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 January 21, 2014, for the period ending December 31, 2013, regarding fourth quarter results. |
|
TrustCo Bank Corp NY
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
By:
|
/s/ Robert T. Cushing
|
|
|
Robert T. Cushing
|
|
|
Executive Vice President and
|
|
|
Chief Financial Officer
|
News Release
|
Subsidiary: Trustco Bank
|
NASDAQ -- TRST
|
· | Continued strong financial results: |
o | Fourth quarter 2013: |
§ | Net income up 8.4% from the fourth quarter of 2012 |
§ | Diluted EPS up 7.7% |
§ | Return on average assets (ROA) rose 3 basis points to 0.94% |
§ | Return on average equity (ROE) rose 90 basis points to 11.78% |
§ | Efficiency ratio improved 96 basis points to 52.15% |
§ | Net interest margin improved 3 basis points to 3.15% versus the third quarter |
o | Full year 2013: |
§ | Net income up 6.1% from 2012 |
§ | Diluted EPS up 5.5% |
§ | ROA rose 3 basis points to 0.90% |
§ | ROE rose 45 basis points to 11.15% |
§ | Paid $24.8 million in cash dividends |
· | Continued expansion of customer base: |
o | Focus on capitalizing on the opportunities presented by expanded branch franchise |
o | Deposits per branch grew from $27.6 million at year-end 2012 to $28.3 million at year-end 2013 |
o | Average core deposits grew $192 million from 2012 to 2013 |
· | Asset quality improvement: |
o | Non-performing assets (NPAs) fell $9.3 million to $52.1 million at year-end 2013 |
o | NPAs to total assets improved from 1.41% to 1.15% |
o | Net charge-offs (NCOs) declined to $7.2 million for 2013 from $12.8 million in 2012 |
o | NCOs to average loans improved from 0.50% in 2012 to 0.26% in 2013 |
o | The loan loss allowance coverage of annual NCOs improved from 3.7x in 2012 to 6.6x in 2013 |
|
Three Months Ended
|
|||||||||||
|
12/31/13
|
09/30/13
|
12/31/12
|
|||||||||
Summary of operations
|
||||||||||||
Net interest income (TE)
|
$
|
34,577
|
34,180
|
33,718
|
||||||||
Provision for loan losses
|
1,500
|
1,500
|
3,000
|
|||||||||
Net securities transactions
|
188
|
-
|
763
|
|||||||||
Noninterest income
|
4,660
|
4,414
|
5,398
|
|||||||||
Noninterest expense
|
20,891
|
20,688
|
21,150
|
|||||||||
Net income
|
10,629
|
10,252
|
9,806
|
|||||||||
|
||||||||||||
Per common share
|
||||||||||||
Net income per share:
|
||||||||||||
- Basic
|
$
|
0.113
|
0.109
|
0.104
|
||||||||
- Diluted
|
0.112
|
0.109
|
0.104
|
|||||||||
Cash dividends
|
0.066
|
0.066
|
0.066
|
|||||||||
Tangible Book value at period end
|
3.82
|
3.75
|
3.81
|
|||||||||
Market price at period end
|
7.18
|
5.95
|
5.28
|
|||||||||
|
||||||||||||
At period end
|
||||||||||||
Full time equivalent employees
|
708
|
708
|
759
|
|||||||||
Full service banking offices
|
139
|
139
|
138
|
|||||||||
|
||||||||||||
Performance ratios
|
||||||||||||
Return on average assets
|
0.94
|
%
|
0.91
|
0.91
|
||||||||
Return on average equity
|
11.78
|
11.64
|
10.88
|
|||||||||
Efficiency (1)
|
52.15
|
51.15
|
53.11
|
|||||||||
Net interest spread (TE)
|
3.10
|
3.06
|
3.15
|
|||||||||
Net interest margin (TE)
|
3.15
|
3.12
|
3.21
|
|||||||||
Dividend payout ratio
|
58.44
|
60.38
|
63.00
|
|||||||||
|
||||||||||||
Capital ratio at period end
|
||||||||||||
Consolidated tangible equity to tangible assets (2)
|
7.99
|
7.94
|
8.24
|
|||||||||
|
||||||||||||
Asset quality analysis at period end
|
||||||||||||
Nonperforming loans to total loans
|
1.49
|
1.47
|
1.96
|
|||||||||
Nonperforming assets to total assets
|
1.15
|
1.16
|
1.41
|
|||||||||
Allowance for loan losses to total loans
|
1.64
|
1.68
|
1.79
|
|||||||||
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. |
|
Years Ended
|
|||||||
|
12/31/13
|
12/31/12
|
||||||
Summary of operations
|
||||||||
Net interest income (TE)
|
$
|
136,094
|
135,669
|
|||||
Provision for loan losses
|
7,000
|
12,000
|
||||||
Net securities transactions
|
1,622
|
2,161
|
||||||
Noninterest income
|
18,148
|
18,803
|
||||||
Noninterest expense
|
85,005
|
83,977
|
||||||
Net income
|
39,812
|
37,534
|
||||||
|
||||||||
Per common share
|
||||||||
Net income per share:
|
||||||||
- Basic
|
$
|
0.422
|
0.400
|
