5 Sarnowski Drive, Glenville, New York, 12302

(518) 377-3311

FOR IMMEDIATE RELEASE:

TrustCo Announces Record Earnings for Third Quarter 2021;

Net Income of $16.8 million up 19.1% over the prior year quarter, Expands Lending Areas in Key Markets, Adds New Director

Glenville, New York - October 21, 2021

TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced third quarter 2021 net income of $16.8 million or $0.871 diluted earnings per share, compared to net income of $14.1 million or $0.730 diluted earnings per share for the third quarter 2020; and net income of $45.3 million or $2.349 diluted earnings per share for the nine months ended September 30, 2021, compared to net income of $38.6 million or $2.001 diluted earnings per share for the nine months ended September 30, 2020.  For all periods presented, share and per share information has been adjusted for the 1 for 5 reverse stock split which occurred on May 28, 2021.

Overview

Robert J. McCormick, Chairman, President and Chief Executive Officer noted, “Our continued strong financial results announced today are the foundation upon which we continue to build.  With an always-sharp focus on new business opportunities, we have identified increasing demand for our hallmark mortgage products and have expanded our lending areas in Northern New Jersey and on both coasts of Florida.  As part of these initiatives, we deployed a new mortgage loan originator in New Jersey, opened a new full-service branch location in Palm Coast, Florida, and are launching a new channel for the delivery of our core lending products by opening a loan origination office in Naples, Florida.”

In September, the Company announced the addition of Curtis N. Powell to the boards of directors of TrustCo and its subsidiary, Trustco Bank.  Mr. Powell is Vice President for Human Resources and Environmental Health, Safety, and Risk Management at Rensselaer Polytechnic Institute in Troy, New York.  Mr. Powell adds depth to our board talent pool in the areas of human capital and risk management.  Chairman McCormick said “Our success-oriented approach extends from our business lines to our boardroom.  Curtis Powell shares our commitment to excellence, and we have every confidence that he will be a tremendous asset as the Company navigates the highly dynamic labor market that we now see across our entire business footprint.”

 Mr. McCormick also congratulated the employees of Trustco Bank on receiving well-deserved recognition.  He said “Our management team knows that our people are the best in the business, but recently Trustco Bank has been rated ‘Best Of’ in several categories by local media outlets.  Our team members can be justifiably proud of this recognition.”  Trustco Bank also celebrated 65 years of success at its Mayfair Branch in Glenville, New York and, for the 15^th straight year, turned out a formidable team for the Workforce Team Challenge with 75 entrants in the annual 3.5 mile race, held this year in Altamont, New York.

Details

Average loans were up $176.4 million or 4.2% in the third quarter 2021 over the same period in 2020.  Average residential loans, our primary lending focus, were up $218.2 million, or 5.9%, in the third quarter 2021 over the same period in 2020.  As of September 30, 2021, loans in deferral were not material.  Additionally, the Bank had funded 663 Paycheck Protection Program (“PPP”) loans totaling $46 million in 2020, and an additional 344 loans totaling $23 million in 2021.  As of September 30, 2021, 349 PPP loans totaling $21 million remain outstanding.  Average deposits were up $348.2 million or 7.1% for the third quarter 2021 over the same period a year earlier.  The increase in deposits was the result of a $551.2 million or 15.5% increase in total average core deposit accounts, which consist of interest bearing and non-interest bearing checking, savings and money market deposits, offset by a decrease in average time deposits of $202.9 million or 15.0%, for the third quarter 2021 over the same period in 2020.  Within the core deposits, checking balances were up $287.2 million or 17.4% (including interest bearing and non-interest bearing checking balances), money market balances were up $56.3 million or 8.3%, and savings balances were up $207.6 million or 17.0%.  We believe the increase in core deposits continues to reflect the desire of customers to have additional funds in the safety and security offered by TrustCo’s long history of conservative banking.  As we move forward, the objective is to encourage customers to retain these additional funds in the expanded product offerings of the Bank through aggressive marketing and product differentiation.

The cost of interest bearing liabilities decreased to 0.15% in the third quarter 2021 from 0.52% in the third quarter 2020.  A significant portion of our CD portfolio (time deposits) repriced during the last year, which resulted in lower rates as a result of the ongoing market conditions. The net interest margin for the third quarter 2021 was 2.65%, down 8 basis points from 2.73% in the third quarter of 2020.  Net interest income (TE) increased by 4.5% or $1.7 million over the same period last year.

