NEW YORK
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14-1630287
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Title of each class
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Name of exchange on which registered)
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Common Stock, $1.00 Par Value
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The NASDAQ Global Select Market
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Large Accelerated Filer ☐
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Accelerated Filer ☒
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Non-Accelerated Filer ☐
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Smaller reporting company ☐
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Description
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Page
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3
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PART I
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Item 1
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3
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Item 1A
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14
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Item 1B
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23
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Item 2
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23
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Item 3
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23
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Item 4
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23
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PART II
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Item 5
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25
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Item 6
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26
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Item 7
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26
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Item 7A
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26
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Item 8
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26
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Item 9
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26
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Item 9A
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26
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Item 9B
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26
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PART III
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Item 10
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27
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Item 11
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27
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Item 12
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27
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Item 13
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27
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Item 14
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27
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PART IV
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Item 15
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27
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29
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30 |
● | 4.5% CET1 to risk-weighted assets; |
● | 6.0% Tier 1 capital to risk-weighted assets; |
● | 8.0% Total capital to risk-weighted assets; and |
● | 4% Tier 1 capital to average consolidated assets as reported on consolidated financial statements (the “leverage ratio”). |
● | Is secured by property that is owner-occupied or rented, |
● | Is made in accordance with "prudent underwriting standards," |
● | Is not 90 days or more past due or in nonaccrual status, and |
● | Is not restructured or modified. |
Amount of transaction accounts
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Reserve Requirement
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$0 to $15.2 million
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0% of amount.
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Over $15.2 million and up to $110.2 million
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3% of amount.
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Over $110.2 million
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10% of amount over $110.2 million.
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Name, Age and
Position
With Trustco
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Principal Occupations Or Employment Since January 1, 2008
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Year First
Became
Executive of
TrustCo
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Robert J. McCormick,
Age 52,
President and Chief Executive Officer
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Chairman, President and Chief Executive Officer of TrustCo from January 2009 to December 2010, President and Chief Executive Officer of TrustCo since January 2004, Executive Officer of TrustCo since 2001 and President and Chief Executive Officer of Trustco Bank since November 2002. Chairman of TrustCo and Trustco Bank from November 2008 to December 2010. Director of TrustCo and Trustco Bank since 2005. Robert J. McCormick is the son of Robert A. McCormick. Joined Trustco Bank in 1995.
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2001
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Robert T. Cushing
,
Age 60,
Executive Vice President and Chief Operating Officer
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Executive Vice President and Chief Operating Officer of TrustCo since December 2014, Executive Vice President and Chief Financial Officer of TrustCo from January 2004 to December 2014, President and Chief Executive Officer of TrustCo from November 2002 to December 2003; Executive Officer of TrustCo and Trustco Bank since 1994. Joined Trustco Bank in 1994.
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1994
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Scot R. Salvador
,
Age 49,
Executive Vice President and Chief Banking Officer
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Executive Vice President and Chief Banking Officer of TrustCo and Trustco Bank since January 2004. Executive Officer of TrustCo and Trustco Bank since 2004. Joined Trustco Bank in 1995.
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2004
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Robert M. Leonard
,
Age 53,
Executive Vice President and Secretary
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Secretary or Assistant Secretary of TrustCo and Trustco Bank since 2003. Executive Vice President of TrustCo and Trustco Bank since 2013. Senior Vice President of TrustCo and Trustco Bank from 2010 to 2013. Administrative Vice President of TrustCo and Trustco Bank from 2004 to 2010. Executive Officer of TrustCo and Trustco Bank since 2003. Joined Trustco Bank in 1986.
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2003
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Michael M. Ozimek
Age 41,
Senior Vice President and Chief Financial Officer
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Senior Vice President and Chief Financial Officer since December 2014. Administrative Vice President of TrustCo and Trustco Bank from June 2010 to December 2014. Vice President of Trustco Bank from 2004 to June 2010.
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2014
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Eric W. Schreck
Age 49,
Senior Vice President and Treasurer
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Treasurer of TrustCo since 2010. Senior Vice President and Florida Regional President since 2009. Executive Officer of TrustCo and Trustco Bank since 2010. Joined Trustco Bank in 1989.
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2010
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Thomas M. Poitras
,
Age 53,
Vice President and Assistant Secretary
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Secretary or Assistant Secretary of TrustCo and Trustco Bank since 2005. Vice President or Administrative Vice President of Trustco Bank since 2001. Executive Officer of TrustCo and Trustco Bank since 2005. Joined Trustco Bank in 1986.
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2005
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Sharon J. Parvis
,
Age 65,
Vice President and Assistant Secretary
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Assistant Secretary of TrustCo and Trustco Bank since 2005. Vice President of Trustco Bank since 1996 and Executive Officer of TrustCo and Trustco Bank since 2005. Joined Trustco Bank in 1987.
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2005
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Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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Plan category
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Number of
securities to be
issued upon
exercise of
outstanding
options, warrants
and rights
(a)
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Weighted-average
exercise price of
outstanding
options, warrants and rights
(b)
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Number of
securities
remaining
available for future
issuance under
equity compensation
plans (excluding
securities reflected
in column (a))
(c)
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||||||||
Equity compensation plans approved by security holders
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2,324,971
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7.34
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1,061,000 | ||||||||
Total
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2,324,971
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$
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7.34
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1,061,000 |
Period
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(a)
Total Number of Shares Purchased*
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(b)
Average Price Paid Per Share
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(c)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
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(d)
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
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||||||||||
November 1 to November 30, 2015
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7,483
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$
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6.47
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—
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—
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||||||||||
Total
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7,483
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$
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6.47
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—
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—
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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TrustCo Bank Corp NY
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Date: March 4, 2016
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By:
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/s/ Michael M. Ozimek
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Michael M. Ozimek
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Senior Vice President and Chief Financial Officer
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Name and Signature
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Title
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Date
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/s/ Robert J. McCormick
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||||
Robert J. McCormick
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President and Chief Executive Officer
(principal executive officer)
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March 4 , 2016
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/s/ Michael M. Ozimek
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||||
Michael M. Ozimek
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Senior Vice President and Chief Financial Officer
(principal financial and accounting officer)
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March 4 , 2016
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*
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||||
Dennis A. DeGennaro
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Chairman
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March 4 , 2016
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/s/ Brian C. Flynn
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Brian C. Flynn
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Director
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March 4 , 2016
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*
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||||
Thomas O. Maggs
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Director
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March 4 , 2016
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*
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Dr. Anthony J. Marinello
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Director
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March 4 , 2016
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*
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||||
Robert A. McCormick
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Director
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March 4 , 2016
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*
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||||
William D. Powers
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Director
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March 4 , 2016
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*
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William J. Purdy
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Director
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March 4 , 2016
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* By:
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/s/ Robert M. Leonard
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Robert M. Leonard, as Agent
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Pursuant to Power of Attorney
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Exhibit No.
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Description
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3(i)
**
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Amended and Restated Certificate of Incorporation of TrustCo Bank Corp NY, as amended.
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3(ii)
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Amended and Restated Bylaws of TrustCo Bank Corp NY, dated September 16, 2008, incorporated by reference to Exhibit 99(a) to TrustCo Bank Corp NY’s Report on Form 8-K, filed September 16, 2008.
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10(a)*
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Amended and Restated Trust For Deferred Benefits Provided under Employment Agreements of Trustco Bank, National Association and TrustCo Bank Corp NY, dated September 18, 2001 incorporated by reference to Exhibit 10(b) to TrustCo Bank Corp NY’s Annual Report on Form 10-K, for the year ended December 31, 2001.
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10(b)*
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Amended and Restated Trust Under Non-Qualified Deferred Compensation Plans of Trustco Bank, National Association and TrustCo Bank Corp NY, dated September 18, 2001, incorporated by reference to, Exhibit 10(c) to TrustCo Bank Corp NY’s Annual Report on Form 10-K, for the year ended December 31, 2001.
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10(c)*
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Amended and Restated Trustco Bank and TrustCo Bank Corp NY Supplemental Retirement Plan, effective as of January 1, 2008, incorporated by reference to Exhibit 99.6 to TrustCo Bank Corp NY’s Current Report on Form 8-K filed December 22, 2008.
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10(d)*
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Second Amended and Restated TrustCo Bank Corp NY Performance Bonus Plan, effective as of January 1, 2008, incorporated by reference to Exhibit 99.5 to TrustCo Bank Corp NY’s Current Report on Form 8-K filed December 22, 2008.
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10(e)*
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Amendment No. 1 to Second Amended and Restated TrustCo Bank Corp NY Performance Bonus Plan, effective January 1, 2010, incorporated by reference to Exhibit 99(e) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed January 19, 2010.
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10(f)*
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2011 Restatement of Trustco Bank Executive Officer Incentive Plan, effective as of February 1, 2011, incorporated by reference to Exhibit 99(a) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed January 21, 2011.
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10(g)*
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Form of 2008 Amended and Restated Employment Agreement between Trustco Bank, TrustCo Bank Corp NY and Robert J. McCormick, Robert T. Cushing and Scot R. Salvador, effective as of January 1, 2008, incorporated by reference to Exhibit 99.8 to TrustCo Bank Corp NY’s Current Report on Form 8-K filed December 22, 2008.
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10(h)*
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Amended and Restated TrustCo Bank Corp NY 1995 Stock Option Plan, dated September 18, 2001 incorporated by reference to, Exhibit 10(k) to TrustCo Bank Corp NY’s Annual Report on Form 10-K, for the year ended December 31, 2001.
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10(i)*
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Amendment No. 1 to Amended and Restated 1995 TrustCo Bank Corp NY Stock Option Plan, dated December 20, 2005, incorporated by reference to Exhibit 10(v) to TrustCo Bank Corp NY’s Annual Report on Form 10-K, for the year ended December 31, 2005.
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10(j)*
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Amendment No. 2 to Amended and Restated 1995 TrustCo Bank Corp NY Stock Option Plan, dated December 28, 2005, incorporated by reference to Exhibit 10(w) to TrustCo Bank Corp NY’s Annual Report on Form 10-K, for the year ended December 31, 2005.
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10(k)*
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Amendment No. 3 to Amended and Restated 1995 TrustCo Bank Corp NY Stock Option Plan, effective January 1, 2008, incorporated by reference to Exhibit 99.1 to TrustCo Bank Corp NY’s Current Report on Form 8-K filed December 22, 2008.
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10(l)*
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Amendment No. 4 to Amended and Restated 1995 TrustCo Bank Corp NY Stock Option Plan, effective January 1, 2010, incorporated by reference to Exhibit 99(b) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed January 19, 2010.
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10(m)*
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Amended and Restated TrustCo Bank Corp NY Directors Stock Option Plan, dated September 18, 2001 incorporated by reference to, Exhibit 10(l) to TrustCo Bank Corp NY’s Annual Report on Form 10-K, for the year ended December 31, 2001.
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10(n)*
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Amendment No. 1 to Amended and Restated TrustCo Bank Corp NY Directors Stock Option Plan, dated December 28, 2005, incorporated by reference to Exhibit 10(z) to TrustCo Bank Corp NY’s Annual Report on Form 10-K, for the year ended December 31, 2005.
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10(o)*
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Amendment No. 2 to Amended and Restated TrustCo Bank Corp NY Directors Stock Option Plan, effective January 1, 2010, incorporated by reference to Exhibit 99(d) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed January 19, 2010.
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10(p)*
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Second Amended and Restated TrustCo Bank Corp NY Directors Performance Bonus Plan, effective as of January 1, 2008, incorporated by reference to Exhibit 99.4 to TrustCo Bank Corp NY’s Current Report on Form 8-K filed December 22, 2008.
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10(q)*
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Amendment No. 1, Second Amended and Restated TrustCo Bank Corp NY Directors Performance Bonus Plan, effective January 1, 2010, incorporated by reference to Exhibit 99(f) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed January 19, 2010.
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10(r)*
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Amended and Restated Trustco Bank Deferred Compensation Plan for Directors, effective as of January 1, 2008, incorporated by reference to Exhibit 99.3 to TrustCo Bank Corp NY’s Current Report on Form 8-K filed December 22, 2008.
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10(s)*
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Consulting Agreement Between TrustCo Bank Corp NY and Robert A. McCormick, dated December 21, 2010 incorporated by reference to Exhibit 10(a) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed December 22, 2010.
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10(t)*
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Service Bureau Processing Agreement by and between Fidelity Information Services, Inc. and TrustCo Bank Corp NY dated March 3, 2004 incorporated by reference to, Exhibit 10(b) to TrustCo Bank Corp NY’s Quarterly Report on Form 10-Q, for the quarter ended March 31, 2004.
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10(u)*
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Master Service Agreement by and between Sungard Wealth Management Services, LLC and TrustCo Bank Corp NY dated April 1, 2004 (portions omitted pursuant to a request for confidential treatment) incorporated by reference to Exhibit 10(a) to TrustCo Bank Corp NY’s Quarterly Report on Form 10-Q, for the quarter ended June 30, 2004.
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10(v)*
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2004 TrustCo Directors Stock Option Plan, incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-8 (File No. 333-115689), filed May 20, 2004.
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10(w)*
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Amendment No. 1 to 2004 TrustCo Bank Corp NY Directors Stock Option Plan, dated December 28, 2005, incorporated by reference to Exhibit 10(aa) to TrustCo Bank Corp NY’s Annual Report on Form 10-K, for the year ended December 31, 2005.
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10(x)*
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Amendment No. 2 to 2004 TrustCo Bank Corp NY Directors Stock Option Plan, effective January 1, 2010, incorporated by reference to Exhibit 99(c) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed January 19, 2010.
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10(y)*
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2004 TrustCo Stock Option Plan, incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-8 (File No. 333-115674), filed May 20, 2004.
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10(z)*
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Amendment No. 1 to 2004 TrustCo Bank Corp NY Stock Option Plan, dated December 20, 2005, incorporated by reference to Exhibit 10(x) to TrustCo Bank Corp NY’s Annual Report on Form 10-K, for the year ended December 31, 2005.
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10(aa)*
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Amendment No. 2 to 2004 TrustCo Bank Corp NY Stock Option Plan, dated December 28, 2005, incorporated by reference to Exhibit 10(y) to TrustCo Bank Corp NY’s Annual Report on Form 10-K, for the year ended December 31, 2005.
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10(bb)*
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Amendment No. 3 to 2004 TrustCo Bank Corp NY Stock Option Plan, effective as of January 1, 2008, incorporated by reference to Exhibit 99.2 to TrustCo Bank Corp NY’s Current Report on Form 8-K filed December 22, 2008.
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10(cc)*
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Amendment No. 4 to 2004 TrustCo Bank Corp NY Stock Option Plan, effective January 1, 2010, incorporated by reference to Exhibit 99(a) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed January 19, 2010.
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10(dd)*
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Restatement of Trustco Bank Senior Incentive Plan, effective as of January 1, 2008, incorporated by reference to Exhibit 99.9 to TrustCo Bank Corp NY’s Current Report on Form 8-K filed December 22, 2008.
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10(ee)*
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Form of Amendments to 2008 Amended and Restated Employment Agreement between Trustco Bank, TrustCo Bank Corp NY and each of Robert J. McCormick, Robert T. Cushing and Scot R. Salvador, incorporated by reference to Exhibit 99.1 to TrustCo Bank Corp NY’s Current Report on Form 8-K filed March 17, 2009.
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10(ff)*
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Amendment No. 1 to Second Amended and Restated Trustco Bank Executive Officer Incentive Plan, incorporated by reference to Exhibit 99.1 to TrustCo Bank Corp NY’s Current Report on Form 8-K filed November 18, 2009.
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10(gg)*
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First Amendment to Restatement of Trustco Bank Senior Incentive Plan, incorporated by reference to Exhibit 99.2 to TrustCo Bank Corp NY’s Current Report on Form 8-K filed November 18, 2009.
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10(hh)*
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Amended and Restated 2010 Equity Incentive Plan dated March 17, 2015, incorporated by reference to Exhibit 10(a) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed March 23, 2015.
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10(ii)*
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Amended and Restated 2010 Directors Equity Incentive Plan dated March 17, 2015, incorporated by reference to Exhibit 10(a) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed March 23, 2015.
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10(jj)*
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Form of Incentive Stock Option Award Agreement under the TrustCo Bank Corp NY Amended and Restated 2010 Equity Incentive Plan, incorporated by reference to Exhibit 10(a) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed November 20, 2015.
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10(kk)*
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Restricted Stock Award Agreement dated November 15, 2011, incorporated by reference to Exhibit 10(b) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed November 18, 2011.
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10(ll)*
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Director Incentive Stock Option Award Agreement dated November 15, 2011, incorporated by reference to Exhibit 10(c) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed November 18, 2011.
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10(mm)*
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Director Restricted Stock Award Agreement dated November 15, 2011, incorporated by reference to Exhibit 10(d) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed November 18, 2011.
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10(nn)*
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Form of Performance Share Award Agreement under the TrustCo Bank Corp NY Amended and Restated 2010 Equity Incentive Plan, incorporated by reference to Exhibit 10(b) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed November 20, 2015.
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10(oo)*
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Form of Restricted Stock Unit Award Agreement under the TrustCo Bank Corp NY Amended and Restated 2010 Equity Incentive Plan, incorporated by reference to Exhibit 10(c) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed November 20, 2015.
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10(pp)*
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Form of Directors Restricted Stock Unit Award Agreement under the TrustCo Bank Corp NY Amended and Restated 2010 Directors Equity Incentive Plan, incorporated by reference to Exhibit 10(d) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed November 20, 2015.
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10(qq)*
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Employment Agreement among Trustco Bank, TrustCo Bank Corp NY And Robert M. Leonard, effective November 19, 2013, incorporated by reference to Exhibit 10(a) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed November 25, 2013.
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10(rr)*
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Amendment No. 1 to 2011 Restatement of Trustco Bank Executive Officer Incentive Plan, effective as of December 17, 2013, incorporated by reference to Exhibit 10(a) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed December 23, 2013.
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10(ss)*
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Consulting Agreement between TrustCo Bank Corp NY And Robert T. Cushing, dated as of December 16, 2014, incorporated by reference to Exhibit 10.1 to TrustCo Bank Corp NY’s Current Report on Form 8-K filed December 16, 2014.
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10(tt)*
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Performance-Based Stock Appreciation Unit Agreement dated as of January 21, 2014, incorporated by reference to Exhibit 10(a) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed January 24, 2014.
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10(uu)
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Formal Agreement by and between Trustco Bank and the OCC dated July 21, 2015, incorporated by reference to Exhibit 10.1 to TrustCo Bank Corp NY’s first current report on Form 8-K filed July 21, 2015.
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10(vv)*
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Form of Consent and Waiver of officers of TrustCo Bank Corp NY and Trustco Bank, incorporated by reference to Exhibit 10(a) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed November 20, 2015.
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11**
|
Computation of Net Income Per Common Share. Note 11 of TrustCo’s Annual Report to Shareholders for the year ended December 31, 2015 is incorporated herein by reference.
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13
**
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Portions of Annual Report to Security Holders of TrustCo for the year ended December 31, 2015.
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21
**
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List of Subsidiaries of TrustCo.
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23
**
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Consent of Independent Registered Public Accounting Firm.
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24
**
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Power of Attorney.
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31(i)(a)
**
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Rule 13a-14(a)/15d-14(a) Certification of Robert J. McCormick, principal executive officer.
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31(i)(b)
**
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Rule 13a-14(a)/15d-14(a) Certification of Michael M. Ozimek, principal financial officer.
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32
**
|
Section 1350 Certifications of Robert J. McCormick, principal executive officer and Michael M. Ozimek, principal financial officer.
|
101.INS
|
XBRL Instance Document.
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
*
|
Management contract or compensatory plan or arrangement.
