recorded Past Due loans | 84 | ||
Installment [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 6 | |
Recorded Past Due loans | [1] | 78 | |
Installment [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 16 | ||
Recorded Past Due loans | 6 | ||
Installment [Member] | 60 - 89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 18 | ||
Recorded Past Due loans | 4 | ||
Installment [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 18 | |
Recorded Past Due loans | [1] | 4 | |
Installment [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 0 | ||
Recorded Past Due loans | 0 | ||
Installment [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 155 | ||
Recorded Past Due loans | 106 | ||
Installment [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 95 | |
Recorded Past Due loans | [1] | 23 | |
Installment [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 60 | ||
Recorded Past Due loans | 83 | ||
Installment [Member] | Current [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | 16,691 | ||
Recorded Past Due loans | 12,113 | ||
Installment [Member] | Current [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | [1] | 11,938 | |
Recorded Past Due loans | [1] | 9,303 | |
Installment [Member] | Current [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded Past Due loans | $ 4,753 | ||
Recorded Past Due loans | $ 2,810 | ||
[1] Includes New York, New Jersey, Vermont and Massachusetts. |
Loan Portfolio and Allowance _9
Loan Portfolio and Allowance for Credit Losses, Non-accrual Loans, by Loan Class (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Non accrual loans by loan class [Abstract] | |||
Other real estate owned | $ 194 | $ 2,100 | |
Total non-accrual loans | 17,663 | 17,483 | |
Restructured real estate mortgages - 1 to 4 family | 3 | 10 | |
Total nonperforming loans | 17,666 | 17,493 | |
New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 15,062 | 15,191 |
Restructured real estate mortgages - 1 to 4 family | [1] | 3 | 10 |
Total nonperforming loans | [1] | 15,065 | 15,201 |
Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 2,601 | 2,292 | |
Restructured real estate mortgages - 1 to 4 family | 0 | 0 | |
Total nonperforming loans | 2,601 | 2,292 | |
Residential Real Estate [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Non accrual residential mortgage loans in the process of foreclosure | 6,600 | 7,400 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 536 | 199 | |
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 536 | 199 |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 0 | 0 | |
Commercial [Member] | Other [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 314 | 334 | |
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 0 | 20 |
Commercial [Member] | Other [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 314 | 314 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 13,305 | 14,345 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 11,324 | 12,609 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 1,981 | 1,736 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 279 | 195 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 235 | 153 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 44 | 42 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 3,063 | 2,304 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 2,816 | 2,187 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 247 | 117 | |
Installment [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 166 | 106 | |
Installment [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 151 | 23 |
Installment [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | $ 15 | $ 83 | |
[1] Includes New York, New Jersey, Vermont and Massachusetts. |
Loan Portfolio and Allowance_10
Loan Portfolio and Allowance for Credit Losses, Amortized Cost Basis of Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | $ 16,244 | $ 16,150 |
Non-accrual | 1,419 | 1,333 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Commercial [Member] | Commercial Real Estate [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 536 | 160 |
Non-accrual | 0 | 39 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Commercial [Member] | Other [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 314 | 20 |
Non-accrual | 0 | 314 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 12,584 | 13,502 |
Non-accrual | 721 | 843 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 271 | 129 |
Non-accrual | 8 | 66 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 2,395 | 2,257 |
Non-accrual | 668 | 47 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Installment [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 144 | 82 |
Non-accrual | 22 | 24 |
Loans Past Due Over 89 Days Still Accruing | $ 0 | $ 0 |
Loan Portfolio and Allowance_11
Loan Portfolio and Allowance for Credit Losses, Type of Collateral Dependent Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loans and Leases Receivable [Abstract] | ||
Total loans | $ 5,002,879 | $ 4,733,201 |
Real Estate [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 24,729 | 25,695 |
Investment Securities/Cash [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 0 | 0 |
Other [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 273,515 | 231,011 |
Commercial [Member] | Commercial Real Estate [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 252,255 | 209,922 |
Commercial [Member] | Commercial Real Estate [Member] | Real Estate [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 643 | 312 |
Commercial [Member] | Commercial Real Estate [Member] | Investment Securities/Cash [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Commercial Real Estate [Member] | Other [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Other [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 21,260 | 21,089 |
Commercial [Member] | Other [Member] | Real Estate [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 314 | 334 |
Commercial [Member] | Other [Member] | Investment Securities/Cash [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 0 | 0 |
Commercial [Member] | Other [Member] | Other [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 4,712,478 | 4,489,883 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 4,307,105 | 4,146,902 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Real Estate [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 20,018 | 21,467 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Investment Securities/Cash [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Other [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 57,958 | 56,549 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Real Estate [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 371 | 236 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Investment Securities/Cash [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Other [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 347,415 | 286,432 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Real Estate [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 3,239 | 3,264 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Investment Securities/Cash [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 0 | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Other [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 0 | 0 |
Installment [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 16,886 | 12,307 |
Installment [Member] | Real Estate [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 144 | 82 |
Installment [Member] | Investment Securities/Cash [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | 0 | 0 |
Installment [Member] | Other [Member] | ||
Loans and Leases Receivable [Abstract] | ||
Total loans | $ 0 | $ 0 |
Loan Portfolio and Allowance_12
Loan Portfolio and Allowance for Credit Losses, Amortized Cost Basis of Loans Modified to Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Financing Receivable Modifications Information [Abstract] | |||
Loan modifications classifications from previously performing loans | $ 8,300 | $ 9,200 | |
Financing Receivable Modifications [Abstract] | |||
% of Total Class of Financing Receivable | 0.03% | ||
New York and Other States [Member] | |||
Financing Receivable Modifications [Abstract] | |||
% of Total Class of Financing Receivable | [1] | 0.03% | |
