NEW YORK
|
0-10592
|
14-1630287
|
||
State or Other Jurisdiction of Incorporation or Organization
|
Commission File No.
|
I.R.S. Employer Identification Number
|
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01. | Financial Statements and Exhibits |
(c) | Exhibits |
Reg S-K Exhibit No. | Description |
99(a) | Press release dated July 22, 2013, for the period ending June 30, 2013, regarding second quarter results. |
|
TrustCo Bank Corp NY
|
|
|
(Registrant)
|
|
|
|
|
|
By:
|
/s/ Robert T. Cushing
|
|
|
Robert T. Cushing
|
|
|
Executive Vice President and
|
|
|
Chief Financial Officer
|
![]() |
News Release
|
|
5 Sarnowski Drive, Glenville, New York, 12302
|
||
(518) 377-3311 Fax: (518) 381-3668
|
Subsidiary: |
Trustco Bank
|
NASDAQ -- TRST
|
Contact:
|
Kevin T. Timmons
|
Vice President/Treasurer
|
|
(518) 381-3607
|
|
Three Months Ended
|
|||||||||||
|
06/30/13
|
03/31/13
|
06/30/12
|
|||||||||
Summary of operations
|
||||||||||||
Net interest income (TE)
|
$
|
33,630
|
33,707
|
33,993
|
||||||||
Provision for loan losses
|
2,000
|
2,000
|
3,000
|
|||||||||
Net securities transactions
|
1,432
|
2
|
55
|
|||||||||
Noninterest income
|
4,484
|
4,590
|
4,522
|
|||||||||
Noninterest expense
|
21,869
|
21,557
|
21,049
|
|||||||||
Net income
|
9,763
|
9,168
|
9,066
|
|||||||||
|
||||||||||||
Per common share
|
||||||||||||
Net income per share:
|
||||||||||||
- Basic
|
$
|
0.104
|
0.097
|
0.097
|
||||||||
- Diluted
|
$
|
0.104
|
0.097
|
0.097
|
||||||||
Cash dividends
|
0.066
|
0.066
|
0.066
|
|||||||||
Tangible Book value at period end
|
3.69
|
3.83
|
3.73
|
|||||||||
Market price at period end
|
5.44
|
5.58
|
5.46
|
|||||||||
|
||||||||||||
At period end
|
||||||||||||
Full time equivalent employees
|
710
|
761
|
742
|
|||||||||
Full service banking offices
|
138
|
138
|
137
|
|||||||||
|
||||||||||||
Performance ratios
|
||||||||||||
Return on average assets
|
0.88
|
%
|
0.86
|
0.83
|
||||||||
Return on average equity
|
10.83
|
10.35
|
10.49
|
|||||||||
Efficiency (1)
|
53.51
|
54.33
|
52.92
|
|||||||||
Net interest spread (TE)
|
3.04
|
3.13
|
3.09
|
|||||||||
Net interest margin (TE)
|
3.10
|
3.19
|
3.16
|
|||||||||
Dividend payout ratio
|
63.33
|
67.33
|
67.80
|
|||||||||
|
||||||||||||
Capital ratio at period end
|
||||||||||||
Consolidated tangible equity to tangible assets (2)
|
7.83
|
8.17
|
7.90
|
|||||||||
|
||||||||||||
Asset quality analysis at period end
|
||||||||||||
Nonperforming loans to total loans
|
1.57
|
1.84
|
2.01
|
|||||||||
Nonperforming assets to total assets
|
1.21
|
1.35
|
1.25
|
|||||||||
Allowance for loan losses to total loans
|
1.72
|
1.76
|
1.88
|
|||||||||
Coverage ratio (3)
|
1.1
|
x
|
1.0
|
x
|
0.9
|
X
|
(1) | Calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income (excluding net securities transactions). |
(2) | The tangible equity ratio excludes $553,000 of intangibles from both equity and assets. |
(3) | Calculated as allowance for loan losses divided by total nonperforming loans. |
|
Six Months Ended
|
|||||||
|
06/30/13
|
06/30/12
|
||||||
Summary of operations
|
||||||||
Net interest income (TE)
|
$
|
67,337
|
67,630
|
|||||
Provision for loan losses
|
4,000
|
6,100
|
||||||
Net securities transactions
|
1,434
|
732
|
||||||
Noninterest income
|
9,074
|
8,854
|
||||||
Noninterest expense
|
43,426
|
42,184
|
||||||
Net income
|
18,931
|
17,975
|
||||||
|
||||||||
Per common share
|
||||||||
Net income per share:
|
||||||||
- Basic
|
$
|
0.201
|
0.192
|
|||||
- Diluted
|
0.201
|
0.192
|
||||||
Cash dividends
|
0.131
|
0.131
|
||||||
Tangible Book value at period end
|
3.69
|
3.73
|
||||||
Market price at period end
|
5.44
|
5.58
|
||||||
|
||||||||
Performance ratios
|
||||||||
Return on average assets
|
0.87
|
%
|
0.84
|
|||||
Return on average equity
|
10.60
|
10.47
|
||||||
Efficiency (1)
|
53.92
|
53.02
|
||||||
Net interest spread (TE)
|
3.09
|
3.11
|
||||||
Net interest margin (TE)
|
3.15
|
3.19
|
||||||
Dividend payout ratio
|
65.27
|