The Bank continued to demonstrate its ability to grow shareholders’ equity as average equity was up $25.8 million or 4.6% in the third quarter of 2021 compared to the same period in 2020.  Return on average assets and return on average equity for the third quarter 2021 were 1.08% and 11.40%, respectively, compared to 0.98% and 10.04% for the third quarter 2020.  Improving efficiencies to reduce costs continues to remain a key area of focus.  As a result, full time equivalent employees decreased from the prior year and quarter partially due to a strategic realignment and the impact of COVID-19 on the labor market.  The Bank also purchased 50 thousand shares of stock in the third quarter of 2021 under the previously announced stock repurchase plan.  Additionally, on May 28, 2021, the reverse split of the Company’s Common Stock at a ratio of 1 for 5 was implemented on the Nasdaq Global Select Market.  All prior period share and per share information, and common stock and surplus amounts have been split adjusted.  The board of directors believes that the Reverse Stock Split will likely result in a higher per share trading price, which is intended to generate greater investor interest in TrustCo and improve the marketability of the shares to a broader range of investors. The board of directors also believes that the Reverse Stock Split will result in a number of our shares of outstanding common stock that is similar to the number of outstanding shares of common stock of comparable financial institutions.

Asset quality and loan loss reserve measures have continued to improve as a result of low levels of nonperforming assets and chargeoffs.  Nonperforming loans (NPLs) were $20.2 million at September 30, 2021, compared to $21.8 million at September 30, 2020.  NPLs were 0.46% and 0.52% of total loans at September 30, 2021 and 2020, respectively.  The coverage ratio, or allowance for loan losses to NPLs, was 234.7% at September 30, 2021, compared to 225.4% at September 30, 2020.  Nonperforming assets (NPAs) were $20.7 million at September 30, 2021, compared to $22.2 million at September 30, 2020.  The ratio of allowance for loan losses to total loans was 1.08% as of September 30, 2021 compared to 1.17% as of September 30, 2020.  The allowance for loan losses was $47.4 million at September 30, 2021, compared to $49.1 million at September 30, 2020.  During 2020, management increased certain allowance qualitative factors based on its assessment of the impact of the current pandemic on local, national, and global economic conditions as well as the perceived risks inherent in specific industries and credit characteristics.  Based on this approach, the Company adjusted the pandemic specific provision for the third quarter of 2021.  Provision for loan losses for the third quarter of 2021 was a credit of $2.8 million compared to a provision for loan losses for the third quarter of 2020 of $1.0 million.  The decrease from the prior year is due to the sustained improvement in asset quality trends and economic conditions during the third quarter.  The Company had previously elected to delay its adoption of Accounting Standards Update 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“CECL”), as provided by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) until the date on which the National Emergency concerning COVID-19 was terminated or December 31, 2020, whichever occurred first.  The December 31, 2020 adoption date under the CARES Act was extended to January 1, 2022 as a part of the COVID-19 relief legislation, which became law in December 2020, and therefore the Company intends to adopt CECL on January 1, 2022.

Net chargeoffs for the third quarter 2021 were $5 thousand versus net chargeoffs in the third quarter 2020 of $21 thousand.  The annualized net chargeoffs ratio was 0.00% for the third quarter 2021 and 2020.

At September 30, 2021 the equity to asset ratio was 9.56%, compared to 9.77% at September 30, 2020.  Book value per share at September 30, 2021 was $30.50, up 5.1% compared to $29.03 a year earlier.

TrustCo Bank Corp NY is a $6.1 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 147 offices in New York, New Jersey, Vermont, Massachusetts, and Florida at September 30, 2021.

In addition, the Bank’s Financial Services Department offers a full range of investment services, retirement planning and trust and estate administration services.  The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

 

Those wishing to participate in the call may dial toll-free for the United States at 1-844-200-6205, for Canada at 1-833-950-0062, and all other locations at 1-929-526-1599, Access code 817092.  A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, for Canada at 1-226-828-7578, and all other locations at +44-204-525-0658, Access code 539783.  The call will also be audio webcast at https://services.choruscall.com/links/trst211022.html, and will be available for one year.

