News Release
|
|
5 Sarnowski Drive, Glenville, New York, 12302
(518) 377-3311 Fax: (518) 381-3668
|
Subsidiary: Trustco Bank
|
NASDAQ -- TRST |
Contact: |
Robert Leonard
Executive Vice President and
Chief Risk Officer
(518) 381-3693
|
Three months ended
|
||||||||||||
6/30/2021
|
3/31/2021
|
6/30/2020
|
||||||||||
Summary of operations
|
||||||||||||
Net interest income (TE)
|
$
|
40,122
|
40,107
|
37,681
|
||||||||
Provision for loan losses
|
-
|
350
|
2,000
|
|||||||||
Noninterest income
|
4,688
|
4,428
|
3,426
|
|||||||||
Noninterest expense
|
25,440
|
25,335
|
23,932
|
|||||||||
Net income
|
14,433
|
14,083
|
11,254
|
|||||||||
Per share (4)
|
||||||||||||
Net income per share:
|
||||||||||||
- Basic
|
$
|
0.749
|
0.730
|
0.584
|
||||||||
- Diluted
|
0.748
|
0.730
|
0.584
|
|||||||||
Cash dividends
|
0.341
|
0.341
|
0.341
|
|||||||||
Book value at period end
|
30.00
|
29.60
|
28.67
|
|||||||||
Market price at period end
|
34.38
|
36.85
|
31.65
|
|||||||||
At period end
|
||||||||||||
Full time equivalent employees
|
769
|
820
|
806
|
|||||||||
Full service banking offices
|
147
|
148
|
148
|
|||||||||
Performance ratios
|
||||||||||||
Return on average assets
|
0.95
|
%
|
0.96
|
0.82
|
||||||||
Return on average equity
|
10.05
|
10.01
|
8.21
|
|||||||||
Efficiency (1)
|
56.91
|
56.35
|
58.30
|
|||||||||
Net interest spread (TE)
|
2.66
|
2.74
|
2.69
|
|||||||||
Net interest margin (TE)
|
2.70
|
2.78
|
2.81
|
|||||||||
Dividend payout ratio
|
45.51
|
46.65
|
58.37
|
|||||||||
Capital ratios at period end
|
||||||||||||
Consolidated tangible equity to tangible assets (2)
|
9.44
|
%
|
9.44
|
9.74
|
||||||||
Consolidated equity to assets
|
9.45
|
%
|
9.44
|
9.75
|
||||||||
Asset quality analysis at period end
|
||||||||||||
Nonperforming loans to total loans
|
0.48
|
0.51
|
0.52
|
|||||||||
Nonperforming assets to total assets
|
0.34
|
0.36
|
0.40
|
|||||||||
Allowance for loan losses to total loans
|
1.15
|
1.17
|
1.15
|
|||||||||
Coverage ratio (3)
|
2.4
|
x
|
2.3
|
x
|
2.2
|
x
|
(1) |
Non-GAAP measure; calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income. See Non-GAAP Financial
Measures Reconciliation.
|
(2) |
Non-GAAP measure; calculated as total equity less $553 of intangible assets divided by total assets less $553 of intangible assets. See Non-GAAP Financial Measures Reconciliation.
|
(3) |
Calculated as allowance for loan losses divided by total nonperforming loans.
|
(4) |
All periods presented have been adjusted for the 1 for 5 reverse stock split which occurred on May 28, 2021.
|
Six months ended
|
||||||||
06/30/21
|
06/30/20
|
|||||||
Summary of operations
|
||||||||
Net interest income (TE)
|
$
|
80,229
|
76,235
|
|||||
Provision for loan losses
|
350
|
4,000
|
||||||
Net gain on securities transactions
|
-
|
1,155
|
||||||
Noninterest income, excluding net gain on securities transactions
|
9,116
|
7,605
|
||||||
Noninterest expense
|
50,775
|
48,200
|
||||||
Net income
|
28,516
|
24,567
|
||||||
Per share (2)
|
||||||||
Net income per share:
|
||||||||
- Basic
|
$
|
1.479
|
1.272
|
|||||
- Diluted
|
1.478
|
1.272
|
||||||
Cash dividends
|
0.681
|
0.681
|
||||||
Book value at period end
|
30.00
|
28.67
|
||||||
Market price at period end
|
34.38
|
31.65
|
||||||
Performance ratios
|
||||||||
Return on average assets
|
0.96
|
0.92
|
||||||
Return on average equity
|
10.03
|
9.04
|
||||||
Efficiency (1)
|
56.63
|
57.30
|
||||||
Net interest spread (TE)
|
2.70
|
2.80
|
||||||
Net interest margin (TE)
|
2.74
|
2.93
|
||||||
Dividend payout ratio
|
46.07
|
53.52
|
(1) |
Calculated as noninterest expense (excluding ORE income/expense) divided by taxable equivalent net interest income plus noninterest income. See Non-GAAP Financial Measures
Reconciliation.
