|
|
|
|
|
State or Other Jurisdiction of Incorporation or Organization
|
Commission File No.
|
I.R.S. Employer Identification
Number
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|||
|
|
|
|
Item 2.02.
|
Results of Operations and Financial Condition
|
|
Item 9.01.
|
Financial Statements and Exhibits
|
|
(c)
|
Exhibits
|
|
Reg S-K Exhibit No.
|
Description
|
|
Press release dated July 21, 2020 for the period ending June 30, 2020, regarding quarterly results.
|
|
|
104
|
Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.
|
|
TrustCo Bank Corp NY
|
||
|
(Registrant)
|
||
|
By:
|
/s/ Michael M. Ozimek
|
|
|
Michael M. Ozimek
|
||
|
Executive Vice President and
|
||
|
Chief Financial Officer
|
||
![]() |
News Release
|
|
Subsidiary:
|
Trustco Bank
|
NASDAQ -- TRST
|
|
Contact:
|
Robert Leonard
|
|
Executive Vice President and
|
|
|
Chief Risk Officer
|
|
|
(518) 381-3693
|
|
Three months ended
|
||||||||||||
|
6/30/2020
|
3/31/2020
|
6/30/2019
|
||||||||||
|
Summary of operations
|
||||||||||||
|
Net interest income (TE)
|
$
|
37,681
|
38,554
|
39,192
|
||||||||
|
Provision (Credit) for loan losses
|
2,000
|
2,000
|
(341
|
)
|
||||||||
|
Net gain on securities transactions
|
-
|
1,155
|
-
|
|||||||||
|
Noninterest income, excluding net gain on securities transactions
|
3,426
|
4,179
|
4,914
|
|||||||||
|
Noninterest expense
|
23,932
|
24,268
|
24,902
|
|||||||||
|
Net income
|
11,254
|
13,313
|
14,667
|
|||||||||
|
Per common share
|
||||||||||||
|
Net income per share:
|
||||||||||||
|
- Basic
|
$
|
0.117
|
0.138
|
0.152
|
||||||||
|
- Diluted
|
0.117
|
0.138
|
0.151
|
|||||||||
|
Cash dividends
|
0.068
|
0.068
|
0.068
|
|||||||||
|
Book value at period end
|
5.73
|
5.68
|
5.32
|
|||||||||
|
Market price at period end
|
6.33
|
5.41
|
7.92
|
|||||||||
|
At period end
|
||||||||||||
|
Full time equivalent employees
|
806
|
813
|
858
|
|||||||||
|
Full service banking offices
|
148
|
148
|
148
|
|||||||||
|
Performance ratios
|
||||||||||||
|
Return on average assets
|
0.82
|
%
|
1.03
|
1.14
|
||||||||
|
Return on average equity
|
8.21
|
9.87
|
11.60
|
|||||||||
|
Efficiency (1)
|
58.30
|
56.34
|
55.98
|
|||||||||
|
Net interest spread (TE)
|
2.69
|
2.91
|
2.95
|
|||||||||
|
Net interest margin (TE)
|
2.81
|
3.05
|
3.11
|
|||||||||
|
Dividend payout ratio
|
58.37
|
49.41
|
44.94
|
|||||||||
|
Capital ratios at period end
|
||||||||||||
|
Consolidated tangible equity to tangible assets (2)
|
9.74
|
%
|
10.42
|
9.85
|
||||||||
|
Consolidated equity to assets
|
9.75
|
%
|
10.43
|
9.86
|
||||||||
|
Asset quality analysis at period end
|
||||||||||||
|
Nonperforming loans to total loans
|
0.52
|
0.51
|
0.57
|
|||||||||
|
Nonperforming assets to total assets
|
0.40
|
0.42
|
0.47
|
|||||||||
|
Allowance for loan losses to total loans
|
1.15
|
1.13
|
1.14
|
|||||||||
|
Coverage ratio (3)
|
2.2
|
x
|
2.2
|
x
|
2.0
|
x
|
||||||
|
(1)
|
Non-GAAP measure; calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income.
|
|
(2)
|
Non-GAAP measure; calculated as total equity less $553 of intangible assets divided by total assets less $553 of intangible assets.
|
|
(3)
|
Calculated as allowance for loan losses divided by total nonperforming loans.
|
|
Six months ended
|
||||||||
|
06/30/20
|
06/30/19
|
|||||||
|
Summary of operations
|
||||||||
|
Net interest income (TE)
|
$
|
76,235
|
78,925
|
|||||
|
Provision (Credit) for loan losses
|
4,000
|
(41
|
)
|
|||||
|
Net gain on securities transactions
|
1,155
|
-
|
||||||
|
Noninterest income, excluding net gain on securities transactions
|
7,605
|
9,551
|
||||||
|
Noninterest expense
|
48,200
|
49,769
|
||||||
|
Net income
|
24,567
|
29,225
|
||||||
|
Per common share
|
||||||||
|
Net income per share:
|
||||||||
|
- Basic
|
$
|
0.254
|
0.302
|
|||||
|
- Diluted
|
0.254
|
0.302
|
||||||
|
Cash dividends
|
0.136
|
0.136
|
||||||
|
Tangible Book value at period end
|
5.73
|
5.32
|
||||||
|
Market price at period end
|
6.33
|
7.92
|
||||||
|
Performance ratios
|
||||||||
|
Return on average assets
|
0.92
|
1.15
|
||||||
|
Return on average equity
|
9.04
|
11.76
|
||||||
|
Efficiency (1)
|
57.30
|
56.04
|
||||||
|
Net interest spread (TE)
|
2.80
|
3.03
|
||||||
|
Net interest margin (TE)
|
2.93
|
3.17
|
||||||
|
Dividend payout ratio
|
53.52
|
45.08
|
||||||
|
(1)
|
Calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income (excluding net
securities transactions and gain on sale of building and nonperforming loans).
