|
|
|
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))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|||
|
|
|
Item 2.02. |
Results of Operations and Financial Condition
|
Item 9.01. |
Financial Statements and Exhibits
|
(d) |
Exhibits
|
Reg S-K Exhibit No.
|
Description
|
Press release dated October 24, 2022 for the period ending September 30, 2022, regarding quarterly results.
|
|
104
|
Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.
|
Dated: October 24, 2022
|
||
TrustCo Bank Corp NY
|
||
(Registrant)
|
||
By:
|
/s/ Michael M. Ozimek
|
|
Michael M. Ozimek
|
||
Executive Vice President and
|
||
Chief Financial Officer
|
News Release
|
Subsidiary:
|
Trustco Bank
|
NASDAQ -- TRST
|
Contact:
|
Robert Leonard
|
|
Executive Vice President
|
||
(518) 381-3693
|
Three months ended
|
||||||||||||
9/30/2022
|
6/30/2022
|
9/30/2021
|
||||||||||
Summary of operations
|
||||||||||||
Net interest income (TE)
|
$
|
47,793
|
43,060
|
39,888
|
||||||||
Provision (Credit) for credit losses
|
300
|
(491
|
)
|
(2,800
|
)
|
|||||||
Noninterest income
|
4,386
|
4,916
|
4,295
|
|||||||||
Noninterest expense
|
26,144
|
25,005
|
24,697
|
|||||||||
Net income
|
19,364
|
17,871
|
16,762
|
|||||||||
Per share
|
||||||||||||
Net income per share:
|
||||||||||||
- Basic
|
$
|
1.013
|
0.933
|
0.871
|
||||||||
- Diluted
|
1.013
|
0.933
|
0.871
|
|||||||||
Cash dividends
|
0.350
|
0.350
|
0.341
|
|||||||||
Book value at period end
|
30.89
|
31.06
|
30.50
|
|||||||||
Market price at period end
|
31.42
|
30.84
|
31.97
|
|||||||||
At period end
|
||||||||||||
Full time equivalent employees
|
753
|
793
|
743
|
|||||||||
Full service banking offices
|
144
|
144
|
147
|
|||||||||
Performance ratios
|
||||||||||||
Return on average assets
|
1.24
|
%
|
1.15
|
1.08
|
||||||||
Return on average equity
|
12.78
|
12.08
|
11.40
|
|||||||||
Efficiency ratio (1)
|
49.87
|
51.97
|
55.82
|
|||||||||
Net interest spread (TE)
|
3.13
|
2.80
|
2.62
|
|||||||||
Net interest margin (TE)
|
3.16
|
2.83
|
2.65
|
|||||||||
Dividend payout ratio
|
34.57
|
37.46
|
39.13
|
|||||||||
Capital ratios at period end
|
||||||||||||
Consolidated tangible equity to tangible assets (2)
|
9.68
|
%
|
9.54
|
9.55
|
||||||||
Consolidated equity to assets
|
9.69
|
%
|
9.55
|
9.56
|
||||||||
Asset quality analysis at period end
|
||||||||||||
Nonperforming loans to total loans
|
0.40
|
0.41
|
0.46
|
|||||||||
Nonperforming assets to total assets
|
0.32
|
0.31
|
0.34
|
|||||||||
Allowance for credit losses on loans to total loans
|
0.98
|
1.00
|
1.08
|
|||||||||
Coverage ratio (3)
|
2.4
|
x
|
2.4
|
x
|
2.3
|
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 shareholders' 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 credit losses on loans divided by total nonperforming loans.
|
Nine months ended
|
||||||||
09/30/22
|
09/30/21
|
|||||||
Summary of operations
|
||||||||
Net interest income (TE)
|
$
|
130,949
|
120,117
|
|||||
(Credit) Provision for credit losses
|
(391
|
)
|
(2,450
|
)
|
||||
Noninterest income
|
14,485
|
13,411
|
||||||
Noninterest expense
|
73,914
|
75,472
|
||||||
Net income
|
54,324
|
45,278
|
||||||
Per share
|
||||||||
Net income per share:
|
||||||||
- Basic
|
$
|
2.835
|
2.349
|
|||||
- Diluted
|
2.835
|
2.349
|
||||||
Cash dividends
|
1.050
|
1.022
|
||||||
Book value at period end
|
30.89
|
30.50
|
||||||
Market price at period end
|
31.42
|
31.97
|
||||||
Performance ratios
|
||||||||
Return on average assets
|
1.17
|
%
|
1.00
|
|||||
Return on average equity
|
12.16
|
10.50
|
||||||
Efficiency ratio (1)
|
50.77
|
56.36
|
||||||
Net interest spread (TE)
|
2.86
|
2.67
|
||||||
Net interest margin (TE)
|
2.88
|
2.71
|
||||||
Dividend payout ratio
|
37.03
|
43.50
|
(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.