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**
|
Filed herewith.
|
1. | The name of the Corporation is: TrustCo Bank Corp N Y. |
2. | The Certificate of Incorporation was filed by the Department of State on the twenty-eighth day of October, 1981. A Restated Certificate of Incorporation was filed by the Department of State on the fifteenth day of July, 1988 and an Amendment to the Certificate of Incorporation was filed by the Department of State on the twenty-ninth day of August, 1991. An additional Restated Certificate of Incorporation was filed by the Department of State on the sixth day of August, 1993. Additional amendments to the Certificate of Incorporation were filed by the Department of State on June 5, 1996, June 5, 1997, October 2, 1997, May 20, 1999 and June 25, 2004. |
3. |
a.
|
The Certificate of Incorporation is amended to increase the number of authorized shares of common stock from 100,000,000 shares to 150,000,000 shares. The number of shares of common stock issued before and after such Amendment shall be 82,119,360, such change being at the rate of 1 share of issued common stock for 1 share of issued common stock. The number of shares of common stock unissued before such Amendment shall be 17,880,640 and the number of shares of common stock unissued after such Amendment shall be 67,880,640, such change being at the rate of 1 share of unissued common stock for 1 share of unissued common stock.
|
b. | To effect the foregoing, Section 4.1 of Article IV of the Certificate of Incorporation is hereby stricken out in its entirety, and the following new Article IV is substituted in lieu thereof: |
4. | The amendment to the Certificate of Incorporation was authorized by a majority vote of the Board of Directors, followed by vote of the holders of a majority of the Corporation’s outstanding shares entitled to vote thereon, pursuant to Section 803 of the Business Corporation Law. |
/s/ Robert J. McCormick
|
Robert J. McCormick, President & CEO
|
|
(Signature)
|
(Name and Capacity of Signer)
|
Filer’s Name
|
Corporation Service Company
|
Address
|
80 State Street, 6th Floor
|
City, State and Zip Code
|
Albany, New York 12207-2543
|
1. | The name of the Corporation is: TrustCo Bank Corp N Y. |
2. | The Certificate of Incorporation was filed by the Department of State on the twenty-eighth day of October, 1981. A Restated Certificate of Incorporation was filed by the Department of State on the fifteenth day of July, 1988 and an Amendment to the Certificate of Incorporation was filed by the Department of State on the twenty-ninth day of August, 1991. An additional Restated Certificate of Incorporation was filed by the Department of State on the sixth day of August, 1993. Additional amendments to the Certificate of Incorporation were filed by the Department of State on June 5, 1996, June 5, 1997, October 2, 1997 and May 20, 1999. |
3. |
a.
|
The Certificate of Incorporation is amended to decrease the number of Directors from not less than seven (7) members and not more than twenty (20) members to not less than five (5) members and not more than fifteen (15) members.
|
b. | To effect the foregoing, Article VI of the Certificate of Incorporation is hereby stricken out in its entirety, and the following new Article VI is substituted in lieu thereof: |
4. | The amendment to the Certificate of Incorporation was authorized by the vote of the board of directors followed by a vote of a majority of all outstanding shares entitled to vote thereon at a meeting of shareholders. |
/s/ Robert J. McCormick
|
Robert J. McCormick, President & CEO
|
|
(Signature)
|
(Name and Capacity of Signer)
|
Filer’s Name
|
Corporation Service Company
|
Address
|
80 State Street, 6th Floor
|
City, State and Zip Code
|
Albany, New York 12207-2543
|
1. | The name of the Corporation is TrustCo Bank Corp NY. |
2. | The Certificate of Incorporation was filed by the Department of State on the twenty-eighth day of October, 1981. A Restated Certificate of Incorporation was filed by the Department of State on the fifteenth day of July, 1988 and an Amendment to the Certificate of Incorporation was filed by the Department of State on the twenty-ninth day of August, 1991. An additional Restated Certificate of Incorporation was filed by the Department of State on the sixth day of August, 1993. Additional amendments to the Certificate of Incorporation were filed by the Department of State on June 5, 1996, June 5, 1997 and October 2, 1997. |
3. |
a.
|
The Certificate of Incorporation is amended to increase the number of authorized shares of common stock of the par value of $1 per share from 50,000,000 shares to 100,000,000 shares.
|
b. | To effect the foregoing, Section 4.1 of Article IV of the Amended and Restated Certificate of Incorporation is hereby stricken out in its entirety, and the following new Article IV is substituted in lieu thereof: |
4. | The amendment to the Certificate of Incorporation does not reduce stated capital. |
5. | The amendment to the Certificate of Incorporation was authorized by a majority vote of the Board of Directors, followed by vote of the holders of a majority of the Corporation’s outstanding shares entitled to vote thereon, at a meeting of shareholders. |
/s/ Robert A. McCormick
|
|
Robert A. McCormick
|
|
President and Chief Executive Officer
|
|
/s/ William F. Terry
|
|
William F. Terry
|
|
Secretary
|
MCNAMEE, LOCHNER, TITUS & WILLIAMS, P.C.
|
|
Attorneys At Law
|
|
P.O. Box 459
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75 STATE STREET
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ALBANY, NEW YORK 12201
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320 State Street
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Schenectady, NY 12301
|
|
Attn: Corporate Secretary
|
/s/ Robert A McCormick
|
||
ROBERT A. McCORMICK
|
||
President and Chief Executive Officer
|
||
/s/ William F. Terry
|
||
WILLIAM F. TERRY
|
||
Secretary
|
STATE OF NEW YORK
|
)
|
|
) SS.
|
COUNTY OF SCHENECTADY |
)
|
/s/ Robert A McCormick
|
||
ROBERT A. McCORMICK
|
||
PRESIDENT AND CHIEF EXECUTIVE OFFICER
|
/s/ Joan Clark
|
|
Notary Public
|
Filed by:
|
Lewis, Rice & Fingersh, L.C.
|
|
500 N. Broadway
|
||
Suite 2000
|
||
St. Louis, Missouri 63102
|
Financial Highlights | ||||||||||||
(dollars in thousands, except per share data)
|
Years ended December 31,
|
|||||||||||
2015
|
2014
|
Percent Change
|
||||||||||
Income:
|
||||||||||||
Net interest income (Taxable Equivalent)
|
$
|
143,222
|
$
|
141,583
|
1.16
|
%
|
||||||
Net Income
|
42,238
|
44,193
|
(4.42
|
)
|
||||||||
Per Share:
|
||||||||||||
Basic earnings
|
0.444
|
0.467
|
(4.93
|
)
|
||||||||
Diluted earnings
|
0.444
|
0.466
|
(4.72
|
)
|
||||||||
Tangible book value at period end
|
4.33
|
4.14
|
4.59
|
|||||||||
Average Balances:
|
||||||||||||
Assets
|
4,721,146
|
4,574,941
|
3.20
|
|||||||||
Loans, net
|
3,234,806
|
3,014,156
|
7.32
|
|||||||||
Deposits
|
4,103,505
|
3,978,968
|
3.13
|
|||||||||
Shareholders' equity
|
405,761
|
382,810
|
6.00
|
|||||||||
Financial Ratios:
|
||||||||||||
Return on average assets
|
0.89
|
%
|
0.97
|
%
|
(8.25
|
)
|
||||||
Return on average equity
|
10.41
|
11.54
|
(9.79
|
)
|
||||||||
Consolidated tier 1 capital to:
|
||||||||||||
Total assets (leverage)
|
8.86
|
8.55
|
3.63
|
|||||||||
Risk-adjusted assets
|
17.71
|
17.04
|
3.93
|
|||||||||
Common equity tier 1 capital ratio
|
17.71
|
N/A
|
|
N/A
|
|
|||||||
Total capital to risk-adjusted assets
|
18.97
|
18.30
|
3.66
|
|||||||||
Net loans charged off to average loans
|
0.16
|
0.22
|
(25.66
|
)
|
||||||||
Allowance for loan losses to nonperforming loans
|
1.58
|
x
|
1.36
|
x
|
16.01
|
|||||||
Efficiency ratio
|
55.08
|
%
|
52.60
|
%
|
(4.71
|
)
|
||||||
Dividend Payout ratio
|
59.13
|
56.30
|
5.02
|
Per Share information of common stock | ||||||||||||||||||||||||
Basic
Earnings
|
Diluted
Earnings
|
Cash
Dividend
|
Tangible
Book
Value
|
Range of Stock
Price
|
||||||||||||||||||||
High
|
Low
|
|||||||||||||||||||||||
2015
|
||||||||||||||||||||||||
First quarter
|
$
|
0.113
|
$
|
0.113
|
$
|
0.0656
|
$
|
4.21
|
$
|
7.33
|
$
|
6.42
|
||||||||||||
Second quarter
|
0.113
|
0.113
|
0.0656
|
4.23
|
7.19
|
6.60
|
||||||||||||||||||
Third quarter
|
0.112
|
0.111
|
0.0656
|
4.33
|
7.20
|
5.59
|
||||||||||||||||||
Fourth quarter
|
0.107
|
0.107
|
0.0656
|
4.33
|
6.63
|
5.60
|
||||||||||||||||||
2014
|
||||||||||||||||||||||||
First quarter
|
0.116
|
0.116
|
0.0656
|
3.93
|
7.33
|
6.20
|
||||||||||||||||||
Second quarter
|
0.125
|
0.125
|
0.0656
|
4.06
|
7.19
|
6.35
|
||||||||||||||||||
Third quarter
|
0.113
|
0.113
|
0.0656
|
4.10
|
7.12
|
6.43
|
||||||||||||||||||
Fourth quarter
|
0.113
|
0.112
|
0.0656
|
4.14
|
7.50
|
6.42
|
Financial Highlights
|
1
|
President’s Message
|
3-4
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
5
|
Glossary of Terms
|
34-36
|
Management’s Report on Internal Control Over Financial Reporting
|
37
|
Report of Independent Registered Public Accounting Firm
|
38-39
|
Consolidated Financial Statements and Notes
|
40-93
|
Branch Locations
|
94-98
|
Officers and Board of Directors
|
99-100
|
General Information
|
101
|
Share Price Information
|
102
|
•
|
Net income declined 4.4% to $42.2 million in 2015 versus 2014;
|
•
|
Average loans and average deposits were up $221 million and $125 million, respectively, for 2015 compared to the prior year;
|
•
|
The average balance of core deposits grew $96 million in 2015 compared to 2014;
|
•
|
Nonperforming assets declined $5.7 million or 14.2% to $34.7 million from year-end 2014 to year-end 2015;
|
•
|
At 55.1%, the efficiency ratio remained at an industry-leading level (see Non-GAAP Financial Measures Reconciliation), and;
|
•
|
The regulatory capital levels
of both the Company and the Bank improved at December 31, 2015 relative to the prior year, and the Bank continues to meet the definition of “well capitalized” for regulatory purposes.
|
•
|
an increase of $1.7 million in net interest income from 2014 to 2015 as a result of 3.2% growth in average interest earning assets, partially offset by a 7 basis point decline in the net interest margin to 3.09%,
|
•
|
a decrease in the provision for loan losses from $5.1 million in 2014 to $3.7 million in 2015,
|
•
|
an increase of $1.1 million in non-interest income (excluding net gain on sales of securities and non-recurring items) in 2015 as compared to 2014,
|
•
|
the recognition of net gains on securities transactions of $251 thousand in 2015 compared to net securities gains of $717 thousand recorded in 2014,
|
•
|
a $2.7 million decline in non-recurring items in 2015 as compared to 2014,
|
•
|
an increase of $4.9 million in non-interest expense (excluding other real estate expense, net),
|
•
|
a $992 thousand increase in other real estate expenses (net), and
|
•
|
a decrease of $2.9 million in income tax expense from $27.4 million in 2014 to $24.5 million in 2015.
|
•
|
return on average equity of 10.41% for 2015 and 11.54% for 2014, compared to medians of 8.84% in 2015 and 8.67% in 2014 for a peer group comprised of all publicly traded banks and thrifts tracked by SNL Financial with assets of $2 billion to $10 billion, and
|
•
|
an efficiency ratio of 55.08% for 2015 and 52.60% for 2014, compared to the peer group levels of 61.99% in 2015 and 63.06% in 2014.
|
3 Month T
Bill (BEY)
Yield(%)
|
2 Year T
Note
Yield(%)
|
5 Year T
Note
Yield(%)
|
10 Year T
Note
Yield(%)
|
10 Year -
2 Year
Spread(%)
|
||||||||||||||||
2015
|
||||||||||||||||||||
Beginning of Year
|
0.04
|
0.67
|
1.65
|
2.17
|
1.50
|
|||||||||||||||
Peak
|
0.29
|
1.09
|
1.81
|
2.50
|
1.77
|
|||||||||||||||
Trough
|
0.00
|
0.44
|
1.18
|
1.68
|
1.19
|
|||||||||||||||
End of Year
|
0.16
|
1.06
|
1.76
|
2.27
|
1.21
|
|||||||||||||||
Average
|
0.05
|
0.69
|
1.53
|
2.14
|
1.45
|
|||||||||||||||
Median
|
0.02
|
0.66
|
1.54
|
2.16
|
1.43
|
|||||||||||||||
2014
|
||||||||||||||||||||
Beginning of Year
|
0.07
|
0.38
|
1.75
|
3.04
|
2.66
|
|||||||||||||||
Peak
|
0.08
|
0.73
|
1.85
|
3.04
|
2.66
|
|||||||||||||||
Trough
|
0.01
|
0.30
|
1.37
|
2.07
|
1.46
|
|||||||||||||||
End of Year
|
0.04
|
0.67
|
1.65
|
2.17
|
1.50
|
|||||||||||||||
Average
|
0.03
|
0.46
|
1.64
|
2.54
|
2.08
|
|||||||||||||||
Median
|
0.03
|
0.45
|
1.65
|
2.56
|
2.09
|
(dollars in thousands)
|
2015
vs.
|
2014
vs.
|
Components of
Total Earning Assets
|
|||||||||||||||||||||||||||||
2015
|
2014
|
2013
|
2014
|
2013
|
2015
|
2014
|
2013
|
|||||||||||||||||||||||||
Loans, net
|
$
|
3,234,806
|
3,014,156
|
2,771,663
|
220,650
|
242,493
|
69.9
|
%
|
67.2
|
64.0
|
||||||||||||||||||||||
Securities available for sale (1):
|
||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises
|
107,436
|
113,563
|
221,028
|
(6,127
|
)
|
(107,465
|
)
|
2.3
|
2.5
|
5.1
|
||||||||||||||||||||||
State and political subdivisions
|
1,812
|
3,924
|
12,845
|
(2,112
|
)
|
(8,921
|
)
|
0.0
|
0.1
|
0.3
|
||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
439,343
|
555,430
|
545,487
|
(116,087
|
)
|
9,943
|
9.5
|
12.4
|
12.6
|
|||||||||||||||||||||||
Corporate bonds
|
613
|
3,156
|
46,049
|
(2,543
|
)
|
(42,893
|
)
|
0.0
|
0.1
|
1.1
|
||||||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
97,496
|
107,029
|
109,913
|
(9,533
|
)
|
(2,884
|
)
|
2.1
|
2.4
|
2.5
|
||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
10,566 | 10,837 |
10,420
|
(271
|
)
|
417
|
0.2
|
0.2
|
0.2
|
|||||||||||||||||||||||
Other
|
685
|
674
|
625
|
11
|
49
|
0.0
|
0.0
|
0.0
|
||||||||||||||||||||||||
Total securities available for sale
|
657,951
|
794,613
|
946,367
|
(136,662
|
)
|
(151,754
|
)
|
14.2
|
17.7
|
21.8
|
||||||||||||||||||||||
Held-to-maturity securities:
|
||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations
|
53,763
|
68,404
|
90,360
|
(14,641
|
)
|
(21,956
|
)
|
1.2
|
1.5
|
2.1
|
||||||||||||||||||||||
Corporate bonds
|
9,967
|
9,952
|
14,011
|
15
|
(4,059
|
)
|
0.2
|
0.2
|
0.3
|
|||||||||||||||||||||||
Total held-to-maturity securities
|
63,730
|
78,356
|
104,371
|
(14,626
|
)
|
(26,015
|
)
|
1.4
|
1.7
|
2.4
|
||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,414
|
10,135
|
10,266
|
(721
|
)
|
(131
|
)
|
0.2
|
0.2
|
0.2
|
||||||||||||||||||||||
Federal funds sold and other short-term investments
|
664,516
|
589,873
|
502,136
|
74,643
|
87,737
|
14.4
|
13.1
|
11.6
|
||||||||||||||||||||||||
Total earning assets | $ | 4,630,417 | $ | 4,487,133 | $ | 4,334,803 |
143,284
|
152,330
|
100.0
|
%
|
100.0
|
100.0
|
(dollars in thousands)
|
As of December 31,
|
|||||||||||||||||||||||
2015
|
2014
|
2013
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
Commercial
|
$
|
192,789
|
5.9
|
%
|
$
|
202,469
|
6.4
|
%
|
$
|
202,038
|
6.9
|
%
|
||||||||||||
Real estate - construction
|
26,594
|
0.8
|
38,522
|
1.2
|
35,358
|
1.2
|
||||||||||||||||||
Real estate - mortgage
|
2,705,205
|
82.1
|
2,557,613
|
81.1
|
2,325,029
|
80.0
|
||||||||||||||||||
Home equity lines of credit
|
359,325
|
10.9
|
352,134
|
11.1
|
340,489
|
11.7
|
||||||||||||||||||
Installment loans
|
9,391
|
0.3
|
7,594
|
0.2
|
5,895
|
0.2
|
||||||||||||||||||
Total loans
|
3,293,304
|
100.0
|
%
|
3,158,332
|
100.0
|
%
|
2,908,809
|
100.0
|
%
|
|||||||||||||||
Less: Allowance for loan losses
|
44,762
|
46,327
|
47,714
|
|||||||||||||||||||||
Net loans (1)
|
$
|
3,248,542
|
$
|
3,112,005
|
$
|
2,861,095
|
Average Balances
|
||||||||||||||||||||||||||||||||||||||||
2015
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||||||||||||||
Commercial
|
$
|
195,265
|
6.0
|
%
|
$
|
201,317
|
6.7
|
%
|
$
|
193,065
|
7.0
|
%
|
$
|
209,323
|
8.1
|
%
|
$
|
242,256
|
10.0
|
%
|
||||||||||||||||||||
Real estate - construction
|
29,101
|
0.9
|
35,109
|
1.2
|
36,689
|
1.3
|
34,387
|
1.3
|
18,666
|
0.8
|
||||||||||||||||||||||||||||||
Real estate - mortgage
|
2,647,265
|
81.8
|
2,428,383
|
80.6
|
2,201,348
|
79.4
|
2,004,059
|
77.9
|
1,859,797
|
76.7
|
||||||||||||||||||||||||||||||
Home equity lines of credit
|
354,718
|
11.0
|
343,264
|
11.4
|
335,409
|
12.1
|
321,299
|
12.5
|
298,996
|
12.3
|
||||||||||||||||||||||||||||||
Installment loans
|
8,457
|
0.3
|
6,083
|
0.2
|
5,152
|
0.2
|
3,915
|
0.2
|
3,622
|
0.1
|
||||||||||||||||||||||||||||||
Total loans
|
3,234,806
|
100.0
|
%
|
3,014,156
|
100.0
|
%
|
2,771,663
|
100.0
|
%
|
2,572,983
|
100.0
|
%
|
2,423,337
|
100.0
|
%
|
|||||||||||||||||||||||||
Less: Allowance for loan losses
|
46,023
|
47,409
|
48,452
|
49,148
|
46,210
|
|||||||||||||||||||||||||||||||||||
Net loans (1)
|
$
|
3,188,783
|
$
|
2,966,747
|
$
|
2,723,211
|
$
|
2,523,835
|
$
|
2,377,127
|
(dollars in thousands)
|
December 31, 2015
|
|||||||||||||||
In 1 Year
or Less
|
After 1 Year
But Within
5 Years
|
After
5 Years
|
Total
|
|||||||||||||
Commercial
|
$
|
63,381
|
52,487
|
76,921
|
192,789
|
|||||||||||
Real estate construction
|
26,594
|
-
|
-
|
26,594
|
||||||||||||
Total
|
89,975
|
52,487
|
76,921
|
219,383
|
||||||||||||
Predetermined rates
|
39,822
|
52,487
|
76,921
|
169,230
|
||||||||||||
Floating rates
|
50,153
|
-
|
-
|
50,153
|
||||||||||||
Total
|
$
|
89,975
|
52,487
|
76,921
|
219,383
|
(dollars in thousands)
|
As of December 31,
|
|||||||||||||||||||||||
2015
|
2014
|
2013
|
||||||||||||||||||||||
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
|||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
86,899
|
86,737
|
78,420
|
77,800
|
200,531
|
198,829
|
|||||||||||||||||
State and political subdivisions
|
1,270
|
1,290
|
2,232
|
2,271
|
7,623
|
7,758
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
416,625
|
411,729
|
486,107
|
483,560
|
552,230
|
532,449
|
||||||||||||||||||
Corporate bonds
|
-
|
-
|
1,500
|
1,500
|
10,429
|
10,471
|
||||||||||||||||||
Small Business Adminstration-guaranteed participation securities
|
92,620
|
90,416
|
103,273
|
100,496
|
111,383
|
103,029
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
10,422
|
10,180
|
10,696
|
10,447
|
10,965
|
10,558
|
||||||||||||||||||
Other
|
650
|
650
|
650
|
650
|
650
|
650
|
||||||||||||||||||
Total debt securities available for sale
|
608,486
|
601,002
|
682,878
|
676,724
|
893,811
|
863,744
|
||||||||||||||||||
Equity securities
|
35
|
35
|
35
|
35
|
10
|
10
|
||||||||||||||||||
Total securities available for sale
|
608,521
|
601,037
|
682,913
|
676,759
|
893,821
|
863,754
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
46,490
|
48,798
|
60,986
|
64,320
|
76,270
|
78,876
|
||||||||||||||||||
Corporate bonds
|
9,975
|
10,641
|
9,960
|
11,022
|
9,945
|
11,429
|
||||||||||||||||||
Total held to maturity securities
|
56,465
|
59,439
|
70,946
|
75,342
|
86,215
|
90,305
|
||||||||||||||||||
Total investment securities
|
$
|
664,986
|
660,476
|
753,859
|
752,101
|
980,036
|
954,059
|
(dollars in thousands)
|
As of December 31, 2015
|
|||||||||||||||||||
Maturing:
|
||||||||||||||||||||
Within
1 Year
|
After 1
But Within
5 Years
|
After 5
But Within
10 Years
|
After
10 Years
|
Total
|
||||||||||||||||
Debt securities available for sale:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
||||||||||||||||||||
Amortized cost
|
$
|
1,399
|
85,500
|
-
|
-
|
86,899
|
||||||||||||||
Fair Value
|
1,397
|
85,340
|
-
|
-
|
86,737
|
|||||||||||||||
Weighted average yield
|
0.62
|
%
|
1.47
|
-
|
-
|
1.14
|
||||||||||||||
State and political subdivisions
|
||||||||||||||||||||
Amortized cost
|
$
|
7
|
382
|
872
|
9
|
1,270
|
||||||||||||||
Fair Value
|
7
|
382
|
892
|
9
|
1,290
|
|||||||||||||||
Weighted average yield
|
5.37
|
%
|
5.71
|
4.76
|
5.29
|
4.70
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
||||||||||||||||||||
Amortized cost
|
$
|
298
|
168,678
|
247,649
|
-
|
416,625
|
||||||||||||||
Fair Value
|
306
|
167,762
|
243,661
|
-
|
411,729
|
|||||||||||||||
Weighted average yield
|
4.48
|
%
|
2.28
|
2.26
|
-
|
2.18
|
||||||||||||||
Small Business Administration-guaranteed participation securities
|
||||||||||||||||||||
Amortized cost
|
$
|
-
|
-
|
92,620
|
-
|
92,620
|
||||||||||||||
Fair Value
|
-
|
-
|
90,416
|
-
|
90,416
|
|||||||||||||||
Weighted average yield
|
-
|
%
|
-
|
2.05
|
-
|
2.04
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
||||||||||||||||||||
Amortized cost
|
$
|
-
|
10,422
|
-
|
-
|
10,422
|
||||||||||||||
Fair Value
|
-
|
10,180
|
-
|
-
|
10,180
|
|||||||||||||||
Weighted average yield
|
-
|
%
|
1.41
|
-
|
-
|
1.40
|
||||||||||||||
Other
|
||||||||||||||||||||
Amortized cost
|
$
|
50
|
600
|
-
|
-
|
650
|
||||||||||||||
Fair Value
|
50
|
600
|
-
|
-
|
650
|
|||||||||||||||
Weighted average yield
|
1.36
|
%
|
2.58
|
-
|
-
|
2.49
|
||||||||||||||
Total securities available for sale
|
||||||||||||||||||||
Amortized cost
|
$
|
1,754
|
265,582
|
341,141
|
9
|
608,486
|
||||||||||||||
Fair Value
|
1,760
|
264,264
|
334,969
|
9
|
601,002
|
|||||||||||||||
Weighted average yield
|
1.31
|
%
|
1.99
|
2.21
|
5.29
|
2.00
|
||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||
|
||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
||||||||||||||||||||
Amortized cost
|
$
|
-
|
46,490
|
-
|
-
|
46,490
|
||||||||||||||
Fair Value
|
-
|
48,798
|
-
|
-
|
48,798
|
|||||||||||||||
Weighted average yield
|
-
|
%
|
4.32
|
-
|
-
|
3.81
|
||||||||||||||
Corporate bonds
|
||||||||||||||||||||
Amortized cost
|
$
|
-
|
9,975
|
-
|
-
|
9,975
|
||||||||||||||
Fair Value
|
-
|
10,641
|
-
|
-
|
10,641
|
|||||||||||||||
Weighted average yield
|
-
|
%
|
6.14
|
-
|
-
|
6.17
|
||||||||||||||
Total held to maturity securities
|
||||||||||||||||||||
Amortized cost
|
$
|
-
|
56,465
|
-
|
-
|
56,465
|
||||||||||||||
Fair Value
|
-
|
59,439
|
-
|
-
|
59,439
|
|||||||||||||||
Weighted average yield
|
-
|
%
|
4.64
|
4.10
|
-
|
4.23
|
(dollars in thousands)
|
As of December 31, 2015
|
|||||||||||||||
Based on
Final Maturity
|
Based on
Call Date
|
|||||||||||||||
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
|||||||||||||
Within 1 year
|
$
|
1,754
|
1,760
|
87,982
|
87,833
|
|||||||||||
1 to 5 years
|
265,582
|
264,264
|
180,187
|
179,045
|
||||||||||||
5 to 10 years
|
341,141
|
334,969
|
340,308
|
334,116
|
||||||||||||
After 10 years
|
9
|
9
|
9
|
9
|
||||||||||||
Total debt securities available for sale
|
$
|
608,486
|
601,002
|
608,486
|
601,002
|
(dollars in thousands)
|
As of December 31, 2015
|
|||||||||||||||
Based on
Final Maturity
|
Based on
Call Date
|
|||||||||||||||
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
|||||||||||||
Within 1 year
|
$
|
-
|
-
|
-
|
-
|
|||||||||||
1 to 5 years
|
56,465
|
59,439
|
56,465
|
59,439
|
||||||||||||
5 to 10 years
|
-
|
-
|
-
|
-
|
||||||||||||
Total held to maturity securities
|
$
|
56,465
|
59,439
|
56,465
|
59,439
|
(dollars in thousands)
|
2015
vs.
