|
14-1630287
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
5 SARNOWSKI DRIVE, GLENVILLE,
|
12302
|
(Address of principal executive offices)
|
(Zip Code)
|
(518) 377-3311
|
Registrant’s telephone number, including area code: |
Title of each class
|
Trading Symbol (s)
|
Name of each exchange on which registered
|
Common Stock, $1.00 par value
|
TRST
|
Nasdaq Global Select Market
|
Large accelerated filer ☒
|
Accelerated filer ☐
|
Non-accelerated filer ☐
|
Smaller reporting company ☐
|
Emerging growth company ☐
|
Common Stock
|
Number of Shares Outstanding
as of April 28, 2023 |
$1 Par Value
|
19,024,433
|
DESCRIPTION
|
PAGE NO.
|
|
3 | ||
Part I.
|
FINANCIAL INFORMATION
|
|
Item 1.
|
Consolidated Interim Financial Statements (Unaudited):
|
|
|
|
|
|
4 | |
|
|
|
|
5 | |
|
|
|
|
6 | |
|
|
|
|
7 | |
|
|
|
|
8 | |
|
|
|
|
9-40
|
|
|
|
|
|
41
|
|
|
|
|
Item 2.
|
42-57
|
|
|
|
|
Item 3.
|
58 | |
|
|
|
Item 4.
|
58 | |
|
|
|
Part II.
|
OTHER INFORMATION
|
|
|
|
|
Item 1.
|
59 | |
|
|
|
Item 1A.
|
59
|
|
|
|
|
Item 2.
|
61 | |
|
|
|
Item 3.
|
62 | |
|
|
|
Item 4.
|
62 | |
|
|
|
Item 5.
|
62 | |
|
|
|
Item 6.
|
62 |
•
|
the soundness of other financial institutions could adversely affect us;
|
•
|
any failure by the U.S. government to increase the debt ceiling or any government shutdown may impact us;
|
•
|
changes in interest rates, including recent and possible future increases fueled by inflation, may significantly impact
our financial condition and results of operations;
|
•
|
inflationary pressures and rising prices may affect our results of operations and financial condition;
|
•
|
exposure to credit risk in our lending activities;
|
•
|
the allowance for credit losses on loans (“ACLL”) is not sufficient to cover expected loan losses, resulting in a
decrease in earnings;
|
•
|
our inability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund
corporate expansion and other activities;
|
•
|
we are subject to claims and litigation pertaining to fiduciary responsibility and lender liability;
|
•
|
our dependency upon the services of the management team;
|
•
|
our disclosure controls and procedures may not prevent or detect all errors or acts of fraud;
|
•
|
if the business continuity and disaster recovery plans that we have in place are not adequate to continue our operations
in the event of a disaster, the business disruption can adversely impact its operations;
|
•
|
our risk management framework may not be effective in mitigating risk and loss;
|
•
|
a prolonged economic downturn, especially one affecting our geographic market area, will adversely affect our operations
and financial results;
|
•
|
instability in global economic conditions and geopolitical matters, as well as volatility in financial markets, could
have a material adverse effect on our results of operations and financial condition;
|
•
|
the trust wealth management fees we receive may decrease as a result of poor investment performance, in either relative
or absolute terms, which could decrease our revenues and net earnings;
|
•
|
regulatory capital rules could slow our growth, cause us to seek to raise additional capital, or both;
|
•
|
changes in laws and regulations and the cost of regulatory compliance with new laws and regulations may adversely affect
our operations and our income;
|
•
|
non-compliance with the USA PATRIOT Act, Bank Secrecy Act, or other laws and regulations could result in fines or
sanctions;
|
•
|
changes in tax laws may adversely affect us, and the Internal Revenue Service or a court may disagree with our tax
positions, which may result in adverse effects on our business, financial condition, results of operations or cash flows;
|
•
|
our ability to pay dividends is subject to regulatory limitations and other limitations that may affect our ability to
pay dividends to our stockholders or to repurchase our common stock;
|
•
|