|
Three months ended
|
||||||||||||||||||||
9/30/2022
|
6/30/2022
|
3/31/2022
|
12/31/2021
|
9/30/2021
|
||||||||||||||||
Interest and dividend income:
|
||||||||||||||||||||
Interest and fees on loans
|
$
|
40,896
|
39,604
|
39,003
|
39,655
|
39,488
|
||||||||||||||
Interest and dividends on securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
479
|
147
|
86
|
76
|
91
|
|||||||||||||||
State and political subdivisions
|
1
|
-
|
1
|
-
|
1
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
1,617
|
1,367
|
1,087
|
1,073
|
1,038
|
|||||||||||||||
Corporate bonds
|
526
|
522
|
233
|
206
|
220
|
|||||||||||||||
Small Business Administration – guaranteed participation securities
|
133
|
140
|
154
|
165
|
181
|
|||||||||||||||
Other securities
|
3
|
2
|
2
|
4
|
5
|
|||||||||||||||
Total interest and dividends on securities available for sale
|
2,759
|
2,178
|
1,563
|
1,524
|
1,536
|
|||||||||||||||
Interest on held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
85
|
87
|
90
|
97
|
104
|
|||||||||||||||
Total interest on held to maturity securities
|
85
|
87
|
90
|
97
|
104
|
|||||||||||||||
Federal Home Loan Bank stock
|
80
|
65
|
62
|
62
|
64
|
|||||||||||||||
Interest on federal funds sold and other short-term investments
|
5,221
|
2,253
|
572
|
432
|
470
|
|||||||||||||||
Total interest income
|
49,041
|
44,187
|
41,290
|
41,770
|
41,662
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Interest on deposits:
|
||||||||||||||||||||
Interest-bearing checking
|
43
|
42
|
44
|
42
|
38
|
|||||||||||||||
Savings
|
200
|
163
|
156
|
149
|
154
|
|||||||||||||||
Money market deposit accounts
|
237
|
210
|
214
|
201
|
202
|
|||||||||||||||
Time deposits
|
646
|
536
|
546
|
865
|
1,149
|
|||||||||||||||
Interest on short-term borrowings
|
122
|
176
|
234
|
221
|
232
|
|||||||||||||||
Total interest expense
|
1,248
|
1,127
|
1,194
|
1,478
|
1,775
|
|||||||||||||||
Net interest income
|
47,793
|
43,060
|
40,096
|
40,292
|
39,887
|
|||||||||||||||
Less: Provision (Credit) for credit losses
|
300
|
(491
|
)
|
(200
|
)
|
(3,000
|
)
|
(2,800
|
)
|
|||||||||||
Net interest income after provision for loan losses
|
47,493
|
43,551
|
40,296
|
43,292
|
42,687
|
|||||||||||||||
Noninterest income:
|
||||||||||||||||||||
Trustco Financial Services income
|
1,435
|
1,996
|
1,833
|
1,766
|
1,558
|
|||||||||||||||
Fees for services to customers
|
2,705
|
2,658
|
2,801
|
2,578
|
2,531
|
|||||||||||||||
Other
|
246
|
262
|
549
|
182
|
206
|
|||||||||||||||
Total noninterest income
|
4,386
|
4,916
|
5,183
|
4,526
|
4,295
|
|||||||||||||||
Noninterest expenses:
|
||||||||||||||||||||
Salaries and employee benefits
|
12,134
|
11,464
|
9,239
|
11,984
|
11,909
|
|||||||||||||||
Net occupancy expense
|
4,483
|
4,254
|
4,529
|
4,569
|
4,259
|
|||||||||||||||
Equipment expense
|
1,532
|
1,667
|
1,588
|
1,758
|
1,628
|
|||||||||||||||
Professional services
|
1,375
|
1,484
|
1,467
|
1,579
|
1,483
|
|||||||||||||||
Outsourced services
|
2,328
|
2,500
|
2,280
|
1,950
|
2,015
|
|||||||||||||||
Advertising expense
|
508
|
389
|
617
|
762
|
310
|
|||||||||||||||
FDIC and other insurance
|
773
|
804
|
812
|
780
|
746
|
|||||||||||||||
Other real estate expense (income), net
|
124
|
74
|
11
|
(28
|
)
|
32
|
||||||||||||||
Other
|
2,887
|
2,369
|
2,222
|
2,836
|
2,315
|
|||||||||||||||
Total noninterest expenses
|
26,144
|
25,005
|
22,765
|
26,190
|
24,697
|
|||||||||||||||
Income before taxes