|
|
Three months ended
|
||||||||||||||||||||
|
6/30/2020
|
3/31/2020
|
12/31/2019
|
9/30/2019
|
6/30/2019
|
||||||||||||||||
|
Interest and dividend income:
|
||||||||||||||||||||
|
Interest and fees on loans
|
$
|
41,665
|
42,063
|
42,002
|
41,923
|
41,432
|
||||||||||||||
|
Interest and dividends on securities available for sale:
|
||||||||||||||||||||
|
U. S. government sponsored enterprises
|
106
|
421
|
609
|
996
|
821
|
|||||||||||||||
|
State and political subdivisions
|
2
|
1
|
2
|
2
|
3
|
|||||||||||||||
|
Mortgage-backed securities and collateralized mortgage obligations - residential
|
1,527
|
2,113
|
2,334
|
2,178
|
2,152
|
|||||||||||||||
|
Corporate bonds
|
488
|
238
|
295
|
321
|
272
|
|||||||||||||||
|
Small Business Administration - guaranteed participation securities
|
229
|
245
|
253
|
282
|
289
|
|||||||||||||||
|
Other securities
|
5
|
6
|
6
|
6
|
5
|
|||||||||||||||
|
Total interest and dividends on securities available for sale
|
2,357
|
3,024
|
3,499
|
3,785
|
3,542
|
|||||||||||||||
|
Interest on held to maturity securities:
|
||||||||||||||||||||
|
Mortgage-backed securities and collateralized mortgage obligations - residential
|
162
|
175
|
184
|
187
|
209
|
|||||||||||||||
|
Total interest on held to maturity securities
|
162
|
175
|
184
|
187
|
209
|
|||||||||||||||
|
Federal Reserve Bank and Federal Home Loan Bank stock
|
192
|
82
|
203
|
81
|
199
|
|||||||||||||||
|
Interest on federal funds sold and other short-term investments
|
193
|
1,267
|
1,635
|
2,552
|
3,282
|
|||||||||||||||
|
Total interest income
|
44,569
|
46,611
|
47,523
|
48,528
|
48,664
|
|||||||||||||||
|
Interest expense:
|
||||||||||||||||||||
|
Interest on deposits:
|
||||||||||||||||||||
|
Interest-bearing checking
|
26
|
16
|
21
|
52
|
94
|
|||||||||||||||
|
Savings
|
166
|
233
|
271
|
323
|
367
|
|||||||||||||||
|
Money market deposit accounts
|
862
|
1,096
|
1,175
|
1,177
|
1,119
|
|||||||||||||||
|
Time deposits
|
5,599
|
6,391
|
7,468
|
7,974
|
7,512
|
|||||||||||||||
|
Interest on short-term borrowings
|
235
|
322
|
347
|
359
|
381
|
|||||||||||||||
|
Total interest expense
|
6,888
|
8,058
|
9,282
|
9,885
|
9,473
|
|||||||||||||||
|
Net interest income
|
37,681
|
38,553
|
38,241
|
38,643
|
39,191
|
|||||||||||||||
|
Less: Provision (Credit) for loan losses
|
2,000
|
2,000
|
200
|
-
|
(341
|
)
|
||||||||||||||
|
Net interest income after provision for loan losses
|
35,681
|
36,553
|
38,041
|
38,643
|
39,532
|
|||||||||||||||
|
Noninterest income:
|
||||||||||||||||||||
|
Trustco Financial Services income
|
1,368
|
1,600
|
1,454
|
1,517
|
1,683
|
|||||||||||||||
|
Fees for services to customers
|
1,807
|
2,315
|
2,377
|
2,602
|
2,611
|
|||||||||||||||
|
Net gain on securities transactions
|
-
|
1,155
|
-
|
-
|
-
|
|||||||||||||||
|
Other
|
251
|
264
|
284
|
806
|
620
|
|||||||||||||||
|
Total noninterest income
|
3,426
|
5,334
|
4,115
|
4,925
|
4,914
|
|||||||||||||||
|
Noninterest expenses:
|
||||||||||||||||||||
|
Salaries and employee benefits
|
11,648
|
11,373
|
11,743
|
11,725
|
11,711
|
|||||||||||||||
|
Net occupancy expense
|
4,385
|
4,306
|
4,399
|
4,094
|
4,006
|
|||||||||||||||
|
Equipment expense
|
1,606
|
1,802
|
1,768
|
1,689
|
1,709
|
|||||||||||||||
|
Professional services
|
1,182
|
1,481
|
1,449
|
1,507
|
1,568
|
|||||||||||||||
|
Outsourced services
|
1,875
|
2,075
|
1,925
|
1,875
|
1,875
|
|||||||||||||||
|
Advertising expense
|
601
|
488
|
464
|
494
|
778
|
|||||||||||||||
|
FDIC and other insurance
|
609
|
294
|
259
|
282
|
598
|
|||||||||||||||
|
Other real estate (income) expense, net
|
(32
|
)
|
194
|
(385
|
)
|
33
|
210
|
|||||||||||||
|
Other
|
2,058
|
2,255
|
2,269
|
2,371
|
2,447
|
|||||||||||||||
|
Total noninterest expenses
|
23,932
|
24,268