Florida [Member] | |||
Financing Receivable Modifications [Abstract] | |||
% of Total Class of Financing Receivable | 0.02% | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Financing Receivable Modifications [Abstract] | |||
% of Total Class of Financing Receivable | 0.03% | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||
Financing Receivable Modifications [Abstract] | |||
% of Total Class of Financing Receivable | [1] | 0.03% | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||
Financing Receivable Modifications [Abstract] | |||
% of Total Class of Financing Receivable | 0.02% | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Financing Receivable Modifications [Abstract] | |||
% of Total Class of Financing Receivable | 0.02% | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||
Financing Receivable Modifications [Abstract] | |||
% of Total Class of Financing Receivable | [1] | 0.02% | |
Payment Delay [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | $ 1,283 | ||
Payment Delay [Member] | New York and Other States [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | [1] | 945 | |
Payment Delay [Member] | Florida [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | 338 | ||
Payment Delay [Member] | Commercial [Member] | Commercial Real Estate [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | 0 | ||
Payment Delay [Member] | Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | [1] | 0 | |
Payment Delay [Member] | Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | 0 | ||
Payment Delay [Member] | Commercial [Member] | Other [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | 0 | ||
Payment Delay [Member] | Commercial [Member] | Other [Member] | New York and Other States [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | [1] | 0 | |
Payment Delay [Member] | Commercial [Member] | Other [Member] | Florida [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | 0 | ||
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | 1,233 | ||
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | [1] | 895 | |
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | 338 | ||
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | 0 | ||
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | [1] | 0 | |
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | 0 | ||
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | 50 | ||
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | [1] | 50 | |
Payment Delay [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | 0 | ||
Payment Delay [Member] | Installment [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | 0 | ||
Payment Delay [Member] | Installment [Member] | New York and Other States [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | [1] | 0 | |
Payment Delay [Member] | Installment [Member] | Florida [Member] | |||
Financing Receivable Modifications [Abstract] | |||
Loans modified | $ 0 | ||
[1] Includes New York, New Jersey, Vermont and Massachusetts. |
Loan Portfolio and Allowance_13
Loan Portfolio and Allowance for Credit Losses, Performance of Loans Modified to Borrowers Experiencing Financial Difficulty (Details) $ in Thousands | Dec. 31, 2023 USD ($) | |
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | $ 1,283 | |
New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 945 | [1] |
Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 338 | |
30 - 59 Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 152 | |
30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 152 | [1] |
30 - 59 Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
60 - 89 Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
60 - 89 Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
90+ Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 52 | |
90+ Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 52 | [1] |
90+ Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Current [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 1,079 | |
Current [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 741 | [1] |
Current [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 338 | |
Commercial [Member] | Commercial Real Estate [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | 30 - 59 Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Commercial [Member] | Commercial Real Estate [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | 60 - 89 Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Commercial [Member] | Commercial Real Estate [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | Current [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | Current [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Commercial [Member] | Commercial Real Estate [Member] | Current [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Other [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Other [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Commercial [Member] | Other [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Other [Member] | 30 - 59 Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Other [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Commercial [Member] | Other [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Other [Member] | 60 - 89 Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Other [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Commercial [Member] | Other [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Other [Member] | Current [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Commercial [Member] | Other [Member] | Current [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Commercial [Member] | Other [Member] | Current [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 1,233 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 895 | [1] |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 338 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30 - 59 Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 152 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 152 | [1] |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60 - 89 Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 52 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 52 | [1] |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Current [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 1,029 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Current [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 691 | [1] |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Current [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 338 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30 - 59 Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60 - 89 Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Current [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Current [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Current [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 50 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 50 | [1] |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30 - 59 Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60 - 89 Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Current [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 50 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Current [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 50 | [1] |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Current [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Installment [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Installment [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Installment [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Installment [Member] | 30 - 59 Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Installment [Member] | 30 - 59 Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Installment [Member] | 30 - 59 Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Installment [Member] | 60 - 89 Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Installment [Member] | 60 - 89 Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Installment [Member] | 60 - 89 Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Installment [Member] | 90+ Days Past Due [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Installment [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Installment [Member] | 90+ Days Past Due [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Installment [Member] | Current [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | |
Installment [Member] | Current [Member] | New York and Other States [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | 0 | [1] |
Installment [Member] | Current [Member] | Florida [Member] | ||
Performance of Loans Modified to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Performance of modified loans | $ 0 | |
[1] Includes New York, New Jersey, Vermont and Massachusetts. |
Loan Portfolio and Allowance_14
Loan Portfolio and Allowance for Credit Losses, Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | ||
Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Loan commitments to lend additional funds to borrowers | $ 0 | |
Charge-off from loan modifications | 0 | |
Allowance for credit loss from loan modifications | 0 | |
Loan modifications from payment default | $ 0 | |
Payment Delay [Member] | ||
Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Weighted average term | 63 months | |
New York and Other States [Member] | Payment Delay [Member] | ||
Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Weighted average term | 39 months | [1] |
Florida [Member] | Payment Delay [Member] | ||
Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Weighted average term | 24 months | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Payment Delay [Member] | ||
Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Weighted average term | 45 months | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | Payment Delay [Member] | ||
Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Weighted average term | 21 months | [1] |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | Payment Delay [Member] | ||
Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Weighted average term | 24 months | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Payment Delay [Member] | ||
Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Weighted average term | 18 months | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | Payment Delay [Member] | ||
Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty [Abstract] | ||
Weighted average term | 18 months | [1] |
[1] Includes New York, New Jersey, Vermont and Massachusetts. |
Bank Premises and Equipment (De
Bank Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property Plant and Equipment Information [Abstract] | |||
Total bank premises and equipment | $ 138,110 | $ 133,866 | |
Accumulated depreciation and amortization | (104,104) | (101,310) | |
Total | 34,007 | 32,556 | |
Depreciation and amortization expense | 4,100 | 4,100 | $ 4,200 |
Occupancy expense of the Bank's premises included rental expense | 8,165 | 8,213 | $ 8,128 |
Land [Member] | |||
Property Plant and Equipment Information [Abstract] | |||
Total bank premises and equipment | 2,444 | 2,426 | |
Buildings [Member] | |||
Property Plant and Equipment Information [Abstract] | |||
Total bank premises and equipment | 36,347 | 36,260 | |
Furniture, Fixtures and Equipment [Member] | |||
Property Plant and Equipment Information [Abstract] | |||
Total bank premises and equipment | 62,901 | 60,320 | |
Leasehold Improvements [Member] | |||
Property Plant and Equipment Information [Abstract] | |||
Total bank premises and equipment | $ 36,418 | $ 34,860 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Expense, Deposits [Abstract] | |||
Interest bearing checking accounts | $ 382 | $ 190 | $ 178 |
Savings accounts | 2,531 | 920 | 624 |
Time deposits and money market accounts | 50,439 | 4,617 | 5,863 |
Total | 53,352 | 5,727 | $ 6,665 |
Maturity of Time Deposits [Abstract] | |||
Under 1 year | 1,715,122 | ||
1 to 2 years | 26,971 | ||
2 to 3 years | 1,122 | ||
3 to 4 years | 91,716 | ||
4 to 5 years | 1,061 | ||
Over 5 years | 32 | ||
Total time deposits | 1,836,024 | 1,028,763 | |
Amount included in time deposits with balance in excess of $250,000 | $ 474,400 | $ 250,000 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Short-term Debt [Abstract] | |||
Amount outstanding | $ 88,990 | $ 122,700 | |
Federal Home Loan Bank of New York [Member] | |||
Short-term Debt [Abstract] | |||
Amount outstanding | 0 | 0 | |
Available borrowing capacity | 938,600 | ||
Cash Management [Member] | |||
Short-term Debt [Abstract] | |||
Amount outstanding | 88,990 | 122,700 | $ 244,686 |
Maximum amount outstanding at any month end | 134,293 | 253,219 | 244,686 |
Average amount outstanding | $ 114,639 | $ 177,599 | $ 232,815 |
Weighted average interest rate, For the year | 0.88% | 0.42% | 0.39% |
Weighted average interest rate, As of year end | 0.86% | 0.86% | 0.37% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax expense [Abstract] | |||
Federal | $ 15,224 | $ 17,136 | $ 17,657 |
State | 1,587 | 2,933 | 3,195 |
Total current tax expense | 16,811 | 20,069 | 20,852 |
Deferred tax (benefit) expense | 2,156 | 4,114 | (238) |
Total income tax expense | 18,967 | 24,183 | 20,614 |
Components of deferred tax assets and liabilities [Abstract] | |||
Benefits and deferred remuneration | (9,490) | (8,478) | |
Difference in reporting the allowance for credit losses, net | 12,995 | 12,424 | |
Other income or expense not yet reported for tax purposes | (1,188) | 420 | |
Depreciable assets | (2,496) | (2,389) | |
Net deferred tax asset at end of year | 1,977 | 4,873 | |
Net deferred tax liability at end of year | (179) | ||
Impact of ASU 2016-13, Current Expected Credit Loss (CECL) | 0 | 1,218 | |
Net deferred tax asset at beginning of year | 1,977 | 4,873 | |
Deferred tax expense | 2,156 | 4,114 | $ (238) |
Deferred tax assets, unrealized losses on available-for-sale securities | 8,400 | 11,300 | |
Deferred tax liabilities, unrecognized overfunded position in company's pension and postretirement benefit plans | $ 3,700 | $ 1,800 | |
Reconciliation from statutory federal income tax rate to effective tax rate [Abstract] | |||
Statutory federal income tax rate | 21% | 21% | 21% |
Increase/(decrease) in taxes resulting from [Abstract] | |||
State income tax, net of federal tax benefit | 3.10% | 3% | 3.20% |
Other items | 0.30% | 0.30% | 0.90% |
Effective income tax rate | 24.40% | 24.30% | 25.10% |
Uncertain tax positions | $ 0 | $ 0 | |
Federal [Member] | Minimum [Member] | |||
Open Tax Years [Abstract] | |||
Open tax year | 2020 | ||
Federal [Member] | Maximum [Member] | |||
Open Tax Years [Abstract] | |||
Open tax year | 2023 | ||
New York State [Member] | Minimum [Member] | |||
Open Tax Years [Abstract] | |||
Open tax year | 2020 | ||
New York State [Member] | Maximum [Member] | |||
Open Tax Years [Abstract] | |||
Open tax year | 2023 |
Benefit Plans, Change in Projec
Benefit Plans, Change in Projected Benefit Obligation, Plan Assets and Funded Status Reconciliation (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) h yr | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Company contributions | $ 0 | $ 0 | |
Retirement Plan [Member] | |||
Defined benefit plan [Abstract] | |||
Requisite minimum period of employment | 1 year | ||
Requisite minimum hours of service | h | 1,000 | ||
Number of consecutive years in highest compensation preceding retirement | yr | 5 | ||
Period preceding retirement considered in calculating benefits | 10 years | ||
Change in benefit obligation [Roll Forward] | |||
Accumulated benefit obligation at beginning of year | $ 23,042 | 30,905 | |
Interest cost | 1,213 | 888 | $ 856 |
Benefit payments and expected expenses | (1,741) | (1,823) | |
Net actuarial loss (gain) | 645 | (6,928) | |
Accumulated benefit obligation at end of year | 23,159 | 23,042 | 30,905 |
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair Value of plan assets at beginning of year | 52,673 | 63,066 | |
Actual gain (loss) on plan assets | 8,747 | (8,532) | |
Benefit payments and actual expenses | (1,779) | (1,861) | |
Fair value of plan assets at end of year | 59,641 | 52,673 | 63,066 |
Funded status at end of year | 36,482 | 29,631 | |
Postretirement Benefits [Member] | |||
Change in benefit obligation [Roll Forward] | |||
Accumulated benefit obligation at beginning of year | 4,893 | 7,016 | |
Interest cost | 271 | 207 | 190 |
Net actuarial loss (gain) | 527 | (2,276) | |
Accumulated benefit obligation at end of year | 5,628 | 4,893 | 7,016 |
Change in plan assets and reconciliation of funded status [Roll Forward] | |||