 

Safe Harbor Statement

All statements in this news release that are not historical are forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended.  Forward-looking statements can be identified by words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our performance during 2021, including our expectations regarding the effects of COVID-19 on our financial results and our ability to assist our customers in addressing the effects of COVID-19, our expectations with respect to our expansion initiatives in New Jersey and Florida, our ability to retain customers, the impact of Federal Reserve actions regarding interest rates and the growth of loans and deposits throughout our branch network and our ability to capitalize on economic changes in the areas in which we operate.  Such forward-looking statements are subject to factors that could cause actual results to differ materially for TrustCo from those discussed, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by the effects of the COVID-19 pandemic. TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement:  the effect of the COVID-19 pandemic on our business, financial condition, liquidity and results of operations; the impact of the actions taken by governmental authorities to contain COVID-19 or address the impact of COVID-19 on the economy, and the effect of all of such items on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers; future business strategies related to the implementation of CECL; our ability to continue to originate a significant volume of one-to-four family mortgage loans in our market areas; our ability to continue to maintain noninterest expense and other overhead costs at reasonable levels relative to income; our ability to make accurate assumptions and judgments regarding the credit risks associated with lending and investing activities; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board, inflation, interest rates, market and monetary fluctuations; restrictions or conditions imposed by our regulators on our operations that may make it more difficult for us to achieve our goals; the future earnings and capital levels of us and Trustco Bank and the continued receipt of approvals from our primary federal banking regulators under regulatory rules to distribute capital to TrustCo, which could affect our ability to pay dividends; results of supervisory monitoring or examinations of Trustco Bank and TrustCo by our respective regulators; adverse conditions in the securities markets that lead to impairment in the value of securities in our investment portfolio; unanticipated effects from the Tax Cut and Jobs Act that may limit its benefits or adversely impact our business;  the perceived overall value of our products and services by users, including in comparison to competitors’ products and services and the willingness of current and prospective customers to substitute competitors’ products and services for our products and services; changes in consumer spending, borrowing and saving habits; the effect of changes in financial services laws and regulations and the impact of other governmental initiatives affecting the financial services industry; changes in management personnel; real estate and collateral values; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the FASB or PCAOB; disruptions, security breaches, or other adverse events affecting the third-party vendors who perform several of our critical processing functions; technological changes and electronic, cyber and physical security breaches; changes in local market areas and general business and economic trends, as well as changes in consumer spending and saving habits; our success at managing the risks involved in the foregoing and managing our business; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings.

TRUSTCO BANK CORP NY

GLENVILLE, NY

FINANCIAL HIGHLIGHTS

(dollars in thousands, except per share data)

(Unaudited)

		Three months ended
		9/30/2021				6/30/2021				9/30/2020
Summary of operations
Net interest income (TE)		$	39,888				40,122				38,166
(Credit) Provision for loan losses			(2,800	)			-				1,000
Noninterest income			4,295				4,688				4,341
Noninterest expense			24,697				25,440				22,674
Net income			16,762				14,433				14,071
Per share (4)
Net income per share:
- Basic		$	0.871				0.749				0.730
- Diluted			0.871				0.748				0.730
Cash dividends			0.341				0.341				0.341
Book value at period end			30.50				30.00				29.03
Market price at period end			31.97				34.38				26.10
At period end
Full time equivalent employees			743				769				771
Full service banking offices			147				147				148
Performance ratios
Return on average assets			1.08	%			0.95				0.98
Return on average equity			11.40				10.05				10.04
Efficiency (1)			55.82				56.91				53.61
Net interest spread (TE)			2.62				2.66				2.63
Net interest margin (TE)			2.65				2.70				2.73
Dividend payout ratio			39.13				45.51				46.68
Capital ratios at period end
Consolidated tangible equity to tangible assets (2)			9.55	%			9.44				9.76
Consolidated equity to assets			9.56	%			9.45				9.77
Asset quality analysis at period end
Nonperforming loans to total loans			0.46				0.48				0.52
Nonperforming assets to total assets			0.34				0.34				0.39
Allowance for loan losses to total loans			1.08				1.15				1.17
Coverage ratio (3)			2.3	x			2.4	x			2.3	x

(1)	Non-GAAP measure; calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income. See Non-GAAP Financial Measures Reconciliation.

(2)	Non-GAAP measure; calculated as total equity less $553 of intangible assets divided by total assets less $553 of intangible assets.  See Non-GAAP Financial Measures Reconciliation.

(3)	Calculated as allowance for loan losses divided by total nonperforming loans.

(4)	All periods presented have been adjusted for the 1 for 5 reverse stock split which occurred on May 28, 2021.