|
23,891
|
24,070
|
24,902
|
|||||||||||||||
|
Income before taxes
|
15,175
|
17,619
|
18,265
|
19,498
|
19,544
|
|||||||||||||||
|
Income taxes
|
3,921
|
4,306
|
4,358
|
4,790
|
4,877
|
|||||||||||||||
|
Net income
|
$
|
11,254
|
13,313
|
13,907
|
14,708
|
14,667
|
||||||||||||||
|
Net income per common share:
|
||||||||||||||||||||
|
- Basic
|
$
|
0.117
|
0.138
|
0.143
|
0.152
|
0.152
|
||||||||||||||
|
- Diluted
|
0.117
|
0.138
|
0.143
|
0.152
|
0.151
|
|||||||||||||||
|
Average basic shares (in thousands)
|
96,433
|
96,727
|
96,919
|
96,907
|
96,822
|
|||||||||||||||
|
Average diluted shares (in thousands)
|
96,437
|
96,750
|
97,015
|
96,977
|
96,891
|
|||||||||||||||
|
Note: Taxable equivalent net interest income
|
$
|
37,681
|
38,554
|
38,243
|
38,644
|
39,192
|
||||||||||||||
|
Six months ended
|
||||||||
|
06/30/20
|
06/30/19
|
|||||||
|
Interest and dividend income:
|
||||||||
|
Interest and fees on loans
|
$
|
83,728
|
82,685
|
|||||
|
Interest and dividends on securities available for sale:
|
||||||||
|
U. S. government sponsored enterprises
|
527
|
1,604
|
||||||
|
State and political subdivisions
|
3
|
4
|
||||||
|
Mortgage-backed securities and collateralized mortgage obligations - residential
|
3,640
|
3,707
|
||||||
|
Corporate bonds
|
726
|
480
|
||||||
|
Small Business Administration - guaranteed
|
||||||||
|
participation securities
|
474
|
586
|
||||||
|
Other securities
|
11
|
10
|
||||||
|
Total interest and dividends on securities available for sale
|
5,381
|
6,391
|
||||||
|
Interest on held to maturity securities:
|
||||||||
|
Mortgage-backed securities-residential
|
337
|
426
|
||||||
|
Total interest on held to maturity securities
|
337
|
426
|
||||||
|
Federal Reserve Bank and Federal Home Loan Bank stock
|
274
|
284
|
||||||
|
Interest on federal funds sold and other short-term investments
|
1,460
|
6,291
|
||||||
|
Total interest income
|
91,180
|
96,077
|
||||||
|
Interest expense:
|
||||||||
|
Interest on deposits:
|
||||||||
|
Interest-bearing checking
|
42
|
215
|
||||||
|
Savings
|
399
|
744
|
||||||
|
Money market deposit accounts
|
1,958
|
1,945
|
||||||
|
Time deposits
|
11,990
|
13,488
|
||||||
|
Interest on short-term borrowings
|
557
|
762
|
||||||
|
Total interest expense
|
14,946
|
17,154
|
||||||
|
Net interest income
|
76,234
|
78,923
|
||||||
|
Less: (Credit) Provision for loan losses
|
4,000
|
(41
|
)
|
|||||
|
Net interest income after provision for loan losses
|
72,234
|
78,964
|
||||||
|
Noninterest income:
|
||||||||
|
Trustco Financial Services income
|
2,968
|
3,416
|
||||||
|
Fees for services to customers
|
4,122
|
5,131
|
||||||
|
Net gain on securities transactions
|
1,155
|
-
|
||||||
|
Other
|
515
|
1,004
|
||||||
|
Total noninterest income
|
8,760
|
9,551
|
||||||
|
Noninterest expenses:
|
||||||||
|
Salaries and employee benefits
|
23,021
|
23,162
|
||||||
|
Net occupancy expense
|
8,691
|
8,173
|
||||||
|
Equipment expense
|
3,408
|
3,611
|
||||||
|
Professional services
|
2,663
|
3,218
|
||||||
|
Outsourced services
|
3,950
|
3,800
|
||||||
|
Advertising expense
|
1,089
|
1,563
|
||||||
|
FDIC and other insurance
|
903
|
1,246
|
||||||
|
Other real estate expense, net
|
162
|
186
|
||||||
|
Other
|
4,313
|
4,810
|
||||||
|
Total noninterest expenses
|
48,200
|
49,769
|
||||||
|
Income before taxes
|
32,794
|
38,746
|
||||||
|
Income taxes
|
8,227
|
9,521
|
||||||
|
Net income
|
$
|
24,567
|
29,225
|
|||||
|
Net income per common share:
|
||||||||
|
- Basic
|
$
|
0.254
|
0.302
|
|||||
|
- Diluted
|
0.254
|
0.302
|
||||||
|
Average basic shares (in thousands)
|
96,580
|
96,784
|
||||||
|
Average diluted shares (in thousands)
|
96,593
|
96,857
|
||||||
|
Note: Taxable equivalent net interest income
|
$
|
76,235
|
