NEW YORK
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0-10592
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14-1630287
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State or Other Jurisdiction of Incorporation or Organization
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Commission File No.
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I.R.S. Employer Identification
Number
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o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02.
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Results of Operations and Financial Condition
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Item 9.01.
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Financial Statements and Exhibits
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(c)
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Exhibits
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Reg S-K Exhibit No.
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Description
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Press release dated April 22, 2013, for the period ending March 31, 2013, regarding first quarter results.
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Dated: April 22, 2013 | |||
TrustCo Bank Corp NY
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|||
(Registrant) | |||
By:
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/s/ Robert T. Cushing
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Robert T. Cushing
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|||
Executive Vice President and
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|||
Chief Financial Officer |
![]() |
News Release |
Subsidiary: Trustco Bank | NASDAQ -- TRST |
Contact:
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Kevin T. Timmons
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Three Months Ended
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||||||||||||
03/31/13
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12/31/12
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03/31/12
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||||||||||
Summary of operations
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||||||||||||
Net interest income (TE)
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$ | 33,707 | 33,718 | 33,637 | ||||||||
Provision for loan losses
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2,000 | 3,000 | 3,100 | |||||||||
Net securities transactions
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2 | 763 | 677 | |||||||||
Noninterest income
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4,590 | 5,398 | 4,333 | |||||||||
Noninterest expense
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21,557 | 21,150 | 21,136 | |||||||||
Net income
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9,168 | 9,806 | 8,909 | |||||||||
Per common share
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||||||||||||
Net income per share:
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||||||||||||
- Basic
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$ | 0.097 | 0.104 | 0.095 | ||||||||
- Diluted
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$ | 0.097 | 0.104 | 0.095 | ||||||||
Cash dividends
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0.066 | 0.066 | 0.066 | |||||||||
Tangible Book value at period end
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3.83 | 3.81 | 3.68 | |||||||||
Market price at period end
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5.58 | 5.28 | 5.71 | |||||||||
At period end
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||||||||||||
Full time equivalent employees
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761 | 759 | 734 | |||||||||
Full service banking offices
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138 | 138 | 137 | |||||||||
Performance ratios
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||||||||||||
Return on average assets
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0.86 | % | 0.91 | 0.84 | ||||||||
Return on average equity
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10.35 | 10.88 | 10.45 | |||||||||
Efficiency (1)
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54.33 | 53.11 | 53.12 | |||||||||
Net interest spread (TE)
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3.13 | 3.15 | 3.14 | |||||||||
Net interest margin (TE)
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3.19 | 3.21 | 3.23 | |||||||||
Dividend payout ratio
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67.33 | 63.00 | 68.91 | |||||||||
Capital ratio at period end
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||||||||||||
Consolidated tangible equity to tangible assets (2)
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8.17 | 8.24 | 7.87 | |||||||||
Asset quality analysis at period end
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||||||||||||
Nonperforming loans to total loans
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1.84 | 1.96 | 2.03 | |||||||||
Nonperforming assets to total assets
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1.35 | 1.41 | 1.25 | |||||||||
Allowance for loan losses to total loans
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1.76 | 1.79 | 1.92 | |||||||||
Coverage ratio (3)
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1.0 | x | 0.9 | 0.9 |
(1)
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Calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income (excluding net securities transactions).
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(2)
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The tangible equity ratio excludes $553,000 of intangibles from both equity and assets.
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(3)
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Calculated as allowance for loan losses divided by total nonperforming loans.