we may be subject to a higher effective tax rate if Trustco Realty Corp. (“Trustco Realty”) fails to qualify as a real
estate investment trust (“REIT”);
|
•
|
changes in accounting standards could impact reported earnings;
|
•
|
strong competition within the Bank’s market areas could hurt profits and slow growth;
|
•
|
consumers and businesses are increasingly using non-banks to complete their financial transactions, which could
adversely affect our business and results of operations;
|
•
|
our business could be adversely affected by third-party service providers, data breaches, and cyber-attacks;
|
•
|
a failure in or breach of our operational or security systems or infrastructure, or those of third parties, could
disrupt our businesses, and adversely impact our results of operations, liquidity and financial condition, as well as cause reputational harm;
|
•
|
unauthorized disclosure of sensitive or confidential client or customer information, whether through a breach of our
computer systems or otherwise, could severely harm our business;
|
•
|
we could suffer a material adverse impact from interruptions in the effective operation of, or security breaches
affecting, our computer systems;
|
•
|
new lines of business or new products and services may subject us to additional risks;
|
•
|
provisions in our articles of incorporation and bylaws and New York law may discourage or prevent takeover attempts, and
these provisions may have the effect of reducing the market price of our stock;
|
•
|
we cannot guarantee that the allocation of capital to various alternatives, including stock repurchase plans, will
enhance long-term stockholder value;
|
•
|
we are exposed to climate risk;
|
•
|
societal responses to climate change could adversely affect our business and performance, including indirectly through
impacts on our customers; and,
|
•
|
other risks and uncertainties included under “Risk Factors” in our Form 10-K for the year ended December 31, 2022, as
well as risks and uncertainties, if any, discussed elsewhere in this Form 10-Q and in our other filings made from time to time with the SEC, or in materials incorporated therein by reference.
|
Three months ended | ||||||||
March 31,
|
||||||||
2023
|
2022
|
|||||||
Interest and dividend income:
|
||||||||
Interest and fees on loans
|
$
|
44,272
|
$ |
39,003
|
||||
Interest and dividends on securities available for sale:
|
||||||||
U. S. government sponsored enterprises
|
692
|
86
|
||||||
State and political subdivisions
|
-
|
1
|
||||||
Mortgage-backed securities and collateralized mortgage obligations - residential
|
1,585
|
1,087
|
||||||
Corporate bonds
|
521
|
233
|
||||||
Small Business Administration-guaranteed participation securities
|
117
|
154
|
||||||
Other securities
|
2
|
2
|
||||||
Total interest and dividends on securities available for sale
|
2,917
|
1,563
|
||||||
Interest on held to maturity securities:
|
||||||||
Mortgage-backed securities and collateralized mortgage obligations-residential
|
78
|
90
|
||||||
Total interest on held to maturity securities
|
78
|
90
|
||||||
Federal Home Loan Bank stock
|
110
|
62
|
||||||
Interest on federal funds sold and other short-term investments
|
6,555
|
572
|
||||||
Total interest income
|
53,932
|
41,290
|
||||||
Interest expense:
|
||||||||
Interest on deposits:
|
||||||||
Interest-bearing checking
|
66
|
44
|
||||||
Savings accounts
|
530
|
156
|
||||||
Money market deposit accounts
|
814
|
214
|
||||||
Time deposits
|
5,272
|
546
|
||||||
Interest on short-term borrowings
|
285
|
234
|
||||||
Total interest expense
|
6,967
|
1,194
|
||||||
Net interest income
|
46,965
|
40,096
|
||||||
Provision (Credit) for credit losses
|
300
|
(200
|
)
|
|||||
Net interest income after provision (credit) for credit losses
|
46,665
|
40,296
|
||||||
Noninterest income:
|
||||||||
Trustco financial services income
|
1,774
|
1,833
|
||||||
Fees for services to customers
|