Fair Value of plan assets at beginning of year | 28,988 | 33,344 | |
Actual gain (loss) on plan assets | 4,260 | (4,341) | |
Company contributions | 50 | 57 | |
Benefits paid and actual expenses | (74) | (72) | |
Fair value of plan assets at end of year | 33,224 | 28,988 | $ 33,344 |
Funded status at end of year | $ 27,596 | $ 24,095 |
Benefit Plans, Plan Disclosures
Benefit Plans, Plan Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components of the net periodic pension income and other amounts recognized in other comprehensive income (Loss) [Abstract] | |||
Amortization of prior service credit (cost) | $ (13) | $ 313 | $ (405) |
Prior service cost | 0 | ||
Retirement Plan [Member] | |||
Amounts recognized in accumulated other comprehensive income (loss) [Abstract] | |||
Net actuarial loss (gain) | 6,550 | 1,170 | |
Accumulated benefit obligation for pension benefits | 23,200 | 23,000 | |
Components of the net periodic pension income and other amounts recognized in other comprehensive income (Loss) [Abstract] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 1,213 | 888 | 856 |
Expected return on plan assets | (2,684) | (3,227) | (2,846) |
Amortization of net loss (gain) | 0 | 0 | 0 |
Net periodic pension credit | (1,471) | (2,339) | (1,990) |
Net actuarial (gain) loss included in other comprehensive income (loss) | (5,380) | 4,869 | (7,439) |
Amortization of prior service credit (cost) | 0 | 0 | |
Prior service cost | 0 | ||
Total amount recognized in other comprehensive loss | (5,380) | 4,869 | (7,439) |
Total recognized in net periodic benefit (credit) cost and other comprehensive income (loss) | (6,851) | 2,530 | (9,429) |
Postretirement Benefits [Member] | |||
Amounts recognized in accumulated other comprehensive income (loss) [Abstract] | |||
Net actuarial loss (gain) | (7,912) | (5,760) | |
Prior service cost | 68 | 81 | |
Total | (7,844) | (5,679) | |
Components of the net periodic pension income and other amounts recognized in other comprehensive income (Loss) [Abstract] | |||
Service cost | 11 | 18 | 75 |
Interest cost | 271 | 207 | 190 |
Expected return on plan assets | (1,157) | (1,332) | (1,163) |
Amortization of net loss (gain) | (423) | (1,008) | (674) |
Amortization of prior service cost (credit) | 13 | (313) | 405 |
Net periodic pension credit | (1,285) | (2,428) | (1,167) |
Net actuarial (gain) loss included in other comprehensive income (loss) | (2,575) | 3,397 | (3,469) |
Amortization of prior service credit (cost) | (13) | 313 | (405) |
Prior service cost | 0 | 0 | 611 |
Amortization of net gain | 423 | 1,008 | 674 |
Total amount recognized in other comprehensive loss | (2,165) | 4,718 | (2,589) |
Total recognized in net periodic benefit (credit) cost and other comprehensive income (loss) | (3,450) | $ 2,290 | $ (3,756) |
Amounts of net gain that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | 734 | ||
Amount of prior service credit that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | $ 13 |
Benefit Plans, Estimated Future
Benefit Plans, Estimated Future Benefit Payments, Assumptions and Change in Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in benefit obligation [Rollforward] | |||
Prior service cost | $ 0 | ||
Retirement Plan [Member] | |||
Estimated future benefit payments [Abstract] | |||
2024 | $ 1,706 | ||
2025 | 1,721 | ||
2026 | 1,746 | ||
2027 | 1,747 | ||
2028 | 1,794 | ||
2029 - 2033 | $ 8,715 | ||
Assumptions used to determine benefit obligation [Abstract] | |||
Discount rate | 5.18% | 5.44% | 2.96% |
Assumptions used to determine net periodic pension expense [Abstract] | |||
Discount rate | 5.44% | 2.96% | 2.65% |
Expected long-term rate of return on assets, net of tax | 5.25% | 5.25% | 5.25% |
Change in benefit obligation [Rollforward] | |||
Accumulated benefit obligation at beginning of year | $ 23,042 | $ 30,905 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 1,213 | 888 | 856 |
Prior service cost | 0 | ||
Net actuarial loss (gain) | 645 | (6,928) | |
Accumulated benefit obligation at end of year | 23,159 | $ 23,042 | $ 30,905 |
Postretirement Benefits [Member] | |||
Estimated future benefit payments [Abstract] | |||
2024 | 132 | ||
2025 | 160 | ||
2026 | 199 | ||
2027 | 229 | ||
2028 | 270 | ||
2029 - 2033 | $ 1,717 | ||
Assumptions used to determine benefit obligation [Abstract] | |||
Discount rate | 5.18% | 5.44% | 2.96% |
Assumptions used to determine net periodic pension expense [Abstract] | |||
Discount rate | 5.44% | 2.96% | 2.65% |
Expected long-term rate of return on assets, net of tax | 4% | 4% | 4% |
Change in benefit obligation [Rollforward] | |||
Accumulated benefit obligation at beginning of year | $ 4,893 | $ 7,016 | |
Service cost | 11 | 18 | $ 75 |
Interest cost | 271 | 207 | 190 |
Prior service cost | 0 | 0 | 611 |
Benefits paid and actual expenses | (74) | (72) | |
Net actuarial loss (gain) | 527 | (2,276) | |
Accumulated benefit obligation at end of year | 5,628 | 4,893 | $ 7,016 |
Supplementary Pension Plan [Member] | |||
Pension and Other Postretirement Benefits Cost [Abstract] | |||
Plan expense | 2,900 | 2,700 | |
Assets Held-in-trust [Abstract] | |||
Assets held in trust | 2,400 | 2,300 | |
Change in benefit obligation [Rollforward] | |||
Accumulated benefit obligation at beginning of year | 2,300 | ||
Accumulated benefit obligation at end of year | $ 2,400 | $ 2,300 |
Benefit Plans, Health Care Cost
Benefit Plans, Health Care Cost Trend Rate and Other Comprehensive Income Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in component of other comprehensive (loss) income related to the retirement plan or the post-retirement benefit plan [Abstract] | |||
Change in overfunded position of pension and postretirement benefits | $ (7,955) | $ 8,266 | |
Prior service cost | 0 | ||
Amortization of net actuarial gain | 423 | 1,008 | $ 674 |
Amortization of prior service credit | (13) | 313 | (405) |
Total | (7,545) | 9,587 | |
Retirement Plan [Member] | |||
Change in component of other comprehensive (loss) income related to the retirement plan or the post-retirement benefit plan [Abstract] | |||
Change in overfunded position of pension and postretirement benefits | (5,380) | 4,869 | |
Prior service cost | 0 | ||
Amortization of net actuarial gain | 0 | 0 | |
Amortization of prior service credit | 0 | 0 | |
Total | (5,380) | 4,869 | |
Postretirement Benefits [Member] | |||
Change in component of other comprehensive (loss) income related to the retirement plan or the post-retirement benefit plan [Abstract] | |||
Change in overfunded position of pension and postretirement benefits | (2,575) | 3,397 | |
Prior service cost | 0 | 0 | 611 |
Amortization of net actuarial gain | 423 | 1,008 | |
Amortization of prior service credit | (13) | 313 | $ (405) |
Total | $ (2,165) | $ 4,718 |
Benefit Plans, Allocation of Pl
Benefit Plans, Allocation of Plan Assets (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Retirement Plan [Member] | ||
Major categories of pension and postretirement benefit plan assets [Abstract] | ||
Total asset allocation | 100% | 100% |
Retirement Plan [Member] | Debt Securities [Member] | ||
Major categories of pension and postretirement benefit plan assets [Abstract] | ||
Total asset allocation | 34% | 30% |
Retirement Plan [Member] | Equity Securities [Member] | ||
Major categories of pension and postretirement benefit plan assets [Abstract] | ||
Total asset allocation | 63% | 59% |
Retirement Plan [Member] | Other [Member] | ||
Major categories of pension and postretirement benefit plan assets [Abstract] | ||
Total asset allocation | 3% | 11% |
Postretirement Benefits [Member] | ||
Major categories of pension and postretirement benefit plan assets [Abstract] | ||
Total asset allocation | 100% | 100% |
Postretirement Benefits [Member] | Debt Securities [Member] | ||
Major categories of pension and postretirement benefit plan assets [Abstract] | ||
Total asset allocation | 27% | 29% |
Postretirement Benefits [Member] | Equity Securities [Member] | ||
Major categories of pension and postretirement benefit plan assets [Abstract] | ||
Total asset allocation | 61% | 57% |
Postretirement Benefits [Member] | Other [Member] | ||
Major categories of pension and postretirement benefit plan assets [Abstract] | ||
Total asset allocation | 12% | 14% |
Pension and Postretirement Plans [Member] | Debt Securities [Member] | Minimum [Member] | ||