78,925
|
|||||
|
6/30/2020
|
3/31/2020
|
12/31/2019
|
9/30/2019
|
6/30/2019
|
||||||||||||||||
|
ASSETS:
|
||||||||||||||||||||
|
Cash and due from banks
|
$
|
44,726
|
43,362
|
48,198
|
49,526
|
42,471
|
||||||||||||||
|
Federal funds sold and other short term investments
|
908,110
|
492,691
|
408,648
|
401,151
|
517,684
|
|||||||||||||||
|
Total cash and cash equivalents
|
952,836
|
536,053
|
456,846
|
450,677
|
560,155
|
|||||||||||||||
|
Securities available for sale:
|
||||||||||||||||||||
|
U. S. government sponsored enterprises
|
-
|
54,970
|
104,512
|
164,490
|
184,448
|
|||||||||||||||
|
States and political subdivisions
|
111
|
112
|
162
|
169
|
170
|
|||||||||||||||
|
Mortgage-backed securities and collateralized mortgage obligations - residential
|
331,469
|
352,067
|
389,517
|
406,166
|
354,679
|
|||||||||||||||
|
Small Business Administration - guaranteed
|
||||||||||||||||||||
|
participation securities
|
45,998
|
46,768
|
48,511
|
50,970
|
53,091
|
|||||||||||||||
|
Corporate bonds
|
54,439
|
48,564
|
30,436
|
40,281
|
40,467
|
|||||||||||||||
|
Other securities
|
685
|
685
|
685
|
683
|
685
|
|||||||||||||||
|
Total securities available for sale
|
432,702
|
503,166
|
573,823
|
662,759
|
633,540
|
|||||||||||||||
|
Held to maturity securities:
|
||||||||||||||||||||
|
Mortgage-backed securities and collateralized mortgage obligations-residential
|
16,633
|
17,720
|
18,618
|
19,705
|
20,667
|
|||||||||||||||
|
Total held to maturity securities
|
16,633
|
17,720
|
18,618
|
19,705
|
20,667
|
|||||||||||||||
|
Federal Reserve Bank and Federal Home Loan Bank stock
|
5,506
|
9,183
|
9,183
|
9,183
|
9,183
|
|||||||||||||||
|
Loans:
|
||||||||||||||||||||
|
Commercial
|
231,212
|
195,805
|
199,499
|
192,443
|
190,507
|
|||||||||||||||
|
Residential mortgage loans
|
3,681,898
|
3,627,121
|
3,583,774
|
3,508,647
|
3,428,829
|
|||||||||||||||
|
Home equity line of credit
|
254,445
|
265,753
|
267,922
|
273,526
|
277,559
|
|||||||||||||||
|
Installment loans
|
10,006
|
10,713
|
11,001
|
10,703
|
9,514
|
|||||||||||||||
|
Loans, net of deferred net costs
|
4,177,561
|
4,099,392
|
4,062,196
|
3,985,319
|
3,906,409
|
|||||||||||||||
|
Less: Allowance for loan losses
|
48,144
|
46,155
|
44,317
|
44,329
|
44,365
|
|||||||||||||||
|
Net loans
|
4,129,417
|
4,053,237
|
4,017,879
|
3,940,990
|
3,862,044
|
|||||||||||||||
|
Bank premises and equipment, net
|
34,042
|
34,428
|
34,622
|
34,168
|
34,058
|
|||||||||||||||
|
Operating lease right-of-use assets
|
48,712
|
49,955
|
51,475
|
49,618
|
51,097
|
|||||||||||||||
|
Other assets
|
57,155
|
52,905
|
58,876
|
55,369
|
56,926
|
|||||||||||||||
|
Total assets
|
$
|
5,677,003
|
5,256,647
|
5,221,322
|
5,222,469
|
5,227,670
|
||||||||||||||
|
LIABILITIES:
|
||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||
|
Demand
|
$
|
612,960
|
480,255
|
463,858
|
453,439
|
432,780
|
||||||||||||||
|
Interest-bearing checking
|
1,001,592
|
895,254
|
875,672
|
869,101
|
888,433
|
|||||||||||||||
|
Savings accounts
|
1,191,682
|
1,122,116
|
1,113,146
|
1,110,947
|
1,132,308
|
|||||||||||||||
|
Money market deposit accounts
|
666,304
|
617,198
|
599,163
|
570,457
|
562,318
|
|||||||||||||||
|
Time deposits
|
1,392,769
|
1,367,005
|
1,398,177
|
1,457,223
|
1,446,428
|
|||||||||||||||
|
Total deposits
|
4,865,307
|
4,481,828
|
4,450,016
|
4,461,167
|
4,462,267
|
|||||||||||||||
|
Short-term borrowings
|
177,278
|
148,090
|
148,666
|
151,095
|
166,746
|
|||||||||||||||
|
Operating lease liabilities
|
53,710
|
54,998
|
56,553
|
54,731
|
56,237
|
|||||||||||||||
|
Accrued expenses and other liabilities
|
27,287
|
23,546
|
27,830
|
29,313
|
26,790
|
|||||||||||||||
|
Total liabilities
|
5,123,582
|
4,708,462
|
4,683,065
|
4,696,306
|
4,712,040
|