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Three Months Ended
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||||||||||||||||||||
3/31/2013
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12/31/2012
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9/30/2012
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6/30/2012
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3/31/2012
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||||||||||||||||
Interest and dividend income:
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||||||||||||||||||||
Interest and fees on loans
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$ | 31,481 | 31,776 | 32,103 | 32,277 | 32,425 | ||||||||||||||
Interest and dividends on securities available for sale:
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||||||||||||||||||||
U. S. government sponsored enterprises
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816 | 1,191 | 1,996 | 2,606 | 2,304 | |||||||||||||||
State and political subdivisions
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191 | 295 | 340 | 368 | 410 | |||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
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2,769 | 2,237 | 2,003 | 1,364 | 1,093 | |||||||||||||||
Corporate bonds
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218 | 232 | 529 | 648 | 822 | |||||||||||||||
Small Business Administration-guaranteed participation securities
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496 | 276 | 43 | - | - | |||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
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29 | - | - | - | - | |||||||||||||||
Other securities
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5 | 5 | 4 | 5 | 5 | |||||||||||||||
Total interest and dividends on securities available for sale
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4,524 | 4,236 | 4,915 | 4,991 | 4,634 | |||||||||||||||
Interest on held to maturity securities:
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||||||||||||||||||||
U. S. government sponsored enterprises
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- | - | - | - | 25 | |||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
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789 | 823 | 976 | 1,198 | 1,290 | |||||||||||||||
Corporate bonds
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312 | 385 | 385 | 387 | 509 | |||||||||||||||
Total interest on held to maturity securities
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1,101 | 1,208 | 1,361 | 1,585 | 1,824 | |||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
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119 | 127 | 120 | 149 | 90 | |||||||||||||||
Interest on federal funds sold and other short-term investments
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245 | 265 | 258 | 299 | 320 | |||||||||||||||
Total interest income
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37,470 | 37,612 | 38,757 | 39,301 | 39,293 | |||||||||||||||
Interest expense:
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||||||||||||||||||||
Interest on deposits:
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||||||||||||||||||||
Interest-bearing checking
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80 | 80 | 79 | 78 | 78 | |||||||||||||||
Savings
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916 | 921 | 870 | 979 | 1,102 | |||||||||||||||
Money market deposit accounts
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685 | 703 | 673 | 770 | 923 | |||||||||||||||
Time deposits
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1,820 | 1,967 | 2,629 | 3,230 | 3,418 | |||||||||||||||
Interest on short-term borrowings
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364 | 361 | 348 | 378 | 388 | |||||||||||||||
Total interest expense
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3,865 | 4,032 | 4,599 | 5,435 | 5,909 | |||||||||||||||
Net interest income
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33,605 | 33,580 | 34,158 | 33,866 | 33,384 | |||||||||||||||
Provision for loan losses
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2,000 | 3,000 | 2,900 | 3,000 | 3,100 | |||||||||||||||
Net interest income after provision for loan losses