Assets target allocations [Abstract] | ||
Target allocations range | 25% | |
Pension and Postretirement Plans [Member] | Debt Securities [Member] | Maximum [Member] | ||
Assets target allocations [Abstract] | ||
Target allocations range | 40% | |
Pension and Postretirement Plans [Member] | Equity Securities [Member] | Minimum [Member] | ||
Assets target allocations [Abstract] | ||
Target allocations range | 50% | |
Pension and Postretirement Plans [Member] | Equity Securities [Member] | Maximum [Member] | ||
Assets target allocations [Abstract] | ||
Target allocations range | 70% | |
Pension and Postretirement Plans [Member] | Other [Member] | Minimum [Member] | ||
Assets target allocations [Abstract] | ||
Target allocations range | 0% | |
Pension and Postretirement Plans [Member] | Other [Member] | Maximum [Member] | ||
Assets target allocations [Abstract] | ||
Target allocations range | 10% |
Benefit Plans, Fair Value of Pl
Benefit Plans, Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair value of plan assets by asset category [Abstract] | |||
Employer contributions to postretirement benefit plans | $ 0 | $ 0 | |
Expected future contribution | 0 | ||
Retirement Plan [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 59,641 | 52,673 | $ 63,066 |
Retirement Plan [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 39,967 | 37,250 | |
Retirement Plan [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 19,674 | 15,423 | |
Retirement Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 59,641 | 52,673 | |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 1,811 | 5,734 | |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Cash and Cash Equivalents [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 1,811 | 5,734 | |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 37,615 | 30,972 | |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Equity Mutual Funds [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 37,615 | 30,972 | |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 19,674 | 15,423 | |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | U. S. Government Sponsored Enterprises [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 19,674 | 15,423 | |
Retirement Plan [Member] | Corporate Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Corporate Bonds [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 541 | 544 | |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Retirement Plan [Member] | Fixed Income Mutual Funds [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 541 | 544 | |
Postretirement Benefits [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 33,224 | 28,988 | $ 33,344 |
Employer contributions to postretirement benefit plans | 50 | 57 | |
Postretirement Benefits [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 24,222 | 20,591 | |
Postretirement Benefits [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 9,002 | 8,397 | |
Postretirement Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Postretirement Benefits [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 33,224 | 28,988 | |
Postretirement Benefits [Member] | Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 3,986 | 3,945 | |
Postretirement Benefits [Member] | Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Postretirement Benefits [Member] | Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Postretirement Benefits [Member] | Cash and Cash Equivalents [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 3,986 | 3,945 | |
Postretirement Benefits [Member] | Equity Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 20,236 | 16,646 | |
Postretirement Benefits [Member] | Equity Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Postretirement Benefits [Member] | Equity Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Postretirement Benefits [Member] | Equity Mutual Funds [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 20,236 | 16,646 | |
Postretirement Benefits [Member] | U. S. Government Sponsored Enterprises [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Postretirement Benefits [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 9,002 | 8,397 | |
Postretirement Benefits [Member] | U. S. Government Sponsored Enterprises [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | 0 | |
Postretirement Benefits [Member] | U. S. Government Sponsored Enterprises [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | $ 9,002 | 8,397 | |
Postretirement Benefits [Member] | Corporate Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | ||
Postretirement Benefits [Member] | Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | ||
Postretirement Benefits [Member] | Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | 0 | ||
Postretirement Benefits [Member] | Corporate Bonds [Member] | Carrying Value [Member] | |||
Fair value of plan assets by asset category [Abstract] | |||
Fair value of plan assets | $ 0 |
Benefit Plans, Incentive and Bo
Benefit Plans, Incentive and Bonus Plans (Details) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||||
May 28, 2021 | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Incentive and Bonus Plans [Abstract] | |||||
Number of awards (in shares) | shares | 291 | ||||
Weighted average strike price (in dollars per share) | $ / shares | $ 44.37 | ||||
Reverse stock split ratio | [1] | 0.2 | |||
401(k) Plan [Member] | |||||
Incentive and Bonus Plans [Abstract] | |||||
Employer matching contribution, first match | 100% | ||||
Aggregate salary contribution matched by employer, first match | 3% | ||||
Employer matching contribution, next matched | 50% | ||||
Aggregate salary contribution matched by employer, next match | 3% | ||||
Profit sharing contribution | $ 0 | $ 0 | $ 0 | ||
Expense related to 401(k) plan | 1.4 | 1.3 | 1.3 | ||
Executive Incentive Plan [Member] | |||||
Incentive and Bonus Plans [Abstract] | |||||
Expense for officers and executive incentive plan | $ 2.3 | $ 1.3 | $ 3.2 | ||
[1]All periods presented have been adjusted for the 1 for 5 |
Benefit Plans, Stock Based Comp
Benefit Plans, Stock Based Compensation Plans - Equity Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 31, 2019 | |
Summary of Changes in Stock Option Awards [Roll Forward] | |||||
Exercised options (in shares) | (12,458) | (9,923) | |||
Additional Disclosures [Abstract] | |||||
Stock based compensation expense | $ 103 | $ 0 | $ 0 | ||
Unrecognized stock-based compensation expense | $ 1,700 | ||||
Unrecognized compensation expense, period of recognition | 2 years 10 months 24 days | ||||
Stock Options [Member] | |||||
Summary of Changes in Stock Option Awards [Roll Forward] | |||||
Beginning balance (in shares) | 76,853 | ||||
New options awarded (in shares) | 0 | ||||
Expired options (in shares) | (29,312) | ||||
Options forfeited (in shares) | 0 | ||||
Exercised options (in shares) | 0 | (12,000) | (10,000) | ||
Ending balance (in shares) | 47,541 | 76,853 | |||
Stock Option Awards, Exercisable [Roll Forward] | |||||
Ending balance (in shares) | 47,541 | ||||
Weighted Average Exercise Price [Roll Forward] | |||||
Beginning balance (in dollars per share) | $ 34.48 | ||||
New options awarded (in dollars per share) | 0 | ||||
Expired options (in dollars per share) | 35.23 | ||||
Options forfeited (in dollars per share) | 0 | ||||
Exercised options (in dollars per share) | 0 | ||||
Ending balance (in dollars per share) | $ 34.01 | $ 34.48 | |||
Additional Disclosures [Abstract] | |||||
Weighted average remaining contractual life, options outstanding | 1 year 4 months 28 days | ||||
Exercisable options, weighted average exercise price (in dollars per share) | $ 34.01 | ||||
Weighted average remaining contractual life, exercisable outstanding | 1 year 4 months 28 days | ||||
Intrinsic value of vested stock options | $ 0 | ||||
Stock based compensation expense | $ 0 | $ 0 | $ 0 | ||
New options granted (in shares) | 0 | 0 | 0 | ||
Performance-Based and Service-Based Options [Member] | |||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |||||
Award vesting period | 3 years | ||||
Additional Disclosures [Abstract] | |||||
Stock based compensation expense | $ 103 | ||||
New options granted (in shares) | 68,293 | ||||
Award vesting period | 3 years | ||||
2010 Directors Stock Option Plan [Member] | |||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |||||