TE = Taxable equivalent

FINANCIAL HIGHLIGHTS, Continued

(dollars in thousands, except per share data)

(Unaudited)

		Nine months ended
		09/30/21				09/30/20
Summary of operations
Net interest income (TE)		$	120,117				114,401
(Credit) Provision for loan losses			(2,450	)			5,000
Net gain on securities transactions			-				1,155
Noninterest income, excluding net gain on securities transactions			13,411				11,946
Noninterest expense			75,472				70,874
Net income			45,278				38,638
Per share (2)
Net income per share:
- Basic		$	2.349				2.002
- Diluted			2.349				2.001
Cash dividends			1.022				1.022
Book value at period end			30.50				29.03
Market price at period end			31.97				26.10
Performance ratios
Return on average assets			1.00				0.94
Return on average equity			10.50				9.38
Efficiency (1)			56.36				56.06
Net interest spread (TE)			2.67				2.74
Net interest margin (TE)			2.71				2.86
Dividend payout ratio			43.50				51.03

(1)	Calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income.  See Non-GAAP Financial Measures Reconciliation.

(2)	All periods presented have been adjusted for the 1 for 5 reverse stock split which occurred on May 28, 2021.

TE = Taxable equivalent.

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share data)

(Unaudited)

(1)  All periods presented have been adjusted for the 1 for 5 reverse stock split which occurred on May 28, 2021.

CONSOLIDATED STATEMENTS OF INCOME, Continued

(dollars in thousands, except per share data)

(Unaudited)

(1)  All periods presented have been adjusted for the 1 for 5 reverse stock split which occurred on May 28, 2021.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands)

(Unaudited)

(1)  All periods presented have been adjusted for the 1 for 5 reverse stock split which occurred on May 28, 2021.

		9/30/2021				6/30/2021				3/31/2021				12/31/2020				9/30/2020
Nonperforming Assets
New York and other states*
Loans in nonaccrual status:
Commercial		$	176				150				125				452				491
Real estate mortgage - 1 to 4 family			17,878				18,466				19,826				19,379				19,977
Installment			32				43				32				43				49
Total non-accrual loans			18,086				18,659				19,983				19,874				20,517
Other nonperforming real estate mortgages - 1 to 4 family			19				20				22				23				25
Total nonperforming loans			18,105				18,679				20,005				19,897				20,542
Other real estate owned			511				251				420				541				423
Total nonperforming assets		$	18,616				18,930				20,425				20,438				20,965
Florida
Loans in nonaccrual status:
Commercial		$	-				-				-				-				-
Real estate mortgage - 1 to 4 family			2,066				2,142				1,626				1,187				1,254
Installment			-				-				-				-				-
Total non-accrual loans			2,066				2,142				1,626				1,187				1,254
Other nonperforming real estate mortgages - 1 to 4 family			-				-				-				-				-
Total nonperforming loans			2,066				2,142				1,626				1,187				1,254
Other real estate owned			-				-				-				-				-
Total nonperforming assets		$	2,066				2,142				1,626				1,187				1,254
Total
Loans in nonaccrual status:
Commercial		$	176				150				125				452				491
Real estate mortgage - 1 to 4 family			19,944				20,608				21,452				20,566				21,231
Installment			32				43				32				43				49
Total non-accrual loans			20,152				20,801				21,609				21,061				21,771
Other nonperforming real estate mortgages - 1 to 4 family			19				20				22				23				25
Total nonperforming loans			20,171				20,821				21,631				21,084				21,796
Other real estate owned			511				251				420				541				423
Total nonperforming assets		$	20,682				21,072				22,051				21,625				22,219
Quarterly Net (Recoveries) Chargeoffs
New York and other states*
Commercial		$	30				-				(32	)			32				(1	)
Real estate mortgage - 1 to 4 family			(39	)			(136	)			(2	)			(27	)			4
Installment			14				(27	)			(14	)			109				18
Total net chargeoffs (recoveries)		$	5				(163	)			(48	)			114				21
Florida
Commercial		$	-				-				-				-				-
Real estate mortgage - 1 to 4 family			-				(1	)			-				(1	)			-
Installment			-				-				2				15				-
Total net chargeoffs (recoveries)		$	-				(1	)			2				14				-
Total
Commercial		$	30				-				(32	)			32				(1	)
Real estate mortgage - 1 to 4 family			(39	)			(137	)			(2	)			(28	)			4
Installment			14				(27	)			(12	)			124				18
Total net chargeoffs (recoveries)		$	5				(164	)			(46	)			128				21
Asset Quality Ratios
Total nonperforming loans (1)		$	20,171				20,821				21,631				21,084				21,796
Total nonperforming assets (1)			20,682				21,072				22,051				21,625				22,219
Total net chargeoffs (recoveries) (2)			5				(164	)			(46	)			128				21
Allowance for loan losses (1)			47,350				50,155				49,991				49,595				49,123
Nonperforming loans to total loans			0.46	%			0.48	%			0.51	%			0.50	%			0.52	%
Nonperforming assets to total assets			0.34	%			0.34	%			0.36	%			0.37	%			0.39	%
Allowance for loan losses to total loans			1.08	%			1.15	%			1.17	%			1.17	%			1.17	%
Coverage ratio (1)			234.7	%			240.9	%			231.1	%			235.2	%			225.4	%
Annualized net chargeoffs (recoveries) to average loans (2)			0.00	%			-0.02	%			0.00	%			0.01	%			0.00	%
Allowance for loan losses to annualized net chargeoffs (recoveries) (2)			2367.5	x			N/A				N/A				96.9	x			584.8	x