|
2014
vs.
|
Components of
Total Funding
|
|||||||||||||||||||||||||||||
2015
|
2014
|
2013
|
2014
|
2013
|
2015
|
2014
|
2013
|
|||||||||||||||||||||||||
Demand deposits
|
$
|
348,552
|
319,458
|
302,437
|
29,094
|
17,021
|
8.1
|
%
|
7.7
|
7.5
|
||||||||||||||||||||||
Retail deposits
|
||||||||||||||||||||||||||||||||
Savings
|
1,245,100
|
1,227,473
|
1,218,655
|
17,627
|
8,818
|
29.0
|
29.4
|
30.1
|
||||||||||||||||||||||||
Time deposits under $100 thousand
|
691,774 |
704,249
|
721,498
|
(12,475
|
)
|
(17,249
|
)
|
16.1
|
16.9
|
17.8
|
||||||||||||||||||||||
Interest bearing checking accounts
|
708,331 |
636,140
|
578,531
|
72,191
|
57,609
|
16.5
|
15.3
|
14.3
|
||||||||||||||||||||||||
Money market deposits
|
628,096
|
650,779
|
650,324
|
(22,683
|
)
|
455
|
14.6
|
15.6
|
16.1
|
|||||||||||||||||||||||
Total retail deposits
|
3,273,301
|
3,218,641
|
3,169,008
|
54,660
|
49,633
|
76.3
|
77.2
|
78.3
|
||||||||||||||||||||||||
Total core deposits
|
3,621,853
|
3,538,099
|
3,471,445
|
83,754
|
66,654
|
84.5
|
84.9
|
85.8
|
||||||||||||||||||||||||
Time deposits over $100 thousand (1)
|
481,652 |
440,869
|
391,975
|
40,783
|
48,894
|
11.2
|
10.6
|
9.7
|
||||||||||||||||||||||||
Short-term borrowings
|
184,725
|
189,430
|
180,275
|
(4,705
|
)
|
9,155
|
4.3
|
4.5
|
4.5
|
|||||||||||||||||||||||
Total purchased liabilities
|
666,377
|
630,299
|
572,250
|
36,078
|
58,049
|
15.5
|
15.1
|
14.2
|
||||||||||||||||||||||||
Total sources of funding
|
$
|
4,288,230
|
4,168,398
|
4,043,695
|
119,832
|
124,703
|
100.0
|
%
|
100.0
|
100.0
|
(1) | Included in time deposits over $100 thousand was $98.7 million and $85.3 million in time deposits with balances in excess of $250 thousand as of December 31, 2015 and 2014, respectively. |
(dollars in thousands)
|
2015
|
2014
|
2013
|
|||||||||||||||||||||||||||||||||
Average
Balance
|
Interest
Income/
Expense
|
Average
Rate
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Rate
|
Average
Balance
|
Interest
Income/
Expense
|
Average
Rate
|
||||||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||||||||||||
Loans, net
|
$
|
3,234,806
|
141,915
|
4.39
|
%
|
$
|
3,014,156
|
135,989
|
4.51
|
%
|
$
|
2,771,663
|
127,974
|
4.62
|
%
|
|||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises
|
107,436
|
1,418
|
1.32
|
113,563
|
1,417
|
1.25
|
221,028
|
2,600
|
1.18
|
|||||||||||||||||||||||||||
State and political subdivisions
|
1,812
|
133
|
7.40
|
3,924
|
280
|
7.14
|
12,845
|
862
|
6.71
|
|||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
439,343
|
9,132
|
2.08
|
555,430
|
12,150
|
2.19
|
545,487
|
11,385
|
2.09
|
|||||||||||||||||||||||||||
Corporate bonds
|
613
|
1
|
0.16
|
3,156
|
65
|
2.04
|
46,049
|
812
|
1.76
|
|||||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
97,496
|
2,004
|
2.06
|
107,029
|
2,154
|
2.01
|
109,913
|
2,180
|
1.98
|
|||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
10,566
|
149
|
1.41
|
10,837
|
151
|
1.40
|
10,420
|
144
|
1.38
|
|||||||||||||||||||||||||||
Other
|
685
|
16
|
2.34
|
674
|
16
|
2.37
|
625
|
17
|
2.72
|
|||||||||||||||||||||||||||
Total securities available for sale
|
657,951
|
12,853
|
1.95
|
794,613
|
16,233
|
2.04
|
946,367
|
18,000
|
1.90
|
|||||||||||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
53,763
|
1,844
|
3.43
|
68,404
|
2,259
|
3.30
|
90,360
|
2,840
|
3.14
|
|||||||||||||||||||||||||||
Corporate bonds
|
9,967
|
615
|
6.17
|
9,952
|
615
|
6.18
|
14,011
|
833
|
5.95
|
|||||||||||||||||||||||||||
Total held to maturity securities
|
63,730
|
2,459
|
3.86
|
78,356
|
2,874
|
3.67
|
104,371
|
3,673
|
3.52
|
|||||||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,414
|
467
|
4.96
|
10,135
|
511
|
5.04
|
10,266
|
490
|
4.77
|
|||||||||||||||||||||||||||
Federal funds sold and other short-term investments
|
664,516
|
1,725
|
0.26
|
589,873
|
1,464
|
0.25
|
502,136
|
1,240
|
0.25
|
|||||||||||||||||||||||||||
Total interest earning assets
|
4,630,417
|
159,419
|
3.44
|
%
|
4,487,133
|
157,071
|
3.50
|
%
|
4,334,803
|
151,377
|
3.49
|
%
|
||||||||||||||||||||||||
Allowance for loan losses
|
(46,023
|
)
|
(47,409
|
)
|
(48,452
|
)
|
||||||||||||||||||||||||||||||
Cash and noninterest earning assets
|
136,752
|
135,217
|
136,042
|
|||||||||||||||||||||||||||||||||
Total assets
|
$
|
4,721,146
|
$
|
4,574,941
|
$
|
4,422,393
|
||||||||||||||||||||||||||||||
Liabilities and shareholders' equity
|
Interest bearing deposits:
|
Interest bearing checking accounts
|
$
|
708,331
|
448
|
0.06
|
%
|
$
|
636,140
|
365
|
0.06
|
%
|
$
|
578,531
|
329
|
0.06
|
%
|
|||||||||||||||||||||
Savings
|
1,245,100
|
2,468
|
0.20
|
1,227,473
|
2,662
|
0.22
|
1,218,655
|
3,333
|
0.27
|
|||||||||||||||||||||||||||
Time deposits and money markets
|
1,801,522
|
12,067
|
0.67
|
1,795,897
|
11,064
|
0.62
|
1,763,797
|
10,138
|
0.57
|
|||||||||||||||||||||||||||
Total interest bearing deposits
|
3,754,953
|
14,983
|
0.40
|
3,659,510
|
14,091
|
0.39
|
3,560,983
|
13,800
|
0.39
|
|||||||||||||||||||||||||||
Short-term borrowings
|
184,725
|
1,214
|
0.66
|
189,430
|
1,397
|
0.74
|
180,275
|
1,483
|
0.82
|
|||||||||||||||||||||||||||
Total interest bearing liabilities
|
3,939,678
|
16,197
|
0.41
|
%
|
3,848,940
|
15,488
|
0.40
|
%
|
3,741,258
|
15,283
|
0.41
|
%
|
||||||||||||||||||||||||
Demand deposits
|
348,552
|
319,458
|
302,437
|
|||||||||||||||||||||||||||||||||
Other liabilities
|
27,155
|
23,733
|
21,719
|
|||||||||||||||||||||||||||||||||
Shareholders' equity
|
405,761
|
382,810
|
356,979
|
|||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,721,146
|
$
|
4,574,941
|
$
|
4,422,393
|
||||||||||||||||||||||||||||||
Net interest income
|
143,222
|
141,583
|
136,094
|
|||||||||||||||||||||||||||||||||
Taxable equivalent adjustment
|
(74
|
)
|
(130
|
)
|
(330
|
)
|
||||||||||||||||||||||||||||||
Net interest income
|
143,148
|
141,453
|
135,764
|
|||||||||||||||||||||||||||||||||
Net interest spread
|
3.03
|
%
|
3.10
|
%
|
3.08
|
%
|
||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earnings assets)
|
3.09
|
3.16
|
3.14
|
(dollars in thousands)
|
Years Ended December 31,
|
|||||||||||||||||||
2015
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||
Individuals, partnerships and corporations
|
$
|
4,085,491
|
3,965,716
|
3,847,392
|
3,791,616
|
3,621,718
|
||||||||||||||
U.S. Government
|
-
|
2
|
-
|
-
|
3
|
|||||||||||||||
States and political subdivisions
|
2,654
|
2,141
|
1,826
|
1,748
|
1,584
|
|||||||||||||||
Other (certified and official checks, etc.)
|
15,360
|
11,109
|
14,202
|
16,326
|
14,290
|
|||||||||||||||
Total average deposits by type of depositor
|
$
|
4,103,505
|
3,978,968
|
3,863,420
|
3,809,690
|
3,637,595
|
(dollars in thousands)
|
||||
As of December 31, 2015
|
||||
Under 3 months
|
$
|
135,889
|
||
3 to 6 months
|
59,601
|
|||
6 to 12 months
|
130,314
|
|||
Over 12 months
|
135,167
|
|||
Total
|
$
|
460,971
|
(dollars in thousands)
|
2015 vs. 2014
|
2014 vs. 2013
|
||||||||||||||||||||||
Increase
(Decrease)
|
Due to
Volume
|
Due to
Rate
|
Increase
(Decrease)
|
Due to
Volume
|
Due to
Rate
|
|||||||||||||||||||
Interest income (TE):
|
||||||||||||||||||||||||
Federal funds sold and other short-term investments
|
$
|
261
|
198
|
63
|
$
|
224
|
224
|
-
|
||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
Taxable
|
(3,233
|
)
|
(2,745
|
)
|
(488
|
)
|
(1,185
|
)
|
(2,029
|
)
|
844
|
|||||||||||||
Tax-exempt
|
(147
|
)
|
(157
|
)
|
10
|
(582
|
)
|
(634
|
)
|
52
|
||||||||||||||
Total securities available for sale
|
(3,380
|
)
|
(2,902
|
)
|
(478
|
)
|
(1,767
|
)
|
(2,663
|
)
|
896
|
|||||||||||||
Held to maturity securities (taxable)
|
(415
|
)
|
(500
|
)
|
85
|
(799
|
)
|
(969
|
)
|
170
|
||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
(44
|
)
|
(36
|
)
|
(8
|
)
|
21
|
(6
|
)
|
27
|
||||||||||||||
Loans, net
|
5,926
|
9,671
|
(3,745
|
)
|
8,015
|
11,192
|
(3,177
|
)
|
||||||||||||||||
Total interest income
|
2,348
|
6,431
|
(4,083
|
)
|
5,694
|
7,778
|
(2,084
|
)
|
||||||||||||||||
Interest expense:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
83
|
83
|
-
|
36
|
36
|
-
|
||||||||||||||||||
Savings
|
(194
|
)
|
41
|
(235
|
)
|
(671
|
)
|
21
|
(692
|
)
|
||||||||||||||
Time deposits and money markets
|
1,003
|
133
|
870
|
926
|
207
|
719
|
||||||||||||||||||
Short-term borrowings
|
(183
|
)
|
(34
|
)
|
(149
|
)
|
(86
|
)
|
69
|
(155
|
)
|
|||||||||||||
Total interest expense
|
709
|
223
|
486
|
205
|
333
|
(128
|
)
|
|||||||||||||||||
Net interest income (TE)
|
$
|
1,639
|
6,208
|
(4,569
|
)
|
$
|
5,489
|
7,445
|
(1,956
|
)
|
(dollars in thousands)
|
As of December 31,
|
|||||||||||||||||||
2015
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||
Loans in nonaccrual status
|
$
|
28,212
|
33,886
|
43,227
|
52,446
|
48,466
|
||||||||||||||
Loans contractually past due 3 payments or more and still accruing interest
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Restructured retail loans
|
48
|
125
|
166
|
231
|
312
|
|||||||||||||||
Total nonperforming loans (1)
|
28,260
|
34,011
|
43,393
|
52,677
|
48,778
|
|||||||||||||||
Foreclosed real estate
|
6,455
|
6,441
|
8,729
|
8,705
|
5,265
|
|||||||||||||||
Total nonperforming assets
|
$
|
34,715
|
40,452
|
52,122
|
61,382
|
54,043
|
||||||||||||||
Allowance for loan losses
|
$
|
44,762
|
46,327
|
47,714
|
47,927
|
48,717
|
||||||||||||||
Allowance coverage of nonperforming loans
|
1.58
|
x
|
1.36
|
1.10
|
0.91
|
1.00
|
||||||||||||||
Nonperforming loans as a % of total loans
|
0.86
|
%
|
1.08
|
1.49
|
1.96
|
1.93
|
||||||||||||||
Nonperforming assets as a % of total assets
|
0.73
|
0.87
|
1.15
|
1.41
|
1.27
|
•
|
the magnitude, nature and trends of recent loan charge-offs and recoveries,
|
•
|
the growth in the loan portfolio and the implication that it has in relation to the economic climate in the Bank’s market territories, and
|
•
|
the economic
environment in the Upstate New York territory primarily (the Company’s largest geographical market) over the last several years, as well as in the Company’s other market areas.
|
(dollars in thousands)
|
2015
|
2014
|
2013
|
2012
|
2011
|
|||||||||||||||
Amount of loans outstanding at end of year (less unearned income)
|
$
|
3,293,304
|
3,158,332
|
2,908,809
|
2,684,733
|
2,521,303
|
||||||||||||||
Average loans outstanding during year (less average unearned income)
|
3,234,806
|
3,014,156
|
2,771,663
|
2,572,983
|
2,423,337
|
|||||||||||||||
Balance of allowance at beginning of year
|
46,327
|
47,714
|
47,927
|
48,717
|
41,911
|
|||||||||||||||
Loans charged off:
|
||||||||||||||||||||
Commercial and commercial real estate
|
779
|
1,010
|
1,172
|
2,499
|
1,171
|
|||||||||||||||
Real estate mortgage - 1 to 4 family
|
4,951
|
6,320
|
7,592
|
10,839
|
11,305
|
|||||||||||||||
Installment
|
185
|
214
|
74
|
141
|
82
|
|||||||||||||||
Total
|
5,915
|
7,544
|
8,838
|
13,479
|
12,558
|
|||||||||||||||
Recoveries of loans previously charged off:
|
||||||||||||||||||||
Commercial and commercial real estate
|
27
|
514
|
519
|
138
|
59
|
|||||||||||||||
Real estate mortgage - 1 to 4 family
|
577
|
511
|
1,089
|
502
|
511
|
|||||||||||||||
Installment
|
46
|
32
|
17
|
49
|
44
|
|||||||||||||||
Total
|
650
|
1,057
|
1,625
|
689
|
614
|
|||||||||||||||
Net loans charged off
|
5,265
|
6,487
|
7,213
|
12,790
|
11,944
|
|||||||||||||||
Provision for loan losses
|
3,700
|
5,100
|
7,000
|
12,000
|
18,750
|
|||||||||||||||
Balance of allowance at end of year
|
$
|
44,762
|
46,327
|
47,714
|
47,927
|
48,717
|
||||||||||||||
Net charge offs as a percent of average loans outstanding during year (less average unearned income)
|
0.16
|
%
|
0.22
|
0.26
|
0.50
|
0.49
|
||||||||||||||
Allowance as a percent of loans outstanding at end of year
|
1.36
|
1.47
|
1.64
|
1.79
|
1.93
|
As of
December 31, 2015
|
As of
December 31, 2014
|
|||||||||||||||
Amount
|
Percent of
Loans to
Total Loans
|
Amount
|
Percent of
Loans to
Total Loans
|
|||||||||||||
Commercial
|
$
|
4,347
|
5.85
|
%
|
$
|
3,764
|
6.41
|
%
|
||||||||
Real estate - construction
|
365
|
0.81
|
%
|
571
|
1.22
|
%
|
||||||||||
Real estate mortgage - 1 to 4 family
|
33,167
|
82.14
|
%
|
35,394
|
80.98
|
%
|
||||||||||
Home equity lines of credit
|
6,365
|
10.91
|
%
|
6,430
|
11.15
|
%
|
||||||||||
Installment Loans
|
518
|
0.29
|
%
|
168
|
0.24
|
%
|
||||||||||
$
|
44,762
|
100.00
|
%
|
$
|
46,327
|
100.00
|
%
|
As of December 31, 2015
|
Estimated Percentage of
Fair value of Capital to
Fair value of Assets
|
|||
+400 BP
|
20.63
|
%
|
||
+300 BP
|
21.67
|
|||
+200 BP
|
22.65
|
|||
+100 BP
|
23.37
|
|||
Current rates
|
23.17
|
|||
-100 BP
|
21.50
|
INTEREST RATE SENSITIVITY | ||||||||||||||||||||||||
(dollars in thousands)
|
At December 31, 2015
|
|||||||||||||||||||||||
Repricing in:
|
||||||||||||||||||||||||
0-90
days
|
91-365
days
|
1-5
years
|
Over 5
years
|
Rate
Insensitive
|
Total
|
|||||||||||||||||||
Total assets
|
$
|
1,257,005
|
466,711
|
1,654,913
|
1,284,100
|
72,263
|
4,734,992
|
|||||||||||||||||
Cumulative total assets
|
$
|
1,257,005
|
1,723,716
|
3,378,629
|
4,662,729
|
4,734,992
|
||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
644,744
|
747,704
|
2,042,496
|
856,660
|
443,388
|
4,734,992
|
|||||||||||||||||
Cumulative total liabilities and shareholders' equity
|
$
|
644,744
|
1,392,448
|
3,434,944
|
4,291,604
|
4,734,992
|
||||||||||||||||||
Cumulative interest sensitivity gap
|
$
|
612,261
|
331,268
|
(56,315
|
)
|
371,125
|
||||||||||||||||||
Cumulative gap as a % of interest earning assets for the period
|
48.7
|
%
|
19.2
|
%
|
(1.7
|
%)
|
8.0
|
%
|
||||||||||||||||
Cumulative interest sensitive assets to liabilities
|
195.0
|
%
|
123.8
|
%
|
98.4
|
%
|
108.6
|
%
|
NONINTEREST INCOME | ||||||||||||||||||||
(dollars in thousands)
|
For the year ended December 31,
|
2015 vs. 2014
|
||||||||||||||||||
2015
|
2014
|
2013
|
Amount
|
Percent
|
||||||||||||||||
Trustco Financial Services income
|
$
|
5,971
|
5,837
|
5,301
|
134
|
2.3
|
%
|
|||||||||||||
Fees for services to customers
|
10,689
|
10,844
|
11,675
|
(155
|
)
|
(1.4
|
)
|
|||||||||||||
Net gain on securities transactions
|
251
|
717
|
1,622
|
(466
|
)
|
(65.0
|
)
|
|||||||||||||
Other
|
961
|
2,508
|
1,172
|
(1,547
|
)
|
(61.7
|
)
|
|||||||||||||
Total noninterest income
|
$
|
17,872
|
19,906
|
19,770
|
(2,034
|
)
|
(10.2
|
)%
|
NONINTEREST EXPENSE | ||||||||||||||||||||
(dollars in thousands)
|
For the year ended December 31,
|
2015 vs. 2014
|
||||||||||||||||||
2015
|
2014
|
2013
|
Amount
|
Percent
|
||||||||||||||||
Salaries and employee benefits
|
$
|
32,521
|
32,879
|
32,424
|
(358
|
)
|
(1.1
|
)%
|
||||||||||||
Net occupancy expense
|
15,799
|
16,251
|
16,100
|
(452
|
)
|
(2.8
|
)
|
|||||||||||||
Equipment expense
|
6,871
|
7,219
|
6,381
|
(348
|
)
|
(4.8
|
)
|
|||||||||||||
Professional services
|
7,878
|
5,807
|
5,649
|
2,071
|
35.7
|
|||||||||||||||
Outsourced services
|
5,860
|
5,350
|
5,125
|
510
|
9.5
|
|||||||||||||||
Advertising expense
|
2,593
|
2,487
|
2,827
|
106
|
4.3
|
|||||||||||||||
FDIC and other insurance
|
6,339
|
3,907
|
3,975
|
2,432
|
62.2
|
|||||||||||||||
Other real estate expense, net
|
2,001
|
1,009
|
3,598
|
992
|
98.3
|
|||||||||||||||
Other
|
10,698
|
9,761
|
8,926
|
937
|
9.6
|
|||||||||||||||
Total noninterest expense
|
$
|
90,560
|
84,670
|
85,005
|
5,890
|
7.0
|
%
|
(dollars in thousands)
|
Payments Due by Period:
|
|||||||||||||||||||
Less Than
1 Year
|
1-3
Years
|
3-5
Years
|
More than
5 Years
|
Total
|
||||||||||||||||
Operating leases
|
$
|
7,206
|
13,464
|
12,658
|
37,177
|
70,505
|
•
|
TrustCo’s ability to continue to originate a significant volume of one- to- four family mortgage loans in its market areas and to otherwise maintain or increase its market share in the areas in which it operates;
|
•
|
TrustCo’s ability to continue to maintain noninterest expense and other overhead costs at reasonable levels relative to income;
|
•
|
TrustCo’s ability to comply with the Formal Agreement entered into with Trustco Bank’s regulator, the OCC, and potential regulatory actions if TrustCo or Trustco Bank fails to comply;
|
•
|
Restrictions or conditions imposed by TrustCo’s and Trustco Bank’s regulators on their operations that may make it more difficult to achieve TrustCo’s and Trustco Bank’s goals;
|
•
|
the future earnings and capital levels of TrustCo and Trustco Bank and the continued receipt of approvals from TrustCo’s and Trustco Bank’s primary federal banking regulators under regulatory rules and the Formal Agreement to distribute capital from Trustco Bank to TrustCo, which could affect the ability of TrustCo to pay;
|
•
|
TrustCo’s ability to make accurate assumptions and judgments regarding the credit risks associated with its lending and investing activities, including changes in the level and direction of loan delinquencies and charge-offs, changes in property values, and changes in estimates of the adequacy of the allowance for loan and lease losses;
|
•
|
the effects of and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rates, market and monetary fluctuations;
|
•
|
adverse conditions in the securities markets that lead to impairment in the value of securities in TrustCo’s investment portfolio;
|
•
|
the perceived overall value of TrustCo’s products and services by users, including the features, pricing and quality compared to competitors’ products and services and the willingness of current and prospective customers to substitute competitors’ products and services for TrustCo’s products and services;
|
•
|
changes in consumer spending, borrowing and savings habits;
|
•
|
the effect of changes in financial services laws and regulations (including laws concerning taxation, banking and securities) and the impact of other governmental initiatives affecting the financial services industry, including new regulatory capital requirements that took effect for 2015;
|
•
|
the results of examinations of Trustco Bank and the Company by their respective primary federal banking regulators, including the possibility that the regulators may, among other things, require us to increase our loss allowances or to take other actions that reduce capital or income;
|
•
|
changes in management personnel;
|
•
|
real estate and collateral values;
|
•
|
changes in accounting policies and practices, as may be adopted by the bank regulatory agencies Financial Accounting Standards Board (“FASB”) or the Public Company Accounting Oversight Board;
|
•
|
technological changes and electronic, cyber and physical security breaches;
|
•
|
changes in local market areas and general business and economic trends, as well as changes in consumer spending and saving habits;
|
•
|
TrustCo’s success at managing the risks involved in the foregoing and managing its business; and
|
•
|
other
risks and uncertainties included under “Risk Factors” in our Form 10-K for the year ended December 31, 2015.