|||||
- Diluted
|
0.422
|
0.400
|
||||||
Cash dividends
|
0.263
|
0.263
|
||||||
Tangible Book value at period end
|
3.82
|
3.81
|
||||||
Market price at period end
|
7.18
|
5.28
|
||||||
|
||||||||
Performance ratios
|
||||||||
Return on average assets
|
0.90
|
%
|
0.87
|
|||||
Return on average equity
|
11.15
|
10.70
|
||||||
Efficiency (1)
|
52.78
|
52.28
|
||||||
Net interest spread (TE)
|
3.08
|
3.13
|
||||||
Net interest margin (TE)
|
3.14
|
3.20
|
||||||
Dividend payout ratio
|
62.19
|
65.60
|
(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
|
|||||||||||||||||||
|
12/31/2013
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
|||||||||||||||
Interest and dividend income:
|
||||||||||||||||||||
Interest and fees on loans
|
$
|
32,658
|
32,166
|
31,639
|
31,481
|
31,776
|
||||||||||||||
Interest and dividends on securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
586
|
571
|
627
|
816
|
1,191
|
|||||||||||||||
State and political subdivisions
|
96
|
127
|
148
|
191
|
295
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
3,027
|
2,888
|
2,701
|
2,769
|
2,237
|
|||||||||||||||
Corporate bonds
|
138
|
223
|
233
|
218
|
232
|
|||||||||||||||
Small Business Administration-guaranteed participation securities
|
562
|
558
|
564
|
496
|
276
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
38
|
39
|
38
|
29
|
-
|
|||||||||||||||
Other securities
|
4
|
5
|
3
|
5
|
5
|
|||||||||||||||
Total interest and dividends on securities available for sale
|
4,451
|
4,411
|
4,314
|
4,524
|
4,236
|
|||||||||||||||
|
||||||||||||||||||||
Interest on held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
649
|
686
|
716
|
789
|
823
|
|||||||||||||||
Corporate bonds
|
153
|
154
|
214
|
312
|
385
|
|||||||||||||||
Total interest on held to maturity securities
|
802
|
840
|
930
|
1,101
|
1,208
|
|||||||||||||||
|
||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
129
|
121
|
121
|
119
|
127
|
|||||||||||||||
|
||||||||||||||||||||
Interest on federal funds sold and other short-term investments
|
324
|
344
|
327
|
245
|
265
|
|||||||||||||||
Total interest income
|
38,364
|
37,882
|
37,331
|
37,470
|
37,612
|
|||||||||||||||
|
||||||||||||||||||||
Interest expense:
|
||||||||||||||||||||
Interest on deposits:
|
||||||||||||||||||||
Interest-bearing checking
|
83
|
84
|
82
|
80
|
80
|
|||||||||||||||
Savings
|
790
|
798
|
829
|
916
|
921
|
|||||||||||||||
Money market deposit accounts
|
611
|
590
|
630
|
685
|
703
|
|||||||||||||||
Time deposits
|
1,982
|
1,937
|
1,883
|
1,820
|
1,967
|
|||||||||||||||
Interest on short-term borrowings
|
382
|
370
|
367
|
364
|
361
|
|||||||||||||||
Total interest expense
|
3,848
|
3,779
|
3,791
|
3,865
|
4,032
|
|||||||||||||||
|
||||||||||||||||||||
Net interest income
|
34,516
|
34,103
|
33,540
|
33,605
|
33,580
|
|||||||||||||||
|
||||||||||||||||||||
Provision for loan losses
|
1,500
|
1,500
|
2,000
|
2,000
|
3,000
|
|||||||||||||||
Net interest income after provision for loan losses
|
33,016
|
32,603
|
31,540
|
31,605
|
30,580
|
|||||||||||||||
|
||||||||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Trustco Financial Services income
|
1,276
|
1,317
|
1,287
|
1,421
|
1,815
|
|||||||||||||||
Fees for services to customers
|
2,917
|
2,903
|
2,968
|
2,887
|
3,386
|
|||||||||||||||
Net gain on securities transactions
|
188
|
-
|
1,432
|
2
|
763
|
|||||||||||||||
Other
|
467
|
194
|
229
|
282
|
197
|
|||||||||||||||
Total noninterest income
|
4,848
|
4,414
|
5,916
|
4,592
|
6,161
|
|||||||||||||||
|
||||||||||||||||||||
Noninterest expenses:
|
||||||||||||||||||||
Salaries and employee benefits
|
8,664
|
7,935
|
7,647
|
8,178
|
8,427
|
|||||||||||||||
Net occupancy expense
|
4,226
|
3,911
|
3,910
|
4,053
|
3,889
|
|||||||||||||||
Equipment expense
|
1,514
|
1,567
|
1,582
|
1,718
|
1,637
|
|||||||||||||||
Professional services
|
1,409
|
1,255
|
1,565
|
1,420
|
1,458
|
|||||||||||||||
Outsourced services
|
1,075
|
1,350
|
1,350
|
1,350
|
1,175
|
|||||||||||||||
Advertising expense
|
835
|
548
|
714
|
730
|
1,037
|
|||||||||||||||
FDIC and other insurance
|
952
|
1,009
|
1,004
|
1,010
|
1,007
|