68.35
|
(1) | Calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income (excluding net securities transactions). |
|
Three Months Ended
|
|||||||||||||||||||
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
|||||||||||||||
Interest and dividend income:
|
||||||||||||||||||||
Interest and fees on loans
|
$
|
31,639
|
31,481
|
31,776
|
32,103
|
32,277
|
||||||||||||||
Interest and dividends on securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
627
|
816
|
1,191
|
1,996
|
2,606
|
|||||||||||||||
State and political subdivisions
|
148
|
191
|
295
|
340
|
368
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
2,701
|
2,769
|
2,237
|
2,003
|
1,364
|
|||||||||||||||
Corporate bonds
|
233
|
218
|
232
|
529
|
648
|
|||||||||||||||
Small Business Administration-guaranteed participation securities
|
564
|
496
|
276
|
43
|
-
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
38
|
29
|
-
|
-
|
-
|
|||||||||||||||
Other securities
|
3
|
5
|
5
|
4
|
5
|
|||||||||||||||
Total interest and dividends on securities available for sale
|
4,314
|
4,524
|
4,236
|
4,915
|
4,991
|
|||||||||||||||
|
||||||||||||||||||||
Interest on held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
716
|
789
|
823
|
976
|
1,198
|
|||||||||||||||
Corporate bonds
|
214
|
312
|
385
|
385
|
387
|
|||||||||||||||
Total interest on held to maturity securities
|
930
|
1,101
|
1,208
|
1,361
|
1,585
|
|||||||||||||||
|
||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
121
|
119
|
127
|
120
|
149
|
|||||||||||||||
|
||||||||||||||||||||
Interest on federal funds sold and other short-term investments
|
327
|
245
|
265
|
258
|
299
|
|||||||||||||||
Total interest income
|
37,331
|
37,470
|
37,612
|
38,757
|
39,301
|
|||||||||||||||
|
||||||||||||||||||||
Interest expense:
|
||||||||||||||||||||
Interest on deposits:
|
||||||||||||||||||||
Interest-bearing checking
|
82
|
80
|
80
|
79
|
78
|
|||||||||||||||
Savings
|
829
|
916
|
921
|
870
|
979
|
|||||||||||||||
Money market deposit accounts
|
630
|
685
|
703
|
673
|
770
|
|||||||||||||||
Time deposits
|
1,883
|
1,820
|
1,967
|
2,629
|
3,230
|
|||||||||||||||
Interest on short-term borrowings
|
367
|
364
|
361
|
348
|
378
|
|||||||||||||||
Total interest expense
|
3,791
|
3,865
|
4,032
|
4,599
|
5,435
|
|||||||||||||||
|
||||||||||||||||||||
Net interest income
|
33,540
|
33,605
|
33,580
|
34,158
|
33,866
|
|||||||||||||||
|
||||||||||||||||||||
Provision for loan losses
|
2,000
|
2,000
|
3,000
|
2,900
|
3,000
|
|||||||||||||||
Net interest income after provision for loan losses
|
31,540
|
31,605
|
30,580
|
31,258
|
30,866
|
|||||||||||||||
|
||||||||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Trustco Financial Services income
|
1,287
|
1,421
|
1,815
|
1,145
|
1,407
|
|||||||||||||||
Fees for services to customers
|
2,968
|
2,887
|
3,386
|
3,234
|
2,939
|
|||||||||||||||
Net gain on securities transactions
|
1,432
|
2
|
763
|
666
|
55
|
|||||||||||||||
Other
|
229
|
282
|
197
|
172
|
176
|
|||||||||||||||
Total noninterest income
|
5,916
|
4,592
|
6,161
|
5,217
|
4,577
|
|||||||||||||||
|
||||||||||||||||||||
Noninterest expenses:
|
||||||||||||||||||||
Salaries and employee benefits
|
7,647
|
8,178
|
8,427
|
7,587
|
7,519
|
|||||||||||||||
Net occupancy expense
|
3,910
|
4,053
|
3,889
|
3,756
|
3,817
|
|||||||||||||||
Equipment expense
|
1,582
|
1,718
|
1,637
|
1,316
|
1,600
|
|||||||||||||||
Professional services
|
1,565
|
1,420
|
1,458
|
1,657
|
1,489
|
|||||||||||||||
Outsourced services
|
1,350
|
1,350
|
1,175
|
1,350
|
1,347
|
|||||||||||||||
Advertising expense
|
714
|
730
|
1,037
|
935
|
1,060
|
|||||||||||||||
FDIC and other insurance
|
1,004
|
1,010
|
1,007
|
983
|
953
|
|||||||||||||||
Other real estate expense, net
|
1,473
|
749
|
375
|
1,210
|
665
|
|||||||||||||||
Other
|
2,624
|
2,349
|
2,145
|
1,849
|
2,599
|
|||||||||||||||
Total noninterest expenses
|
21,869
|
21,557
|
21,150
|
20,643
|
21,049
|
|||||||||||||||
|
||||||||||||||||||||
