NEW YORK
|
0-10592
|
14-1630287
|
State or Other Jurisdiction of Incorporation or Organization
|
Commission File No.
|
I.R.S. Employer Identification Number
|
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | 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, 2016, for the period ending December 31, 2015, regarding fourth quarter results. |
TrustCo Bank Corp NY | ||
(Registrant)
|
||
By: |
/s/ Michael M. Ozimek
|
|
Michael M. Ozimek
|
||
Senior Vice President and
|
||
Chief Financial Officer
|
![]() |
News Release
|
Subsidiary: Trustco Bank
|
NASDAQ -- TRST
|
Contact:
|
Kevin T. Timmons
|
|
Vice President/Treasurer
|
|
(518) 381-3607
|
· | Continued solid financial results: |
o | Core net income for 2015 rose to $42.2 million from $41.5 million in 2014 |
o | Key metrics for fourth quarter of 2015 results: |
§ | Net income of $10.2 million in fourth quarter of 2015 compared to $10.7 million in fourth quarter of 2014 |
§ | Operating expenses increased $868 thousand in the fourth quarter of 2015 compared to the fourth quarter of 2014 |
§ | Return on average assets (ROA) of 0.86% |
§ | Return on average equity (ROE) of 9.75% |
§ | Efficiency ratio of 55.37% |
· | Asset quality improvement: |
o | Most asset quality measures continued to improve compared to both the fourth quarter of 2014 and the third quarter of 2015 |
o | Nonperforming assets (NPAs) fell by $5.7 million compared to December 31, 2014 |
o | NPAs to total assets improved from 0.87% to 0.73% compared to December 31, 2014 |
o | Quarterly net chargeoffs increased to 0.21% of average loans on an annualized basis, compared to 0.15% for the fourth quarter of 2014 |
· | Continued expansion of customer base: |
o | Focus on capitalizing on opportunities presented by expanded branch network |
o | Average deposits per branch grew $452 thousand from December 31, 2014 to December 31, 2015 on a same store basis |
o | Average core deposits were $109 million higher in the fourth quarter of 2015 compared to the fourth quarter of 2014 |
· | Loan portfolio reaches all-time high: |
o | Average loans were up $163 million for the fourth quarter of 2015 compared to fourth quarter of 2014 |
o | At $3.29 billion as of December 31, 2015, loans reached an all-time high |
Three Months Ended
|
||||||||||||
12/31/15
|
09/30/15
|
12/31/14
|
||||||||||
Summary of operations
|
||||||||||||
Net interest income (TE)
|
$
|
36,278
|
36,069
|
35,693
|
||||||||
Provision for loan losses
|
1,300
|
800
|
1,000
|
|||||||||
Net securities transactions
|
2
|
-
|
335
|
|||||||||
Noninterest income, excluding net securities transactions
|
4,428
|
4,365
|
4,417
|
|||||||||
Noninterest expense
|
23,108
|
23,464
|
22,240
|
|||||||||
Net income
|
10,180
|
10,616
|
10,660
|
|||||||||
Per common share
|
||||||||||||
Net income per share:
|
||||||||||||
- Basic
|
$
|
0.107
|
0.112
|
0.113
|
||||||||
- Diluted
|
0.107
|
0.111
|
0.112
|
|||||||||
Cash dividends
|
0.066
|
0.066
|
0.066
|
|||||||||
Tangible Book value at period end
|
4.33
|
4.33
|
4.14
|
|||||||||
Market price at period end
|
6.14
|
5.84
|
7.26
|
|||||||||
At period end
|
||||||||||||
Full time equivalent employees
|
787
|
778
|
737
|
|||||||||
Full service banking offices
|
146
|
146
|
144
|
|||||||||
Performance ratios
|
||||||||||||
Return on average assets
|
0.86
|
%
|
0.88
|
0.92
|
||||||||
Return on average equity
|
9.75
|
10.35
|
10.70
|
|||||||||
Efficiency (1)
|
55.37
|
56.04
|
53.35
|
|||||||||
Net interest spread (TE)
|
3.08
|
3.02
|
3.11
|
|||||||||
Net interest margin (TE)
|
3.14
|
3.08
|
3.17
|
|||||||||
Dividend payout ratio
|
61.54
|
58.82
|
58.55
|
|||||||||
Capital ratio at period end
|
||||||||||||
Consolidated tangible equity to tangible assets (2)
|
8.72
|
8.71
|
8.46
|
|||||||||
Asset quality analysis at period end
|
||||||||||||
Nonperforming loans to total loans
|
0.86
|
0.97
|
1.08
|
|||||||||
Nonperforming assets to total assets
|
0.73
|
0.80