|||||||||||||||
|
SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||
|
Capital stock
|
100,205
|
100,205
|
100,205
|
100,200
|
100,180
|
|||||||||||||||
|
Surplus
|
176,437
|
176,431
|
176,427
|
176,395
|
176,396
|
|||||||||||||||
|
Undivided profits
|
299,239
|
294,553
|
288,067
|
280,542
|
272,433
|
|||||||||||||||
|
Accumulated other comprehensive loss, net of tax
|
11,936
|
11,392
|
4,461
|
(71
|
)
|
(1,774
|
)
|
|||||||||||||
|
Treasury stock at cost
|
(34,396
|
)
|
(34,396
|
)
|
(30,903
|
)
|
(30,903
|
)
|
(31,605
|
)
|
||||||||||
|
Total shareholders' equity
|
553,421
|
548,185
|
538,257
|
526,163
|
515,630
|
|||||||||||||||
|
Total liabilities and shareholders' equity
|
$
|
5,677,003
|
5,256,647
|
5,221,322
|
5,222,469
|
5,227,670
|
||||||||||||||
|
Outstanding shares (in thousands)
|
96,433
|
96,433
|
96,922
|
96,917
|
96,822
|
|||||||||||||||
|
6/30/2020
|
3/31/2020
|
12/31/2019
|
9/30/2019
|
6/30/2019
|
||||||||||||||||
|
Nonperforming Assets
|
||||||||||||||||||||
|
New York and other states*
|
||||||||||||||||||||
|
Loans in nonaccrual status:
|
||||||||||||||||||||
|
Commercial
|
$
|
571
|
630
|
816
|
888
|
905
|
||||||||||||||
|
Real estate mortgage - 1 to 4 family
|
20,215
|
18,570
|
18,407
|
18,275
|
19,633
|
|||||||||||||||
|
Installment
|
6
|
24
|
3
|
13
|
1
|
|||||||||||||||
|
Total non-accrual loans
|
20,792
|
19,224
|
19,226
|
19,176
|
20,539
|
|||||||||||||||
|
Other nonperforming real estate mortgages - 1 to 4 family
|
26
|
27
|
29
|
30
|
31
|
|||||||||||||||
|
Total nonperforming loans
|
20,818
|
19,251
|
19,255
|
19,206
|
20,570
|
|||||||||||||||
|
Other real estate owned
|
830
|
1,284
|
1,579
|
2,409
|
2,625
|
|||||||||||||||
|
Total nonperforming assets
|
$
|
21,648
|
20,535
|
20,834
|
21,615
|
23,195
|
||||||||||||||
|
Florida
|
||||||||||||||||||||
|
Loans in nonaccrual status:
|
||||||||||||||||||||
|
Commercial
|
$
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||
|
Real estate mortgage - 1 to 4 family
|
1,111
|
1,492
|
1,614
|
1,809
|
1,564
|
|||||||||||||||
|
Installment
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
|
Total non-accrual loans
|
1,111
|
1,492
|
1,614
|
1,809
|
1,564
|
|||||||||||||||
|
Other nonperforming real estate mortgages - 1 to 4 family
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
|
Total nonperforming loans
|
1,111
|
1,492
|
1,614
|
1,809
|
1,564
|
|||||||||||||||
|
Other real estate owned
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
|
Total nonperforming assets
|
$
|
1,111
|
1,492
|
1,614
|
1,809
|
1,564
|
||||||||||||||
|
Total
|
||||||||||||||||||||
|
Loans in nonaccrual status:
|
||||||||||||||||||||
|
Commercial
|
$
|
571
|
630
|
816
|
888
|
905
|
||||||||||||||
|
Real estate mortgage - 1 to 4 family
|
21,326
|
20,062
|
20,021
|
20,084
|
21,197
|
|||||||||||||||
|
Installment
|
6
|
24
|
3
|
13
|
1
|
|||||||||||||||
|
Total non-accrual loans
|
21,903
|
20,716
|
20,840
|
20,985
|
22,103
|
|||||||||||||||
|
Other nonperforming real estate mortgages - 1 to 4 family
|
26
|
27
|
29
|
30
|
31
|
|||||||||||||||
|
Total nonperforming loans
|
21,929
|
20,743
|
20,869
|
21,015
|
22,134
|
|||||||||||||||
|
Other real estate owned
|
830
|
1,284
|
1,579
|
2,409
|
2,625
|
|||||||||||||||
|
Total nonperforming assets
|
$
|
22,759
|
22,027
|
22,448
|
23,424
|
24,759
|
||||||||||||||
|
Quarterly Net (Recoveries) Chargeoffs
|
||||||||||||||||||||
|
New York and other states*
|
||||||||||||||||||||
|
Commercial
|
$
|
(6
|
)
|
1
|
(1
|
)
|
(28
|
)
|
(1
|
)
|
||||||||||
|
Real estate mortgage - 1 to 4 family
|
(27
|
)
|
140
|
146
|
39
|
(54
|
)
|
|||||||||||||
|
Installment
|
44
|
4
|
67
|
9
|
45
|
|||||||||||||||
|
Total net (recoveries) chargeoffs
|
$
|
11
|
145
|
212
|
20
|
(10
|
)
|
|||||||||||||
|
