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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Trading Symbol(s)
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Name of exchange on which registered)
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Common Stock, $1.00 Par Value
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TRST
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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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25
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Item 7
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25
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Item 7A
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25
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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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26
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Item 11
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26
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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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28
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|||
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32
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● |
4.5% CET1 to risk-weighted assets;
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● |
6.0% Tier 1 capital to risk-weighted assets;
|
● |
8.0% Total capital to risk-weighted assets; and
|
● |
4.0% Tier 1 capital to average consolidated assets as reported on consolidated financial statements (the “leverage ratio”).
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● |
is secured by property that is owner-occupied or rented,
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● |
is made in accordance with “prudent underwriting standards,” including loan-to-value ratios,
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● |
is not 90 days or more past due or in nonaccrual status, and
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● |
is not restructured or modified.
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Amount of transaction accounts
|
Reserve Requirement
|
$0 to $16.9 million
|
0% of amount.
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Over $16.9 million and up to $127.5 million
|
3% of amount.
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Over $127.5 million
|
10% of amount over $127.5 million
|
Name, Age and
Position
With Trustco
|
|
Principal Occupations Or Employment Since January 1, 2008
|
|
Year First
Became
Executive of
TrustCo
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Robert J. McCormick,
Age 56,
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
|
Scot R. Salvador,
Age 53,
Executive Vice President and Chief Lending Officer
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Executive Vice President and Chief Lending 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 57,
Executive Vice President and Chief Risk Officer
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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 45,
Executive Vice President and Chief Financial Officer
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Executive Vice President of TrustCo and Trustco Bank since December 2018. 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 53,
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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|
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Michael Hall
Age 54,
General Counsel and Corporate Secretary
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Secretary of TrustCo and Trustco Bank since 2016. Vice President of Trustco Bank since 2015. Joined Trustco Bank in 2015. Prior to 2015, attorney in private practice.
|
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2016
|
Kevin M. Curley
Age 54,
Executive Vice President and Chief Operations Officer
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|
Executive Vice President and Chief Operations Officer of TrustCo and Trustco Bank since December 2018. Joined Trustco Bank in 1990.
|
|
2018
|
Period
|
(a)
Total
Number
of Shares
Purchased*
|
(b)
Average
Price
Paid Per
Share
|
(c)
Total
Number of
Shares
Purchased
as Part of
Publicly
Announced
Plans or
Programs
|
(d)
Maximum
Number
of Shares
that May
Yet Be
Purchased
Under
the Plans
or
Programs
|
||||||||||||
October 1 to October 31, 2019
|
-
|
$
|
-
|
-
|
-
|
|||||||||||
November 1 to November 30, 2019
|
-
|
$
|
-
|
-
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-
|
|||||||||||
December 1 to December 31, 2019
|
-
|
$
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-
|
-
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-
|
|||||||||||
Total
|
-
|
$
|
-
|
-
|
-
|
Plan category
|
Number of
securities to be
issued upon
exercise of
outstanding
options, warrants
and rights
(a)
|
Weighted-average
exercise price of
outstanding
options, warrants and rights
(b)
|
Number of
securities
remaining
available for future
issuance under
equity compensation
plans (excluding
securities reflected
in column (a))
(c)
|
|||||||||
Equity compensation plans approved by security holders
|
519,091
|
$
|
6.67
|
1,696,794
|
||||||||
Equity compensation plan not approved by security holders
|
N/A
|
N/A
|
N/A
|
|||||||||
Total
|
519,091
|
$
|
6.67
|
1,696,794
|
Exhibit No.
|
Description
|
Amended and Restated Certificate of Incorporation of TrustCo Bank Corp NY, incorporated by reference to Exhibit 3.1 to TrustCo Bank Corp NY’s Quarterly Report on Form 10-Q, filed August 8, 2019.
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Amended and Restated Bylaws of TrustCo Bank Corp NY, dated May 23, 2019, incorporated by reference to Exhibit 3.2 to TrustCo Bank Corp NY’s Quarterly Report on Form 10-Q, filed August 8, 2019.
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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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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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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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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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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.
|
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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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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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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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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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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Agreement between Fiserv Solutions, Inc. and Trustco Bank, National Association, dated November 14, 2001 incorporated by reference to Exhibit 10(o) to TrustCo Bank Corp NY’s Annual Report on Form 10-K, for the year ended December 31, 2001.
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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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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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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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Amended and Restated TrustCo Bank Corp NY 2010 Equity Incentive Plan dated as of March 21, 2017, incorporated by reference to Exhibit 10(a) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed March 24, 2017.
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Amended and Restated 2010 Directors Equity Incentive Plan dated March 17, 2015, incorporated by reference to Exhibit 10(b) to TrustCo Bank Corp NY’s Current Report on Form 8-K filed March 23, 2015.
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|
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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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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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* |
Management contract or compensatory plan or arrangement.
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** |
Filed herewith.
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TrustCo Bank Corp NY
|
||
Date: February 28, 2020
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By:
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/s/ Michael M. Ozimek
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|
Michael M. Ozimek
|
|||
Executive Vice President and Chief Financial Officer
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Name and Signature
|
Title
|
Date
|
||
/s/ Robert J. McCormick
|
||||
Robert J. McCormick
|
Chairman, President and Chief Executive Officer
(principal executive officer)
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February 28, 2020
|
||
/s/ Michael M. Ozimek
|
||||
Michael M. Ozimek
|
Executive Vice President and Chief Financial Officer
(principal financial and accounting officer)
|
February 28, 2020
|
||
*
|
||||
Dennis A. DeGennaro
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Chairman
|
February 28, 2020
|
||
*
|
||||
Brian C. Flynn
|
Director
|
February 28, 2020
|
||
*
|
||||
Thomas O. Maggs
|
Director
|
February 28, 2020
|
||
*
|
||||
Dr. Anthony J. Marinello
|
Director
|
February 28, 2020
|
||
*
|
||||
William D. Powers
|
Director
|
February 28, 2020
|
||
*
|
||||
Lisa M. Lucarelli
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Director
|
February 28, 2020
|
*
|
/s/ Robert M. Leonard
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By:
|
|
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Robert M. Leonard, as Agent
|
|
Pursuant to Power of Attorney
|
(dollars in thousands, except per share data)
|
Years ended December 31,
|
|||||||||||
2019
|
2018
|
Percent Change
|
||||||||||
Income:
|
||||||||||||
Net interest income
|
$
|
155,807
|
$
|
160,686
|
(3.04
|
)%
|
||||||
Net Income
|
57,840
|
61,445
|
(5.87
|
)
|
||||||||
Per Share:
|
||||||||||||
Basic earnings
|
0.597
|
0.637
|
(6.28
|
)
|
||||||||
Diluted earnings
|
0.597
|
0.636
|
(6.13
|
)
|
||||||||
Book value at period end
|
5.55
|
5.07
|
9.47
|
|||||||||
Average Balances:
|
||||||||||||
Assets
|
5,161,820
|
4,900,450
|
5.33
|
|||||||||
Loans, net
|
3,926,199
|
3,746,082
|
4.81
|
|||||||||
Deposits
|
4,409,060
|
4,206,577
|
4.81
|
|||||||||
Shareholders' equity
|
513,489
|
470,814
|
9.06
|
|||||||||
Financial Ratios:
|
||||||||||||
Return on average assets
|
1.12
|
%
|
1.25
|
%
|
(10.40
|
)
|
||||||
Return on average equity
|
11.26
|
13.05
|
(13.72
|
)
|
||||||||
Consolidated tier 1 capital to:
|
||||||||||||
Total assets (leverage)
|
10.25
|
10.13
|
1.18
|
|||||||||
Risk-adjusted assets
|
18.99
|
18.79
|
1.06
|
|||||||||
Common equity tier 1 capital ratio
|
18.99
|
18.79
|
1.06
|
|||||||||
Total capital to risk-adjusted assets
|
20.24
|
20.05
|
0.95
|
|||||||||
Net loans charged off to average loans
|
0.0002
|
0.0002
|
-
|
|||||||||
Allowance for loan losses to nonperforming loans
|
2.12
|
x
|
1.79
|
x
|
18.44
|
|||||||
Efficiency ratio*
|
56.13
|
%
|
53.97
|
%
|
4.00
|
|||||||
Dividend Payout ratio
|
45.60
|
42.02
|
8.52
|
|
Range of Stock
|
|||||||||||||||||||||||
Basic
|
Diluted
|
Cash
|
Book
|
Price
|
||||||||||||||||||||
Earnings
|
Earnings
|
Dividend
|
Value
|
High
|
Low
|
|||||||||||||||||||
2019
|
||||||||||||||||||||||||
First quarter
|
$
|
0.150
|
$
|
0.150
|
$
|
0.0681
|
$
|
5.18
|
$
|
8.60
|
$
|
6.91
|
||||||||||||
Second quarter
|
0.152
|
0.151
|
0.0681
|
5.32
|
8.22
|
7.38
|
||||||||||||||||||
Third quarter
|
0.152
|
0.152
|
0.0681
|
5.42
|
8.34
|
7.48
|
||||||||||||||||||
Fourth quarter
|
0.143
|
0.143
|
0.0681
|
5.55
|
9.03
|
7.89
|
||||||||||||||||||
2018
|
||||||||||||||||||||||||
First quarter
|
$
|
0.154
|
$
|
0.153
|
$
|
0.0656
|
$
|
4.80
|
$
|
9.33
|
$
|
8.25
|
||||||||||||
Second quarter
|
0.160
|
0.160
|
0.0656
|
4.87
|
9.35
|
8.35
|
||||||||||||||||||
Third quarter
|
0.157
|
0.157
|
0.0681
|
4.93
|
9.45
|
8.35
|
||||||||||||||||||
Fourth quarter
|
0.166
|
0.166
|
0.0681
|
5.07
|
8.53
|
6.51
|
Financial Highlights
|
1
|
President’s Message
|
3
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
4-32
|
Glossary of Terms
|
32-34
|
Management’s Report on Internal Control Over Financial Reporting
|
35
|
Report of Independent Registered Public Accounting Firm
|
36-38
|
Consolidated Financial Statements and Notes
|
39-87
|
Branch Locations
|
88-93
|
Officers and Board of Directors
|
94-95
|
General Information
|
96-97
|
Share Price Information
|
98
|
• |
Net income after taxes was $57.8 million or $0.597 diluted earnings per share in 2019;
|
• |
Period-end loans were up $188 million for 2019 compared to the prior year;
|
• |
Period-end deposits were up $176 million for 2019 compared to the prior year;
|
• |
Nonperforming assets declined $4.2 million or 15.8% to $22.4 million from year-end 2018 to year-end 2019;
|
• |
At 56.13%, the efficiency ratio remained better than our peer-group levels (see Non-GAAP Financial Measures Reconciliation), and;
|
• |
The regulatory capital levels of both the Company and the Bank improved at December 31, 2019 relative to the prior year, and the Bank continues to meet the definition of “well capitalized” for regulatory purposes.
|
• |
a decrease of $4.9 million in net interest income from 2018 to 2019 primarily as a result of a 0.37% growth in average interest bearing liabilities due to offering competitive shorter term time deposit and money market rates, partially offset by increases in interest income due to loan growth;
|
• |
a decrease of $1.2 million in the provision for loan losses to $159 thousand in 2019, and;
|
• |
an increase in non-interest income of $510 thousand.
|
• |
return on average equity of 11.26% for 2019 and 13.05% for 2018, compared to medians of 10.51% in 2019 and 10.43% in 2018 for a peer group comprised of all publicly traded banks and thrifts tracked by S&P Global Market Intelligence Financial with assets of $2 billion to $10 billion, and
|
• |
an efficiency ratio, as calculated by S&P Global Market Intelligence, of 56.13% for 2019 and 53.97% for 2018, compared to the peer group medians of 57.84% in 2019 and 58.49% in 2018. Note that the S&P calculation differs slightly from our calculation.
|
|
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(%)
|
|||||||||||||||
2019
|
||||||||||||||||||||
Beginning of Year
|
2.45
|
2.48
|
2.51
|
2.69
|
0.21
|
|||||||||||||||
Peak
|
2.49
|
2.62
|
2.62
|
2.79
|
0.34
|
|||||||||||||||
Trough
|
1.52
|
1.39
|
1.32
|
1.47
|
(0.04
|
)
|
||||||||||||||
End of Year
|
1.55
|
1.58
|
1.69
|
1.92
|
0.34
|
|||||||||||||||
Average
|
2.11
|
1.97
|
1.95
|
2.14
|
0.17
|
|||||||||||||||
Median
|
2.17
|
1.83
|
1.84
|
2.07
|
0.17
|
|||||||||||||||
2018
|
||||||||||||||||||||
Beginning of Year
|
1.44
|
1.92
|
2.25
|
2.46
|
0.51
|
|||||||||||||||
Peak
|
2.45
|
2.98
|
3.09
|
3.24
|
0.78
|
|||||||||||||||
Trough
|
1.39
|
1.94
|
2.25
|
2.44
|
0.11
|
|||||||||||||||
End of Year
|
2.45
|
2.48
|
2.51
|
2.69
|
0.21
|
|||||||||||||||
Average
|
1.97
|
2.53
|
2.75
|
2.91
|
0.38
|
|||||||||||||||
Median
|
1.95
|
2.56
|
2.76
|
2.90
|
0.33
|
(dollars in thousands)
|
2019
|
2018
|
Components of
|
|||||||||||||||||||||||||||||
vs.
|
vs.
|
Total Earning Assets
|
||||||||||||||||||||||||||||||
2019
|
2018
|
2017
|
2018
|
2017
|
2019
|
2018
|
2017
|
|||||||||||||||||||||||||
Loans, net
|
$
|
3,926,199
|
3,746,082
|
3,514,900
|
180,117
|
231,182
|
78.1
|
%
|
77.7
|
73.4
|
||||||||||||||||||||||
Securities available for sale (1):
|
||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises
|
156,292
|
155,381
|
139,652
|
911
|
15,729
|
3.1
|
3.2
|
2.9
|
||||||||||||||||||||||||
State and political subdivisions
|
167
|
414
|
682
|
(247
|
)
|
(268
|
)
|
-
|
-
|
-
|
||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations- residential
|
345,718
|
294,732
|
350,256
|
50,986
|
(55,524
|
)
|
6.9
|
6.1
|
7.3
|
|||||||||||||||||||||||