|
(2) |
All periods presented have been adjusted for the 1 for 5 reverse stock split which occurred on May 28, 2021.
|
Three months ended
|
||||||||||||||||||||
6/30/2021
|
3/31/2021
|
12/31/2020
|
9/30/2020
|
6/30/2020
|
||||||||||||||||
Interest and dividend income:
|
||||||||||||||||||||
Interest and fees on loans
|
$
|
39,808
|
40,217
|
40,906
|
41,330
|
41,665
|
||||||||||||||
Interest and dividends on securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
97
|
50
|
27
|
14
|
106
|
|||||||||||||||
State and political subdivisions
|
-
|
1
|
2
|
1
|
2
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
1,167
|
1,237
|
1,172
|
1,319
|
1,527
|
|||||||||||||||
Corporate bonds
|
323
|
316
|
349
|
646
|
488
|
|||||||||||||||
Small Business Administration - guaranteed participation securities
|
193
|
206
|
212
|
216
|
229
|
|||||||||||||||
Other securities
|
5
|
6
|
7
|
5
|
5
|
|||||||||||||||
Total interest and dividends on securities available for sale
|
1,785
|
1,816
|
1,769
|
2,201
|
2,357
|
|||||||||||||||
Interest on held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
111
|
123
|
129
|
138
|
162
|
|||||||||||||||
Total interest on held to maturity securities
|
111
|
123
|
129
|
138
|
162
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
65
|
69
|
70
|
77
|
192
|
|||||||||||||||
Interest on federal funds sold and other short-term investments
|
286
|
270
|
246
|
242
|
193
|
|||||||||||||||
Total interest income
|
42,055
|
42,495
|
43,120
|
43,988
|
44,569
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Interest on deposits:
|
||||||||||||||||||||
Interest-bearing checking
|
46
|
52
|
51
|
55
|
26
|
|||||||||||||||
Savings
|
162
|
159
|
156
|
161
|
166
|
|||||||||||||||
Money market deposit accounts
|
236
|
283
|
447
|
637
|
862
|
|||||||||||||||
Time deposits
|
1,261
|
1,666
|
3,053
|
4,749
|
5,599
|
|||||||||||||||
Interest on short-term borrowings
|
228
|
228
|
232
|
221
|
235
|
|||||||||||||||
Total interest expense
|
1,933
|
2,388
|
3,939
|
5,823
|
6,888
|
|||||||||||||||
Net interest income
|
40,122
|
40,107
|
39,181
|
38,165
|
37,681
|
|||||||||||||||
|
||||||||||||||||||||
Less: Provision for loan losses
|
-
|
350
|
600
|
1,000
|
2,000
|
|||||||||||||||
Net interest income after provision for loan losses
|
40,122
|
39,757
|
38,581
|
37,165
|
35,681
|
|||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Trustco Financial Services income
|
1,999
|
2,035
|
1,527
|
1,784
|
1,368
|
|||||||||||||||
Fees for services to customers
|
2,486
|
2,204
|
2,365
|
2,292
|
1,807
|
|||||||||||||||
Other
|
203
|
189
|
177
|
265
|
251
|
|||||||||||||||
Total noninterest income
|
4,688
|
4,428
|
4,069
|
4,341
|
3,426
|
|||||||||||||||
Noninterest expenses:
|
||||||||||||||||||||
Salaries and employee benefits
|
12,403
|
12,425
|
11,727
|
10,899
|
11,648
|
|||||||||||||||
Net occupancy expense
|
4,328
|
4,586
|
4,551
|
4,277
|
4,385
|
|||||||||||||||
Equipment expense
|
1,600
|
1,631
|
1,621
|
1,607
|
1,606
|
|||||||||||||||
Professional services
|
1,614
|
1,432
|
1,644
|
1,311
|
1,182
|
|||||||||||||||
Outsourced services
|
2,169
|
2,250
|
1,925
|
1,875
|
1,875
|
|||||||||||||||
Advertising expense
|
549
|
354
|
527
|
305
|
601
|
|||||||||||||||
FDIC and other insurance
|
777
|
707
|
657
|
660
|
609
|
|||||||||||||||
Other real estate (income) expense, net
|
(60
|
)
|
239
|
45
|
(115
|
)
|
(32
|
)
|
||||||||||||
Other
|
2,060
|
1,711
|
2,133
|
1,855
|
2,058
|
|||||||||||||||
Total noninterest expenses
|
25,440
|
25,335
|
24,830
|
22,674
|
23,932
|
|||||||||||||||
Income before taxes
|
19,370
|
18,850
|
17,820
|
18,832
|
15,175
|
|||||||||||||||
Income taxes
|