|||||||||||||||
Other real estate expense, net
|
430
|
946
|
1,473
|
749
|
375
|
|||||||||||||||
Other
|
1,786
|
2,167
|
2,624
|
2,349
|
2,145
|
|||||||||||||||
Total noninterest expenses
|
20,891
|
20,688
|
21,869
|
21,557
|
21,150
|
|||||||||||||||
|
||||||||||||||||||||
Income before taxes
|
16,973
|
16,329
|
15,587
|
14,640
|
15,591
|
|||||||||||||||
Income taxes
|
6,344
|
6,077
|
5,824
|
5,472
|
5,785
|
|||||||||||||||
|
||||||||||||||||||||
Net income
|
$
|
10,629
|
10,252
|
9,763
|
9,168
|
9,806
|
||||||||||||||
Net income per Common Share:
|
||||||||||||||||||||
- Basic
|
$
|
0.113
|
0.109
|
0.104
|
0.097
|
0.104
|
||||||||||||||
|
||||||||||||||||||||
- Diluted
|
0.112
|
0.109
|
0.104
|
0.097
|
0.104
|
|||||||||||||||
|
||||||||||||||||||||
Average basic shares (thousands)
|
94,347
|
94,228
|
94,204
|
94,068
|
93,824
|
|||||||||||||||
Average diluted shares (thousands)
|
94,472
|
94,275
|
94,211
|
94,073
|
93,828
|
|||||||||||||||
|
||||||||||||||||||||
Note: Taxable equivalent net interest income
|
$
|
34,577
|
34,180
|
33,630
|
33,707
|
33,718
|
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||
|
||||||||
(dollars in thousands, except per share data)
|
||||||||
(Unaudited)
|
||||||||
|
Years Ended
|
|||||||
|
12/31/2013
|
12/31/2012
|
||||||
|
||||||||
Interest and dividend income:
|
||||||||
Interest and fees on loans
|
$
|
127,944
|
128,581
|
|||||
Interest and dividends on securities available for sale:
|
||||||||
U. S. government sponsored enterprises
|
2,600
|
8,097
|
||||||
State and political subdivisions
|
562
|
1,413
|
||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
11,385
|
6,697
|
||||||
Corporate bonds
|
812
|
2,231
|
||||||
Small Business Administration-guaranteed participation securities
|
2,180
|
319
|
||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
144
|
-
|
||||||
Other securities
|
17
|
19
|
||||||
Total interest and dividends on securities available for sale
|
17,700
|
18,776
|
||||||
|
||||||||
Interest on held to maturity securities:
|
||||||||
U. S. government sponsored enterprises
|
-
|
25
|
||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
2,840
|
4,287
|
||||||
Corporate bonds
|
833
|
1,666
|
||||||
Total interest on held to maturity securities
|
3,673
|
5,978
|
||||||
|
||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
490
|
486
|
||||||
|
||||||||
Interest on federal funds sold and other short-term investments
|
1,240
|
1,142
|
||||||
Total interest income
|
151,047
|
154,963
|
||||||
|
||||||||
Interest expense:
|
||||||||
Interest on deposits:
|
||||||||
Interest-bearing checking
|
329
|
315
|
||||||
Savings
|
3,333
|
3,872
|
||||||
Money market deposit accounts
|
2,516
|
3,069
|
||||||
Time deposits
|
7,622
|
11,244
|
||||||
Interest on short-term borrowings
|
1,483
|
1,475
|
||||||
Total interest expense
|
15,283
|
19,975
|
||||||
|
||||||||
Net interest income
|
135,764
|
134,988
|
||||||
|
||||||||
Provision for loan losses
|
7,000
|
12,000
|
||||||
Net interest income after provision for loan losses
|
128,764
|
122,988
|
||||||
|
||||||||
Noninterest income:
|
||||||||
Trust department income
|
5,301
|
5,761
|
||||||
Fees for services to customers
|
11,675
|
12,290
|
||||||
Net gain on securities transactions
|
1,622
|
2,161
|
||||||
Other
|
1,172
|
752
|
||||||
Total noninterest income
|
19,770
|
20,964
|
||||||
|
||||||||
Noninterest expenses:
|
||||||||
Salaries and employee benefits
|
32,424
|
31,276
|
||||||
Net occupancy expense
|
16,100
|
15,257
|
||||||
Equipment expense
|
6,381
|
6,073
|
||||||
Professional services
|
5,649
|
6,040
|
||||||
Outsourced services
|
5,125
|
5,122
|
||||||
Advertising expense
|
2,827
|
3,841
|
||||||
FDIC and other insurance
|
3,975
|
3,823
|
||||||
Other real estate expense, net
|
3,598
|
3,216
|
||||||
Other
|
8,926
|
9,329
|
||||||
Total noninterest expenses
|
85,005
|
83,977
|
||||||
|
||||||||
Income before taxes
|
63,529
|
59,975
|
||||||
Income taxes
|
23,717
|
22,441
|
||||||
|
||||||||
Net income
|
$
|
39,812
|
37,534
|
|||||
|
||||||||
Net income per Common Share:
|
||||||||
- Basic
|
$
|
0.422
|
0.400
|
|||||
|