Corporate bonds
|
34,637
|
30,310
|
41,946
|
4,327
|
(11,636
|
)
|
0.7
|
0.6
|
0.9
|
|||||||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
53,269
|
63,430
|
73,996
|
(10,161
|
)
|
(10,566
|
)
|
1.1
|
1.3
|
1.5
|
||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
-
|
2,769
|
9,963
|
(2,769
|
)
|
(7,194
|
)
|
-
|
0.1
|
0.2
|
||||||||||||||||||||||
Other
|
685
|
685
|
685
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Total securities available for sale
|
590,768
|
547,721
|
617,180
|
43,047
|
(69,459
|
)
|
11.8
|
11.3
|
12.9
|
|||||||||||||||||||||||
Held-to-maturity securities:
|
||||||||||||||||||||||||||||||||
Mortgage-backed securities and collateralized mortgage obligations
|
20,643
|
24,801
|
31,266
|
(4,158
|
)
|
(6,465
|
)
|
0.4
|
0.5
|
0.7
|
||||||||||||||||||||||
Corporate bonds
|
-
|
-
|
6,663
|
-
|
(6,663
|
)
|
-
|
-
|
0.1
|
|||||||||||||||||||||||
Total held-to-maturity securities
|
20,643
|
24,801
|
37,929
|
(4,158
|
)
|
(13,128
|
)
|
0.4
|
0.5
|
0.8
|
||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,123
|
8,907
|
9,295
|
216
|
(388
|
)
|
0.2
|
0.2
|
0.2
|
|||||||||||||||||||||||
Federal funds sold and other short-term investments
|
477,181
|
495,066
|
611,586
|
(17,885
|
)
|
(116,520
|
)
|
9.5
|
10.3
|
12.8
|
||||||||||||||||||||||
Total earning assets
|
$
|
5,023,914
|
4,822,577
|
4,790,890
|
201,337
|
31,687
|
100.0
|
%
|
100.0
|
100.0
|
(dollars in thousands)
|
As of December 31,
|
|||||||||||||||||||||||
2019
|
2018
|
2017
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
Commercial
|
$
|
181,635
|
4.5
|
%
|
$
|
183,598
|
4.7
|
%
|
$
|
176,385
|
4.9
|
%
|
||||||||||||
Real estate - construction
|
28,532
|
0.7
|
26,717
|
0.7
|
30,946
|
0.9
|
||||||||||||||||||
Real estate - mortgage
|
3,573,106
|
87.9
|
3,362,539
|
86.8
|
3,111,397
|
85.6
|
||||||||||||||||||
Home equity lines of credit
|
267,922
|
6.6
|
289,540
|
7.5
|
308,916
|
8.5
|
||||||||||||||||||
Installment loans
|
11,001
|
0.3
|
11,702
|
0.3
|
8,763
|
0.2
|
||||||||||||||||||
Total loans
|
4,062,196
|
100.0
|
%
|
3,874,096
|
100.0
|
%
|
3,636,407
|
100.0
|
%
|
|||||||||||||||
Less: Allowance for loan losses
|
44,317
|
44,766
|
44,170
|
|||||||||||||||||||||
Net loans (1)
|
$
|
4,017,879
|
$
|
3,829,330
|
$
|
3,592,237
|
|
Average Balances
|
|||||||||||||||||||||||||||||||||||||||
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||||||||||||||
Commercial
|
$
|
176,165
|
4.5
|
%
|
$
|
175,814
|
4.7
|
%
|
$
|
175,596
|
5.0
|
%
|
$
|
186,800
|
5.6
|
%
|
$
|
195,265
|
6.0
|
%
|
||||||||||||||||||||
Real estate - construction
|
27,728
|
0.7
|
26,717
|
0.7
|
26,616
|
0.8
|
23,645
|
0.7
|
29,101
|
0.9
|
||||||||||||||||||||||||||||||
Real estate - mortgage
|
3,433,683
|
87.4
|
3,236,631
|
86.5
|
2,985,870
|
84.9
|
2,779,451
|
83.0
|
2,647,265
|
81.8
|
||||||||||||||||||||||||||||||
Home equity lines of credit
|
277,905
|
7.1
|
297,678
|
7.9
|
318,660
|
9.1
|
350,004
|
10.5
|
354,718
|
11.0
|
||||||||||||||||||||||||||||||
Installment loans
|
10,718
|
0.3
|
9,242
|
0.2
|
8,158
|
0.2
|
8,424
|
0.3
|
8,457
|
0.3
|
||||||||||||||||||||||||||||||
Total loans
|
3,926,199
|
100.0
|
%
|
3,746,082
|
100.0
|
%
|
3,514,900
|
100.0
|
%
|
3,348,324
|
100.0
|
%
|
3,234,806
|
100.0
|
%
|
|||||||||||||||||||||||||
Less: Allowance for loan losses
|
44,639
|
44,651
|
44,319
|
44,718
|
46,023
|
|||||||||||||||||||||||||||||||||||
Net loans (1)
|
$
|
3,881,560
|
$
|
3,701,431
|
$
|
3,470,581
|
$
|
3,303,606
|
$
|
3,188,783
|
(dollars in thousands)
|
December 31, 2019
|
|||||||||||||||
After 1 Year
|
||||||||||||||||
In 1 Year
|
But Within
|
After
|
||||||||||||||
or Less
|
5 Years
|
5 Years
|
Total
|
|||||||||||||
Commercial
|
$
|
36,160
|
61,169
|
84,306
|
181,635
|
|||||||||||
Real estate construction
|
28,532
|
-
|
-
|
28,532
|
||||||||||||
Total
|
64,692
|
61,169
|
84,306
|
210,167
|
||||||||||||
Predetermined rates
|
21,808
|
61,169
|
84,306
|
167,283
|
||||||||||||
Floating rates
|
42,884
|
-
|
-
|
42,884
|
||||||||||||
Total
|
$
|
64,692
|
61,169
|
84,306
|
210,167
|
(dollars in thousands)
|
As of December 31,
|
|||||||||||||||||||||||
2019
|
2018
|
2017
|
||||||||||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||||||||
Cost
|
Value
|
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
104,895
|
104,512
|
154,868
|
152,160
|
139,890
|
137,851
|
|||||||||||||||||
State and political subdivisions
|
160
|
162
|
168
|
173
|
515
|
525
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
388,537
|
389,517
|
271,386
|
262,032
|
320,614
|
315,983
|
||||||||||||||||||
Corporate bonds
|
30,164
|
30,436
|
30,048
|
29,938
|
40,270
|
40,162
|
||||||||||||||||||
Small Business Adminstration-guaranteed participation securities
|
48,991
|
48,511
|
58,376
|
56,475
|
68,921
|
67,059
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
-
|
-
|
-
|
-
|
9,810
|
9,700
|
||||||||||||||||||
Other
|
685
|
685
|
685
|
685
|
685
|
685
|
||||||||||||||||||
Total securities available for sale
|
573,432
|
573,823
|
515,531
|
501,463
|
580,705
|
571,965
|
||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
18,618
|
19,680
|
22,501
|
22,924
|
27,551
|
28,701
|
||||||||||||||||||
Total held to maturity securities
|
18,618
|
19,680
|
22,501
|
22,924
|
27,551
|
28,701
|
||||||||||||||||||
Total investment securities
|
$
|
592,050
|
593,503
|
538,032
|
524,387
|
608,256
|
600,666
|
(dollars in thousands)
|
As of December 31, 2019
|
|||||||||||||||||||
Maturing:
|
||||||||||||||||||||
After 1
|
After 5
|
|||||||||||||||||||
Within
|
But Within
|
But Within
|
After
|
|||||||||||||||||
Debt securities available for sale:
|
1 Year
|
5 Years
|
10 Years
|
10 Years
|
Total
|
|||||||||||||||
U. S. government sponsored enterprises
|
||||||||||||||||||||
Amortized cost
|
$
|
-
|
84,895
|
20,000
|
-
|
104,895
|
||||||||||||||
Fair Value
|
-
|
84,653
|
19,859
|
-
|
104,512
|
|||||||||||||||
Weighted average yield
|
-
|
%
|
1.65
|
3
|
-
|
1.85
|
||||||||||||||
State and political subdivisions
|
||||||||||||||||||||
Amortized cost
|
$
|
7
|
135
|
18
|
-
|
160
|
||||||||||||||
Fair Value
|
7
|
137
|
18
|
-
|
162
|
|||||||||||||||
Weighted average yield
|
5.23
|
%
|
5.19
|
5.27
|
-
|
5.22
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
||||||||||||||||||||
Amortized cost
|
$
|
-
|
317,752
|
7,726
|
63,060
|
388,538
|
||||||||||||||
Fair Value
|
-
|
319,073
|
7,812
|
62,632
|
389,517
|
|||||||||||||||
Weighted average yield
|
-
|
%
|
2.49
|
3.60
|
2.60
|
2.57
|
||||||||||||||
Corporate bonds
|
||||||||||||||||||||
Amortized cost
|
$
|
9,990
|
20,174
|
-
|
-
|
30,164
|
||||||||||||||
Fair Value
|
10,038
|
20,398
|
-
|
-
|
30,436
|
|||||||||||||||
Weighted average yield
|
3.01
|
%
|
3.40
|
-
|
-
|
3.27
|
||||||||||||||
Small Business Administration-guaranteed participation securities
|
||||||||||||||||||||
Amortized cost
|
$
|
-
|
48,991
|
-
|
-
|
48,991
|
||||||||||||||
Fair Value
|
-
|
48,511
|
-
|
-
|
48,511
|
|||||||||||||||
Weighted average yield
|
-
|
%
|
2.08
|
-
|
-
|
2.08
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
||||||||||||||||||||
Amortized cost
|
$
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||
Fair Value
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Weighted average yield
|
-
|
%
|
-
|
-
|
-
|
-
|
||||||||||||||
Other
|
||||||||||||||||||||
Amortized cost
|
$
|
35
|
650
|
-
|
-
|
685
|
||||||||||||||
Fair Value
|
35
|
650
|
-
|
-
|
685
|
|||||||||||||||
Weighted average yield
|
0.03
|
%
|
3.13
|
-
|
-
|
3.13
|
||||||||||||||
Total securities available for sale
|
||||||||||||||||||||
Amortized cost
|
$
|
10,032
|
472,597
|
27,744
|
63,060
|
573,433
|
||||||||||||||
Fair Value
|
10,080
|
473,422
|
27,689
|
62,632
|
573,823
|
|||||||||||||||
Weighted average yield
|
3.01
|
%
|
2.33
|
2.91
|
2.60
|
2.43
|
||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||
U. S. government sponsored enterprises
|
||||||||||||||||||||
Amortized cost
|
$
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||
Fair Value
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Weighted average yield
|
-
|
%
|
-
|
-
|
-
|
-
|
||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
||||||||||||||||||||
Amortized cost
|
$
|
-
|
132
|
874
|
17,612
|
18,618
|
||||||||||||||
Fair Value
|
-
|
136
|
896
|
18,648
|
19,680
|
|||||||||||||||
Weighted average yield
|
-
|
%
|
5.63
|
3.10
|
5
|
5.18
|
||||||||||||||
Corporate bonds
|
||||||||||||||||||||
Amortized cost
|
$
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||
Fair Value
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Weighted average yield
|
-
|
%
|
-
|
-
|
-
|
-
|
||||||||||||||
Total held to maturity securities
|
||||||||||||||||||||
Amortized cost
|
$
|
-
|
132
|
874
|
17,612
|
18,618
|
||||||||||||||
Fair Value
|
-
|
136
|
896
|
18,648
|
19,680
|
|||||||||||||||
Weighted average yield
|
-
|
%
|
5.63
|
3.10
|
5
|
5.18
|
(dollars in thousands)
|
As of December 31, 2019
|
|||||||||||||||
Based on
|
Based on
|
|||||||||||||||
Final Maturity
|
Call Date
|
|||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
Within 1 year
|
$
|
10,032
|
10,081
|
120,003
|
119,732
|
|||||||||||
1 to 5 years
|
105,911
|
105,900
|
382,625
|
383,629
|
||||||||||||
5 to 10 years
|
35,332
|
35,307
|
7,744
|
7,830
|
||||||||||||
After 10 years
|
422,157
|
422,535
|
63,060
|
62,632
|
||||||||||||
Total debt securities available for sale
|
$
|
573,432
|
573,823
|
573,432
|
573,823
|
(dollars in thousands)
|
As of December 31, 2019
|
|||||||||||||||
Based on
|
Based on
|
|||||||||||||||
Final Maturity
|
Call Date
|
|||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
1 to 5 years
|
$
|
132
|
136
|
16,693
|
17,552
|
|||||||||||
5 to 10 years
|
874
|
896
|
1,925
|
2,128
|
||||||||||||
After 10 years
|
17,612
|
18,648
|
-
|
-
|
||||||||||||
Total held to maturity securities
|
$
|
18,618
|
19,680
|
18,618
|
19,680
|
(dollars in thousands)
|
2019
|
2018
|
Components of
|
|||||||||||||||||||||||||||||
vs.
|
vs.
|
Total Funding
|
||||||||||||||||||||||||||||||
2019
|
2018
|
2017
|
2018
|
2017
|
2019
|
2018
|
2017
|
|||||||||||||||||||||||||
Retail deposits
|
||||||||||||||||||||||||||||||||
Demand deposits
|
$
|
427,276
|
396,367
|
382,658
|
30,909
|
13,709
|
9.4
|
%
|
9.0
|
8.7
|
||||||||||||||||||||||
Savings
|
1,134,050
|
1,241,619
|
1,275,268
|
(107,569
|
)
|
(33,649
|
)
|
24.8
|
28.2
|
29.0
|
||||||||||||||||||||||
Time deposits under $250 thousand
|
1,189,901
|
967,765
|
960,408
|
222,136
|
7,357
|
26.0
|
22.0
|
21.8
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
874,700
|
897,378
|
844,010
|
(22,678
|
)
|
53,368
|
19.1
|
20.4
|
19.2
|
|||||||||||||||||||||||
Money market deposits
|
555,547
|
521,233
|
572,270
|
34,314
|
(51,037
|
)
|
12.2
|
11.8
|
13.0
|
|||||||||||||||||||||||
Total retail deposits
|
4,181,474
|
4,024,362
|
4,034,614
|
157,112
|
(10,252
|
)
|
91.5
|
91.4
|
91.7
|
|||||||||||||||||||||||
Time deposits over $250 thousand
|
227,586
|
182,215
|
136,782
|
45,371
|
45,433
|
5.0
|
4.1
|
3.1
|
||||||||||||||||||||||||
Short-term borrowings
|
159,220
|
194,810
|
228,086
|
(35,590
|
)
|
(33,276
|
)
|
3.5
|
4.4
|
5.2
|
||||||||||||||||||||||
Total purchased liabilities
|
386,806
|
377,025
|
364,868
|
9,781
|
12,157
|
8.5
|
8.6
|
8.3
|
||||||||||||||||||||||||
Total sources of funding
|
$
|
4,568,280
|
4,401,387
|
4,399,482
|
166,893
|
1,905
|
100.0
|
%
|
100.0
|
100.0
|
(dollars in thousands)
|
2019
|
2018
|
2017
|
|||||||||||||||||||||||||||||||||
Interest
|
Interest
|
Interest
|
||||||||||||||||||||||||||||||||||
Average
|
Income/
|
Average
|
Average
|
Income/
|
Average
|
Average
|
Income/
|
Average
|
||||||||||||||||||||||||||||
Balance
|
Expense
|
Rate
|
Balance
|
Expense
|
Rate
|
Balance
|
Expense
|
Rate
|
||||||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||||||||||||
Loans, net
|
$
|
3,926,199
|
166,610
|
4.24
|
%
|
$
|
3,746,082
|
158,304
|
4.23
|
%
|
$
|
3,514,900
|
148,162
|
4.22
|
%
|
|||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises
|
156,292
|
3,209
|
2.05
|
155,381
|
3,112
|
2.00
|
139,652
|
2,281
|
1.63
|
|||||||||||||||||||||||||||
State and political subdivisions
|
167
|
13
|
7.78
|
414
|
34
|
8.21
|
682
|
55
|
8.06
|
|||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
345,718
|
8,219
|
2.38
|
294,732
|
6,593
|
2.24
|
350,256
|
7,447
|
2.13
|
|||||||||||||||||||||||||||
Corporate bonds
|
34,637
|
1,096
|
3.16
|
30,310
|
687
|
2.27
|
41,946
|
606
|
1.44
|
|||||||||||||||||||||||||||
Small Business Administration-
|
||||||||||||||||||||||||||||||||||||
guaranteed participation securities
|
53,269
|
1,121
|
2.10
|
63,430
|
1,339
|
2.11
|
73,996
|
1,547
|
2.09
|
|||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-commercial
|
-
|
-
|
-
|
2,769
|
37
|
1.33
|
9,963
|
109
|
1.09
|
|||||||||||||||||||||||||||
Other
|
685
|
22
|
3.21
|
685
|
18
|
2.63
|
685
|
16
|
2.34
|
|||||||||||||||||||||||||||
Total securities available for sale
|
590,768
|
13,680
|
2.32
|
547,721
|
11,820
|
2.16
|
617,180
|
12,061
|
1.95
|
|||||||||||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
20,643
|
797
|
3.86
|
24,801
|
962
|
3.88
|
31,266
|
1,149
|
3.67
|
|||||||||||||||||||||||||||
Corporate bonds
|
-
|
-
|
-
|
-
|
-
|
-
|
6,663
|
410
|
6.15
|
|||||||||||||||||||||||||||
Total held to maturity securities
|
20,643
|
797
|
3.86
|
24,801
|
962
|
3.88
|
37,929
|
1,559
|
4.11
|
|||||||||||||||||||||||||||
Federal Reserve Bank and Federal HomeLoan Bank stock
|
9,123
|
568
|
6.23
|
8,907
|
564
|
6.33
|
9,295
|
544
|
5.85
|
|||||||||||||||||||||||||||
Federal funds sold and other short-term investments
|
477,181
|
10,478
|
2.20
|
495,066
|
9,276
|
1.87
|
611,586
|
6,679
|
1.09
|
|||||||||||||||||||||||||||
Total interest earning assets
|
5,023,914
|
192,133
|
3.82
|
%
|
4,822,577
|
180,926
|
3.75
|
%
|
4,790,890
|
169,005
|
3.53
|
%
|
||||||||||||||||||||||||
Allowance for loan losses
|
(44,639
|
)
|
(44,651
|
)
|
(44,319
|
)
|
||||||||||||||||||||||||||||||
Cash and noninterest earning assets
|
182,545
|
122,524
|
129,097
|
|||||||||||||||||||||||||||||||||
Total assets
|
$
|
5,161,820
|
$
|
4,900,450
|
$
|
4,875,668
|
||||||||||||||||||||||||||||||
Liabilities and shareholders' equity
|
||||||||||||||||||||||||||||||||||||
Interest bearing deposits:
|
||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
874,700
|
288
|
0.03
|
%
|
$
|
897,378
|
442
|
0.05
|
%
|
$
|
844,010
|
478
|
0.06
|
%
|
|||||||||||||||||||||
Savings
|
1,134,050
|
1,338
|
0.12
|
1,241,619
|
1,657
|
0.13
|
1,275,268
|
1,729
|
0.14
|
|||||||||||||||||||||||||||
Time deposits and money markets
|
1,973,034
|
33,227
|
1.68
|
1,671,213
|
16,859
|
1.01
|
1,669,460
|
10,983
|
0.66
|
|||||||||||||||||||||||||||
Total interest bearing deposits
|
3,981,784
|
34,853
|
0.88
|
3,810,210
|
18,958
|
0.50
|
3,788,738
|
13,190
|
0.35
|
|||||||||||||||||||||||||||
Short-term borrowings
|
159,220
|
1,468
|
0.92
|
194,810
|
1,270
|
0.65
|
228,086
|
1,402
|
0.61
|
|||||||||||||||||||||||||||
Total interest bearing liabilities
|
4,141,004
|
36,321
|
0.88
|
%
|
4,005,020
|
20,228
|
0.51
|
%
|
4,016,824
|
14,592
|
0.36
|
%
|
||||||||||||||||||||||||
Demand deposits
|
427,276
|
396,367
|
382,658
|
|||||||||||||||||||||||||||||||||
Other liabilities
|
80,051
|
28,249
|
28,506
|
|||||||||||||||||||||||||||||||||
Shareholders' equity
|
513,489
|
470,814
|
447,680
|
|||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$
|
5,161,820
|
$
|
4,900,450
|
$
|
4,875,668
|
||||||||||||||||||||||||||||||
Net interest income
|
155,812
|
160,698
|
154,413
|
|||||||||||||||||||||||||||||||||
Taxable equivalent adjustment
|
(5
|
)
|
(12
|
)
|
(45
|
)
|
||||||||||||||||||||||||||||||
Net interest income
|
155,807
|
160,686
|
154,368
|
|||||||||||||||||||||||||||||||||
Net interest spread
|
2.94
|
%
|
3.25
|
%
|
3.16
|
%
|
||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earnings assets)
|
3.10
|
3.33
|
3.22
|
(dollars in thousands)
|
Years ended December 31,
|
|||||||||||||||||||
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||
Individuals, partnerships and corporations
|
$
|
4,380,866
|
4,184,850
|
4,149,832
|
4,127,587
|
4,085,491
|
||||||||||||||
U.S. Government
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
States and political subdivisions
|
8,663
|
3,007
|
2,765
|
3,085
|
2,654
|
|||||||||||||||
Other (certified and official checks, etc.)