4,937
|
4,767
|
4,006
|
4,761
|
3,921
|
|||||||||||||||
Net income
|
$
|
14,433
|
14,083
|
13,814
|
14,071
|
11,254
|
||||||||||||||
Net income per common share (1):
|
||||||||||||||||||||
- Basic
|
$
|
0.749
|
0.730
|
0.716
|
0.730
|
0.584
|
||||||||||||||
- Diluted
|
0.748
|
0.730
|
0.716
|
0.730
|
0.584
|
|||||||||||||||
Average basic shares (in thousands) (1)
|
19,281
|
19,287
|
19,287
|
19,287
|
19,287
|
|||||||||||||||
Average diluted shares (in thousands) (1)
|
19,290
|
19,293
|
19,288
|
19,288
|
19,287
|
|||||||||||||||
Note: Taxable equivalent net interest income
|
$
|
40,122
|
40,107
|
39,182
|
38,166
|
37,681
|
(1) |
All periods presented have been adjusted for the 1 for 5 reverse stock split which occurred on May 28, 2021.
|
Six months ended
|
||||||||
06/30/21
|
06/30/20
|
|||||||
Interest and dividend income:
|
||||||||
Interest and fees on loans
|
$
|
80,025
|
83,728
|
|||||
Interest and dividends on securities available for sale:
|
||||||||
U. S. government sponsored enterprises
|
147
|
527
|
||||||
State and political subdivisions
|
1
|
3
|
||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
2,404
|
3,640
|
||||||
Corporate bonds
|
639
|
726
|
||||||
Small Business Administration - guaranteed participation securities
|
399
|
474
|
||||||
Other securities
|
11
|
11
|
||||||
Total interest and dividends on securities available for sale
|
3,601
|
5,381
|
||||||
Interest on held to maturity securities:
|
||||||||
Mortgage-backed securities-residential
|
234
|
337
|
||||||
Total interest on held to maturity securities
|
234
|
337
|
||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
134
|
274
|
||||||
Interest on federal funds sold and other short-term investments
|
556
|
1,460
|
||||||
Total interest income
|
84,550
|
91,180
|
||||||
Interest expense:
|
||||||||
Interest on deposits:
|
||||||||
Interest-bearing checking
|
98
|
42
|
||||||
Savings
|
321
|
399
|
||||||
Money market deposit accounts
|
519
|
1,958
|
||||||
Time deposits
|
2,927
|
11,990
|
||||||
Interest on short-term borrowings
|
456
|
557
|
||||||
Total interest expense
|
4,321
|
14,946
|
||||||
Net interest income
|
80,229
|
76,234
|
||||||
Less: Provision for loan losses
|
350
|
4,000
|
||||||
Net interest income after provision for loan losses
|
79,879
|
72,234
|
||||||
Noninterest income:
|
||||||||
Trustco Financial Services income
|
4,034
|
2,968
|
||||||
Fees for services to customers
|
4,690
|
4,122
|
||||||
Net gain on securities transactions
|
-
|
1,155
|
||||||
Other
|
392
|
515
|
||||||
Total noninterest income
|
9,116
|
8,760
|
||||||
Noninterest expenses:
|
||||||||
Salaries and employee benefits
|
24,828
|
23,021
|
||||||
Net occupancy expense
|
8,914
|
8,691
|
||||||
Equipment expense
|
3,231
|
3,408
|
||||||
Professional services
|
3,046
|
2,663
|
||||||
Outsourced services
|
4,419
|
3,950
|
||||||
Advertising expense
|
903
|
1,089
|
||||||
FDIC and other insurance
|
1,484
|
903
|
||||||
Other real estate expense, net
|
179
|
162
|
||||||
Other
|
3,771
|
4,313
|
||||||
Total noninterest expenses
|
50,775
|
48,200
|
||||||
Income before taxes
|
38,220
|
32,794
|
||||||
Income taxes
|
9,704
|
8,227
|
||||||
Net income
|
$
|
28,516
|
24,567
|
|||||
Net income per common share (1):
|
||||||||
- Basic
|
$
|
1.479
|
1.272
|
|||||
- Diluted
|
1.478
|
1.272
|
||||||
Average basic shares (in thousands) (1)
|
19,284
|
19,316
|
||||||
Average diluted shares (in thousands) (1)
|
19,292
|
19,319
|
||||||
Note: Taxable equivalent net interest income
|
$
|
80,229
|
76,235
|
(1) |
All periods presented have been adjusted for the 1 for 5 reverse stock split which occurred on May 28, 2021.