2,648
|
2,801
|
||||||
Other
|
247
|
549
|
||||||
Total noninterest income
|
4,669
|
5,183
|
||||||
Noninterest expenses:
|
||||||||
Salaries and employee benefits
|
13,283
|
9,239
|
||||||
Net occupancy expense
|
4,598
|
4,529
|
||||||
Equipment expense
|
1,962
|
1,588
|
||||||
Professional services
|
1,607
|
1,467
|
||||||
Outsourced services
|
2,296
|
2,280
|
||||||
Advertising expense
|
390
|
617
|
||||||
FDIC and other insurance
|
1,052
|
812
|
||||||
Other real estate expense, net
|
225
|
11
|
||||||
Other
|
2,266
|
2,222
|
||||||
Total noninterest expenses
|
27,679
|
22,765
|
||||||
Income before taxes
|
23,655
|
22,714
|
||||||
Income taxes
|
5,909
|
5,625
|
||||||
Net income
|
$
|
17,746
|
$
|
17,089
|
||||
Net income per share:
|
||||||||
- Basic
|
$
|
0.93
|
$
|
0.89
|
||||
- Diluted
|
$
|
0.93
|
$
|
0.89
|
Three months ended
|
||||||||
March 31,
|
||||||||
2023
|
2022
|
|||||||
Net income
|
$
|
17,746
|
$
|
17,089
|
||||
Net unrealized holding gain (loss) on securities available for sale
|
5,251
|
(19,225
|
)
|
|||||
Tax effect
|
(1,350
|
)
|
4,974
|
|||||
Net unrealized gain (loss) on securities
available for sale, net of tax
|
3,901
|
(14,251
|
)
|
|||||
Amortization of net actuarial gain
|
(114
|
)
|
(78
|
)
|
||||
Amortization of prior service cost (credit)
|
3
|
(280
|
)
|
|||||
Tax effect
|
29
|
93
|
||||||
Amortization of net actuarial gain and prior service cost (credit) on pension and postretirement plans, net of tax
|
(82
|
)
|
(265
|
)
|
||||
Other comprehensive income (loss), net of tax
|
3,819
|
(14,516
|
)
|
|||||
Comprehensive income
|
$
|
21,565
|
$
|
2,573
|
March 31, 2023
|
December 31, 2022
|
|||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$
|
47,595
|
$
|
43,429
|
||||
Federal funds sold and other short term investments
|
589,389
|
607,170
|
||||||
Total cash and cash equivalents
|
636,984
|
650,599
|
||||||
Securities available for sale
|
476,659
|
481,513
|
||||||
Held to maturity securities ($7,298
and $7,580 fair value at March 31, 2023 and December 31, 2022, respectively)
|
7,382
|
7,707
|
||||||
Federal Home Loan Bank stock |
5,797
|
5,797
|
||||||
Loans, net of deferred net costs
|
4,799,582
|
4,733,201
|
||||||
Less:
|
||||||||
Allowance for credit losses on loans
|
46,685
|
46,032
|
||||||
Net loans
|
4,752,897
|
4,687,169
|
||||||
Bank premises and equipment, net
|
32,305
|
32,556
|
||||||
Operating lease right-of-use assets
|
43,478
|
44,727
|
||||||
Other assets
|
90,306
|
89,984
|
||||||
Total assets
|
$
|
6,045,808
|
$
|
6,000,052
|
||||
LIABILITIES:
|
||||||||
Deposits:
|
||||||||
Demand
|
$
|
806,075
|
$
|
838,147
|
||||
Interest-bearing checking
|
1,124,785
|
1,183,321
|
||||||
Savings accounts
|
1,400,887
|
1,521,473
|
||||||
Money market deposit accounts
|
600,410
|
621,106
|
||||||
Time deposits
|
1,280,301
|
1,028,763
|
||||||
Total deposits
|
5,212,458
|
5,192,810
|
||||||
Short-term borrowings
|
134,293
|
122,700
|
||||||
Operating lease liabilities
|
47,643
|
48,980
|
||||||
Accrued expenses and other liabilities
|
36,711
|
35,575
|
||||||
Total liabilities
|
5,431,105
|
5,400,065
|
||||||
SHAREHOLDERS’ EQUITY:
|
||||||||
Capital stock par value $1.00;
30,000,000 shares authorized; 20,058,142 shares issued at March 31, 2023 and December 31, 2022,
and 19,024,433 shares outstanding at March 31, 2023 and December 31, 2022
|
20,058
|
20,058
|
||||||
Surplus
|
257,078
|
257,078
|
||||||
Undivided profits
|
404,728
|
393,831
|
||||||
Accumulated other comprehensive loss, net of tax
|
(23,375
|
)
|
(27,194
|
)
|
||||
Treasury stock at cost - 1,033,709 shares at March 31, 2023 and December 31, 2022, respectively
|
(43,786
|
)
|
(43,786
|
)
|
||||
Total shareholders’ equity
|
614,703
|
599,987
|
||||||
Total liabilities and shareholders’ equity
|
$
|
6,045,808
|
$
|
6,000,052
|
Accumulated
|
||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||
Capital
|
Undivided
|
Comprehensive
|