Shares available for grant (in shares) | 700,000 | ||||
2010 Directors Stock Option Plan [Member] | Stock Options [Member] | |||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |||||
Options maximum term | 10 years | ||||
Award vesting period | 5 years | ||||
Additional Disclosures [Abstract] | |||||
Award vesting period | 5 years | ||||
2019 Equity Incentive Plan [Member] | |||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |||||
Shares available for grant (in shares) | 0 | 700,000 | |||
Exercise price as percentage of fair value | 100% | ||||
Shareholding percentage for grant of stock options | 10% | ||||
Option price as percentage of fair value | 110% |
Benefit Plans, Valuation, Stock
Benefit Plans, Valuation, Stock-Based Compensation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Stock based compensation expense | $ 103,000 | $ 0 | $ 0 |
Unrecognized compensation expense, period of recognition | 2 years 10 months 24 days | ||
Restricted Shares Units [Member] | |||
Activity for Performance Based Awards [Roll Forward] | |||
Balance, Beginning of period (in shares) | 83,228 | ||
New cash settled awards granted (in shares) | 26,567 | ||
Forfeited awards (in shares) | (2,792) | ||
Awards settled (in shares) | (42,852) | ||
Balance, End of period (in shares) | 64,151 | 83,228 | |
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Stock based compensation expense | $ 1,100,000 | $ 1,600,000 | 1,200,000 |
Options maximum term | 1 year | ||
Unrecognized compensation expense | $ 1,800,000 | ||
Unrecognized compensation expense, period of recognition | 22 months | ||
Additional Disclosures [Abstract] | |||
Shares vested after term | 100% | ||
Liability related to awards | $ 202,000 | $ 278,000 | |
Performance Share Units [Member] | |||
Activity for Performance Based Awards [Roll Forward] | |||
Balance, Beginning of period (in shares) | 155,633 | ||
New cash settled awards granted (in shares) | 22,476 | ||
Forfeited awards (in shares) | 0 | ||
Awards settled (in shares) | (42,443) | ||
Balance, End of period (in shares) | 135,666 | 155,633 | |
Employee Service Share-based Compensation, Non-vested Awards, Total Compensation Cost Not yet Recognized [Abstract] | |||
Stock based compensation expense | $ 1,500,000 | $ 1,300,000 | $ 1,800 |
Options maximum term | 3 years | ||
Unrecognized compensation expense | $ 1,400,000 | ||
Unrecognized compensation expense, period of recognition | 21 months | ||
Additional Disclosures [Abstract] | |||
Shares vested after term | 100% | ||
Liability related to awards | $ 3,500,000 | $ 3,600,000 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingent Liabilities [Abstract] | |||
Liability settlement accrued | $ 2,750 | ||
Outsourced service expense | 10,039 | $ 9,210 | $ 8,384 |
Third-Party Service Agreement [Member] | Minimum [Member] | |||
Long Term Purchase Commitment [Abstract] | |||
Outsource service expense | 9,000 | ||
Third-Party Service Agreement [Member] | Maximum [Member] | |||
Long Term Purchase Commitment [Abstract] | |||
Outsource service expense | $ 10,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of the component parts of earnings per share [Abstract] | |||
Net income | $ 58,646 | $ 75,234 | $ 61,519 |
Weighted average common shares (in shares) | 19,024 | 19,131 | 19,259 |
Effect of dilutive common stock options (in shares) | 1 | 2 | 4 |
Weighted average common shares including potential dilutive shares (in shares) | 19,025 | 19,133 | 19,263 |
Basic EPS (in dollars per share) | $ 3.08 | $ 3.93 | $ 3.19 |
Diluted EPS (in dollars per share) | $ 3.08 | $ 3.93 | $ 3.19 |
Stock Options [Member] | |||
Antidilutive Securities [Abstract] | |||
Number of anti-dilutive stock options excluded from diluted earnings per share (in shares) | 73 | 59 |
Off-Balance Sheet Financial I_2
Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments to Extend Credit [Member] | ||
Off-Balance Sheet Risks [Abstract] | ||
Off-balance sheet risks, amount | $ 596.8 | $ 535.4 |
Variable rate product commitments | 71% | 74% |
Standby Letters of Credit [Member] | ||
Off-Balance Sheet Risks [Abstract] | ||
Off-balance sheet risks, amount | $ 4.8 | $ 5.3 |
Off balance sheet instrument term | 12 months |
Fair Value, Assets and Liabilit
Fair Value, Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securities available for sale [Abstract] | ||
Total securities available for sale | $ 452,289 | $ 481,513 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale [Abstract] | ||
Total securities available for sale | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
Total securities available for sale | 452,289 | 481,513 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale [Abstract] | ||
Total securities available for sale | 0 | 0 |
Carrying Value [Member] | ||
Securities available for sale [Abstract] | ||
Total securities available for sale | 452,289 | 481,513 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale [Abstract] | ||
U.S. government sponsored enterprises | 0 | 0 |
State and political subdivisions | 0 | 0 |
Mortgage backed securities and collateralized mortgage obligations - residential | 0 | 0 |
Corporate bonds | 0 | 0 |
Small Business Administration - guaranteed participation securities | 0 | 0 |
Other | 0 | 0 |
Total securities available for sale | 0 | 0 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
U.S. government sponsored enterprises | 118,668 | 118,187 |
State and political subdivisions | 26 | 34 |
Mortgage backed securities and collateralized mortgage obligations - residential | 237,677 | 260,316 |
Corporate bonds | 78,052 | 81,346 |
Small Business Administration - guaranteed participation securities | 17,186 | 20,977 |
Other | 680 | 653 |
Total securities available for sale | 452,289 | 481,513 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale [Abstract] | ||
U.S. government sponsored enterprises | 0 | 0 |
State and political subdivisions | 0 | 0 |
Mortgage backed securities and collateralized mortgage obligations - residential | 0 | 0 |
Corporate bonds | 0 | 0 |
Small Business Administration - guaranteed participation securities | 0 | 0 |
Other | 0 | 0 |
Total securities available for sale | 0 | 0 |
Recurring [Member] | Carrying Value [Member] | ||
Securities available for sale [Abstract] | ||
U.S. government sponsored enterprises | 118,668 | 118,187 |
State and political subdivisions | 26 | 34 |
Mortgage backed securities and collateralized mortgage obligations - residential | 237,677 | 260,316 |
Corporate bonds | 78,052 | 81,346 |
Small Business Administration - guaranteed participation securities | 17,186 | 20,977 |
Other | 680 | 653 |
Total securities available for sale | $ 452,289 | $ 481,513 |
Fair Value, Assets Measured at
Fair Value, Assets Measured at Fair Value Non-recurring (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other Real Estate Owned, Valuation Technique [Extensible List] | Valuation, Market Approach [Member] | Valuation, Market Approach [Member] |
Other Real Estate Owned, Measurement Input [Extensible List] | Measurement Input, Comparability Adjustment [Member] | Measurement Input, Comparability Adjustment [Member] |
Impaired loans [Abstract] | ||
Impaired loans | $ 24,700 | $ 25,700 |
Valuation charge on other real estate owned | 143 | 68 |
Collateral dependent impaired loans | 0 | 0 |
Valuation allowance | 0 | 0 |
Gross charge offs, residential impaired loans | 0 | 0 |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned | 0 | 0 |
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned | 0 | 0 |
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned | $ 194 | $ 2,061 |
Nonrecurring [Member] | Minimum [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned, unobservable inputs | 0 | 0.02 |
Nonrecurring [Member] | Maximum [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned, unobservable inputs | 0.39 | 0.47 |
Nonrecurring [Member] | Weighted Average [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned, unobservable inputs | 0.20 | 0.18 |
Nonrecurring [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Individually evaluated loans [Abstract] | ||
Individually evaluated loans | $ 0 | $ 0 |
Nonrecurring [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Individually evaluated loans [Abstract] | ||
Individually evaluated loans | 0 | 0 |
Nonrecurring [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Individually evaluated loans [Abstract] | ||