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31,605 | 30,580 | 31,258 | 30,866 | 30,284 | |||||||||||||||
Noninterest income:
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||||||||||||||||||||
Trustco Financial Services income
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1,421 | 1,815 | 1,145 | 1,407 | 1,394 | |||||||||||||||
Fees for services to customers
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2,887 | 3,386 | 3,234 | 2,939 | 2,732 | |||||||||||||||
Net gain on securities transactions
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2 | 763 | 666 | 55 | 677 | |||||||||||||||
Other
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282 | 197 | 172 | 176 | 207 | |||||||||||||||
Total noninterest income
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4,592 | 6,161 | 5,217 | 4,577 | 5,010 | |||||||||||||||
Noninterest expenses:
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||||||||||||||||||||
Salaries and employee benefits
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8,178 | 8,427 | 7,587 | 7,519 | 7,743 | |||||||||||||||
Net occupancy expense
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4,053 | 3,889 | 3,756 | 3,817 | 3,795 | |||||||||||||||
Equipment expense
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1,718 | 1,637 | 1,316 | 1,600 | 1,520 | |||||||||||||||
Professional services
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1,420 | 1,458 | 1,657 | 1,489 | 1,436 | |||||||||||||||
Outsourced services
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1,350 | 1,175 | 1,350 | 1,347 | 1,250 | |||||||||||||||
Advertising expense
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730 | 1,037 | 935 | 1,060 | 809 | |||||||||||||||
FDIC and other insurance
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1,010 | 1,007 | 983 | 953 | 880 | |||||||||||||||
Other real estate expense, net
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749 | 375 | 1,210 | 665 | 966 | |||||||||||||||
Other
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2,349 | 2,145 | 1,849 | 2,599 | 2,737 | |||||||||||||||
Total noninterest expenses
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21,557 | 21,150 | 20,643 | 21,049 | 21,136 | |||||||||||||||
Income before taxes
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14,640 | 15,591 | 15,832 | 14,394 | 14,158 | |||||||||||||||
Income taxes
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5,472 | 5,785 | 6,079 | 5,328 | 5,249 | |||||||||||||||
Net income
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$ | 9,168 | 9,806 | 9,753 | 9,066 | 8,909 | ||||||||||||||
Net income per Common Share:
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||||||||||||||||||||
- Basic
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$ | 0.097 | 0.104 | 0.104 | 0.097 | 0.095 | ||||||||||||||
- Diluted
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0.097 | 0.104 | 0.104 | 0.097 | 0.095 | |||||||||||||||
Average basic shares (thousands)
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94,068 | 93,824 | 93,692 | 93,561 | 93,546 | |||||||||||||||
Average diluted shares (thousands)
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94,073 | 93,828 | 93,700 | 93,562 | 93,546 | |||||||||||||||
Note: Taxable equivalent net interest income
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$ | 33,707 | 33,718 | 34,321 | 33,993 | 33,637 |
3/31/2013
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12/31/2012
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9/30/2012
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6/30/2012
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3/31/2012
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||||||||||||||||
ASSETS:
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||||||||||||||||||||
Cash and due from banks
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$ | 39,512 | 55,789 | 40,354 | 36,589 | 39,426 | ||||||||||||||
Federal funds sold and other short term investments
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405,262 | 488,227 | 402,290 | 486,049 | 486,055 | |||||||||||||||
Total cash and cash equivalents
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444,774 | 544,016 | 442,644 | 522,638 | 525,481 | |||||||||||||||
Securities available for sale:
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||||||||||||||||||||
U. S. government sponsored enterprises