|
0.87
|
|||||||||
Allowance for loan losses to total loans
|
1.36
|
1.38
|
1.47
|
|||||||||
Coverage ratio (3)
|
1.6
|
x
|
1.4
|
1.4
|
(1) | Calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income (excluding net securities transactions, the net gain on sale of building, and the net sale of nonperforming loans). |
(2) | The tangible equity ratio excludes $553 of intangibles from both equity and assets. |
(3) | Calculated as allowance for loan losses divided by total nonperforming loans. |
Years Ended
|
||||||||
12/31/15
|
12/31/14
|
|||||||
Summary of operations
|
||||||||
Net interest income (TE)
|
$
|
143,222
|
141,583
|
|||||
Provision for loan losses
|
3,700
|
5,100
|
||||||
Net securities transactions
|
251
|
717
|
||||||
Noninterest income
|
17,621
|
19,189
|
||||||
Noninterest expense
|
90,560
|
84,670
|
||||||
Net income
|
42,238
|
44,193
|
||||||
Per common share
|
||||||||
Net income per share:
|
||||||||
- Basic
|
$
|
0.444
|
0.467
|
|||||
- Diluted
|
0.444
|
0.466
|
||||||
Cash dividends
|
0.263
|
0.263
|
||||||
Tangible Book value at period end
|
4.33
|
4.14
|
||||||
Market price at period end
|
6.14
|
7.26
|
||||||
Performance ratios
|
||||||||
Return on average assets
|
0.89
|
%
|
0.97
|
|||||
Return on average equity
|
10.41
|
11.54
|
||||||
Efficiency (1)
|
55.08
|
52.60
|
||||||
Net interest spread (TE)
|
3.03
|
3.10
|
||||||
Net interest margin (TE)
|
3.09
|
3.16
|
||||||
Dividend payout ratio
|
59.13
|
56.30
|
(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
|
||||||||||||||||||||
12/31/2015
|
9/30/2015
|
6/30/2015
|
3/31/2015
|
12/31/2014
|
||||||||||||||||
Interest and dividend income:
|
||||||||||||||||||||
Interest and fees on loans
|
$
|
35,930
|
35,631
|
35,343
|
34,983
|
35,051
|
||||||||||||||
Interest and dividends on securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
256
|
584
|
366
|
212
|
233
|
|||||||||||||||
State and political subdivisions
|
16
|
23
|
23
|
25
|
29
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
2,233
|
2,230
|
2,276
|
2,393
|
2,733
|
|||||||||||||||
Corporate bonds
|
-
|
-
|
-
|
1
|
2
|
|||||||||||||||
Small Business Administration-guaranteed participation securities
|
482
|
497
|
503
|
522
|
524
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
37
|
37
|
38
|
37
|
37
|
|||||||||||||||
Other securities
|
4
|
4
|
4
|
4
|
4
|
|||||||||||||||
Total interest and dividends on securities available for sale
|
3,028
|
3,375
|
3,210
|
3,194
|
3,562
|
|||||||||||||||
Interest on held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
425
|
461
|
480
|
478
|
512
|
|||||||||||||||
Corporate bonds
|
154
|
153
|
154
|
154
|
154
|
|||||||||||||||
Total interest on held to maturity securities
|
579
|
614
|
634
|
632
|
666
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
120
|
113
|
118
|
116
|
123
|
|||||||||||||||
Interest on federal funds sold and other short-term investments
|
494
|
408
|
423
|
400
|
363
|
|||||||||||||||
Total interest income
|
40,151
|
40,141
|
39,728
|
39,325
|
39,765
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Interest on deposits:
|
||||||||||||||||||||
Interest-bearing checking
|
115
|
117
|
111
|
105
|
98
|
|||||||||||||||
Savings
|
608
|
603
|
599
|
658
|
663
|
|||||||||||||||
Money market deposit accounts
|
513
|
537
|
547
|
617
|
634
|
|||||||||||||||
Time deposits
|
2,375
|
2,544
|
2,500
|
2,434
|
2,366
|
|||||||||||||||
Interest on short-term borrowings
|
278
|
290
|
300
|
346
|
335
|
|||||||||||||||
Total interest expense
|
3,889
|
4,091
|
4,057
|
4,160
|
4,096
|
|||||||||||||||
Net interest income
|
36,262
|
36,050
|
35,671
|
35,165
|
35,669
|
|||||||||||||||
Provision for loan losses
|
1,300
|
800
|
800
|
800
|
1,000
|
|||||||||||||||
Net interest income after provision for loan losses
|
34,962
|
35,250
|
34,871
|
34,365
|
34,669
|
|||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Trustco Financial Services income
|
1,489
|
1,351
