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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and dividend income:        
Interest and fees on loans $ 47,921 $ 40,896 $ 138,255 $ 119,503
Interest and dividends on securities available for sale:        
U. S. government sponsored enterprises 672 479 2,055 712
State and political subdivisions 0 1 1 2
Mortgage-backed securities and collateralized mortgage obligations - residential 1,485 1,617 4,613 4,071
Corporate bonds 473 526 1,510 1,281
Small Business Administration-guaranteed participation securities 107 133 335 427
Other securities 2 3 7 7
Total interest and dividends on securities available for sale 2,739 2,759 8,521 6,500
Interest on held to maturity securities:        
Mortgage-backed securities and collateralized mortgage obligations-residential 73 85 226 262
Total interest on held to maturity securities 73 85 226 262
Federal Home Loan Bank stock 131 80 351 207
Interest on federal funds sold and other short-term investments 6,688 5,221 20,213 8,046
Total interest income 57,552 49,041 167,566 134,518
Interest on deposits:        
Interest-bearing checking 102 43 217 129
Savings accounts 639 200 1,824 519
Money market deposit accounts 2,384 237 4,954 661
Time deposits 11,962 646 26,525 1,728
Interest on short-term borrowings 244 122 808 532
Total interest expense 15,331 1,248 34,328 3,569
Net interest income 42,221 47,793 133,238 130,949
Provision (Credit) for credit losses 100 300 (100) (391)
Net interest income after provision (credit) for credit losses 42,121 47,493 133,338 131,340
Noninterest income:        
Trustco financial services income 1,627 1,435 4,813 5,264
Fees for services to customers 2,590 2,705 8,085 8,164
Other 357 246 943 1,057
Total noninterest income 4,574 4,386 13,841 14,485
Noninterest expenses:        
Salaries and employee benefits 12,393 12,134 38,798 32,837
Net occupancy expense 4,358 4,483 13,218 13,266
Equipment expense 1,923 1,532 5,758 4,787
Professional services 1,717 1,375 4,684 4,326
Outsourced services 2,720 2,328 7,507 7,108
Advertising expense 586 508 1,494 1,514
FDIC and other insurance 1,078 773 3,215 2,389
Other real estate expense, net 163 124 536 209
Other 2,522 2,887 7,256 7,478
Total noninterest expenses 27,460 26,144 82,466 73,914
Income before taxes 19,235 25,735 64,713 71,911
Income taxes 4,555 6,371 15,915 17,587
Net income $ 14,680 $ 19,364 $ 48,798 $ 54,324
Net income per share:        
Basic (in dollars per share) $ 0.77 $ 1.01 $ 2.57 $ 2.84
Diluted (in dollars per share) $ 0.77 $ 1.01 $ 2.57 $ 2.84