Income before taxes
|
15,587
|
14,640
|
15,591
|
15,832
|
14,394
|
|||||||||||||||
Income taxes
|
5,824
|
5,472
|
5,785
|
6,079
|
5,328
|
|||||||||||||||
|
||||||||||||||||||||
Net income
|
$
|
9,763
|
9,168
|
9,806
|
9,753
|
9,066
|
||||||||||||||
Net income per Common Share:
|
||||||||||||||||||||
- Basic
|
$
|
0.104
|
0.097
|
0.104
|
0.104
|
0.097
|
||||||||||||||
|
||||||||||||||||||||
- Diluted
|
0.104
|
0.097
|
0.104
|
0.104
|
0.097
|
|||||||||||||||
|
||||||||||||||||||||
Average basic shares (thousands)
|
94,204
|
94,068
|
93,824
|
93,692
|
93,561
|
|||||||||||||||
Average diluted shares (thousands)
|
94,211
|
94,073
|
93,828
|
93,700
|
93,562
|
|||||||||||||||
|
||||||||||||||||||||
Note: Taxable equivalent net interest income
|
$
|
33,630
|
33,707
|
33,718
|
34,321
|
33,993
|
|
Six Months Ended
|
|||||||
|
6/30/2013
|
6/30/2012
|
||||||
|
||||||||
Interest and dividend income:
|
||||||||
Interest and fees on loans
|
$
|
63,120
|
64,702
|
|||||
Interest and dividends on securities available for sale:
|
||||||||
U. S. government sponsored enterprises
|
1,443
|
4,910
|
||||||
State and political subdivisions
|
339
|
778
|
||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
5,470
|
2,457
|
||||||
Corporate bonds
|
451
|
1,470
|
||||||
Small Business Administration-guaranteed participation securities
|
1,060
|
-
|
||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
67
|
-
|
||||||
Other securities
|
8
|
10
|
||||||
Total interest and dividends on securities available for sale
|
8,838
|
9,625
|
||||||
|
||||||||
Interest on held to maturity securities:
|
||||||||
U. S. government sponsored enterprises
|
-
|
25
|
||||||
Mortgage-backed securities-residential
|
1,505
|
2,488
|
||||||
Corporate bonds
|
526
|
896
|
||||||
Total interest on held to maturity securities
|
2,031
|
3,409
|
||||||
|
||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
240
|
239
|
||||||
|
||||||||
Interest on federal funds sold and other short-term investments
|
572
|
619
|
||||||
Total interest income
|
74,801
|
78,594
|
||||||
|
||||||||
Interest expense:
|
||||||||
Interest on deposits:
|
||||||||
Interest-bearing checking
|
162
|
156
|
||||||
Savings
|
1,745
|
2,081
|
||||||
Money market deposit accounts
|
1,315
|
1,693
|
||||||
Time deposits
|
3,703
|
6,648
|
||||||
Interest on short-term borrowings
|
731
|
766
|
||||||
Total interest expense
|
7,656
|
11,344
|
||||||
|
||||||||
Net interest income
|
67,145
|
67,250
|
||||||
|
||||||||
Provision for loan losses
|
4,000
|
6,100
|
||||||
Net interest income after provision for loan losses
|
63,145
|
61,150
|
||||||
|
||||||||
Noninterest income:
|
||||||||
Trust department income
|
2,708
|
2,801
|
||||||
Fees for services to customers
|
5,855
|
5,670
|
||||||
Net gain on securities transactions
|
1,434
|
732
|
||||||
Other
|
511
|
383
|
||||||
Total noninterest income
|
10,508
|
9,586
|
||||||
|
||||||||
Noninterest expenses:
|
||||||||
Salaries and employee benefits
|
15,825
|
15,262
|
||||||
Net occupancy expense
|
7,963
|
7,612
|
||||||
Equipment expense
|
3,300
|
3,120
|
||||||
Professional services
|
2,985
|
2,925
|
||||||
Outsourced services
|
2,700
|
2,597
|
||||||
Advertising expense
|
1,444
|
1,869
|
||||||
FDIC and other insurance
|
2,014
|
1,833
|
||||||
Other real estate expense, net
|
2,222
|
1,631
|
||||||
Other
|
4,973
|
5,335
|
||||||
Total noninterest expenses
|
43,426
|
42,184
|
||||||
|
||||||||
Income before taxes
|
30,227
|
28,552
|
||||||
Income taxes
|
11,296
|
10,577
|
||||||
|
||||||||
Net income
|
$
|
18,931
|
17,975
|
|||||
|
||||||||
Net income per Common Share:
|
||||||||
- Basic
|
$
|
0.201
|
0.192
|
|||||
|
||||||||
- Diluted
|
0.201
|
0.192
|
||||||
|
||||||||
Average basic shares (thousands)
|
94,134
|
93,503
|
||||||
Average diluted shares (thousands)
|
94,141
|
93,504
|
||||||
|
||||||||
Note: Taxable equivalent net interest income
|
$
|
67,337
|
67,630
|
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