|
19,531
|
18,720
|
18,799
|
18,529
|
15,360
|
|||||||||||||||
Total average deposits by type of depositor
|
$
|
4,409,060
|
4,206,577
|
4,171,396
|
4,149,201
|
4,103,505
|
(dollars in thousands)
|
||||
As of December 31, 2019
|
||||
Under 3 months
|
$
|
59,384
|
||
3 to 6 months
|
43,076
|
|||
6 to 12 months
|
94,925
|
|||
Over 12 months
|
30,201
|
|||
Total
|
$
|
227,586
|
(dollars in thousands)
|
2019 vs. 2018
|
2018 vs. 2017
|
||||||||||||||||||||||
Increase
|
Due to
|
Due to
|
Increase
|
Due to
|
Due to
|
|||||||||||||||||||
(Decrease)
|
Volume
|
Rate
|
(Decrease)
|
Volume
|
Rate
|
|||||||||||||||||||
Interest income (TE):
|
||||||||||||||||||||||||
Federal funds sold and other short-term investments
|
$
|
1,202
|
(351
|
)
|
1,553
|
$
|
2,597
|
(942
|
)
|
$
|
3,539
|
|||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||
Taxable
|
1,881
|
1,092
|
789
|
(220
|
)
|
(1,465
|
)
|
1,245
|
||||||||||||||||
Tax-exempt
|
(21
|
)
|
(20
|
)
|
(1
|
)
|
(21
|
)
|
(21
|
)
|
-
|
|||||||||||||
Total securities available for sale
|
1,860
|
1,072
|
788
|
(241
|
)
|
(1,486
|
)
|
1,245
|
||||||||||||||||
Held to maturity securities (taxable)
|
(165
|
)
|
(160
|
)
|
(5
|
)
|
(597
|
)
|
(453
|
)
|
(144
|
)
|
||||||||||||
Federal Reserve Bank and Federal Home
|
||||||||||||||||||||||||
Loan Bank stock
|
4
|
34
|
(30
|
)
|
20
|
(21
|
)
|
41
|
||||||||||||||||
Loans, net
|
8,306
|
7,400
|
906
|
10,142
|
9,623
|
519
|
||||||||||||||||||
Total interest income
|
11,207
|
7,995
|
3,212
|
11,921
|
6,721
|
5,200
|
||||||||||||||||||
Interest expense:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
(154
|
)
|
(9
|
)
|
(145
|
)
|
(36
|
)
|
34
|
(70
|
)
|
|||||||||||||
Savings
|
(319
|
)
|
(169
|
)
|
(150
|
)
|
(72
|
)
|
(44
|
)
|
(28
|
)
|
||||||||||||
Time deposits and money markets
|
16,368
|
4,178
|
12,190
|
5,876
|
318
|
5,558
|
||||||||||||||||||
Short-term borrowings
|
198
|
(261
|
)
|
459
|
(132
|
)
|
(226
|
)
|
94
|
|||||||||||||||
Total interest expense
|
16,093
|
3,739
|
12,354
|
5,636
|
82
|
5,554
|
||||||||||||||||||
Net interest income (TE)
|
$
|
(4,886
|
)
|
4,256
|
(9,142
|
)
|
$
|
6,285
|
6,639
|
(354
|
)
|
(dollars in thousands)
|
As of December 31,
|
|||||||||||||||||||
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||
Loans in nonaccrual status
|
$
|
20,840
|
24,952
|
24,339
|
25,018
|
28,212
|
||||||||||||||
Loans contractually past due 3 payments or more and still accruing interest
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Restructured retail loans
|
29
|
34
|
38
|
42
|
48
|
|||||||||||||||
Total nonperforming loans
|
20,869
|
24,986
|
24,377
|
25,060
|
28,260
|
|||||||||||||||
Foreclosed real estate
|
1,579
|
1,676
|
3,246
|
4,268
|
6,455
|
|||||||||||||||
Total nonperforming assets
|
$
|
22,448
|
26,662
|
27,623
|
29,328
|
34,715
|
||||||||||||||
Allowance for loan losses
|
$
|
44,317
|
44,766
|
44,170
|
43,890
|
44,762
|
||||||||||||||
Allowance coverage of nonperforming loans
|
2.12
|
x
|
1.79
|
1.81
|
1.75
|
1.58
|
||||||||||||||
Nonperforming loans as a % of total loans
|
0.51
|
%
|
0.64
|
0.67
|
0.73
|
0.86
|
||||||||||||||
Nonperforming assets as a % of total assets
|
0.43
|
%
|
0.54
|
0.56
|
0.60
|
0.73
|
(dollars in thousands)
|
||||||||||||||||||||
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||
Amount of loans outstanding at end of year (less unearned income)
|
$
|
4,062,196
|
3,874,096
|
3,636,407
|
3,430,586
|
3,293,304
|
||||||||||||||
Average loans outstanding during year (less average unearned income)
|
3,926,199
|
3,746,082
|
3,514,900
|
3,348,324
|
3,234,806
|
|||||||||||||||
Balance of allowance at beginning of year
|
44,766
|
44,170
|
43,890
|
44,762
|
46,327
|
|||||||||||||||
Loans charged off:
|
||||||||||||||||||||
Commercial and commercial real estate
|
20
|
100
|
72
|
795
|
779
|
|||||||||||||||
Real estate mortgage - 1 to 4 family
|
974
|
846
|
2,220
|
3,573
|
4,951
|
|||||||||||||||
Installment
|
213
|
257
|
219
|
342
|
185
|
|||||||||||||||
Total
|
1,207
|
1,203
|
2,511
|
4,710
|
5,915
|
|||||||||||||||
Recoveries of loans previously charged off:
|
||||||||||||||||||||
Commercial and commercial real estate
|
46
|
10
|
96
|
207
|
27
|
|||||||||||||||
Real estate mortgage - 1 to 4 family
|
532
|
351
|
669
|
617
|
577
|
|||||||||||||||
Installment
|
21
|
38
|
26
|
64
|
46
|
|||||||||||||||
Total
|
599
|
399
|
791
|
888
|
650
|
|||||||||||||||
Net loans charged off
|
608
|
804
|
1,720
|
3,822
|
5,265
|
|||||||||||||||
Provision for loan losses
|
159
|
1,400
|
2,000
|
2,950
|
3,700
|
|||||||||||||||
Balance of allowance at end of year
|
$
|
44,317
|
44,766
|
44,170
|
43,890
|
44,762
|
||||||||||||||
Net charge offs as a percent of average loans outstanding during year (less average unearned income)
|
0.02
|
%
|
0.02
|
0.05
|
0.11
|
0.16
|
||||||||||||||
Allowance as a percent of loans outstanding at end of year
|
1.09
|
1.16
|
1.21
|
1.28
|
1.36
|
(dollars in thousands)
|
As of
|
As of
|
||||||||||||||
December 31, 2019
|
December 31, 2018
|
|||||||||||||||
Percent of
|
Percent of
|
|||||||||||||||
Loans to
|
Loans to
|
|||||||||||||||
Amount
|
Total Loans
|
Amount
|
Total Loans
|
|||||||||||||
Commercial
|
$
|
3,805
|
4.47
|
%
|
$
|
3,903
|
4.74
|
%
|
||||||||
Real estate - construction
|
311
|
0.70
|
%
|
310
|
0.69
|
%
|
||||||||||
Real estate mortgage - 1 to 4 family
|
35,632
|
87.96
|
%
|
34,918
|
86.80
|
%
|
||||||||||
Home equity lines of credit
|
3,999
|
6.60
|
%
|
4,689
|
7.47
|
%
|
||||||||||
Installment Loans
|
570
|
0.27
|
%
|
946
|
0.30
|
%
|
||||||||||
$
|
44,317
|
100.00
|
%
|
$
|
44,766
|
100.00
|
%
|
|
Estimated Percentage of
|
|||
Fair value of Capital to
|
||||
As of December 31, 2019
|
Fair value of Assets
|
|||
+400 BP
|
19.20
|
%
|
||
+300 BP
|
19.80
|
|||
+200 BP
|
20.40
|
|||
+100 BP
|
20.80
|
|||
Current rates
|
20.80
|
|||
-100 BP
|
18.70
|
(dollars in thousands)
|
At December 31, 2019
|
|||||||||||||||||||
Repricing in:
|
||||||||||||||||||||
Less than 1
|
1-5
|
Over 5
|
Rate
|
|||||||||||||||||
year
|
years
|
years
|
Insensitive
|
Total
|
||||||||||||||||
Total assets
|
$
|
1,342,274
|
1,966,276
|
1,760,520
|
152,252
|
5,221,322
|
||||||||||||||
Cumulative total assets
|
$
|
1,342,274
|
3,308,550
|
5,069,070
|
5,221,322
|
|||||||||||||||
Total liabilities and shareholders' equity
|
$
|
2,029,472
|
129,176
|
2,439,417
|
623,257
|
5,221,322
|
||||||||||||||
Cumulative total liabilities and shareholders' equity
|
$
|
2,029,472
|
2,158,648
|
4,598,065
|
5,221,322
|
|||||||||||||||
Cumulative interest sensitivity gap
|
$
|
(687,198
|
)
|
1,149,902
|
471,005
|
|||||||||||||||
Cumulative gap as a % of interest earning assets for the period
|
(51.2
|
%)
|
34.8
|
%
|
9.3
|
%
|
||||||||||||||
Cumulative interest sensitive assets to liabilities
|
66.1
|
%
|
153.3
|
%
|
110.2
|
%
|
(dollars in thousands)
|
For the year ended December 31,
|
2019 vs. 2018
|
||||||||||||||||||
2019
|
2018
|
2017
|
Amount
|
Percent
|
||||||||||||||||
Trustco Financial Services income
|
$
|
6,387
|
6,283
|
6,584
|
$
|
104
|
1.7
|
%
|
||||||||||||
Fees for services to customers
|
10,110
|
10,912
|
10,798
|
(802
|
)
|
(7.3
|
)
|
|||||||||||||
Other
|
2,094
|
886
|
991
|
1,208
|
136.3
|
|||||||||||||||
Total noninterest income
|
$
|
18,591
|
18,081
|
18,373
|
$
|
510
|
2.8
|
%
|
(dollars in thousands)
|
For the year ended December 31,
|
2019 vs. 2018
|
||||||||||||||||||
2019
|
2018
|
2017
|
Amount
|
Percent
|
||||||||||||||||
Salaries and employee benefits
|
$
|
46,630
|
42,107
|
40,665
|
$
|
4,523
|
10.7
|
%
|
||||||||||||
Net occupancy expense
|
16,666
|
17,213
|
16,543
|
(547
|
)
|
(3.2
|
)
|
|||||||||||||
Equipment expense
|
7,068
|
7,068
|
6,118
|
-
|
0.0
|
|||||||||||||||
Professional services
|
6,174
|
6,555
|
6,895
|
(381
|
)
|
(5.8
|
)
|
|||||||||||||
Outsourced services
|
7,600
|
7,500
|
6,410
|
100
|
1.3
|
|||||||||||||||
Advertising expense
|
2,521
|
3,020
|
2,578
|
(499
|
)
|
(16.5
|
)
|
|||||||||||||
FDIC and other insurance
|
1,787
|
2,741
|
4,179
|
(954
|
)
|
(34.8
|
)
|
|||||||||||||
Other real estate expense, net
|
(166
|
)
|
1,231
|
1,171
|
(1,397
|
)
|
(113.5
|
)
|
||||||||||||
Other
|
9,450
|
10,278
|
9,435
|
(828
|
)
|
(8.1
|
)
|
|||||||||||||
Total noninterest expense
|
$
|
97,730
|
97,713
|
93,994
|
$
|
17
|
0.0
|
%
|
(dollars in thousands)
|
Payments Due by Period:
|
|||||||||||||||||||
Less Than
|
1-3
|
3-5
|
More than
|
|||||||||||||||||
1 Year
|
Years
|
Years
|
5 Years
|
Total
|
||||||||||||||||
Operating leases
|
$
|
8,039
|
15,566
|
14,327
|
28,361
|
66,293
|
● |
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 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;
|
● |
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 ability of TrustCo and Trustco Bank to distribute capital from Trustco Bank to TrustCo under regulatory capital rules, which could affect the ability of TrustCo to pay dividends;
|
● |
the results of supervisory monitoring or examinations of TrustCo and Trustco Bank 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;
|
● |
adverse conditions in the securities markets that lead to impairment in the value of securities in TrustCo’s investment portfolio;
|
● |
Unanticipated effects from the Tax Act that may limit its benefits or adversely impact our business, which could include decreased demand for borrowing by our customers or increased price competition that offsets the benefits of decreased federal income tax expense;
|
● |
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 regulatory capital requirements;
|
● |
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 or the Public Company Accounting Oversight Board;
|
● |
disruptions, security breaches, or other adverse events affecting the third-party vendors who perform several of our critical processing functions;
|
● |
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, 2019.
|
|
2019
|
2018
|
||||||||||||||||||||||||||||||||||||||
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|||||||||||||||||||||||||||||||
Income statement:
|
||||||||||||||||||||||||||||||||||||||||
Interest and dividend income
|
$
|
47,413
|
48,664
|
48,528
|
47,523
|
192,128
|
$
|
43,497
|
44,815
|
45,738
|
46,864
|
180,914
|
||||||||||||||||||||||||||||
Interest expense
|
7,681
|
9,473
|
9,885
|
9,282
|
36,321
|
4,182
|
4,706
|
5,215
|
6,125
|
20,228
|
||||||||||||||||||||||||||||||
Net interest income
|
39,732
|
39,191
|
38,643
|
38,241
|
155,807
|
39,315
|
40,109
|
40,523
|
40,739
|
160,686
|
||||||||||||||||||||||||||||||
Provision for loan losses
|
300
|
(341
|
)
|
-
|
200
|
159
|
300
|
300
|
300
|
500
|
1,400
|
|||||||||||||||||||||||||||||
Net interest income after provison for loan losses
|
39,432
|
39,532
|
38,643
|
38,041
|
155,648
|
39,015
|
39,809
|
40,223
|
40,239
|
159,286
|
||||||||||||||||||||||||||||||
Noninterest income
|
4,637
|
4,914
|
4,925
|
4,115
|
18,591
|
4,679
|
4,495
|
4,455
|
4,452
|
18,081
|
||||||||||||||||||||||||||||||
Noninterest expense
|
24,867
|
24,902
|
24,070
|
23,891
|
97,730
|
24,155
|
24,095
|
24,544
|
24,919
|
97,713
|
||||||||||||||||||||||||||||||
Income before income taxes
|
19,202
|
19,544
|
19,498
|
18,265
|
76,509
|
19,539
|
20,209
|
20,134
|
19,772
|
79,654
|
||||||||||||||||||||||||||||||
Income tax expense
|
4,644
|
4,877
|
4,790
|
4,358
|
18,669
|
4,731
|
4,804
|
4,935
|
3,739
|
18,209
|
||||||||||||||||||||||||||||||
Net income
|
$
|
14,558
|
14,667
|
14,708
|
13,907
|
57,840
|
$
|
14,808
|
15,405
|
15,199
|
16,033
|
61,445
|
||||||||||||||||||||||||||||
Per share data:
|
||||||||||||||||||||||||||||||||||||||||
Basic earnings
|
$
|
0.150
|
0.152
|
0.152
|
0.143
|
0.597
|
$
|
0.154
|
0.160
|
0.157
|
0.166
|
0.637
|
||||||||||||||||||||||||||||
Diluted earnings
|
0.150
|
0.151
|
0.152
|
0.143
|
0.597
|
0.153
|
0.160
|
0.157
|
0.166
|
0.636
|
||||||||||||||||||||||||||||||
Cash dividends declared
|
0.0681
|
0.0681
|
0.0681
|
0.0681
|
0.2725
|
0.0656
|
0.0656
|
0.0681
|
0.0681
|
0.2674
|
(dollars in thousands, except per share data)
|
Years ended December 31,
|
|||||||||||||||||||
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||
Statement of income data:
|
||||||||||||||||||||
Interest and dividend income
|
$
|
192,128
|
180,914
|
168,960
|
161,359
|
159,345
|
||||||||||||||
Interest expense
|
36,321
|
20,228
|
14,592
|
15,304
|
16,197
|
|||||||||||||||
Net interest income
|
155,807
|
160,686
|
154,368
|
146,055
|
143,148
|
|||||||||||||||
Provision for loan losses
|
159
|
1,400
|
2,000
|
2,950
|
3,700
|
|||||||||||||||
Net interest income after provision for loan losses
|
155,648
|
159,286
|
152,368
|
143,105
|
139,448
|
|||||||||||||||
Noninterest income
|
18,591
|
18,081
|
18,373
|
18,344
|
17,621
|
|||||||||||||||
Net gain on securities transactions
|
-
|
-
|
-
|
668
|
251
|
|||||||||||||||
Noninterest expense
|
97,730
|
97,713
|
93,994
|
93,827
|
90,560
|
|||||||||||||||
Income before income taxes
|
76,509
|
79,654
|
76,747
|
68,290
|
66,760
|
|||||||||||||||
Income taxes
|
18,669
|
18,209
|
33,602
|
25,689
|
24,522
|
|||||||||||||||
Net income
|
$
|
57,840
|
61,445
|
43,145
|
42,601
|
42,238
|
||||||||||||||
Share data:
|
||||||||||||||||||||
Average equivalent diluted shares (in thousands)
|
96,927
|
96,646
|
96,222
|
95,648
|
95,213
|
|||||||||||||||
Book value
|
$
|
5.55
|
5.07
|
4.75
|
4.52
|
4.34
|
||||||||||||||
Cash dividends
|
0.273
|
0.267
|
0.263
|
0.263
|
0.263
|
|||||||||||||||
Basic earnings
|
0.597
|
0.637
|
0.449
|
0.446
|
0.444
|
|||||||||||||||
Diluted earnings
|
0.597
|
0.636
|
0.448
|
0.445
|
0.444
|
|||||||||||||||
Financial:
|
||||||||||||||||||||
Return on average assets
|
1.12
|
%
|
1.25
|
0.88
|
0.89
|
0.89
|
||||||||||||||
Return on average shareholders' equity
|
11.26
|
13.05
|
9.64
|
9.94
|
10.41
|
|||||||||||||||
Cash dividend payout ratio
|
45.60
|
42.02
|
58.44
|
58.88
|
59.13
|
|||||||||||||||
Tier 1 capital to assets (leverage ratio)
|
10.25
|
10.13
|
9.45
|
9.11
|
8.85
|
|||||||||||||||
Tier 1 capital as a % of total risk adjusted assets
|
18.99
|
18.79
|
18.02
|
17.78
|
17.71
|
|||||||||||||||
Common equity tier 1 capital ratio
|
18.99
|
18.79
|
18.02
|
17.78
|
17.71
|
|||||||||||||||
Total capital as a % of total risk adjusted assets
|
20.24
|
20.05
|
19.28
|
19.04
|
18.97
|
|||||||||||||||
Efficiency ratio*
|
56.13
|
53.97
|
53.75
|
55.67
|
55.08
|
|||||||||||||||
Net interest margin
|
3.10
|
3.33
|
3.22
|
3.11
|
3.09
|
|||||||||||||||
Average balances:
|
||||||||||||||||||||
Total assets
|
$
|
5,161,820
|
4,900,450
|
4,875,668
|
4,790,701
|
4,721,146
|
||||||||||||||
Earning assets
|
5,023,914
|
4,822,577
|
4,790,890
|
4,698,630
|
4,630,417
|
|||||||||||||||
Loans, net
|
3,926,199
|
3,746,082
|
3,514,900
|
3,348,324
|
3,234,806
|
|||||||||||||||
Allowance for loan losses
|
(44,639
|
)
|
(44,651
|
)
|
(44,319
|
)
|
(44,718
|
)
|
(46,023
|
)
|
||||||||||
Securities available for sale
|
590,768
|
547,721
|
617,180
|
627,341
|
657,951
|
|||||||||||||||
Held to maturity securities
|
20,643
|
24,801
|
37,929
|
50,975
|
63,730
|
|||||||||||||||
Federal Reserve Bank and Federal Home
|
||||||||||||||||||||
Loan Bank stock
|
9,123
|
8,907
|
9,295
|
9,554
|
9,414
|
|||||||||||||||
Deposits
|
4,409,060
|
4,206,577
|
4,171,396
|
4,149,201
|
4,103,505
|
|||||||||||||||
Short-term borrowings
|
159,220
|
194,810
|
228,086
|
185,672
|
184,725
|
|||||||||||||||
Shareholders' equity
|
513,489
|
470,814
|
447,680
|
428,389
|
405,761
|
|
Years ended
|
|||||||||||||||||||
12/31/19
|
12/31/18
|
12/31/17
|
12/31/16
|
12/31/15
|
||||||||||||||||
Taxable Equivalent Net Interest Margin
|
||||||||||||||||||||
Net interest income (GAAP)
|
$
|
155,807
|
160,686
|
154,368
|
146,055
|
143,148
|
||||||||||||||
Taxable Equivalent Adjustment
|
5
|
12
|
45
|
54
|
74
|
|||||||||||||||
Net interest income (Taxable Equivalent) (Non-GAAP)
|
155,812
|
160,698
|
154,413
|
146,109
|
143,222
|
|||||||||||||||
Total Interest Earning Assets
|
5,023,914
|
4,822,577
|
4,790,890
|
4,698,630
|
4,630,417
|
|||||||||||||||
Net Interest Margin (GAAP)
|
3.10
|
%
|
3.33
|
%
|
3.22
|
%
|
3.11
|
%
|
3.09
|
%
|
||||||||||
Taxable Equivalent Net Interest Margin (Non-GAAP)
|
3.10
|
%
|
3.33
|
%
|
3.22
|
%
|
3.11
|
%
|
3.09
|
%
|
|
Years ended
|
|||||||||||||||||||
12/31/19
|
12/31/18
|
12/31/17
|
12/31/16
|
12/31/15
|
||||||||||||||||
Efficiency Ratio
|
||||||||||||||||||||
Net interest income (Taxable Equivalent) (Non-GAAP)
|
$
|
155,812
|
160,698
|
154,413
|
146,109
|
143,222
|
||||||||||||||
Non-interest income (GAAP)
|
18,591
|
18,081
|
18,373
|
19,012
|
17,872
|
|||||||||||||||
Less: Net gain on securities
|
-
|
-
|
-
|
668
|
251
|
|||||||||||||||
Less: Net gain on sale of building and net gain on sale of nonperforming loans
|
-
|
-
|
84
|
493
|
60
|
|||||||||||||||
Revenue used for efficiency ratio (Non-GAAP)
|
174,403
|
178,779
|
172,702
|
163,960
|
160,783
|
|||||||||||||||
Total Noninterest expense (GAAP)
|
97,730
|
97,713
|
93,994
|
93,827
|
90,560
|
|||||||||||||||
Less: Other real estate (income) expense, net
|
(166
|
)
|
1,231
|
1,171
|
2,558
|
2,001
|
||||||||||||||
Expenses used for efficiency ratio (Non-GAAP)
|
97,896
|
96,482
|
92,823
|
91,269
|
88,559
|
|||||||||||||||
Efficiency Ratio
|
56.13
|
%
|
53.97
|
%
|
53.75
|
%
|
55.67
|
%
|
55.08
|
%
|
|
Crowe LLP
Independent Member Crowe Global
|
• |
Testing of design and operating effectiveness pertaining to (i) management’s internal controls over the reasonableness of assumptions used in the development of the qualitative factors; and (ii) management’s internal controls over the completeness and accuracy of the data used in the determination of the qualitative factors, including mathematical accuracy.
|
• |
Testing management’s process related to the qualitative factors within the general component of the allowance for loan losses. Procedures included (i) testing the completeness and accuracy of significant data, (ii) evaluating the reasonableness of significant assumption including the directional consistency and the magnitude of the changes in the qualitative factors (assumptions) compared to changes in the trends in the internal and external data; and (iii) evaluating the overall reasonableness of the allowance for loan losses.