|
25,735
|
23,462
|
22,714
|
21,628
|
22,285
|
|||||||||||||||
Income taxes
|
6,371
|
5,591
|
5,625
|
5,387
|
5,523
|
|||||||||||||||
Net income
|
$
|
19,364
|
17,871
|
17,089
|
16,241
|
16,762
|
||||||||||||||
Net income per common share:
|
||||||||||||||||||||
- Basic
|
$
|
1.013
|
0.933
|
0.890
|
0.845
|
0.871
|
||||||||||||||
- Diluted
|
1.013
|
0.933
|
0.890
|
0.845
|
0.871
|
|||||||||||||||
Average basic shares (in thousands)
|
19,111
|
19,153
|
19,209
|
19,216
|
19,249
|
|||||||||||||||
Average diluted shares (in thousands)
|
19,112
|
19,153
|
19,210
|
19,218
|
19,252
|
|||||||||||||||
Note: Taxable equivalent net interest income
|
$
|
47,793
|
43,060
|
40,096
|
40,292
|
39,888
|
Nine months ended
|
||||||||
09/30/22
|
09/30/21
|
|||||||
Interest and dividend income:
|
||||||||
Interest and fees on loans
|
$
|
119,503
|
119,513
|
|||||
Interest and dividends on securities available for sale:
|
||||||||
U. S. government sponsored enterprises
|
712
|
238
|
||||||
State and political subdivisions
|
2
|
2
|
||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
4,071
|
3,442
|
||||||
Corporate bonds
|
1,281
|
859
|
||||||
Small Business Administration - guaranteed participation securities
|
427
|
580
|
||||||
Other securities
|
7
|
16
|
||||||
Total interest and dividends on securities available for sale
|
6,500
|
5,137
|
||||||
Interest on held to maturity securities:
|
||||||||
Mortgage-backed securities-residential
|
262
|
338
|
||||||
Total interest on held to maturity securities
|
262
|
338
|
||||||
Federal Home Loan Bank stock
|
207
|
198
|
||||||
Interest on federal funds sold and other short-term investments
|
8,046
|
1,026
|
||||||
Total interest income
|
134,518
|
126,212
|
||||||
Interest expense:
|
||||||||
Interest on deposits:
|
||||||||
Interest-bearing checking
|
129
|
136
|
||||||
Savings
|
519
|
475
|
||||||
Money market deposit accounts
|
661
|
721
|
||||||
Time deposits
|
1,728
|
4,076
|
||||||
Interest on short-term borrowings
|
532
|
688
|
||||||
Total interest expense
|
3,569
|
6,096
|
||||||
Net interest income
|
130,949
|
120,116
|
||||||
Less: (Credit) Provision for credit losses
|
(391
|
)
|
(2,450
|
)
|
||||
Net interest income after provision for loan losses
|
131,340
|
122,566
|
||||||
Noninterest income:
|
||||||||
Trustco Financial Services income
|
5,264
|
5,592
|
||||||
Fees for services to customers
|
8,164
|
7,221
|
||||||
Other
|
1,057
|
598
|
||||||
Total noninterest income
|
14,485
|
13,411
|
||||||
Noninterest expenses:
|
||||||||
Salaries and employee benefits
|
32,837
|
36,737
|
||||||
Net occupancy expense
|
13,266
|
13,173
|
||||||
Equipment expense
|
4,787
|
4,859
|
||||||
Professional services
|
4,326
|
4,529
|
||||||
Outsourced services
|
7,108
|
6,434
|
||||||
Advertising expense
|
1,514
|
1,213
|
||||||
FDIC and other insurance
|
2,389
|
2,230
|
||||||
Other real estate expense, net
|
209
|
211
|
||||||
Other
|
7,478
|
6,086
|
||||||
Total noninterest expenses
|
73,914
|
75,472
|
||||||
Income before taxes
|
71,911
|
60,505
|
||||||
Income taxes
|
17,587
|
15,227
|
||||||
Net income
|
$
|
54,324
|
45,278
|
|||||
Net income per common share:
|
||||||||
- Basic
|
$
|
2.835
|
2.349
|
|||||
- Diluted
|
2.835
|
2.349
|
||||||
Average basic shares (in thousands)
|
19,160
|
19,272
|
||||||
Average diluted shares (in thousands)
|
19,160
|
19,278
|
||||||
Note: Taxable equivalent net interest income
|
$
|
130,949