9/30/2012
|
6/30/2012
|
|||||||||||||||
ASSETS:
|
||||||||||||||||||||
|
||||||||||||||||||||
Cash and due from banks
|
$
|
40,580
|
39,512
|
55,789
|
40,354
|
36,589
|
||||||||||||||
Federal funds sold and other short term investments
|
588,252
|
405,262
|
488,227
|
402,290
|
486,049
|
|||||||||||||||
Total cash and cash equivalents
|
628,832
|
444,774
|
544,016
|
442,644
|
522,638
|
|||||||||||||||
|
||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
188,133
|
263,165
|
263,108
|
427,798
|
643,189
|
|||||||||||||||
States and political subdivisions
|
12,159
|
15,265
|
26,457
|
33,857
|
36,978
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
504,793
|
612,555
|
518,776
|
515,879
|
354,285
|
|||||||||||||||
Corporate bonds
|
53,053
|
59,239
|
26,529
|
49,296
|
73,311
|
|||||||||||||||
Small Business Administration-guaranteed participation securities
|
108,665
|
115,464
|
76,562
|
25,338
|
-
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
10,725
|
11,136
|
-
|
-
|
-
|
|||||||||||||||
Other securities
|
660
|
660
|
660
|
660
|
660
|
|||||||||||||||
Total securities available for sale
|
878,188
|
1,077,484
|
912,092
|
1,052,828
|
1,108,423
|
|||||||||||||||
|
||||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
88,852
|
98,038
|
108,471
|
120,877
|
133,562
|
|||||||||||||||
Corporate bonds
|
9,937
|
19,935
|
34,955
|
35,074
|
35,193
|
|||||||||||||||
Total held to maturity securities
|
98,789
|
117,973
|
143,426
|
155,951
|
168,755
|
|||||||||||||||
|
||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
10,500
|
9,632
|
9,632
|
9,632
|
9,632
|
|||||||||||||||
|
||||||||||||||||||||
Loans:
|
||||||||||||||||||||
Commercial
|
216,977
|
212,637
|
219,577
|
217,431
|
235,347
|
|||||||||||||||
Residential mortgage loans
|
2,205,334
|
2,154,188
|
2,126,668
|
2,056,972
|
2,003,046
|
|||||||||||||||
Home equity line of credit
|
334,571
|
332,111
|
333,909
|
327,083
|
317,157
|
|||||||||||||||
Installment loans
|
5,544
|
4,831
|
4,579
|
4,455
|
4,071
|
|||||||||||||||
Loans, net of deferred fees and costs
|
2,762,426
|
2,703,767
|
2,684,733
|
2,605,941
|
2,559,621
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Allowance for loan losses
|
47,589
|
47,658
|
47,927
|
47,364
|
48,018
|
|||||||||||||||
Net loans
|
2,714,837
|
2,656,109
|
2,636,806
|
2,558,577
|
2,511,603
|
|||||||||||||||
|
||||||||||||||||||||
Bank premises and equipment, net
|
38,301
|
35,787
|
36,239
|
37,251
|
37,868
|
|||||||||||||||
Other assets
|
73,757
|
69,998
|
64,402
|
61,290
|
62,480
|
|||||||||||||||
|
||||||||||||||||||||
Total assets
|
$
|
4,443,204
|
4,411,757
|
4,346,613
|
4,318,173
|
4,421,399
|
||||||||||||||
|
||||||||||||||||||||
LIABILITIES:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Demand
|
$
|
314,985
|
298,243
|
300,544
|
292,350
|
283,873
|
||||||||||||||
Interest-bearing checking
|
591,844
|
579,077
|
560,064
|
536,892
|
528,101
|
|||||||||||||||
Savings accounts
|
1,228,281
|
1,213,226
|
1,198,517
|
1,167,927
|
1,122,208
|
|||||||||||||||
Money market deposit accounts
|
634,804
|
656,577
|
667,589
|
668,064
|
644,627
|
|||||||||||||||
Certificates of deposit (in denominations of $100,000 or more)
|
397,707
|
384,559
|
352,734
|
359,246
|
452,043
|
|||||||||||||||
Other time accounts
|
725,255
|
725,998
|
724,745
|
751,974
|
867,798
|
|||||||||||||||
Total deposits
|
3,892,876
|
3,857,680
|
3,804,193
|
3,776,453
|
3,898,650
|
|||||||||||||||
|
||||||||||||||||||||
Short-term borrowings
|
176,325
|
171,019
|
159,846
|
161,751
|
150,718
|
|||||||||||||||
Accrued expenses and other liabilities
|
25,380
|
22,169
|
23,776
|
22,352
|
22,124
|
|||||||||||||||
|
||||||||||||||||||||
Total liabilities
|
4,094,581
|
4,050,868
|
3,987,815
|
3,960,556
|
4,071,492
|
|||||||||||||||
|
||||||||||||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||
Capital stock
|
98,912
|
98,912
|
98,912
|
98,912
|
98,912
|
|||||||||||||||
Surplus
|
173,897
|
174,386
|
174,899
|
175,284
|
175,773
|