|
|
Years ended December 31,
|
|||||||||||
2019
|
2018
|
2017
|
||||||||||
|
||||||||||||
Interest and dividend income:
|
||||||||||||
Interest and fees on loans
|
$
|
166,610
|
158,304
|
148,133
|
||||||||
Interest and dividends on securities available for sale:
|
||||||||||||
U. S. government sponsored enterprises
|
3,209
|
3,112
|
2,281
|
|||||||||
State and political subdivisions
|
8
|
22
|
39
|
|||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
8,219
|
6,593
|
7,447
|
|||||||||
Corporate bonds
|
1,096
|
687
|
606
|
|||||||||
Small Business Administration-guaranteed participation securities
|
1,121
|
1,339
|
1,547
|
|||||||||
Mortgage-backed securities and collateralized mortgage obligations-commercial
|
-
|
37
|
109
|
|||||||||
Other
|
22
|
18
|
16
|
|||||||||
Total interest and dividends on securities available for sale
|
13,675
|
11,808
|
12,045
|
|||||||||
|
||||||||||||
Interest on held to maturity securities:
|
||||||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
797
|
962
|
1,149
|
|||||||||
Corporate bonds
|
-
|
-
|
410
|
|||||||||
Total interest on held to maturity securities
|
797
|
962
|
1,559
|
|||||||||
|
||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
568
|
564
|
544
|
|||||||||
Interest on federal funds sold and other short-term investments
|
10,478
|
9,276
|
6,679
|
|||||||||
Total interest and dividend income
|
192,128
|
180,914
|
168,960
|
|||||||||
|
||||||||||||
Interest expense:
|
||||||||||||
Interest on deposits
|
34,853
|
18,958
|
13,190
|
|||||||||
Interest on short-term borrowings
|
1,468
|
1,270
|
1,402
|
|||||||||
Total interest expense
|
36,321
|
20,228
|
14,592
|
|||||||||
|
||||||||||||
Net interest income
|
155,807
|
160,686
|
154,368
|
|||||||||
Provision for loan losses
|
159
|
1,400
|
2,000
|
|||||||||
Net interest income after provision for loan losses
|
155,648
|
159,286
|
152,368
|
|||||||||
|
||||||||||||
Noninterest income:
|
||||||||||||
Trustco Financial Services income
|
6,387
|
6,283
|
6,584
|
|||||||||
Fees for services to customers
|
10,110
|
10,912
|
10,798
|
|||||||||
Other
|
2,094
|
886
|
991
|
|||||||||
Total noninterest income
|
18,591
|
18,081
|
18,373
|
|||||||||
|
||||||||||||
Noninterest expense:
|
||||||||||||
Salaries and employee benefits
|
46,630
|
42,107
|
40,665
|
|||||||||
Net occupancy expense
|
16,666
|
17,213
|
16,543
|
|||||||||
Equipment expense
|
7,068
|
7,068
|
6,118
|
|||||||||
Professional services
|
6,174
|
6,555
|
6,895
|
|||||||||
Outsourced services
|
7,600
|
7,500
|
6,410
|
|||||||||
Advertising expense
|
2,521
|
3,020
|
2,578
|
|||||||||
FDIC and other insurance expense
|
1,787
|
2,741
|
4,179
|
|||||||||
Other real estate (income) expense, net
|
(166
|
)
|
1,231
|
1,171
|
||||||||
Other
|
9,450
|
10,278
|
9,435
|
|||||||||
Total noninterest expense
|
97,730
|
97,713
|
93,994
|
|||||||||
|
||||||||||||
Income before income taxes
|
76,509
|
79,654
|
76,747
|
|||||||||
Income taxes
|
18,669
|
18,209
|
33,602
|
|||||||||
Net income
|
$
|
57,840
|
61,445
|
43,145
|
||||||||
|
||||||||||||
Earnings per share:
|
||||||||||||
Basic
|
$
|
0.597
|
0.637
|
0.449
|
||||||||
Diluted
|
0.597
|
0.636
|
0.448
|
|
Years ended December 31,
|
|||||||||||
|
2019
|
2018
|
2017
|
|||||||||
|
||||||||||||
Net income
|
$
|
57,840
|
61,445
|
43,145
|
||||||||
|
||||||||||||
Net unrealized holding gain (loss) on securities available for sale
|
14,459
|
(5,328
|
)
|
2,524
|
||||||||
Tax effect
|
(3,757
|
)
|
1,384
|
(792
|
)
|
|||||||
Net unrealized gain (loss) on securities available for sale, net of tax
|
10,702
|
(3,944
|
)
|
1,732
|
||||||||
Change in overfunded position in pension and postretirement plans arising during the year
|
5,967
|
(3,684
|
)
|
3,824
|
||||||||
Tax effect
|
(1,550
|
)
|
957
|
(812
|
)
|
|||||||
Change in overfunded position in pension and postretirement plans arising during the year, net of tax
|
4,417
|
(2,727
|
)
|
3,012
|
||||||||
|
||||||||||||
Amortization of net actuarial gain
|
(274
|
)
|
(556
|
)
|
(289
|
)
|
||||||
Amortization of prior service (benefit) cost
|
(197
|
)
|
(100
|
)
|
90
|
|||||||
Tax effect
|
122
|
170
|
(100
|
)
|
||||||||
Amortization of net actuarial gain and prior service credit on pension and postretirement plans, net of tax
|
(349
|
)
|
(486
|
)
|
(299
|
)
|
||||||
|
||||||||||||
Other comprehensive income (loss), net of tax
|
14,770
|
(7,157
|
)
|
4,445
|
||||||||
Comprehensive income
|
$
|
72,610
|
54,288
|
47,590
|
As of December 31,
|
||||||||
|
2019
|
2018
|
||||||
ASSETS
|
||||||||
|
||||||||
Cash and due from banks
|
$
|
48,198
|
49,260
|
|||||
Federal funds sold and other short term investments
|
408,648
|
454,449
|
||||||
Total cash and cash equivalents
|
456,846
|
503,709
|
||||||
Securities available for sale
|
573,823
|
501,463
|
||||||
Held to maturity securities ($19,680 and $22,924 fair value at December 31, 2019 and 2018, respectively)
|
18,618
|
22,501
|
||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,183
|
8,953
|
||||||
Loans, net of deferred net costs
|
4,062,196
|
3,874,096
|
||||||
Less: Allowance for loan losses
|
44,317
|
44,766
|
||||||
Net loans
|
4,017,879
|
3,829,330
|
||||||
Bank premises and equipment, net
|
34,622
|
34,694
|
||||||
Operating lease right-of-use assets
|
51,475
|
-
|
||||||
Other assets
|
58,876
|
58,263
|
||||||
|
||||||||
Total assets
|
$
|
5,221,322
|
4,958,913
|
|||||
|
||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Deposits:
|
||||||||
Demand
|
$
|
463,858
|
405,069
|
|||||
Savings accounts
|
1,113,146
|
1,182,683
|
||||||
Interest-bearing checking
|
875,672
|
904,678
|
||||||
Money market deposit accounts
|
599,163
|
507,311
|
||||||
Time accounts
|
1,398,177
|
1,274,506
|
||||||
Total deposits
|
4,450,016
|
4,274,247
|
||||||
Short-term borrowings
|
148,666
|
161,893
|
||||||
Operating lease liabilities
|
56,553
|
-
|
||||||
Accrued expenses and other liabilities
|
27,830
|
32,902
|
||||||
|
||||||||
Total liabilities
|
4,683,065
|
4,469,042
|
||||||
|
||||||||
Commitments and contingent liabilities
|
|
|
||||||
|
||||||||
SHAREHOLDERS' EQUITY:
|
||||||||
|
||||||||
Capital stock: $1 par value; 150,000,000 shares authorized, 100,204,832 and 100,175,032 shares issued at December 31, 2019 and 2018, respectively
|
100,205
|
100,175
|
||||||
Surplus
|
176,427
|
176,710
|
||||||
Undivided profits
|
288,067
|
256,397
|
||||||
Accumulated other comprehensive income (loss), net of tax
|
4,461
|
(10,309
|
)
|
|||||
Treasury stock: 3,283,175 and 3,516,440 shares, at cost, at December 31, 2019 and 2018, respectively
|
(30,903
|
)
|
(33,102
|
)
|
||||
Total shareholders' equity
|
538,257
|
489,871
|
||||||
Total liabilities and shareholders' equity
|
$
|
5,221,322
|
4,958,913
|
|
Capital
Stock
|
Surplus
|
Undivided
Profits
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Treasury
Stock
|
Total
|
||||||||||||||||||
|
||||||||||||||||||||||||
Beginning balance, January 1, 2017
|
$
|
99,214
|
171,425
|
201,517
|
(6,251
|
)
|
(33,219
|
)
|
432,686
|
|||||||||||||||
Net Income
|
-
|
-
|
43,145
|
-
|
-
|
43,145
|
||||||||||||||||||
Change in other comprehensive income (loss), net of tax
|
-
|
-
|
-
|
4,445
|
-
|
4,445
|
||||||||||||||||||
Stock option exercises
|
784
|
4,452
|
-
|
-
|
-
|
5,236
|
||||||||||||||||||
Cash dividend declared, $0.2625 per share
|
-
|
-
|
(25,226
|
)
|
-
|
-
|
(25,226
|
)
|
||||||||||||||||
Purchase of treasury stock (574,256 shares)
|
-
|
-
|
-
|
-
|
(4,608
|
)
|
(4,608
|
)
|
||||||||||||||||
Sale of treasury stock (299,290 shares)
|
-
|
(376
|
)
|
-
|
-
|
2,856
|
2,480
|
|||||||||||||||||
Stock based compensation expense
|
-
|
150
|
-
|
-
|
-
|
150
|
||||||||||||||||||
Ending balance, December 31, 2017
|
$
|
99,998
|
175,651
|
219,436
|
(1,806
|
)
|
(34,971
|
)
|
458,308
|
|||||||||||||||
|
||||||||||||||||||||||||
Net Income
|
-
|
-
|
61,445
|
-
|
-
|
61,445
|
||||||||||||||||||
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect
|
-
|
-
|
1,346
|
(1,346
|
)
|
-
|
-
|
|||||||||||||||||
Change in other comprehensive income (loss), net of tax
|
-
|
-
|
-
|
(7,157
|
)
|
-
|
(7,157
|
)
|
||||||||||||||||
Stock option exercises
|
177
|
1,082
|
-
|
-
|
-
|
1,259
|
||||||||||||||||||
Cash dividend declared, $0.2675 per share
|
-
|
-
|
(25,830
|
)
|
-
|
-
|
(25,830
|
)
|
||||||||||||||||
Purchase of treasury stock (81,940 shares)
|
-
|
-
|
-
|
-
|
(718
|
)
|
(718
|
)
|
||||||||||||||||
Sale of treasury stock (274,671 shares)
|
-
|
(196
|
)
|
-
|
-
|
2,587
|
2,391
|
|||||||||||||||||
Stock based compensation expense
|
-
|
173
|
-
|
-
|
-
|
173
|
||||||||||||||||||
Ending balance, December 31, 2018
|
$
|
100,175
|
176,710
|
256,397
|
(10,309
|
)
|
(33,102
|
)
|
489,871
|
|||||||||||||||
|
||||||||||||||||||||||||
Net income
|
-
|
-
|
57,840
|
-
|
-
|
57,840
|
||||||||||||||||||
Change in other comprehensive income (loss), net of tax
|
-
|
-
|
-
|
14,770
|
-
|
14,770
|
||||||||||||||||||
Stock options exercises
|
30
|
155
|
-
|
-
|
-
|
185
|
||||||||||||||||||
Cash dividend declared, $0.2725 per share
|
-
|
-
|
(26,170
|
)
|
-
|
-
|
(26,170
|
)
|
||||||||||||||||
Purchase of treasury stock (4,131 shares)
|
-
|
-
|
-
|
-
|
(35
|
)
|
(35
|
)
|
||||||||||||||||
Sale of treasury stock (237,396 shares)
|
-
|
(443
|
)
|
-
|
-
|
2,234
|
1,791
|
|||||||||||||||||
Stock based compensation expense
|
-
|
5
|
-
|
-
|
-
|
5
|
||||||||||||||||||
Ending balance, December 31, 2019
|
$
|
100,205
|
176,427
|
288,067
|
4,461
|
(30,903
|
)
|
538,257
|
|
Years ended December 31,
|
|||||||||||
|
2019
|
2018
|
2017
|
|||||||||
Cash flows from operating activities:
|
||||||||||||
Net income
|
$
|
57,840
|
61,445
|
43,145
|
||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Depreciation and amortization
|
3,954
|
4,109
|
3,816
|
|||||||||
Amortization of right-of-use asset
|
5,989
|
-
|
-
|
|||||||||
Net gain on sale of other real estate owned
|
(1,316
|
)
|
(613
|
)
|
(924
|
)
|
||||||
Writedown of other real estate owned
|
366
|
769
|
1,071
|
|||||||||
Provision for loan losses
|
159
|
1,400
|
2,000
|
|||||||||
Deferred tax expense (benefit)
|
1,139
|
2,556
|
(183
|
)
|
||||||||
Net amortization of securities
|
2,971
|
3,147
|
4,326
|
|||||||||
Stock based compensation expense
|
5
|
173
|
150
|
|||||||||
Net (gain) loss on sale of bank premises and equipment
|
(3
|
)
|
(1
|
)
|
43
|
|||||||
Decrease in taxes receivable
|
2,049
|
1,683
|
6,124
|
|||||||||
Decrease (increase) in interest receivable
|
426
|
100
|
(371
|
)
|
||||||||
Increase in interest payable
|
435
|
487
|
11
|
|||||||||
Increase in other assets
|
(4,013
|
)
|
(6,386
|
)
|
(310
|
)
|
||||||
Decrease in operating lease liabilities
|
(6,093
|
)
|
-
|
-
|
||||||||
(Increase) decrease in accrued expenses and other liabilities
|
(110
|
)
|
(1,229
|
)
|
2,792
|
|||||||
Total adjustments
|
5,958
|
6,195
|
18,545
|
|||||||||
Net cash provided by operating activities
|
63,798
|
67,640
|
61,690
|
|||||||||
Cash flows from investing activities:
|
||||||||||||
Proceeds from sales, paydowns and calls of securities available for sale
|
192,003
|
78,230
|
124,624
|
|||||||||
Purchases of securities available for sale
|
(262,754
|
)
|
(61,807
|
)
|
(83,031
|
)
|
||||||
Proceeds from maturities of securities available for sale
|
10,052
|
45,604
|
5,000
|
|||||||||
Proceeds from calls and maturities of held to maturity securities
|
3,710
|
5,050
|
17,939
|
|||||||||
Purchases of Federal Reserve Bank and Federal Home Loan Bank stock
|
(230
|
)
|
(174
|
)
|
(143
|
)
|
||||||
Proceeds from redemptions of Federal Reserve Bank and Federal Home Loan Bank stock
|
-
|
-
|
943
|
|||||||||
Net increase in loans
|
(193,283
|
)
|
(241,149
|
)
|
(212,028
|
)
|
||||||
Proceeds from dispositions of other real estate owned
|
5,622
|
4,071
|
5,362
|
|||||||||
Proceeds from dispositions of bank premises and equipment
|
15
|
1
|
63
|
|||||||||
Purchases of bank premises and equipment
|
(3,894
|
)
|
(3,646
|
)
|
(3,613
|
)
|
||||||
Net cash used in investing activities
|
(248,759
|
)
|
(173,820
|
)
|
(144,884
|
)
|
||||||
Cash flows from financing activities:
|
||||||||||||
Net increase (decrease) in deposits
|
175,769
|
100,921
|
(22,837
|
)
|
||||||||
Net change in short-term borrowings
|
(13,227
|
)
|
(81,098
|
)
|
33,585
|
|||||||
Proceeds from exercise of stock options and related tax benefits
|
185
|
1,259
|
5,237
|
|||||||||
Stock based award tax withholding payments
|
-
|
(37
|
)
|
-
|
||||||||
Proceeds from sales of treasury stock
|
1,791
|
2,391
|
2,480
|
|||||||||
Purchases of treasury stock
|
(35
|
)
|
(718
|
)
|
(4,608
|
)
|
||||||
Dividends paid
|
(26,385
|
)
|
(25,569
|
)
|
(25,197
|
)
|
||||||
Net cash provided by (used in) financing activities
|
138,098
|
(2,851
|
)
|
(11,340
|
)
|
|||||||
Net decrease in cash and cash equivalents
|
(46,863
|
)
|
(109,031
|
)
|
(94,534
|
)
|
||||||
Cash and cash equivalents at beginning of period
|
503,709
|
612,740
|
707,274
|
|||||||||
Cash and cash equivalents at end of period
|
$
|
456,846
|
503,709
|
612,740
|
Supplemental Disclosure of Cash Flow Information:
|
||||||||||||
Cash paid during the year for:
|
||||||||||||
Interest paid
|
$
|
35,886
|
19,741
|
14,581
|
||||||||
Income taxes paid
|
16,806
|
16,359
|
26,127
|
|||||||||
Non cash investing and financing activites:
|
||||||||||||
Transfer of loans to real estate owned
|
4,575
|
2,656
|
4,487
|
|||||||||
(Decrease) increase in dividends payable
|
(215
|
)
|
261
|
29
|
||||||||
Change in unrealized gain (loss) on securities available for sale - gross of deferred taxes
|
14,459
|
(5,328
|
)
|
2,524
|
||||||||
Change in deferred tax effect on unrealized (gain) loss on securities available for sale, net of reclassification adjustment
|
(3,757
|
)
|
1,384
|
(792
|
)
|
|||||||
Amortization of net actuarial loss and prior service credit on pension and post retirement plans, gross of deferred taxes
|
(471
|
)
|
(656
|
)
|
(199
|
)
|
||||||
Change in deferred tax effect of amortization of net actuarial loss and prior service credit on pension and post retirement plans
|
122
|
170
|
(100
|
)
|
||||||||
Change in overfunded portion of pension and post retirement benefit plans (ASC 715) - gross of deferred taxes
|
5,967
|
(3,684
|
)
|
3,824
|
||||||||
Deferred tax effect of change in overfunded portion of pension and post retirement benefit plans (ASC 715)
|
(1,550
|
)
|
957
|
(812
|
)
|
(1) |
Basis of Presentation
|
(2) |
Balances at Other Banks
|
(3) |
Investment Securities
|
(a) |
Securities available for sale
|
(dollars in thousands)
|
December 31, 2019
|
|||||||||||||||
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
||||||||||||
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
104,895
|
36
|
419
|
104,512
|
|||||||||||
State and political subdivisions
|
160
|
2
|
-
|
162
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
388,537
|
2,406
|
1,426
|
389,517
|
||||||||||||
Corporate bonds
|
30,164
|
367
|
95
|
30,436
|
||||||||||||
Small Business Administration - guaranteed participation securities
|
48,991
|
-
|
480
|
48,511
|
||||||||||||
Other
|
685
|
-
|
-
|
685
|
||||||||||||
Total securities available for sale
|
$
|
573,432
|
2,811
|
2,420
|
573,823
|
(dollars in thousands)
|
December 31, 2018
|
|||||||||||||||
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
||||||||||||
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
154,868
|
-
|
2,708
|
152,160
|
|||||||||||
State and political subdivisions
|
168
|
5
|
-
|
173
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
271,386
|
53
|
9,407
|
262,032
|
||||||||||||
Corporate bonds
|
30,048
|
-
|
110
|
29,938
|
||||||||||||
Small Business Administration - guaranteed participation securities
|
58,376
|
-
|
1,901
|
56,475
|
||||||||||||
Other
|
685
|
-
|
-
|
685
|
||||||||||||
Total securities available for sale
|
$
|
515,531
|
58
|
14,126
|
501,463
|
(dollars in thousands)
|
Amortized
Cost
|
Fair
Value
|
||||||
Due in one year or less
|
$
|
10,032
|
10,081
|
|||||
Due in one year through five years
|
105,854
|
105,837
|
||||||
Due after five years through ten years
|
20,018
|
19,877
|
||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
388,537
|
389,517
|
||||||
Small Business Administration - guaranteed participation securities
|
48,991
|
48,511
|
||||||
|
$
|
573,432
|
573,823
|
(dollars in thousands)
|
December 31, 2019
|
|||||||||||||||||||||||
|
Less than
12 months
|
12 months
or more
|
Total
|
|||||||||||||||||||||
|
Fair
Value
|
Gross
Unreal.
Loss
|
Fair
Value
|
Gross
Unreal.
Loss
|
Fair
Value
|
Gross
Unreal.
Loss
|
||||||||||||||||||
U.S. government sponsored enterprises
|
$
|
19,820
|
180
|
74,656
|
239
|
94,476
|
419
|
|||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
67,322
|
446
|
169,169
|
980
|
236,491
|
1,426
|
||||||||||||||||||
Corporate bonds
|
4,905
|
95
|
-
|
-
|
4,905
|
95
|
||||||||||||||||||
Small Business Administration - guaranteed participation securities
|
48,510
|
480
|
-
|
-
|
48,510
|
480
|
||||||||||||||||||
Total
|
$
|
140,557
|
1,201
|
243,825
|
1,219
|
384,382
|
2,420
|
(dollars in thousands)
|
December 31, 2018
|
|||||||||||||||||||||||
|
Less than
12 months
|
12 months
or more
|
Total
|
|||||||||||||||||||||
|
Fair
Value
|
Gross
Unreal.
Loss
|
Fair
Value
|
Gross
Unreal.
Loss
|
Fair
Value
|
Gross
Unreal.