|
120,117
|
9/30/2022
|
6/30/2022
|
3/31/2022
|
12/31/2021
|
9/30/2021
|
||||||||||||||||
ASSETS:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
46,236
|
46,611
|
47,526
|
48,357
|
45,486
|
||||||||||||||
Federal funds sold and other short term investments
|
795,028
|
999,573
|
1,225,022
|
1,171,113
|
1,147,853
|
|||||||||||||||
Total cash and cash equivalents
|
841,264
|
1,046,184
|
1,272,548
|
1,219,470
|
1,193,339
|
|||||||||||||||
Securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
102,779
|
101,100
|
62,059
|
59,179
|
59,749
|
|||||||||||||||
States and political subdivisions
|
41
|
41
|
41
|
41
|
48
|
|||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
261,242
|
287,450
|
244,045
|
270,798
|
293,585
|
|||||||||||||||
Small Business Administration - guaranteed participation securities
|
22,498
|
25,428
|
28,086
|
31,674
|
34,569
|
|||||||||||||||
Corporate bonds
|
81,002
|
87,740
|
74,089
|
45,337
|
45,915
|
|||||||||||||||
Other securities
|
657
|
656
|
671
|
684
|
686
|
|||||||||||||||
Total securities available for sale
|
468,219
|
502,415
|
408,991
|
407,713
|
434,552
|
|||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
8,091
|
8,544
|
9,183
|
9,923
|
10,701
|
|||||||||||||||
Total held to maturity securities
|
8,091
|
8,544
|
9,183
|
9,923
|
10,701
|
|||||||||||||||
Federal Home Loan Bank stock
|
5,797
|
5,797
|
5,604
|
5,604
|
5,604
|
|||||||||||||||
Loans:
|
||||||||||||||||||||
Commercial
|
217,120
|
199,886
|
192,408
|
200,200
|
204,679
|
|||||||||||||||
Residential mortgage loans
|
4,132,365
|
4,076,657
|
4,026,434
|
3,998,187
|
3,951,285
|
|||||||||||||||
Home equity line of credit
|
269,341
|
253,758
|
236,117
|
230,976
|
231,314
|
|||||||||||||||
Installment loans
|
10,665
|
10,258
|
9,395
|
9,416
|
9,451
|
|||||||||||||||
Loans, net of deferred net costs
|
4,629,491
|
4,540,559
|
4,464,354
|
4,438,779
|
4,396,729
|
|||||||||||||||
Less: Allowance for credit losses on loans
|
45,517
|
45,285
|
46,178
|
44,267
|
47,350
|
|||||||||||||||
Net loans
|
4,583,974
|
4,495,274
|
4,418,176
|
4,394,512
|
4,349,379
|
|||||||||||||||
Bank premises and equipment, net
|
31,931
|
32,381
|
32,644
|
33,027
|
33,233
|
|||||||||||||||
Operating lease right-of-use assets
|
45,733
|
47,343
|
48,569
|
48,090
|
45,836
|
|||||||||||||||
Other assets
|
94,485
|
88,853
|
86,158
|
78,207
|
62,191
|
|||||||||||||||
Total assets
|
$
|
6,079,494
|
6,226,791
|
6,281,873
|
6,196,546
|
6,134,835
|
||||||||||||||
LIABILITIES:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Demand
|
$
|
859,829
|
851,573
|
835,281
|
794,878
|
790,663
|
||||||||||||||
Interest-bearing checking
|
1,188,790
|
1,208,159
|
1,225,093
|
1,191,304
|
1,148,593
|
|||||||||||||||
Savings accounts
|
1,562,564
|
1,577,034
|
1,553,152
|
1,504,554
|
1,433,130
|
|||||||||||||||
Money market deposit accounts
|
716,319
|
760,338
|
796,275
|
782,079
|
744,051
|
|||||||||||||||
Time deposits
|
954,352
|
999,737
|
940,215
|
995,314
|
1,124,581
|
|||||||||||||||
Total deposits
|
5,281,854
|
5,396,841
|
5,350,016
|
5,268,129
|
5,241,018
|
|||||||||||||||
Short-term borrowings
|
124,932
|
147,282
|
248,371
|
244,686
|
230,770
|
|||||||||||||||
Operating lease liabilities
|
50,077
|
51,777
|
53,094
|
52,720
|
50,515
|
|||||||||||||||
Accrued expenses and other liabilities
|
33,625
|
36,259
|
37,497
|
29,883
|
25,849
|
|||||||||||||||
Total liabilities
|
5,490,488
|
5,632,159
|
5,688,978
|