|
2015
|
2014
|
|||||||||||||||||||||||||||||||||||||||
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|||||||||||||||||||||||||||||||
Income statement:
|
||||||||||||||||||||||||||||||||||||||||
Interest and dividend income
|
$
|
39,325
|
39,728
|
40,141
|
40,151
|
159,345
|
$
|
38,446
|
39,156
|
39,574
|
39,765
|
156,941
|
||||||||||||||||||||||||||||
Interest expense
|
4,160
|
4,057
|
4,091
|
3,889
|
16,197
|
3,790
|
3,676
|
3,926
|
4,096
|
15,488
|
||||||||||||||||||||||||||||||
Net interest income
|
35,165
|
35,671
|
36,050
|
36,262
|
143,148
|
34,656
|
35,480
|
35,648
|
35,669
|
141,453
|
||||||||||||||||||||||||||||||
Provision for loan losses
|
800
|
800
|
800
|
1,300
|
3,700
|
1,500
|
1,500
|
1,100
|
1,000
|
5,100
|
||||||||||||||||||||||||||||||
Net interest income after provison for loan losses
|
34,365
|
34,871
|
35,250
|
34,962
|
139,448
|
33,156
|
33,980
|
34,548
|
34,669
|
136,353
|
||||||||||||||||||||||||||||||
Noninterest income
|
4,623
|
4,454
|
4,365
|
4,430
|
17,872
|
5,759
|
4,505
|
4,890
|
4,752
|
19,906
|
||||||||||||||||||||||||||||||
Noninterest expense
|
21,857
|
22,131
|
23,464
|
23,108
|
90,560
|
20,801
|
19,437
|
22,192
|
22,240
|
84,670
|
||||||||||||||||||||||||||||||
Income before income taxes
|
17,131
|
17,194
|
16,151
|
16,284
|
66,760
|
18,114
|
19,048
|
17,246
|
17,181
|
71,589
|
||||||||||||||||||||||||||||||
Income tax expense
|
6,416
|
6,467
|
5,535
|
6,104
|
24,522
|
7,103
|
7,240
|
6,532
|
6,521
|
27,396
|
||||||||||||||||||||||||||||||
Net income
|
$
|
10,715
|
10,727
|
10,616
|
10,180
|
42,238
|
$
|
11,011
|
11,808
|
10,714
|
10,660
|
44,193
|
||||||||||||||||||||||||||||
Per share data:
|
||||||||||||||||||||||||||||||||||||||||
Basic earnings
|
$
|
0.113
|
0.113
|
0.112
|
0.107
|
0.444
|
$
|
0.116
|
0.125
|
0.113
|
0.113
|
0.422
|
||||||||||||||||||||||||||||
Diluted earnings
|
0.113
|
0.113
|
0.111
|
0.107
|
0.444
|
0.116
|
0.125
|
0.113
|
0.112
|
0.422
|
||||||||||||||||||||||||||||||
Cash dividends declared
|
0.0656
|
0.0656
|
0.0656
|
0.0656
|
0.2625
|
0.0656
|
0.0656
|
0.0656
|
0.0656
|
0.2625
|
(dollars in thousands, except per share data)
|
Years Ended December 31,
|
|||||||||||||||||||
2015
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||
Statement of income data:
|
||||||||||||||||||||
Interest and dividend income
|
$
|
159,345
|
156,941
|
151,047
|
154,963
|
160,748
|
||||||||||||||
Interest expense
|
16,197
|
15,488
|
15,283
|
19,975
|
26,244
|
|||||||||||||||
Net interest income
|
143,148
|
141,453
|
135,764
|
134,988
|
134,504
|
|||||||||||||||
Provision for loan losses
|
3,700
|
5,100
|
7,000
|
12,000
|
18,750
|
|||||||||||||||
Net interest income after provision for loan losses
|
139,448
|
136,353
|
128,764
|
122,988
|
115,754
|
|||||||||||||||
Noninterest income
|
17,621
|
19,189
|
18,148
|
18,803
|
17,345
|
|||||||||||||||
Net gain on securities transactions
|
251
|
717
|
1,622
|
2,161
|
1,428
|
|||||||||||||||
Noninterest expense
|
90,560
|
84,670
|
85,005
|
83,977
|
82,142
|
|||||||||||||||
Income before income taxes
|
66,760
|
71,589
|
63,529
|
59,975
|
52,385
|
|||||||||||||||
Income taxes
|
24,522
|
27,396
|
23,717
|
22,441
|
19,298
|
|||||||||||||||
Net income
|
$
|
42,238
|
44,193
|
39,812
|
37,534
|
33,087
|
||||||||||||||
Share data:
|
||||||||||||||||||||
Average equivalent diluted shares (in thousands)
|
95,213
|
94,753
|
94,206
|
93,637
|
85,072
|
|||||||||||||||
Tangible book value
|
$
|
4.33
|
4.14
|
3.82
|
3.81
|
3.62
|
||||||||||||||
Cash dividends
|
0.263
|
0.263
|
0.263
|
0.263
|
0.263
|
|||||||||||||||
Basic earnings
|
0.444
|
0.467
|
0.422
|
0.400
|
0.389
|
|||||||||||||||
Diluted earnings
|
0.444
|
0.466
|
0.422
|
0.400
|
0.389
|
|||||||||||||||
Financial:
|
||||||||||||||||||||
Return on average assets
|
0.89
|
%
|
0.97
|
0.90
|
0.87
|
0.81
|
||||||||||||||
Return on average shareholders' equity
|
10.41
|
11.54
|
11.15
|
10.70
|
11.04
|
|||||||||||||||
Cash dividend payout ratio
|
59.13
|
56.30
|
62.19
|
65.60
|
67.71
|
|||||||||||||||
Tier 1 capital to assets (leverage ratio)
|
8.85
|
8.55
|
8.27
|
8.21
|
8.14
|
|||||||||||||||
Tier 1 capital as a % of total risk adjusted assets
|
17.71
|
17.04
|
16.74
|
16.68
|
15.97
|
|||||||||||||||
Common equity tier 1 capital ratio
|
17.71
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|||||||||||
Total capital as a % of total risk adjusted assets
|
18.97
|
18.30
|
18.00
|
17.94
|
17.23
|
|||||||||||||||
Efficiency ratio
|
55.08
|
52.60
|
52.78
|
52.28
|
49.95
|
|||||||||||||||
Net interest margin
|
3.09
|
3.16
|
3.14
|
3.20
|
3.40
|
|||||||||||||||
Average balances:
|
||||||||||||||||||||
Total assets
|
$
|
4,721,146
|
4,574,941
|
4,422,393
|
4,332,793
|
4,089,790
|
||||||||||||||
Earning assets
|
4,630,417
|
4,487,133
|
4,334,803
|
4,238,638
|
3,991,932
|
|||||||||||||||
Loans, net
|
3,234,806
|
3,014,156
|
2,771,663
|
2,572,983
|
2,423,337
|
|||||||||||||||
Allowance for loan losses
|
(46,023
|
)
|
(47,409
|
)
|
(48,452
|
)
|
(49,148
|
)
|
(46,210
|
)
|
||||||||||
Securities available for sale
|
657,951
|
794,613
|
946,367
|
1,023,025
|
947,482
|
|||||||||||||||
Held to maturity securities
|
63,730
|
78,356
|
104,371
|
171,710
|
181,584
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,414
|
10,135
|
10,266
|
9,425
|
6,898
|
|||||||||||||||
Deposits
|
4,103,505
|
3,978,968
|
3,863,420
|
3,809,690
|
3,637,595
|
|||||||||||||||
Short-term borrowings
|
184,725
|
189,430
|
180,275
|
152,982
|
133,803
|
|||||||||||||||
Shareholders' equity
|
405,761
|
382,810
|
356,979
|
350,680
|
299,739
|
(dollars in thousands, except per share amounts)
(Unaudited)
|
||||||||||||||||||||
12/31/15
|
12/31/14
|
12/31/13
|
12/31/12
|
12/31/11
|
||||||||||||||||
Tangible Book Value Per Share
|
||||||||||||||||||||
Equity
|
$
|
413,310
|
393,444
|
361,813
|
358,798
|
338,516
|
||||||||||||||
Less: Intangible assets
|
553
|
553
|
553
|
553
|
553
|
|||||||||||||||
Tangible equity
|
$
|
412,757
|
392,891
|
361,260
|
358,245
|
337,963
|
||||||||||||||
Shares outstanding
|
95,262
|
94,857
|
94,463
|
93,935
|
93,315
|
|||||||||||||||
Tangible book value per share
|
$
|
4.33
|
4.14
|
3.82
|
3.81
|
3.62
|
||||||||||||||
Book value per share
|
4.34
|
4.15
|
3.83
|
3.82
|
3.63
|
Years Ended
|
||||||||||||||||||||
Efficiency Ratio
|
12/31/15
|
12/31/14
|
12/31/13
|
12/31/12
|
12/31/11
|
|||||||||||||||
Net interest income (fully taxable equivalent)
|
143,222
|
141,583
|
136,094
|
135,669
|
135,717
|
|||||||||||||||
Non-interest income
|
17,872
|
19,906
|
19,770
|
20,964
|
18,773
|
|||||||||||||||
Less: Net gain on securities
|
251
|
717
|
1,622
|
2,161
|
1,428
|
|||||||||||||||
Less: Net gain on sale of building and net gain on sale of nonperforming loans
|
60
|
1,719
|
-
|
-
|
-
|
|||||||||||||||
Recurring revenue
|
160,783
|
159,053
|
154,242
|
154,472
|
153,062
|
|||||||||||||||
Total Noninterest expense
|
90,560
|
84,670
|
85,005
|
83,977
|
82,142
|
|||||||||||||||
Less: Other real estate expense, net
|
2,001
|
1,009
|
3,598
|
3,216
|
5,693
|
|||||||||||||||
Recurring expense
|
88,559
|
83,661
|
81,407
|
80,761
|
76,449
|
|||||||||||||||
Efficiency Ratio
|
55.08
|
%
|
52.60
|
%
|
52.78
|
%
|
52.28
|
%
|
49.95
|
%
|
Years Ended
|
||||||||||||||||||||
Taxable Equivalent Net Interest Margin
|
12/31/15
|
12/31/14
|
12/31/13
|
12/31/12
|
12/31/11
|
|||||||||||||||
Net interest income
|
143,148
|
141,453
|
135,764
|
134,988
|
134,504
|
|||||||||||||||
Taxable Equivalent Adjustment
|
74
|
130
|
330
|
681
|
1,213
|
|||||||||||||||
Net interest income (Taxable Equivalent)
|
143,222
|
141,583
|
136,094
|
135,669
|
135,717
|
|||||||||||||||
Total Interest Earning Assets
|
4,630,417
|
4,487,133
|
4,334,803
|
4,238,638
|
3,991,932
|
|||||||||||||||
Net Interest Margin
|
3.09
|
%
|
3.15
|
%
|
3.13
|
%
|
3.18
|
%
|
3.37
|
%
|
||||||||||
Taxable Equivalent Net Interest Margin
|
3.09
|
%
|
3.16
|
%
|
3.14
|
%
|
3.20
|
%
|
3.40
|
%
|
/s/ Crowe Horwath LLP
|
|
New York, New York
|
|
March 4, 2016
|
(dollars in thousands, except per share data)
|
Years Ended December 31,
|
|||||||||||
2015
|
2014
|
2013
|
||||||||||
Interest and dividend income:
|
||||||||||||
Interest and fees on loans
|
$
|
141,887
|
135,960
|
127,944
|
||||||||
Interest and dividends on securities available for sale:
|
||||||||||||
U. S. government sponsored enterprises
|
1,418
|
1,417
|
2,600
|
|||||||||
State and political subdivisions
|
87
|
179
|
562
|
|||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
9,132
|
12,150
|
11,385
|
|||||||||
Corporate bonds
|
1
|
65
|
812
|
|||||||||
Small Business Administration-guaranteed participation securities
|
2,004
|
2,154
|
2,180
|
|||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
149
|
151
|
144
|
|||||||||
Other
|
16
|
16
|
17
|
|||||||||
Total interest and dividends on securities available for sale
|
12,807
|
16,132
|
17,700
|
|||||||||
Interest on held to maturity securities:
|
||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
1,844
|
2,259
|
2,840
|
|||||||||
Corporate bonds
|
615
|
615
|
833
|
|||||||||
Total interest on held to maturity securities
|
2,459
|
2,874
|
3,673
|
|||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
467
|
511
|
490
|
|||||||||
Interest on federal funds sold and other short-term investments
|
1,725
|
1,464
|
1,240
|
|||||||||
Total interest and dividend income
|
159,345
|
156,941
|
151,047
|
|||||||||
Interest expense:
|
||||||||||||
Interest on deposits
|
14,983
|
14,091
|
13,800
|
|||||||||
Interest on short-term borrowings
|
1,214
|
1,397
|
1,483
|
|||||||||
Total interest expense
|
16,197
|
15,488
|
15,283
|
|||||||||
Net interest income
|
143,148
|
141,453
|
135,764
|
|||||||||
Provision for loan losses
|
3,700
|
5,100
|
7,000
|
|||||||||
Net interest income after provision for loan losses
|
139,448
|
136,353
|
128,764
|
|||||||||
Noninterest income:
|
||||||||||||
Trustco Financial Services income
|
5,971
|
5,837
|
5,301
|
|||||||||
Fees for services to customers
|
10,689
|
10,844
|
11,675
|
|||||||||
Net gain on securities transactions
|
251
|
717
|
1,622
|
|||||||||
Other
|
961
|
2,508
|
1,172
|
|||||||||
Total noninterest income
|
17,872
|
19,906
|
19,770
|
|||||||||
Noninterest expense:
|
||||||||||||
Salaries and employee benefits
|
32,521
|
32,879
|
32,424
|
|||||||||
Net occupancy expense
|
15,799
|
16,251
|
16,100
|
|||||||||
Equipment expense
|
6,871
|
7,219
|
6,381
|
|||||||||
Professional services
|
7,878
|
5,807
|
5,649
|
|||||||||
Outsourced services
|
5,860
|
5,350
|
5,125
|
|||||||||
Advertising expense
|
2,593
|
2,487
|
2,827
|
|||||||||
FDIC and other insurance expense
|
6,339
|
3,907
|
3,975
|
|||||||||
Other real estate expense, net
|
2,001
|
1,009
|
3,598
|
|||||||||
Other
|
10,698
|
9,761
|
8,926
|
|||||||||
Total noninterest expense
|
90,560
|
84,670
|
85,005
|
|||||||||
Income before income taxes
|
66,760
|
71,589
|
63,529
|
|||||||||
Income taxes
|
24,522
|
27,396
|
23,717
|
|||||||||
Net income
|
$
|
42,238
|
44,193
|
39,812
|
||||||||
Earnings per share:
|
||||||||||||
Basic
|
$
|
0.444
|
0.467
|
0.422
|
||||||||
Diluted
|
0.444
|
0.466
|
0.422
|
TRUSTCO BANK CORP NY
|
|
Consolidated Statements of Comprehensive Income
|
|
(dollars in thousands, except per share data)
|
|
Years Ended December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
Net income
|
$
|
42,238
|
44,193
|
39,812
|
||||||||
Net unrealized holding (loss) gain on securities available for sale
|
(1,079
|
)
|
24,630
|
(34,691
|
)
|
|||||||
Reclassification adjustments for net gain recognized in income
|
(251
|
)
|
(717
|
)
|
(1,622
|
)
|
||||||
Tax effect
|
531
|
(9,528
|
)
|
14,480
|
||||||||
Net unrealized (loss) gain on securities available for sale, net of tax
|
(799
|
)
|
14,385
|
(21,833
|
)
|
|||||||
Change in overfunded position in pension and postretirement plans arising during the year
|
711
|
(8,367
|
)
|
10,559
|
||||||||
Tax effect
|
(281
|
)
|
3,336
|
(4,210
|
)
|
|||||||
Change in overfunded position in pension and postretirement plans arising during the year, net of tax
|
430
|
(5,031
|
)
|
6,349
|
||||||||
Amortization of net actuarial loss (gain)
|
70
|
(297
|
)
|
467
|
||||||||
Amortization of prior service cost (credit)
|
90
|
199
|
(262
|
)
|
||||||||
Tax effect
|
(63
|
)
|
38
|
(82
|
)
|
|||||||
Amortization of net actuarial loss (gain) and prior service cost (credit) on pension and postretirement plans, net of tax
|
97
|
(60
|
)
|
123
|
||||||||
Other comprehensive (loss) income, net of tax
|
(272
|
)
|
9,294
|
(15,361
|
)
|
|||||||
Comprehensive income
|
$
|
41,966
|
53,487
|
24,451
|
(dollars in thousands, except per share data)
|
As of December 31,
|
|||||||
2015
|
2014
|
|||||||
ASSETS
|
||||||||
Cash and due from banks
|
$
|
41,698
|
43,505
|
|||||
Federal funds sold and other short term investments
|
676,458
|
627,943
|
||||||
Total cash and cash equivalents
|
718,156
|
671,448
|
||||||
Securities available for sale
|
601,037
|
676,759
|
||||||
Held to maturity securities ($59,439 and $75,342 fair value at December 31, 2015 and 2014, respectively)
|
56,465
|
70,946
|
||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,480
|
9,228
|
||||||
Loans, net of deferred fees and costs
|
3,293,304
|
3,158,332
|
||||||
Less: Allowance for loan losses
|
44,762
|
46,327
|
||||||
Net loans
|
3,248,542
|
3,112,005
|
||||||
Bank premises and equipment, net
|
37,643
|
38,565
|
||||||
Other assets
|
63,669
|
65,488
|
||||||
Total assets
|
$
|
4,734,992
|
4,644,439
|
|||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Deposits:
|
||||||||
Demand
|
$
|
365,081
|
331,425
|
|||||
Savings accounts
|
1,262,194
|
1,216,831
|
||||||
Interest-bearing checking
|
754,347
|
682,210
|
||||||
Money market deposit accounts
|
610,826
|
638,542
|
||||||
Other time accounts
|
1,107,930
|
1,163,233
|
||||||
Total deposits
|
4,100,378
|
4,032,241
|
||||||
Short-term borrowings
|
191,226
|
189,116
|
||||||
Accrued expenses and other liabilities
|
30,078
|
29,638
|
||||||
Total liabilities
|
4,321,682
|
4,250,995
|
||||||
Commitments and contingent liabilities
|
||||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Capital stock: $1 par value; 150,000,000 shares authorized, 98,973,452 and 98,944,623 shares issued at December 31, 2015 and 2014, respectively
|
98,973
|
98,945
|
||||||
Surplus
|
171,443
|
172,353
|
||||||
Undivided profits
|
184,009
|
166,745
|
||||||
Accumulated other comprehensive loss, net of tax
|
(4,781
|
)
|
(4,509
|
)
|
||||
Treasury stock: 3,711,228 and 4,087,295 shares, at cost, at December 31, 2015 and 2014, respectively
|
(36,334
|
)
|
(40,090
|
)
|
||||
Total shareholders' equity
|
413,310
|
393,444
|
||||||
Total liabilities and shareholders' equity
|
$
|
4,734,992
|
4,644,439
|
(dollars in thousands, except per share data)
|
||||||||||||||||||||||||
Capital
Stock
|
Surplus
|
Undivided
Profits
|
Accumulated
Other
|
Treasury
Stock
|
Total
|
|||||||||||||||||||
Beginning balance, January 1, 2013
|
98,912
|
174,899
|
132,378
|
1,558
|
(48,949
|
)
|
358,798
|
|||||||||||||||||
Net Income - 2013
|
-
|
-
|
39,812
|
-
|
-
|
39,812
|
||||||||||||||||||
Change in other comprehensive loss, net of tax
|
-
|
-
|
-
|
(15,361
|
)
|
-
|
(15,361
|
)
|
||||||||||||||||
Stock options and related tax benefits
|
15
|
61
|
-
|
-
|
(40
|
)
|
36
|
|||||||||||||||||
Cash dividend declared, $.2625 per share
|
-
|
-
|
(24,758
|
)
|
-
|
-
|
(24,758
|
)
|
||||||||||||||||
Sale of treasury stock (518,726 shares)
|
-
|
(2,194
|
)
|
-
|
-
|
5,102
|
2,908
|
|||||||||||||||||
Stock based compensation expense
|
-
|
378
|
-
|
-
|
-
|
378
|
||||||||||||||||||
Ending balance, December 31, 2013
|
$
|
98,927
|
173,144
|
147,432
|
(13,803
|
)
|
(43,887
|
)
|
361,813
|
|||||||||||||||
Net Income - 2014
|
-
|
-
|
44,193
|
-
|
-
|
44,193
|
||||||||||||||||||
Change in other comprehensive income, net of tax
|
-
|
-
|
-
|
9,294
|
-
|
9,294
|
||||||||||||||||||
Stock options and related tax benefits
|
18
|
113
|
-
|
-
|
-
|
131
|
||||||||||||||||||
Cash dividend declared, $.2625 per share
|
-
|
-
|
(24,880
|
)
|
-
|
-
|
(24,880
|
)
|
||||||||||||||||
Purchase of treasury stock (38,390 shares)
|
-
|
-
|
-
|
-
|
(282
|
)
|
(282
|
)
|
||||||||||||||||
Sale of treasury stock (414,881 shares)
|
-
|
(1,229
|
)
|
-
|
-
|
4,079
|
2,850
|
|||||||||||||||||
Stock based compensation expense
|
-
|
325
|
-
|
-
|
-
|
325
|
||||||||||||||||||
Ending balance, December 31, 2014
|
$
|
98,945
|
172,353
|
166,745
|
(4,509
|
)
|
(40,090
|
)
|
393,444
|
|||||||||||||||
Net Income - 2015
|
-
|
-
|
42,238
|
-
|
-
|
42,238
|
||||||||||||||||||
Change in other comprehensive loss, net of tax
|
-
|
-
|
-
|
(272
|
)
|
-
|
(272
|
)
|
||||||||||||||||
Stock options and related tax benefits
|
28
|
119
|
-
|
-
|
-
|
147
|
||||||||||||||||||
Cash dividend declared, $.2625 per share
|
-
|
-
|
(24,974
|
)
|
-
|
-
|
(24,974
|
)
|
||||||||||||||||
Purchase of treasury stock (22,364 shares)
|
-
|
-
|
-
|
-
|
(147
|
)
|
(147
|
)
|
||||||||||||||||
Sale of treasury stock (398,431 shares)
|
-
|
(1,233
|
)
|
-
|
-
|
3,903
|
2,670
|
|||||||||||||||||
Stock based compensation expense
|
-
|
204
|
-
|
-
|
-
|
204
|
||||||||||||||||||
Ending balance, December 31, 2015
|
$
|
98,973
|
171,443
|
184,009
|
(4,781
|
)
|
(36,334
|
)
|
413,310
|
Years Ended December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net income
|
$
|
42,238
|
44,193
|
39,812
|
||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Depreciation and amortization
|
4,554
|
4,776
|
5,017
|
|||||||||
Net gain on sale of other real estate owned
|
(373
|
)
|
(2,599
|
)
|
(509
|
)
|
||||||
Writedown of other real estate owned
|
1,143
|
1,967
|
2,166
|
|||||||||
Net gain on sale of building held for sale
|
-
|
(1,556
|
)
|
-
|
||||||||
Provision for loan losses
|
3,700
|
5,100
|
7,000
|
|||||||||
Deferred tax expense (benefit)
|
3,011
|
2,964
|
(1,426
|
)
|
||||||||
Net amortization of securities
|
5,486
|
5,458
|
6,930
|
|||||||||
Stock based compensation expense
|
204
|
325
|
378
|
