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) |
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.
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Description
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Press release dated October 21, 2013, for the period ending September 30, 2013, regarding third quarter results.
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TrustCo Bank Corp NY
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(Registrant)
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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
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![]() |
News Release
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Subsidiary: Trustco Bank
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NASDAQ -- TRST
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Contact: | Kevin T. Timmons |
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Three Months Ended
|
|||||||||||
|
09/30/13
|
06/30/13
|
09/30/12
|
|||||||||
Summary of operations
|
||||||||||||
Net interest income (TE)
|
$
|
34,180
|
33,630
|
34,321
|
||||||||
Provision for loan losses
|
1,500
|
2,000
|
2,900
|
|||||||||
Net securities transactions
|
-
|
1,432
|
666
|
|||||||||
Noninterest income
|
4,414
|
4,484
|
4,551
|
|||||||||
Noninterest expense
|
20,688
|
21,869
|
20,643
|
|||||||||
Net income
|
10,252
|
9,763
|
9,753
|
|||||||||
|
||||||||||||
Per common share
|
||||||||||||
Net income per share:
|
||||||||||||
- Basic
|
$
|
0.109
|
0.104
|
0.104
|
||||||||
- Diluted
|
0.109
|
0.104
|
0.104
|
|||||||||
Cash dividends
|
0.066
|
0.066
|
0.066
|
|||||||||
Tangible Book value at period end
|
3.75
|
3.69
|
3.81
|
|||||||||
Market price at period end
|
5.95
|
5.44
|
5.71
|
|||||||||
|
||||||||||||
At period end
|
||||||||||||
Full time equivalent employees
|
708
|
710
|
760
|
|||||||||
Full service banking offices
|
139
|
138
|
138
|
|||||||||
|
||||||||||||
Performance ratios
|
||||||||||||
Return on average assets
|
0.91
|
%
|
0.88
|
0.89
|
||||||||
Return on average equity
|
11.64
|
10.83
|
10.97
|
|||||||||
Efficiency (1)
|
51.15
|
53.51
|
49.99
|
|||||||||
Net interest spread (TE)
|
3.06
|
3.04
|
3.15
|
|||||||||
Net interest margin (TE)
|
3.12
|
3.10
|
3.21
|
|||||||||
Dividend payout ratio
|
60.38
|
63.33
|
63.13
|
|||||||||
|
||||||||||||
Capital ratio at period end
|
||||||||||||
Consolidated tangible equity to tangible assets (2)
|
7.94
|
7.83
|
8.27
|
|||||||||
|
||||||||||||
Asset quality analysis at period end
|
||||||||||||
Nonperforming loans to total loans
|
1.47
|
1.57
|
1.92
|
|||||||||
Nonperforming assets to total assets
|
1.16
|
1.21
|
1.36
|
|||||||||
Allowance for loan losses to total loans
|
1.68
|
1.72
|
1.82
|
|||||||||
Coverage ratio (3)
|
1.1
|
x
|
1.1
|
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. |
|
Nine Months Ended
|
|||||||
|
09/30/13
|
09/30/12
|
||||||
Summary of operations
|
||||||||
Net interest income (TE)
|
$
|
101,517
|
101,951
|
|||||
Provision for loan losses
|
5,500
|
9,000
|
||||||
Net securities transactions
|
1,434
|
1,398
|
||||||
Noninterest income
|
13,488
|
13,405
|
||||||
Noninterest expense
|
64,114
|
62,827
|
||||||
Net income
|
29,183
|
27,728
|
||||||
|
||||||||
Per common share
|
||||||||
Net income per share:
|
||||||||
- Basic
|
$
|
0.310
|
0.296
|
|||||
- Diluted
|
0.310
|
0.296
|
||||||
Cash dividends
|
0.197
|
0.197
|
||||||
Tangible Book value at period end
|
3.75
|
3.81
|
||||||
Market price at period end
|
5.95
|
5.71
|
||||||
|
||||||||
Performance ratios
|
||||||||
Return on average assets
|
0.89
|
%
|
0.85
|
|||||
Return on average equity
|
10.94
|
10.64
|
||||||
Efficiency (1)
|
52.99
|
52.00
|
||||||
Net interest spread (TE)
|
3.08
|
3.12
|
||||||
Net interest margin (TE)
|
3.14
|
3.20
|
||||||
Dividend payout ratio
|
63.55
|
66.51
|
(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
|
|||||||||||||||||||
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