5,595,418
|
5,548,152
|
|||||||||||||||
SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||
Capital stock
|
20,046
|
20,046
|
20,046
|
20,046
|
20,042
|
|||||||||||||||
Surplus
|
256,661
|
256,661
|
256,661
|
256,661
|
256,565
|
|||||||||||||||
Undivided profits
|
379,769
|
367,100
|
355,948
|
349,056
|
339,554
|
|||||||||||||||
Accumulated other comprehensive (loss) income, net of tax
|
(25,209
|
)
|
(9,422
|
)
|
(2,369
|
)
|
12,147
|
7,304
|
||||||||||||
Treasury stock at cost
|
(42,261
|
)
|
(39,753
|
)
|
(37,391
|
)
|
(36,782
|
)
|
(36,782
|
)
|
||||||||||
Total shareholders' equity
|
589,006
|
594,632
|
592,895
|
601,128
|
586,683
|
|||||||||||||||
Total liabilities and shareholders' equity
|
$
|
6,079,494
|
6,226,791
|
6,281,873
|
6,196,546
|
6,134,835
|
||||||||||||||
Outstanding shares (in thousands)
|
19,052
|
19,127
|
19,202
|
19,220
|
19,216
|
9/30/2022
|
6/30/2022
|
3/31/2022
|
12/31/2021
|
9/30/2021
|
||||||||||||||||
Nonperforming Assets
|
||||||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
179
|
203
|
187
|
112
|
176
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
16,295
|
16,259
|
17,065
|
16,574
|
17,878
|
|||||||||||||||
Installment
|
29
|
40
|
33
|
37
|
32
|
|||||||||||||||
Total non-accrual loans
|
16,503
|
16,502
|
17,285
|
16,723
|
18,086
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
12
|
14
|
16
|
17
|
19
|
|||||||||||||||
Total nonperforming loans
|
16,515
|
16,516
|
17,301
|
16,740
|
18,105
|
|||||||||||||||
Other real estate owned
|
682
|
644
|
269
|
362
|
511
|
|||||||||||||||
Total nonperforming assets
|
$
|
17,197
|
17,160
|
17,570
|
17,102
|
18,616
|
||||||||||||||
Florida
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
2,104
|
2,192
|
2,109
|
2,016
|
2,066
|
|||||||||||||||
Installment
|
65
|
5
|
8
|
-
|
-
|
|||||||||||||||
Total non-accrual loans
|
2,169
|
2,197
|
2,117
|
2,016
|
2,066
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming loans
|
2,169
|
2,197
|
2,117
|
2,016
|
2,066
|
|||||||||||||||
Other real estate owned
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total nonperforming assets
|
$
|
2,169
|
2,197
|
2,117
|
2,016
|
2,066
|
||||||||||||||
Total
|
||||||||||||||||||||
Loans in nonaccrual status:
|
||||||||||||||||||||
Commercial
|
$
|
179
|
203
|
187
|
112
|
176
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
18,399
|
18,451
|
19,174
|
18,590
|
19,944
|
|||||||||||||||
Installment
|
94
|
45
|
41
|
37
|
32
|
|||||||||||||||
Total non-accrual loans
|
18,672
|
18,699
|
19,402
|
18,739
|
20,152
|
|||||||||||||||
Other nonperforming real estate mortgages - 1 to 4 family
|
12
|
14
|
16
|
17
|
19
|
|||||||||||||||
Total nonperforming loans
|
18,684
|
18,713
|
19,418
|
18,756
|
20,171
|
|||||||||||||||
Other real estate owned
|
682
|
644
|
269
|
362
|
511
|
|||||||||||||||
Total nonperforming assets
|
$
|
19,366
|
19,357
|
19,687
|
19,118
|
20,682
|
||||||||||||||
Quarterly Net (Recoveries) Chargeoffs
|
||||||||||||||||||||
New York and other states*
|
||||||||||||||||||||
Commercial
|
$
|
-
|
-
|
36
|
-
|
30
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
(164
|
)
|
(119
|
)
|
(97
|
)
|
52
|
(39
|
)
|
|||||||||||
Installment
|
34
|
12
|
3
|
31
|
14
|
|||||||||||||||
Total net (recoveries) chargeoffs
|
$
|
(130
|
)
|
(107
|
)
|
(58
|
)
|
83
|
5
|
|||||||||||
Florida
|
||||||||||||||||||||
Commercial
|
$
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Installment