Loss
|
||||||||||||||||||
U.S. government sponsored enterprises
|
$
|
29,870
|
106
|
112,291
|
2,602
|
142,161
|
2,708
|
|||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
1,102
|
11
|
259,729
|
9,396
|
260,831
|
9,407
|
||||||||||||||||||
Corporate bonds
|
14,943
|
98
|
9,995
|
12
|
24,938
|
110
|
||||||||||||||||||
Small Business Administration - guaranteed participation securities
|
-
|
-
|
56,475
|
1,901
|
56,475
|
1,901
|
||||||||||||||||||
Total
|
$
|
45,915
|
215
|
438,490
|
13,911
|
484,405
|
14,126
|
(dollars in thousands)
|
Years ended December 31,
|
|||||||||||
|
2019
|
2018
|
2017
|
|||||||||
Proceeds from calls/paydowns
|
192,003
|
78,230
|
124,624
|
(b) |
Held to maturity securities
|
|
December 31, 2019
|
|||||||||||||||
(dollars in thousands)
|
Amortized
Cost
|
Gross
Unrecognized
Gains
|
Gross
Unrecognized
Losses
|
Fair
Value
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
$
|
18,618
|
1,062
|
-
|
19,680
|
|||||||||||
Total held to maturity
|
$
|
18,618
|
1,062
|
-
|
19,680
|
|
December 31, 2018
|
|||||||||||||||
(dollars in thousands)
|
Amortized
Cost
|
Gross
Unrecognized
Gains
|
Gross
Unrecognized
Losses
|
Fair
Value
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
$
|
22,501
|
577
|
154
|
22,924
|
|||||||||||
Total held to maturity
|
$
|
22,501
|
577
|
154
|
22,924
|
(dollars in thousands)
|
Amortized
Cost
|
Fair
Value
|
||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
$
|
18,618
|
19,680
|
|||||
|
$
|
18,618
|
19,680
|
(c) |
Concentrations
|
(dollars in thousands)
|
Amortized
Cost
|
Fair
Value
|
||||||
Federal National Mortgage Association
|
$
|
240,324
|
239,846
|
|||||
Federal Home Loan Mortgage Corporation
|
96,989
|
97,177
|
||||||
Government National Mortgage Association
|
99,742
|
101,927
|
||||||
Federal Farm Credit Bureau
|
54,995
|
54,757
|
(d) |
Other-Than-Temporary-Impairment
|
(4) |
Loans and Allowance for Loan Losses
|
|
December 31, 2019
|
|||||||||||
(dollars in thousands)
|
New York and
other states*
|
Florida
|
Total
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
162,186
|
17,752
|
179,938
|
||||||||
Other
|
19,326
|
235
|
19,561
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
2,541,440
|
953,995
|
3,495,435
|
|||||||||
Home equity loans
|
69,791
|
18,548
|
88,339
|
|||||||||
Home equity lines of credit
|
221,487
|
46,435
|
267,922
|
|||||||||
Installment
|
8,706
|
2,295
|
11,001
|
|||||||||
Total loans, net
|
$
|
3,022,936
|
1,039,260
|
4,062,196
|
||||||||
Less: Allowance for loan losses
|
44,317
|
|||||||||||
Net loans
|
$
|
4,017,879
|
|
December 31, 2018
|
|||||||||||
(dollars in thousands)
|
New York and
other states*
|
Florida
|
Total
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
156,278
|
15,275
|
171,553
|
||||||||
Other
|
24,330
|
263
|
24,593
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
2,442,711
|
845,166
|
3,287,877
|
|||||||||
Home equity loans
|
71,523
|
17,308
|
88,831
|
|||||||||
Home equity lines of credit
|
243,765
|
45,775
|
289,540
|
|||||||||
Installment
|
9,462
|
2,240
|
11,702
|
|||||||||
Total loans, net
|
$
|
2,948,069
|
926,027
|
3,874,096
|
||||||||
Less: Allowance for loan losses
|
44,766
|
|||||||||||
Net loans
|
$
|
3,829,330
|
|
December 31, 2019
|
|||||||||||
(dollars in thousands)
|
New York and
other states*
|
Florida
|
Total
|
|||||||||
Loans in non-accrual status:
|
||||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
733
|
-
|
733
|
||||||||
Other
|
83
|
-
|
83
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
15,385
|
1,468
|
16,853
|
|||||||||
Home equity loans
|
218
|
48
|
266
|
|||||||||
Home equity lines of credit
|
2,804
|
98
|
2,902
|
|||||||||
Installment
|
3
|
-
|
3
|
|||||||||
Total non-accrual loans
|
19,226
|
1,614
|
20,840
|
|||||||||
Restructured real estate mortgages - 1 to 4 family
|
29
|
-
|
29
|
|||||||||
Total nonperforming loans
|
$
|
19,255
|
1,614
|
20,869
|
|
December 31, 2018
|
|||||||||||
(dollars in thousands)
|
New York and
other states*
|
Florida
|
Total
|
|||||||||
Loans in non-accrual status:
|
||||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
639
|
-
|
639
|
||||||||
Other
|
6
|
-
|
6
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
18,202
|
1,812
|
20,014
|
|||||||||
Home equity loans
|
247
|
-
|
247
|
|||||||||
Home equity lines of credit
|
3,924
|
103
|
4,027
|
|||||||||
Installment
|
4
|
15
|
19
|
|||||||||
Total non-accrual loans
|
23,022
|
1,930
|
24,952
|
|||||||||
Restructured real estate mortgages - 1 to 4 family
|
34
|
-
|
34
|
|||||||||
Total nonperforming loans
|
$
|
23,056
|
1,930
|
24,986
|
|
December 31, 2019
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||
New York and other states*:
|
30-59
Days
|
60-89
Days
|
90 +
Days
|
Total
30+ days
|
Total
|
|||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
|
||||||||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
141
|
-
|
617
|
758
|
161,428
|
162,186
|
|||||||||||||||||
Other
|
80
|
-
|
33
|
113
|
19,213
|
19,326
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
3,444
|
292
|
11,328
|
15,064
|
2,526,376
|
2,541,440
|
||||||||||||||||||
Home equity loans
|
183
|
7
|
133
|
323
|
69,468
|
69,791
|
||||||||||||||||||
Home equity lines of credit
|
232
|
149
|
1,141
|
1,522
|
219,965
|
221,487
|
||||||||||||||||||
Installment
|
37
|
8
|
3
|
48
|
8,658
|
8,706
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total
|
$
|
4,117
|
456
|
13,255
|
17,828
|
3,005,108
|
3,022,936
|
Florida:
|
30-59
Days
|
60-89
Days
|
90 +
Days
|
Total
30+ days
|
Total
|
|||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
|
||||||||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
-
|
-
|
-
|
-
|
17,752
|
17,752
|
|||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
235
|
235
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
542
|
-
|
617
|
1,159
|
952,836
|
953,995
|
||||||||||||||||||
Home equity loans
|
63
|
-
|
-
|
63
|
18,485
|
18,548
|
||||||||||||||||||
Home equity lines of credit
|
80
|
-
|
50
|
130
|
46,305
|
46,435
|
||||||||||||||||||
Installment
|
-
|
-
|
-
|
-
|
2,295
|
2,295
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total
|
$
|
685
|
-
|
667
|
1,352
|
1,037,908
|
1,039,260
|
Total:
|
30-59
Days
|
60-89
Days
|
90 +
Days
|
Total
30+ days
|
Total
|
|||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
|
||||||||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
141
|
-
|
617
|
758
|
179,180
|
179,938
|
|||||||||||||||||
Other
|
80
|
-
|
33
|
113
|
19,448
|
19,561
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
3,986
|
292
|
11,945
|
16,223
|
3,479,212
|
3,495,435
|
||||||||||||||||||
Home equity loans
|
246
|
7
|
133
|
386
|
87,953
|
88,339
|
||||||||||||||||||
Home equity lines of credit
|
312
|
149
|
1,191
|
1,652
|
266,270
|
267,922
|
||||||||||||||||||
Installment
|
37
|
8
|
3
|
48
|
10,953
|
11,001
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total
|
$
|
4,802
|
456
|
13,922
|
19,180
|
4,043,016
|
4,062,196
|
|
December 31, 2018
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||
New York and other states*:
|
30-59
Days
|
60-89
Days
|
90 +
Days
|
Total
30+ days
|
Total
|
|||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
|
||||||||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
198
|
-
|
370
|
568
|
155,710
|
156,278
|
|||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
24,330
|
24,330
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
3,276
|
898
|
13,267
|
17,441
|
2,425,270
|
2,442,711
|
||||||||||||||||||
Home equity loans
|
158
|
94
|
212
|
464
|
71,059
|
71,523
|
||||||||||||||||||
Home equity lines of credit
|
963
|
348
|
1,691
|
3,002
|
240,763
|
243,765
|
||||||||||||||||||
Installment
|
44
|
29
|
2
|
75
|
9,387
|
9,462
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total
|
$
|
4,639
|
1,369
|
15,542
|
21,550
|
2,926,519
|
2,948,069
|
Florida:
|
30-59
Days
|
60-89
Days
|
90 +
Days
|
Total
30+ days
|
Total
|
|||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
|
||||||||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
-
|
-
|
-
|
-
|
15,275
|
15,275
|
|||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
263
|
263
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
417
|
407
|
721
|
1,545
|
843,621
|
845,166
|
||||||||||||||||||
Home equity loans
|
50
|
-
|
-
|
50
|
17,258
|
17,308
|
||||||||||||||||||
Home equity lines of credit
|
40
|
-
|
50
|
90
|
45,685
|
45,775
|
||||||||||||||||||
Installment
|
12
|
7
|
15
|
34
|
2,206
|
2,240
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total
|
$
|
519
|
414
|
786
|
1,719
|
924,308
|
926,027
|
Total:
|
30-59
Days
|
60-89
Days
|
90 +
Days
|
Total
30+ days
|
Total
|
|||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
|
||||||||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
198
|
-
|
370
|
568
|
170,985
|
171,553
|
|||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
24,593
|
24,593
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
3,693
|
1,305
|
13,988
|
18,986
|
3,268,891
|
3,287,877
|
||||||||||||||||||
Home equity loans
|
208
|
94
|
212
|
514
|
88,317
|
88,831
|
||||||||||||||||||
Home equity lines of credit
|
1,003
|
348
|
1,741
|
3,092
|
286,448
|
289,540
|
||||||||||||||||||
Installment
|
56
|
36
|
17
|
109
|
11,593
|
11,702
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total
|
$
|
5,158
|
1,783
|
16,328
|
23,269
|
3,850,827
|
3,874,096
|
|
For the year ended December 31, 2019
|
|||||||||||||||
(dollars in thousands)
|
Commercial
|
Real Estate
Mortgage-
1 to 4 Family
|
Installment
|
Total
|
||||||||||||
|
||||||||||||||||
Balance at beginning of period
|
$
|
4,048
|
39,772
|
946
|
44,766
|
|||||||||||
Loans charged off:
|
||||||||||||||||
New York and other states*
|
20
|
945
|
165
|
1,130
|
||||||||||||
Florida
|
-
|
29
|
48
|
77
|
||||||||||||
Total loan chargeoffs
|
20
|
974
|
213
|
1,207
|
||||||||||||
|
||||||||||||||||
Recoveries of loans previously charged off:
|
||||||||||||||||
New York and other states*
|
46
|
496
|
21
|
563
|
||||||||||||
Florida
|
-
|
36
|
-
|
36
|
||||||||||||
Total recoveries
|
46
|
532
|
21
|
599
|
||||||||||||
Net loans charged off (recoveries)
|
(26
|
)
|
442
|
192
|
608
|
|||||||||||
Provision (recoveries) for loan losses
|
(75
|
)
|
418
|
(184
|
)
|
159
|
||||||||||
Balance at end of period
|
$
|
3,999
|
39,748
|
570
|
44,317
|
|
For the year ended December 31, 2018
|
|||||||||||||||
(dollars in thousands)
|
Commercial
|
Real Estate
Mortgage-
1 to 4 Family
|
Installment
|
Total
|
||||||||||||
|
||||||||||||||||
Balance at beginning of period
|
$
|
4,324
|
39,077
|
769
|
44,170
|
|||||||||||
Loans charged off:
|
||||||||||||||||
New York and other states*
|
100
|
846
|
224
|
1,170
|
||||||||||||
Florida
|
-
|
-
|
33
|
33
|
||||||||||||
Total loan chargeoffs
|
100
|
846
|
257
|
1,203
|
||||||||||||
|
||||||||||||||||
Recoveries of loans previously charged off:
|
||||||||||||||||
New York and other states*
|
10
|
348
|
32
|
390
|
||||||||||||
Florida
|
-
|
3
|
6
|
9
|
||||||||||||
Total recoveries
|
10
|
351
|
38
|
399
|
||||||||||||
Net loans charged off (recoveries)
|
90
|
495
|
219
|
804
|
||||||||||||
Provision (recoveries) for loan losses
|
(186
|
)
|
1,190
|
396
|
1,400
|
|||||||||||
Balance at end of period
|
$
|
4,048
|
39,772
|
946
|
44,766
|
|
For the year ended December 31, 2017
|
|||||||||||||||
(dollars in thousands)
|
Commercial
|
Real Estate
Mortgage-
1 to 4 Family
|
Installment
|
Total
|
||||||||||||
|
||||||||||||||||
Balance at beginning of period
|
$
|
4,929
|
38,231
|
730
|
43,890
|
|||||||||||
Loans charged off:
|
||||||||||||||||
New York and other states*
|
72
|
2,053
|
200
|
2,325
|
||||||||||||
Florida
|
-
|
167
|
19
|
186
|
||||||||||||
Total loan chargeoffs
|
72
|
2,220
|
219
|
2,511
|
||||||||||||
|
||||||||||||||||
Recoveries of loans previously charged off:
|
||||||||||||||||
New York and other states*
|
96
|
596
|
26
|
718
|
||||||||||||
Florida
|
-
|
73
|
-
|
73
|
||||||||||||
Total recoveries
|
96
|
669
|
26
|
791
|
||||||||||||
Net loans charged off (recoveries)
|
(24
|
)
|
1,551
|
193
|
1,720
|
|||||||||||
Provision (recoveries) for loan losses
|
(629
|
)
|
2,397
|
232
|
2,000
|
|||||||||||
Balance at end of period
|
$
|
4,324
|
39,077
|
769
|
44,170
|
|
December 31, 2019
|
|||||||||||||||
(dollars in thousands)
|
Commercial
Loans
|
1-to-4 Family
Residential
Real Estate
|
Installment
Loans
|
Total
|
||||||||||||
|
||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||
Ending allowance balance attributable to loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
-
|
-
|
-
|
|||||||||||
Collectively evaluated for impairment
|
3,999
|
39,748
|
570
|
44,317
|
||||||||||||
|
||||||||||||||||
Total ending allowance balance
|
$
|
3,999
|
39,748
|
570
|
44,317
|
|||||||||||
|
||||||||||||||||
Loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
1,437
|
19,539
|
-
|
20,976
|
|||||||||||
Collectively evaluated for impairment
|
198,062
|
3,832,157
|
11,001
|
4,041,220
|
||||||||||||
|
||||||||||||||||
Total ending loans balance
|
$
|
199,499
|
3,851,696
|
11,001
|
4,062,196
|
|
December 31, 2018
|
|||||||||||||||
(dollars in thousands)
|
Commercial
Loans
|
1-to-4 Family
Residential
Real Estate
|
Installment
Loans
|
Total
|
||||||||||||
|
||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||
Ending allowance balance attributable to loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
-
|
-
|
-
|
|||||||||||
Collectively evaluated for impairment
|
4,048
|
39,772
|
946
|
44,766
|
||||||||||||
|
||||||||||||||||
Total ending allowance balance
|
$
|
4,048
|
39,772
|
946
|
44,766
|
|||||||||||
|
||||||||||||||||
Loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
1,424
|
20,864
|
-
|
22,288
|
|||||||||||
Collectively evaluated for impairment
|
194,722
|
3,645,384
|
11,702
|
3,851,808
|
||||||||||||
|
||||||||||||||||
Total ending loans balance
|
$
|
196,146
|
3,666,248
|
11,702
|
3,874,096
|
|
December 31, 2019
|
|||||||||||||||
New York and other states*:
|
||||||||||||||||
(dollars in thousands)
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
YTD Avg
Recorded
Investment
|
||||||||||||
|
||||||||||||||||
Commercial:
|
||||||||||||||||
Commercial real estate
|
$
|
1,217
|
1,359
|
-
|
1,385
|
|||||||||||
Other
|
115
|
115
|
-
|
38
|
||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||
First mortgages
|
14,414
|
14,714
|
-
|
14,358
|
||||||||||||
Home equity loans
|
235
|
255
|
-
|
241
|
||||||||||||
Home equity lines of credit
|
2,160
|
2,300
|
-
|
2,274
|
||||||||||||
|
||||||||||||||||
Total
|
$
|
18,141
|
18,743
|
-
|
18,296
|
Florida:
|
||||||||||||||||
(dollars in thousands)
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
YTD Avg
Recorded
Investment
|
||||||||||||
|
||||||||||||||||
Commercial:
|
||||||||||||||||
Commercial real estate
|
$
|
105
|
105
|
-
|
82
|
|||||||||||
Other
|
-
|
-
|
-
|
26
|
||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||
First mortgages
|
2,486
|
2,486
|
-
|
2,259
|
||||||||||||
Home equity loans
|
-
|
-
|
-
|
51
|
||||||||||||
Home equity lines of credit
|
244
|
244
|
-
|
249
|
||||||||||||
|
||||||||||||||||
Total
|
$
|
2,835
|
2,835
|
-
|
2,667
|
Total:
|
||||||||||||||||
(dollars in thousands)
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
YTD Avg
Recorded
Investment
|
||||||||||||
|
||||||||||||||||
Commercial:
|
||||||||||||||||
Commercial real estate
|
$
|
1,322
|
1,464
|
-
|
1,467
|
|||||||||||
Other
|
115
|
115
|
-
|
64
|
||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||
First mortgages
|
16,900
|
17,200
|
-
|
16,617
|
||||||||||||
Home equity loans
|
235
|
255
|
-
|
292
|
||||||||||||
Home equity lines of credit
|
2,404
|
2,544
|
-
|
2,523
|
||||||||||||
|
||||||||||||||||
Total
|
$
|
20,976
|
21,578
|
-
|
20,963
|
|
December 31, 2018
|
|||||||||||||||
New York and other states*:
|
||||||||||||||||
(dollars in thousands)
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
YTD Avg
Recorded
Investment
|
||||||||||||
|
||||||||||||||||
Commercial:
|
||||||||||||||||
Commercial real estate
|
$
|
1,274
|
1,444
|
-
|
1,503
|
|||||||||||
Other
|
38
|
88
|
-
|
123
|
||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||
First mortgages
|
15,210
|
15,661
|
-
|
15,577
|
||||||||||||
Home equity loans
|
252
|
272
|
-
|
262
|
||||||||||||
Home equity lines of credit
|
2,772
|
2,996
|
-
|
2,772
|
||||||||||||
|
||||||||||||||||
Total
|
$
|
19,546
|
20,461
|
-
|
20,237
|
Florida:
|
||||||||||||||||
(dollars in thousands)
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
YTD Avg
Recorded
Investment
|
||||||||||||
|
||||||||||||||||
Commercial:
|
||||||||||||||||
Commercial real estate
|
$
|
112
|
112
|
-
|
57
|
|||||||||||
Other
|
-
|
-
|
-
|
-
|
||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||
First mortgages
|
2,293
|
2,399
|
-
|
2,455
|
||||||||||||
Home equity loans
|
84
|
84
|
-
|
86
|
||||||||||||
Home equity lines of credit
|
253
|
253
|
-
|
326
|
||||||||||||
|
||||||||||||||||
Total
|
$
|