9/30/2012
|
|||||||||||||||
Interest and dividend income:
|
||||||||||||||||||||
Interest and fees on loans
|
$
|
32,166
|
31,639
|
31,481
|
31,776
|
32,103
|
||||||||||||||
Interest and dividends on securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
571
|
627
|
816
|
1,191
|
1,996
|
|||||||||||||||
State and political subdivisions
|
127
|
148
|
191
|
295
|
340
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
2,888
|
2,701
|
2,769
|
2,237
|
2,003
|
|||||||||||||||
Corporate bonds
|
223
|
233
|
218
|
232
|
529
|
|||||||||||||||
Small Business Administration-guaranteed participation securities
|
558
|
564
|
496
|
276
|
43
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
39
|
38
|
29
|
-
|
-
|
|||||||||||||||
Other securities
|
5
|
3
|
5
|
5
|
4
|
|||||||||||||||
Total interest and dividends on securities available for sale
|
4,411
|
4,314
|
4,524
|
4,236
|
4,915
|
|||||||||||||||
|
||||||||||||||||||||
Interest on held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
686
|
716
|
789
|
823
|
976
|
|||||||||||||||
Corporate bonds
|
154
|
214
|
312
|
385
|
385
|
|||||||||||||||
Total interest on held to maturity securities
|
840
|
930
|
1,101
|
1,208
|
1,361
|
|||||||||||||||
|
||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
121
|
121
|
119
|
127
|
120
|
|||||||||||||||
|
||||||||||||||||||||
Interest on federal funds sold and other short-term investments
|
344
|
327
|
245
|
265
|
258
|
|||||||||||||||
Total interest income
|
37,882
|
37,331
|
37,470
|
37,612
|
38,757
|
|||||||||||||||
|
||||||||||||||||||||
Interest expense:
|
||||||||||||||||||||
Interest on deposits:
|
||||||||||||||||||||
Interest-bearing checking
|
84
|
82
|
80
|
80
|
79
|
|||||||||||||||
Savings
|
798
|
829
|
916
|
921
|
870
|
|||||||||||||||
Money market deposit accounts
|
590
|
630
|
685
|
703
|
673
|
|||||||||||||||
Time deposits
|
1,937
|
1,883
|
1,820
|
1,967
|
2,629
|
|||||||||||||||
Interest on short-term borrowings
|
370
|
367
|
364
|
361
|
348
|
|||||||||||||||
Total interest expense
|
3,779
|
3,791
|
3,865
|
4,032
|
4,599
|
|||||||||||||||
|
||||||||||||||||||||
Net interest income
|
34,103
|
33,540
|
33,605
|
33,580
|
34,158
|
|||||||||||||||
|
||||||||||||||||||||
Provision for loan losses
|
1,500
|
2,000
|
2,000
|
3,000
|
2,900
|
|||||||||||||||
Net interest income after provision for loan losses
|
32,603
|
31,540
|
31,605
|
30,580
|
31,258
|
|||||||||||||||
|
||||||||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Trustco Financial Services income
|
1,317
|
1,287
|
1,421
|
1,815
|
1,145
|
|||||||||||||||
Fees for services to customers
|
2,903
|
2,968
|
2,887
|
3,386
|
3,234
|
|||||||||||||||
Net gain on securities transactions
|
-
|
1,432
|
2
|
763
|
666
|
|||||||||||||||
Other
|
194
|
229
|
282
|
197
|
172
|
|||||||||||||||
Total noninterest income
|
4,414
|
5,916
|
4,592
|
6,161
|
5,217
|
|||||||||||||||
|
||||||||||||||||||||
Noninterest expenses:
|
||||||||||||||||||||
Salaries and employee benefits
|
7,935
|
7,647
|
8,178
|
8,427
|
7,587
|
|||||||||||||||
Net occupancy expense
|
3,911
|
3,910
|
4,053
|
3,889
|
3,756
|
|||||||||||||||
Equipment expense
|
1,567
|
1,582
|
1,718
|
1,637
|
1,316
|
|||||||||||||||
Professional services
|
1,255
|
1,565
|
1,420
|
1,458
|
1,657
|
|||||||||||||||
Outsourced services
|
1,350
|
1,350
|
1,350
|
1,175
|
1,350
|
|||||||||||||||
Advertising expense
|
548
|
714
|
730
|
1,037
|
935
|
|||||||||||||||
FDIC and other insurance
|
1,009
|
1,004
|
1,010
|
1,007
|
983
|
|||||||||||||||
Other real estate expense, net
|
946
|
1,473
|
749
|
375
|
1,210
|
|||||||||||||||
Other
|
2,167
|
2,624
|
2,349
|
2,145
|
1,849
|
|||||||||||||||
Total noninterest expenses
|
20,688
|
21,869
|
21,557
|
21,150
|
20,643
|
|||||||||||||||
|
||||||||||||||||||||
Income before taxes
|
16,329
|
15,587
|
14,640
|
15,591
|
15,832
|
|||||||||||||||
Income taxes
|
6,077
|
5,824
|
5,472
|
5,785
|
6,079
|
|||||||||||||||
|