|
6/30/2021
|
3/31/2021
|
12/31/2020
|
9/30/2020
|
6/30/2020
|
||||||||||||||||
ASSETS:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
47,766
|
45,493
|
47,196
|
47,703
|
44,726
|
||||||||||||||
Federal funds sold and other short term investments
|
1,134,622
|
1,094,880
|
1,059,903
|
908,616
|
908,110
|
|||||||||||||||
Total cash and cash equivalents
|
1,182,388
|
1,140,373
|
1,107,099
|
956,319
|
952,836
|
|||||||||||||||
Securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
74,579
|
74,465
|
19,968
|
29,996
|
-
|
|||||||||||||||
States and political subdivisions
|
48
|
48
|
103
|
111
|
111
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
315,656
|
348,317
|
316,158
|
309,768
|
331,469
|
|||||||||||||||
Small Business Administration - guaranteed participation securities
|
37,199
|
39,232
|
42,217
|
44,070
|
45,998
|
|||||||||||||||
Corporate bonds
|
54,647
|
64,839
|
59,939
|
70,113
|
54,439
|
|||||||||||||||
Other securities
|
686
|
686
|
686
|
685
|
685
|
|||||||||||||||
Total securities available for sale
|
482,815
|
527,587
|
439,071
|
454,743
|
432,702
|
|||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
11,665
|
12,729
|
13,824
|
15,094
|
16,633
|
|||||||||||||||
Total held to maturity securities
|
11,665
|
12,729
|
13,824
|
15,094
|
16,633
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
5,604
|
5,506
|
5,506
|
5,506
|
5,506
|
|||||||||||||||
Loans:
|
||||||||||||||||||||
Commercial
|
214,164
|
217,021
|
212,492
|
231,663
|
231,212
|
|||||||||||||||
Residential mortgage loans
|
3,892,351
|
3,807,837
|
3,780,167
|
3,724,746
|
3,681,898
|
|||||||||||||||
Home equity line of credit
|
234,214
|
235,644
|
242,194
|
248,320
|
254,445
|
|||||||||||||||
Installment loans
|
8,638
|
8,670
|
9,617
|
9,826
|
10,006
|
|||||||||||||||
Loans, net of deferred net costs
|
4,349,367
|
4,269,172
|
4,244,470
|
4,214,555
|
4,177,561
|
|||||||||||||||
Less: Allowance for loan losses
|
50,155
|
49,991
|
49,595
|
49,123
|
48,144
|
|||||||||||||||
Net loans
|
4,299,212
|
4,219,181
|
4,194,875
|
4,165,432
|
4,129,417
|
|||||||||||||||
Bank premises and equipment, net
|
33,691
|
34,012
|
34,412
|
34,417
|
34,042
|
|||||||||||||||
Operating lease right-of-use assets
|
45,825
|
46,614
|
47,885
|
47,174
|
48,712
|
|||||||||||||||
Other assets
|
61,378
|
60,455
|
59,124
|
57,244
|
57,155
|
|||||||||||||||
Total assets
|
$
|
6,122,578
|
6,046,457
|
5,901,796
|
5,735,929
|
5,677,003
|
||||||||||||||
LIABILITIES:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Demand
|
$
|
765,193
|
718,343
|
652,756
|
635,345
|
612,960
|
||||||||||||||
Interest-bearing checking
|
1,152,901
|
1,141,595
|
1,086,558
|
1,024,290
|
1,001,592
|
|||||||||||||||
Savings accounts
|
1,409,556
|
1,362,141
|
1,285,501
|
1,235,259
|
1,191,682
|
|||||||||||||||
Money market deposit accounts
|
732,963
|
719,580
|
716,005
|
699,132
|
666,304
|
|||||||||||||||
Time deposits
|
1,169,907
|
1,231,263
|
1,296,373
|
1,305,024
|
1,392,769
|
|||||||||||||||
Total deposits
|
5,230,520
|
5,172,922
|
5,037,193
|
4,899,050
|
4,865,307
|
|||||||||||||||
Short-term borrowings
|
237,791
|
229,950
|
214,755
|
193,455
|
177,278
|
|||||||||||||||
Operating lease liabilities
|
50,586
|
51,449
|
52,784
|
52,125
|
53,710
|
|||||||||||||||
Accrued expenses and other liabilities
|
25,088
|
21,105
|
28,903
|
30,771
|
27,287
|
|||||||||||||||
Total liabilities