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263,165 | 263,108 | 427,798 | 643,189 | 744,725 | |||||||||||||||
States and political subdivisions
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15,265 | 26,457 | 33,857 | 36,978 | 38,367 | |||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
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612,555 | 518,776 | 515,879 | 354,285 | 219,301 | |||||||||||||||
Corporate bonds
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59,239 | 26,529 | 49,296 | 73,311 | 81,654 | |||||||||||||||
Small Business Administration-guaranteed participation securities
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115,464 | 76,562 | 25,338 | - | - | |||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
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11,136 | - | - | - | - | |||||||||||||||
Other securities
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660 | 660 | 660 | 660 | 660 | |||||||||||||||
Total securities available for sale
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1,077,484 | 912,092 | 1,052,828 | 1,108,423 | 1,084,707 | |||||||||||||||
Held to maturity securities:
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||||||||||||||||||||
U. S. government sponsored enterprises
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- | - | - | - | - | |||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
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98,038 | 108,471 | 120,877 | 133,562 | 143,629 | |||||||||||||||
Corporate bonds
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19,935 | 34,955 | 35,074 | 35,193 | 35,312 | |||||||||||||||
Total held to maturity securities
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117,973 | 143,426 | 155,951 | 168,755 | 178,941 | |||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
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9,632 | 9,632 | 9,632 | 9,632 | 9,004 | |||||||||||||||
Loans:
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||||||||||||||||||||
Commercial
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212,637 | 219,577 | 217,431 | 235,347 | 235,513 | |||||||||||||||
Residential mortgage loans
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2,154,188 | 2,126,668 | 2,056,972 | 2,003,046 | 1,970,278 | |||||||||||||||
Home equity line of credit
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332,111 | 333,909 | 327,083 | 317,157 | 314,668 | |||||||||||||||
Installment loans
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4,831 | 4,579 | 4,455 | 4,071 | 3,855 | |||||||||||||||
Loans, net of deferred fees and costs
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2,703,767 | 2,684,733 | 2,605,941 | 2,559,621 | 2,524,314 | |||||||||||||||
Less:
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||||||||||||||||||||
Allowance for loan losses
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47,658 | 47,927 | 47,364 | 48,018 | 48,535 | |||||||||||||||
Net loans
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2,656,109 | 2,636,806 | 2,558,577 | 2,511,603 | 2,475,779 | |||||||||||||||
Bank premises and equipment, net
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35,787 | 36,239 | 37,251 | 37,868 | 37,099 | |||||||||||||||
Other assets
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69,998 | 64,402 | 61,290 | 62,480 | 63,432 | |||||||||||||||
Total assets
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$ | 4,411,757 | 4,346,613 | 4,318,173 | 4,421,399 | 4,374,443 | ||||||||||||||
LIABILITIES:
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||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Demand
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$ | 298,243 | 300,544 | 292,350 | 283,873 | 281,628 | ||||||||||||||
Interest-bearing checking
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579,077 | 560,064 | 536,892 | 528,101 | 507,510 | |||||||||||||||
Savings accounts
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1,213,226 | 1,198,517 | 1,167,927 | 1,122,208 | 1,068,058 | |||||||||||||||
Money market deposit accounts
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656,577 | 667,589 | 668,064 | 644,627 | 631,761 | |||||||||||||||
Certificates of deposit (in denominations of $100,000 or more)