Treasury
|
|||||||||||||||||||||
Stock
|
Surplus
|
Profits
|
Income
|
Stock
|
Total
|
|||||||||||||||||||
Beginning balance, January 1, 2022
|
$
|
20,046
|
$
|
256,661
|
$
|
349,056
|
$
|
12,147
|
$
|
(36,782
|
)
|
$
|
601,128
|
|||||||||||
Cumulative impact of adoption of ASU 2016-13
|
-
|
-
|
(3,470
|
)
|
-
|
-
|
(3,470
|
)
|
||||||||||||||||
Balance, January 1, 2022 as adjusted
for impact of adoption of ASU 2016-13
|
20,046
|
256,661
|
345,586
|
12,147
|
(36,782
|
)
|
597,658
|
|||||||||||||||||
Net income
|
-
|
-
|
17,089
|
-
|
-
|
17,089
|
||||||||||||||||||
Other comprehensive loss, net of tax
|
-
|
-
|
-
|
(14,516
|
)
|
-
|
(14,516
|
)
|
||||||||||||||||
Cash dividend declared, $0.35 per share
|
-
|
-
|
(6,727
|
)
|
-
|
-
|
(6,727
|
)
|
||||||||||||||||
Purchase of treasury stock 18,114 shares
|
-
|
-
|
-
|
-
|
(609
|
)
|
(609
|
)
|
||||||||||||||||
|
||||||||||||||||||||||||
Ending balance, March 31, 2022
|
$
|
20,046
|
$
|
256,661
|
$
|
355,948
|
$
|
(2,369
|
)
|
$
|
(37,391
|
)
|
$
|
592,895
|
||||||||||
|
||||||||||||||||||||||||
Beginning balance, January 1, 2023
|
$
|
20,058
|
$
|
257,078
|
$
|
393,831
|
$
|
(27,194
|
)
|
$
|
(43,786
|
)
|
$
|
599,987
|
||||||||||
Net income
|
-
|
-
|
17,746
|
-
|
-
|
17,746
|
||||||||||||||||||
Other comprehensive income, net of tax
|
-
|
-
|
-
|
3,819
|
-
|
3,819
|
||||||||||||||||||
Cash dividend declared, $0.36 per share
|
-
|
-
|
(6,849
|
)
|
-
|
-
|
(6,849
|
)
|
||||||||||||||||
|
||||||||||||||||||||||||
Ending balance, March 31, 2023
|
$
|
20,058
|
$
|
257,078
|
$
|
404,728
|
$
|
(23,375
|
)
|
$
|
(43,786
|
)
|
$
|
614,703
|
Three months ended March 31,
|
||||||||
2023
|
2022
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
17,746
|
$
|
17,089
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation
|
1,008
|
1,024
|
||||||
Amortization of right-of-use asset
|
1,634
|
1,608
|
||||||
Net gain on sale of other real estate owned
|
(148
|
)
|
(73
|
)
|
||||
Provision (credit) for credit losses
|
300
|
(200
|
)
|
|||||
Deferred tax expense
|
1,816
|
744
|
||||||
Net amortization of securities
|
460
|
697
|
||||||
Net gain on sale of bank premises and equipment
|
- | (314 | ) | |||||
Decrease in taxes receivable
|
5,456
|
489
|
||||||
(Increase) decrease in interest receivable
|
(198
|
)
|
202
|
|||||
Increase (decrease) in interest payable
|
842
|
(32
|
)
|
|||||
Increase in other assets
|
(3,583
|
)
|
(2,601
|
)
|
||||
Decrease in operating lease liabilities
|
(1,722
|
)
|
(1,713
|
)
|
||||
Decrease in accrued expenses and other liabilities
|
(4,831
|
)
|
(5,943
|
)
|
||||
Total adjustments
|
1,034
|
(6,112
|
)
|
|||||
Net cash provided by operating activities
|
18,780
|
10,977
|
||||||
Cash flows from investing activities:
|
||||||||
Proceeds from sales, paydowns and calls of securities available for sale
|
14,659
|
17,923
|
||||||
Proceeds from paydowns of held to maturity securities
|
311
|
716
|
||||||
Purchases of securities available for sale
|
(5,000
|
)
|
(34,097
|
)
|
||||
Proceeds from maturities of securities available for sale
|
-
|
5,000
|
||||||
Net increase in loans
|
(66,328
|
)
|
(25,516
|
)
|
||||
Proceeds from dispositions of other real estate owned
|
340
|
166
|
||||||
Proceeds from dispositions of bank premises and equipment
|
-
|
469
|
||||||
Purchases of bank premises and equipment
|
(757
|
)
|
(796
|
)
|
||||
Net cash used in investing activities
|
(56,775
|
)
|
(36,135
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Net increase in deposits
|
19,648
|
81,887
|
||||||
Net change in short-term borrowings
|
11,593
|
3,685
|
||||||
Purchases of treasury stock
|
-
|
(609
|
)
|
|||||
Dividends paid
|
(6,861
|
)
|
(6,727
|
)
|
||||
Net cash provided by financing activities
|
24,380
|
78,236
|
||||||
Net (decrease) increase in cash and cash equivalents
|
(13,615
|
)
|
53,078
|
|||||
Cash and cash equivalents at beginning of period
|
650,599
|
1,219,470
|
||||||