|||||||||
Net gain on sale of bank premises and equipment
|
-
|
(1
|
)
|
(16
|
)
|
|||||||
Net gain on securities transactions
|
(251
|
)
|
(717
|
)
|
(1,622
|
)
|
||||||
Decrease (increase) in taxes receivable
|
3,510
|
723
|
(38
|
)
|
||||||||
Decrease in interest receivable
|
538
|
398
|
554
|
|||||||||
Increase (decrease) in interest payable
|
(47
|
)
|
80
|
19
|
||||||||
Decrease (increase) in other assets
|
(4,168
|
)
|
(7,239
|
)
|
7,047
|
|||||||
Increase in accrued expenses and other liabilities.…
|
463
|
1,123
|
4,577
|
|||||||||
Total adjustments
|
17,770
|
10,802
|
30,077
|
|||||||||
Net cash provided by operating activities
|
60,008
|
54,995
|
69,889
|
|||||||||
Cash flows from investing activities:
|
||||||||||||
Proceeds from sales and calls of securities available for sale
|
254,955
|
321,074
|
417,204
|
|||||||||
Purchases of securities available for sale
|
(189,823
|
)
|
(126,113
|
)
|
(423,547
|
)
|
||||||
Proceeds from maturities of securities available for sale
|
4,025
|
11,206
|
13,060
|
|||||||||
Proceeds from calls and maturities of held to maturity securities
|
14,481
|
15,269
|
57,211
|
|||||||||
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock
|
(252
|
)
|
(451
|
)
|
(868
|
)
|
||||||
Proceeds from redemptions of Federal Reserve Bank and Federal Home Loan Bank stock
|
-
|
1,723
|
-
|
|||||||||
Net increase in loans
|
(148,532
|
)
|
(266,630
|
)
|
(243,937
|
)
|
||||||
Net proceeds from sale of building held for sale
|
-
|
4,745
|
-
|
|||||||||
Proceeds from dispositions of other real estate owned
|
7,511
|
12,972
|
10,967
|
|||||||||
Proceeds from dispositions of bank premises and equipment
|
112
|
139
|
16
|
|||||||||
Purchases of bank premises and equipment
|
(3,744
|
)
|
(8,497
|
)
|
(6,381
|
)
|
||||||
Net cash used in investing activities
|
(61,267
|
)
|
(34,563
|
)
|
(176,275
|
)
|
||||||
Cash flows from financing activities:
|
||||||||||||
Net increase in deposits
|
68,137
|
105,170
|
122,878
|
|||||||||
Net increase (decrease) in short-term borrowings
|
2,110
|
(15,046
|
)
|
44,316
|
||||||||
Proceeds from exercise of stock options and related tax benefits
|
147
|
131
|
36
|
|||||||||
Proceeds from sales of treasury stock
|
2,670
|
2,850
|
2,908
|
|||||||||
Purchases of treasury stock
|
(147
|
)
|
(282
|
)
|
-
|
|||||||
Dividends paid
|
(24,950
|
)
|
(24,851
|
)
|
(24,724
|
)
|
||||||
Net cash provided by financing activities
|
47,967
|
67,972
|
145,414
|
|||||||||
Net increase in cash and cash equivalents
|
46,708
|
88,404
|
39,028
|
|||||||||
Cash and cash equivalents at beginning of period
|
671,448
|
583,044
|
544,016
|
|||||||||
Cash and cash equivalents at end of period
|
$
|
718,156
|
671,448
|
583,044
|
(dollars in thousands)
|
December 31, 2015
|
|||||||||||||||
Amortized
Cost
|
Gross
Unrealized
|
Gross
Unrealized
|
Fair
Value
|
|||||||||||||
U.S. government sponsored enterprises
|
$
|
86,899
|
19
|
181
|
86,737
|
|||||||||||
State and political subdivisions
|
1,270
|
20
|
-
|
1,290
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
416,625
|
430
|
5,326
|
411,729
|
||||||||||||
Small Business Administration- guaranteed participation securities
|
92,620
|
-
|
2,204
|
90,416
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial
|
10,422
|
-
|
242
|
10,180
|
||||||||||||
Other
|
650
|
-
|
-
|
650
|
||||||||||||
Total debt securities
|
608,486
|
469
|
7,953
|
601,002
|
||||||||||||
Equity securities
|
35
|
-
|
-
|
35
|
||||||||||||
Total securities available for sale
|
$
|
608,521
|
469
|
7,953
|
601,037
|
(dollars in thousands)
|
December 31, 2014
|
|||||||||||||||
Amortized
Cost
|
Gross
Unrealized
|
Gross
Unrealized
|
Fair
Value
|
|||||||||||||
U.S. government sponsored enterprises
|
$
|
78,420
|
2
|
622
|
77,800
|
|||||||||||
State and political subdivisions
|
2,232
|
39
|
-
|
2,271
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
486,107
|
1,108
|
3,655
|
483,560
|
||||||||||||
Corporate bonds
|
1,500
|
-
|
-
|
1,500
|
||||||||||||
Small Business Administration- guaranteed participation securities
|
103,273
|
-
|
2,777
|
100,496
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial
|
10,696
|
-
|
249
|
10,447
|
||||||||||||
Other
|
650
|
-
|
-
|
650
|
||||||||||||
Total debt securities
|
682,878
|
1,149
|
7,303
|
676,724
|
||||||||||||
Equity securities
|
35
|
-
|
-
|
35
|
||||||||||||
Total securities available for sale
|
$
|
682,913
|
1,149
|
7,303
|
676,759
|
(dollars in thousands)
|
Amortized
Cost
|
Fair
Value
|
||||||
Due in one year or less
|
$
|
1,456
|
1,454
|
|||||
Due in one year through five years
|
86,482
|
86,322
|
||||||
Due after five years through ten years
|
872
|
892
|
||||||
Due after ten years
|
9
|
9
|
||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
416,625
|
411,729
|
||||||
Small Business Administration- guaranteed participation securities
|
92,620
|
90,416
|
||||||
Mortgage backed securities and collateralized mortgage obligations - commercial
|
10,422
|
10,180
|
||||||
$
|
608,486
|
601,002
|
(dollars in thousands)
|
December 31, 2015
|
|||||||||||||||||||||||
Less than
12 months
|
12 months
or more
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Gross
Unreal.
Loss
|
Fair
Value
|
Gross
Unreal.
|
Fair
Value
|
Gross
Unreal.
|
|||||||||||||||||||
U.S. government sponsored enterprises
|
$
|
41,786
|
113
|
9,932
|
68
|
51,718
|
181
|
|||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
187,605
|
2,147
|
167,549
|
3,179
|
355,153
|
5,326
|
||||||||||||||||||
Small Business Administration- guaranteed participation securities
|
7,529
|
111
|
82,888
|
2,093
|
90,417
|
2,204
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial
|
5,553
|
130
|
4,627
|
112
|
10,180
|
242
|
||||||||||||||||||
Total
|
$
|
242,473
|
2,501
|
264,996
|
5,452
|
507,468
|
7,953
|
(dollars in thousands)
|
December 31, 2014
|
|||||||||||||||||||||||
Less than
12 months
|
12 months
or more
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Gross
Unreal.
|
Fair
Value
|
Gross
Unreal.
|
Fair
Value
|
Gross
Unreal.
|
|||||||||||||||||||
U.S. government sponsored enterprises
|
$
|
12,840
|
81
|
54,959
|
541
|
67,799
|
622
|
|||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
65,549
|
492
|
325,476
|
3,163
|
391,025
|
3,655
|
||||||||||||||||||
Small Business Administration- guaranteed participation securities
|
-
|
-
|
100,496
|
2,777
|
100,496
|
2,777
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial
|
-
|
-
|
10,447
|
249
|
10,447
|
249
|
||||||||||||||||||
Total
|
$
|
78,389
|
573
|
491,378
|
6,730
|
569,767
|
7,303
|
(dollars in thousands)
|
Year ended December 31,
|
|||||||||||
2015
|
2014
|
2013
|
||||||||||
Proceeds from sales
|
$
|
22,945
|
69,147
|
160,820
|
||||||||
Proceeds from calls
|
232,010
|
251,927
|
256,384
|
|||||||||
Gross realized gains
|
251
|
720
|
1,702
|
|||||||||
Gross realized losses
|
-
|
3
|
80
|
(dollars in thousands)
|
December 31, 2015
|
|||||||||||||||
Amortized
Cost
|
Gross
Unrecognized
|
Gross
Unrecognized
|
Fair
Value
|
|||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
$
|
46,490
|
2,308
|
-
|
48,798
|
|||||||||||
Corporate bonds
|
9,975
|
666
|
-
|
10,641
|
||||||||||||
Total held to maturity
|
$
|
56,465
|
2,974
|
-
|
59,439
|
(dollars in thousands)
|
December 31, 2014
|
|||||||||||||||
|
|
|||||||||||||||
Amortized
Cost
|
Gross
Unrecognized
|
Gross
Unrecognized
|
Fair
Value
|
|||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
$
|
60,986
|
3,334
|
-
|
64,320
|
|||||||||||
Corporate bonds
|
9,960
|
1,062
|
-
|
11,022
|
||||||||||||
Total held to maturity
|
$
|
70,946
|
4,396
|
-
|
75,342
|
(dollars in thousands)
|
Amortized
Cost
|
Fair
Value
|
||||||
Due in one year through five years
|
$
|
9,975
|
10,641
|
|||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
46,490
|
48,798
|
||||||
$
|
56,465
|
59,439
|
(dollars in thousands)
|
Amortized
Cost
|
Fair
Value
|
||||||
Federal Home Loan Mortgage Corporation
|
$
|
161,834
|
160,976
|
|||||
Federal National Mortgage Association
|
335,008
|
331,414
|
||||||
Government National Mortgage Association
|
61,696
|
63,157
|
||||||
Small Business Administration
|
92,620
|
90,417
|
December 31, 2015
|
||||||||||||
(dollars in thousands)
|
New York and
other states*
|
Florida
|
Total
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
160,965
|
14,908
|
175,873
|
||||||||
Other
|
27,449
|
93
|
27,542
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
2,093,957
|
566,715
|
2,660,672
|
|||||||||
Home equity loans
|
52,251
|
8,250
|
60,501
|
|||||||||
Home equity lines of credit
|
308,165
|
51,160
|
359,325
|
|||||||||
Installment
|
8,000
|
1,391
|
9,391
|
|||||||||
Total loans, net
|
$
|
2,650,787
|
642,517
|
3,293,304
|
||||||||
Less: Allowance for loan losses
|
44,762
|
|||||||||||
Net loans
|
$
|
3,248,542
|
December 31, 2014
|
||||||||||||
(dollars in thousands)
|
New York and
other states*
|
Florida
|
Total
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
174,788
|
19,336
|
194,124
|
||||||||
Other
|
29,200
|
58
|
29,258
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
2,041,140
|
476,427
|
2,517,567
|
|||||||||
Home equity loans
|
51,713
|
5,942
|
57,655
|
|||||||||
Home equity lines of credit
|
308,764
|
43,370
|
352,134
|
|||||||||
Installment
|
6,774
|
820
|
7,594
|
|||||||||
Total loans, net
|
$
|
2,612,379
|
545,953
|
3,158,332
|
||||||||
Less: Allowance for loan losses
|
46,327
|
|||||||||||
Net loans
|
$
|
3,112,005
|
*
|
Includes New York, New Jersey, Vermont, and Massachusetts.
|
December 31, 2015
|
||||||||||||
(dollars in thousands)
|
New York and
other states
|
Florida
|
Total
|
|||||||||
Loans in non-accrual status:
|
||||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
3,024
|
-
|
3,024
|
||||||||
Other
|
-
|
-
|
-
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
19,488
|
1,488
|
20,976
|
|||||||||
Home equity loans
|
212
|
-
|
212
|
|||||||||
Home equity lines of credit
|
3,573
|
329
|
3,902
|
|||||||||
Installment
|
90
|
8
|
98
|
|||||||||
Total non-accrual loans
|
26,387
|
1,825
|
28,212
|
|||||||||
Restructured real estate mortgages - 1 to 4 family
|
48
|
-
|
48
|
|||||||||
Total nonperforming loans
|
$
|
26,435
|
1,825
|
28,260
|
December 31, 2014
|
||||||||||||
(dollars in thousands)
|
New York and
other states
|
Florida
|
Total
|
|||||||||
Loans in non-accrual status:
|
||||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
3,835
|
-
|
3,835
|
||||||||
Other
|
-
|
-
|
-
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
23,643
|
2,488
|
26,131
|
|||||||||
Home equity loans
|
349
|
-
|
349
|
|||||||||
Home equity lines of credit
|
3,229
|
252
|
3,481
|
|||||||||
Installment
|
77
|
13
|
90
|
|||||||||
Total non-accrual loans
|
31,133
|
2,753
|
33,886
|
|||||||||
Restructured real estate mortgages - 1 to 4 family
|
125
|
-
|
125
|
|||||||||
Total nonperforming loans
|
$
|
31,258
|
2,753
|
34,011
|
December 31, 2015
|
|||||||||||||||||||
(dollars in thousands)
|
30-59
Days
|
60-89
Days
|
90+
Days
|
Total
30+ days
|
Current
|
Total
Loans
|
|||||||||||||
Commercial:
|
|||||||||||||||||||
Commercial real estate
|
$
|
-
|
-
|
2,340
|
2,340
|
158,625
|
160,965
|
||||||||||||
Other
|
-
|
-
|
-
|
-
|
27,449
|
27,449
|
|||||||||||||
Real estate mortgage - 1 to 4 family:
|
|||||||||||||||||||
First mortgages
|
4,321
|
2,037
|
12,529
|
18,887
|
2,075,070
|
2,093,957
|
|||||||||||||
Home equity loans
|
43
|
-
|
149
|
192
|
52,059
|
52,251
|
|||||||||||||
Home equity lines of credit
|
572
|
204
|
1,418
|
2,194
|
305,971
|
308,165
|
|||||||||||||
Installment
|
34
|
19
|
88
|
141
|
7,859
|
8,000
|
|||||||||||||
Total
|
$
|
4,970
|
2,260
|
16,524
|
23,754
|
2,627,033
|
2,650,787
|
(dollars in thousands) |
30-59
Days
|
60-89
Days
|
90+
Days
|
Total
30+ days
|
Current
|
Total
Loans
|
|||||||||||||
Commercial:
|
|||||||||||||||||||
Commercial real estate
|
$
|
10
|
-
|
-
|
10
|
14,898
|
14,908
|
||||||||||||
Other
|
-
|
-
|
-
|
-
|
93
|
93
|
|||||||||||||
Real estate mortgage - 1 to 4 family:
|
|||||||||||||||||||
First mortgages
|
665
|
271
|
851
|
1,787
|
564,928
|
566,715
|
|||||||||||||
Home equity loans
|
-
|
-
|
-
|
-
|
8,250
|
8,250
|
|||||||||||||
Home equity lines of credit
|
159
|
-
|
240
|
399
|
50,761
|
51,160
|
|||||||||||||
Installment
|
1
|
21
|
-
|
22
|
1,369
|
1,391
|
|||||||||||||
Total
|
$
|
835
|
292
|
1,091
|
2,218
|
640,299
|
642,517
|
(dollars in thousands) |
30-59
Days
|
60-89
Days
|
90+
Days
|
Total
30+ days
|
Current
|
Total
Loans
|
|||||||||||||
Commercial:
|
|||||||||||||||||||
Commercial real estate
|
$
|
10
|
-
|
2,340
|
2,350
|
173,523
|
175,873
|
||||||||||||
Other
|
-
|
-
|
-
|
-
|
27,542
|
27,542
|
|||||||||||||
Real estate mortgage - 1 to 4 family:
|
|||||||||||||||||||
First mortgages
|
4,986
|
2,308
|
13,380
|
20,674
|
2,639,998
|
2,660,672
|
|||||||||||||
Home equity loans
|
43
|
-
|
149
|
192
|
60,309
|
60,501
|
|||||||||||||
Home equity lines of credit
|
731
|
204
|
1,658
|
2,593
|
356,732
|
359,325
|
|||||||||||||
Installment
|
35
|
40
|
88
|
163
|
9,228
|
9,391
|
|||||||||||||
Total
|
$
|
5,805
|
2,552
|
17,615
|
25,972
|
3,267,332
|
3,293,304
|
December 31, 2014
|
|||||||||||||||||||
(dollars in thousands)
|
30-59
Days
|
60-89
Days
|
90+
Days
|
Total
30+ days
|
Current
|
Total
Loans
|
|||||||||||||
Commercial:
|
|||||||||||||||||||
Commercial real estate
|
$
|
618
|
52
|
2,627
|
3,297
|
171,491
|
174,788
|
||||||||||||
Other
|
-
|
-
|
-
|
-
|
29,200
|
29,200
|
|||||||||||||
Real estate mortgage - 1 to 4 family:
|
|||||||||||||||||||
First mortgages
|
3,340
|
3,874
|
16,782
|
23,996
|
2,017,144
|
2,041,140
|
|||||||||||||
Home equity loans
|
141
|
59
|
337
|
537
|
51,176
|
51,713
|
|||||||||||||
Home equity lines of credit
|
568
|
342
|
1,198
|
2,108
|
306,656
|
308,764
|
|||||||||||||
Installment
|
79
|
10
|
58
|
147
|
6,627
|
6,774
|
|||||||||||||
Total
|
$
|
4,746
|
4,337
|
21,002
|
30,085
|
2,582,294
|
2,612,379
|
(dollars in thousands)
|
30-59
Days
|
60-89
Days
|
90+
Days
|
Total
30+ days
|
Current
|
Total
Loans
|
|||||||||||||
Commercial:
|
|||||||||||||||||||
Commercial real estate
|
$
|
-
|
-
|
-
|
-
|
19,336
|
19,336
|
||||||||||||
Other
|
-
|
-
|
-
|
-
|
58
|
58
|
|||||||||||||
Real estate mortgage - 1 to 4 family:
|
|||||||||||||||||||
First mortgages
|
801
|
283
|
1,225
|
2,309
|
474,118
|
476,427
|
|||||||||||||
Home equity loans
|
-
|
-
|
-
|
-
|
5,942
|
5,942
|
|||||||||||||
Home equity lines of credit
|
173
|
-
|
116
|
289
|
43,081
|
43,370
|
|||||||||||||
Installment
|
17
|
-
|
-
|
17
|
803
|
820
|
|||||||||||||
Total
|
$
|
991
|
283
|
1,341
|
2,615
|
543,338
|
545,953
|
(dollars in thousands)
|
30-59
Days
|
60-89
Days
|
90+
Days
|
Total
30+ days
|
Current
|
Total
Loans
|
|||||||||||||
Commercial:
|
|||||||||||||||||||
Commercial real estate
|
$
|
618
|
52
|
2,627
|
3,297
|
190,827
|
194,124
|
||||||||||||
Other
|
-
|
-
|
-
|
-
|
29,258
|
29,258
|
|||||||||||||
Real estate mortgage - 1 to 4 family:
|
|||||||||||||||||||
First mortgages
|
4,141
|
4,157
|
18,007
|
26,305
|
2,491,262
|
2,517,567
|
|||||||||||||
Home equity loans
|
141
|
59
|
337
|
537
|
57,118
|
57,655
|
|||||||||||||
Home equity lines of credit
|
741
|
342
|
1,314
|
2,397
|
349,737
|
352,134
|
|||||||||||||
Installment
|
96
|
10
|
58
|
164
|
7,430
|
7,594
|
|||||||||||||
Total
|
$
|
5,737
|
4,620
|
22,343
|
32,700
|
3,125,632
|
3,158,332
|
(dollars in thousands)
|
For the year ended December 31, 2015
|
|||||||||||||||
Commercial
|
Real Estate
Mortgage-
|
Installment
|
Total
|
|||||||||||||
Balance at beginning of period
|
$
|
4,071
|
42,088
|
168
|
46,327
|
|||||||||||
Loans charged off:
|
||||||||||||||||
New York and other states*
|
779
|
4,631
|
168
|
5,578
|
||||||||||||
Florida
|
-
|
320
|
17
|
337
|
||||||||||||
Total loan chargeoffs
|
779
|
4,951
|
185
|
5,915
|
||||||||||||
Recoveries of loans previously charged off:
|
||||||||||||||||
New York and other states*
|
20
|
572
|
46
|
638
|
||||||||||||
Florida
|
7
|
5
|
-
|
12
|
||||||||||||
Total recoveries
|
27
|
577
|
46
|
650
|
||||||||||||
Net loans charged off
|
752
|
4,374
|
139
|
5,265
|
||||||||||||
Provision for loan losses
|
1,172
|
2,039
|
489
|
3,700
|
||||||||||||
Balance at end of period
|
$
|
4,491
|
39,753
|
518
|
44,762
|
(dollars in thousands)
|
For the year ended December 31, 2014
|
|||||||||||||||
Commercial
|
Real Estate
Mortgage-
|
Installment
|
Total
|
|||||||||||||
Balance at beginning of period
|
$
|
4,019
|
43,597
|
98
|
47,714
|
|||||||||||
Loans charged off:
|
||||||||||||||||
New York and other states*
|
397
|
5,485
|
201
|
6,083
|
||||||||||||
Florida
|
613
|
835
|
13
|
1,461
|
||||||||||||
Total loan chargeoffs
|
1,010
|
6,320
|
214
|
7,544
|
||||||||||||
Recoveries of loans previously charged off:
|
||||||||||||||||
New York and other states*
|
34
|
442
|
28
|
504
|
||||||||||||
Florida
|
480
|
69
|
4
|
553
|
||||||||||||
Total recoveries
|
514
|
511
|
32
|
1,057
|
||||||||||||
Net loans charged off
|
496
|
5,809
|
182
|
6,487
|
||||||||||||
Provision for loan losses
|
548
|
4,300
|
252
|
5,100
|
||||||||||||
Balance at end of period
|
$
|
4,071
|
42,088
|
168
|
46,327
|
(dollars in thousands)
|
For the year ended December 31, 2013
|
|||||||||||||||
Commercial
|
Real Estate
Mortgage-
|
Installment
|
Total
|
|||||||||||||
Balance at beginning of period
|
$
|
3,771
|
44,069
|
87
|
47,927
|
|||||||||||
Loans charged off:
|
||||||||||||||||
New York and other states*
|
1,072
|
6,572
|
68
|
7,712
|
||||||||||||
Florida
|
100
|
1,020
|
6
|
1,126
|
||||||||||||
Total loan chargeoffs
|
1,172
|
7,592
|
74
|
8,838
|
||||||||||||
Recoveries of loans previously charged off:
|
||||||||||||||||
New York and other states*
|
14
|
715
|
17
|
746
|
||||||||||||
Florida
|
505
|
374
|
-
|
879
|
||||||||||||
Total recoveries
|
519
|
1,089
|
17
|
1,625
|
||||||||||||
Net loans charged off
|
653
|
6,503
|
57
|
7,213
|
||||||||||||
Provision for loan losses
|
901
|
6,031
|
68
|
7,000
|
||||||||||||
Balance at end of period
|
$
|
4,019
|
43,597
|
98
|
47,714
|