||||||||||||||||||||
Net income
|
$
|
10,252
|
9,763
|
9,168
|
9,806
|
9,753
|
||||||||||||||
Net income per Common Share:
|
||||||||||||||||||||
- Basic
|
$
|
0.109
|
0.104
|
0.097
|
0.104
|
0.104
|
||||||||||||||
|
||||||||||||||||||||
- Diluted
|
0.109
|
0.104
|
0.097
|
0.104
|
0.104
|
|||||||||||||||
|
||||||||||||||||||||
Average basic shares (thousands)
|
94,228
|
94,204
|
94,068
|
93,824
|
93,692
|
|||||||||||||||
Average diluted shares (thousands)
|
94,275
|
94,211
|
94,073
|
93,828
|
93,700
|
|||||||||||||||
|
||||||||||||||||||||
Note: Taxable equivalent net interest income
|
$
|
34,180
|
33,630
|
33,707
|
33,718
|
34,321
|
|
Nine Months Ended
|
|||||||
|
9/30/2013
|
9/30/2012
|
||||||
|
||||||||
Interest and dividend income:
|
||||||||
Interest and fees on loans
|
$
|
95,286
|
96,805
|
|||||
Interest and dividends on securities available for sale:
|
||||||||
U. S. government sponsored enterprises
|
2,014
|
6,906
|
||||||
State and political subdivisions
|
466
|
1,118
|
||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
8,358
|
4,460
|
||||||
Corporate bonds
|
674
|
1,999
|
||||||
Small Business Administration-guaranteed participation securities
|
1,618
|
43
|
||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
106
|
-
|
||||||
Other securities
|
13
|
14
|
||||||
Total interest and dividends on securities available for sale
|
13,249
|
14,540
|
||||||
|
||||||||
Interest on held to maturity securities:
|
||||||||
U. S. government sponsored enterprises
|
-
|
25
|
||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
2,191
|
3,464
|
||||||
Corporate bonds
|
680
|
1,281
|
||||||
Total interest on held to maturity securities
|
2,871
|
4,770
|
||||||
|
||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
361
|
359
|
||||||
|
||||||||
Interest on federal funds sold and other short-term investments
|
916
|
877
|
||||||
Total interest income
|
112,683
|
117,351
|
||||||
|
||||||||
Interest expense:
|
||||||||
Interest on deposits:
|
||||||||
Interest-bearing checking
|
246
|
235
|
||||||
Savings
|
2,543
|
2,951
|
||||||
Money market deposit accounts
|
1,905
|
2,366
|
||||||
Time deposits
|
5,640
|
9,277
|
||||||
Interest on short-term borrowings
|
1,101
|
1,114
|
||||||
Total interest expense
|
11,435
|
15,943
|
||||||
|
||||||||
Net interest income
|
101,248
|
101,408
|
||||||
|
||||||||
Provision for loan losses
|
5,500
|
9,000
|
||||||
Net interest income after provision for loan losses
|
95,748
|
92,408
|
||||||
|
||||||||
Noninterest income:
|
||||||||
Trust department income
|
4,025
|
3,946
|
||||||
Fees for services to customers
|
8,758
|
8,904
|
||||||
Net gain on securities transactions
|
1,434
|
1,398
|
||||||
Other
|
705
|
555
|
||||||
Total noninterest income
|
14,922
|
14,803
|
||||||
|
||||||||
Noninterest expenses:
|
||||||||
Salaries and employee benefits
|
23,760
|
22,849
|
||||||
Net occupancy expense
|
11,874
|
11,368
|
||||||
Equipment expense
|
4,867
|
4,436
|
||||||
Professional services
|
4,240
|
4,582
|
||||||
Outsourced services
|
4,050
|
3,947
|
||||||
Advertising expense
|
1,992
|
2,804
|
||||||
FDIC and other insurance
|
3,023
|
2,816
|
||||||
Other real estate expense, net
|
3,168
|
2,841
|
||||||
Other
|
7,140
|
7,184
|
||||||
Total noninterest expenses
|
64,114
|
62,827
|
||||||
|
||||||||
Income before taxes
|
46,556
|
44,384
|
||||||
Income taxes
|
17,373
|
16,656
|
||||||
|
||||||||
Net income
|
$
|
29,183
|
27,728
|
|||||
|
||||||||
Net income per Common Share:
|
||||||||
- Basic
|
$
|
0.310
|
0.296
|
|||||
|
||||||||
- Diluted
|
0.310
|
0.296
|
||||||
|
||||||||
Average basic shares (thousands)
|
94,096
|
93,568
|
||||||
Average diluted shares (thousands)
|
94,115
|
93,572
|
||||||
|
||||||||
Note: Taxable equivalent net interest income
|
$
|
101,517
|
101,951
|
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
9/30/2012
|
|||||||||||||||
ASSETS:
|
||||||||||||||||||||
|
||||||||||||||||||||
Cash and due from banks
|
$
|
45,088