|||||||||||||||
Undivided profits
|
138,953
|
135,373
|
132,378
|
128,750
|
125,153
|
|||||||||||||||
Accumulated other comprehensive income (loss), net of tax
|
(16,831
|
)
|
(169
|
)
|
1,558
|
4,879
|
1,585
|
|||||||||||||
Treasury stock at cost
|
(46,308
|
)
|
(47,613
|
)
|
(48,949
|
)
|
(50,208
|
)
|
(51,516
|
)
|
||||||||||
|
||||||||||||||||||||
Total shareholders' equity
|
348,623
|
360,889
|
358,798
|
357,617
|
349,907
|
|||||||||||||||
|
||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,443,204
|
4,411,757
|
4,346,613
|
4,318,173
|
4,421,399
|
||||||||||||||
|
||||||||||||||||||||
Outstanding shares (thousands)
|
94,204
|
94,071
|
93,935
|
93,807
|
93,674
|
Nonperforming Assets
|
||||||||||||||||||||
|
06/30/13
|
03/31/13
|
12/31/12
|
09/30/12
|
06/30/12
|
|||||||||||||||
New York and other states*
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
5,891
|
5,978
|
6,635
|
5,880
|
5,656
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
30,736
|
34,027
|
35,286
|
32,593
|
29,167
|
|||||||||||||||
Installment
|
36
|
35
|
6
|
71
|
1
|
|||||||||||||||
Total non-accrual loans
|
36,663
|
40,040
|
41,927
|
38,544
|
34,824
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
174
|
225
|
231
|
238
|
243
|
|||||||||||||||
Total nonperforming loans
|
36,837
|
40,265
|
42,158
|
38,782
|
35,067
|
|||||||||||||||
Other real estate owned
|
3,918
|
4,461
|
2,979
|
2,716
|
2,787
|
|||||||||||||||
Total nonperforming assets
|
$
|
40,755
|
44,726
|
45,137
|
41,498
|
37,854
|
||||||||||||||
|
||||||||||||||||||||
Florida
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
583
|
2,595
|
2,698
|
2,698
|
8,435
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
6,022
|
7,013
|
7,820
|
8,438
|
7,954
|
|||||||||||||||
Installment
|
-
|
1
|
1
|
7
|
1
|
|||||||||||||||
Total non-accrual loans
|
6,605
|
9,609
|
10,519
|
11,143
|
16,390
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming loans
|
6,605
|
9,609
|
10,519
|
11,143
|
16,390
|
|||||||||||||||
Other real estate owned
|
6,427
|
5,406
|
5,726
|
5,975
|
1,083
|
|||||||||||||||
Total nonperforming assets
|
$
|
13,032
|
15,015
|
16,245
|
17,118
|
17,473
|
||||||||||||||
|
||||||||||||||||||||
Total
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
6,474
|
8,573
|
9,333
|
8,578
|
14,091
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
36,758
|
41,040
|
43,106
|
41,031
|
37,121
|
|||||||||||||||
Installment
|
36
|
36
|
7
|
78
|
2
|
|||||||||||||||
Total non-accrual loans
|
43,268
|
49,649
|
52,446
|
49,687
|
51,214
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
174
|
225
|
231
|
238
|
243
|
|||||||||||||||
Total nonperforming loans
|
43,442
|
49,874
|
52,677
|
49,925
|
51,457
|
|||||||||||||||
Other real estate owned
|
10,345
|
9,867
|
8,705
|
8,691
|
3,870
|
|||||||||||||||
Total nonperforming assets
|
$
|
53,787
|
59,741
|
61,382
|
58,616
|
55,327
|
||||||||||||||
|
||||||||||||||||||||
Quarterly Net Chargeoffs
|
||||||||||||||||||||
|
06/30/13
|
03/31/13
|
12/31/12
|
09/30/12
|
06/30/12
|
|||||||||||||||
New York and other states*
|
||||||||||||||||||||
Commercial
|
$
|
49
|
248
|
152
|
9
|
713
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
1,885
|
1,563
|
1,410
|
2,157
|
1,844
|
|||||||||||||||
Installment
|
13
|
15
|
72
|
7
|
7
|
|||||||||||||||
Total net chargeoffs
|
$
|
1,947
|
1,826
|
1,634
|
2,173
|
2,564
|
||||||||||||||
|
||||||||||||||||||||
Florida
|
||||||||||||||||||||
Commercial
|
$
|
(1
|
)
|
99
|
(18
|
)
|
736
|
288
|
||||||||||||
Real estate mortgage - 1 to 4 family
|
123
|
344
|
810
|
644
|
665
|
|||||||||||||||
Installment
|
-
|
-
|
12
|
1
|
-
|
|||||||||||||||
Total net chargeoffs
|
$
|
122
|
443
|
804
|
1,381
|
953
|
||||||||||||||
|
||||||||||||||||||||
Total
|
||||||||||||||||||||
Commercial
|
$
|
48
|
347
|
134
|
745
|
1,001
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
2,008
|
1,907
|
2,220
|
2,801
|
2,509
|
|||||||||||||||
Installment
|
13
|
15
|
84
|
8
|
7
|
|||||||||||||||