Cash and cash equivalents at end of period
|
$
|
636,984
|
$
|
1,272,548
|
||||
Supplemental Disclosure of Cash Flow Information:
|
||||||||
Cash paid during the year for:
|
||||||||
Interest paid
|
$
|
6,125
|
$
|
1,226
|
||||
Income taxes paid
|
471
|
5,090
|
||||||
Other non cash items:
|
||||||||
Decrease in dividends payable
|
(12 | ) | - | |||||
Change in unrealized (loss) gain on securities available for sale-gross
|
5,251
|
(19,225
|
)
|
|||||
Change in deferred tax effect on unrealized loss (gain) on securities available for sale
|
(1,350
|
)
|
4,974
|
|||||
Amortization of net actuarial gain and prior service cost (credit) on pension and postretirement plans
|
(111
|
)
|
(358
|
)
|
||||
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans
|
29
|
93
|
||||||
Impact to retained earnings from adoption of ASC 326, net of tax
|
- | (3,470 | ) |
(in thousands, except per share data) | For the three months ended | |||||||
|
March 31,
|
|||||||
2023
|
2022
|
|||||||
Net income
|
$
|
17,746
|
$
|
17,089
|
||||
Weighted average common shares
|
19,024
|
19,209
|
||||||
Stock Options
|
3
|
1
|
||||||
Weighted average common shares including potential dilutive shares
|
19,027
|
19,210
|
||||||
Basic EPS
|
$
|
0.93
|
$
|
0.89
|
||||
Diluted EPS
|
$
|
0.93
|
$
|
0.89
|
Three months ended March 31,
|
||||||||||||||||
Pension Benefits
|
Other Postretirement Benefits
|
|||||||||||||||
(dollars in thousands)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Service cost
|
$
|
-
|
$ |
-
|
$ |
2
|
$ |
18
|
||||||||
Interest cost
|
302
|
223
|
66
|
52
|
||||||||||||
Expected return on plan assets
|
(680
|
)
|
(817
|
)
|
(289
|
)
|
(333
|
)
|
||||||||
Amortization of net gain
|
-
|
-
|
(114
|
)
|
(78
|
)
|
||||||||||
Amortization of prior service cost (credit)
|
-
|
-
|
3
|
(280
|
)
|
|||||||||||
Net periodic benefit
|
$
|
(378
|
)
|
$ |
(594
|
)
|
$ |
(332
|
)
|
$ |
(621
|
)
|
March 31, 2023
|
||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(dollars in thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
U.S. government sponsored enterprises
|
$
|
124,149
|
2
|
5,019
|
119,132
|
|||||||||||
State and political subdivisions
|
34
|
-
|
-
|
34
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
282,927
|
58
|
27,429
|
255,556
|
||||||||||||
Corporate bonds
|
85,517
|
-
|
4,053
|
81,464
|
||||||||||||
Small Business Administration - guaranteed participation securities
|
21,612
|
-
|
1,791
|
19,821
|
||||||||||||
Other
|
686
|
-
|
34
|
652
|
||||||||||||
Total Securities Available for Sale
|
$
|
514,925
|
60
|
38,326
|
476,659
|
December 31, 2022
|
||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(dollars in thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
U.S. government sponsored enterprises
|
$
|
124,123
|
$ |
1
|
$ |
5,937
|
$ |
118,187
|
||||||||
State and political subdivisions
|
34
|
-
|
-
|
34
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
291,431
|
34
|
31,149
|
260,316
|
||||||||||||
Corporate bonds
|
85,641
|
-
|
4,295
|
81,346
|
||||||||||||
Small Business Administration - guaranteed participation securities
|
23,115
|
-
|
2,138
|
20,977
|
||||||||||||
Other
|
686
|
-
|
33
|
653
|
||||||||||||
Total Securities Available for Sale
|
$
|
525,030
|
$ |
35
|
$ |
43,552
|
$ |
481,513
|
|
Amortized
|
Fair
|
||||||
(dollars in thousands) | Cost | Value | ||||||
Due in one year or less
|
$
|
40,384
|
38,887
|
|||||
Due after one year through five years
|
165,002
|
157,393
|
||||||
Due after five years through ten years
|
5,000
|
5,002
|
||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
282,927
|
255,556
|
||||||
Small Business Administration - guaranteed participation securities
|
21,612
|
19,821
|
||||||
$
|
514,925
|
476,659
|
March 31, 2023
|
||||||||||||||||||||||||
Less than
|
12 months
|
|||||||||||||||||||||||
12 months | or more | Total | ||||||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair |
Unreal.