|
40,580
|
39,512
|
55,789
|
40,354
|
||||||||||||||
Federal funds sold and other short term investments
|
510,561
|
588,252
|
405,262
|
488,227
|
402,290
|
|||||||||||||||
Total cash and cash equivalents
|
555,649
|
628,832
|
444,774
|
544,016
|
442,644
|
|||||||||||||||
|
||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
193,614
|
188,133
|
263,165
|
263,108
|
427,798
|
|||||||||||||||
States and political subdivisions
|
11,199
|
12,159
|
15,265
|
26,457
|
33,857
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
534,301
|
504,793
|
612,555
|
518,776
|
515,879
|
|||||||||||||||
Corporate bonds
|
53,094
|
53,053
|
59,239
|
26,529
|
49,296
|
|||||||||||||||
Small Business Administration-guaranteed participation securities
|
104,863
|
108,665
|
115,464
|
76,562
|
25,338
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
10,715
|
10,725
|
11,136
|
-
|
-
|
|||||||||||||||
Other securities
|
660
|
660
|
660
|
660
|
660
|
|||||||||||||||
Total securities available for sale
|
908,446
|
878,188
|
1,077,484
|
912,092
|
1,052,828
|
|||||||||||||||
|
||||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
81,337
|
88,852
|
98,038
|
108,471
|
120,877
|
|||||||||||||||
Corporate bonds
|
9,941
|
9,937
|
19,935
|
34,955
|
35,074
|
|||||||||||||||
Total held to maturity securities
|
91,278
|
98,789
|
117,973
|
143,426
|
155,951
|
|||||||||||||||
|
||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
10,500
|
10,500
|
9,632
|
9,632
|
9,632
|
|||||||||||||||
|
||||||||||||||||||||
Loans:
|
||||||||||||||||||||
Commercial
|
212,833
|
216,977
|
212,637
|
219,577
|
217,431
|
|||||||||||||||
Residential mortgage loans
|
2,279,064
|
2,205,334
|
2,154,188
|
2,126,668
|
2,056,972
|
|||||||||||||||
Home equity line of credit
|
337,178
|
334,571
|
332,111
|
333,909
|
327,083
|
|||||||||||||||
Installment loans
|
5,894
|
5,544
|
4,831
|
4,579
|
4,455
|
|||||||||||||||
Loans, net of deferred fees and costs
|
2,834,969
|
2,762,426
|
2,703,767
|
2,684,733
|
2,605,941
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Allowance for loan losses
|
47,722
|
47,589
|
47,658
|
47,927
|
47,364
|
|||||||||||||||
Net loans
|
2,787,247
|
2,714,837
|
2,656,109
|
2,636,806
|
2,558,577
|
|||||||||||||||
|
||||||||||||||||||||
Bank premises and equipment, net
|
34,559
|
38,301
|
35,787
|
36,239
|
37,251
|
|||||||||||||||
Other assets
|
71,728
|
73,757
|
69,998
|
64,402
|
61,290
|
|||||||||||||||
|
||||||||||||||||||||
Total assets
|
$
|
4,459,407
|
4,443,204
|
4,411,757
|
4,346,613
|
4,318,173
|
||||||||||||||
|
||||||||||||||||||||
LIABILITIES:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Demand
|
$
|
314,660
|
314,985
|
298,243
|
300,544
|
292,350
|
||||||||||||||
Interest-bearing checking
|
591,590
|
591,844
|
579,077
|
560,064
|
536,892
|
|||||||||||||||
Savings accounts
|
1,221,791
|
1,228,281
|
1,213,226
|
1,198,517
|
1,167,927
|
|||||||||||||||
Money market deposit accounts
|
650,688
|
634,804
|
656,577
|
667,589
|
668,064
|
|||||||||||||||
Certificates of deposit (in denominations of $100,000 or more)
|
405,575
|
397,707
|
384,559
|
352,734
|
359,246
|
|||||||||||||||
Other time accounts
|
710,064
|
725,255
|
725,998
|
724,745
|
751,974
|
|||||||||||||||
Total deposits
|
3,894,368
|
3,892,876
|
3,857,680
|
3,804,193
|
3,776,453
|
|||||||||||||||
|
||||||||||||||||||||
Short-term borrowings
|
185,226
|
176,325
|
171,019
|
159,846
|
161,751
|
|||||||||||||||
Accrued expenses and other liabilities
|
25,425
|
25,380
|
22,169
|
23,776
|
22,352
|
|||||||||||||||
|
||||||||||||||||||||
Total liabilities
|
4,105,019
|
4,094,581
|
4,050,868
|
3,987,815
|
3,960,556
|
|||||||||||||||
|
||||||||||||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||
Capital stock
|
98,912
|
98,912
|
98,912
|
98,912
|
98,912
|
|||||||||||||||
Surplus
|
173,408
|
173,897
|
174,386
|
174,899
|
175,284
|
|||||||||||||||
Undivided profits
|
143,015
|
138,953
|
135,373
|
132,378
|
128,750
|
|||||||||||||||