Individually evaluated loans | 0 | 0 |
Nonrecurring [Member] | Carrying Value [Member] | ||
Assets measured at fair value on a non-recurring basis [Abstract] | ||
Other real estate owned | 194 | 2,061 |
Nonrecurring [Member] | Carrying Value [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | ||
Individually evaluated loans [Abstract] | ||
Individually evaluated loans | $ 0 | $ 0 |
Fair Value, Carrying Amounts an
Fair Value, Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial assets [Abstract] | ||
Cash and cash equivalents | $ 578,004 | $ 650,599 |
Securities available for sale | 452,289 | 481,513 |
Held to maturity securities | 6,396 | 7,580 |
Net loans | 4,422,027 | 4,328,508 |
Accrued interest receivable | 13,683 | 11,492 |
Financial liabilities [Abstract] | ||
Demand deposits | 754,532 | 838,147 |
Interest bearing deposits | 4,580,010 | 4,338,428 |
Short-term borrowings | 88,990 | 122,700 |
Accrued interest payable | 3,612 | 602 |
Level 1 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 578,004 | 650,599 |
Securities available for sale | 0 | 0 |
Held to maturity securities | 0 | 0 |
Net loans | 0 | 0 |
Accrued interest receivable | 234 | 189 |
Financial liabilities [Abstract] | ||
Demand deposits | 754,532 | 838,147 |
Interest bearing deposits | 2,760,221 | 3,325,900 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 256 | 60 |
Level 2 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 452,289 | 481,513 |
Held to maturity securities | 6,396 | 7,580 |
Net loans | 0 | 0 |
Accrued interest receivable | 1,920 | 1,866 |
Financial liabilities [Abstract] | ||
Demand deposits | 0 | 0 |
Interest bearing deposits | 1,819,789 | 1,012,528 |
Short-term borrowings | 88,990 | 122,700 |
Accrued interest payable | 3,356 | 542 |
Level 3 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 0 | 0 |
Held to maturity securities | 0 | 0 |
Net loans | 4,422,027 | 4,328,508 |
Accrued interest receivable | 11,529 | 9,437 |
Financial liabilities [Abstract] | ||
Demand deposits | 0 | 0 |
Interest bearing deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Value [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 578,004 | 650,599 |
Securities available for sale | 452,289 | 481,513 |
Held to maturity securities | 6,458 | 7,707 |
Federal Reserve Bank and Federal Home Loan Bank stock | 6,203 | 5,797 |
Net loans | 4,954,301 | 4,687,169 |
Accrued interest receivable | 13,683 | 11,492 |
Financial liabilities [Abstract] | ||
Demand deposits | 754,532 | 838,147 |
Interest bearing deposits | 4,596,245 | 4,354,663 |
Short-term borrowings | 88,990 | 122,700 |
Accrued interest payable | $ 3,612 | $ 602 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) $ in Thousands | Dec. 31, 2023 USD ($) Classification | Dec. 31, 2022 USD ($) | |
Trustco Bank [Member] | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations Information [Abstract] | |||
Number of classifications for prompt corrective action regulations provide | Classification | 5 | ||
Tier One Risk Based Capital [Abstract] | |||
Tier 1 leverage capital | $ 636,327 | $ 609,998 | |
Common equity Tier 1 capital | 636,327 | 609,998 | |
Tier 1 risk-based capital | 636,327 | 609,998 | |
Total risk-based capital | $ 679,924 | $ 651,462 | |
Risk Based Ratios [Abstract] | |||
Tier 1 leverage ratio, ratio | 0.10428 | 0.10116 | |
Common equity Tier 1 capital, ratio | 0.1828 | 0.18431 | |
Tier 1 risk-based capital, ratio | 0.1828 | 0.18431 | |
Total risk-based capital, ratio | 0.19532 | 0.19684 | |
Leverage Ratios [Abstract] | |||
Tier 1 leverage ratio, well capitalized | [1] | 0.05 | 0.05 |
Tier 1 leverage ratio, minimum for capital adequacy plus capital conservation | [1],[2] | 0.04 | 0.04 |
Common equity Tier 1 capital, well capitalized | [1] | 0.065 | 0.065 |
Common equity Tier 1 capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.07 | 0.07 |
Tier 1 risk-based capital, well capitalized | [1] | 0.08 | 0.08 |
Tier 1 risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.085 | 0.085 |
Total risk-based capital, well capitalized | [1] | 0.10 | 0.10 |
Total risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.105 | 0.105 |
Common equity Tier 1 capital conservation buffer | 0.025 | 0.025 | |
Tier 1 risk based capital ratio, capital conservation buffer | 0.025 | 0.025 | |
Total risk based capital ratio, capital conservation buffer | 0.025 | 0.025 | |
TrustCo Bank Corp NY [Member] | |||
Tier One Risk Based Capital [Abstract] | |||
Tier 1 leverage capital | $ 657,968 | $ 626,628 | |
Common equity Tier 1 capital | 657,968 | 626,628 | |
Tier 1 risk-based capital | 657,968 | 626,628 | |
Total risk-based capital | $ 701,577 | $ 668,102 | |
Risk Based Ratios [Abstract] | |||
Tier 1 leverage ratio, ratio | 0.1078 | 0.1039 | |
Common equity Tier 1 capital, ratio | 0.18896 | 0.18929 | |
Tier 1 risk-based capital, ratio | 0.18896 | 0.18929 | |
Total risk-based capital, ratio | 0.20149 | 0.20182 | |
Leverage Ratios [Abstract] | |||
Tier 1 leverage ratio, minimum for capital adequacy plus capital conservation | [1],[2] | 0.04 | 0.04 |
Common equity Tier 1 capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.07 | 0.07 |
Tier 1 risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.085 | 0.085 |
Total risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.105 | 0.105 |
Common equity Tier 1 capital conservation buffer | 0.025 | 0.025 | |
Tier 1 risk based capital ratio, capital conservation buffer | 0.025 | 0.025 | |
Total risk based capital ratio, capital conservation buffer | 0.025 | 0.025 | |
[1]Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized.[2]The December 31, 2023 and 2022 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income, Accumulated Other Comprehensive Income (Loss) Balances, Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | $ 599,987 | $ 601,128 | $ 568,161 | [1] |
Other comprehensive income (loss) - before reclassifications | 14,260 | (38,363) | 410 | |
Amount reclassified from accumulated other comprehensive income | (303) | (978) | (199) | |
Other comprehensive income (loss), net of tax | 13,957 | (39,341) | 211 | |
Balance | 645,285 | 599,987 | 601,128 | |
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | (27,194) | 12,147 | 11,936 | [1] |
Other comprehensive income (loss), net of tax | 13,957 | (39,341) | 211 | |
Balance | (13,237) | (27,194) | 12,147 | |
Net Unrealized Holding Gain (Loss) on Securities Available for Sale, Net of Tax [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | (32,271) | (26) | 7,186 | |
Other comprehensive income (loss) - before reclassifications | 8,372 | (32,245) | (7,212) | |
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 | |
Other comprehensive income (loss), net of tax | 8,372 | (32,245) | (7,212) | |
Balance | (23,899) | (32,271) | (26) | |
Net Change in Overfunded Position in Pension and Postretirement Plans Arising During the Year, Net of Tax [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | 7,588 | 13,706 | 6,084 | |
Other comprehensive income (loss) - before reclassifications | 5,888 | (6,118) | 7,622 | |
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 | |
Other comprehensive income (loss), net of tax | 5,888 | (6,118) | 7,622 | |
Balance | 13,476 | 7,588 | 13,706 | |
Net Change in Net Actuarial Gain and Prior Service Cost (Credit) on Pension and Postretirement Benefit Plans, Net of Tax [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | (2,511) | (1,533) | (1,334) | |
Other comprehensive income (loss) - before reclassifications | 0 | 0 | 0 | |
Amount reclassified from accumulated other comprehensive income | (303) | (978) | (199) | |
Other comprehensive income (loss), net of tax | (303) | (978) | (199) | |
Balance | $ (2,814) | $ (2,511) | $ (1,533) | |
[1]All periods presented have been adjusted for the 1 for 5 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income, Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Abstract] | |||
Salaries and employee benefits | $ 51,242 | $ 45,904 | $ 48,721 |
Income tax benefit | 18,967 | 24,183 | 20,614 |
Net income | 58,646 | 75,234 | 61,519 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Abstract] | |||
Net income | 303 | 978 | 199 |
Amortization of Pension and Postretirement Benefit Items [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Abstract] | |||
Income tax benefit | (107) | (343) | (70) |