||||||||
- Diluted
|
0.422
|
0.400
|
||||||
|
||||||||
Average basic shares (thousands)
|
94,160
|
93,633
|
||||||
Average diluted shares (thousands)
|
94,206
|
93,637
|
||||||
|
||||||||
Note: Taxable equivalent net interest income
|
$
|
136,094
|
135,669
|
|
12/31/2013
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
12/31/2012
|
|||||||||||||||
ASSETS:
|
||||||||||||||||||||
|
||||||||||||||||||||
Cash and due from banks
|
$
|
46,453
|
45,088
|
40,580
|
39,512
|
55,789
|
||||||||||||||
Federal funds sold and other short term investments
|
536,591
|
510,561
|
588,252
|
405,262
|
488,227
|
|||||||||||||||
Total cash and cash equivalents
|
583,044
|
555,649
|
628,832
|
444,774
|
544,016
|
|||||||||||||||
|
||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
198,829
|
193,614
|
188,133
|
263,165
|
263,108
|
|||||||||||||||
States and political subdivisions
|
7,758
|
11,199
|
12,159
|
15,265
|
26,457
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
532,449
|
534,301
|
504,793
|
612,555
|
518,776
|
|||||||||||||||
Corporate bonds
|
10,471
|
53,094
|
53,053
|
59,239
|
26,529
|
|||||||||||||||
Small Business Administration-guaranteed participation securities
|
103,029
|
104,863
|
108,665
|
115,464
|
76,562
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
10,558
|
10,715
|
10,725
|
11,136
|
-
|
|||||||||||||||
Other securities
|
660
|
660
|
660
|
660
|
660
|
|||||||||||||||
Total securities available for sale
|
863,754
|
908,446
|
878,188
|
1,077,484
|
912,092
|
|||||||||||||||
|
||||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
76,270
|
81,337
|
88,852
|
98,038
|
108,471
|
|||||||||||||||
Corporate bonds
|
9,945
|
9,941
|
9,937
|
19,935
|
34,955
|
|||||||||||||||
Total held to maturity securities
|
86,215
|
91,278
|
98,789
|
117,973
|
143,426
|
|||||||||||||||
|
||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
10,500
|
10,500
|
10,500
|
9,632
|
9,632
|
|||||||||||||||
|
||||||||||||||||||||
Loans:
|
||||||||||||||||||||
Commercial
|
223,481
|
212,833
|
216,977
|
212,637
|
219,577
|
|||||||||||||||
Residential mortgage loans
|
2,338,944
|
2,279,064
|
2,205,334
|
2,154,188
|
2,126,668
|
|||||||||||||||
Home equity line of credit
|
340,489
|
337,178
|
334,571
|
332,111
|
333,909
|
|||||||||||||||
Installment loans
|
5,895
|
5,894
|
5,544
|
4,831
|
4,579
|
|||||||||||||||
Loans, net of deferred fees and costs
|
2,908,809
|
2,834,969
|
2,762,426
|
2,703,767
|
2,684,733
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Allowance for loan losses
|
47,714
|
47,722
|
47,589
|
47,658
|
47,927
|
|||||||||||||||
Net loans
|
2,861,095
|
2,787,247
|
2,714,837
|
2,656,109
|
2,636,806
|
|||||||||||||||
|
||||||||||||||||||||
Bank premises and equipment, net
|
34,414
|
34,559
|
38,301
|
35,787
|
36,239
|
|||||||||||||||
Other assets
|
82,430
|
71,728
|
73,757
|
69,998
|
64,402
|
|||||||||||||||
|
||||||||||||||||||||
Total assets
|
$
|
4,521,452
|
4,459,407
|
4,443,204
|
4,411,757
|
4,346,613
|
||||||||||||||
|
||||||||||||||||||||
LIABILITIES:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Demand
|
$
|
318,456
|
314,660
|
314,985
|
298,243
|
300,544
|
||||||||||||||
Interest-bearing checking
|
611,127
|
591,590
|
591,844
|
579,077
|
560,064
|
|||||||||||||||
Savings accounts
|
1,218,038
|
1,221,791
|
1,228,281
|
1,213,226
|
1,198,517
|
|||||||||||||||
Money market deposit accounts
|
648,402
|
650,688
|
634,804
|
656,577
|
667,589
|
|||||||||||||||
Certificates of deposit (in denominations of $100,000 or more)
|
431,008
|
405,575
|
397,707
|
384,559
|
352,734
|
|||||||||||||||
Other time accounts
|
700,040
|
710,064
|
725,255
|
725,998
|
724,745
|
|||||||||||||||
Total deposits
|
3,927,071
|
3,894,368
|
3,892,876
|
3,857,680
|
3,804,193
|
|||||||||||||||
|
||||||||||||||||||||
Short-term borrowings
|
204,162
|
185,226
|
176,325
|
171,019
|
159,846
|
|||||||||||||||
Accrued expenses and other liabilities
|
28,406
|
25,425
|
25,380
|
22,169
|
23,776
|
|||||||||||||||
|
||||||||||||||||||||
Total liabilities
|
4,159,639
|
4,105,019
|
4,094,581
|
4,050,868
|
3,987,815
|
|||||||||||||||
|
||||||||||||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||