Total net chargeoffs
|
$
|
2,069
|
2,269
|
2,438
|
3,554
|
3,517
|
||||||||||||||
|
||||||||||||||||||||
Asset Quality Ratios
|
||||||||||||||||||||
|
06/30/13
|
03/31/13
|
12/31/12
|
09/30/12
|
06/30/12
|
|||||||||||||||
Total nonperforming loans(1)
|
$
|
43,442
|
49,874
|
52,677
|
49,925
|
51,457
|
||||||||||||||
Total nonperforming assets(1)
|
53,787
|
59,741
|
61,382
|
58,616
|
55,327
|
|||||||||||||||
Total net chargeoffs(2)
|
2,069
|
2,269
|
2,438
|
3,554
|
3,517
|
|||||||||||||||
|
||||||||||||||||||||
Allowance for loan losses(1)
|
47,589
|
47,658
|
47,927
|
47,364
|
48,018
|
|||||||||||||||
|
||||||||||||||||||||
Nonperforming loans to total loans(1)
|
1.57
|
%
|
1.84
|
%
|
1.96
|
%
|
1.92
|
%
|
2.01
|
%
|
||||||||||
Nonperforming assets to total assets(1)
|
1.21
|
%
|
1.35
|
%
|
1.41
|
%
|
1.36
|
%
|
1.25
|
%
|
||||||||||
Allowance for loan losses to total loans(1)
|
1.72
|
%
|
1.76
|
%
|
1.79
|
%
|
1.82
|
%
|
1.88
|
%
|
||||||||||
Coverage ratio(1)
|
109.5
|
%
|
95.6
|
%
|
91.0
|
%
|
94.9
|
%
|
93.3
|
%
|
||||||||||
Annualized net chargeoffs to average loans(2)
|
0.30
|
%
|
0.34
|
%
|
0.37
|
%
|
0.55
|
%
|
0.55
|
%
|
||||||||||
Allowance for loan losses to annualized net chargeoffs(2)
|
5.8
|
x
|
5.3
|
x
|
4.9
|
x
|
3.3
|
x
|
3.4
|
x
|
* | Includes New York, New Jersey, Vermont and Massachusetts. |
(1) | At period-end |
(2) | For the period ended |
(dollars in thousands)
|
Three months ended
|
Three months ended
|
||||||||||||||||||||||
(Unaudited)
|
June 30, 2013
|
June 30, 2012
|
||||||||||||||||||||||
|
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
||||||||||||||||||
|
Balance
|
Rate
|
Balance
|
Rate
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
218,199
|
627
|
1.15
|
%
|
$
|
719,590
|
2,606
|
1.45
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
545,989
|
2,701
|
1.98
|
255,039
|
1,364
|
2.14
|
||||||||||||||||||
State and political subdivisions
|
13,098
|
231
|
7.05
|
36,730
|
489
|
5.33
|
||||||||||||||||||
Corporate bonds
|
54,724
|
233
|
1.70
|
77,020
|
648
|
3.37
|
||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
114,760
|
564
|
1.97
|
-
|
-
|
0.00
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
11,136
|
38
|
1.36
|
-
|
-
|
0.00
|
||||||||||||||||||
Other
|
660
|
3
|
1.82
|
660
|
5
|
3.03
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total securities available for sale
|
958,566
|
4,397
|
1.83
|
1,089,039
|
5,112
|
1.88
|
||||||||||||||||||
|
||||||||||||||||||||||||
Federal funds sold and other short-term Investments
|
529,672
|
327
|
0.25
|
489,228
|
299
|
0.25
|
||||||||||||||||||
|
||||||||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Corporate bonds
|
13,947
|
214
|
6.14
|
35,251
|
387
|
4.39
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
93,644
|
716
|
3.06
|
138,419
|
1,198
|
3.46
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total held to maturity securities
|
107,591
|
930
|
3.46
|
173,670
|
1,585
|
3.65
|
||||||||||||||||||
|
||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
10,434
|
121
|
4.64
|
9,432
|
149
|
6.32
|
||||||||||||||||||
|
||||||||||||||||||||||||
Commercial loans
|
214,158
|
2,812
|
5.25
|
235,651
|
3,138
|
5.33
|
||||||||||||||||||
Residential mortgage loans
|
2,177,171
|
25,866
|
4.75
|
1,988,017
|
26,124
|
5.26
|
||||||||||||||||||
Home equity lines of credit
|
333,510
|
2,806
|
3.37
|
316,289
|
2,875
|
3.66
|
||||||||||||||||||
Installment loans
|
4,930
|
162
|
13.16
|
3,762
|
146
|
15.60
|
||||||||||||||||||
|
||||||||||||||||||||||||
Loans, net of unearned income
|
2,729,769
|
31,646
|
4.64
|
2,543,719
|
32,283
|
5.08
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest earning assets
|
4,336,032
|
37,421
|
3.45
|
4,305,088
|
39,428
|
3.67
|
||||||||||||||||||
|
||||||||||||||||||||||||
Allowance for loan losses
|
(48,298
|
)
|
(49,386
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
146,387
|
138,964
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Total assets
|