|
(2
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||
Total net (recoveries) chargeoffs
|
$
|
(2
|
)
|
-
|
-
|
-
|
-
|
|||||||||||||
Total
|
||||||||||||||||||||
Commercial
|
$
|
-
|
-
|
36
|
-
|
30
|
||||||||||||||
Real estate mortgage - 1 to 4 family
|
(164
|
)
|
(119
|
)
|
(97
|
)
|
52
|
(39
|
)
|
|||||||||||
Installment
|
32
|
12
|
3
|
31
|
14
|
|||||||||||||||
Total net (recoveries) chargeoffs
|
$
|
(132
|
)
|
(107
|
)
|
(58
|
)
|
83
|
5
|
|||||||||||
Asset Quality Ratios
|
||||||||||||||||||||
Total nonperforming loans (1)
|
$
|
18,684
|
18,713
|
19,418
|
18,756
|
20,171
|
||||||||||||||
Total nonperforming assets (1)
|
19,366
|
19,357
|
19,687
|
19,118
|
20,682
|
|||||||||||||||
Total net (recoveries) chargeoffs (2)
|
(132
|
)
|
(107
|
)
|
(58
|
)
|
83
|
5
|
||||||||||||
Allowance for credit losses on loans (1)
|
45,517
|
45,285
|
46,178
|
44,267
|
47,350
|
|||||||||||||||
Nonperforming loans to total loans
|
0.40
|
%
|
0.41
|
%
|
0.43
|
%
|
0.42
|
%
|
0.46
|
%
|
||||||||||
Nonperforming assets to total assets
|
0.32
|
%
|
0.31
|
%
|
0.31
|
%
|
0.31
|
%
|
0.34
|
%
|
||||||||||
Allowance for credit losses on loans to total loans
|
0.98
|
%
|
1.00
|
%
|
1.03
|
%
|
1.00
|
%
|
1.08
|
%
|
||||||||||
Coverage ratio (1)
|
243.6
|
%
|
242.0
|
%
|
237.8
|
%
|
236.0
|
%
|
234.7
|
%
|
||||||||||
Annualized net (recoveries) chargeoffs to average loans (2)
|
-0.01
|
%
|
-0.01
|
%
|
-0.01
|
%
|
0.01
|
%
|
0.00
|
%
|
||||||||||
Allowance for credit losses on loans to annualized net (recoveries) chargeoffs (2)
|
N/A
|
N/A
|
N/A
|
133.3
|
x
|
2367.5
|
x
|
* |
Includes New York, New Jersey, Vermont and Massachusetts.
|
(1) |
At period-end
|
(2) |
For the three-month period ended
|
(Unaudited)
|
Three months ended
|
Three months ended
|
||||||||||||||||||||||
September 30, 2022
|
September 30, 2021
|
|||||||||||||||||||||||
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
|||||||||||||||||||
Balance
|
Rate
|
Balance
|
Rate
|
|||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
104,633
|
479
|
1.83
|
%
|
$
|
68,505
|
91
|
0.53
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
302,886
|
1,617
|
2.13
|
300,765
|
1,038
|
1.38
|
||||||||||||||||||
State and political subdivisions
|
41
|
1
|
8.12
|
48
|
2
|
6.66
|
||||||||||||||||||
Corporate bonds
|
86,965
|
526
|
2.42
|
48,543
|
220
|
1.81
|
||||||||||||||||||
Small Business Administration - guaranteed participation securities
|
25,533
|
133
|
2.08
|
34,578
|
181
|
2.09
|
||||||||||||||||||
Other
|
686
|
3
|
1.75
|
686
|
5
|
2.92
|
||||||||||||||||||
Total securities available for sale
|
520,744
|
2,759
|
2.12
|
453,125
|
1,537
|
1.36
|
||||||||||||||||||
Federal funds sold and other short-term Investments
|
918,909
|
5,221
|
2.25
|
1,166,679
|
470
|
0.16
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
8,306
|
85
|
4.08
|
11,168
|
104
|
3.72
|
||||||||||||||||||
Total held to maturity securities
|
8,306
|
85
|
4.08
|
11,168
|
104
|
3.72
|
||||||||||||||||||
Federal Home Loan Bank stock
|
5,797
|
80
|
5.52
|
5,604
|
64
|
4.57
|
||||||||||||||||||
Commercial loans
|
207,477
|
2,484
|
4.79
|
210,825
|
2,649
|
5.03
|
||||||||||||||||||
Residential mortgage loans
|
4,105,859
|
35,342
|
3.44
|
3,920,903
|
34,532
|
3.52
|
||||||||||||||||||
Home equity lines of credit
|
261,575
|
2,896
|
4.39
|
231,269
|
2,152
|
3.69
|
||||||||||||||||||
Installment loans
|
10,213
|
174
|
6.75
|
8,669
|
155
|
7.10
|