Accumulated other comprehensive income (loss), net of tax
|
(15,923
|
)
|
(16,831
|
)
|
(169
|
)
|
1,558
|
4,879
|
||||||||||||
Treasury stock at cost
|
(45,024
|
)
|
(46,308
|
)
|
(47,613
|
)
|
(48,949
|
)
|
(50,208
|
)
|
||||||||||
|
||||||||||||||||||||
Total shareholders' equity
|
354,388
|
348,623
|
360,889
|
358,798
|
357,617
|
|||||||||||||||
|
||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,459,407
|
4,443,204
|
4,411,757
|
4,346,613
|
4,318,173
|
||||||||||||||
|
||||||||||||||||||||
Outstanding shares (thousands)
|
94,334
|
94,204
|
94,071
|
93,935
|
93,807
|
|
09/30/13
|
06/30/13
|
03/31/13
|
12/31/12
|
09/30/12
|
|||||||||||||||
New York and other states*
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
5,436
|
5,891
|
5,978
|
6,635
|
5,880
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
30,643
|
30,736
|
34,027
|
35,286
|
32,593
|
|||||||||||||||
Installment
|
71
|
36
|
35
|
6
|
71
|
|||||||||||||||
Total non-accrual loans
|
36,150
|
36,663
|
40,040
|
41,927
|
38,544
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
170
|
174
|
225
|
231
|
238
|
|||||||||||||||
Total nonperforming loans
|
36,320
|
36,837
|
40,265
|
42,158
|
38,782
|
|||||||||||||||
Other real estate owned
|
3,011
|
3,918
|
4,461
|
2,979
|
2,716
|
|||||||||||||||
Total nonperforming assets
|
$
|
39,331
|
40,755
|
44,726
|
45,137
|
41,498
|
||||||||||||||
|
||||||||||||||||||||
Florida
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
-
|
583
|
2,595
|
2,698
|
2,698
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
5,406
|
6,022
|
7,013
|
7,820
|
8,438
|
|||||||||||||||
Installment
|
-
|
-
|
1
|
1
|
7
|
|||||||||||||||
Total non-accrual loans
|
5,406
|
6,605
|
9,609
|
10,519
|
11,143
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming loans
|
5,406
|
6,605
|
9,609
|
10,519
|
11,143
|
|||||||||||||||
Other real estate owned
|
6,816
|
6,427
|
5,406
|
5,726
|
5,975
|
|||||||||||||||
Total nonperforming assets
|
$
|
12,222
|
13,032
|
15,015
|
16,245
|
17,118
|
||||||||||||||
|
||||||||||||||||||||
Total
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
5,436
|
6,474
|
8,573
|
9,333
|
8,578
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
36,049
|
36,758
|
41,040
|
43,106
|
41,031
|
|||||||||||||||
Installment
|
71
|
36
|
36
|
7
|
78
|
|||||||||||||||
Total non-accrual loans
|
41,556
|
43,268
|
49,649
|
52,446
|
49,687
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
170
|
174
|
225
|
231
|
238
|
|||||||||||||||
Total nonperforming loans
|
41,726
|
43,442
|
49,874
|
52,677
|
49,925
|
|||||||||||||||
Other real estate owned
|
9,827
|
10,345
|
9,867
|
8,705
|
8,691
|
|||||||||||||||
Total nonperforming assets
|
$
|
51,553
|
53,787
|
59,741
|
61,382
|
58,616
|
|
09/30/13
|
06/30/13
|
03/31/13
|
12/31/12
|
09/30/12
|
|||||||||||||||
New York and other states*
|
||||||||||||||||||||
Commercial
|
$
|
585
|
49
|
248
|
152
|
9
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
1,215
|
1,885
|
1,563
|
1,410
|
2,157
|
|||||||||||||||
Installment
|
25
|
13
|
15
|
72
|
7
|
|||||||||||||||
Total net chargeoffs
|
$
|
1,825
|
1,947
|
1,826
|
1,634
|
2,173
|
||||||||||||||
|
||||||||||||||||||||
Florida
|
||||||||||||||||||||
Commercial
|
$
|
(502
|
)
|
(1
|
)
|
99
|
(18
|
)
|
736
|
|||||||||||
Real estate mortgage - 1 to 4 family
|
41
|
123
|
344
|
810
|
644
|
|||||||||||||||
Installment
|
3
|
-
|
-
|
12
|
1
|
|||||||||||||||
Total net chargeoffs
|
$
|
(458
|
)
|
122
|
443
|
804
|
1,381
|
|||||||||||||
|
||||||||||||||||||||
Total
|
||||||||||||||||||||
Commercial
|
$
|
83
|
48
|
347
|
134
|
745
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
1,256
|
2,008
|
1,907
|
2,220
|
2,801
|
|||||||||||||||
Installment
|
28
|
13
|
15
|
84
|
8
|
|||||||||||||||
Total net chargeoffs
|
$
|
1,367
|
2,069
|
2,269
|
2,438
|
3,554
|
|
09/30/13
|
06/30/13
|
03/31/13
|
12/31/12
|
09/30/12
|
|||||||||||||||
Total nonperforming loans(1)
|
$
|
41,726
|
43,442
|
49,874
|
52,677
|