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384,559 | 352,734 | 359,246 | 452,043 | 467,447 | |||||||||||||||
Other time accounts
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725,998 | 724,745 | 751,974 | 867,798 | 894,946 | |||||||||||||||
Total deposits
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3,857,680 | 3,804,193 | 3,776,453 | 3,898,650 | 3,851,350 | |||||||||||||||
Short-term borrowings
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171,019 | 159,846 | 161,751 | 150,718 | 159,002 | |||||||||||||||
Accrued expenses and other liabilities
|
22,169 | 23,776 | 22,352 | 22,124 | 19,445 | |||||||||||||||
Total liabilities
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4,050,868 | 3,987,815 | 3,960,556 | 4,071,492 | 4,029,797 | |||||||||||||||
SHAREHOLDERS' EQUITY:
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||||||||||||||||||||
Capital stock
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98,912 | 98,912 | 98,912 | 98,912 | 98,912 | |||||||||||||||
Surplus
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174,386 | 174,899 | 175,284 | 175,773 | 176,199 | |||||||||||||||
Undivided profits
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135,373 | 132,378 | 128,750 | 125,153 | 122,235 | |||||||||||||||
Accumulated other comprehensive income (loss), net of tax
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(169 | ) | 1,558 | 4,879 | 1,585 | 53 | ||||||||||||||
Treasury stock at cost
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(47,613 | ) | (48,949 | ) | (50,208 | ) | (51,516 | ) | (52,753 | ) | ||||||||||
Total shareholders' equity
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360,889 | 358,798 | 357,617 | 349,907 | 344,646 | |||||||||||||||
Total liabilities and shareholders' equity
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$ | 4,411,757 | 4,346,613 | 4,318,173 | 4,421,399 | 4,374,443 | ||||||||||||||
Outstanding shares (thousands)
|
94,071 | 93,935 | 93,807 | 93,674 | 93,549 |
03/31/13
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12/31/12
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09/30/12
|
06/30/12
|
03/31/12
|
||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
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$ | 5,978 | 6,635 | 5,880 | 5,656 | 5,667 | ||||||||||||||
Real estate mortgage - 1 to 4 family
|
34,027 | 35,286 | 32,593 | 29,167 | 29,894 | |||||||||||||||
Installment
|
35 | 6 | 71 | 1 | 9 | |||||||||||||||
Total non-accrual loans
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40,040 | 41,927 | 38,544 | 34,824 | 35,570 | |||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
225 | 231 | 238 | 243 | 306 | |||||||||||||||
Total nonperforming loans
|
40,265 | 42,158 | 38,782 | 35,067 | 35,876 | |||||||||||||||
Other real estate owned
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4,461 | 2,979 | 2,716 | 2,787 | 2,411 | |||||||||||||||
Total nonperforming assets
|
$ | 44,726 | 45,137 | 41,498 | 37,854 | 38,287 | ||||||||||||||
Florida
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$ | 2,595 | 2,698 | 2,698 | 8,435 | 5,874 | ||||||||||||||
Real estate mortgage - 1 to 4 family
|
7,013 | 7,820 | 8,438 | 7,954 | 9,404 | |||||||||||||||
Installment
|
1 | 1 | 7 | 1 | - | |||||||||||||||
Total non-accrual loans
|
9,609 | 10,519 | 11,143 | 16,390 | 15,278 | |||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
- | - | - | - | - | |||||||||||||||
Total nonperforming loans
|
9,609 | 10,519 | 11,143 | 16,390 | 15,278 | |||||||||||||||
Other real estate owned
|
5,406 | 5,726 | 5,975 | 1,083 | 1,293 | |||||||||||||||
Total nonperforming assets
|
$ | 15,015 | 16,245 | 17,118 | 17,473 | 16,571 | ||||||||||||||
Total
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$ | 8,573 | 9,333 | 8,578 | 14,091 | 11,541 | ||||||||||||||
Real estate mortgage - 1 to 4 family
|
41,040 | 43,106 | 41,031 | 37,121 | 39,298 | |||||||||||||||
Installment
|
36 | 7 | 78 | 2 | 9 | |||||||||||||||
Total non-accrual loans
|
49,649 | 52,446 | 49,687 | 51,214 | 50,848 | |||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
225 | 231 | 238 | 243 | 306 | |||||||||||||||
Total nonperforming loans
|
49,874 | 52,677 | 49,925 | 51,457 | 51,154 | |||||||||||||||
Other real estate owned
|
9,867 | 8,705 | 8,691 | 3,870 | 3,704 | |||||||||||||||
Total nonperforming assets
|
$ | 59,741 | 61,382 | 58,616 | 55,327 | 54,858 | ||||||||||||||
Quarterly Net Chargeoffs