|
5,543,985
|
5,475,426
|
5,333,635
|
5,175,401
|
5,123,582
|
|||||||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||
Capital stock (1)
|
20,041
|
20,044
|
20,041
|
20,041
|
20,041
|
|||||||||||||||
Surplus (1)
|
256,536
|
256,674
|
256,606
|
256,605
|
256,601
|
|||||||||||||||
Undivided profits
|
329,350
|
321,486
|
313,974
|
306,741
|
299,239
|
|||||||||||||||
Accumulated other comprehensive income, net of tax
|
7,840
|
7,268
|
11,936
|
11,537
|
11,936
|
|||||||||||||||
Treasury stock at cost
|
(35,174
|
)
|
(34,441
|
)
|
(34,396
|
)
|
(34,396
|
)
|
(34,396
|
)
|
||||||||||
Total shareholders' equity
|
578,593
|
571,031
|
568,161
|
560,528
|
553,421
|
|||||||||||||||
Total liabilities and shareholders' equity
|
$
|
6,122,578
|
6,046,457
|
5,901,796
|
5,735,929
|
5,677,003
|
||||||||||||||
Outstanding shares (in thousands) (1)
|
19,265
|
19,288
|
19,287
|
19,287
|
19,287
|
(1) |
All periods presented have been adjusted for the 1 for 5 reverse stock split which occurred on May 28, 2021.
|
6/30/2021
|
3/31/2021
|
12/31/2020
|
9/30/2020
|
6/30/2020
|
||||||||||||||||
Nonperforming Assets
|
||||||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
150
|
125
|
452
|
491
|
571
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
18,466
|
19,826
|
19,379
|
19,977
|
20,215
|
|||||||||||||||
Installment
|
43
|
32
|
43
|
49
|
6
|
|||||||||||||||
Total non-accrual loans
|
18,659
|
19,983
|
19,874
|
20,517
|
20,792
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
20
|
22
|
23
|
25
|
26
|
|||||||||||||||
Total nonperforming loans
|
18,679
|
20,005
|
19,897
|
20,542
|
20,818
|
|||||||||||||||
Other real estate owned
|
251
|
420
|
541
|
423
|
830
|
|||||||||||||||
Total nonperforming assets
|
$
|
18,930
|
20,425
|
20,438
|
20,965
|
21,648
|
||||||||||||||
Florida
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
2,142
|
1,626
|
1,187
|
1,254
|
1,111
|
|||||||||||||||
Installment
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total non-accrual loans
|
2,142
|
1,626
|
1,187
|
1,254
|
1,111
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming loans
|
2,142
|
1,626
|
1,187
|
1,254
|
1,111
|
|||||||||||||||
Other real estate owned
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming assets
|
$
|
2,142
|
1,626
|
1,187
|
1,254
|
1,111
|
||||||||||||||
Total
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
150
|
125
|
452
|
491
|
571
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
20,608
|
21,452
|
20,566
|
21,231
|
21,326
|
|||||||||||||||
Installment
|
43
|
32
|
43
|
49
|
6
|
|||||||||||||||
Total non-accrual loans
|
20,801
|
21,609
|
21,061
|
21,771
|
21,903
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
20
|
22
|
23
|
25
|
26
|
|||||||||||||||
Total nonperforming loans
|
20,821
|
21,631
|
21,084
|
21,796
|
21,929
|
|||||||||||||||
Other real estate owned
|
251
|
420
|
541
|
423
|
830
|
|||||||||||||||
Total nonperforming assets
|
$
|
21,072
|
22,051
|
21,625
|
22,219
|
22,759
|
||||||||||||||
Quarterly Net (Recoveries) Chargeoffs
|
||||||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Commercial
|
$
|
-
|
(32
|
)
|
32
|
(1
|
)
|
(6
|
)
|
|||||||||||
Real estate mortgage - 1 to 4 family
|
(136
|
)
|
(2
|
)
|
(27
|
)
|
4
|
(27
|
)
|
|||||||||||
Installment
|
(27
|
)
|
(14
|
)
|
109
|
18
|
44
|
|||||||||||||
Total net (recoveries) chargeoffs
|
$
|
(163
|
)
|
(48
|
)
|