Florida
|
||||||||||||||||||||
|
Commercial
|
$
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||
|
Real estate mortgage - 1 to 4 family
|
-
|
(2
|
)
|
(1
|
)
|
-
|
(25
|
)
|
||||||||||||
|
Installment
|
-
|
19
|
1
|
16
|
-
|
|||||||||||||||
|
Total net (recoveries) chargeoffs
|
$
|
-
|
17
|
-
|
16
|
(25
|
)
|
|||||||||||||
|
Total
|
||||||||||||||||||||
|
Commercial
|
$
|
(6
|
)
|
1
|
(1
|
)
|
(28
|
)
|
(1
|
)
|
||||||||||
|
Real estate mortgage - 1 to 4 family
|
(27
|
)
|
138
|
145
|
39
|
(79
|
)
|
|||||||||||||
|
Installment
|
44
|
23
|
68
|
25
|
45
|
|||||||||||||||
|
Total net (recoveries) chargeoffs
|
$
|
11
|
162
|
212
|
36
|
(35
|
)
|
|||||||||||||
|
Asset Quality Ratios
|
||||||||||||||||||||
|
Total nonperforming loans (1)
|
$
|
21,929
|
20,743
|
20,869
|
21,015
|
22,134
|
||||||||||||||
|
Total nonperforming assets (1)
|
22,759
|
22,027
|
22,448
|
23,424
|
24,759
|
|||||||||||||||
|
Total net (recoveries) chargeoffs (2)
|
11
|
162
|
212
|
36
|
(35
|
)
|
||||||||||||||
|
Allowance for loan losses (1)
|
48,144
|
46,155
|
44,317
|
44,329
|
44,365
|
|||||||||||||||
|
Nonperforming loans to total loans
|
0.52
|
%
|
0.51
|
%
|
0.51
|
%
|
0.53
|
%
|
0.57
|
%
|
||||||||||
|
Nonperforming assets to total assets
|
0.40
|
%
|
0.42
|
%
|
0.43
|
%
|
0.45
|
%
|
0.47
|
%
|
||||||||||
|
Allowance for loan losses to total loans
|
1.15
|
%
|
1.13
|
%
|
1.09
|
%
|
1.11
|
%
|
1.14
|
%
|
||||||||||
|
Coverage ratio (1)
|
219.5
|
%
|
222.5
|
%
|
212.4
|
%
|
210.9
|
%
|
200.4
|
%
|
||||||||||
|
Annualized net chargeoffs to average loans (2)
|
0.00
|
%
|
0.02
|
%
|
0.02
|
%
|
0.00
|
%
|
0.00
|
%
|
||||||||||
|
Allowance for loan losses to annualized net chargeoffs (2)
|
1094.2
|
x
|
71.2
|
x
|
52.3
|
x
|
307.8
|
x
|
-316.9
|
x
|
||||||||||
|
(dollars in thousands)
(Unaudited)
|
Three months ended
June 30, 2020
|
Three months ended
June 30, 2019
|
||||||||||||||||||||||
|
Average
Balance
|
Interest
|
Average
Rate
|
Average
Balance
|
Interest
|
Average
Rate
|
|||||||||||||||||||
|
Assets
|
||||||||||||||||||||||||
|
Securities available for sale:
|
||||||||||||||||||||||||
|
U. S. government sponsored enterprises
|
$
|
23,291
|
106
|
1.83
|
%
|
$
|
160,197
|
821
|
2.05
|
%
|
||||||||||||||
|
Mortgage backed securities and collateralized mortgage obligations - residential
|
333,122
|
1,527
|
1.83
|
342,678
|
2,152
|
2.51
|
||||||||||||||||||
|
State and political subdivisions
|
110
|
2
|
7.90
|
168
|
4
|
9.52
|
||||||||||||||||||
|
Corporate bonds
|
51,494
|
488
|
3.79
|
33,793
|
272
|
3.22
|
||||||||||||||||||
|
Small Business Administration - guaranteed participation securities
|
45,260
|
229
|
2.03
|
54,254
|
289
|
2.13
|
||||||||||||||||||
|
Other
|
685
|
5
|
2.92
|
686
|
5
|
2.92
|
||||||||||||||||||
|
Total securities available for sale
|
453,962
|
2,357
|
2.08
|
591,776
|
3,543
|
2.39
|
||||||||||||||||||
|
Federal funds sold and other short-term Investments
|
727,006
|
193
|
0.11
|
545,724
|
3,282
|
2.41
|
||||||||||||||||||
|
Held to maturity securities:
|
||||||||||||||||||||||||
|
Mortgage backed securities and collateralized mortgage obligations - residential
|
17,199
|
162
|
3.75
|
21,155
|
209
|
3.95
|
||||||||||||||||||
|
Total held to maturity securities
|
17,199
|
162
|
3.75
|
21,155
|
209
|
3.95
|
||||||||||||||||||
|
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,332
|
192
|
8.23
|
9,173
|
199
|
8.68
|
||||||||||||||||||
|
Commercial loans
|
223,002
|
2,610
|
4.68
|
189,870
|
2,546
|
5.36
|
||||||||||||||||||
|
Residential mortgage loans
|
3,653,342
|
36,365
|
3.98
|
3,396,149
|
35,179
|
4.14
|
||||||||||||||||||
|
Home equity lines of credit
|
260,029
|
2,515
|
3.89
|
279,622
|
3,503
|
5.01
|
||||||||||||||||||
|
Installment loans
|
10,044
|
175
|
7.02
|
10,310