|
1,478
|
1,653
|
1,451
|
|||||||||||||||
Fees for services to customers
|
2,704
|
2,770
|
2,691
|
2,524
|
2,753
|
|||||||||||||||
Net gain on securities transactions
|
2
|
-
|
-
|
249
|
335
|
|||||||||||||||
Other
|
235
|
244
|
285
|
197
|
213
|
|||||||||||||||
Total noninterest income
|
4,430
|
4,365
|
4,454
|
4,623
|
4,752
|
|||||||||||||||
Noninterest expenses:
|
||||||||||||||||||||
Salaries and employee benefits
|
8,042
|
7,834
|
8,164
|
8,481
|
9,003
|
|||||||||||||||
Net occupancy expense
|
3,884
|
3,929
|
3,878
|
4,108
|
3,869
|
|||||||||||||||
Equipment expense
|
1,530
|
1,596
|
1,803
|
1,942
|
1,919
|
|||||||||||||||
Professional services
|
2,067
|
2,238
|
2,066
|
1,507
|
1,536
|
|||||||||||||||
Outsourced services
|
1,585
|
1,425
|
1,425
|
1,425
|
1,225
|
|||||||||||||||
Advertising expense
|
592
|
668
|
733
|
600
|
602
|
|||||||||||||||
FDIC and other insurance
|
2,055
|
2,202
|
1,017
|
1,065
|
949
|
|||||||||||||||
Other real estate expense, net
|
570
|
806
|
201
|
424
|
841
|
|||||||||||||||
Other
|
2,783
|
2,766
|
2,844
|
2,305
|
2,296
|
|||||||||||||||
Total noninterest expenses
|
23,108
|
23,464
|
22,131
|
21,857
|
22,240
|
|||||||||||||||
Income before taxes
|
16,284
|
16,151
|
17,194
|
17,131
|
17,181
|
|||||||||||||||
Income taxes
|
6,104
|
5,535
|
6,467
|
6,416
|
6,521
|
|||||||||||||||
Net income
|
$
|
10,180
|
10,616
|
10,727
|
10,715
|
10,660
|
||||||||||||||
Net income per common share:
|
||||||||||||||||||||
- Basic
|
$
|
0.107
|
0.112
|
0.113
|
0.113
|
0.113
|
||||||||||||||
- Diluted
|
0.107
|
0.111
|
0.113
|
0.113
|
0.112
|
|||||||||||||||
Average basic shares (in thousands)
|
95,256
|
95,149
|
95,056
|
94,947
|
94,681
|
|||||||||||||||
Average diluted shares (in thousands)
|
95,349
|
95,234
|
95,190
|
95,074
|
94,813
|
|||||||||||||||
Note: Taxable equivalent net interest income
|
$
|
36,278
|
36,069
|
35,690
|
35,185
|
35,693
|
Years Ended
|
||||||||
12/31/2015
|
12/31/2014
|
|||||||
Interest and dividend income:
|
||||||||
Interest and fees on loans
|
$
|
141,887
|
135,960
|
|||||
Interest and dividends on securities available for sale:
|
||||||||
U. S. government sponsored enterprises
|
1,418
|
1,417
|
||||||
State and political subdivisions
|
87
|
179
|
||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
9,132
|
12,150
|
||||||
Corporate bonds
|
1
|
65
|
||||||
Small Business Administration-guaranteed participation securities
|
2,004
|
2,154
|
||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
149
|
151
|
||||||
Other securities
|
16
|
16
|
||||||
Total interest and dividends on securities available for sale
|
12,807
|
16,132
|
||||||
Interest on held to maturity securities:
|
||||||||
Mortgage-backed securities-residential
|
1,844
|
2,259
|
||||||
Corporate bonds
|
615
|
615
|
||||||
Total interest on held to maturity securities
|
2,459
|
2,874
|
||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
467
|
511
|
||||||
Interest on federal funds sold and other short-term investments
|
1,725
|
1,464
|
||||||
Total interest income
|
159,345
|
156,941
|
||||||
Interest expense:
|
||||||||
Interest on deposits:
|
||||||||
Interest-bearing checking
|
448
|
365
|
||||||
Savings
|
2,468
|
2,662
|
||||||
Money market deposit accounts
|
2,214
|
2,499
|
||||||
Time deposits
|
9,853
|
8,565
|
||||||
Interest on short-term borrowings
|
1,214
|
1,397
|
||||||
Total interest expense
|
16,197
|
15,488
|
||||||
Net interest income
|
143,148
|
141,453
|
||||||
Provision for loan losses
|
3,700
|
5,100
|
||||||
Net interest income after provision for loan losses
|
139,448
|
136,353
|
||||||
Noninterest income:
|
||||||||
Trust department income
|
5,971
|
5,837
|
||||||
Fees for services to customers
|
10,689
|
10,844
|
||||||
Net gain on securities transactions
|
251
|
717
|
||||||
Other
|
961
|
2,508
|
||||||
Total noninterest income
|
17,872
|
19,906
|
||||||
Noninterest expenses:
|
||||||||
Salaries and employee benefits