114
|
21
|
11
|
||||||||||||
Florida
|
||||||||||||||||||||
Commercial
|
$
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
(1
|
)
|
-
|
(1
|
)
|
-
|
-
|
|||||||||||||
Installment
|
-
|
2
|
15
|
-
|
-
|
|||||||||||||||
Total net (recoveries) chargeoffs
|
$
|
(1
|
)
|
2
|
14
|
-
|
-
|
|||||||||||||
Total
|
||||||||||||||||||||
Commercial
|
$
|
-
|
(32
|
)
|
32
|
(1
|
)
|
(6
|
)
|
|||||||||||
Real estate mortgage - 1 to 4 family
|
(137
|
)
|
(2
|
)
|
(28
|
)
|
4
|
(27
|
)
|
|||||||||||
Installment
|
(27
|
)
|
(12
|
)
|
124
|
18
|
44
|
|||||||||||||
Total net (recoveries) chargeoffs
|
$
|
(164
|
)
|
(46
|
)
|
128
|
21
|
11
|
||||||||||||
Asset Quality Ratios
|
||||||||||||||||||||
Total nonperforming loans (1)
|
$
|
20,821
|
21,631
|
21,084
|
21,796
|
21,929
|
||||||||||||||
Total nonperforming assets (1)
|
21,072
|
22,051
|
21,625
|
22,219
|
22,759
|
|||||||||||||||
Total net (recoveries) chargeoffs (2)
|
(164
|
)
|
(46
|
)
|
128
|
21
|
11
|
|||||||||||||
Allowance for loan losses (1)
|
50,155
|
49,991
|
49,595
|
49,123
|
48,144
|
|||||||||||||||
Nonperforming loans to total loans
|
0.48
|
%
|
0.51
|
%
|
0.50
|
%
|
0.52
|
%
|
0.52
|
%
|
||||||||||
Nonperforming assets to total assets
|
0.34
|
%
|
0.36
|
%
|
0.37
|
%
|
0.39
|
%
|
0.40
|
%
|
||||||||||
Allowance for loan losses to total loans
|
1.15
|
%
|
1.17
|
%
|
1.17
|
%
|
1.17
|
%
|
1.15
|
%
|
||||||||||
Coverage ratio (1)
|
240.9
|
%
|
231.1
|
%
|
235.2
|
%
|
225.4
|
%
|
219.5
|
%
|
||||||||||
Annualized net (recoveries) chargeoffs to average loans (2)
|
-0.02
|
%
|
0.00
|
%
|
0.01
|
%
|
0.00
|
%
|
0.00
|
%
|
||||||||||
Allowance for loan losses to annualized net (recoveries) chargeoffs (2)
|
N/A
|
N/A
|
96.9
|
x
|
584.8
|
x
|
1094.2
|
x
|
(Unaudited)
|
Three months ended
|
Three months ended
|
||||||||||||||||||||||
June 30, 2021
|
June 30, 2020
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Rate
|
Average
Balance
|
Interest
|
Average
Rate
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
74,971
|
97
|
0.52
|
%
|
$
|
23,291
|
106
|
1.83
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage
|
||||||||||||||||||||||||
obligations - residential
|
327,332
|
1,167
|
1.43
|
333,122
|
1,527
|
1.83
|
||||||||||||||||||
State and political subdivisions
|
48
|
-
|
-
|
110
|
2
|
7.90
|
||||||||||||||||||
Corporate bonds
|
57,021
|
323
|
2.27
|
51,494
|
488
|
3.79
|
||||||||||||||||||
Small Business Administration - guaranteed participation securities
|
36,839
|
193
|
2.09
|
45,260
|
229
|
2.03
|
||||||||||||||||||
Other
|
686
|
5
|
2.92
|
685
|
5
|
2.92
|
||||||||||||||||||
Total securities available for sale
|
496,897
|
1,785
|
1.44
|
453,962
|
2,357
|
2.08
|
||||||||||||||||||
Federal funds sold and other short-term Investments
|
1,126,298
|
286
|
0.10
|
727,006
|
193
|
0.11
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
12,179
|
111
|
3.67
|
17,199
|
162
|
3.75
|
||||||||||||||||||
Total held to maturity securities
|
12,179
|
111
|
3.67
|
17,199
|
162
|
3.75
|
||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
5,598
|
65
|
4.64
|
9,332
|
192
|
8.23
|
||||||||||||||||||
Commercial loans
|
214,912
|
2,608
|
4.85
|
223,002
|
2,610
|
4.68
|
||||||||||||||||||
Residential mortgage loans
|
3,847,274
|
34,836
|
3.62
|
3,653,342
|
36,365
|
3.98
|
||||||||||||||||||
Home equity lines of credit
|
234,476
|
2,211
|
3.78
|
260,029
|
2,515
|
3.89
|