2,742
|
2,848
|
-
|
2,924
|
Total:
|
||||||||||||||||
(dollars in thousands)
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
YTD Avg
Recorded
Investment
|
||||||||||||
|
||||||||||||||||
Commercial:
|
||||||||||||||||
Commercial real estate
|
$
|
1,386
|
1,556
|
-
|
1,560
|
|||||||||||
Other
|
38
|
88
|
-
|
123
|
||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||
First mortgages
|
17,503
|
18,060
|
-
|
18,032
|
||||||||||||
Home equity loans
|
336
|
356
|
-
|
348
|
||||||||||||
Home equity lines of credit
|
3,025
|
3,249
|
-
|
3,098
|
||||||||||||
|
||||||||||||||||
Total
|
$
|
22,288
|
23,309
|
-
|
23,161
|
|
Year ended 12/31/2019
|
Year ended 12/31/2018
|
Year ended 12/31/2017
|
|||||||||||||||||||||||||||||||||
New York and other states*:
|
||||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Number of
Contracts
|
Pre-
Modification
Outstanding
Recorded
Investment
|
Post-
Modification
Outstanding
Recorded
Investment
|
Number of
Contracts
|
Pre-
Modification
Outstanding
Recorded
Investment
|
Post-
Modification
Outstanding
Recorded
Investment
|
Number of
Contracts
|
Pre-
Modification
Outstanding
Recorded
Investment
|
Post-
Modification
Outstanding
Recorded
Investment
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||||||||||||||
Commercial real estate
|
1
|
$
|
125
|
125
|
6
|
$
|
747
|
747
|
4
|
$
|
426
|
426
|
||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||||||||||||||
First mortgages
|
18
|
2,621
|
2,621
|
18
|
2,349
|
2,349
|
44
|
5,653
|
5,653
|
|||||||||||||||||||||||||||
Home equity loans
|
-
|
-
|
-
|
1
|
6
|
6
|
3
|
56
|
56
|
|||||||||||||||||||||||||||
Home equity lines of credit
|
2
|
235
|
235
|
5
|
325
|
325
|
18
|
868
|
868
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Total
|
21
|
$
|
2,981
|
2,981
|
30
|
$
|
3,427
|
3,427
|
69
|
$
|
7,003
|
7,003
|
Florida:
|
||||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Number of
Contracts
|
Pre-
Modification
Outstanding
Recorded
Investment
|
Post-
Modification
Outstanding
Recorded
Investment
|
Number of
Contracts
|
Pre-
Modification
Outstanding
Recorded
Investment
|
Post-
Modification
Outstanding
Recorded
Investment
|
Number of
Contracts
|
Pre-
Modification
Outstanding
Recorded
Investment
|
Post-
Modification
Outstanding
Recorded
Investment
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||||||||||||||
First mortgages
|
6
|
$
|
632
|
632
|
1
|
$
|
35
|
35
|
10
|
$
|
1,076
|
1,076
|
||||||||||||||||||||||||
Home equity loans
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Home equity lines of credit
|
-
|
-
|
-
|
-
|
-
|
-
|
2
|
95
|
95
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Total
|
6
|
$
|
632
|
632
|
1
|
$
|
35
|
35
|
12
|
$
|
1,171
|
1,171
|
|
Year ended 12/31/2019
|
Year ended 12/31/2018
|
Year ended 12/31/2017
|
|||||||||||||||||||||
New York and other states*:
(dollars in thousands)
|
Number of
Contracts
|
Recorded
Investment
|
Number of
Contracts
|
Recorded
Investment
|
Number of
Contracts
|
Recorded
Investment
|
||||||||||||||||||
|
||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
2
|
$
|
418
|
1
|
$
|
101
|
1
|
$
|
72
|
|||||||||||||||
Home equity loans
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Home equity lines of credit
|
-
|
-
|
-
|
-
|
1
|
3
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total
|
2
|
$
|
418
|
1
|
$
|
101
|
2
|
$
|
75
|
Florida:
(dollars in thousands)
|
Number of
Contracts
|
Recorded
Investment
|
Number of
Contracts
|
Recorded
Investment
|
Number of
Contracts
|
Recorded
Investment
|
||||||||||||||||||
|
||||||||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
|||||||||||||||
Home equity lines of credit
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
|
December 31, 2019
|
|||||||||||
New York and other states*:
(dollars in thousands)
|
Pass
|
Classified
|
Total
|
|||||||||
|
||||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
157,280
|
4,906
|
162,186
|
||||||||
Other
|
18,384
|
942
|
19,326
|
|||||||||
|
$
|
175,664
|
5,848
|
181,512
|
Florida:
(dollars in thousands)
|
Pass
|
Classified
|
Total
|
|||||||||
|
||||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
17,752
|
-
|
17,752
|
||||||||
Other
|
235
|
-
|
235
|
|||||||||
|
$
|
17,987
|
-
|
17,987
|
Total:
(dollars in thousands)
|
Pass
|
Classified
|
Total
|
|||||||||
|
||||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
175,032
|
4,906
|
179,938
|
||||||||
Other
|
18,619
|
942
|
19,561
|
|||||||||
$
|
193,651
|
5,848
|
199,499
|
|
December 31, 2018
|
|||||||||||
New York and other states*:
(dollars in thousands)
|
Pass
|
Classified
|
Total
|
|||||||||
|
||||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
151,405
|
4,873
|
156,278
|
||||||||
Other
|
23,325
|
1,005
|
24,330
|
|||||||||
|
$
|
174,730
|
5,878
|
180,608
|
Florida:
(dollars in thousands)
|
Pass
|
Classified
|
Total
|
|||||||||
|
||||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
15,163
|
112
|
15,275
|
||||||||
Other
|
263
|
-
|
263
|
|||||||||
|
$
|
15,426
|
112
|
15,538
|
Total:
(dollars in thousands)
|
Pass
|
Classified
|
Total
|
|||||||||
|
||||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
166,568
|
4,985
|
171,553
|
||||||||
Other
|
23,588
|
1,005
|
24,593
|
|||||||||
$
|
190,156
|
5,990
|
196,146
|
(5) |
Bank Premises and Equipment
|
(dollars in thousands)
|
2019
|
2018
|
||||||
Land
|
$
|
2,337
|
$
|
2,308
|
||||
Buildings
|
36,245
|
34,969
|
||||||
Furniture, fixtures and equipment
|
54,245
|
52,153
|
||||||
Leasehold improvements
|
32,176
|
31,906
|
||||||
Total bank premises and equipment
|
125,003
|
121,336
|
||||||
Accumulated depreciation and amortization
|
(90,381
|
)
|
(86,642
|
)
|
||||
Total
|
$
|
34,622
|
$
|
34,694
|
(6) |
Deposits
|
(dollars in thousands)
|
For the year ended December 31,
|
|||||||||||
|
2019
|
2018
|
2017
|
|||||||||
|
||||||||||||
Interest bearing checking accounts
|
$
|
288
|
442
|
478
|
||||||||
Savings accounts
|
1,338
|
1,657
|
1,729
|
|||||||||
Time deposits and money market accounts
|
33,227
|
16,859
|
10,983
|
|||||||||
Total
|
$
|
34,853
|
18,958
|
13,190
|
(dollars in thousands)
|
||||
|
||||
Under 1 year
|
$
|
1,268,816
|
||
1 to 2 years
|
114,098
|
|||
2 to 3 years
|
8,706
|
|||
3 to 4 years
|
3,619
|
|||
4 to 5 years
|
2,741
|
|||
Over 5 years
|
197
|
|||
|
$
|
1,398,177
|
(7) |
Short-Term Borrowings
|
(dollars in thousands)
|
2019
|
2018
|
2017
|
|||||||||
|
||||||||||||
Amount outstanding at December 31,
|
$
|
148,666
|
161,893
|
242,991
|
||||||||
Maximum amount outstanding at any month end
|
169,214
|
233,522
|
252,996
|
|||||||||
Average amount outstanding
|
159,220
|
194,810
|
228,086
|
|||||||||
Weighted average interest rate:
|
||||||||||||
For the year
|
0.92
|
%
|
0.65
|
0.61
|
||||||||
As of year end
|
0.90
|
0.95
|
0.62
|
(8) |
Income Taxes
|
(dollars in thousands)
|
For the year ended December 31,
|
|||||||||||
|
2019
|
2018
|
2017
|
|||||||||
Current tax expense:
|
||||||||||||
Federal
|
$
|
15,171
|
13,897
|
26,510
|
||||||||
State
|
2,359
|
1,756
|
2,221
|
|||||||||
Total current tax expense
|
17,530
|
15,653
|
28,731
|
|||||||||
Enactment of Federal Tax Reform
|
-
|
-
|
5,054
|
|||||||||
Deferred tax expense (benefit)
|
1,139
|
2,556
|
(183
|
)
|
||||||||
Total income tax expense
|
$
|
18,669
|
18,209
|
33,602
|
|
December 31,
|
|||||||
(dollars in thousands)
|
2019
|
2018
|
||||||
|
Deductible
temporary
differences
|
Deductible
temporary
differences
|
||||||
|
||||||||
Benefits and deferred remuneration
|
$
|
(5,156
|
)
|
$
|
(5,204
|
)
|
||
Difference in reporting the allowance for loan losses, net
|
11,385
|
12,082
|
||||||
Other income or expense not yet reported for tax purposes
|
(314
|
)
|
(210
|
)
|
||||
Depreciable assets
|
(2,347
|
)
|
(1,961
|
)
|
||||
Net deferred tax asset at end of year
|
3,568
|
4,707
|
||||||
Net deferred tax asset at beginning of year
|
4,707
|
7,263
|
||||||
Deferred tax expense
|
$
|
1,139
|
$
|
2,556
|
|
For the years ended
December 31,
|
|||||||||||
|
2019
|
2018
|
2017
|
|||||||||
Statutory federal income tax rate
|
21.0
|
%
|
21.0
|
35.0
|
||||||||
Increase/(decrease) in taxes resulting from:
|
||||||||||||
Tax exempt income
|
-
|
(0.1
|
)
|
(0.1
|
)
|
|||||||
State income tax, net of federal tax benefit
|
2.6
|
2.4
|
1.6
|
|||||||||
Enactment of Federal Tax Reform
|
-
|
-
|
6.6
|
|||||||||
Other items
|
0.8
|
(0.4
|
)
|
0.7
|
||||||||
Effective income tax rate
|
24.4
|
%
|
22.9
|
43.8
|
(9) |
Benefit Plans
|
(a) |
Retirement Plan
|
|
December 31,
|
|||||||
(dollars in thousands)
|
2019
|
2018
|
||||||
|
||||||||
Projected benefit obligation at beginning of year
|
$
|
28,518
|
31,219
|
|||||
Service cost
|
42
|
34
|
||||||
Interest cost
|
1,244
|
1,197
|
||||||
Benefit payments and expected expenses
|
(1,798
|
)
|
(1,937
|
)
|
||||
Net actuarial loss (gain)
|
2,818
|
(1,995
|
)
|
|||||
Projected benefit obligation at end of year
|
$
|
30,824
|
28,518
|
|
December 31,
|
|||||||
(dollars in thousands)
|
2019
|
2018
|
||||||
|
||||||||
Fair Value of plan assets at beginning of year
|
$
|
44,157
|
47,227
|
|||||
Actual gain (loss) on plan assets
|
8,902
|
(1,126
|
)
|
|||||
Benefit payments and actual expenses
|
(1,795
|
)
|
(1,944
|
)
|
||||
Fair value of plan assets at end of year
|
51,264
|
44,157
|
||||||
|
||||||||
Funded status at end of year
|
$
|
20,440
|
15,639
|
|
December 31,
|
|||||||
|
2019
|
2018
|
||||||
Net actuarial loss
|
$
|
1,787
|
5,122
|
|
For the years ended
December 31,
|
|||||||||||
(dollars in thousands)
|
2019
|
2018
|
2017
|
|||||||||
|
||||||||||||
Service cost
|
$
|
42
|
34
|
42
|
||||||||
Interest cost
|
1,244
|
1,197
|
1,303
|
|||||||||
Expected return on plan assets
|
(2,811
|
)
|
(3,012
|
)
|
(2,742
|
)
|
||||||
Amortization of net loss
|
59
|
-
|
67
|
|||||||||
Net periodic pension credit
|
(1,466
|
)
|
(1,781
|
)
|
(1,330
|
)
|
||||||
|
||||||||||||
Amortization of net loss
|
(59
|
)
|
-
|
(67
|
)
|
|||||||
Net actuarial (gain) loss included in other comprehensive (loss) income
|
(3,275
|
)
|
2,149
|
(2,240
|
)
|
|||||||
Total recognized in other comprehensive (loss) income
|
(3,334
|
)
|
2,149
|
(2,307
|
)
|
|||||||
|
||||||||||||
Total recognized in net periodic benefit (credit) cost and other comprehensive (loss) income
|
$
|
(4,800
|
)
|
368
|
(3,637
|
)
|
(dollars in thousands)
|
||||
Year
|
Pension Benefits
|
|||
2020
|
$
|
1,762
|
||
2021
|
1,810
|
|||
2022
|
1,793
|
|||
2023
|
1,781
|
|||
2024
|
1,790
|
|||
2025 - 2029
|
9,002
|
|
2019
|
2018
|
2017
|
|||||||||
Discount rate
|
3.56
|
%
|
4.53
|
3.93
|
|
2019
|
2018
|
2017
|
|||||||||
Discount rate
|
4.53
|
%
|
3.93
|
4.41
|
||||||||
Expected long-term rate of return on assets
|
6.50
|
6.50
|
6.50
|
(b) |
Supplemental Retirement Plan
|
(c) |
Postretirement Benefits
|
(dollars in thousands)
|
||||||||
|
December 31,
|
|||||||
|
2019
|
2018
|
||||||
Accumulated benefit obligation at beginning of year
|
$
|
5,400
|
5,613
|
|||||
Service cost
|
65
|
53
|
||||||
Interest cost
|
239
|
202
|
||||||
Benefits paid
|
(173
|
)
|
(178
|
)
|
||||
Net actuarial loss (gain)
|
603
|
(290
|
)
|
|||||
Accumulated benefit obligation at end of year
|
$
|
6,134
|
5,400
|
(dollars in thousands)
|
||||||||
|
December 31,
|
|||||||
|
2019
|
2018
|
||||||
Fair value of plan assets at beginning of year
|
$
|
22,091
|
22,922
|
|||||
Actual gain (loss) on plan assets
|
4,285
|
(798
|
)
|
|||||
Company contributions
|
155
|
145
|
||||||
Benefits paid
|
(173
|
)
|
(178
|
)
|
||||
Fair value of plan assets at end of year
|
26,358
|
22,091
|
||||||
|
||||||||
Funded status at end of year
|
$
|
20,224
|
16,691
|
(dollars in thousands)
|
For the years ended
December 31,
|
|||||||||||
|
2019
|
2018
|
2017
|
|||||||||
Service cost
|
$
|
65
|
53
|
103
|
||||||||
Interest cost
|
239
|
202
|
218
|
|||||||||
Expected return on plan assets
|
(990
|
)
|
(1,028
|
)
|
(761
|
)
|
||||||
Amortization of net actuarial gain
|
(333
|
)
|
(556
|
)
|
(356
|
)
|
||||||
Amortization of prior service (credit) cost
|
(197
|
)
|
(100
|
)
|
90
|
|||||||
Net periodic benefit credit
|
(1,216
|
)
|
(1,429
|
)
|
(706
|
)
|
||||||
|
||||||||||||
Net (gain) loss
|
(2,692
|
)
|
830
|
(1,584
|
)
|
|||||||
Amortization of prior service credit (cost)
|
197
|
100
|
(90
|
)
|
||||||||
Prior service cost
|
-
|
705
|
-
|
|||||||||
Amortization of net gain
|
333
|
556
|
356
|
|||||||||
Total amount recognized in other comprehensive (loss) income
|
(2,162
|
)
|
2,191
|
(1,318
|
)
|
|||||||
|
||||||||||||
Total amount recognized in net periodic benefit cost and other comprehensive (loss) income
|
$
|
(3,378
|
)
|
762
|
(2,024
|
)
|
(dollars in thousands)
|
||||
|
||||
Year
|
Postretirement Benefits
|
|||
|
||||
2020
|
$
|
161
|
||
2021
|
134
|
|||
2022
|
147
|
|||
2023
|
163
|
|||
2024
|
181
|
|||
2025 - 2029
|
1,295
|
|
2019
|
2018
|
2017
|
|||||||||
Discount rate
|
3.56
|
%
|
4.53
|
3.93
|
|
2019
|
2018
|
2017
|
|||||||||
Discount rate
|
4.53
|
%
|
3.93
|
4.41
|
||||||||
Expected long-term rate of return on assets, net of tax
|
4.50
|
4.50
|
3.75
|
(d) |
Components of Accumulated Other Comprehensive Loss Related to Retirement and Postretirement Benefit Plans
|
(dollars in thousands)
|
December 31, 2019
|
|||||||||||
|
Retirement
Plan
|
Post-
Retirement
Benefit Plan
|
Total
|
|||||||||
Change in overfunded position of pension and postretirement benefits
|
$
|
(3,275
|
)
|
(2,692
|
)
|
(5,967
|
)
|
|||||
Amortization of net actuarial (loss) gain
|
(59
|
)
|
333
|
274
|
||||||||
Amortization of prior service credit
|
-
|
197
|
197
|
|||||||||
Total
|
$
|
(3,334
|
)
|
(2,162
|
)
|
(5,496
|
)
|
|
December 31, 2018
|
|||||||||||
|
Retirement
Plan
|
Post-
Retirement
Benefit Plan
|
Total
|
|||||||||
Change in overfunded position of pension and postretirement benefits
|
$
|
2,149
|
830
|
2,979
|
||||||||
Prior service cost
|
-
|
705
|
705
|
|||||||||
Amortization of net actuarial gain
|
-
|
556
|
556
|
|||||||||
Amortization of prior service credit
|
-
|
100
|
100
|
|||||||||
Total
|
$
|
2,149
|
2,191
|
4,340
|
(e) |
Major Categories of Pension and Postretirement Benefit Plan Assets:
|
|
Pension Benefit
Plan Assets
|
Postretirement Benefit
Plan Assets
|
||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
Debt Securities
|
33
|
%
|
31
|
34
|
29
|
|||||||||||
Equity Securities
|
63
|
62
|
63
|
62
|
||||||||||||
Other
|
4
|
7
|
3
|
9
|
||||||||||||
Total
|
100
|
%
|
100
|
100
|
100
|
|
Fair Value Measurements at
December 31, 2019 Using:
|
|||||||||||||||
Retirement Plan
(dollars in thousands)
|
Carrying
Value
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Plan Assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
2,165
|
2,165
|
-
|
-
|
|||||||||||
Equity mutual funds
|
32,411
|
32,411
|
-
|
-
|
||||||||||||
U.S. government sponsored enterprises
|
4,434
|
-
|
4,434
|
-
|
||||||||||||
Corporate bonds
|
11,646
|
-
|
11,646
|
-
|
||||||||||||
Fixed income mutual funds
|
608
|
608
|
-
|
-
|
||||||||||||
|
||||||||||||||||
Total Plan Assets
|
$
|
51,264
|
35,184
|
16,080
|
-
|
|
Fair Value Measurements at
December 31, 2019 Using:
|
|||||||||||||||
Postretirement Benefits
(dollars in thousands)
|
Carrying
Value
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Plan Assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
677
|
677
|
-
|
-
|
|||||||||||
Equity mutual funds
|
16,794
|
16,794
|
-
|
-
|
||||||||||||
U.S. government sponsored enterprises
|
2,560
|
-
|
2,560
|
-
|
||||||||||||
Corporate bonds
|
6,327
|
-
|
6,327
|
-
|
||||||||||||
State and political subdivisions
|
-
|
-
|
-
|
-
|
||||||||||||
|
||||||||||||||||
Total Plan Assets
|
$
|
26,358
|
17,471
|
8,887
|
-
|
|
Fair Value Measurements at
December 31, 2018 Using:
|
|||||||||||||||
Retirement Plan
(dollars in thousands)
|
Carrying
Value
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Plan Assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
3,147
|
3,147
|
-
|
-
|
|||||||||||
Equity mutual funds
|
27,420
|
27,420
|
-
|
-
|
||||||||||||
U.S. government sponsored enterprises
|
9,376
|
-
|
9,376
|
-
|
||||||||||||
Corporate bonds
|
3,638
|
-
|
3,638
|
-
|
||||||||||||
Fixed income mutual funds
|
576
|
576
|
-
|
-
|
||||||||||||
|
||||||||||||||||
Total Plan Assets
|
$
|
44,157
|
31,143
|
13,014
|
-
|
|
Fair Value Measurements at
December 31, 2018 Using:
|
|||||||||||||||
Postretirement Benefits
(dollars in thousands)
|
Carrying
Value
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||||
Plan Assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
2,046
|
2,046
|
-
|
-
|
|||||||||||
Equity mutual funds
|
13,590
|
13,590
|
-
|
-
|
||||||||||||
U.S. government sponsored enterprises
|
3,111
|
-
|
3,111
|
-
|
||||||||||||
Corporate bonds
|
3,118
|
-
|
3,118
|
-
|
||||||||||||
State and political subdivisions
|
226
|
-
|
226
|
-
|
||||||||||||
|
||||||||||||||||
Total Plan Assets
|
$
|
22,091
|
15,636
|
6,455
|
-
|
(f) |
Incentive and Bonus Plans
|
(g) |
Stock-Based Compensation Plans-Equity Awards
|
(h) |
Stock-Based Compensation Plans-Liability Awards