|
32,521
|
32,879
|
||||||
Net occupancy expense
|
15,799
|
16,251
|
||||||
Equipment expense
|
6,871
|
7,219
|
||||||
Professional services
|
7,878
|
5,807
|
||||||
Outsourced services
|
5,860
|
5,350
|
||||||
Advertising expense
|
2,593
|
2,487
|
||||||
FDIC and other insurance
|
6,339
|
3,907
|
||||||
Other real estate expense, net
|
2,001
|
1,009
|
||||||
Other
|
10,698
|
9,761
|
||||||
Total noninterest expenses
|
90,560
|
84,670
|
||||||
Income before taxes
|
66,760
|
71,589
|
||||||
Income taxes
|
24,522
|
27,396
|
||||||
Net income
|
$
|
42,238
|
44,193
|
|||||
Net income per Common Share:
|
||||||||
- Basic
|
$
|
0.444
|
0.467
|
|||||
- Diluted
|
0.444
|
0.466
|
||||||
Average basic shares (thousands)
|
95,103
|
94,628
|
||||||
Average diluted shares (thousands)
|
95,213
|
94,753
|
||||||
Note: Taxable equivalent net interest income
|
$
|
143,222
|
141,583
|
12/31/2015
|
9/30/2015
|
6/30/2015
|
3/31/2015
|
12/31/2014
|
||||||||||||||||
ASSETS:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
41,698
|
42,560
|
37,574
|
44,853
|
43,505
|
||||||||||||||
Federal funds sold and other short term investments
|
676,458
|
655,512
|
641,011
|
705,273
|
627,943
|
|||||||||||||||
Total cash and cash equivalents
|
718,156
|
698,072
|
678,585
|
750,126
|
671,448
|
|||||||||||||||
Securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
86,737
|
103,492
|
152,082
|
108,248
|
77,800
|
|||||||||||||||
States and political subdivisions
|
1,290
|
1,963
|
1,969
|
1,974
|
2,271
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
411,729
|
413,878
|
429,205
|
445,273
|
483,560
|
|||||||||||||||
Corporate bonds
|
-
|
-
|
-
|
1,500
|
1,500
|
|||||||||||||||
Small Business Administration-guaranteed participation securities
|
90,416
|
94,038
|
95,323
|
98,668
|
100,496
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
10,180
|
10,491
|
10,399
|
10,503
|
10,447
|
|||||||||||||||
Other securities
|
685
|
685
|
685
|
685
|
685
|
|||||||||||||||
Total securities available for sale
|
601,037
|
624,547
|
689,663
|
666,851
|
676,759
|
|||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
46,490
|
50,027
|
53,576
|
57,296
|
60,986
|
|||||||||||||||
Corporate bonds
|
9,975
|
9,971
|
9,967
|
9,964
|
9,960
|
|||||||||||||||
Total held to maturity securities
|
56,465
|
59,998
|
63,543
|
67,260
|
70,946
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,480
|
9,480
|
9,480
|
9,228
|
9,228
|
|||||||||||||||
Loans:
|
||||||||||||||||||||
Commercial
|
203,415
|
208,794
|
209,399
|
212,145
|
223,382
|
|||||||||||||||
Residential mortgage loans
|
2,721,173
|
2,707,944
|
2,669,929
|
2,620,925
|
2,575,222
|
|||||||||||||||
Home equity line of credit
|
359,325
|
356,337
|
354,946
|
352,552
|
352,134
|
|||||||||||||||
Installment loans
|
9,391
|
8,930
|
8,674
|
8,003
|
7,594
|
|||||||||||||||
Loans, net of deferred fees and costs
|
3,293,304
|
3,282,005
|
3,242,948
|
3,193,625
|
3,158,332
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Allowance for loan losses
|
44,762
|
45,149
|
45,571
|
45,944
|
46,327
|
|||||||||||||||
Net loans
|
3,248,542
|
3,236,856
|
3,197,377
|
3,147,681
|
3,112,005
|
|||||||||||||||
Bank premises and equipment, net
|
37,643
|
37,506
|
38,100
|
38,812
|
38,565
|
|||||||||||||||
Other assets
|
63,669
|
59,358
|
64,589
|
60,698
|
65,488
|
|||||||||||||||
Total assets
|
$
|
4,734,992
|
4,725,817
|
4,741,337
|
4,740,656
|
4,644,439
|
||||||||||||||
LIABILITIES:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Demand
|
$
|
365,081
|
354,162
|
355,783
|
347,315
|
331,425
|
||||||||||||||
Interest-bearing checking
|
754,347
|
719,071
|
713,001
|
696,137
|
682,210
|
|||||||||||||||
Savings accounts
|
1,262,194
|
1,237,549
|
1,250,154
|
1,237,115
|
1,216,831
|
|||||||||||||||
Money market deposit accounts
|
610,826
|
617,103
|
633,239
|
640,368
|
638,542
|
|||||||||||||||
Time deposits
|
1,107,930
|
1,168,908
|
1,185,264
|
1,196,233
|