||||||||||||||||||
Installment loans
|
8,349
|
153
|
7.34
|
10,044
|
175
|
7.02
|
||||||||||||||||||
Loans, net of unearned income
|
4,305,011
|
39,808
|
3.70
|
4,146,417
|
41,665
|
4.02
|
||||||||||||||||||
Total interest earning assets
|
5,945,983
|
42,055
|
2.83
|
5,353,916
|
44,569
|
3.33
|
||||||||||||||||||
Allowance for loan losses
|
(50,196
|
)
|
(46,832
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
197,561
|
195,815
|
||||||||||||||||||||||
Total assets
|
$
|
6,093,348
|
$
|
5,502,899
|
||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
1,149,296
|
46
|
0.02
|
%
|
$
|
953,299
|
26
|
0.01
|
%
|
||||||||||||||
Money market accounts
|
729,136
|
236
|
0.13
|
641,593
|
862
|
0.54
|
||||||||||||||||||
Savings
|
1,382,604
|
162
|
0.05
|
1,167,844
|
166
|
0.06
|
||||||||||||||||||
Time deposits
|
1,198,064
|
1,261
|
0.42
|
1,392,136
|
5,599
|
1.62
|
||||||||||||||||||
Total interest bearing deposits
|
4,459,100
|
1,705
|
0.15
|
4,154,872
|
6,653
|
0.64
|
||||||||||||||||||
Short-term borrowings
|
233,426
|
228
|
0.39
|
172,834
|
235
|
0.55
|
||||||||||||||||||
Total interest bearing liabilities
|
4,692,526
|
1,933
|
0.17
|
4,327,706
|
6,888
|
0.64
|
||||||||||||||||||
Demand deposits
|
751,719
|
548,178
|
||||||||||||||||||||||
Other liabilities
|
73,368
|
75,603
|
||||||||||||||||||||||
Shareholders' equity
|
575,735
|
551,412
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
6,093,348
|
$
|
5,502,899
|
||||||||||||||||||||
Net interest income, tax equivalent
|
40,122
|
37,681
|
||||||||||||||||||||||
Net interest spread
|
2.66
|
%
|
2.69
|
%
|
||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
2.70
|
%
|
2.81
|
%
|
||||||||||||||||||||
Tax equivalent adjustment
|
-
|
-
|
||||||||||||||||||||||
Net interest income
|
40,122
|
37,681
|
(Unaudited)
|
Six months ended
|
Six months ended
|
||||||||||||||||||||||
June 30, 2021
|
June 30, 2020
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Rate
|
Average
Balance
|
Interest
|
Average
Rate
|
|||||||||||||||||||
|
|
|||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
63,374
|
147
|
0.46
|
%
|
$
|
57,830
|
527
|
1.82
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
327,472
|
2,404
|
1.47
|
352,445
|
3,640
|
2.07
|
||||||||||||||||||
State and political subdivisions
|
49
|
1
|
6.60
|
112
|
4
|
7.74
|
||||||||||||||||||
Corporate bonds
|
60,160
|
639
|
2.12
|
39,913
|
726
|
3.64
|
||||||||||||||||||
Small Business Administration - guaranteed participation securities
|
38,203
|
399
|
2.09
|
46,339
|
474
|
2.05
|
||||||||||||||||||
Other
|
687
|
11
|
3.20
|
685
|
11
|
3.21
|
||||||||||||||||||
Total securities available for sale
|
489,945
|
3,601
|
1.47
|
497,324
|
5,382
|
2.16
|
||||||||||||||||||
Federal funds sold and other short-term Investments
|
1,078,201
|
556
|
0.10
|
569,541
|
1,460
|
0.52
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
12,723
|
234
|
3.68
|
17,671
|
337
|
3.81
|
||||||||||||||||||
Total held to maturity securities
|
12,723
|
234
|
3.68
|
17,671
|
337
|
3.81
|
||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
5,552
|
134
|
4.83
|
9,258
|
274
|
5.92
|
||||||||||||||||||
Commercial loans
|
213,853
|
5,554
|
5.19
|
210,524
|
5,152
|
4.89
|
||||||||||||||||||
Residential mortgage loans
|
3,818,426
|
69,687
|
3.65
|
3,627,535
|
72,826
|
4.02
|
||||||||||||||||||
Home equity lines of credit
|
236,417