|
204
|
7.91
|
||||||||||||||||||
|
Loans, net of unearned income
|
4,146,417
|
41,665
|
4.02
|
3,875,951
|
41,432
|
4.28
|
||||||||||||||||||
|
Total interest earning assets
|
5,353,916
|
44,569
|
3.33
|
5,043,779
|
48,665
|
3.86
|
||||||||||||||||||
|
Allowance for loan losses
|
(46,832
|
)
|
(44,841
|
)
|
||||||||||||||||||||
|
Cash & non-interest earning assets
|
195,815
|
177,019
|
||||||||||||||||||||||
|
Total assets
|
$
|
5,502,899
|
$
|
5,175,957
|
||||||||||||||||||||
|
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Interest bearing checking accounts
|
$
|
953,299
|
26
|
0.01
|
%
|
$
|
879,732
|
94
|
0.04
|
%
|
||||||||||||||
|
Money market accounts
|
641,593
|
862
|
0.54
|
553,708
|
1,119
|
0.81
|
||||||||||||||||||
|
Savings
|
1,167,844
|
166
|
0.06
|
1,138,107
|
367
|
0.13
|
||||||||||||||||||
|
Time deposits
|
1,392,136
|
5,599
|
1.62
|
1,437,097
|
7,512
|
2.09
|
||||||||||||||||||
|
Total interest bearing deposits
|
4,154,872
|
6,653
|
0.64
|
4,008,644
|
9,092
|
0.91
|
||||||||||||||||||
|
Short-term borrowings
|
172,834
|
235
|
0.55
|
162,690
|
381
|
0.94
|
||||||||||||||||||
|
Total interest bearing liabilities
|
4,327,706
|
6,888
|
0.64
|
4,171,334
|
9,473
|
0.91
|
||||||||||||||||||
|
Demand deposits
|
548,178
|
418,215
|
||||||||||||||||||||||
|
Other liabilities
|
75,603
|
79,056
|
||||||||||||||||||||||
|
Shareholders' equity
|
551,412
|
507,352
|
||||||||||||||||||||||
|
Total liabilities and shareholders' equity
|
$
|
5,502,899
|
$
|
5,175,957
|
||||||||||||||||||||
|
Net interest income, tax equivalent
|
37,681
|
39,192
|
||||||||||||||||||||||
|
Net interest spread
|
2.69
|
%
|
2.95
|
%
|
||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Net interest margin (net interest income to total interest earning assets)
|
2.81
|
%
|
3.11
|
%
|
||||||||||||||||||||
|
Tax equivalent adjustment
|
-
|
(1
|
)
|
|||||||||||||||||||||
|
Net interest income
|
37,681
|
39,191
|
||||||||||||||||||||||
|
(Unaudited)
(dollars in thousands)
|
Six months ended
June 30, 2020
|
Six months ended
June 30, 2019
|
||||||||||||||||||||||
|
Average
Balance
|
Interest
|
Average
Rate
|
Average
Balance
|
Interest
|
Average
Rate
|
|||||||||||||||||||
|
Assets
|
||||||||||||||||||||||||
|
Securities available for sale:
|
||||||||||||||||||||||||
|
U. S. government sponsored enterprises
|
$
|
57,830
|
527
|
1.82
|
%
|
$
|
157,244
|
1,604
|
2.04
|
%
|
||||||||||||||
|
Mortgage backed securities and collateralized mortgage obligations - residential
|
352,445
|
3,640
|
2.07
|
308,034
|
3,707
|
2.41
|
||||||||||||||||||
|
State and political subdivisions
|
112
|
4
|
7.74
|
168
|
6
|
7.14
|
||||||||||||||||||
|
Corporate bonds
|
39,913
|
726
|
3.64
|
30,347
|
480
|
3.16
|
||||||||||||||||||
|
Small Business Administration - guaranteed participation securities
|
46,339
|
474
|
2.05
|
55,648
|
586
|
2.11
|
||||||||||||||||||
|
Other
|
685
|
11
|
3.21
|
685
|
10
|
2.92
|
||||||||||||||||||
|
Total securities available for sale
|
497,324
|
5,382
|
2.16
|
552,126
|
6,393
|
2.32
|
||||||||||||||||||
|
Federal funds sold and other short-term Investments
|
569,541
|
1,460
|
0.52
|
524,468
|
6,291
|
2.40
|
||||||||||||||||||
|
Held to maturity securities:
|
||||||||||||||||||||||||
|
Mortgage backed securities and collateralized mortgage obligations - residential
|
17,671
|
337
|
3.81
|
21,594
|
426
|
3.95
|
||||||||||||||||||
|
Total held to maturity securities
|
17,671
|
337
|
3.81
|
21,594
|
426
|
3.95
|
||||||||||||||||||
|
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,258
|
274
|
5.92
|
9,064
|
284
|
6.27
|
||||||||||||||||||
|
Commercial loans
|
210,524
|
5,152
|
4.89
|
191,793
|
5,129
|
5.35
|
||||||||||||||||||
|
Residential mortgage loans
|
3,627,535
|
72,826
|
4.02
|