|
||||||||||||||||||||
03/31/13
|
12/31/12
|
09/30/12
|
06/30/12
|
03/31/12
|
||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Commercial
|
$ | 248 | 152 | 9 | 713 | 321 | ||||||||||||||
Real estate mortgage - 1 to 4 family
|
1,563 | 1,410 | 2,157 | 1,844 | 1,136 | |||||||||||||||
Installment
|
15 | 72 | 7 | 7 | (8 | ) | ||||||||||||||
Total net chargeoffs
|
$ | 1,826 | 1,634 | 2,173 | 2,564 | 1,449 | ||||||||||||||
Florida
|
||||||||||||||||||||
Commercial
|
$ | 99 | (18 | ) | 736 | 288 | 160 | |||||||||||||
Real estate mortgage - 1 to 4 family
|
344 | 810 | 644 | 665 | 1,673 | |||||||||||||||
Installment
|
- | 12 | 1 | - | - | |||||||||||||||
Total net chargeoffs
|
$ | 443 | 804 | 1,381 | 953 | 1,833 | ||||||||||||||
Total
|
||||||||||||||||||||
Commercial
|
$ | 347 | 134 | 745 | 1,001 | 481 | ||||||||||||||
Real estate mortgage - 1 to 4 family
|
1,907 | 2,220 | 2,801 | 2,509 | 2,809 | |||||||||||||||
Installment
|
15 | 84 | 8 | 7 | (8 | ) | ||||||||||||||
Total net chargeoffs
|
$ | 2,269 | 2,438 | 3,554 | 3,517 | 3,282 | ||||||||||||||
Asset Quality Ratios
|
||||||||||||||||||||
03/31/13
|
12/31/12
|
09/30/12
|
06/30/12
|
03/31/12
|
||||||||||||||||
Total nonperforming loans(1)
|
$ | 49,874 | 52,677 | 49,925 | 51,457 | 51,154 | ||||||||||||||
Total nonperforming assets(1)
|
59,741 | 61,382 | 58,616 | 55,327 | 54,858 | |||||||||||||||
Total net chargeoffs(2)
|
2,269 | 2,438 | 3,554 | 3,517 | 3,282 | |||||||||||||||
Allowance for loan losses(1)
|
47,658 | 47,927 | 47,364 | 48,018 | 48,535 | |||||||||||||||
Nonperforming loans to total loans(1)
|
1.84 | % | 1.96 | % | 1.92 | % | 2.01 | % | 2.03 | % | ||||||||||
Nonperforming assets to total assets(1)
|
1.35 | % | 1.41 | % | 1.36 | % | 1.25 | % | 1.25 | % | ||||||||||
Allowance for loan losses to total loans(1)
|
1.76 | % | 1.79 | % | 1.82 | % | 1.88 | % | 1.92 | % | ||||||||||
Coverage ratio(1)
|
95.6 | % | 91.0 | % | 94.9 | % | 93.3 | % | 94.9 | % | ||||||||||
Annualized net chargeoffs to average loans(2)
|
0.34 | % | 0.37 | % | 0.55 | % | 0.55 | % | 0.52 | % | ||||||||||
Allowance for loan losses to annualized net chargeoffs(2)
|
5.3 | x | 4.9 | x | 3.3 | x | 3.4 | x | 3.7 | x |
(1)
|
At period-end
|
(2)
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For the period ended
|
(dollars in thousands)
|
Three months ended
|
Three months ended
|
||||||||||||||||||||||
(Unaudited)
|
March 31, 2013
|
March 31, 2012
|
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Average
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Interest
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Average
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Average
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Interest
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Average
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Balance
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Rate
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Balance
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Rate
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Assets
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Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$ | 270,953 | 816 | 1.20 | % | $ | 590,746 | 2,304 | 1.56 | % | ||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
557,408 | 2,769 | 1.99 | 204,659 | 1,093 | 2.14 | ||||||||||||||||||
State and political subdivisions
|
18,556 | 285 | 6.15 | 40,013 | 603 | 6.02 | ||||||||||||||||||
Corporate bonds
|
47,358 | 218 | 1.84 | 93,168 | 822 | 3.53 | ||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
99,683 | 496 | 1.99 | - | - | 0.00 | ||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
8,378 | 29 | 1.38 | - | - | 0.00 | ||||||||||||||||||
Other
|
660 | 5 | 3.03 | 660 | 5 | 3.03 | ||||||||||||||||||
Total securities available for sale
|
1,002,996 | 4,618 | 1.84 | 929,246 | 4,827 | 2.08 | ||||||||||||||||||
Federal funds sold and other short-term Investments
|
405,953 | 245 | 0.24 | 512,380 | 320 | 0.25 | ||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
- | - | 0.00 | 4,286 | 25 | 2.38 | ||||||||||||||||||
Corporate bonds
|
22,271 | 312 | 5.61 | 52,897 | 509 | 3.85 | ||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
103,607 | 789 | 3.05 | 143,146 | 1,290 | 3.60 | ||||||||||||||||||
Total held to maturity securities
|