|
|||||||||||||||||||
(dollars in thousands)
|
Value
|
Loss
|
Value
|
Loss
|
Value
|
Loss
|
||||||||||||||||||
U.S. government sponsored enterprises
|
$
|
53,231
|
$ |
932
|
$ |
60,899
|
$ |
4,087
|
$ |
114,130
|
$ |
5,019
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
59,807
|
2,760
|
193,110
|
24,669
|
252,917
|
27,429
|
||||||||||||||||||
Corporate bonds
|
19,360
|
573
|
62,104
|
3,480
|
81,464
|
4,053
|
||||||||||||||||||
Small Business Administration - guaranteed
participation securities
|
- | - | 19,821 | 1,791 | 19,821 | 1,791 | ||||||||||||||||||
Other |
48 | 2 | 567 | 32 | 615 | 34 | ||||||||||||||||||
Total
|
$
|
132,446
|
$ |
4,267
|
$ |
336,501
|
$ |
34,059
|
$ |
468,947
|
$ |
38,326
|
December 31, 2022
|
||||||||||||||||||||||||
Less than
|
12 months
|
|
||||||||||||||||||||||
12 months | or more | Total | ||||||||||||||||||||||
|
|
Gross
|
|
Gross
|
|
Gross
|
||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unreal. | |||||||||||||||||||
(dollars in thousands) | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||
U.S. government sponsored enterprises
|
$
|
57,849
|
$ |
1,290
|
$ |
55,337
|
$ |
4,647
|
$ |
113,186
|
$ |
5,937
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
164,772
|
13,010
|
93,009
|
18,139
|
257,781
|
31,149
|
||||||||||||||||||
Corporate bonds
|
52,805
|
2,395
|
28,542
|
1,900
|
81,347
|
4,295
|
||||||||||||||||||
Small Business Administration - guaranteed participation securities
|
802 | 71 | 20,175 | 2,067 | 20,977 | 2,138 | ||||||||||||||||||
Other |
49 | 1 |
568 |
32 |
617 |
33 |
||||||||||||||||||
Total
|
$
|
276,277
|
$ |
16,767
|
$ |
197,631
|
$ |
26,785
|
$ |
473,908
|
$ |
43,552
|
Three months ended March 31,
|
||||||||
(dollars in thousands)
|
2023
|
2022
|
||||||
Proceeds from sales
|
$
|
-
|
|
-
|
||||
Proceeds from calls/paydowns
|
14,659
|
17,923
|
||||||
Proceeds from maturities
|
-
|
5,000
|
||||||
Gross realized gains
|
-
|
-
|
||||||
Gross realized losses
|
-
|
-
|
March 31, 2023
|
||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrecognized |
Unrecognized | Fair | |||||||||||||
(dollars in thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
$
|
7,382
|
$
|
95
|
$
|
179
|
$
|
7,298
|
||||||||
Total held to maturity
|
$
|
7,382
|
$
|
95
|
$
|
179
|
$
|
7,298
|
December 31, 2022
|
||||||||||||||||
Gross | Gross | |||||||||||||||
Amortized | Unrecognized | Unrecognized | Fair | |||||||||||||
(dollars in thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
$
|
7,707
|
$
|
90
|
$
|
217
|
$
|
7,580
|
||||||||
Total held to maturity
|
$
|
7,707
|
$
|
90
|
$
|
217
|
$
|
7,580
|
(dollars in thousands)
|
Amortized | Fair | ||||||
|
Cost
|
Value
|
||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
$
|
7,382
|
7,298
|
|||||
$
|
7,382
|
7,298
|
March 31, 2023
|
||||||||||||||||||||||||
Less than
|
12 months
|
|||||||||||||||||||||||
(dollars in thousands)
|
12 months
|
or more
|
Total
|
|||||||||||||||||||||
|
Gross
|
Gross
|
Gross
|
|||||||||||||||||||||
|
Fair
|