|
4,471
|
3.81
|
262,745
|
5,383
|
4.12
|
||||||||||||||||||
Installment loans
|
8,573
|
313
|
7.37
|
10,380
|
367
|
7.11
|
||||||||||||||||||
Loans, net of unearned income
|
4,277,269
|
80,025
|
3.75
|
4,111,184
|
83,728
|
4.08
|
||||||||||||||||||
Total interest earning assets
|
5,863,690
|
84,550
|
2.89
|
5,204,978
|
91,181
|
3.51
|
||||||||||||||||||
Allowance for loan losses
|
(50,071
|
)
|
(45,676
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
197,682
|
194,718
|
||||||||||||||||||||||
Total assets
|
$
|
6,011,301
|
$
|
5,354,020
|
||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
1,117,113
|
98
|
0.02
|
%
|
$
|
912,226
|
42
|
0.01
|
%
|
||||||||||||||
Money market accounts
|
727,363
|
519
|
0.14
|
627,897
|
1,958
|
0.63
|
||||||||||||||||||
Savings
|
1,349,013
|
321
|
0.05
|
1,142,201
|
399
|
0.07
|
||||||||||||||||||
Time deposits
|
1,229,838
|
2,927
|
0.48
|
1,381,025
|
11,990
|
1.75
|
||||||||||||||||||
Total interest bearing deposits
|
4,423,327
|
3,865
|
0.18
|
4,063,349
|
14,389
|
0.71
|
||||||||||||||||||
Short-term borrowings
|
228,643
|
456
|
0.40
|
163,251
|
557
|
0.69
|
||||||||||||||||||
Total interest bearing liabilities
|
4,651,970
|
4,321
|
0.19
|
4,226,600
|
14,946
|
0.71
|
||||||||||||||||||
Demand deposits
|
712,790
|
503,327
|
||||||||||||||||||||||
Other liabilities
|
73,276
|
77,303
|
||||||||||||||||||||||
Shareholders' equity
|
573,265
|
546,790
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
6,011,301
|
$
|
5,354,020
|
||||||||||||||||||||
Net interest income, tax equivalent
|
80,229
|
76,235
|
||||||||||||||||||||||
Net interest spread
|
2.70
|
%
|
2.80
|
%
|
||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
2.74
|
%
|
2.93
|
%
|
||||||||||||||||||||
Tax equivalent adjustment
|
-
|
(1
|
)
|
|||||||||||||||||||||
Net interest income
|
80,229
|
76,234
|
6/30/2021
|
3/31/2021
|
6/30/2020
|
||||||||||
Tangible Equity to Tangible Assets
|
||||||||||||
Total Assets (GAAP)
|
$
|
6,122,578
|
6,046,457
|
5,677,003
|
||||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible assets (Non-GAAP)
|
6,122,025
|
6,045,904
|
5,676,450
|
|||||||||
Equity (GAAP)
|
578,593
|
571,031
|
553,421
|
|||||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible equity (Non-GAAP)
|
578,040
|
570,478
|
552,868
|
|||||||||
Tangible Equity to Tangible Assets (Non-GAAP)
|
9.44
|
%
|
9.44
|
%
|
9.74
|
%
|
||||||
Equity to Assets (GAAP)
|
9.45
|
%
|
9.44
|
%
|
9.75
|
%
|
Three months ended
|
Six months ended
|
|||||||||||||||||||
Efficiency Ratio
|
6/30/2021
|
3/31/2021
|
6/30/2020
|
6/30/2021
|
6/30/2020
|
|||||||||||||||
Net interest income (fully taxable equivalent) (Non-GAAP)
|
$
|
40,122
|
40,107
|
37,681
|
$
|
80,229
|
76,235
|
|||||||||||||
Non-interest income (GAAP)
|
4,688
|
4,428
|
3,426
|
9,116
|
8,760
|
|||||||||||||||
Less: Net gain on securities
|
-
|
-
|
-
|
-
|
1,155
|
|||||||||||||||
Revenue used for efficiency ratio (Non-GAAP)
|
44,810
|
44,535
|
41,107
|
89,345
|
83,840
|
|||||||||||||||
Total noninterest expense (GAAP)
|
25,440
|
25,335
|
23,932
|
50,775
|
48,200
|
|||||||||||||||
Less: Other real estate (income) expense, net
|
(60
|
)
|
239
|
(32
|
)
|
179
|
162
|
|||||||||||||
Expense used for efficiency ratio (Non-GAAP)
|
25,500
|
25,096
|
23,964
|
50,596
|
48,038
|
|||||||||||||||
Efficiency Ratio
|
56.91
|
%
|
56.35
|
%
|
58.30
|
%
|
56.63
|
%
|
57.30
|
%
|