December 31, 2015
|
||||||||||||||||
(dollars in thousands)
|
1-to-4 Family
|
|||||||||||||||
Commercial Loans
|
Residential Real Estate
|
Installment Loans
|
Total
|
|||||||||||||
Allowance for loan losses:
|
||||||||||||||||
Ending allowance balance attributable to loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
-
|
-
|
-
|
|||||||||||
Collectively evaluated for impairment
|
4,491
|
39,753
|
518
|
44,762
|
||||||||||||
Total ending allowance balance
|
$
|
4,491
|
39,753
|
518
|
44,762
|
|||||||||||
Loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
3,306
|
22,575
|
-
|
25,881
|
|||||||||||
Collectively evaluated for impairment
|
200,109
|
3,057,923
|
9,391
|
3,267,423
|
||||||||||||
Total ending loans balance
|
$
|
203,415
|
3,080,498
|
9,391
|
3,293,304
|
December 31, 2014
|
||||||||||||||||
(dollars in thousands)
|
1-to-4 Family
|
|||||||||||||||
Commercial Loans
|
Residential Real Estate
|
Installment Loans
|
Total
|
|||||||||||||
Allowance for loan losses:
|
||||||||||||||||
Ending allowance balance attributable to loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
-
|
-
|
-
|
|||||||||||
Collectively evaluated for impairment
|
4,071
|
42,088
|
168
|
46,327
|
||||||||||||
Total ending allowance balance
|
$
|
4,071
|
42,088
|
168
|
46,327
|
|||||||||||
Loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
4,129
|
22,406
|
-
|
26,535
|
|||||||||||
Collectively evaluated for impairment
|
219,253
|
2,904,950
|
7,594
|
3,131,797
|
||||||||||||
Total ending loans balance
|
$
|
223,382
|
2,927,356
|
7,594
|
3,158,332
|
December 31, 2015
|
|||||||||||||
(dollars in thousands)
|
Unpaid
|
YTD Avg
|
|||||||||||
Recorded
Investment
|
Principal
Balance
|
Related
Allowance
|
Recorded
Investment
|
||||||||||
Commercial:
|
|||||||||||||
Commercial real estate
|
$
|
3,306
|
3,996
|
-
|
3,608
|
||||||||
Other
|
-
|
-
|
-
|
-
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
|||||||||||||
First mortgages
|
17,460
|
18,602
|
-
|
18,127
|
|||||||||
Home equity loans
|
359
|
417
|
-
|
382
|
|||||||||
Home equity lines of credit
|
2,306
|
2,569
|
-
|
2,238
|
|||||||||
Total
|
$
|
23,431
|
25,584
|
-
|
24,355
|
(dollars in thousands)
|
Unpaid
|
YTD Avg
|
|||||||||||
Recorded
Investment
|
Principal
Balance
|
Related
Allowance
|
Recorded
Investment
|
||||||||||
Commercial:
|
|||||||||||||
Commercial real estate
|
$
|
-
|
-
|
-
|
-
|
||||||||
Other
|
-
|
-
|
-
|
-
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
|||||||||||||
First mortgages
|
1,760
|
1,852
|
-
|
1,489
|
|||||||||
Home equity loans
|
53
|
53
|
-
|
54
|
|||||||||
Home equity lines of credit
|
637
|
720
|
-
|
654
|
|||||||||
Total
|
$
|
2,450
|
2,625
|
-
|
2,197
|
(dollars in thousands)
|
Unpaid
|
YTD Avg
|
|||||||||||
Recorded
Investment
|
Principal
Balance
|
Related
Allowance
|
Recorded
Investment
|
||||||||||
Commercial:
|
|||||||||||||
Commercial real estate
|
$
|
3,306
|
3,996
|
-
|
3,608
|
||||||||
Other
|
-
|
-
|
-
|
-
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
|||||||||||||
First mortgages
|
19,220
|
20,454
|
-
|
19,616
|
|||||||||
Home equity loans
|
412
|
470
|
-
|
436
|
|||||||||
Home equity lines of credit
|
2,943
|
3,289
|
-
|
2,892
|
|||||||||
Total
|
$
|
25,881
|
28,209
|
-
|
26,552
|
December 31, 2014
|
|||||||||||||
(dollars in thousands)
|
Unpaid
|
YTD Avg
|
|||||||||||
Recorded
Investment
|
Principal
Balance
|
Related
Allowance
|
Recorded
Investment
|
||||||||||
Commercial:
|
|||||||||||||
Commercial real estate
|
$
|
4,129
|
5,499
|
-
|
4,798
|
||||||||
Other
|
-
|
-
|
-
|
61
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
|||||||||||||
First mortgages
|
17,579
|
18,689
|
-
|
17,261
|
|||||||||
Home equity loans
|
366
|
410
|
-
|
454
|
|||||||||
Home equity lines of credit
|
2,492
|
2,778
|
-
|
2,578
|
|||||||||
Total
|
$
|
24,566
|
27,376
|
-
|
25,152
|
(dollars in thousands)
|
Unpaid
|
YTD Avg
|
|||||||||||
Recorded
Investment
|
Principal
Balance
|
Related
Allowance
|
Recorded
Investment
|
||||||||||
Commercial:
|
|||||||||||||
Commercial real estate
|
$
|
-
|
-
|
-
|
577
|
||||||||
Other
|
-
|
-
|
-
|
-
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
|||||||||||||
First mortgages
|
1,289
|
1,380
|
-
|
1,422
|
|||||||||
Home equity loans
|
56
|
56
|
-
|
5
|
|||||||||
Home equity lines of credit
|
624
|
773
|
-
|
581
|
|||||||||
Total
|
$
|
1,969
|
2,209
|
-
|
2,585
|
(dollars in thousands)
|
Unpaid
|
YTD Avg
|
|||||||||||
Recorded
Investment
|
Principal
Balance
|
Related
Allowance
|
Recorded
Investment
|
||||||||||
Commercial:
|
|||||||||||||
Commercial real estate
|
$
|
4,129
|
5,499
|
-
|
5,375
|
||||||||
Other
|
-
|
-
|
-
|
61
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
|||||||||||||
First mortgages
|
18,868
|
20,069
|
-
|
18,683
|
|||||||||
Home equity loans
|
422
|
466
|
-
|
459
|
|||||||||
Home equity lines of credit
|
3,116
|
3,551
|
-
|
3,159
|
|||||||||
Total
|
$
|
26,535
|
29,585
|
-
|
27,737
|
Year ended 12/31/2015
|
Year ended 12/31/2014
|
Year ended 12/31/2013
|
||||||||||||||||||||||||||||||||||
New York and other states*: | ||||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Number of
Contracts
|
Pre-Modification
Outstanding
|
Post-Modification
Outstanding
|
Number of
Contracts
|
Pre-Modification
Outstanding
|
Post-Modification
Outstanding
|
Number of
Contracts
|
Pre-Modification
Outstanding
|
Outstanding
Recorded
|
|||||||||||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||||||||||||||
Commercial real estate
|
-
|
$
|
-
|
-
|
1
|
$
|
294
|
294
|
1
|
$
|
507
|
507
|
||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||||||||||||||
First mortgages
|
35
|
4,797
|
4,797
|
41
|
5,585
|
5,585
|
50
|
5
,
852
|
5
,
852
|
|||||||||||||||||||||||||||
Home equity loans
|
1
|
137
|
137
|
4
|
77
|
77
|
7
|
120
|
120
|
|||||||||||||||||||||||||||
Home equity lines of credit
|
7
|
506
|
506
|
3
|
194
|
194
|
13
|
1,061
|
1,061
|
|||||||||||||||||||||||||||
Total
|
43
|
$
|
5,440
|
5,440
|
49
|
$
|
6,150
|
6,150
|
71
|
$
|
7,540
|
7,540
|
Florida: | ||||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Number of
Contracts
|
Pre-Modification
Outstanding
|
Post-Modification
Outstanding
|
Number of
Contracts
|
Pre-Modification
Outstanding
|
Post-Modification
Outstanding
|
Number of
Contracts
|
Pre-Modification
Outstanding
|
Post-Modification
Outstanding
|
|||||||||||||||||||||||||||
Real estate
mortgage - 1 to 4 family:
|
||||||||||||||||||||||||||||||||||||
First mortgages
|
6
|
780
|
780
|
7
|
676
|
676
|
8
|
1,149
|
1,149
|
|||||||||||||||||||||||||||
Home equity loans
|
-
|
-
|
-
|
1
|
56
|
56
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Home equity lines of credit
|
4
|
107
|
107
|
3
|
368
|
368
|
3
|
282
|
282
|
|||||||||||||||||||||||||||
Total
|
10
|
$
|
887
|
887
|
11
|
$
|
1,100
|
1,100
|
11
|
$
|
1,431
|
1,431
|
Year ended 12/31/2015
|
Year ended 12/31/2014
|
Year ended 12/31/2013
|
||||||||||||||||||||||
New York and other states*:
|
Number of
|
Recorded
|
Number of
|
Recorded
|
Number of
|
Recorded
|
||||||||||||||||||
(dollars in thousands)
|
Contracts
|
Investment
|
Contracts
|
Investment
|
Contracts
|
Investment
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
2
|
148
|
7
|
355
|
5
|
440
|
||||||||||||||||||
Home equity loans
|
-
|
-
|
-
|
-
|
1
|
44
|
||||||||||||||||||
Home equity lines of credit
|
2
|
24
|
1
|
35
|
1
|
56
|
||||||||||||||||||
Total
|
4
|
$
|
172
|
8
|
$
|
390
|
7
|
$
|
540
|
Number of
|
Recorded
|
Number of
|
Recorded
|
Number of
|
Recorded
|
|||||||||||||||||||
(dollars in thousands)
|
Contracts
|
Investment
|
Contracts
|
Investment
|
Contracts
|
Investment
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
-
|
$
|
-
|
1
|
$
|
60
|
-
|
$
|
-
|
|||||||||||||||
Home equity lines of credit
|
-
|
-
|
1
|
279
|
-
|
-
|
||||||||||||||||||
Total
|
-
|
$
|
-
|
2
|
$
|
339
|
-
|
$
|
-
|
December 31, 2015
|
||||||||||||
New York and other states:
|
||||||||||||
(dollars in thousands)
|
||||||||||||
Pass
|
Classified
|
Total
|
||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
145,335
|
15,630
|
160,965
|
||||||||
Other
|
26,715
|
734
|
27,449
|
|||||||||
$
|
172,050
|
16,
364
|
188,414
|
Florida:
|
||||||||||||
(dollars in thousands)
|
||||||||||||
Pass
|
Classified
|
Total
|
||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
14,908
|
-
|
14,908
|
||||||||
Other
|
93
|
-
|
93
|
|||||||||
$
|
15,001
|
-
|
15,001
|
Total: | ||||||||||||
(dollars in thousands)
|
||||||||||||
Pass
|
Classified
|
Total
|
||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
160,243
|
15,630
|
175,873
|
||||||||
Other
|
26,808
|
734
|
27,542
|
|||||||||
$
|
187,051
|
16,364
|
203,415
|
December 31, 2014
|
||||||||||||
New York and other states:
|
||||||||||||
(dollars in thousands)
|
||||||||||||
Pass
|
Classified
|
Total
|
||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
162,589
|
12,199
|
174,788
|
||||||||
Other
|
28,677
|
523
|
29,200
|
|||||||||
$
|
191,266
|
12,722
|
203,988
|
Florida:
|
||||||||||||
(dollars in thousands)
|
||||||||||||
Pass
|
Classified
|
Total
|
||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
19,336
|
-
|
19,336
|
||||||||
Other
|
58
|
-
|
58
|
|||||||||
$
|
19,394
|
-
|
19,394
|
Total: | ||||||||||||
(dollars in thousands)
|
||||||||||||
Pass
|
Classified
|
Total
|
||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
181,925
|
12,199
|
194,124
|
||||||||
Other
|
28,735
|
523
|
29,258
|
|||||||||
$
|
210,660
|
12,722
|
223,382
|
(dollars in thousands)
|
||||||||
2015
|
2014
|
|||||||
Land
|
$
|
2,413
|
2,413
|
|||||
Buildings
|
33,050
|
32,760
|
||||||
Furniture, fixtures and equipment
|
48,819
|
47,443
|
||||||
Leasehold improvements
|
29,389
|
27,652
|
||||||
Total bank premises and equipment
|
113,670
|
110,268
|
||||||
Accumulated depreciation and amortization
|
||||||||
(76,026
|
)
|
(71,703
|
)
|
|||||
Total
|
$
|
37,643
|
38,565
|
(dollars in thousands)
|
For the year ended December 31,
|
|||||||||||
2015
|
2014
|
2013
|
||||||||||
Interest bearing
|
||||||||||||
checking accounts
|
$
|
448
|
365
|
329
|
||||||||
Savings accounts
|
2,468
|
2,662
|
3,333
|
|||||||||
Time deposits and
|
||||||||||||
money market accounts
|
12,067
|
11,064
|
10,138
|
|||||||||
Total
|
$
|
14,983
|
14,091
|
13,800
|
(dollars in thousands)
|
||||
Under 1 year
|
$
|
778,133
|
||
1 to 2 years
|
290,246
|
|||
2 to 3 years
|
20,302
|
|||
3 to 4 years
|
16,187
|
|||
4 to 5 years
|
2,851
|
|||
Over 5 years
|
211
|
|||
$
|
1,107,930
|
(dollars in thousands)
|
2015
|
2014
|
2013
|
|||||||||
Amount outstanding at December 31,
|
$
|
191,226
|
189,116
|
204,162
|
||||||||
Maximum amount outstanding at any month end
|
194,738
|
209,370
|
204,162
|
|||||||||
Average amount outstanding
|
184,725
|
189,430
|
180,275
|
|||||||||
Weighted average interest rate:
|
||||||||||||
For the year
|
0.66
|
%
|
0.74
|
0.82
|
||||||||
As of year end
|
0.60
|
0.72
|
0.82
|
(dollars in thousands)
|
For the year ended December 31,
|
|||||||||||
2015
|
2014
|
2013
|
||||||||||
Current tax expense:
|
||||||||||||
Federal
|
$
|
19,864
|
22,046
|
22,612
|
||||||||
State
|
1,647
|
2,386
|
2,531
|
|||||||||
Total current tax expense
|
21,511
|
24,432
|
25,143
|
|||||||||
Deferred tax expense (benefit)
|
3,011
|
2,964
|
(1,426
|
)
|
||||||||
Total income tax expense
|
$
|
24,522
|
27,396
|
23,717
|
December 31,
|
||||||||
2015
|
2014
|
|||||||
(dollars in thousands)
|
Deductible
temporary
|
Deductible
temporary
|
||||||
Benefits and deferred remuneration
|
$
|
(4,992
|
)
|
$
|
(3,885
|
)
|
||
Difference in reporting the allowance for loan losses, net
|
18,576
|
21,006
|
||||||
Other income or expense not yet reported for tax purposes
|
2,607
|
2,325
|
||||||
Depreciable assets
|
(796
|
)
|
(1,040
|
)
|
||||
Net deferred tax asset at end of year
|
15,395
|
18,406
|
||||||
Net deferred tax asset at beginning of year
|
18,406
|
21,370
|
||||||
Deferred tax expense
|
$
|
3,011
|
$
|
2,964
|
For the years ended
December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
Statutory federal income tax rate Increase/(decrease) in taxes resulting from:
|
35.0
|
%
|
35.0
|
35.0
|
||||||||
Tax exempt income
|
(0.1
|
)
|
(0.1
|
)
|
(0.3
|
)
|
||||||
State income tax (including alternative minimum tax), net of federal tax benefit
|
1.8
|
2.7
|
2.3
|
|||||||||
Other items
|
-
|
0.7
|
0.3
|
|||||||||
Effective income tax rate
|
36.7
|
%
|
38.3
|
37.3
|
Change in Projected Benefit Obligation:
|
December 31,
|
|||||||
(dollars in thousands)
|
2015
|
2014
|
||||||
Projected benefit obligation at beginning of year
|
$
|
33,662
|
27,822
|
|||||
Service cost
|
60
|
58
|
||||||
Interest cost
|
1,329
|
1,374
|
||||||
Benefits paid
|
(1,676
|
)
|
(1,751
|
)
|
||||
Net actuarial (gain) loss
|
(2,486
|
)
|
6,159
|
|||||
Projected benefit obligation at end of year
|
$
|
30,889
|
33,662
|
Change in Plan Assets and Reconciliation of Funded Status:
|
December 31,
|
|||||||
(dollars in thousands)
|
2015
|
2014
|
||||||
Fair Value of plan assets at beginning of year
|
$
|
42,993
|
39,419
|
|||||
Actual gain on plan assets
|
360
|
3,325
|
||||||
Company contributions
|
-
|
2,000
|
||||||
Benefits paid
|
(1,676
|
)
|
(1,751
|
)
|
||||
Fair value of plan assets at end of year
|
41,677
|
42,993
|
||||||
Funded status at end of year
|
$
|
10,788
|
9,331
|
December 31,
|
||||||||
2015
|
2014
|
|||||||
Net actuarial loss
|
$
|
5,830
|
6,150
|
(dollars in thousands)
|
For the years ended
|
|||||||||||
December 31,
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
Service cost
|
$
|
60
|
58
|
69
|
||||||||
Interest cost
|
1,329
|
1,374
|
1,273
|
|||||||||
Expected return on plan assets
|
(2,735
|
)
|
(2,504
|
)
|
(2,190
|
)
|
||||||
Amortization of net loss
|
210
|
-
|
516
|
|||||||||
Net periodic pension credit
|
(1,136
|
)
|
(1,072
|
)
|
(332
|
)
|
||||||
Amortization of net loss
|
(210
|
)
|
-
|
(516
|
)
|
|||||||
Net actuarial (gain) / loss included in other comprehensive income
|
(109
|
)
|
5,337
|
(8,156
|
)
|
|||||||
(319
|
)
|
5,337
|
(8,672
|
)
|
||||||||
Total recognized in net periodic benefit (credit) cost and other comprehensive income
|
$
|
(1,455
|
)
|
4,265
|
(9,004
|
)
|
(dollars in thousands)
|
||||
Year
|
Pension Benefits
|
|||
2016
|
$
|
1,738
|
||
2017
|
1,754
|
|||
2018
|
1,788
|
|||
2019
|
1,829
|
|||
2020
|
1,867
|
|||
2021 - 2025
|
9,554
|
2015
|
2014
|
2013
|
||||||||||
Discount rate
|
4.55
|
%
|
4.03
|
5.08
|
2015
|
2014
|
2013
|
||||||||||
Discount rate
|
4.03
|
%
|
5.08
|
4.07
|
||||||||
Expected long-term rate of return on assets
|
6.50
|
6.50
|
6.50
|
Change in Accumulated Benefit Obligation:
|
December 31,
|
|||||||
(dollars in thousands)
|
2015
|
2014
|
||||||
Accumulated benefit obligation at beginning of year
|
$
|
6,455
|
2,513
|
|||||
Service cost
|
165
|
100
|
||||||
Interest cost
|
268
|
217
|
||||||
Plan amendments
|
-
|
1,811
|
||||||
Benefits paid
|
(85
|
)
|
(83
|
)
|
||||
Net actuarial (gain) loss
|
(1,369
|
)
|
1,897
|
|||||
Accumulated benefit obligation at end of year
|
$
|
5,434
|
6,455
|
Change in Plan Assets and Reconciliation of Funded Status:
|
December 31,
|
|||||||
(dollars in thousands)
|
2015
|
2014
|
||||||
Fair value of plan assets at beginning of year
|
$
|
19,285
|
17,935
|
|||||
Actual gain on plan assets
|
(47
|
)
|
1,350
|
|||||
Company contributions
|
85
|
83
|
||||||
Benefits paid
|
(85
|
)
|
(83
|
)
|
||||
Fair value of plan assets at end of year
|
19,238
|
19,285
|
||||||
Funded status at end of year
|
$
|
13,804
|
12,830
|
Amounts recognized in accumulated other comprehensive income consist of the following as of:
|
December 31,
|
|||||||
|
2015
|
2014
|
||||||
Net actuarial gain
|
$
|
(3,890
|
)
|
(3,429
|
)
|
|||
Prior service credit
|
(1,457
|
)
|
(1,367
|
)
|
||||
Total
|
$
|
(5,347
|
)
|
(4,796
|
)
|
For the years ended
December 31,
|
||||||||||||
(dollars in thousands)
|
2015
|
2014
|
2013
|
|||||||||
Service cost
|
$
|
165
|
$
|
100
|
50
|
|||||||
Interest cost
|
268
|
217
|
101
|
|||||||||
Expected return on plan assets
|
(722
|
)
|
(672
|
)
|
(495
|
)
|
||||||
Amortization of net actuarial gain
|
(140
|
)
|
(297
|
)
|
(49
|
)
|
||||||
Amortization of prior service cost (credit)
|
90
|
199
|
(262
|
)
|
||||||||
Net periodic benefit credit
|
(339
|
)
|
(453
|
)
|
(655
|
)
|
||||||
Net (gain) loss
|
(602
|
)
|
1,219
|
(2,868
|
)
|
|||||||
Prior service cost
|
-
|
1,811
|
465
|
|||||||||
Amortization of prior service cost
|
(90
|
)
|
(199
|
)
|
262
|
|||||||
Amortization of net gain
|
140
|
297
|
49
|
|||||||||
Total amount recognized in other comprehensive income
|
(552
|
)
|
3,128
|
(2,092
|
)
|
|||||||
Total amount recognized in net periodic benefit cost and other comprehensive income
|
$
|
(891
|
)
|
$
|
2,675
|
(2,747
|
)
|
(dollars in thousands)
Year
|
Postretirement Benefits
|
|||
2016
|
$
|
87
|
||
2017
|
91
|
|||
2018
|
103
|
|||
2019
|
117
|
|||
2020
|
130
|
|||
2021 - 2025
|
989
|
2015
|
2014
|
2013
|
||||||||||
Discount rate
|
4.55
|
%
|
4.03
|
5.08
|
2015
|
2014
|
2013
|
||||||||||
Discount rate
|
4.03
|
%
|
5.08
|
4.07
|
||||||||
Expected long-term rate of return on assets, net of tax
|
3.75
|
3.75
|
3.30
|
(dollars in thousands)
|
December 31, 2015
|
|||||||||||
Retirement
Plan
|
Post-
Retirement
Benefit Plan
|
Total
|
||||||||||
Change in overfunded position of pension and postretirement benefits
|
$
|
(109
|
)
|
(602
|
)
|
(711
|
)
|
|||||
Amortization of net actuarial (loss) gain
|
(210
|
)
|
140
|
(70
|
)
|
|||||||
Amortization of prior service cost (credit)
|
-
|
(90
|
)
|
(90
|
)
|
|||||||
Total
|
$
|
(319
|
)
|
(552
|
)
|
(871
|
)
|
December 31, 2014
|
||||||||||||
Retirement
Plan
|
Post-
Retirement
Benefit Plan
|
Total
|
||||||||||
Change in overfunded position of pension and postretirement benefits
|
$
|
5,337
|
3,030
|
8,367
|
||||||||
Amortization of net actuarial gain (loss)
|
-
|
297
|
297
|
|||||||||
Amortization of prior service credit
|
-
|
(199
|
)
|
(199
|
)
|
|||||||
Total
|
$
|
5,337
|
3,128
|
8,465
|
Pension Benefit
Plan Assets