$
|
4,434,121
|
$
|
4,394,666
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
581,785
|
82
|
0.06
|
%
|
$
|
514,219
|
78
|
0.06
|
%
|
||||||||||||||
Money market accounts
|
650,927
|
630
|
0.39
|
636,171
|
770
|
0.49
|
||||||||||||||||||
Savings
|
1,218,683
|
829
|
0.27
|
1,104,422
|
979
|
0.36
|
||||||||||||||||||
Time deposits
|
1,119,710
|
1,883
|
0.67
|
1,341,038
|
3,230
|
0.97
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest bearing deposits
|
3,571,105
|
3,424
|
0.38
|
3,595,850
|
5,057
|
0.57
|
||||||||||||||||||
Short-term borrowings
|
179,878
|
367
|
0.82
|
153,082
|
378
|
0.99
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest bearing liabilities
|
3,750,983
|
3,791
|
0.41
|
3,748,932
|
5,435
|
0.58
|
||||||||||||||||||
|
||||||||||||||||||||||||
Demand deposits
|
301,123
|
279,761
|
||||||||||||||||||||||
Other liabilities
|
20,590
|
18,435
|
||||||||||||||||||||||
Shareholders' equity
|
361,425
|
347,538
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,434,121
|
$
|
4,394,666
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income , tax equivalent
|
33,630
|
33,993
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest spread
|
3.04
|
%
|
3.09
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
3.10
|
%
|
3.16
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Tax equivalent adjustment
|
(90
|
)
|
(127
|
)
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income
|
33,540
|
33,866
|
(dollars in thousands)
|
Six months ended
|
Six months ended
|
||||||||||||||||||||||
(Unaudited)
|
June 30, 2013
|
June 30, 2012
|
||||||||||||||||||||||
|
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
||||||||||||||||||
|
Balance
|
Rate
|
Balance
|
Rate
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
244,430
|
1,443
|
1.18
|
%
|
$
|
655,168
|
4,910
|
1.50
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
551,667
|
5,470
|
1.98
|
229,849
|
2,457
|
2.14
|
||||||||||||||||||
State and political subdivisions
|
15,812
|
516
|
6.53
|
38,371
|
1,092
|
5.69
|
||||||||||||||||||
Corporate bonds
|
51,061
|
451
|
1.76
|
85,094
|
1,470
|
3.46
|
||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
107,263
|
1,060
|
1.98
|
-
|
-
|
0.00
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
9,764
|
67
|
1.37
|
-
|
-
|
0.00
|
||||||||||||||||||
Other
|
660
|
8
|
2.42
|
660
|
10
|
3.03
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total securities available for sale
|
980,657
|
9,015
|
1.84
|
1,009,142
|
9,939
|
1.97
|
||||||||||||||||||
|
||||||||||||||||||||||||
Federal funds sold and other
|
||||||||||||||||||||||||
short-term Investments
|
468,154
|
572
|
0.25
|
501,617
|
619
|
0.25
|
||||||||||||||||||
|
||||||||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
-
|
-
|
0.00
|
2,143
|
25
|
2.38
|
||||||||||||||||||
Corporate bonds
|
18,086
|
526
|
5.81
|
44,074
|
896
|
4.06
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
98,598
|
1,505
|
3.05
|
140,783
|
2,488
|
3.53
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total held to maturity securities
|
116,684
|
2,031
|
3.48
|
187,000
|
3,409
|
3.65
|
||||||||||||||||||
|
||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
10,035
|
240
|
4.78
|
9,218
|
239
|
5.19
|
||||||||||||||||||
|
||||||||||||||||||||||||
Commercial loans
|
215,178
|
5,659
|
5.26
|
238,460
|
6,501
|
5.45
|
||||||||||||||||||
Residential mortgage loans
|
2,156,733
|
51,550
|
4.79
|
1,975,333
|
52,236
|
5.30
|
||||||||||||||||||
Home equity lines of credit
|
333,472
|
5,606
|
3.39
|
315,644
|
5,740
|
3.66
|
||||||||||||||||||
Installment loans
|
4,730
|
320
|
13.65
|
3,688
|
291
|
15.87
|
||||||||||||||||||
|
||||||||||||||||||||||||
Loans, net of unearned income
|
2,710,113
|
63,135
|
4.67
|
2,533,125
|
64,768
|
5.12
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest earning assets
|
4,285,643
|
74,993
|
3.51
|
4,240,102
|
78,974
|
3.73
|
||||||||||||||||||
|
||||||||||||||||||||||||
Allowance for loan losses