1,163,233
|
|||||||||||||||
Total deposits
|
4,100,378
|
4,096,793
|
4,137,441
|
4,117,168
|
4,032,241
|
|||||||||||||||
Short-term borrowings
|
191,226
|
184,405
|
170,750
|
194,738
|
189,116
|
|||||||||||||||
Accrued expenses and other liabilities
|
30,078
|
32,327
|
30,687
|
28,274
|
29,638
|
|||||||||||||||
Total liabilities
|
4,321,682
|
4,313,525
|
4,338,878
|
4,340,180
|
4,250,995
|
|||||||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||
Capital stock
|
98,973
|
98,964
|
98,964
|
98,964
|
98,945
|
|||||||||||||||
Surplus
|
171,443
|
171,788
|
171,988
|
172,237
|
172,353
|
|||||||||||||||
Undivided profits
|
184,009
|
180,093
|
175,721
|
171,232
|
166,745
|
|||||||||||||||
Accumulated other comprehensive loss, net of tax
|
(4,781
|
)
|
(1,174
|
)
|
(5,927
|
)
|
(2,687
|
)
|
(4,509
|
)
|
||||||||||
Treasury stock at cost
|
(36,334
|
)
|
(37,379
|
)
|
(38,287
|
)
|
(39,270
|
)
|
(40,090
|
)
|
||||||||||
Total shareholders' equity
|
413,310
|
412,292
|
402,459
|
400,476
|
393,444
|
|||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,734,992
|
4,725,817
|
4,741,337
|
4,740,656
|
4,644,439
|
||||||||||||||
Outstanding shares (in thousands)
|
95,262
|
95,149
|
95,056
|
94,956
|
94,857
|
Nonperforming Assets
|
||||||||||||||||||||
12/31/15
|
09/30/15
|
06/30/15
|
03/31/15
|
12/31/14
|
||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
3,024
|
3,699
|
3,263
|
2,489
|
3,835
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
23,273
|
26,059
|
27,366
|
28,215
|
27,221
|
|||||||||||||||
Installment
|
90
|
69
|
79
|
77
|
77
|
|||||||||||||||
Total non-accrual loans
|
26,387
|
29,827
|
30,708
|
30,781
|
31,133
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
48
|
50
|
74
|
75
|
125
|
|||||||||||||||
Total nonperforming loans
|
26,435
|
29,877
|
30,782
|
30,856
|
31,258
|
|||||||||||||||
Other real estate owned
|
6,120
|
5,893
|
5,833
|
6,288
|
5,533
|
|||||||||||||||
Total nonperforming assets
|
$
|
32,555
|
35,770
|
36,615
|
37,144
|
36,791
|
||||||||||||||
Florida
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
1,817
|
2,054
|
1,678
|
2,608
|
2,740
|
|||||||||||||||
Installment
|
8
|
9
|
10
|
20
|
13
|
|||||||||||||||
Total non-accrual loans
|
1,825
|
2,063
|
1,688
|
2,628
|
2,753
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming loans
|
1,825
|
2,063
|
1,688
|
2,628
|
2,753
|
|||||||||||||||
Other real estate owned
|
335
|
-
|
275
|
670
|
908
|
|||||||||||||||
Total nonperforming assets
|
$
|
2,160
|
2,063
|
1,963
|
3,298
|
3,661
|
||||||||||||||
Total
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
3,024
|
3,699
|
3,263
|
2,489
|
3,835
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
25,090
|
28,113
|
29,044
|
30,823
|
29,961
|
|||||||||||||||
Installment
|
98
|
78
|
89
|
97
|
90
|
|||||||||||||||
Total non-accrual loans
|
28,212
|
31,890
|
32,396
|
33,409
|
33,886
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
48
|
50
|
74
|
75
|
125
|
|||||||||||||||
Total nonperforming loans
|
28,260
|
31,940
|
32,470
|
33,484
|
34,011
|
|||||||||||||||
Other real estate owned
|
6,455
|
5,893
|
6,108
|
6,958
|
6,441
|
|||||||||||||||
Total nonperforming assets
|
$
|
34,715
|
37,833
|
38,578
|
40,442
|
40,452
|
Quarterly Net Chargeoffs (Recoveries)
|
||||||||||||||||||||
12/31/15
|
09/30/15
|
06/30/15
|
03/31/15
|
12/31/14
|
||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Commercial
|
$
|
672
|
3
|
50
|
34
|
(16
|
)
|
|||||||||||||
Real estate mortgage - 1 to 4 family
|
963
|
1,159
|
933
|
1,004
|
1,591
|
|||||||||||||||
Installment
|
35
|
26
|
24
|
37
|
48
|
|||||||||||||||
Total net chargeoffs
|
$
|
1,670
|
1,188
|
1,007
|
1,075
|
1,623
|
||||||||||||||
Florida
|
||||||||||||||||||||
Commercial
|
$
|
(2
|
)
|
(3
|
)
|
(1
|
)
|
(1
|
)
|
(476
|
)
|
|||||||||
Real estate mortgage - 1 to 4 family
|
6
|
33
|
167
|
109
|
37
|
|||||||||||||||
Installment
|
13
|
4
|
-
|
-
|
1
|
|||||||||||||||
Total net chargeoffs