Unrecognized
|
Fair
|
Unrecognized
|
Fair
|
Unrecognized
|
||||||||||||||||||
|
Value
|
Loss
|
Value
|
Loss
|
Value
|
Loss
|
||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
$
|
431
|
9
|
2,826
|
170
|
3,257
|
179
|
|||||||||||||||||
|
||||||||||||||||||||||||
Total
|
$
|
431
|
9
|
2,826
|
170
|
3,257
|
179
|
December 31, 2022
|
||||||||||||||||||||||||
Less than
|
12 months
|
|||||||||||||||||||||||
(dollars in thousands)
|
12 months
|
or more
|
Total
|
|||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||
Fair
|
Unrecognized
|
Fair
|
Unrecognized
|
Fair
|
Unrecognized
|
|||||||||||||||||||
Value
|
Loss
|
Value
|
Loss
|
Value
|
Loss
|
|||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
$
|
3,327
|
206
|
258
|
11
|
3,585
|
217
|
|||||||||||||||||
Total
|
$
|
3,327
|
206
|
258
|
11
|
3,585
|
217
|
|
March 31, 2023
|
|||||||||||
(dollars in thousands)
|
New York and | |||||||||||
|
other states*
|
Florida
|
Total
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
182,287
|
$ |
40,844
|
$ |
223,131
|
||||||
Other
|
22,365
|
811
|
23,176
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
2,760,159
|
1,424,592
|
4,184,751
|
|||||||||
Home equity loans
|
44,112
|
12,596
|
56,708
|
|||||||||
Home equity lines of credit
|
193,645
|
102,845
|
296,490
|
|||||||||
Installment
|
11,484
|
3,842
|
15,326
|
|||||||||
Total loans, net
|
$
|
3,214,052
|
$ |
1,585,530
|
4,799,582
|
|||||||
Less: Allowance for credit losses
|
46,685
|
|||||||||||
Net loans
|
$
|
4,752,897
|
December 31, 2022
|
||||||||||||
(dollars in thousands)
|
New York and
|
|||||||||||
other states*
|
Florida
|
Total
|
||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
177,371
|
$
|
32,551
|
$
|
209,922
|
||||||
Other
|
20,221
|
868
|
21,089
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
2,776,989
|
1,369,913
|
4,146,902
|
|||||||||
Home equity loans
|
43,999
|
12,550
|
56,549
|
|||||||||
Home equity lines of credit
|
191,926
|
94,506
|
286,432
|
|||||||||
Installment
|
9,408
|
2,899
|
12,307
|
|||||||||
Total loans, net
|
$
|
3,219,914
|
$
|
1,513,287
|
4,733,201
|
|||||||
Less: Allowance for credit losses
|
46,032
|
|||||||||||
Net loans
|
$
|
4,687,169
|
For the three months ended March 31, 2023
|
||||||||||||||||
(dollars in thousands)
|
Real Estate | |||||||||||||||
Mortgage- | ||||||||||||||||
|
Commercial
|
1 to 4 Family
|
Installment
|
Total
|
||||||||||||
Balance at beginning of period
|
$
|
2,596
|
43,271
|
165
|
46,032
|
|||||||||||
Loans charged off:
|
||||||||||||||||
New York and other states*
|
-
|
-
|
17
|
17
|
||||||||||||
Florida
|
-
|
-
|
31
|
31
|
||||||||||||
Total loan chargeoffs
|
-
|
-
|
48
|
48
|
||||||||||||
Recoveries of loans previously charged off:
|
||||||||||||||||
New York and other states*
|
-
|
53
|
23
|
76
|
||||||||||||
Florida
|
-
|
25
|
-
|
25
|
||||||||||||
Total recoveries
|
-
|
78
|
23
|
101
|
||||||||||||
Net loans (recoveries) charged off
|
-
|
(78
|
)
|
25
|
(53
|
)
|
||||||||||
Provision for credit losses
|
112
|
417