Net income | 303 | 978 | 199 |
Amortization of Net Actuarial Gain [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Abstract] | |||
Salaries and employee benefits | 423 | 1,008 | 674 |
Amortization of Prior Service (Cost) Credit [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Abstract] | |||
Salaries and employee benefits | $ (13) | $ 313 | $ (405) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Sources of non-interest income [Abstract] | ||||
Other | [1] | $ 1,022 | $ 1,123 | $ 698 |
Total non-interest income | 18,315 | 19,260 | 17,937 | |
Overdraft Fees [Member] | ||||
Sources of non-interest income [Abstract] | ||||
Non-interest income | 2,939 | 2,708 | 2,660 | |
Other [Member] | ||||
Sources of non-interest income [Abstract] | ||||
Non-interest income | 2,110 | 2,044 | 1,940 | |
Interchange Income [Member] | ||||
Sources of non-interest income [Abstract] | ||||
Non-interest income | 5,819 | 6,348 | 5,281 | |
Wealth Management Fees [Member] | ||||
Sources of non-interest income [Abstract] | ||||
Non-interest income | $ 6,425 | $ 7,037 | $ 7,358 | |
[1]Not within the scope of ASC 606. |
Operating Leases (Details)
Operating Leases (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Property Lease | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Leases, operating [Abstract] | |||
Number of lease for which construction not started | Lease | 0 | ||
Other information related to leases [Abstract] | |||
Operating lease cost | $ 8,165,000 | $ 8,213,000 | $ 8,128,000 |
Variable lease cost | 2,226,000 | 2,183,000 | 2,015,000 |
Total Lease costs | 10,391,000 | 10,396,000 | 10,143,000 |
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | |||
Operating cash flows from operating leases | 8,393,000 | 8,327,000 | 8,192,000 |
Right-of-use assets obtained in exchange for lease obligations: | $ 2,487,000 | $ 3,089,000 | $ 6,588,000 |
Weighted average remaining lease term (years) | 8 years 6 months | 8 years 10 months 24 days | 9 years 3 months 18 days |
Weighted average discount rate | 3.10% | 3% | 3% |
Future minimum lease payments under non-cancellable leases [Abstract] | |||
2024 | $ 8,479,000 | ||
2025 | 8,078,000 | ||
2026 | 7,104,000 | ||
2027 | 5,867,000 | ||
2028 | 4,679,000 | ||
Thereafter | 16,485,000 | ||
Total lease payments | 50,692,000 | ||
Less: Interest | 6,221,000 | ||
Present value of lease liabilities | 44,471,000 | $ 48,980,000 | |
Operating lease right-of-use assets | 40,542,000 | 44,727,000 | |
Director [Member] | |||
Future minimum lease payments under non-cancellable leases [Abstract] | |||
Total lease payments | 2,700,000 | ||
Less: Interest | $ 312,000 | ||
Number of properties under lease owned by related party | Property | 5 | ||
Payment of rent and fees, total | $ 534,000 | 500,000 | $ 548,000 |
Outstanding amount | $ 0 | $ 0 | |
Minimum [Member] | |||
Leases, operating [Abstract] | |||
Operating lease expiration term | 5 months | ||
Maximum [Member] | |||
Leases, operating [Abstract] | |||
Operating lease expiration term | 20 years 9 months 18 days |
Parent Company Only, Statements
Parent Company Only, Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Expenses [Abstract] | |||
Professional services | $ 6,245 | $ 5,577 | $ 6,108 |
Total noninterest expense | 111,297 | 100,319 | 101,662 |
Income before income taxes | 77,613 | 99,417 | 82,133 |
Income tax benefit | 18,967 | 24,183 | 20,614 |
Net income | 58,646 | 75,234 | 61,519 |
Change in other comprehensive income | 13,957 | (39,341) | 211 |
Comprehensive income | 72,603 | 35,893 | 61,730 |
TrustCo Bank Corp NY [Member] | |||
Statements of Comprehensive Income [Abstract] | |||
Dividends and interest from subsidiaries | 34,220 | 34,125 | 34,096 |
Net gain on securities transactions | 0 | 0 | 0 |
Miscellaneous income | 0 | 0 | 0 |
Total income | 34,220 | 34,125 | 34,096 |
Expenses [Abstract] | |||
Operating supplies | 0 | 0 | 21 |
Professional services | 972 | 585 | 819 |
Miscellaneous expense | 1,371 | 1,752 | 3,419 |
Total noninterest expense | 2,343 | 2,337 | 4,259 |
Income before income taxes | 31,877 | 31,788 | 29,837 |
Income tax benefit | (530) | (559) | (972) |
Income before subsidiaries' undistributed earnings | 32,407 | 32,347 | 30,809 |
Equity in undistributed earnings of subsidiaries | 26,239 | 42,887 | 30,710 |
Net income | 58,646 | 75,234 | 61,519 |
Change in other comprehensive income | 13,957 | (39,341) | 211 |
Comprehensive income | $ 72,603 | $ 35,893 | $ 61,730 |
Parent Company Only, Statemen_2
Parent Company Only, Statements of Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | [1] |
Assets [Abstract] | |||||
Cash in subsidiary bank | $ 578,004 | $ 650,599 | |||
Securities available for sale | 452,289 | 481,513 | |||
Other assets | 96,387 | 89,984 | |||
Total assets | 6,168,191 | 6,000,052 | |||
Liabilities and shareholders' equity [Abstract] | |||||
Accrued expenses and other liabilities | 38,668 | 35,575 | |||
Total liabilities | 5,522,906 | 5,400,065 | |||
Shareholders' equity | 645,285 | 599,987 | $ 601,128 | $ 568,161 | |
Total liabilities and shareholders' equity | 6,168,191 | 6,000,052 | |||
TrustCo Bank Corp NY [Member] | |||||
Assets [Abstract] | |||||
Cash in subsidiary bank | 28,547 | 25,079 | |||
Investments in subsidiaries | 623,658 | 583,370 | |||
Securities available for sale | 48 | 36 | |||
Other assets | 869 | 809 | |||
Total assets | 653,122 | 609,294 | |||
Liabilities and shareholders' equity [Abstract] | |||||
Accrued expenses and other liabilities | 7,837 | 9,307 | |||
Total liabilities | 7,837 | 9,307 | |||
Shareholders' equity | 645,285 | 599,987 | |||
Total liabilities and shareholders' equity | $ 653,122 | $ 609,294 | |||
[1]All periods presented have been adjusted for the 1 for 5 |
Parent Company Only, Statemen_3
Parent Company Only, Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities [Abstract] | |||
Net income | $ 58,646 | $ 75,234 | $ 61,519 |
Adjustments to reconcile net income to net cash provided by operating activities [Abstract] | |||
Stock based compensation expense | 103 | 0 | 0 |
Total adjustments | 5,483 | 3,392 | (6,154) |
Net cash provided by operating activities | 64,129 | 78,626 | 55,365 |
Cash flows from investing activities [Abstract] | |||
Purchases of securities available for sale | (19,678) | (203,516) | (139,962) |
Net cash used in investing activities | (233,593) | (416,626) | (175,256) |
Cash flows from financing activities [Abstract] | |||
Cash used to settle fractional shares in the Reverse Stock Split | 0 | 0 | (200) |
Proceeds from exercise of stock options | 0 | 429 | 260 |
Dividends paid | (27,388) | (26,991) | (26,279) |
Payments to acquire treasury stock | 0 | (7,004) | (2,386) |
Net cash provided by (used in) financing activities | 96,869 | (230,871) | 232,262 |
Net (decrease) increase in cash and cash equivalents | (72,595) | (568,871) | 112,371 |
Cash and cash equivalents at beginning of period | 650,599 | 1,219,470 | 1,107,099 |
Cash and cash equivalents at end of period | 578,004 | 650,599 | 1,219,470 |
TrustCo Bank Corp NY [Member] | |||
Cash flows from operating activities [Abstract] | |||
Net income | 58,646 | 75,234 | 61,519 |
Adjustments to reconcile net income to net cash provided by operating activities [Abstract] | |||
Equity in undistributed earnings of subsidiaries | (26,239) | (42,887) | (30,710) |
Stock based compensation expense | 0 | 0 | 0 |
Net change in other assets and accrued expenses | (1,563) | (440) | 354 |
Total adjustments | (27,802) | (43,327) | (30,356) |
Net cash provided by operating activities | 30,844 | 31,907 | 31,163 |
Cash flows from investing activities [Abstract] | |||
Purchases of securities available for sale | 0 | 0 | 0 |
Net cash used in investing activities | 0 | 0 | 0 |
Cash flows from financing activities [Abstract] | |||
Cash used to settle fractional shares in the Reverse Stock Split | 0 | 0 | (200) |
Proceeds from exercise of stock options | 0 | 429 | 260 |
Dividends paid | (27,376) | (26,978) | (26,266) |
Payments to acquire treasury stock | 0 | (7,004) | (2,386) |
Proceeds from sales of treasury stock | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | (27,376) | (33,553) | (28,592) |
Net (decrease) increase in cash and cash equivalents | 3,468 | (1,646) | 2,571 |
Cash and cash equivalents at beginning of period | 25,079 | 26,725 | 24,154 |
Cash and cash equivalents at end of period | $ 28,547 | $ 25,079 | $ 26,725 |