|
Postretirement Benefit
Plan Assets
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Debt Securities
|
32
|
%
|
32
|
25
|
33
|
|||||||||||
Equity Securities
|
60
|
63
|
60
|
65
|
||||||||||||
Other
|
8
|
5
|
15
|
2
|
||||||||||||
Total
|
100
|
%
|
100
|
100
|
100
|
Retirement Plan
|
Fair Value Measurements at
December 31, 2015 Using:
|
|||||||||||||||
Carrying
Value
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Plan Assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
3,182
|
3,182
|
-
|
-
|
|||||||||||
Equity mutual funds
|
25,352
|
25,352
|
-
|
-
|
||||||||||||
U.S. government sponsored enterprises
|
5,779
|
-
|
5,779
|
-
|
||||||||||||
Corporate bonds
|
6,771
|
-
|
6,771
|
-
|
||||||||||||
Fixed income mutual funds
|
593
|
593
|
-
|
-
|
||||||||||||
Total Plan Assets
|
$
|
41,677
|
29,127
|
12,550
|
-
|
Postretirement Benefits
|
Fair Value Measurements at
December 31, 2015 Using:
|
|||||||||||||||
Carrying
Value
|
Quoted Prices in
Active Markets for
|
Significant
Other
|
Significant
Unobservable
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Plan Assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
2,832
|
2,832
|
-
|
-
|
|||||||||||
Equity mutual funds
|
11,513
|
11,513
|
-
|
-
|
||||||||||||
U.S. government sponsored enterprises
|
1,843
|
-
|
1,843
|
-
|
||||||||||||
Corporate bonds
|
1,074
|
-
|
1,074
|
-
|
||||||||||||
State and political subdivisions
|
1,976
|
-
|
1,976
|
-
|
||||||||||||
Total Plan Assets
|
$
|
19,238
|
14,345
|
4,893
|
-
|
Retirement Plan
|
Fair Value Measurements at
December 31, 2014 Using:
|
|||||||||||||||
Carrying
Value
|
Quoted Prices in
Active Markets for
|
Significant
Other
|
Significant
Unobservable
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Plan Assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
2,043
|
2,043
|
-
|
-
|
|||||||||||
Equity mutual funds
|
27,149
|
27,149
|
-
|
-
|
||||||||||||
U.S. government sponsored enterprises
|
6,691
|
-
|
6,691
|
-
|
||||||||||||
Corporate bonds
|
6,502
|
-
|
6,502
|
-
|
||||||||||||
Fixed income mutual funds
|
608
|
608
|
-
|
-
|
||||||||||||
Total Plan Assets
|
$
|
42,993
|
29,800
|
13,193
|
-
|
Postretirement Benefits
|
Fair Value Measurements at
December 31, 2014 Using:
|
|||||||||||||||
Carrying
Value
|
Quoted Prices in
Active Markets for
|
Significant
Other
|
Significant
Unobservable
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Plan Assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
285
|
285
|
-
|
-
|
|||||||||||
Equity mutual funds
|
12,583
|
12,583
|
-
|
-
|
||||||||||||
U.S. government sponsored enterprises
|
2,342
|
-
|
2,342
|
-
|
||||||||||||
Corporate bonds
|
1,520
|
-
|
1,520
|
-
|
||||||||||||
State and political subdivisions
|
2,555
|
-
|
2,555
|
-
|
||||||||||||
Total Plan Assets
|
$
|
19,285
|
12,868
|
6,417
|
-
|
2015
|
2014
|
2013
|
||||||||||
Employees'
Plan
|
Employees'
Plan
|
Employees'
Plan
|
||||||||||
Expected dividend yield
|
4.09
|
%
|
3.64
|
%
|
3.72
|
%
|
||||||
Risk-free interest rate
|
1.74
|
1.74
|
1.45
|
|||||||||
Expected volatility rate
|
26.20
|
21.62
|
25.83
|
|||||||||
Expected lives
|
5.0
|
years |
5.0
|
years |
5.0
|
years
|
Outstanding
Units
|
||||
Balance, December 31, 2014
|
202,400
|
|||
New awards granted
|
68,300
|
|||
Forfeited awards
|
(4,500
|
)
|
||
Awards settled
|
(81,000
|
)
|
||
Balance, December 31, 2015
|
185,200
|
Outstanding
Units
|
||||
Balance, December 31, 2014
|
229,500
|
|||
New awards granted
|
84,200
|
|||
Awards settled
|
-
|
|||
Balance, December 31, 2015
|
313,700
|
(dollars in thousands)
|
||||
2016
|
$
|
7,206
|
||
2017
|
6,876
|
|||
2018
|
6,588
|
|||
2019
|
6,453
|
|||
2020
|
6,205
|
|||
2021 and after
|
37,177
|
|||
$
|
70,505
|
(dollars in thousands,
except per share data)
|
||||||||||||
2015
|
2014
|
2013
|
||||||||||
For the years ended
|
||||||||||||
December 31:
|
||||||||||||
Net income
|
$
|
42,238
|
44,193
|
39,812
|
||||||||
Less: Net income allocated to participating securities
|
-
|
43
|
45
|
|||||||||
Net income allocated to common shareholders
|
$
|
42,238
|
44,150
|
39,767
|
||||||||
Basic EPS:
|
||||||||||||
Distributed earnings allocated to common stock
|
$
|
24,961
|
24,866
|
24,745
|
||||||||
Undistributed earnings allocated to common stock
|
17,277
|
19,284
|
15,022
|
|||||||||
Net income allocated to common shareholders
|
$
|
42,238
|
44,150
|
39,767
|
||||||||
Weighted average common shares outstanding including participating securities
|
95,103
|
94,721
|
94,266
|
|||||||||
Less: Participating securities
|
-
|
93
|
106
|
|||||||||
Weighted average common shares
|
95,103
|
94,628
|
94,160
|
|||||||||
Basic EPS
|
$
|
0.444
|
0.467
|
0.422
|
||||||||
Diluted EPS:
|
||||||||||||
Net income allocated to common shareholders
|
$
|
42,238
|
44,150
|
39,767
|
||||||||
Weighted average common shares for basic EPS
|
95,103
|
94,628
|
94,160
|
|||||||||
Effect of Dilutive Securities:
|
||||||||||||
Stock Options
|
110
|
125
|
46
|
|||||||||
Weighted average common shares including potential dilutive shares
|
95,213
|
94,753
|
94,206
|
|||||||||
Diluted EPS
|
$
|
0.444
|
0.466
|
0.422
|
Fair Value Measurements at
December 31, 2015 Using:
|
||||||||||||||||
Carrying
Value
|
Quoted Prices in
Active Markets for
|
Significant
Other
|
Significant
Unobservable
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Securities available for sale:
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
86,737
|
-
|
$
|
86,737
|
-
|
||||||||||
State and political subdivisions
|
1,290
|
-
|
1,290
|
-
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
411,729
|
-
|
411,729
|
-
|
||||||||||||
Small Business Administration- guaranteed participation securities
|
90,416
|
-
|
90,416
|
-
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial
|
10,180
|
-
|
10,180
|
-
|
||||||||||||
Other
|
685
|
35
|
650
|
-
|
||||||||||||
Total securities available for sale
|
$
|
601,037
|
$
|
35
|
$
|
601,002
|
$
|
-
|
Fair Value Measurements at
December 31, 2014 Using:
|
||||||||||||||||
Carrying
Value
|
Quoted Prices in
Active Markets for
|
Significant
Other
|
Significant
Unobservable
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Securities available for sale:
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
77,800
|
$
|
-
|
$
|
77,800
|
$
|
-
|
||||||||
State and political subdivisions
|
2,271
|
-
|
2,271
|
-
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
483,560
|
-
|
483,560
|
-
|
||||||||||||
Corporate bonds
|
1,500
|
-
|
1,500
|
-
|
||||||||||||
Small Business Administration- guaranteed participation securities
|
100,496
|
-
|
100,496
|
-
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - commercial
|
10,447
|
-
|
10,447
|
-
|
||||||||||||
Other
|
685
|
35
|
650
|
-
|
||||||||||||
Total securities available for sale
|
$
|
676,759
|
$
|
35
|
$
|
676,724
|
$
|
-
|
Fair Value Measurements at
December 31, 2015 Using:
|
||||||||||||||||
Carrying
Value
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Other real estate owned
|
$
|
6,455
|
$
|
-
|
$
|
-
|
$
|
6,455
|
||||||||
Impaired loans:
|
||||||||||||||||
Commercial real estate
|
878
|
-
|
-
|
878
|
||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||
First mortgages
|
2,601
|
-
|
-
|
2,601
|
||||||||||||
Home Equity Loans
|
53
|
-
|
-
|
53
|
||||||||||||
Home equity lines of credit
|
455
|
-
|
-
|
455
|
Fair Value Measurements at
December 31, 2014 Using:
|
||||||||||||||||
Carrying
Value
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Other real estate owned
|
$
|
6,441
|
$
|
-
|
$
|
-
|
$
|
6,441
|
||||||||
Impaired loans:
|
||||||||||||||||
Commercial real estate
|
206
|
-
|
-
|
206
|
||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||
First mortgages
|
2,627
|
-
|
-
|
2,627
|
||||||||||||
Home equity lines of credit
|
810
|
-
|
-
|
810
|
Carrying
|
Fair Value Measurements at
December 31, 2015 Using:
|
|||||||||||||||||||
Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
718,156
|
718,156
|
-
|
-
|
718,156
|
||||||||||||||
Securities available for sale
|
601,037
|
35
|
601,002
|
-
|
601,037
|
|||||||||||||||
Held to maturity securities
|
56,465
|
-
|
59,439
|
-
|
59,439
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,480
|
N/A
|
N/A
|
|
N/A
|
|
N/A
|
|
||||||||||||
Net loans
|
3,248,542
|
-
|
-
|
3,279,167
|
3,279,167
|
|||||||||||||||
Accrued interest receivable
|
10,262
|
80
|
2,370
|
7,812
|
10,262
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Demand deposits
|
365,081
|
365,081
|
-
|
-
|
365,081
|
|||||||||||||||
Interest bearing deposits
|
3,735,297
|
2,627,367
|
1,111,240
|
-
|
3,738,607
|
|||||||||||||||
Short-term borrowings
|
191,226
|
-
|
191,226
|
-
|
191,226
|
|||||||||||||||
Accrued interest payable
|
501
|
74
|
427
|
-
|
501
|
Carrying
|
Fair Value Measurements at
December 31, 2014 Using:
|
|||||||||||||||||||
Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
671,448
|
671,448
|
-
|
-
|
671,448
|
||||||||||||||
Securities available for sale
|
676,759
|
35
|
676,724
|
-
|
676,759
|
|||||||||||||||
Held to maturity securities
|
70,946
|
-
|
75,342
|
-
|
75,342
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,228
|
N/A
|
N/A
|
|
N/A
|
|
N/A
|
|
||||||||||||
Net loans
|
3,112,005
|
-
|
-
|
3,171,005
|
3,171,005
|
|||||||||||||||
Accrued interest receivable
|
10,800
|
30
|
2,694
|
8,076
|
10,800
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Demand deposits
|
331,425
|
331,425
|
-
|
-
|
331,425
|
|||||||||||||||
Interest bearing deposits
|
3,700,816
|
2,537,583
|
1,163,245
|
-
|
3,700,828
|
|||||||||||||||
Short-term borrowings
|
189,116
|
-
|
189,116
|
-
|
189,116
|
|||||||||||||||
Accrued interest payable
|
548
|
100
|
448
|
-
|
548
|
(dollars in thousands)
|
As of December 31, 2015
|
Well
|
Adequately
|
|||||||||||||
Amount
|
Ratio
|
Capitalized*
|
Capitalized*
|
|||||||||||||
Tier 1 leverage ratio
|
$
|
405,506
|
8.60
|
%
|
5.00
|
%
|
4.00
|
%
|
||||||||
Common equity Tier 1 capital
|
405,506
|
17.21
|
|
6.00
|
4.00
|
|||||||||||
Tier 1 risk-based capital
|
405,506
|
17.21
|
6.00
|
4.00
|
||||||||||||
Total risk-based capital
|
435,149
|
18.47
|
10.00
|
8.00
|
(dollars in thousands)
|
As of December 31, 2014
|
Well
|
Adequately
|
|||||||||||||
Amount
|
Ratio
|
Capitalized*
|
Capitalized*
|
|||||||||||||
Tier 1 (core) capital
|
$
|
386,913
|
8.33
|
%
|
5.00
|
%
|
4.00
|
%
|
||||||||
Tier 1 risk-based capital
|
386,913
|
16.60
|
6.00
|
4.00
|
||||||||||||
Total risk-based capital
|
416,269
|
17.86
|
10.00
|
8.00
|
(dollars in thousands)
|
As of December 31, 2015
|
|||||||
Amount
|
Ratio
|
|||||||
Leverage capital
|
$
|
417,538
|
8.85
|
%
|
||||
Common equity Tier 1 capital
|
417,538
|
17.71
|
||||||
Tier 1 risk-based capital
|
417,538
|
17.71
|
||||||
Total risk-based capital
|
447,193
|
18.97
|
(dollars in thousands)
|
As of December 31, 2014
|
|||||||
Amount
|
Ratio
|
|||||||
Leverage capital
|
$
|
397,400
|
8.55
|
%
|
||||
Tier 1 risk-based capital
|
397,400
|
17.04
|
||||||
Total risk-based capital
|
426,770
|
18.30
|
For the year ended 12/31/15 | ||||||||||||||||||||
(dollars in thousands)
|
Balance at
12/31/2014
|
Other
Comprehensive
Income (loss)-
Before
Reclassifications
|
Amount
reclassified
from Accumulated
Other Comprehensive
Income
|
Other
Comprehensive
Income (loss)-
Year
ended 12/31/2015
|
Balance at
12/31/2015
|
|||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax
|
$
|
(3,693
|
)
|
(648
|
)
|
(151
|
)
|
(799
|
)
|
(4,492
|
)
|
|||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax
|
(1,188
|
)
|
430
|
-
|
430
|
(758
|
)
|
|||||||||||||
Net change in net actuarial loss and prior service cost on pension and postretirement benefit plans, net of tax
|
372
|
-
|
97
|
97
|
469
|
|||||||||||||||
Accumulated other comprehensive loss, net of tax
|
(4,509
|
)
|
(218
|
)
|
(54
|
)
|
(272
|
)
|
(4,781
|
)
|
For the year ended 12/31/14
|
||||||||||||||||||||
(dollars in thousands)
|
Balance at
12/31/2013
|
Other
Comprehensive
Income (loss)-
Before
Reclassifications
|
Amount
reclassified
from Accumulated
Other Comprehensive
Income
|
Other
Comprehensive
Income (loss)-
Year
ended 12/31/2014
|
Balance at
12/31/2014
|
|||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax
|
$
|
(18,078
|
)
|
14,815
|
(430
|
)
|
14,385
|
(3,693
|
)
|
|||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax
|
3,843
|
(5,031
|
)
|
-
|
(5,031
|
)
|
(1,188
|
)
|
||||||||||||
Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax
|
432
|
-
|
(60
|
)
|
(60
|
)
|
372
|
|||||||||||||
Accumulated other comprehensive income (loss), net of tax
|
(13,803
|
)
|
9,784
|
(490
|
)
|
9,294
|
(4,509
|
)
|
For the year ended 12/31/13 | ||||||||||||||||||||
(dollars in thousands)
|
Balance at
12/31/2012
|
Other
Comprehensive
Income (loss)-
Before
Reclassifications
|
Amount
reclassified
from Accumulated
Other Comprehensive
Income
|
Other
Comprehensive
Income (loss)-
Year
ended 12/31/2013
|
Balance at
12/31/2013
|
|||||||||||||||
Net unrealized holding gain (loss) on securities available for sale, net of tax
|
$
|
3,755
|
(20,860
|
)
|
(973
|
)
|
(21,833
|
)
|
(18,078
|
)
|
||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax
|
(2,506
|
)
|
6,349
|
-
|
6,349
|
3,843
|
||||||||||||||
Net change in net actuarial loss and prior service credit on pension and postretirement benefit plans, net of tax
|
309
|
-
|
123
|
123
|
432
|
|||||||||||||||
Accumulated other comprehensive income (loss), net of tax
|
$
|
1,558
|
(14,511
|
)
|
(850
|
)
|
(15,361
|
)
|
(13,803
|
)
|
(dollars in thousands)
|
Years Ended December 31,
|
Affected Line Item
|
|||||||||||
2015
|
2014
|
2013
|
in Financial Statements
|
||||||||||
Unrealized gains (losses) on securities available for sale
|
|||||||||||||
Realized gain on securities transactions
|
$
|
251
|
717
|
1,622
|
Net gain on securities transactions
|
||||||||
Income tax expense
|
(100
|
)
|
(287
|
)
|
(649
|
)
|
Income taxes
|
||||||
Net of tax
|
151
|
430
|
973
|
||||||||||
Amortization of pension and postretirement benefit items
|
|||||||||||||
Amortization of net actuarial loss
|
(70
|
)
|
297
|
(467
|
)
|
Salaries and employee benefits
|
|||||||
Amortization of prior service credit
|
(90
|
)
|
(199
|
)
|
262
|
Salaries and employee benefits
|
|||||||
Income tax benefit
|
63
|
(38
|
)
|
82
|
Income taxes
|
||||||||
Net of tax
|
(97
|
)
|
60
|
(123
|
)
|
||||||||
Total reclassifications, net of tax
|
$
|
54
|
490
|
850
|
Statements of Income
|
||||||||||||
(dollars in thousands)
|
Years Ended December 31, | |||||||||||
Income:
|
2015
|
2014
|
2013
|
|||||||||
Dividends and interest from subsidiaries
|
$
|
24,501
|
24,499
|
24,491
|
||||||||
Miscellaneous income
|
-
|
18
|
-
|
|||||||||
Total income
|
24,501
|
24,517
|
24,491
|
|||||||||
Expense:
|
||||||||||||
Operating supplies
|
33
|
50
|
81
|
|||||||||
Professional services
|
577
|
557
|
491
|
|||||||||
Miscellaneous expense
|
664
|
1,350
|
1,042
|
|||||||||
Total expense
|
1,274
|
1,957
|
1,614
|
|||||||||
Income before income taxes and subsidiaries' undistributed earnings
|
23,227
|
22,560
|
22,877
|
|||||||||
Income tax benefit
|
(405
|
)
|
(663
|
)
|
(548
|
)
|
||||||
Income before subsidiaries' undistributed earnings
|
23,632
|
23,223
|
23,425
|
|||||||||
Equity in undistributed earnings of subsidiaries
|
18,606
|
20,970
|
16,387
|
|||||||||
Net income
|
$
|
42,238
|
44,193
|
39,812
|
Statements of Condition
|
||||||||
(dollars in thousands)
|
December 31,
|
|||||||
Assets:
|
2015
|
2014
|
||||||
Cash in subsidiary bank
|
$
|
18,463
|
17,034
|
|||||
Investments in subsidiaries
|
401,289
|
382,968
|
||||||
Securities available for sale
|
35
|
35
|
||||||
Other assets
|
967
|
918
|
||||||
Total assets
|
420,754
|
400,955
|
||||||
Liabilities and shareholders' equity:
|
||||||||
Accrued expenses and other liabilities
|
7,444
|
7,511
|
||||||
Total liabilities
|
7,444
|
7,511
|
||||||
Shareholders' equity
|
413,310
|
393,444
|
||||||
Total liabilities and shareholders' equity
|
$
|
420,754
|
400,955
|
Statements of Cash Flows
|
||||||||||||
(dollars in thousands)
|
Years Ended December 31,
|
|||||||||||
2015
|
2014
|
2013
|
||||||||||
Increase/(decrease) in cash and cash equivalents:
|
||||||||||||
Cash flows from operating activities:
|
||||||||||||
Net income
|
$
|
42,238
|
44,193
|
39,812
|
||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Equity in undistributed earnings of subsidiaries
|
(18,606
|
)
|
(20,970
|
)
|
(16,387
|
)
|
||||||
Stock based compensation expense
|
204
|
325
|
378
|
|||||||||
Net change in other assets and accrued expenses
|
(140
|
)
|
388
|
277
|
||||||||
Total adjustments
|
(18,542
|
)
|
(20,257
|
)
|
(15,732
|
)
|
||||||
Net cash provided by operating activities
|
23,696
|
23,936
|
24,080
|
|||||||||
Cash flows from investing activities:
|
||||||||||||
Purchases of securities available for sale
|
-
|
(25
|
)
|
-
|
||||||||
Net cash used in investing activities
|
-
|
(25
|
)
|
-
|
||||||||
Cash flows from financing activities:
|
||||||||||||
Proceeds from exercise of stock options and related tax benefits
|
147
|
131
|
36
|
|||||||||
Dividends paid
|
(24,937
|
)
|
(24,839
|
)
|
(24,711
|
)
|
||||||
Payments to acquire treasury stock
|
(147
|
)
|
(282
|
)
|
-
|
|||||||
Proceeds from sales of treasury stock
|
2,670
|
2,850
|
2,908
|
|||||||||
Net cash used in financing activities
|
(22,267
|
)
|
(22,140
|
)
|
(21,767
|
)
|
||||||
Net increase in cash and cash equivalents
|
1,429
|
1,771
|
2,313
|
|||||||||
Cash and cash equivalents at beginning of year
|
17,034
|
15,263
|
12,950
|
|||||||||
Cash and cash equivalents at end of year
|
$
|
18,463
|
17,034
|
15,263
|
Airmont Office
|
327 Route 59 East
|
Airmont, NY
|
Telephone: (845) 357-2435
|
Altamont Ave. Office
|
1400 Altamont Ave.
|
Schenectady, NY
|
Telephone: (518) 356-1317
|
Altamont Ave. West Office
|
1900 Altamont Ave.
|
Rotterdam, NY
|
Telephone: (518) 355-1900
|
Amsterdam Office
|
4931 Route 30
|
Amsterdam, NY
|
Telephone: (518) 842-5459
|
Ardsley Office
|
33-35 Center St.