|
$
|
17
|
34
|
166
|
108
|
(438
|
)
|
|||||||||||||
Total
|
||||||||||||||||||||
Commercial
|
$
|
670
|
-
|
49
|
33
|
(492
|
)
|
|||||||||||||
Real estate mortgage - 1 to 4 family
|
969
|
1,192
|
1,100
|
1,113
|
1,628
|
|||||||||||||||
Installment
|
48
|
30
|
24
|
37
|
49
|
|||||||||||||||
Total net chargeoffs
|
$
|
1,687
|
1,222
|
1,173
|
1,183
|
1,185
|
Asset Quality Ratios
|
||||||||||||||||||||
12/31/15
|
09/30/15
|
06/30/15
|
03/31/15
|
12/31/14
|
||||||||||||||||
Total nonperforming loans(1)
|
$
|
28,260
|
31,940
|
32,470
|
33,484
|
34,011
|
||||||||||||||
Total nonperforming assets(1)
|
34,715
|
37,833
|
38,578
|
40,442
|
40,452
|
|||||||||||||||
Total net chargeoffs(2)
|
1,687
|
1,222
|
1,173
|
1,183
|
1,185
|
|||||||||||||||
Allowance for loan losses(1)
|
44,762
|
45,149
|
45,571
|
45,944
|
46,327
|
|||||||||||||||
Nonperforming loans to total loans
|
0.86
|
%
|
0.97
|
%
|
1.00
|
%
|
1.05
|
%
|
1.08
|
%
|
||||||||||
Nonperforming assets to total assets
|
0.73
|
%
|
0.80
|
%
|
0.81
|
%
|
0.85
|
%
|
0.87
|
%
|
||||||||||
Allowance for loan losses to total loans
|
1.36
|
%
|
1.38
|
%
|
1.41
|
%
|
1.44
|
%
|
1.47
|
%
|
||||||||||
Coverage ratio(1)
|
158.4
|
%
|
141.4
|
%
|
140.3
|
%
|
137.2
|
%
|
136.2
|
%
|
||||||||||
Annualized net chargeoffs to average loans(2)
|
0.21
|
%
|
0.15
|
%
|
0.15
|
%
|
0.15
|
%
|
0.15
|
%
|
||||||||||
Allowance for loan losses to annualized net chargeoffs(2)
|
6.6
|
x
|
9.3
|
x
|
9.7
|
x
|
9.6
|
x
|
9.8
|
x
|
(1) | At period-end |
(2) | For the period ended |
(dollars in thousands)
(Unaudited)
|
Three months ended
December 31, 2015
|
Three months ended
December 31, 2014
|
||||||||||||||||||||||
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
|||||||||||||||||||
Balance
|
Rate
|
Balance
|
Rate
|
|||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
80,605
|
256
|
1.27
|
%
|
$
|
80,520
|
233
|
1.16
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
412,193
|
2,233
|
2.17
|
517,694
|
2,733
|
2.11
|
||||||||||||||||||
State and political subdivisions
|
1,280
|
25
|
7.78
|
2,436
|
45
|
7.32
|
||||||||||||||||||
Corporate bonds
|
-
|
-
|
0.00
|
1,261
|
2
|
0.54
|
||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
93,329
|
482
|
2.07
|
103,846
|
524
|
2.02
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
10,464
|
37
|
1.41
|
10,737
|
37
|
1.40
|
||||||||||||||||||
Other
|
685
|
4
|
2.34
|
685
|
4
|
2.34
|
||||||||||||||||||
Total securities available for sale
|
598,556
|
3,037
|
2.03
|
717,179
|
3,578
|
2.00
|
||||||||||||||||||
Federal funds sold and other short-term Investments
|
669,545
|
494
|
0.29
|
579,870
|
363
|
0.25
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Corporate bonds
|
9,973
|
154
|
6.17
|
9,958
|
154
|
6.18
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
48,275
|
425
|
3.52
|
62,720
|
512
|
3.27
|
||||||||||||||||||
Total held to maturity securities
|
58,248
|
579
|
3.97
|
72,678
|
666
|
3.67
|
||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,480
|
120
|
5.06
|
9,228
|
123
|
5.33
|
||||||||||||||||||
Commercial loans
|
202,854
|
2,667
|
5.26
|
220,516
|
2,847
|
5.16
|
||||||||||||||||||
Residential mortgage loans
|
2,714,016
|
29,874
|
4.40
|
2,543,869
|
28,875
|
4.54
|
||||||||||||||||||
Home equity lines of credit
|
357,990
|
3,204
|
3.55
|
349,984
|
3,161
|
3.58
|
||||||||||||||||||
Installment loans
|
9,126
|
192
|
8.37
|
6,861
|
176
|
10.19
|
||||||||||||||||||
Loans, net of unearned income
|
3,283,986
|
35,937
|
4.37
|
3,121,230
|
35,059
|
4.49
|
||||||||||||||||||
Total interest earning assets
|
4,619,815
|
40,167
|
3.47
|
4,500,185
|
39,789
|
3.53
|
||||||||||||||||||
Allowance for loan losses
|
(45,467
|
)
|
(46,902
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
136,209
|
140,041
|
||||||||||||||||||||||
Total assets
|
$
|
4,710,557
|
$
|
4,593,324
|
||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
721,150
|
115
|
0.06
|
%
|
$
|
656,694