||||||||||||||||||
Loans, net of unearned income
|
4,585,124
|
40,896
|
3.57
|
4,371,666
|
39,488
|
3.61
|
||||||||||||||||||
Total interest earning assets
|
6,038,880
|
49,041
|
3.24
|
6,008,242
|
41,663
|
2.77
|
||||||||||||||||||
Allowance for credit losses on loans
|
(45,519
|
)
|
(50,160
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
188,672
|
195,902
|
||||||||||||||||||||||
Total assets
|
$
|
6,182,033
|
$
|
6,153,984
|
||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
1,195,370
|
43
|
0.01
|
%
|
$
|
1,153,812
|
38
|
0.01
|
%
|
||||||||||||||
Money market accounts
|
744,868
|
237
|
0.13
|
738,662
|
202
|
0.11
|
||||||||||||||||||
Savings
|
1,579,513
|
200
|
0.05
|
1,430,558
|
154
|
0.04
|
||||||||||||||||||
Time deposits
|
981,704
|
646
|
0.26
|
1,152,298
|
1,149
|
0.40
|
||||||||||||||||||
Total interest bearing deposits
|
4,501,455
|
1,126
|
0.10
|
4,475,330
|
1,543
|
0.14
|
||||||||||||||||||
Short-term borrowings
|
138,105
|
122
|
0.35
|
240,183
|
232
|
0.38
|
||||||||||||||||||
Total interest bearing liabilities
|
4,639,560
|
1,248
|
0.11
|
4,715,513
|
1,775
|
0.15
|
||||||||||||||||||
Demand deposits
|
859,122
|
780,163
|
||||||||||||||||||||||
Other liabilities
|
82,290
|
75,116
|
||||||||||||||||||||||
Shareholders' equity
|
601,061
|
583,192
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
6,182,033
|
$
|
6,153,984
|
||||||||||||||||||||
Net interest income, tax equivalent
|
47,793
|
39,888
|
||||||||||||||||||||||
Net interest spread
|
3.13
|
%
|
2.62
|
%
|
||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
3.16
|
%
|
2.65
|
%
|
||||||||||||||||||||
Tax equivalent adjustment
|
-
|
(1
|
)
|
|||||||||||||||||||||
Net interest income
|
47,793
|
39,887
|
(Unaudited)
|
Nine months ended
|
Nine months ended
|
||||||||||||||||||||||
September 30, 2022
|
September 30, 2021
|
|||||||||||||||||||||||
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
|||||||||||||||||||
Balance
|
Rate
|
Balance
|
Rate
|
|||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
79,423
|
712
|
1.19
|
%
|
$
|
65,103
|
238
|
0.49
|
%
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
282,423
|
4,071
|
1.92
|
318,472
|
3,442
|
1.44
|
||||||||||||||||||
State and political subdivisions
|
41
|
2
|
6.73
|
49
|
3
|
8.16
|
||||||||||||||||||
Corporate bonds
|
75,957
|
1,281
|
2.25
|
56,245
|
859
|
2.04
|
||||||||||||||||||
Small Business Administration - guaranteed participation securities
|
27,623
|
427
|
2.06
|
36,981
|
580
|
2.09
|
||||||||||||||||||
Other
|
686
|
7
|
2.04
|
686
|
16
|
3.11
|
||||||||||||||||||
Total securities available for sale
|
466,153
|
6,500
|
2.79
|
477,536
|
5,138
|
1.43
|
||||||||||||||||||
Federal funds sold and other short-term Investments
|
1,068,217
|
8,046
|
1.01
|
1,108,018
|
1,026
|
0.12
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
8,897
|
262
|
3.93
|
12,199
|
338
|
3.70
|
||||||||||||||||||
Total held to maturity securities
|
8,897
|
262
|
3.93
|
12,199
|
338
|
3.70
|
||||||||||||||||||
Federal Home Loan Bank stock
|
5,734
|
207
|
7.22
|
5,570
|
198
|
4.74
|
||||||||||||||||||
Commercial loans
|
200,525
|
7,412
|
4.93
|
212,832
|
8,203
|
5.14
|
||||||||||||||||||
Residential mortgage loans
|
4,054,657
|
104,310
|
3.43
|
3,852,960
|
104,219
|
3.61
|
||||||||||||||||||
Home equity lines of credit
|
246,026
|
7,289
|
3.96
|
234,682
|
6,622
|
3.77
|
||||||||||||||||||
Installment loans
|
9,507
|
492
|
6.91
|
8,608