|
(48,377
|
)
|
(49,613
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
149,670
|
140,522
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Total assets
|
$
|
4,386,936
|
$
|
4,331,011
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
567,261
|
162
|
0.06
|
%
|
$
|
498,290
|
156
|
0.06
|
%
|
||||||||||||||
Money market accounts
|
655,027
|
1,315
|
0.40
|
634,032
|
1,693
|
0.54
|
||||||||||||||||||
Savings
|
1,211,173
|
1,745
|
0.29
|
1,062,010
|
2,081
|
0.39
|
||||||||||||||||||
Time deposits
|
1,104,379
|
3,703
|
0.68
|
1,353,072
|
6,648
|
0.99
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest bearing deposits
|
3,537,840
|
6,925
|
0.39
|
3,547,404
|
10,578
|
0.60
|
||||||||||||||||||
Short-term borrowings
|
174,001
|
731
|
0.85
|
149,283
|
766
|
1.03
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest bearing liabilities
|
3,711,841
|
7,656
|
0.42
|
3,696,687
|
11,344
|
0.62
|
||||||||||||||||||
|
||||||||||||||||||||||||
Demand deposits
|
294,449
|
270,706
|
||||||||||||||||||||||
Other liabilities
|
20,339
|
18,333
|
||||||||||||||||||||||
Shareholders' equity
|
360,307
|
345,285
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,386,936
|
$
|
4,331,011
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income , tax equivalent
|
67,337
|
67,630
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest spread
|
3.09
|
%
|
3.11
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
3.15
|
%
|
3.19
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Tax equivalent adjustment
|
(192
|
)
|
(380
|
)
|
||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income
|
67,145
|
67,250
|
|
06/30/13
|
03/31/13
|
12/31/12
|
09/30/12
|
06/30/12
|
|||||||||||||||
Tangible Book Value Per Share
|
||||||||||||||||||||
|
||||||||||||||||||||
Equity
|
$
|
348,623
|
360,889
|
358,798
|
357,617
|
349,907
|
||||||||||||||
Less: Intangible assets
|
553
|
553
|
553
|
553
|
553
|
|||||||||||||||
Tangible equity
|
348,070
|
360,336
|
358,245
|
357,064
|
349,354
|
|||||||||||||||
|
||||||||||||||||||||
Shares outstanding
|
94,204
|
94,071
|
93,935
|
93,807
|
93,674
|
|||||||||||||||
Tangible book value per share
|
3.69
|
3.83
|
3.81
|
3.81
|
3.73
|
|||||||||||||||
Book value per share
|
3.70
|
3.84
|
3.82
|
3.81
|
3.74
|
|||||||||||||||
|
||||||||||||||||||||
Tangible Equity to Tangible Assets
|
||||||||||||||||||||
Total Assets
|
4,443,204
|
4,411,757
|
4,346,613
|
4,318,173
|
4,421,399
|
|||||||||||||||
Less: Intangible assets
|
553
|
553
|
553
|
553
|
553
|
|||||||||||||||
Tangible assets
|
4,442,651
|
4,411,204
|
4,346,060
|
4,317,620
|
4,420,846
|
|||||||||||||||
|
||||||||||||||||||||
Tangible Equity to Tangible Assets
|
7.83
|
%
|
8.17
|
%
|
8.24
|
%
|
8.27
|
%
|
7.90
|
%
|
||||||||||
Equity to Assets
|
7.85
|
%
|
8.18
|
%
|
8.25
|
%
|
8.28
|
%
|
7.91
|
%
|
|
3 Months Ended
|
6 Months Ended
|
||||||||||||||||||||||||||
Efficiency Ratio
|
06/30/13
|
03/31/13
|
12/31/12
|
09/30/12
|
06/30/12
|
06/30/13
|
06/30/12
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net interest income (fully taxable equivalent)
|
$
|
33,630
|
33,707
|
33,718
|
34,321
|
33,993
|
67,337
|
67,630
|
||||||||||||||||||||
Non-interest income
|
5,916
|
4,592
|
6,161
|
5,217
|
4,577
|
10,508
|
9,586
|
|||||||||||||||||||||
Less: Net gain on securities
|
1,432
|
2
|
763
|
666
|
55
|
1,434
|
732
|
|||||||||||||||||||||
Recurring revenue
|
38,114
|
38,297
|
39,116
|
38,872
|
38,515
|
76,411
|
76,484
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total Noninterest expense
|
21,869
|
21,557
|
21,150
|
20,643
|
21,049
|
43,426
|
42,184
|
|||||||||||||||||||||
Less: Other real estate expense, net
|
1,473
|
749
|
375
|
1,210
|
665
|
2,222
|
1,631
|
|||||||||||||||||||||
Recurring expense
|
20,396
|
20,808
|
20,775
|
19,433
|
20,384
|
41,204
|
40,553
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Efficiency Ratio
|
53.51
|
%
|
54.33
|
%
|
53.11
|
%
|
49.99
|
%
|
52.92
|
%
|
53.92
|
%
|
53.02
|
%
|