49,925
|
||||||||||||||
Total nonperforming assets(1)
|
51,553
|
53,787
|
59,741
|
61,382
|
58,616
|
|||||||||||||||
Total net chargeoffs(2)
|
1,367
|
2,069
|
2,269
|
2,438
|
3,554
|
|||||||||||||||
|
||||||||||||||||||||
Allowance for loan losses(1)
|
47,722
|
47,589
|
47,658
|
47,927
|
47,364
|
|||||||||||||||
|
||||||||||||||||||||
Nonperforming loans to total loans(1)
|
1.47
|
%
|
1.57
|
%
|
1.84
|
%
|
1.96
|
%
|
1.92
|
%
|
||||||||||
Nonperforming assets to total assets(1)
|
1.16
|
%
|
1.21
|
%
|
1.35
|
%
|
1.41
|
%
|
1.36
|
%
|
||||||||||
Allowance for loan losses to total loans(1)
|
1.68
|
%
|
1.72
|
%
|
1.76
|
%
|
1.79
|
%
|
1.82
|
%
|
||||||||||
Coverage ratio(1)
|
114.4
|
%
|
109.5
|
%
|
95.6
|
%
|
91.0
|
%
|
94.9
|
%
|
||||||||||
Annualized net chargeoffs to average loans(2)
|
0.20
|
%
|
0.29
|
%
|
0.34
|
%
|
0.37
|
%
|
0.55
|
%
|
||||||||||
Allowance for loan losses to annualized net chargeoffs(2)
|
8.7
|
x
|
6.0
|
x
|
5.3
|
x
|
4.9
|
x
|
3.3
|
x
|
(1) | At period-end |
(2) | For the period ended |
(dollars in thousands)
|
Three months ended
|
Three months ended
|
||||||||||||||||||||||
(Unaudited)
|
September 30, 2013
|
September 30, 2012
|
||||||||||||||||||||||
|
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
||||||||||||||||||
|
Balance
|
Rate
|
Balance
|
Rate
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
197,336
|
571
|
1.16
|
%
|
$
|
594,814
|
1,996
|
1.34
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
534,773
|
2,888
|
2.16
|
397,935
|
2,003
|
2.01
|
||||||||||||||||||
State and political subdivisions
|
11,272
|
197
|
7.01
|
34,383
|
495
|
5.76
|
||||||||||||||||||
Corporate bonds
|
53,238
|
223
|
1.68
|
66,940
|
529
|
3.16
|
||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
113,298
|
558
|
1.97
|
8,024
|
43
|
2.14
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
11,070
|
39
|
1.41
|
-
|
-
|
0.00
|
||||||||||||||||||
Other
|
660
|
5
|
3.03
|
660
|
4
|
2.42
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total securities available for sale
|
921,647
|
4,481
|
1.94
|
1,102,756
|
5,070
|
1.84
|
||||||||||||||||||
|
||||||||||||||||||||||||
Federal funds sold and other short-term Investments
|
551,409
|
344
|
0.25
|
416,971
|
258
|
0.25
|
||||||||||||||||||
|
||||||||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Corporate bonds
|
9,939
|
154
|
6.19
|
35,132
|
385
|
4.39
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
85,388
|
686
|
3.21
|
128,188
|
976
|
3.04
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total held to maturity securities
|
95,327
|
840
|
3.52
|
163,320
|
1,361
|
3.33
|
||||||||||||||||||
|
||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
10,500
|
121
|
4.61
|
9,632
|
120
|
4.98
|
||||||||||||||||||
|
||||||||||||||||||||||||
Commercial loans
|
213,541
|
2,785
|
5.22
|
228,537
|
3,068
|
5.36
|
||||||||||||||||||
Residential mortgage loans
|
2,245,284
|
26,325
|
4.69
|
2,031,080
|
25,988
|
5.12
|
||||||||||||||||||
Home equity lines of credit
|
335,391
|
2,892
|
3.42
|
322,405
|
2,906
|
3.59
|
||||||||||||||||||
Installment loans
|
5,494
|
171
|
12.33
|
4,007
|
149
|
14.82
|
||||||||||||||||||
|
||||||||||||||||||||||||
Loans, net of unearned income
|
2,799,710
|
32,173
|
4.59
|
2,586,029
|
32,111
|
4.96
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest earning assets
|
4,378,593
|
37,959
|
3.46
|
4,278,708
|
38,920
|
3.64
|
||||||||||||||||||
|
||||||||||||||||||||||||
Allowance for loan losses
|
(48,649
|
)
|
(49,039
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
122,130
|
144,099
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Total assets
|
$
|
4,452,074
|
$
|
4,373,768
|
||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
592,264
|
84
|
0.06
|
%
|
$
|
531,216
|
79
|
0.06
|
%
|
||||||||||||||
Money market accounts
|
641,597
|
590
|
0.36
|
660,464
|
673
|
0.40
|
||||||||||||||||||
Savings
|
1,233,284
|
798
|
0.26
|
1,151,910
|
870
|
0.30
|
||||||||||||||||||