Capital stock
|
98,927
|
98,912
|
98,912
|
98,912
|
98,912
|
|||||||||||||||
Surplus
|
173,144
|
173,408
|
173,897
|
174,386
|
174,899
|
|||||||||||||||
Undivided profits
|
147,432
|
143,015
|
138,953
|
135,373
|
132,378
|
|||||||||||||||
Accumulated other comprehensive income (loss), net of tax
|
(13,803
|
)
|
(15,923
|
)
|
(16,831
|
)
|
(169
|
)
|
1,558
|
|||||||||||
Treasury stock at cost
|
(43,887
|
)
|
(45,024
|
)
|
(46,308
|
)
|
(47,613
|
)
|
(48,949
|
)
|
||||||||||
|
||||||||||||||||||||
Total shareholders' equity
|
361,813
|
354,388
|
348,623
|
360,889
|
358,798
|
|||||||||||||||
|
||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,521,452
|
4,459,407
|
4,443,204
|
4,411,757
|
4,346,613
|
||||||||||||||
|
||||||||||||||||||||
Outstanding shares (thousands)
|
94,463
|
94,334
|
94,204
|
94,071
|
93,935
|
|
12/31/13
|
09/30/13
|
06/30/13
|
03/31/13
|
12/31/12
|
|||||||||||||||
New York and other states*
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
6,952
|
5,436
|
5,891
|
5,978
|
6,635
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
31,045
|
30,643
|
30,736
|
34,027
|
35,286
|
|||||||||||||||
Installment
|
93
|
71
|
36
|
35
|
6
|
|||||||||||||||
Total non-accrual loans
|
38,090
|
36,150
|
36,663
|
40,040
|
41,927
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
166
|
170
|
174
|
225
|
231
|
|||||||||||||||
Total nonperforming loans
|
38,256
|
36,320
|
36,837
|
40,265
|
42,158
|
|||||||||||||||
Other real estate owned
|
3,348
|
3,011
|
3,918
|
4,461
|
2,979
|
|||||||||||||||
Total nonperforming assets
|
$
|
41,604
|
39,331
|
40,755
|
44,726
|
45,137
|
||||||||||||||
|
||||||||||||||||||||
Florida
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
-
|
-
|
583
|
2,595
|
2,698
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
5,137
|
5,406
|
6,022
|
7,013
|
7,820
|
|||||||||||||||
Installment
|
-
|
-
|
-
|
1
|
1
|
|||||||||||||||
Total non-accrual loans
|
5,137
|
5,406
|
6,605
|
9,609
|
10,519
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming loans
|
5,137
|
5,406
|
6,605
|
9,609
|
10,519
|
|||||||||||||||
Other real estate owned
|
5,381
|
6,816
|
6,427
|
5,406
|
5,726
|
|||||||||||||||
Total nonperforming assets
|
$
|
10,518
|
12,222
|
13,032
|
15,015
|
16,245
|
||||||||||||||
|
||||||||||||||||||||
Total
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
6,952
|
5,436
|
6,474
|
8,573
|
9,333
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
36,182
|
36,049
|
36,758
|
41,040
|
43,106
|
|||||||||||||||
Installment
|
93
|
71
|
36
|
36
|
7
|
|||||||||||||||
Total non-accrual loans
|
43,227
|
41,556
|
43,268
|
49,649
|
52,446
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
166
|
170
|
174
|
225
|
231
|
|||||||||||||||
Total nonperforming loans
|
43,393
|
41,726
|
43,442
|
49,874
|
52,677
|
|||||||||||||||
Other real estate owned
|
8,729
|
9,827
|
10,345
|
9,867
|
8,705
|
|||||||||||||||
Total nonperforming assets
|
$
|
52,122
|
51,553
|
53,787
|
59,741
|
61,382
|
||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Quarterly Net Chargeoffs
|
||||||||||||||||||||
|
12/31/13
|
09/30/13
|
06/30/13
|
03/31/13
|
12/31/12
|
|||||||||||||||
New York and other states*
|
||||||||||||||||||||
Commercial
|
$
|
176
|
585
|
49
|
248
|
152
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
1,194
|
1,215
|
1,885
|
1,563
|
1,410
|
|||||||||||||||
Installment
|
(2
|
)
|
25
|
13
|
15
|
72
|
||||||||||||||
Total net chargeoffs
|
$
|
1,368
|
1,825
|
1,947
|
1,826
|
1,634
|
||||||||||||||
|
||||||||||||||||||||
Florida
|
||||||||||||||||||||
Commercial
|
$
|
(1
|
)
|
(502
|
)
|
(1
|
)
|
99
|
(18
|
)
|
||||||||||
Real estate mortgage - 1 to 4 family
|
138
|
41
|
123
|
344
|
810
|
|||||||||||||||
Installment
|
3
|
3
|
-
|
-
|
12
|
|||||||||||||||
Total net chargeoffs
|
$
|
140
|
(458
|
)
|
122
|
443
|
804
|
|||||||||||||
|
||||||||||||||||||||
Total
|
||||||||||||||||||||
Commercial
|
$
|
175
|
83
|
48
|
347
|
134
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
1,332
|
1,256
|
2,008
|
1,907
|
2,220
|
|||||||||||||||
Installment
|
1
|
28
|
13
|
15
|
84
|
|||||||||||||||