3,385,628
|
70,043
|
4.14
|
||||||||||||||||||
|
Home equity lines of credit
|
262,745
|
5,383
|
4.12
|
282,892
|
7,040
|
4.98
|
||||||||||||||||||
|
Installment loans
|
10,380
|
367
|
7.11
|
11,099
|
473
|
8.52
|
||||||||||||||||||
|
Loans, net of unearned income
|
4,111,184
|
83,728
|
4.08
|
3,871,412
|
82,685
|
4.27
|
||||||||||||||||||
|
Total interest earning assets
|
5,204,978
|
91,181
|
3.51
|
4,978,664
|
96,079
|
3.86
|
||||||||||||||||||
|
Allowance for loan losses
|
(45,676
|
)
|
(44,894
|
)
|
||||||||||||||||||||
|
Cash & non-interest earning assets
|
194,718
|
176,518
|
||||||||||||||||||||||
|
Total assets
|
$
|
5,354,020
|
$
|
5,110,288
|
||||||||||||||||||||
|
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Interest bearing checking accounts
|
$
|
912,226
|
42
|
0.01
|
%
|
$
|
880,101
|
215
|
0.05
|
%
|
||||||||||||||
|
Money market accounts
|
627,897
|
1,958
|
0.63
|
535,950
|
1,945
|
0.73
|
||||||||||||||||||
|
Savings
|
1,142,201
|
399
|
0.07
|
1,149,064
|
744
|
0.13
|
||||||||||||||||||
|
Time deposits
|
1,381,025
|
11,990
|
1.75
|
1,395,361
|
13,488
|
1.93
|
||||||||||||||||||
|
Total interest bearing deposits
|
4,063,349
|
14,389
|
0.71
|
3,960,476
|
16,392
|
0.83
|
||||||||||||||||||
|
Short-term borrowings
|
163,251
|
557
|
0.69
|
160,893
|
762
|
0.95
|
||||||||||||||||||
|
Total interest bearing liabilities
|
4,226,600
|
14,946
|
0.71
|
4,121,369
|
17,154
|
0.83
|
||||||||||||||||||
|
Demand deposits
|
503,327
|
407,926
|
||||||||||||||||||||||
|
Other liabilities
|
77,303
|
79,814
|
||||||||||||||||||||||
|
Shareholders' equity
|
546,790
|
501,179
|
||||||||||||||||||||||
|
Total liabilities and shareholders' equity
|
$
|
5,354,020
|
$
|
5,110,288
|
||||||||||||||||||||
|
Net interest income, tax equivalent
|
76,235
|
78,925
|
||||||||||||||||||||||
|
Net interest spread
|
2.80
|
%
|
3.03
|
%
|
||||||||||||||||||||
|
Net interest margin (net interest income to total interest earning assets)
|
2.93
|
%
|
3.17
|
%
|
||||||||||||||||||||
|
Tax equivalent adjustment
|
(1
|
)
|
(2
|
)
|
||||||||||||||||||||
|
Net interest income
|
76,234
|
78,923
|
||||||||||||||||||||||
|
6/30/2020
|
3/31/2020
|
6/30/2019
|
||||||||||
|
Tangible Equity to Tangible Assets
|
||||||||||||
|
Total Assets (GAAP)
|
$
|
5,677,003
|
5,256,647
|
5,227,670
|
||||||||
|
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
|
Tangible assets (Non-GAAP)
|
5,676,450
|
5,256,094
|
5,227,117
|
|||||||||
|
Equity (GAAP)
|
553,421
|
548,185
|
515,630
|
|||||||||
|
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
|
Tangible equity (Non-GAAP)
|
552,868
|
547,632
|
515,077
|
|||||||||
|
Tangible Equity to Tangible Assets (Non-GAAP)
|
9.74
|
%
|
10.42
|
%
|
9.85
|
%
|
||||||
|
Equity to Assets (GAAP)
|
9.75
|
%
|
10.43
|
%
|
9.86
|
%
|
||||||
|
Three months ended
|
Six months ended
|
|||||||||||||||||||
|
Efficiency Ratio
|
6/30/2020
|
3/31/2020
|
6/30/2019
|
6/30/2020
|
6/30/2019
|
|||||||||||||||
|
Net interest income (fully taxable equivalent) (Non-GAAP)
|
$
|
37,681
|
38,554
|
39,192
|
$
|
76,235
|
78,925
|
|||||||||||||
|
Non-interest income (GAAP)
|
3,426
|
5,334
|
4,914
|
8,760
|
9,551
|
|||||||||||||||
|
Less: Net gain on securities
|
-
|
1,155
|
-
|
1,155
|
-
|
|||||||||||||||
|
Revenue used for efficiency ratio (Non-GAAP)
|
41,107
|
42,733
|
44,106
|
83,840
|
88,476
|
|||||||||||||||
|
Total noninterest expense (GAAP)
|
23,932
|
24,268
|
24,902
|
48,200
|
49,769
|
|||||||||||||||
|
Less: Other real estate expense (income), net
|
(32
|
)
|
194
|
210
|
162
|
186
|
||||||||||||||
|
Expense used for efficiency ratio (Non-GAAP)
|
23,964
|
24,074
|
24,692
|
48,038
|
49,583
|
|||||||||||||||
|
Efficiency Ratio
|
58.30
|
%
|
56.34
|
%
|
55.98
|
%
|
57.30
|
%
|
56.04
|
%
|
||||||||||