|
469
|
7.28
|
||||||||||||||||||
Loans, net of unearned income
|
4,510,715
|
119,503
|
3.53
|
4,309,082
|
119,513
|
3.70
|
||||||||||||||||||
Total interest earning assets
|
6,059,716
|
134,518
|
2.96
|
5,912,405
|
126,213
|
2.85
|
||||||||||||||||||
Allowance for credit losses on loans
|
(46,225
|
)
|
(50,101
|
)
|
||||||||||||||||||||
Cash & non-interest earning assets
|
196,333
|
196,876
|
||||||||||||||||||||||
Total assets
|
$
|
6,209,824
|
$
|
6,059,180
|
||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
1,199,154
|
129
|
0.01
|
%
|
$
|
1,129,480
|
136
|
0.02
|
%
|
||||||||||||||
Money market accounts
|
771,301
|
661
|
0.11
|
731,171
|
721
|
0.13
|
||||||||||||||||||
Savings
|
1,557,503
|
519
|
0.04
|
1,376,494
|
475
|
0.05
|
||||||||||||||||||
Time deposits
|
971,539
|
1,728
|
0.24
|
1,203,708
|
4,076
|
0.45
|
||||||||||||||||||
Total interest bearing deposits
|
4,499,497
|
3,037
|
0.09
|
4,440,853
|
5,408
|
0.16
|
||||||||||||||||||
Short-term borrowings
|
194,228
|
532
|
0.37
|
232,532
|
688
|
0.40
|
||||||||||||||||||
Total interest bearing liabilities
|
4,693,725
|
3,569
|
0.10
|
4,673,385
|
6,096
|
0.17
|
||||||||||||||||||
Demand deposits
|
836,953
|
735,495
|
||||||||||||||||||||||
Other liabilities
|
81,780
|
73,689
|
||||||||||||||||||||||
Shareholders' equity
|
597,366
|
576,611
|
||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
6,209,824
|
$
|
6,059,180
|
||||||||||||||||||||
Net interest income, tax equivalent
|
130,949
|
120,117
|
||||||||||||||||||||||
Net interest spread
|
2.86
|
%
|
2.67
|
%
|
||||||||||||||||||||
Net interest margin (net interest income to
|
||||||||||||||||||||||||
total interest earning assets)
|
2.88
|
%
|
2.71
|
%
|
||||||||||||||||||||
Tax equivalent adjustment
|
-
|
(1
|
)
|
|||||||||||||||||||||
Net interest income
|
130,949
|
120,116
|
9/30/2022
|
6/30/2022
|
9/30/2021
|
||||||||||
Tangible Equity to Tangible Assets
|
||||||||||||
Total Assets (GAAP)
|
$
|
6,079,494
|
6,226,791
|
6,134,835
|
||||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible assets (Non-GAAP)
|
6,078,941
|
6,226,238
|
6,134,282
|
|||||||||
Equity (GAAP)
|
589,006
|
594,632
|
586,683
|
|||||||||
Less: Intangible assets
|
553
|
553
|
553
|
|||||||||
Tangible equity (Non-GAAP)
|
588,453
|
594,079
|
586,130
|
|||||||||
Tangible Equity to Tangible Assets (Non-GAAP)
|
9.68
|
%
|
9.54
|
%
|
9.55
|
%
|
||||||
Equity to Assets (GAAP)
|
9.69
|
%
|
9.55
|
%
|
9.56
|
%
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||
Efficiency Ratio
|
9/30/2022
|
6/30/2022
|
9/30/2021
|
9/30/2022
|
9/30/2021
|
|||||||||||||||
Net interest income (fully taxable equivalent) (Non-GAAP)
|
$
|
47,793
|
43,060
|
39,888
|
$
|
130,949
|
120,117
|
|||||||||||||
Non-interest income (GAAP)
|
4,386
|
4,916
|
4,295
|
14,485
|
13,411
|
|||||||||||||||
Less: Net gain on sale of building
|
-
|
-
|
-
|
268
|
-
|
|||||||||||||||
Revenue used for efficiency ratio (Non-GAAP)
|
52,179
|
47,976
|
44,183
|
145,166
|
133,528
|
|||||||||||||||
Total noninterest expense (GAAP)
|
26,144
|
25,005
|
24,697
|
73,914
|
75,472
|
|||||||||||||||
Less: Other real estate (income) expense, net
|
124
|
74
|
32
|
209
|
211
|
|||||||||||||||
Expense used for efficiency ratio (Non-GAAP)
|
26,020
|
24,931
|
24,665
|
73,705
|
75,261
|
|||||||||||||||
Efficiency Ratio
|
49.87
|
%
|
51.97
|
%
|
55.82
|
%
|
50.77
|
%
|
56.36
|
%
|
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