Time deposits
|
1,121,737
|
1,937
|
0.69
|
1,217,080
|
2,629
|
0.86
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest bearing deposits
|
3,588,882
|
3,409
|
0.38
|
3,560,670
|
4,251
|
0.48
|
||||||||||||||||||
Short-term borrowings
|
183,414
|
370
|
0.80
|
151,535
|
348
|
0.91
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest bearing liabilities
|
3,772,296
|
3,779
|
0.40
|
3,712,205
|
4,599
|
0.49
|
||||||||||||||||||
|
||||||||||||||||||||||||
Demand deposits
|
307,910
|
287,915
|
||||||||||||||||||||||
Other liabilities
|
22,435
|
20,084
|
||||||||||||||||||||||
Shareholders' equity
|
349,433
|
353,564
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,452,074
|
$
|
4,373,768
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income , tax equivalent
|
34,180
|
34,321
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest spread
|
3.06
|
%
|
3.15
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
3.12
|
%
|
3.21
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Tax equivalent adjustment
|
(77
|
)
|
(163
|
)
|
||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income
|
34,103
|
34,158
|
(dollars in thousands)
|
Nine months ended
|
Nine months ended
|
||||||||||||||||||||||
(Unaudited)
|
September 30, 2013
|
September 30, 2012
|
||||||||||||||||||||||
|
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
||||||||||||||||||
|
Balance
|
Rate
|
Balance
|
Rate
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
228,560
|
2,014
|
1.17
|
%
|
$
|
634,903
|
6,906
|
1.45
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
545,974
|
8,358
|
2.04
|
286,287
|
4,460
|
2.08
|
||||||||||||||||||
State and political subdivisions
|
14,282
|
713
|
6.66
|
37,032
|
1,587
|
5.71
|
||||||||||||||||||
Corporate bonds
|
51,795
|
674
|
1.74
|
78,999
|
1,999
|
3.38
|
||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
109,297
|
1,618
|
1.97
|
2,694
|
43
|
2.13
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
10,204
|
106
|
1.39
|
-
|
-
|
0.00
|
||||||||||||||||||
Other
|
660
|
13
|
2.63
|
660
|
14
|
2.83
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total securities available for sale
|
960,772
|
13,496
|
1.87
|
1,040,575
|
15,009
|
1.92
|
||||||||||||||||||
|
||||||||||||||||||||||||
Federal funds sold and other short-term Investments
|
496,211
|
916
|
0.25
|
473,196
|
877
|
0.25
|
||||||||||||||||||
|
||||||||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
-
|
-
|
0.00
|
1,423
|
25
|
2.38
|
||||||||||||||||||
Corporate bonds
|
15,340
|
680
|
5.91
|
41,071
|
1,281
|
4.16
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
94,146
|
2,191
|
3.10
|
136,554
|
3,464
|
3.38
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total held to maturity securities
|
109,486
|
2,871
|
3.50
|
179,048
|
4,770
|
3.55
|
||||||||||||||||||
|
||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
10,192
|
361
|
4.72
|
9,357
|
359
|
5.12
|
||||||||||||||||||
|
||||||||||||||||||||||||
Commercial loans
|
214,626
|
8,444
|
5.25
|
235,128
|
9,569
|
5.43
|
||||||||||||||||||
Residential mortgage loans
|
2,186,574
|
77,875
|
4.75
|
1,994,051
|
78,224
|
5.23
|
||||||||||||||||||
Home equity lines of credit
|
334,119
|
8,498
|
3.40
|
317,914
|
8,646
|
3.63
|
||||||||||||||||||
Installment loans
|
4,988
|
491
|
13.16
|
3,795
|
440
|
15.50
|
||||||||||||||||||
|
||||||||||||||||||||||||
Loans, net of unearned income
|
2,740,307
|
95,308
|
4.64
|
2,550,888
|
96,879
|
5.06
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest earning assets
|
4,316,968
|
112,952
|
3.49
|
4,253,064
|
117,894
|
3.70
|
||||||||||||||||||
|
||||||||||||||||||||||||
Allowance for loan losses
|
(48,469
|
)
|
(49,420
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
140,432
|
141,725
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Total assets
|
$
|
4,408,931
|
$
|
4,345,369
|
||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
575,687
|
246
|
0.06
|
%
|
$
|
509,346