Total net chargeoffs
|
$
|
1,508
|
1,367
|
2,069
|
2,269
|
2,438
|
||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Asset Quality Ratios
|
||||||||||||||||||||
|
12/31/13
|
09/30/13
|
06/30/13
|
03/31/13
|
12/31/12
|
|||||||||||||||
Total nonperforming loans(1)
|
$
|
43,393
|
$
|
41,726
|
43,442
|
49,874
|
52,677
|
|||||||||||||
Total nonperforming assets(1)
|
52,122
|
51,553
|
53,787
|
59,741
|
61,382
|
|||||||||||||||
Total net chargeoffs(2)
|
1,508
|
1,367
|
2,069
|
2,269
|
2,438
|
|||||||||||||||
|
||||||||||||||||||||
Allowance for loan losses(1)
|
47,714
|
47,722
|
47,589
|
47,658
|
47,927
|
|||||||||||||||
|
||||||||||||||||||||
Nonperforming loans to total loans
|
1.49
|
%
|
1.47
|
%
|
1.57
|
%
|
1.84
|
%
|
1.96
|
%
|
||||||||||
Nonperforming assets to total assets
|
1.15
|
%
|
1.16
|
%
|
1.21
|
%
|
1.35
|
%
|
1.41
|
%
|
||||||||||
Allowance for loan losses to total loans
|
1.64
|
%
|
1.68
|
%
|
1.72
|
%
|
1.76
|
%
|
1.79
|
%
|
||||||||||
Coverage ratio(1)
|
110.0
|
%
|
114.4
|
%
|
109.5
|
%
|
95.6
|
%
|
91.0
|
%
|
||||||||||
Annualized net chargeoffs to average loans(2)
|
0.21
|
%
|
0.20
|
%
|
0.29
|
%
|
0.34
|
%
|
0.37
|
%
|
||||||||||
Allowance for loan losses to annualized net chargeoffs(2)
|
7.9
|
x
|
8.7
|
x
|
6.0
|
x
|
5.3
|
x
|
4.9
|
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)
|
December 31, 2013
|
December 31, 2012
|
||||||||||||||||||||||
|
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
||||||||||||||||||
|
Balance
|
Rate
|
Balance
|
Rate
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
197,755
|
586
|
1.18
|
%
|
$
|
370,086
|
1,191
|
1.29
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
543,856
|
3,027
|
2.23
|
480,382
|
2,237
|
1.86
|
||||||||||||||||||
State and political subdivisions
|
8,577
|
149
|
6.96
|
30,619
|
425
|
5.55
|
||||||||||||||||||
Corporate bonds
|
28,689
|
138
|
1.92
|
35,640
|
232
|
2.59
|
||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
111,859
|
562
|
2.01
|
54,678
|
276
|
2.02
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
11,004
|
38
|
1.39
|
-
|
-
|
0.00
|
||||||||||||||||||
Other
|
523
|
4
|
3.06
|
660
|
5
|
3.03
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total securities available for sale
|
902,263
|
4,504
|
2.00
|
972,065
|
4,366
|
1.80
|
||||||||||||||||||
|
||||||||||||||||||||||||
Federal funds sold and other short-term Investments
|
522,461
|
324
|
0.25
|
427,298
|
265
|
0.25
|
||||||||||||||||||
|
||||||||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Corporate bonds
|
9,943
|
153
|
6.19
|
35,013
|
385
|
4.40
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
78,821
|
649
|
3.29
|
114,647
|
823
|
2.87
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total held to maturity securities
|
88,764
|
802
|
3.62
|
149,660
|
1,208
|
3.23
|
||||||||||||||||||
|
||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
10,500
|
129
|
4.91
|
9,632
|
127
|
5.27
|
||||||||||||||||||
|
||||||||||||||||||||||||
Commercial loans
|
215,124
|
2,766
|
5.14
|
216,787
|
2,917
|
5.38
|
||||||||||||||||||
Residential mortgage loans
|
2,306,591
|
26,771
|
4.64
|
2,087,003
|
25,804
|
4.95
|
||||||||||||||||||
Home equity lines of credit
|
339,281
|
2,954
|
3.45
|
331,441
|
2,905
|
3.49
|
||||||||||||||||||
Installment loans
|
5,653
|
175
|
12.26
|
4,274
|
158
|
14.68
|
||||||||||||||||||
|
||||||||||||||||||||||||
Loans, net of unearned income
|
2,866,649
|
32,666
|
4.55
|
2,639,505
|
31,784
|
4.81
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest earning assets
|
4,390,637
|
38,425
|
3.50
|
4,198,160
|
37,750
|
3.59
|
||||||||||||||||||
|
||||||||||||||||||||||||
Allowance for loan losses
|
(48,393
|
)
|
(48,312
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
122,386
|
146,482
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Total assets
|
$
|
4,464,630
|
$
|
4,296,330
|
||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
587,854
|
83
|
0.06
|
%
|
$
|
532,579
|
80
|
0.06
|
%
|
||||||||||||||
Money market accounts
|
649,574
|
611
|
0.37
|
669,201
|
703
|
0.42
|
||||||||||||||||||
Savings
|
1,219,178
|
790
|
0.26
|
1,184,601