|
98
|
0.06
|
%
|
||||||||||||||
Money market accounts
|
615,815
|
513
|
0.33
|
644,676
|
634
|
0.39
|
||||||||||||||||||
Savings
|
1,250,127
|
608
|
0.19
|
1,214,885
|
663
|
0.22
|
||||||||||||||||||
Time deposits
|
1,133,396
|
2,375
|
0.83
|
1,148,055
|
2,366
|
0.82
|
||||||||||||||||||
Total interest bearing deposits
|
3,720,488
|
3,611
|
0.39
|
3,664,310
|
3,761
|
0.41
|
||||||||||||||||||
Short-term borrowings
|
186,462
|
278
|
0.59
|
185,577
|
335
|
0.72
|
||||||||||||||||||
Total interest bearing liabilities
|
3,906,950
|
3,889
|
0.39
|
3,849,887
|
4,096
|
0.42
|
||||||||||||||||||
Demand deposits
|
360,916
|
323,070
|
||||||||||||||||||||||
Other liabilities
|
28,570
|
25,214
|
||||||||||||||||||||||
Shareholders' equity
|
414,121
|
395,153
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,710,557
|
$
|
4,593,324
|
||||||||||||||||||||
Net interest income, tax equivalent
|
36,278
|
35,693
|
||||||||||||||||||||||
Net interest spread
|
3.08
|
%
|
3.11
|
%
|
||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
3.14
|
%
|
3.17
|
%
|
||||||||||||||||||||
Tax equivalent adjustment
|
(16
|
)
|
(24
|
)
|
||||||||||||||||||||
Net interest income
|
36,262
|
35,669
|
(dollars in thousands)
(Unaudited)
|
Year ended
December 31, 2015
|
Year ended
December 31, 2014
|
||||||||||||||||||||||
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
|||||||||||||||||||
Balance
|
Rate
|
Balance
|
Rate
|
|||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
107,436
|
1,418
|
1.32
|
%
|
$
|
113,563
|
1,417
|
1.25
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
439,343
|
9,132
|
2.08
|
555,430
|
12,150
|
2.19
|
||||||||||||||||||
State and political subdivisions
|
1,812
|
133
|
7.40
|
3,924
|
280
|
7.14
|
||||||||||||||||||
Corporate bonds
|
613
|
1
|
0.16
|
3,156
|
65
|
2.04
|
||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
97,496
|
2,004
|
2.06
|
107,029
|
2,154
|
2.01
|
||||||||||||||||||
Mortgage backed securities andcollateralized mortgage obligations-commercial
|
10,566
|
149
|
1.41
|
10,837
|
151
|
1.40
|
||||||||||||||||||
Other
|
685
|
16
|
2.34
|
674
|
16
|
2.37
|
||||||||||||||||||
Total securities available for sale
|
657,951
|
12,853
|
1.95
|
794,613
|
16,233
|
2.04
|
||||||||||||||||||
Federal funds sold and other short-term Investments
|
664,516
|
1,725
|
0.26
|
589,873
|
1,464
|
0.25
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Corporate bonds
|
9,967
|
615
|
6.17
|
9,952
|
615
|
6.18
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
53,763
|
1,844
|
3.43
|
68,404
|
2,259
|
3.30
|
||||||||||||||||||
Total held to maturity securities
|
63,730
|
2,459
|
3.86
|
78,356
|
2,874
|
3.67
|
||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,414
|
467
|
4.96
|
10,135
|
511
|
5.04
|
||||||||||||||||||
Commercial loans
|
210,210
|
10,861
|
5.17
|
221,251
|
11,328
|
5.12
|
||||||||||||||||||
Residential mortgage loans
|
2,661,421
|
117,820
|
4.43
|
2,443,558
|
111,720
|
4.57
|
||||||||||||||||||
Home equity lines of credit
|
354,718
|
12,508
|
3.53
|
343,264
|
12,263
|
3.57
|
||||||||||||||||||
Installment loans
|
8,457
|
726
|
8.59
|
6,083
|
678
|
11.14
|
||||||||||||||||||
Loans, net of unearned income
|
3,234,806
|
141,915
|
4.39
|
3,014,156
|
135,989
|
4.51
|
||||||||||||||||||
Total interest earning assets
|
4,630,417
|
159,419
|
3.44
|
4,487,133
|
157,071
|
3.50
|
||||||||||||||||||
Allowance for loan losses
|
(46,023
|
)
|
(47,409
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
136,752
|
135,217
|
||||||||||||||||||||||
Total assets
|
$
|
4,721,146
|
$
|
4,574,941
|
||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
708,331
|
448
|
0.06
|
%
|
$
|
636,140
|
365
|
0.06
|
%
|
||||||||||||||
Money market accounts
|
628,096
|
2,214
|
0.35
|
650,779
|
2,499
|
0.38
|
||||||||||||||||||
Savings
|
1,245,100
|
2,468
|
0.20
|
1,227,473
|
2,662
|
0.22
|
||||||||||||||||||
Time deposits
|
1,173,426
|
9,853
|
0.84
|