|
235
|
0.06
|
%
|
||||||||||||||
Money market accounts
|
650,501
|
1,905
|
0.39
|
642,907
|
2,366
|
0.49
|
||||||||||||||||||
Savings
|
1,218,625
|
2,543
|
0.28
|
1,092,195
|
2,951
|
0.36
|
||||||||||||||||||
Time deposits
|
1,110,229
|
5,640
|
0.68
|
1,307,411
|
9,277
|
0.95
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest bearing deposits
|
3,555,042
|
10,334
|
0.39
|
3,551,859
|
14,829
|
0.56
|
||||||||||||||||||
Short-term borrowings
|
177,173
|
1,101
|
0.83
|
150,039
|
1,114
|
0.99
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest bearing liabilities
|
3,732,215
|
11,435
|
0.41
|
3,701,898
|
15,943
|
0.58
|
||||||||||||||||||
|
||||||||||||||||||||||||
Demand deposits
|
298,986
|
276,484
|
||||||||||||||||||||||
Other liabilities
|
21,087
|
18,922
|
||||||||||||||||||||||
Shareholders' equity
|
356,643
|
348,065
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,408,931
|
$
|
4,345,369
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income , tax equivalent
|
101,517
|
101,951
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest spread
|
3.08
|
%
|
3.12
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest margin (net interest income
|
||||||||||||||||||||||||
to total interest earning assets)
|
3.14
|
%
|
3.20
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Tax equivalent adjustment
|
(269
|
)
|
(543
|
)
|
||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income
|
101,248
|
101,408
|
|
09/30/13
|
06/30/13
|
03/31/13
|
12/31/12
|
09/30/12
|
|||||||||||||||||||||||
Tangible Book Value Per Share
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Equity
|
$
|
354,388
|
348,623
|
360,889
|
358,798
|
357,617
|
||||||||||||||||||||||
Less: Intangible assets
|
553
|
553
|
553
|
553
|
553
|
|||||||||||||||||||||||
Tangible equity
|
353,835
|
348,070
|
360,336
|
358,245
|
357,064
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Shares outstanding
|
94,334
|
94,204
|
94,071
|
93,935
|
93,807
|
|||||||||||||||||||||||
Tangible book value per share
|
3.75
|
3.69
|
3.83
|
3.81
|
3.81
|
|||||||||||||||||||||||
Book value per share
|
3.76
|
3.70
|
3.84
|
3.82
|
3.81
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Tangible Equity to Tangible Assets
|
||||||||||||||||||||||||||||
Total Assets
|
4,459,407
|
4,443,204
|
4,411,757
|
4,346,613
|
4,318,173
|
|||||||||||||||||||||||
Less: Intangible assets
|
553
|
553
|
553
|
553
|
553
|
|||||||||||||||||||||||
Tangible assets
|
4,458,854
|
4,442,651
|
4,411,204
|
4,346,060
|
4,317,620
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Tangible Equity to Tangible Assets
|
7.94
|
%
|
7.83
|
%
|
8.17
|
%
|
8.24
|
%
|
8.27
|
%
|
||||||||||||||||||
Equity to Assets
|
7.95
|
%
|
7.85
|
%
|
8.18
|
%
|
8.25
|
%
|
8.28
|
%
|
||||||||||||||||||
|
||||||||||||||||||||||||||||
|
3 Months Ended
|
9 Months Ended
|
||||||||||||||||||||||||||
Efficiency Ratio
|
09/30/13
|
06/30/13
|
03/31/13
|
12/31/12
|
09/30/12
|
09/30/13
|
09/30/12
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net interest income (fully taxable equivalent)
|
$
|
34,180
|
33,630
|
33,707
|
33,718
|
34,321
|
101,517
|
101,951
|
||||||||||||||||||||
Non-interest income
|
4,413
|
5,916
|
4,592
|
6,161
|
5,217
|
14,921
|
14,803
|
|||||||||||||||||||||
Less: Net gain on securities
|
-
|
1,432
|
2
|
763
|
666
|
1,434
|
1,398
|
|||||||||||||||||||||
Recurring revenue
|
38,593
|
38,114
|
38,297
|
39,116
|
38,872
|
115,004
|
115,356
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total Noninterest expense
|
20,688
|
21,869
|
21,557
|
21,150
|
20,643
|
64,114
|
62,827
|
|||||||||||||||||||||
Less: Other real estate expense, net
|
946
|
1,473
|
749
|
375
|
1,210
|
3,168
|
2,841
|
|||||||||||||||||||||
Recurring expense
|
19,742
|
20,396
|
20,808
|
20,775
|
19,433
|
60,946
|
59,986
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Efficiency Ratio
|
51.15
|
%
|
53.51
|
%
|
54.33
|
%
|
53.11
|
%
|
49.99
|
%
|
52.99
|
%
|
52.00
|
%
|