(1)	At period-end

(2)	For the period ended

(Unaudited)		Three months ended September 30, 2021												Three months ended September 30, 2020
		Average Balance				Interest				Average Rate				Average Balance				Interest				Average Rate
Assets
Securities available for sale:
U. S. government sponsored enterprises		$	68,505				91				0.53	%		$	12,391				14				0.45	%
Mortgage backed securities and collateralized mortgage obligations - residential			300,765				1,038				1.38				313,296				1,319				1.68
State and political subdivisions			48				2				6.66				110				2				7.90
Corporate bonds			48,543				220				1.81				59,555				646				4.33
Small Business Administration - guaranteed participation securities			34,578				181				2.09				43,282				216				1.99
Other			686				5				2.92				685				5				2.92
Total securities available for sale			453,125				1,537				1.36				429,319				2,202				2.05
Federal funds sold and other short-term Investments			1,166,679				470				0.16				938,087				242				0.10
Held to maturity securities:
Mortgage backed securities and collateralized mortgage obligations - residential			11,168				104				3.72				15,759				138				3.52
Total held to maturity securities			11,168				104				3.72				15,759				138				3.52
Federal Reserve Bank and Federal Home Loan Bank stock			5,604				64				4.57				5,506				77				5.59
Commercial loans			210,825				2,649				5.03				231,517				2,625				4.54
Residential mortgage loans			3,920,903				34,532				3.52				3,702,680				36,020				3.89
Home equity lines of credit			231,269				2,152				3.69				251,459				2,515				3.98
Installment loans			8,669				155				7.10				9,632				170				7.02
Loans, net of unearned income			4,371,666				39,488				3.61				4,195,288				41,330				3.94
Total interest earning assets			6,008,242				41,663				2.77				5,583,959				43,989				3.15
Allowance for loan losses			(50,160	)											(48,483	)
Cash & non-interest earning assets			195,902												201,018
Total assets		$	6,153,984											$	5,736,494
Liabilities and shareholders' equity
Deposits:
Interest bearing checking accounts		$	1,153,812				38				0.01	%		$	1,024,455				55				0.02	%
Money market accounts			738,662				202				0.11				682,319				637				0.37
Savings			1,430,558				154				0.04				1,222,956				161				0.05
Time deposits			1,152,298				1,149				0.40				1,355,244				4,749				1.39
Total interest bearing deposits			4,475,330				1,543				0.14				4,284,974				5,602				0.52
Short-term borrowings			240,183				232				0.38				193,765				221				0.45
Total interest bearing liabilities			4,715,513				1,775				0.15				4,478,739				5,823				0.52
Demand deposits			780,163												622,313
Other liabilities			75,116												78,093
Shareholders' equity			583,192												557,349
Total liabilities and shareholders' equity		$	6,153,984											$	5,736,494
Net interest income, tax equivalent							39,888												38,166
Net interest spread											2.62	%											2.63	%
Net interest margin (net interest income to total interest earning assets)											2.65	%											2.73	%
Tax equivalent adjustment							(1	)											(1	)
Net interest income							39,887												38,165