|
921
|
0.31
|
||||||||||||||||||
Time deposits
|
1,123,671
|
1,982
|
0.70
|
1,085,054
|
1,967
|
0.72
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest bearing deposits
|
3,580,277
|
3,466
|
0.38
|
3,471,435
|
3,671
|
0.42
|
||||||||||||||||||
Short-term borrowings
|
189,754
|
382
|
0.80
|
161,816
|
361
|
0.89
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest bearing liabilities
|
3,770,031
|
3,848
|
0.40
|
3,633,251
|
4,032
|
0.44
|
||||||||||||||||||
|
||||||||||||||||||||||||
Demand deposits
|
313,174
|
283,528
|
||||||||||||||||||||||
Other liabilities
|
23,469
|
21,006
|
||||||||||||||||||||||
Shareholders' equity
|
357,956
|
358,545
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,464,630
|
$
|
4,296,330
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income , tax equivalent
|
34,577
|
33,718
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest spread
|
3.10
|
%
|
3.15
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest margin (net interest income
|
||||||||||||||||||||||||
to total interest earning assets)
|
3.15
|
%
|
3.21
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Tax equivalent adjustment
|
(61
|
)
|
(138
|
)
|
||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income
|
34,516
|
33,580
|
(dollars in thousands)
|
Year ended
|
Year ended
|
||||||||||||||||||||||
(Unaudited)
|
December 31, 2013
|
December 31, 2012
|
||||||||||||||||||||||
|
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
||||||||||||||||||
|
Balance
|
Rate
|
Balance
|
Rate
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
221,028
|
2,600
|
1.18
|
%
|
$
|
568,425
|
8,097
|
1.42
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
545,487
|
11,385
|
2.09
|
334,616
|
6,697
|
2.00
|
||||||||||||||||||
State and political subdivisions
|
12,845
|
862
|
6.71
|
35,435
|
2,012
|
5.68
|
||||||||||||||||||
Corporate bonds
|
46,049
|
812
|
1.76
|
68,182
|
2,231
|
3.27
|
||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
109,913
|
2,180
|
1.98
|
15,707
|
319
|
2.03
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
10,420
|
144
|
1.38
|
-
|
-
|
0.00
|
||||||||||||||||||
Other
|
625
|
17
|
2.72
|
660
|
19
|
2.88
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total securities available for sale
|
946,367
|
18,000
|
1.90
|
1,023,025
|
19,375
|
1.89
|
||||||||||||||||||
|
||||||||||||||||||||||||
Federal funds sold and other short-term Investments
|
502,136
|
1,240
|
0.25
|
461,495
|
1,142
|
0.25
|
||||||||||||||||||
|
||||||||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
-
|
-
|
0.00
|
1,048
|
25
|
2.43
|
||||||||||||||||||
Corporate bonds
|
14,011
|
833
|
5.95
|
39,570
|
1,666
|
4.21
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
90,360
|
2,840
|
3.14
|
131,092
|
4,287
|
3.27
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total held to maturity securities
|
104,371
|
3,673
|
3.52
|
171,710
|
5,978
|
3.48
|
||||||||||||||||||
|
||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
10,266
|
490
|
4.77
|
9,425
|
486
|
5.16
|
||||||||||||||||||
|
||||||||||||||||||||||||
Commercial loans
|
214,756
|
11,210
|
5.22
|
230,539
|
12,486
|
5.42
|
||||||||||||||||||
Residential mortgage loans
|
2,216,346
|
104,646
|
4.72
|
2,017,230
|
104,028
|
5.16
|
||||||||||||||||||
Home equity lines of credit
|
335,409
|
11,452
|
3.41
|
321,299
|
11,551
|
3.60
|
||||||||||||||||||
Installment loans
|
5,152
|
666
|
12.93
|
3,915
|
598
|
15.28
|
||||||||||||||||||
|
||||||||||||||||||||||||
Loans, net of unearned income
|
2,771,663
|
127,974
|
4.62
|
2,572,983
|
128,663
|
5.00
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest earning assets
|
4,334,803
|
151,377
|
3.49
|
4,238,638
|
155,644
|
3.67
|
||||||||||||||||||
|
||||||||||||||||||||||||
Allowance for loan losses
|
(48,452
|
)
|
(49,148
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
136,042
|
143,303
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Total assets
|
$
|
4,422,393
|
$
|
4,332,793
|
||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
578,531
|
329
|
0.06
|
%
|
$
|
515,062
|
315
|
0.06
|
%
|
||||||||||||||
Money market accounts