|
|
Outstanding
Units
|
|||
Balance, December 31, 2018
|
218,427
|
|||
New awards granted
|
151,668
|
|||
Forfeited awards
|
-
|
|||
Awards settled
|
(125,822
|
)
|
||
Balance, December 31, 2019
|
244,273
|
|
Outstanding
Units
|
|||
Balance, December 31, 2018
|
408,893
|
|||
New awards granted
|
172,006
|
|||
Forfeited awards
|
-
|
|||
Awards settled
|
(102,348
|
)
|
||
Balance, December 31, 2019
|
478,551
|
(10) |
Commitments and Contingent Liabilities
|
(11) |
Earnings Per Share
|
(dollars in thousands,
except per share data)
|
For the years ended December 31
|
|||||||||||
|
2019
|
2018
|
2017
|
|||||||||
Net income
|
$
|
57,840
|
61,445
|
43,145
|
||||||||
Weighted average common shares
|
96,849
|
96,505
|
96,111
|
|||||||||
Effect of dilutive common stock options
|
78
|
141
|
111
|
|||||||||
|
||||||||||||
Weighted average common shares including potential dilutive shares
|
96,927
|
96,646
|
96,222
|
|||||||||
|
||||||||||||
Basic EPS
|
$
|
0.597
|
0.637
|
0.449
|
||||||||
|
||||||||||||
Diluted EPS
|
$
|
0.597
|
0.636
|
0.448
|
(12) |
Off-Balance Sheet Financial Instruments
|
(13) |
Fair Value
|
|
Fair Value Measurements at
December 31, 2019 Using:
|
|||||||||||||||
Carrying
Value
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
|||||||||||||
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
104,512
|
$
|
-
|
$
|
104,512
|
$
|
-
|
||||||||
State and political subdivisions
|
162
|
-
|
162
|
-
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
389,517
|
-
|
389,517
|
-
|
||||||||||||
Corporate bonds
|
30,436
|
-
|
30,436
|
-
|
||||||||||||
Small Business Administration - guaranteed participation securities
|
48,511
|
-
|
48,511
|
-
|
||||||||||||
Other
|
685
|
-
|
685
|
-
|
||||||||||||
|
||||||||||||||||
$
|
573,823
|
$
|
-
|
$
|
573,823
|
$
|
-
|
|
Fair Value Measurements at
December 31, 2018 Using:
|
|||||||||||||||
Carrying
Value
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
|||||||||||||
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
152,160
|
$
|
-
|
$
|
152,160
|
$
|
-
|
||||||||
State and political subdivisions
|
173
|
-
|
173
|
-
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
262,032
|
-
|
262,032
|
-
|
||||||||||||
Corporate bonds
|
29,938
|
-
|
29,938
|
-
|
||||||||||||
Small Business Administration - guaranteed participation securities
|
56,475
|
-
|
56,475
|
-
|
||||||||||||
Other
|
685
|
-
|
685
|
-
|
||||||||||||
|
||||||||||||||||
Total securities available for sale
|
$
|
501,463
|
$
|
-
|
$
|
501,463
|
$
|
-
|
|
Fair Value Measurements at
December 31, 2019 Using:
|
|
|
|||||||||||||||||||
(dollars in thousands)
|
Carrying
Value
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Valuation technique
|
Unobservable inputs
|
Range (Weighted Average)
|
|||||||||||||||
|
|
|
||||||||||||||||||||
Other real estate owned
|
$
|
1,579
|
$
|
-
|
$
|
-
|
$
|
1,579
|
Sales comparison approach
|
Adjustments for differences between comparable sales
|
1% - 21% (2
|
%)
|
||||||||||
|
|
|||||||||||||||||||||
Impaired loans:
|
|
|
||||||||||||||||||||
Real estate mortgage - 1 to 4 family
|
120
|
-
|
-
|
120
|
Sales comparison approach
|
Adjustments for differences between comparable sales
|
1% - 17% (9
|
%)
|
|
Fair Value Measurements at
December 31, 2018 Using:
|
|
|
|||||||||||||||||||
(dollars in thousands)
|
Carrying
Value
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Valuation technique
|
Unobservable inputs
|
Range (Weighted Average)
|
|||||||||||||||
|
|
|
||||||||||||||||||||
Other real estate owned
|
$
|
1,675
|
$
|
-
|
$
|
-
|
$
|
1,675
|
Sales comparison approach
|
Adjustments for differences between comparable sales
|
1% - 14% (7
|
%)
|
||||||||||
|
||||||||||||||||||||||
Impaired loans:
|
|
|
||||||||||||||||||||
Real estate mortgage - 1 to 4 family
|
459
|
-
|
-
|
459
|
Sales comparison approach
|
Adjustments for differences between comparable sales
|
5% - 14% (10
|
%)
|
(dollars in thousands)
|
Carrying
|
Fair Value Measurements at
December 31, 2019 Using:
|
||||||||||||||||||
|
Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
456,846
|
456,846
|
-
|
-
|
456,846
|
||||||||||||||
Securities available for sale
|
573,823
|
-
|
573,823
|
-
|
573,823
|
|||||||||||||||
Held to maturity securities
|
18,618
|
-
|
19,680
|
-
|
19,680
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
9,183
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Net loans
|
4,017,879
|
-
|
-
|
4,078,210
|
4,078,210
|
|||||||||||||||
Accrued interest receivable
|
10,915
|
216
|
2,221
|
8,478
|
10,915
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Demand deposits
|
463,858
|
463,858
|
-
|
-
|
463,858
|
|||||||||||||||
Interest bearing deposits
|
3,986,158
|
2,587,981
|
1,397,271
|
-
|
3,985,252
|
|||||||||||||||
Short-term borrowings
|
148,666
|
-
|
148,666
|
-
|
148,666
|
|||||||||||||||
Accrued interest payable
|
1,459
|
174
|
1,285
|
-
|
1,459
|
|||||||||||||||
|
(dollars in thousands)
|
Carrying
|
Fair Value Measurements at
December 31, 2018 Using:
|
||||||||||||||||||
|
Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
503,709
|
503,709
|
-
|
-
|
503,709
|
||||||||||||||
Securities available for sale
|
501,463
|
-
|
501,463
|
-
|
501,463
|
|||||||||||||||
Held to maturity securities
|
22,501
|
-
|
22,924
|
-
|
22,924
|
|||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
8,953
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Net loans
|
3,829,330
|
-
|
-
|
3,753,966
|
3,753,966
|
|||||||||||||||
Accrued interest receivable
|
11,341
|
353
|
2,371
|
8,617
|
11,341
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Demand deposits
|
405,069
|
405,069
|
-
|
-
|
405,069
|
|||||||||||||||
Interest bearing deposits
|
3,869,178
|
2,594,672
|
1,264,772
|
-
|
3,859,444
|
|||||||||||||||
Short-term borrowings
|
161,893
|
-
|
161,893
|
-
|
161,893
|
|||||||||||||||
Accrued interest payable
|
1,024
|
104
|
920
|
-
|
1,024
|
(14) |
Regulatory Capital Requirements
|
|
As of December 31, 2019
|
Well
|
Minimum for
Capital Adequacy plus
Capital Conservation
|
|||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Capitalized(1)
|
Buffer(1)(2)
|
||||||||||||
|
||||||||||||||||
Tier 1 leverage ratio
|
$
|
516,775
|
9.940
|
%
|
5.000
|
%
|
4.000
|
%
|
||||||||
Common equity Tier 1 capital
|
516,775
|
18.412
|
6.500
|
7.000
|
||||||||||||
Tier 1 risk-based capital
|
516,775
|
18.412
|
8.000
|
8.500
|
||||||||||||
Total risk-based capital
|
551,975
|
19.666
|
10.000
|
10.500
|
|
As of December 31, 2018
|
Well
|
Minimum for
Capital Adequacy plus
Capital Conservation
|
|||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Capitalized(1)
|
Buffer(1)(2)
|
||||||||||||
|
||||||||||||||||
Tier 1 leverage ratio
|
$
|
484,581
|
9.767
|
%
|
5.000
|
%
|
4.000
|
%
|
||||||||
Common equity Tier 1 capital
|
484,581
|
18.233
|
6.500
|
6.380
|
||||||||||||
Tier 1 risk-based capital
|
484,581
|
18.233
|
8.000
|
7.880
|
||||||||||||
Total risk-based capital
|
517,948
|
19.489
|
10.000
|
9.880
|
|
As of December 31, 2019
|
Minimum for
Capital Adequacy plus
Capital Conservation
|
||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Buffer(1)(2)
|
|||||||||
|
||||||||||||
Tier 1 leverage ratio
|
$
|
533,243
|
10.254
|
%
|
4.000
|
%
|
||||||
Common equity Tier 1 capital
|
533,243
|
18.988
|
7.000
|
|||||||||
Tier 1 risk-based capital
|
533,243
|
18.988
|
8.500
|
|||||||||
Total risk-based capital
|
568,463
|
20.242
|
10.500
|
|
As of December 31, 2018
|
Minimum for
Capital Adequacy plus
Capital Conservation
|
||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Buffer(1)(2)
|
|||||||||
|
||||||||||||
Tier 1 leverage ratio
|
$
|
499,626
|
10.129
|
%
|
4.000
|
%
|
||||||
Common equity Tier 1 capital
|
499,626
|
18.790
|
6.380
|
|||||||||
Tier 1 risk-based capital
|
499,626
|
18.790
|
7.880
|
|||||||||
Total risk-based capital
|
533,009
|
20.046
|
9.880
|
(1) |
Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized
|
(2) |
The December 31, 2019 and 2018 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent, and 1.88 percent repectively.
|
(15) |
Accumulated Other Comprehensive Loss
|
|
Year ended 12/31/2019
|
|||||||||||||||||||
(dollars in thousands)
|
Balance at
12/31/2018
|
Other
Comprehensive
Income (loss)-
Before
Reclassifications
|
Amount
reclassified
from Accumulated
Other Comprehensive
Income
|
Other
Comprehensive
Income (loss)-
year ended
12/31/2019
|
Balance at
12/31/2019
|
|||||||||||||||
|
||||||||||||||||||||
Net unrealized holding loss on securities available for sale, net of tax
|
$
|
(10,416
|
)
|
10,702
|
-
|
10,702
|
286
|
|||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax
|
423
|
4,417
|
-
|
4,417
|
4,840
|
|||||||||||||||
Net change in net actuarial loss and prior service cost on pension and pension and postretirement benefit plans, net of tax
|
(316
|
)
|
-
|
(349
|
)
|
(349
|
)
|
(665
|
)
|
|||||||||||
|
||||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax
|
$
|
(10,309
|
)
|
15,119
|
(349
|
)
|
14,770
|
4,461
|
|
Year ended 12/31/2018
|
|||||||||||||||||||
(dollars in thousands)
|
Balance at
12/31/2017
|
Other
Comprehensive
Income (loss)-
Before
Reclassifications
|
Amount
reclassified
from Accumulated
Other Comprehensive
Income
|
Other
Comprehensive
Income (loss)-
year ended
12/31/2018
|
Balance at
12/31/2018
|
|||||||||||||||
|
||||||||||||||||||||
Net unrealized holding loss on securities available for sale, net of tax
|
$
|
(5,030
|
)
|
(3,944
|
)
|
-
|
(3,944
|
)
|
(8,974
|
)
|
||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax
|
3,054
|
(2,727
|
)
|
-
|
(2,727
|
)
|
327
|
|||||||||||||
Net change in net actuarial loss and prior service cost on pension and pension and postretirement benefit plans, net of tax
|
170
|
-
|
(486
|
)
|
(486
|
)
|
(316
|
)
|
||||||||||||
Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect
|
-
|
-
|
(1,346
|
)
|
-
|
(1,346
|
)
|
|||||||||||||
|
||||||||||||||||||||
Accumulated other comprehensive loss, net of tax
|
$
|
(1,806
|
)
|
(6,671
|
)
|
(1,832
|
)
|
(7,157
|
)
|
(10,309
|
)
|
|
Year ended 12/31/2017
|
|||||||||||||||||||
(dollars in thousands)
|
Balance at
12/31/2016
|
Other
Comprehensive
Income (loss)-
Before
Reclassifications
|
Amount
reclassified
from Accumulated
Other Comprehensive
Income
|
Other
Comprehensive
Income (loss)-
year ended
12/31/2017
|
Balance at
12/31/2017
|
|||||||||||||||
|
||||||||||||||||||||
Net unrealized holding loss on securities available for sale, net of tax
|
$
|
(6,762
|
)
|
1,732
|
-
|
1,732
|
(5,030
|
)
|
||||||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax
|
42
|
3,012
|
-
|
3,012
|
3,054
|
|||||||||||||||
Net change in net actuarial loss and prior service cost on pension and pension and postretirement benefit plans, net of tax
|
469
|
-
|
(299
|
)
|
(299
|
)
|
170
|
|||||||||||||
|
||||||||||||||||||||
Accumulated other comprehensive loss, net of tax
|
$
|
(6,251
|
)
|
4,744
|
(299
|
)
|
4,445
|
(1,806
|
)
|
(dollars in thousands)
|
Years ended
December 31,
|
|
|||||||||||
|
2019
|
2018
|
2017
|
Affected Line Item in Financial Statements
|
|||||||||
Amortization of pension and postretirement benefit items:
|
|
||||||||||||
Amortization of net actuarial gain (loss)
|
274
|
556
|
289
|
Salaries and employee benefits
|
|||||||||
Amortization of prior service cost
|
197
|
100
|
(90
|
)
|
Salaries and employee benefits
|
||||||||
Income tax benefit
|
(122
|
)
|
(170
|
)
|
100
|
Income taxes
|
|||||||
Net of tax
|
349
|
486
|
299
|
|
|||||||||
|
|
||||||||||||
Total reclassifications, net of tax
|
$
|
349
|
486
|
299
|
|
(16) |
Revenue from Contracts with Customers
|
(dollars in thousands)
|
For the years ended
December 31,
|
|||||||
|
2019
|
2018
|
||||||
Non-interest income
|
||||||||
Service Charges on Deposits
|
||||||||
Overdraft fees
|
$
|
3,571
|
3,543
|
|||||
Other
|
459
|
455
|
||||||
Interchange Income
|
4,065
|
4,822
|
||||||
Wealth management fees
|
6,387
|
6,283
|
||||||
Other (a)
|
4,109
|
2,978
|
||||||
|
||||||||
Total non-interest income
|
$
|
18,591
|
18,081
|
(17) |
Operating leases
|
(dollars in thousands)
|
2019
|
2018
|
2017
|
|||||||||
Operating lease cost
|
$
|
7,808
|
7,988
|
7,889
|
||||||||
Variable lease cost
|
1,968
|
2,000
|
1,889
|
|||||||||
Total Lease costs
|
$
|
9,776
|
$
|
9,988
|
$
|
9,778
|
Year ending December 31,
|
||||
2020
|
$
|
8,039
|
||
2021
|
8,033
|
|||
2022
|
7,533
|
|||
2023
|
7,227
|
|||
2024
|
7,100
|
|||
Thereafter
|
28,361
|
|||
Total lease payments
|
$
|
66,293
|
||
Less: Interest
|
9,740
|
|||
Present value of lease liabilities
|
$
|
56,553
|
(18) |
Recent Accounting Pronouncements
|
(19) |
Parent Company Only
|
(dollars in thousands)
|
Years ended December 31,
|
|||||||||||
|
2019
|
2018
|
2017
|
|||||||||
Income:
|
||||||||||||
Dividends and interest from subsidiaries
|
$
|
28,340
|
24,920
|
24,510
|
||||||||
Net gain on securities transactions
|
-
|
-
|
-
|
|||||||||
Miscellaneous income
|
-
|
-
|
-
|
|||||||||
Total income
|
28,340
|
24,920
|
24,510
|
|||||||||
|
||||||||||||
Expense:
|
||||||||||||
Operating supplies
|
82
|
122
|
26
|
|||||||||
Professional services
|
651
|
438
|
122
|
|||||||||
Miscellaneous expense
|
2,811
|
1,755
|
2,573
|
|||||||||
Total expense
|
3,544
|
2,315
|
2,721
|
|||||||||
Income before income taxes and subsidiaries’ undistributed earnings
|
24,796
|
22,605
|
21,789
|
|||||||||
Income tax benefit
|
(837
|
)
|
(523
|
)
|
(1,171
|
)
|
||||||
Income before subsidiaries’ undistributed earnings
|
25,633
|
23,128
|
22,960
|
|||||||||
Equity in undistributed earnings of subsidiaries
|
32,207
|
38,317
|
20,185
|
|||||||||
Net income
|
$
|
57,840
|
61,445
|
43,145
|
||||||||
Change in other comprehensive income (loss)
|
14,770
|
(7,157
|
)
|
4,445
|
||||||||
Comprehensive income
|
$
|
72,610
|
54,288
|
47,590
|
(dollars in thousands)
|
December 31,
|
|||||||
|
2019
|
2018
|
||||||
Assets:
|
||||||||
Cash in subsidiary bank
|
$
|
24,118
|
22,665
|
|||||
Investments in subsidiaries
|
521,802
|
474,838
|
||||||
Securities available for sale
|
35
|
35
|
||||||
Other assets
|
558
|
683
|
||||||
|
||||||||
Total assets
|
546,513
|
498,221
|
||||||
Liabilities and shareholders’ equity:
|
||||||||
Accrued expenses and other liabilities
|
8,256
|
8,350
|
||||||
Total liabilities
|
8,256
|
8,350
|
||||||
Shareholders’ equity
|
538,257
|
489,871
|
||||||
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
546,513
|
498,221
|
(dollars in thousands)
|
Years ended December 31,
|
|||||||||||
|
2019
|
2018
|
2017
|
|||||||||
Increase/(decrease) in cash and cash equivalents:
|
||||||||||||
Cash flows from operating activities:
|
||||||||||||
Net income
|
$
|
57,840
|
61,445
|
43,145
|
||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Equity in undistributed earnings of subsidiaries
|
(32,207
|
)
|
(38,317
|
)
|
(20,185
|
)
|
||||||
Stock based compensation expense
|
5
|
173
|
150
|
|||||||||
Net change in other assets and accrued expenses
|
246
|
214
|
853
|
|||||||||
Total adjustments
|
(31,956
|
)
|
(37,930
|
)
|
(19,182
|
)
|
||||||
|
||||||||||||
Net cash provided by operating activities
|
25,884
|
23,515
|
23,963
|
|||||||||
|
||||||||||||
Cash flows from financing activities:
|
||||||||||||
Proceeds from exercise of stock options
|
185
|
1,259
|
5,236
|
|||||||||
Dividends paid
|
(26,372
|
)
|
(25,555
|
)
|
(25,184
|
)
|
||||||
Payments to acquire treasury stock
|
(35
|
)
|
(718
|
)
|
(4,608
|
)
|
||||||
Proceeds from sales of treasury stock
|
1,791
|
2,391
|
2,480
|
|||||||||
Net cash used in financing activities
|
(24,431
|
)
|
(22,623
|
)
|
(22,076
|
)
|
||||||
|
||||||||||||
Net increase in cash and cash equivalents
|
1,453
|
892
|
1,887
|
|||||||||
|
||||||||||||
Cash and cash equivalents at beginning of year
|
22,665
|
21,773
|
19,886
|
|||||||||
|
||||||||||||
Cash and cash equivalents at end of year
|
$
|
24,118
|
22,665
|
21,773
|
Halfmoon Office
|
||
215 Guideboard Rd.
|
Loudon Plaza Office
|
Mt. Kisco Office
|
Country Dollar Plaza
|
372 Northern Blvd.
|
222 East Main St.
|
Halfmoon, NY
|
Albany, NY
|
Mt. Kisco, NY
|
Telephone: (518) 371-0593
|
Telephone: (518) 462-6668
|
Telephone: (914) 666-2362
|
Hartsdale Office
|
Madison Ave. Office
|
New City Office
|
220 East Hartsdale Ave.
|
1084 Madison Ave.
|
20 Squadron Blvd.
|
Hartsdale, NY
|
Albany, NY
|
New City, NY
|
Telephone: (914) 722-2640
|
Telephone: (518) 489-4711
|
Telephone: (845) 634-4571
|
Highland Office
|
Mahopac Office
|
New Scotland Office
|
3580 Route 9W
|
945 South Lake Blvd
|
301 New Scotland Ave.
|
Highland, NY
|
Mahopac, NY
|
Albany, NY
|
Telephone: (845) 691-7023
|
Telephone: (845) 803-8756
|
Telephone: (518) 438-7838
|
Hoosick Falls Office
|
Malta 4 Corners Office
|
Newton Plaza Office
|
47 Main St.
|
2471 Route 9
|
602 New Loudon Rd.
|
Hoosick Falls, NY
|
Malta, NY
|
Latham, NY
|
Telephone: (518) 686-5352
|
Telephone: (518) 899-1056
|
Telephone: (518) 786-3687
|
Hudson Office
|
Mamaroneck Office
|
Niskayuna-Woodlawn Office
|
507 Warren St.
|
180-190 East Boston Post Rd.