(Unaudited)		Nine months ended September 30, 2021												Nine months ended September 30, 2020
		Average Balance				Interest				Average Rate				Average Balance				Interest				Average Rate
Assets
Securities available for sale:
U. S. government sponsored enterprises		$	65,103				238				0.49	%		$	42,573				541				1.69	%
Mortgage backed securities and collateralized mortgage obligations - residential			318,472				3,442				1.44				339,300				4,959				1.95
State and political subdivisions			49				3				8.16				111				6				7.79
Corporate bonds			56,245				859				2.04				46,508				1,372				3.93
Small Business Administration - guaranteed participation securities			36,981				580				2.09				45,313				690				2.03
Other			686				16				3.11				685				16				3.11
Total securities available for sale			477,536				5,138				1.43				474,490				7,584				2.13
Federal funds sold and other short-term Investments			1,108,018				1,026				0.12				693,286				1,702				0.33
Held to maturity securities:
Mortgage backed securities and collateralized mortgage obligations - residential			12,199				338				3.70				17,029				475				3.72
Total held to maturity securities			12,199				338				3.70				17,029				475				3.72
Federal Reserve Bank and Federal Home Loan Bank stock			5,570				198				4.74				7,998				351				5.85
Commercial loans			212,832				8,203				5.14				217,573				7,778				4.77
Residential mortgage loans			3,852,960				104,219				3.61				3,652,766				108,845				3.97
Home equity lines of credit			234,682				6,622				3.77				258,956				7,898				4.07
Installment loans			8,608				469				7.28				10,129				537				7.08
Loans, net of unearned income			4,309,082				119,513				3.70				4,139,424				125,058				4.03
Total interest earning assets			5,912,405				126,213				2.85				5,332,227				135,170				3.38
Allowance for loan losses			(50,101	)											(46,618	)
Cash & non-interest earning assets			196,876												196,835
Total assets		$	6,059,180											$	5,482,444
Liabilities and shareholders' equity
Deposits:
Interest bearing checking accounts		$	1,129,480				136				0.02	%		$	949,909				97				0.01	%
Money market accounts			731,171				721				0.13				646,170				2,595				0.54
Savings			1,376,494				475				0.05				1,169,316				560				0.06
Time deposits			1,203,708				4,076				0.45				1,372,369				16,739				1.63
Total interest bearing deposits			4,440,853				5,408				0.16				4,137,764				19,991				0.65
Short-term borrowings			232,532				688				0.40				173,497				778				0.60
Total interest bearing liabilities			4,673,385				6,096				0.17				4,311,261				20,769				0.64
Demand deposits			735,495												543,279
Other liabilities			73,689												77,568
Shareholders' equity			576,611												550,336
Total liabilities and shareholders' equity		$	6,059,180											$	5,482,444
Net interest income, tax equivalent							120,117												114,401
Net interest spread											2.67	%											2.74	%
Net interest margin (net interest income to total interest earning assets)											2.71	%											2.86	%
Tax equivalent adjustment							(1	)											(2	)
Net interest income							120,116												114,399

		9/30/2021				6/30/2021				9/30/2020
Tangible Equity to Tangible Assets
Total Assets (GAAP)		$	6,134,835				6,122,578				5,735,929
Less: Intangible assets			553				553				553
Tangible assets (Non-GAAP)			6,134,282				6,122,025				5,735,376
Equity (GAAP)			586,683				578,593				560,528
Less: Intangible assets			553				553				553
Tangible equity (Non-GAAP)			586,130				578,040				559,975
Tangible Equity to Tangible Assets (Non-GAAP)			9.55	%			9.44	%			9.76	%
Equity to Assets (GAAP)			9.56	%			9.45	%			9.77	%

		Three months ended												Nine months ended
Efficiency Ratio		9/30/2021				6/30/2021				9/30/2020				9/30/2021				9/30/2020
Net interest income (fully taxable equivalent) (Non-GAAP)		$	39,888				40,122				38,166			$	120,117				114,401
Non-interest income (GAAP)			4,295				4,688				4,341				13,411				13,101
Less:  Net gain on securities			-				-				-				-				1,155
Revenue used for efficiency ratio (Non-GAAP)			44,183				44,810				42,507				133,528				126,347
Total noninterest expense (GAAP)			24,697				25,440				22,674				75,472				70,874
Less:  Other real estate expense (income), net			32				(60	)			(115	)			211				47
Expense used for efficiency ratio (Non-GAAP)			24,665				25,500				22,789				75,261				70,827
Efficiency Ratio			55.82	%			56.91	%			53.61	%			56.36	%			56.06	%