|
650,324
|
2,516
|
0.39
|
649,452
|
3,069
|
0.47
|
||||||||||||||||||
Savings
|
1,218,655
|
3,333
|
0.27
|
1,115,151
|
3,872
|
0.35
|
||||||||||||||||||
Time deposits
|
1,113,473
|
7,622
|
0.68
|
1,251,846
|
11,244
|
0.90
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest bearing deposits
|
3,560,983
|
13,800
|
0.39
|
3,531,511
|
18,500
|
0.52
|
||||||||||||||||||
Short-term borrowings
|
180,275
|
1,483
|
0.82
|
152,982
|
1,475
|
0.96
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total interest bearing liabilities
|
3,741,258
|
15,283
|
0.41
|
3,684,493
|
19,975
|
0.54
|
||||||||||||||||||
|
||||||||||||||||||||||||
Demand deposits
|
302,437
|
278,179
|
||||||||||||||||||||||
Other liabilities
|
21,719
|
19,441
|
||||||||||||||||||||||
Shareholders' equity
|
356,979
|
350,680
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,422,393
|
$
|
4,332,793
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income , tax equivalent
|
136,094
|
135,669
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest spread
|
3.08
|
%
|
3.13
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest margin (net interest income
|
||||||||||||||||||||||||
to total interest earning assets)
|
3.14
|
%
|
3.20
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Tax equivalent adjustment
|
(330
|
)
|
(681
|
)
|
||||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest income
|
135,764
|
134,988
|
Non-GAAP Financial Measures Reconciliation
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
(dollars in thousands, except per share amounts)
|
||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||
|
12/31/13
|
09/30/13
|
06/30/13
|
03/31/13
|
12/31/12
|
|||||||||||||||||||||||
Tangible Book Value Per Share
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Equity
|
$
|
361,813
|
354,388
|
348,623
|
360,889
|
358,798
|
||||||||||||||||||||||
Less: Intangible assets
|
553
|
553
|
553
|
553
|
553
|
|||||||||||||||||||||||
Tangible equity
|
361,260
|
353,835
|
348,070
|
360,336
|
358,245
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Shares outstanding
|
94,463
|
94,334
|
94,204
|
94,071
|
93,935
|
|||||||||||||||||||||||
Tangible book value per share
|
3.82
|
3.75
|
3.69
|
3.83
|
3.81
|
|||||||||||||||||||||||
Book value per share
|
3.83
|
3.76
|
3.70
|
3.84
|
3.82
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Tangible Equity to Tangible Assets
|
||||||||||||||||||||||||||||
Total Assets
|
4,521,452
|
4,459,407
|
4,443,204
|
4,411,757
|
4,346,613
|
|||||||||||||||||||||||
Less: Intangible assets
|
553
|
553
|
553
|
553
|
553
|
|||||||||||||||||||||||
Tangible assets
|
4,520,899
|
4,458,854
|
4,442,651
|
4,411,204
|
4,346,060
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Tangible Equity to Tangible Assets
|
7.99
|
%
|
7.94
|
%
|
7.83
|
%
|
8.17
|
%
|
8.24
|
%
|
||||||||||||||||||
Equity to Assets
|
8.00
|
%
|
7.95
|
%
|
7.85
|
%
|
8.18
|
%
|
8.25
|
%
|
||||||||||||||||||
|
||||||||||||||||||||||||||||
|
3 Months Ended
|
Years Ended
|
||||||||||||||||||||||||||
Efficiency Ratio
|
12/31/13
|
09/30/13
|
06/30/13
|
03/31/13
|
12/31/12
|
12/31/13
|
12/31/12
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net interest income (fully taxable equivalent)
|
$
|
34,577
|
34,180
|
33,630
|
33,707
|
33,718
|
136,094
|
135,669
|
||||||||||||||||||||
Non-interest income
|
4,848
|
4,413
|
5,916
|
4,592
|
6,161
|
19,770
|
20,964
|
|||||||||||||||||||||
Less: Net gain on securities
|
188
|
-
|
1,432
|
2
|
763
|
1,622
|
2,161
|
|||||||||||||||||||||
Recurring revenue
|
39,237
|
38,593
|
38,114
|
38,297
|
39,116
|
154,242
|
154,472
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total Noninterest expense
|
20,891
|
20,688
|
21,869
|
21,557
|
21,150
|
85,005
|
83,977
|
|||||||||||||||||||||
Less: Other real estate expense, net
|
430
|
946
|
1,473
|
749
|
375
|
3,598
|
3,216
|
|||||||||||||||||||||
Recurring expense
|
20,461
|
19,742
|
20,396
|
20,808
|
20,775
|
81,407
|
80,761
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Efficiency Ratio
|
52.15
|
%
|
51.15
|
%
|
53.51
|
%
|
54.33
|
%
|
53.11
|
%
|
52.78
|
%
|
52.28
|
%
|