1,145,118
|
8,565
|
0.75
|
||||||||||||||||||
Total interest bearing deposits
|
3,754,953
|
14,983
|
0.40
|
3,659,510
|
14,091
|
0.39
|
||||||||||||||||||
Short-term borrowings
|
184,725
|
1,214
|
0.66
|
189,430
|
1,397
|
0.74
|
||||||||||||||||||
Total interest bearing liabilities
|
3,939,678
|
16,197
|
0.41
|
3,848,940
|
15,488
|
0.40
|
||||||||||||||||||
Demand deposits
|
348,552
|
319,458
|
||||||||||||||||||||||
Other liabilities
|
27,155
|
23,733
|
||||||||||||||||||||||
Shareholders' equity
|
405,761
|
382,810
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,721,146
|
$
|
4,574,941
|
||||||||||||||||||||
Net interest income, tax equivalent
|
143,222
|
141,583
|
||||||||||||||||||||||
Net interest spread
|
3.03
|
%
|
3.10
|
%
|
||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
3.09
|
%
|
3.16
|
%
|
||||||||||||||||||||
Tax equivalent adjustment
|
(74
|
)
|
(130
|
)
|
||||||||||||||||||||
Net interest income
|
143,148
|
141,453
|
12/31/15
|
09/30/15
|
12/31/14
|
||||||||||
Tangible Book Value Per Share
|
||||||||||||
Equity
|
$
|
413,310
|
412,292
|
393,444
|
||||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible equity
|
412,757
|
411,739
|
392,891
|
|||||||||
Shares outstanding
|
95,262
|
95,149
|
94,857
|
|||||||||
Tangible book value per share
|
4.33
|
4.33
|
4.14
|
|||||||||
Book value per share
|
4.34
|
4.33
|
4.15
|
|||||||||
Tangible Equity to Tangible Assets
|
||||||||||||
Total Assets
|
4,734,992
|
4,725,817
|
4,644,439
|
|||||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible assets
|
4,734,439
|
4,725,264
|
4,643,886
|
|||||||||
Tangible Equity to Tangible Assets
|
8.72
|
%
|
8.71
|
%
|
8.46
|
%
|
||||||
Equity to Assets
|
8.73
|
%
|
8.72
|
%
|
8.47
|
%
|
3 Months Ended
|
Years Ended
|
|||||||||||||||||||
Efficiency Ratio
|
12/31/15
|
09/30/15
|
12/31/14
|
12/31/15
|
12/31/14
|
|||||||||||||||
Net interest income
|
$
|
36,262
|
36,050
|
35,669
|
143,148
|
141,453
|
||||||||||||||
Taxable equivalent adjustment
|
16
|
19
|
24
|
74
|
130
|
|||||||||||||||
Net interest income (fully taxable equivalent)
|
36,278
|
36,069
|
35,693
|
143,222
|
141,583
|
|||||||||||||||
Non-interest income
|
4,430
|
4,365
|
4,752
|
17,872
|
19,906
|
|||||||||||||||
Less: Net gain on sale of building and nonperforming loans
|
-
|
-
|
-
|
60
|
1,719
|
|||||||||||||||
Less: Net gain on securities
|
2
|
-
|
335
|
251
|
717
|
|||||||||||||||
Revenue used for efficiency ratio
|
40,706
|
40,434
|
40,110
|
160,783
|
159,053
|
|||||||||||||||
Total noninterest expense
|
23,108
|
23,464
|
22,240
|
90,560
|
84,670
|
|||||||||||||||
Less: Other real estate expense, net
|
570
|
806
|
841
|
2,001
|
1,009
|
|||||||||||||||
Expense used for efficiency ratio
|
22,538
|
22,658
|
21,399
|
88,559
|
83,661
|
|||||||||||||||
Efficiency Ratio
|
55.37
|
%
|
56.04
|
%
|
53.35
|
%
|
55.08
|
%
|
52.60
|
%
|
3 Months Ended
|
Years Ended
|
|||||||||||||||||||
Core Net Income
|
12/31/15
|
09/30/15
|
12/31/14
|
12/31/15
|
12/31/14
|
|||||||||||||||
Net income
|
$
|
10,180
|
10,616
|
10,660
|
42,238
|
44,193
|
||||||||||||||
Less: Gain on sale of building, nonperforming loans, and significant ORE gain, net of tax
|
-
|
-
|
-
|
37
|
2,684
|
|||||||||||||||
Core net income
|
10,180
|
10,616
|
10,660
|
42,201
|
41,509
|
|||||||||||||||
Average basic shares outstanding (in thousands)
|
95,256
|
95,149
|
94,681
|
95,103
|
94,628
|
|||||||||||||||
Average diluted shares outstanding (in thousands)
|
95,349
|
95,234
|
94,813
|
95,213
|
94,753
|
|||||||||||||||
Net income per common share:
|
||||||||||||||||||||
- Basic
|
$
|
0.107
|
0.112
|
0.113
|
0.444
|
0.467
|
||||||||||||||
- Diluted
|
0.107
|
0.111
|
0.112
|
0.444
|
0.466
|
|||||||||||||||
Core net income per common share:
|
||||||||||||||||||||
- Basic
|
$
|
0.107
|
0.112
|
0.113
|
0.444
|
0.439
|
||||||||||||||
- Diluted
|
0.107
|
0.111
|
0.112
|
0.443
|
0.438
|
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