125,878 | 1,101 | 3.50 | 200,329 | 1,824 | 3.64 | ||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,632 | 119 | 4.94 | 9,004 | 90 | 4.00 | ||||||||||||||||||
Commercial loans
|
216,210 | 2,847 | 5.27 | 241,269 | 3,363 | 5.57 | ||||||||||||||||||
Residential mortgage loans
|
2,136,067 | 25,684 | 4.83 | 1,962,648 | 26,112 | 5.33 | ||||||||||||||||||
Home equity lines of credit
|
333,434 | 2,800 | 3.41 | 314,999 | 2,865 | 3.66 | ||||||||||||||||||
Installment loans
|
4,528 | 158 | 14.20 | 3,615 | 145 | 16.15 | ||||||||||||||||||
Loans, net of unearned income
|
2,690,239 | 31,489 | 4.70 | 2,522,531 | 32,485 | 5.16 | ||||||||||||||||||
Total interest earning assets
|
4,234,698 | 37,572 | 3.56 | 4,173,490 | 39,546 | 3.79 | ||||||||||||||||||
Allowance for loan losses
|
(48,458 | ) | (49,840 | ) | ||||||||||||||||||||
Cash & non-interest earning assets
|
152,902 | 143,702 | ||||||||||||||||||||||
Total assets
|
$ | 4,339,142 | $ | 4,267,352 | ||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$ | 552,575 | 80 | 0.06 | % | $ | 482,362 | 78 | 0.06 | % | ||||||||||||||
Money market accounts
|
659,172 | 685 | 0.42 | 631,892 | 923 | 0.59 | ||||||||||||||||||
Savings
|
1,203,580 | 916 | 0.31 | 1,019,597 | 1,102 | 0.43 | ||||||||||||||||||
Time deposits
|
1,088,877 | 1,820 | 0.68 | 1,365,104 | 3,418 | 1.01 | ||||||||||||||||||
Total interest bearing deposits
|
3,504,204 | 3,501 | 0.41 | 3,498,955 | 5,521 | 0.63 | ||||||||||||||||||
Short-term borrowings
|
168,059 | 364 | 0.88 | 145,484 | 388 | 1.07 | ||||||||||||||||||
Total interest bearing liabilities
|
3,672,263 | 3,865 | 0.43 | 3,644,439 | 5,909 | 0.65 | ||||||||||||||||||
Demand deposits
|
287,700 | 261,650 | ||||||||||||||||||||||
Other liabilities
|
20,003 | 18,230 | ||||||||||||||||||||||
Shareholders' equity
|
359,176 | 343,033 | ||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$ | 4,339,142 | $ | 4,267,352 | ||||||||||||||||||||
Net interest income , tax equivalent
|
33,707 | 33,637 | ||||||||||||||||||||||
Net interest spread
|
3.13 | % | 3.14 | % | ||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
3.19 | % | 3.23 | % | ||||||||||||||||||||
Tax equivalent adjustment
|
(102 | ) | (253 | ) | ||||||||||||||||||||
Net interest income
|
33,605 | 33,384 |
03/31/13
|
12/31/12
|
09/30/12
|
06/30/12
|
03/31/12
|
||||||||||||||||
Tangible Book Value Per Share
|
||||||||||||||||||||
Equity
|
$ | 360,889 | 358,798 | 357,617 | 349,907 | 344,646 | ||||||||||||||
Less: Intangible assets
|
553 | 553 | 553 | 553 | 553 | |||||||||||||||
Tangible equity
|
360,336 | 358,245 | 357,064 | 349,354 | 344,093 | |||||||||||||||
Shares outstanding
|
94,071 | 93,935 | 93,807 | 93,674 | 93,549 | |||||||||||||||
Tangible book value per share
|
3.83 | 3.81 | 3.81 | 3.73 | 3.68 | |||||||||||||||
Book value per share
|
3.84 | 3.82 | 3.81 | 3.74 | 3.68 | |||||||||||||||
Tangible Equity to Tangible Assets
|
||||||||||||||||||||
Total Assets
|
4,411,757 | 4,346,613 | 4,318,173 | 4,421,399 | 4,374,443 | |||||||||||||||
Less: Intangible assets
|
553 | 553 | 553 | 553 | 553 | |||||||||||||||
Tangible assets
|
4,411,204 | 4,346,060 | 4,317,620 | 4,420,846 | 4,373,890 | |||||||||||||||
Tangible Equity to Tangible Assets
|
8.17 | % | 8.24 | % | 8.27 | % | 7.90 | % | 7.87 | % | ||||||||||
Equity to Assets
|
8.18 | % | 8.25 | % | 8.28 | % | 7.91 | % | 7.88 | % |
3 Months Ended
|
Year Ended
|
|||||||||||||||||||||||||||
Efficiency Ratio
|
03/31/13
|
12/31/12
|
09/30/12
|
06/30/12
|
03/31/12
|
12/31/12
|
12/31/11
|
|||||||||||||||||||||
Net interest income (fully taxable equivalent)
|
$ | 33,707 | 33,718 | 34,321 | 33,993 | 33,637 | 135,669 | 135,717 | ||||||||||||||||||||
Non-interest income
|
4,592 | 6,161 | 5,217 | 4,577 | 5,010 | 20,964 | 18,773 | |||||||||||||||||||||
Less: Net gain on securities
|
2 | 763 | 666 | 55 | 677 | 2,161 | 1,428 | |||||||||||||||||||||
Recurring revenue
|
38,297 | 39,116 | 38,872 | 38,515 | 37,970 | 154,472 | 153,062 | |||||||||||||||||||||
Total Noninterest expense
|
21,557 | 21,150 | 20,643 | 21,049 | 21,136 | 83,977 | 82,142 | |||||||||||||||||||||
Less: Other real estate expense, net
|
749 | 375 | 1,210 | 665 | 966 | 3,216 | 5,693 | |||||||||||||||||||||
Recurring expense
|
20,808 | 20,775 | 19,433 | 20,384 | 20,170 | 80,761 | 76,449 | |||||||||||||||||||||
Efficiency Ratio
|
54.33 | % | 53.11 | % | 49.99 | % | 52.92 | % | 53.12 | % | 52.28 | % | 49.95 | % |