|
Ardsley, NY
|
Telephone: (914) 693-3254
|
Ballston Spa Office
|
235 Church Ave.
|
Ballston Spa, NY
|
Telephone: (518) 885-1561
|
Balltown Road Office
|
1475 Balltown Rd.
|
Niskayuna, NY
|
Telephone: (518) 377-2460
|
Brandywine Office
|
1048 State St.
|
Schenectady, NY
|
Telephone: (518) 346-4295
|
Briarcliff Manor Office
|
75 North State Rd.
|
Briarcliff Manor, NY
|
Telephone: (914) 762-7133
|
Bronxville Office
|
5-7 Park Place
|
Bronxville, NY
|
Telephone: (914) 771-4180
|
Brunswick Office
|
740 Hoosick Rd.
|
Troy, NY
|
Telephone: (518) 272-0213
|
Campbell West Plaza Office
|
141 West Campbell Rd.
|
Rotterdam, NY
|
Telephone: (518) 377-2393
|
Central Ave. Office
|
40 Central Ave.
|
Albany, NY
|
Telephone: (518) 426-7291
|
Chatham Office
|
193 Hudson Ave.
|
Chatham, NY
|
Telephone: (518) 392-0031
|
Clifton Country Road Office
|
7 Clifton Country Rd.
|
Clifton Park, NY
|
Telephone: (518) 371-5002
|
Clifton Park Office
|
1018 Route 146
|
Clifton Park, NY
|
Telephone: (518) 371-8451
|
Cobleskill Office
|
104 Merchant Pl.
|
Cobleskill, NY
|
Telephone: (518) 254-0290
|
Colonie Office
|
1892 Central Ave.
|
Albany, NY
|
Telephone: (518) 456-0041
|
Crestwood Plaza Office
|
415 Whitehall Rd.
|
Albany, NY
|
Telephone: (518) 482-0693
|
Delmar Office
|
167 Delaware Ave.
|
Delmar, NY
|
Telephone: (518) 439-9941
|
East Greenbush Office
|
501 Columbia Tpk.
|
Rensselaer, NY
|
Telephone: (518) 479-7233
|
Elmsford Office
|
100 Clearbrook Rd.
|
Elmsford, NY
|
Telephone: (914) 345-1808
|
Exit 8/Crescent Rd. Office
|
1532 Crescent Rd.
|
Clifton Park, NY
|
Telephone: (518) 383-0039
|
Exit 11 Office
|
43 Round Lake Rd.
|
Ballston Lake, NY
|
Telephone: (518) 899-1558
|
Fishkill Office
|
1545 Route 52
|
Fishkill, NY
|
Telephone: (845) 896-8260
|
Freemans Bridge Rd. Office
|
1 Sarnowski Dr.
|
Glenville, NY
|
Telephone: (518) 344-7510
|
Glenmont Office
|
380 Route 9W
|
Glenmont, NY
|
Telephone: (518) 449-2128
|
Glens Falls Office
|
100 Glen St.
|
Glens Falls, NY
|
Telephone: (518) 798-8131
|
Greenwich Office
|
131 Main St.
|
Greenwich, NY
|
Telephone: (518) 692-2233
|
Guilderland Office
|
3900 Carman Rd.
|
Schenectady, NY
|
Telephone: (518) 355-4890
|
Halfmoon Office
|
215 Guideboard Rd.
|
Country Dollar Plaza
|
Halfmoon, NY
|
Telephone: (518) 371-0593
|
Hartsdale Office
|
220 East Hartsdale Ave.
|
Hartsdale, NY
|
Telephone: (914) 722-2640
|
Highland Office
|
3580 Route 9W
|
Highland, NY
|
Telephone: (845) 691-7023
|
Hoosick Falls Office
|
47 Main St.
|
Hoosick Falls, NY
|
Telephone: (518) 686-5352
|
Hudson Office
|
507 Warren St.
|
Hudson, NY
|
Telephone: (518) 828-9434
|
Hudson Falls Office
|
3750 Burgoyne Ave.
|
Hudson Falls, NY
|
Telephone: (518) 747-0886
|
Katonah Office
|
18 Woods Bridge Road
|
Katonah, NY
|
Telephone: (914) 666-6230
|
Kingston Office
|
1220 Ulster Ave.
|
Kingston, NY
|
Telephone: (845) 336-5372
|
Lake George Office
|
2160 Route 9L
|
Lake George, NY
|
Telephone: (518) 668-2352
|
Latham Office
|
1 Johnson Rd.
|
Latham, NY
|
Telephone: (518) 785-0761
|
Loudon Plaza Office
|
372 Northern Blvd.
|
Albany, NY
|
Telephone: (518) 462-6668
|
Madison Ave. Office
|
1084 Madison Ave.
|
Albany, NY
|
Telephone: (518) 489-4711
|
Malta 4 Corners Office
|
2471 Route 9
|
Malta, NY
|
Telephone: (518) 899-1056
|
Mamaroneck Office
|
180-190 East Boston Post Rd.
|
Mamaroneck, NY
|
Telephone: (914) 777-3023
|
Mayfair Office
|
286 Saratoga Rd.
|
Glenville, NY
|
Telephone: (518) 399-9121
|
Mechanicville Office
|
9 Price Chopper Plaza
|
Mechanicville, NY
|
Telephone: (518) 664-1059
|
Milton Office
|
2 Trieble Ave.
|
Ballston Spa, NY
|
Telephone: (518) 885-0498
|
Monroe Office
|
791 Route 17M
|
Monroe, NY
|
Telephone: (845) 782-1100
|
Mont Pleasant Office
|
959 Crane St.
|
Schenectady, NY
|
Telephone: (518) 346-1267
|
Mt. Kisco Office
|
222 East Main St.
|
Mt. Kisco, NY
|
Telephone: (914) 666-2362
|
New City Office
|
20 Squadron Blvd.
|
New City, NY
|
Telephone: (845) 634-4571
|
New Scotland Office
|
301 New Scotland Ave.
|
Albany, NY
|
Telephone: (518) 438-7838
|
Newton Plaza Office
|
602 New Loudon Rd.
|
Latham, NY
|
Telephone: (518) 786-3687
|
Niskayuna-Woodlawn Office
|
3461 State St.
|
Schenectady, NY
|
Telephone: (518) 377-2264
|
Northern Pines Road Office
|
649 Maple Ave.
|
Saratoga Springs, NY
|
Telephone: (518) 583-2634
|
Nyack Office
|
21 Route 59
|
Nyack, NY
|
Telephone: (845) 353-2035
|
Peekskill Office
|
20 Welcher Ave.
|
Peekskill, NY
|
Telephone: (914) 739-1839
|
Pelham Office
|
132 Fifth Ave.
|
Pelham, NY
|
Telephone: (914) 632-1983
|
Pomona Office
|
1581 Route 202
|
Pomona, NY
|
Telephone: (845) 354-0176
|
Poughkeepsie Office
|
2656 South Rd.
|
Poughkeepsie, NY
|
Telephone: (845) 485-6419
|
Queensbury Office
|
118 Quaker Rd.
|
Suite 1
|
Queensbury, NY
|
Telephone: (518) 798-7226
|
Red Hook Office
|
4 Morgans Way
|
Red Hook, NY
|
Telephone: (845) 752-2224
|
Rotterdam Office
|
Curry Road Shopping Center
|
Schenectady, NY
|
Telephone: (518) 355-8330
|
Route 2 Office
|
201 Troy-Schenectady Rd.
|
Latham, NY
|
Telephone: (518) 785-7155
|
Route 7 Office
|
1156 Troy-Schenectady Rd.
|
Latham, NY
|
Telephone: (518) 785-4744
|
Saratoga Office
|
34 Congress St.
|
Saratoga Springs, NY
|
Telephone: (518) 587-3520
|
Schaghticoke Office
|
2 Main St.
|
Schaghticoke, NY
|
Telephone: (518) 753-6509
|
Scotia Office
|
123 Mohawk Ave.
|
Scotia, NY
|
Telephone: (518) 372-9416
|
Sheridan Plaza Office
|
1350 Gerling St.
|
Schenectady, NY
|
Telephone: (518) 377-8517
|
Slingerlands Office
|
1569 New Scotland Rd.
|
Slingerlands, NY
|
Telephone: (518) 439-9352
|
South Glens Falls Office
|
133 Saratoga Rd.
|
Suite 1
|
South Glens Falls, NY
|
Telephone: (518) 793-7668
|
State Farm Road Office
|
2050 Western Ave.
|
Guilderland, NY
|
Telephone: (518) 452-6913
|
State St. Albany Office
|
112 State St.
|
Albany, NY
|
Telephone: (518) 436-9043
|
State St. Schenectady - Main Office
|
320 State St.
|
Schenectady, NY
|
Telephone: (518) 381-3831
|
Stuyvesant Plaza Office
|
Western Ave. at Fuller Rd.
|
Albany, NY
|
Telephone: (518) 489-2616
|
Tanners Main Office
|
345 Main St.
|
Catskill, NY
|
Telephone: (518) 943-2500
|
Tanners West Office
|
238 West Bridge St.
|
Catskill, NY
|
Telephone: (518) 943-5090
|
Troy Office
|
5th Ave. and State St.
|
Troy, NY
|
Telephone: (518) 274-5420
|
Upper Union Street Office
|
1620 Union St.
|
Schenectady, NY
|
Telephone: (518) 374-4056
|
Ushers Road Office
|
308 Ushers Rd.
|
Ballston Lake, NY
|
Telephone: (518) 877-8069
|
Valatie Office
|
2929 Route 9
|
Valatie, NY
|
Telephone: (518) 758-2265
|
Wappingers Falls Office
|
1490 Route 9
|
Wappingers Falls, NY
|
Telephone: (845) 298-9315
|
Warrensburg Office
|
9 Lake George Plaza Rd.
|
Lake George, NY
|
Telephone: (518) 623-3707
|
West Sand Lake Office
|
3690 NY Route 43
|
West Sand Lake, NY
|
Telephone: (518) 674-3327
|
Wilton Mall Office
|
Route 50
|
Saratoga Springs, NY
|
Telephone: (518) 583-1716
|
Wolf Road Office
|
34 Wolf Rd.
|
Albany, NY
|
Telephone: (518) 458-7761
|
Wynantskill Office
|
134-136 Main St.
|
Wynantskill, NY
|
Telephone: (518) 286-2674
|
Florida
|
Alafaya Woods Office
|
1500 Alafaya Trl.
|
Oviedo, FL
|
Telephone: (407) 359-5991
|
Aloma Office
|
4070 Aloma Ave.
|
Winter Park, FL
|
Telephone: (407) 677-1969
|
Apollo Beach Office
|
205 Apollo Beach Blvd.
|
Apollo Beach, FL
|
Telephone: (813) 649-0460
|
Apopka Office
|
1134 North Rock Springs Rd.
|
Apopka, FL
|
Telephone: (407) 464-7373
|
Avalon Park Office
|
3662 Avalon Park East Blvd.
|
Orlando, FL
|
Telephone: (407) 380-2264
|
Bay Hill Office
|
6084 Apopka Vineland Road
|
Orlando, FL
|
Telephone: (321) 251-1859
|
BeeLine Center Office
|
10249 South John Young Pkwy.
|
Suite 101
|
Orlando, FL
|
Telephone: (407) 240-0945
|
Beneva Village Office
|
5950 South Beneva Road
|
Sarasota, FL
|
Telephone: (941) 923-8269
|
Bradenton Office
|
5858 Cortez Rd. West
|
Bradenton, FL
|
Telephone: (941) 792-2604
|
Colonial Drive Office
|
4301 East Colonial Dr.
|
Orlando, FL
|
Telephone: (407) 895-6393
|
Curry Ford Road Office
|
3020 Lamberton Blvd.
|
Suite 116
|
Orlando, FL
|
Telephone: (407) 277-9663
|
Curry Ford West Office
|
2838 Curry Ford Rd.
|
Orlando, FL
|
Telephone: (407) 893-9878
|
Davenport Office
|
2300 Deer Creek Commons Ln.
|
Suite 600
|
Davenport, FL
|
Telephone: (863) 424-9493
|
Dean Road Office
|
3920 Dean Rd.
|
Orlando, FL
|
Telephone: (407) 657-8001
|
Downtown Orlando Office
|
415 East Pine St.
|
Orlando, FL
|
Telephone: (407) 422-7129
|
East Colonial Office
|
12901 East Colonial Dr.
|
Orlando, FL
|
Telephone: (407) 275-3075
|
Englewood Office
|
2930 South McCall Rd.
|
Englewood, FL
|
Telephone: (941) 460-0601
|
Gateway Commons Office
|
1525 East Osceola Pkwy.
|
Suite 120
|
Kissimmee, FL
|
Telephone: (407) 932-0398
|
Goldenrod Office
|
7803 East Colonial Rd.
|
Suite 107
|
Orlando, FL
|
Telephone: (407) 207-3773
|
Juno Beach Office
|
14051 US Highway 1
|
Juno Beach, FL
|
Telephone: (561) 630-4521
|
Lady Lake Office
|
873 North US Highway 27/441
|
Lady Lake, FL
|
Telephone: (352) 205-8893
|
Lake Brantley Office
|
909 North SR 434
|
Altamonte Springs, FL
|
Telephone: (407) 339-3396
|
Lake Mary Office
|
350 West Lake Mary Blvd.
|
Sanford, FL
|
Telephone: (407) 330-7106
|
Lake Nona Office
|
9360 Narcoossee Rd.
|
Orlando, FL
|
(407) 801-7330
|
Lake Square Office
|
10105 Route 441
|
Leesburg, FL
|
Telephone: (352) 323-8147
|
Lee Road Office
|
1084 Lee Rd.
|
Suite 11
|
Orlando, FL
|
Telephone: (407) 532-5211
|
Lee Vista Office
|
8288 Lee Vista Blvd.
|
Suite E
|
Orlando, FL
|
Telephone: (321) 235-5583
|
Leesburg Office
|
1330 Citizens Blvd.
|
Suite 101
|
Leesburg, FL
|
Telephone: (352) 365-1305
|
Maitland Office
|
9400 US Route 17/92
|
Suite 101
|
Maitland, FL
|
Telephone: (407) 332-6071
|
Melbourne Office
|
2481 Croton Rd.
|
Melbourne, FL
|
Telephone: (321) 752 0446
|
Metro West Office
|
2619 S. Hiawasee Rd.
|
Orlando, FL
|
Telephone: (407) 293-1580
|
North Clermont Office
|
12302 Roper Blvd.
|
Clermont, FL
|
Telephone: (352) 243-2563
|
Orange City Office
|
902 Saxon Blvd.
|
Suite 101
|
Orange City, FL
|
Telephone: (386) 775-1392
|
Ormond Beach Office
|
115 North Nova Rd.
|
Ormond Beach, FL
|
Telephone: (386) 256-3813
|
Osprey Office
|
1300 South Tamiami Trl.
|
Osprey, FL
|
Telephone: (941) 918-9380
|
Oviedo Office
|
1875 West County Rd. 419
|
Suite 600
|
Oviedo, FL
|
Telephone: (407) 365-1145
|
Pleasant Hill Commons Office
|
3307 South Orange Blossom Trl.
|
Kissimmee, FL
|
Telephone: (407) 846-8866
|
Port Orange Office
|
3751 Clyde Morris Blvd.
|
Port Orange, FL
|
Telephone: (386) 322-3730
|
Rinehart Road Office
|
1185 Rinehart Rd.
|
Sanford, FL
|
Telephone: (407) 268-3720
|
Sarasota Office
|
2704 Bee Ridge Rd.
|
Sarasota, FL
|
Telephone: (941) 929-9451
|
South Clermont Office
|
16908 High Grove Blvd.
|
Clermont, FL
|
Telephone: (352) 243-9511
|
Stuart Office
|
951 SE Federal Highway
|
Stuart, FL
|
Telephone: (772) 286-4757
|
Sun City Center
|
4441 Sun City Center
|
Sun City Center, FL
|
Telephone: (813) 633-1468
|
Sweetwater Office
|
671 North Hunt Club Rd.
|
Longwood, FL
|
Telephone: (407) 774-1347
|
Tuskawilla Road Office
|
1295 Tuskawilla Rd.
|
Suite 10
|
Winter Springs, FL
|
Telephone: (407) 695-5558
|
Venice Office
|
2057 South Tamiami Trl.
|
Venice, FL
|
Telephone: (941) 496-9100
|
Westwood Plaza Office
|
4942 West State Route 46
|
Suite 1050
|
Sanford, FL
|
Telephone: (407) 321-4925
|
Windermere Office
|
2899 Maguire Rd.
|
Windermere, FL
|
Telephone: (407) 654-0498
|
Winter Garden Office
|
16118 Marsh Rd.
|
Winter Garden, FL
|
Telephone: (407) 654-4609
|
Winter Haven Office
|
7476 Cypress Gardens Blvd. Southeast
|
Winter Haven, FL
|
Telephone: (863) 326-1918
|
Winter Springs Office
|
851 East State Route 434
|
Winter Springs, FL
|
Telephone: (407) 327-6064
|
Massachusetts
|
Allendale Office
|
5 Cheshire Rd.
|
Suite 18
|
Pittsfield, MA
|
Telephone: (413) 236-8400
|
Great Barrington Office
|
326 Stockbridge Rd.
|
Great Barrington, MA
|
Telephone: (413) 644-0054
|
Lee Office
|
43 Park St.
|
Lee, MA
|
Telephone: (413) 243-4300
|
Pittsfield Office
|
1 Dan Fox Dr.
|
Pittsfield, MA
|
Telephone: (413) 442-1330
|
New Jersey
|
Northvale Office
|
220 Livingston St.
|
Northvale, NJ
|
Telephone: (201) 750-1501
|
Ramsey Office
|
385 North Franklin Tpk.
|
Ramsey, NJ
|
Telephone: (201) 934-1429
|
Vermont
|
Bennington Office
|
215 North St.
|
Bennington, VT
|
Telephone: (802) 447-4952
|
HONORARY DIRECTORS
|
||
Lionel O. Barthold
|
James H. Murphy, D.D.S.
|
Edwin O. Salisbury
|
Nancy A. McNamara
|
Richard J. Murray, Jr.
|
William F. Terry
|
John S. Morris, Ph.D.
|
Anthony M. Salerno
|
ANNUAL MEETING
|
CORPORATE HEADQUARTERS
|
Thursday, May 19, 2016
|
5 Sarnowski Drive
|
4:00 PM
|
Glenville, NY 12302
|
Mallozzi’s Restaurant
|
(518) 377-3311
|
1930 Curry Road
|
|
Schenectady, NY 12303
|
Trustco Bank
|
ORE Subsidiary Corporation
|
Glenville, New York
|
Glenville, New York
|
Member FDIC
|
|
(and its wholly owned subsidiaries)
|
|
Trustco Realty Corp
|
|
Glenville, New York
|
|
Trustco Insurance Agency, Inc.
|
|
Glenville, New York
|
|
ORE Property, Inc.
|
|
Glenville, New York
|
|
(and its wholly owned subsidiaries)
|
|
ORE Property One, Inc.
|
|
Orlando, Florida
|
|
ORE Property Two, Inc.
|
|
Orlando, Florida
|
Period Ending
|
||||||||||||||||||||||||
Index
|
12/31/10
|
12/31/11
|
12/31/12
|
12/31/13
|
12/31/14
|
12/31/15
|
||||||||||||||||||
TrustCo Bank Corp NY
|
100.00
|
92.90
|
91.83
|
130.56
|
137.21
|
120.89
|
||||||||||||||||||
Russell 2000
|
100.00
|
95.82
|
111.49
|
154.78
|
162.35
|
155.18
|
||||||||||||||||||
SNL Bank and Thrift
|
100.00
|
77.76
|
104.42
|
142.97
|
159.60
|
162.83
|
Trustco Bank
|
Federally chartered savings bank
|
ORE Subsidiary Corp.
|
New York corporation
|
Trustco Realty Corp.
|
New York corporation (Subsidiary of Trustco Bank)
|
Trustco Insurance Agency, Inc.
|
New York corporation (Subsidiary of Trustco Bank)
|
ORE Property, Inc.
|
New York corporation (Subsidiary of Trustco Bank)
|
ORE Property One, Inc.
|
Florida corporation (Subsidiary of ORE Property, Inc.)
|
ORE Property Two, Inc.
|
Florida corporation (Subsidiary of ORE Property, Inc.)
|
/s/ Crowe Horwath LLP
|
|
New York, New York
|
|
March 4, 2016
|
/s/ Robert A. McCormick
|
/s/ Robert J. McCormick
|
||
Robert A. McCormick
|
Robert J. McCormick
|
||
/s/ Thomas O. Maggs
|
/s/ William D. Powers
|
||
Thomas O. Maggs
|
William D. Powers
|
||
/s/ Dr. Anthony J. Marinello
|
/s/ William J. Purdy
|
||
Dr. Anthony J. Marinello
|
William J. Purdy
|
||
/s/ Dennis A. De Gennaro
|
|||
Dennis A. De Gennaro
|
1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
/s/ Robert J. McCormick
|
|
Robert J. McCormick
|
|
President and Chief Executive Officer
|
|
/s/ Michael M. Ozimek
|
|
Michael M. Ozimek
|
|
Senior Vice President and Chief Financial Officer
|