|
3461 State St.
|
Hudson, NY
|
Mamaroneck, NY
|
Schenectady, NY
|
Telephone: (518) 828-9434
|
Telephone: (914) 777-3023
|
Telephone: (518) 377-2264
|
Hudson Falls Office
|
Mayfair Office
|
Northern Pines Road Office
|
3750 Burgoyne Ave.
|
286 Saratoga Rd.
|
649 Maple Ave.
|
Hudson Falls, NY
|
Glenville, NY
|
Saratoga Springs, NY
|
Telephone: (518) 747-0886
|
Telephone: (518) 399-9121
|
Telephone: (518) 583-2634
|
Katonah Office
|
Mechanicville Office
|
Nyack Office
|
18 Woods Bridge Road
|
9 Price Chopper Plaza
|
388 Route 59
|
Katonah, NY
|
Mechanicville, NY
|
Nyack, NY
|
Telephone: (914) 666-6230
|
Telephone: (518) 664-1059
|
Telephone: (845) 535-3728
|
Kingston Office
|
Milton Office
|
Peekskill Office
|
1220 Ulster Ave.
|
2 Trieble Ave.
|
20 Welcher Ave.
|
Kingston, NY
|
Ballston Spa, NY
|
Peekskill, NY
|
Telephone: (845) 336-5372
|
Telephone: (518) 885-0498
|
Telephone: (914) 739-1839
|
Lake George Office
|
Monroe Office
|
Pelham Office
|
4066 Route 9L
|
791 Route 17M
|
132 Fifth Ave.
|
Lake George, NY
|
Monroe, NY
|
Pelham, NY
|
Telephone: (518) 668-2352
|
Telephone: (845) 782-1100
|
Telephone: (914) 632-1983
|
Latham Office
|
Mont Pleasant Office
|
Pomona Office
|
1 Johnson Rd.
|
959 Crane St.
|
1581 Route 202
|
Latham, NY
|
Schenectady, NY
|
Pomona, NY
|
Telephone: (518) 785-0761
|
Telephone: (518) 346-1267
|
Telephone: (845) 354-0176
|
Poughkeepsie Office
|
Sheridan Plaza Office
|
Troy Office
|
2656 South Rd.
|
1350 Gerling St.
|
5th Ave. and State St.
|
Poughkeepsie, NY
|
Schenectady, NY
|
Troy, NY
|
Telephone: (845) 485-6419
|
Telephone: (518) 377-8517
|
Telephone: (518) 274-5420
|
Queensbury Office
|
Slingerlands Office
|
Upper Union Street Office
|
118 Quaker Rd.
|
1569 New Scotland Rd.
|
1620 Union St.
|
Suite 1
|
Slingerlands, NY
|
Schenectady, NY
|
Queensbury, NY
|
Telephone: (518) 439-9352
|
Telephone: (518) 374-4056
|
Telephone: (518) 798-7226
|
||
South Glens Falls Office
|
Ushers Road Office
|
|
Red Hook Office
|
133 Saratoga Rd.
|
308 Ushers Rd.
|
4 Morgans Way
|
Suite 1
|
Ballston Lake, NY
|
Red Hook, NY
|
South Glens Falls, NY
|
Telephone: (518) 877-8069
|
Telephone: (845) 752-2224
|
Telephone: (518) 793-7668
|
|
Valatie Office
|
||
Rotterdam Office
|
State Farm Road Office
|
2929 Route 9
|
1416 Curry Rd.
|
2050 Western Ave.
|
Valatie, NY
|
Schenectady, NY
|
Guilderland, NY
|
Telephone: (518) 758-2265
|
Telephone: (518) 355-8330
|
Telephone: (518) 452-6913
|
|
Wappingers Falls Office
|
||
Route 2 Office
|
State St. Albany Office
|
1490 Route 9
|
201 Troy-Schenectady Rd.
|
112 State St.
|
Wappingers Falls, NY
|
Latham, NY
|
Albany, NY
|
Telephone: (845) 298-9315
|
Telephone: (518) 785-7155
|
Telephone: (518) 436-9043
|
|
Warrensburg Office
|
||
Route 7 Office
|
State St. Schenectady - Main Office
|
9 Lake George Plaza Rd.
|
1156 Troy-Schenectady Rd.
|
320 State St.
|
Lake George, NY
|
Latham, NY
|
Schenectady, NY
|
Telephone: (518) 623-3707
|
Telephone: (518) 785-4744
|
Telephone: (518) 381-3831
|
|
West Sand Lake Office
|
||
Saratoga Springs Office
|
Stuyvesant Plaza Office
|
3690 NY Route 43
|
34 Congress St.
|
Western Ave. at Fuller Rd.
|
West Sand Lake, NY
|
Saratoga Springs, NY
|
Albany, NY
|
Telephone: (518) 674-3327
|
Telephone: (518) 587-3520
|
Telephone: (518) 489-2616
|
|
Wilton Mall Office
|
||
Schaghticoke Office
|
Tanners Main Office
|
Route 50
|
2 Main St.
|
345 Main St.
|
Saratoga Springs, NY
|
Schaghticoke, NY
|
Catskill, NY
|
Telephone: (518) 583-1716
|
Telephone: (518) 753-6509
|
Telephone: (518) 943-2500
|
|
Wolf Road Office
|
||
Scotia Office
|
Tanners West Office
|
34 Wolf Rd.
|
123 Mohawk Ave.
|
238 West Bridge St.
|
Albany, NY
|
Scotia, NY
|
Catskill, NY
|
Telephone: (518) 458-7761
|
Telephone: (518) 372-9416
|
Telephone: (518) 943-5090
|
|
Wynantskill Office
|
||
134-136 Main St.
|
||
Wynantskill, NY
|
||
Telephone: (518) 286-2674
|
Florida
|
||
Alafaya Woods Office
|
Curry Ford Road Office
|
Lady Lake Office
|
1500 Alafaya Trl.
|
3020 Lamberton Blvd., Suite 116
|
873 North US Highway 27/441
|
Oviedo, FL
|
Orlando, FL
|
Lady Lake, FL
|
Telephone: (407) 359-5991
|
Telephone: (407) 277-9663
|
Telephone: (352) 205-8893
|
Aloma Office
|
Curry Ford West Office
|
Lake Brantley Office
|
4070 Aloma Ave.
|
2838 Curry Ford Rd.
|
909 North SR 434
|
Winter Park, FL
|
Orlando, FL
|
Altamonte Springs, FL
|
Telephone: (407) 677-1969
|
Telephone: (407) 893-9878
|
Telephone: (407) 339-3396
|
Apollo Beach Office
|
Davenport Office
|
Lake Mary Office
|
205 Apollo Beach Blvd.
|
2300 Deer Creek Commons Ln.
|
350 West Lake Mary Blvd.
|
Apollo Beach, FL
|
Suite 600
|
Sanford, FL
|
Telephone: (813) 649-0460
|
Davenport, FL
|
Telephone: (407) 330-7106
|
Telephone: (863) 424-9493
|
||
Apopka Office
|
Lake Nona Office
|
|
1134 North Rock Springs Rd.
|
Dean Road Office
|
9360 Narcoossee Rd.
|
Apopka, FL
|
3920 Dean Rd.
|
Orlando, FL
|
Telephone: (407) 464-7373
|
Orlando, FL
|
(407) 801-7330
|
Telephone: (407) 657-8001
|
||
Avalon Park Office
|
Lake Square Office
|
|
3662 Avalon Park East Blvd.
|
Downtown Orlando Office
|
10105 Route 441
|
Orlando, FL
|
415 East Pine St.
|
Leesburg, FL
|
Telephone: (407) 380-2264
|
Orlando, FL
|
Telephone: (352) 323-8147
|
Telephone: (407) 422-7129
|
||
Bay Hill Office
|
Lee Road Office
|
|
6084 Apopka Vineland Road
|
East Colonial Office
|
1084 Lee Rd., Suite 11
|
Orlando, FL
|
12901 East Colonial Dr.
|
Orlando, FL
|
Telephone: (321) 251-1859
|
Orlando, FL
|
Telephone: (407) 532-5211
|
Telephone: (407) 275-3075
|
||
BeeLine Center Office
|
Lee Vista Office
|
|
10249 South John Young Pkwy.
|
Englewood Office
|
8288 Lee Vista Blvd., Suite E
|
Suite 101
|
2930 South McCall Rd.
|
Orlando, FL
|
Orlando, FL
|
Englewood, FL
|
Telephone: (321) 235-5583
|
Telephone: (407) 240-0945
|
Telephone: (941) 460-0601
|
|
Leesburg Office
|
||
Beneva Village Office
|
Gateway Commons Office
|
1330 Citizens Blvd., Suite 101
|
5950 South Beneva Road
|
1525 East Osceola Pkwy., Suite 120
|
Leesburg, FL
|
Sarasota, FL
|
Kissimmee, FL
|
Telephone: (352) 365-1305
|
Telephone: (941) 923-8269
|
Telephone: (407) 932-0398
|
|
Maitland Office
|
||
Bradenton Office
|
Goldenrod Office
|
9400 US Route 17/92, Suite 101
|
5858 Cortez Rd. West
|
7803 East Colonial Rd., Suite 107
|
Maitland, FL
|
Bradenton, FL
|
Orlando, FL
|
Telephone: (407) 332-6071
|
Telephone: (941) 792-2604
|
Telephone: (407) 207-3773
|
|
Melbourne Office
|
||
Colonial Drive Office
|
Juno Beach Office
|
2481 Croton Rd.
|
4301 East Colonial Dr.
|
14051 US Highway 1
|
Melbourne, FL
|
Orlando, FL
|
Juno Beach, FL
|
Telephone: (321) 752 0446
|
Telephone: (407) 895-6393
|
Telephone: (561) 630-4521
|
|
Metro West Office
|
Rinehart Road Office
|
Vero Beach Office
|
2619 S. Hiawassee Rd.
|
1185 Rinehart Rd.
|
4125 20th Street
|
Orlando, FL
|
Sanford, FL
|
Vero Beach, FL
|
Telephone: (407) 293-1580
|
Telephone: (407) 268-3720
|
Telephone: (772) 492-9295
|
North Clermont Office
|
Sarasota Office
|
Westwood Plaza Office
|
12302 Roper Blvd.
|
2704 Bee Ridge Rd.
|
4942 West State Route 46
|
Clermont, FL
|
Sarasota, FL
|
Suite 1050
|
Telephone: (352) 243-2563
|
Telephone: (941) 929-9451
|
Sanford, FL
|
Telephone: (407) 321-4925
|
||
Orange City Office
|
South Clermont Office
|
|
902 Saxon Blvd., Suite 101
|
16908 High Grove Blvd.
|
Windermere Office
|
Orange City, FL
|
Clermont, FL
|
2899 Maguire Rd.
|
Telephone: (386) 775-1392
|
Telephone: (352) 243-9511
|
Windermere, FL
|
Telephone: (407) 654-0498
|
||
Ormond Beach Office
|
Stuart Office
|
|
115 North Nova Rd.
|
951 SE Federal Highway
|
Winter Garden Office
|
Ormond Beach, FL
|
Stuart, FL
|
16118 Marsh Rd.
|
Telephone: (386) 256-3813
|
Telephone: (772) 286-4757
|
Winter Garden, FL
|
Telephone: (407) 654-4609
|
||
Osprey Office
|
Sun City Center
|
|
1300 South Tamiami Trl.
|
4441 Sun City Center
|
Winter Haven Office
|
Osprey, FL
|
Sun City Center, FL
|
7476 Cypress Gardens Blvd. Southeast
|
Telephone: (941) 918-9380
|
Telephone: (813) 633-1468
|
Winter Haven, FL
|
Telephone: (863) 326-1918
|
||
Oviedo Office
|
Sweetwater Office
|
|
1875 West County Rd. 419
|
671 North Hunt Club Rd.
|
Winter Park Office
|
Suite 600
|
Longwood, FL
|
1211 N. Orange Ave.
|
Oviedo, FL
|
Telephone: (407) 774-1347
|
Winter Park, FL
|
Telephone: (407) 365-1145
|
Telephone: (407) 755-6707
|
|
Tuskawilla Road Office
|
||
Pleasant Hill Commons Office
|
1295 Tuskawilla Rd., Suite 10
|
Winter Springs Office
|
3307 South Orange Blossom Trl.
|
Winter Springs, FL
|
851 East State Route 434
|
Kissimmee, FL
|
Telephone: (407) 695-5558
|
Winter Springs, FL
|
Telephone: (407) 846-8866
|
Telephone: (407) 327-6064
|
|
Venice Office
|
||
Port Orange Office
|
2057 South Tamiami Trl.
|
|
3751 Clyde Morris Blvd.
|
Venice, FL
|
|
Port Orange, FL
|
Telephone: (941) 496-9100
|
|
Telephone: (386) 322-3730
|
Massachusetts
|
New Jersey
|
Vermont
|
Allendale Office
|
Northvale Office
|
Bennington Office
|
5 Cheshire Rd.
|
220 Livingston St.
|
215 North St.
|
Suite 18
|
Northvale, NJ
|
Bennington, VT
|
Pittsfield, MA
|
Telephone: (201) 750-1501
|
Telephone: (802) 447-4952
|
Telephone: (413) 236-8400
|
||
Ramsey Office
|
||
Great Barrington Office
|
385 North Franklin Tpk.
|
|
326 Stockbridge Rd.
|
Ramsey, NJ
|
|
Great Barrington, MA
|
Telephone: (201) 934-1429
|
|
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
|
EXECUTIVE OFFICERS
|
BOARD OF DIRECTORS
|
CHAIRMAN, PRESIDENT AND CHIEF
|
Dennis A. De Gennaro, President
|
EXECUTIVE OFFICER
|
Camelot Associates Corporation
|
Robert J. McCormick
|
Commercial and Residential Construction
|
EXECUTIVE VICE PRESIDENT AND CHIEF OPERATIONS OFFICER
|
Brian C. Flynn, CPA
|
Kevin M. Curley
|
KPMG LLP
|
Retired Partner
|
|
EXECUTIVE VICE PRESIDENT
|
|
AND CHIEF RISK OFFICER
|
Lisa M. Lucarelli, Owner
|
Robert M. Leonard
|
LMKD Properties, LLC
|
Property Management
|
|
EXECUTIVE VICE PRESIDENT AND
|
|
CHIEF FINANCIAL OFFICER
|
Thomas O. Maggs, President
|
Michael M. Ozimek
|
Maggs & Associates
|
Insurance Agency
|
|
EXECUTIVE VICE PRESIDENT
|
|
AND CHIEF LENDING OFFICER
|
Anthony J. Marinello, M.D., Ph.D.
|
Scot R. Salvador
|
Chief Medical Officer, CDPHP
|
SENIOR VICE PRESIDENT AND
|
Robert J. McCormick,
|
TREASURER
|
Chairman, President and Chief Executive Officer
|
Eric W. Schreck
|
TrustCo Bank Corp NY
|
Chairman, TrustCo Bank Corp NY
|
|
GENERAL COUNSEL AND CORPORATE
|
|
SECRETARY
|
William D. Powers,
|
Michael J. Hall
|
Powers & Co., LLC
|
Retired Partner
|
|
Directors of TrustCo Bank Corp NY
|
|
are also Directors of Trustco Bank
|
HONORARY DIRECTORS
|
||
Lionel O. Barthold
|
John S. Morris, Ph.D
|
William F. Terry
|
Robert A. McCormick
|
James H. Murphy, D.D.S.
|
|
Nancy A. McNamara
|
Richard J. Murray, Jr.
|
Trustco Bank Officers
|
||
CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER
|
BRANCH ADMINISTRATION (continued)
|
GENERAL SERVICES
|
Robert J. McCormick
|
Officers
|
Officer
|
Takla A. Awad
|
Joseph N. Marley
|
|
EXECUTIVE VICE PRESIDENT AND
|
Victor J. Berger
|
|
CHIEF OPERATIONS OFFICER
|
Albert N. Estopinal
|
INFORMATION TECHNOLOGY/
|
Kevin M. Curley
|
Lesly Jean-Louis
|
PLANNING AND SYSTEMS
|
Kevin R. Mason
|
Administrative Vice President
|
|
EXECUTIVE VICE PRESIDENT
|
Nicolette C. Messina
|
John R. George
|
AND CHIEF RISK OFFICER
|
Carmen Ramjeet
|
Vice President and
|
Robert M. Leonard
|
Pratik A. Shah
|
Chief Technology Officer
|
James J. Smith
|
Volney R. LaRowe
|
|
EXECUTIVE VICE PRESIDENT
|
Berkley K. Young
|
Officers
|
AND CHIEF FINANCIAL OFFICER
|
Jonathan R. Goodell
|
|
Michael M. Ozimek
|
COLLECTIONS/ OPERATIONS/
|
|
CREDIT
|
||
EXECUTIVE VICE PRESIDENT
|
Vice Presidents
|
LENDING
|
AND CHIEF LENDING OFFICER
|
Stacy L. Marble
|
Administrative Vice President
|
Scot R. Salvador
|
Michael V. Pitnell
|
Michelle L. Simmonds
|
Officers
|
Vice President
|
|
GENERAL COUNSEL AND CORPORATE
|
Aislinn E. Melia
|
Patrick M. Canavan
|
SECRETARY
|
June M. Ryder
|
Assistant Vice Presidents
|
Michael J. Hall, Esq
|
Amy E. Anderson
|
|
COMPLIANCE/ RISK/ BSA/
|
Suzanne E. Breen
|
|
ACCOUNTING/FINANCE
|
CREDIT ADMINISTRATION
|
Officers
|
Vice Presidents
|
Administrative Vice President and Chief Compliance Officer and Information Security Officer
|
Kevin P. Bailey
|
Andrea A. McGuire
|
Michael J. Ewell
|
Rebecca L. O'Hare
|
Michael Rydberg
|
Administrative Vice President
|
Paul T. Wersten
|
Assistant Vice President
|
Michael J. Lofrumento
|
|
Lynn M. Hallenbeck
|
Vice Presidents
|
MARKETING
|
Lara Ann Gough
|
Vice President
|
|
AUDIT
|
Jennifer L. Meadows
|
Adam E. Roselan
|
Director of Internal Audit
|
Senior Officer
|
|
Daniel R. Saullo
|
James A.P. McCarthy, Esq.
|
PERSONNEL/
|
Officers
|
Officers
|
QUALITY CONTROL/
|
Allison R. Downs
|
Amanda L. Biance
|
TRAINING
|
Kenneth E. Hughes Jr.
|
Michael F McMahon
|
Vice President and
|
Jeff P. Klingbeil
|
Director of Human Resources
|
|
Dennis M. Pitaniello
|
FINANCIAL SERVICES
|
Mary-Jean Riley
|
BRANCH ADMINISTRATION
|
Administrative Vice President and Chief Trust Officer
|
Assistant Vice President
|
Senior Vice President and Florida Regional President
|
Patrick J. LaPorta, Esq.
|
Jessica M. Marshall
|
Eric W. Schreck
|
Vice President
|
Officers
|
Administrative Vice President
|
Thomas M. Poitras
|
Jason T. Goodell
|
Carly K. Batista
|
Officers
|
|
Assistant Vice Presidents
|
Michael D. Bates
|
|
Mark J. Cooper
|
John W. Bresonis
|
|
Gloryvel Morales
|
Clint M. Mallard
|
|
Jocelyn E. Vizcara
|
Lauren A. Maxwell
|
|
Period Ending
|
|||||
Index
|
12/31/14
|
12/31/15
|
12/31/16
|
12/31/17
|
12/31/18
|
12/31/19
|
TrustCo Bank Corp NY
|
100.00
|
88.11
|
130.47
|
141.62
|
109.02
|
142.54
|
Russell 2000 Index
|
100.00
|
95.59
|
115.95
|
132.94
|
118.30
|
148.49
|
SNL Bank and Thrift Index
|
100.00
|
102.02
|
128.80
|
151.45
|
125.81
|
170.04
|
Trustco Bank
|
Federal 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 LLP
|
/s/ Brian C. Flynn
|
/s/ Dennis A. De Gennaro
|
||
Brian C. Flynn
|
Dennis A. De Gennaro
|
||
/s/ Robert J. McCormick
|
/s/ Thomas O. Maggs
|
||
Robert J. McCormick
|
Thomas O. Maggs
|
||
/s/ William D. Powers
|
/s/ Dr. Anthony J. Marinello
|
||
William D. Powers
|
Dr. Anthony J.Marinello
|
||
/s/ Lisa M. Lucarelli
|
|||
Lisa M. Lucarelli
|
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
|
||
Chairman, President and Chief Executive Officer
|
||
/s/ Michael M. Ozimek
|
||
Michael M. Ozimek
|
||
Executive Vice President and Chief Financial Officer
|