|
71
|
600
|
||||||||||||
Balance at end of period
|
$
|
2,708
|
43,766
|
211
|
46,685
|
For the three months ended March 31, 2022
|
||||||||||||||||
(dollars in thousands)
|
Real Estate
|
|||||||||||||||
Mortgage-
|
||||||||||||||||
Commercial
|
1 to 4 Family
|
Installment
|
Total
|
|||||||||||||
Balance at beginning of period
|
$
|
3,135
|
40,689
|
443 |
44,267
|
|||||||||||
Impact of ASU 2016-13, Current Expected Credit Loss (CECL)
|
|
(986
|
)
|
3,717
|
(378 | ) |
2,353
|
|||||||||
Balance as of January 1, 2022 as adjusted for ASU 2016-13
|
$
|
2,149
|
44,406
|
65 |
46,620
|
|||||||||||
Loans charged off:
|
||||||||||||||||
New York and other states*
|
36
|
-
|
10 |
46
|
||||||||||||
Florida
|
-
|
-
|
1 |
1
|
||||||||||||
Total loan chargeoffs
|
36
|
-
|
11 |
47
|
||||||||||||
Recoveries of loans previously charged off:
|
||||||||||||||||
New York and other states*
|
-
|
97
|
8 |
105
|
||||||||||||
Florida
|
-
|
-
|
- |
-
|
||||||||||||
Total recoveries
|
-
|
97
|
8 |
105
|
||||||||||||
Net loan recoveries
|
36
|
(97
|
)
|
3 |
(58
|
)
|
||||||||||
(Credit) provision for loan losses
|
64
|
(572
|
)
|
8 |
(500
|
)
|
||||||||||
Balance at end of period
|
$
|
2,177
|
43,931
|
70 |
46,178
|
(In thousands)
|
For the three months
ended March 31, 2023
|
|||
Balance at January 1, 2023
|
$ | 2,912 | ||
Credit provision for credit losses
|
(300 | ) | ||
Balance at March 31, 2023
|
$
|
2,612
|
(In thousands)
|
For the three months
ended March 31, 2022
|
|||
Balance at January 1, 2022
|
$
|
18
|
||
Impact of Adopting CECL
|
2,335
|
|||
Adjusted Balance at January 1, 2022
|
2,353
|
|||
Provision for credit losses
|
300
|
|||
Balance at March 31, 2022
|
$
|
2,653
|
(in thousands)
|
As of March 31, 2023
|
|||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year
|
||||||||||||||||||||||||||||||||||||
Commercial : |
2023
|
2022
|
2021
|
2020
|
2019
|
Prior
|
Revolving
Loans
Amortized
Cost Basis
|
Revolving
Loan
Converted to Term
|
Total
|
|||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Pass
|
$
|
14,677
|
$
|
82,642
|
$
|
29,717
|
$
|
18,227
|
$
|
21,718
|
$
|
45,613
|
$
|
8,516
|
$
|
-
|
$
|
221,110
|
||||||||||||||||||
Special Mention
|
-
|
-
|
-
|
58
|
-
|
238
|
-
|
-
|
296
|
|||||||||||||||||||||||||||
Substandard
|
-
|
-
|
-
|
112
|
-
|
1,613
|
-
|
-
|
1,725
|
|||||||||||||||||||||||||||
Total Commercial
Loans
|
$
|
14,677
|
$
|
82,642
|
$
|
29,717
|
$
|
18,397
|
$
|
21,718
|
$
|
47,464
|
$
|
8,516
|
$
|
-
|
$
|
223,131
|
||||||||||||||||||
Commercial Loans:
|
||||||||||||||||||||||||||||||||||||
Current-period
Gross writeoffs
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||||
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||||||||||||||||
Commercial Other:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Pass
|
$
|
1,619
|
$
|
3,300
|
$
|
2,617
|
$
|
2,007
|
$
|
573
|
$
|
2,847
|
$
|
9,739
|
$
|
-
|
$
|
22,702
|
||||||||||||||||||
Special mention
|
-
|
-
|
-
|
-
|
-
|
-
|
38
|
-
|
38
|
|||||||||||||||||||||||||||
Substandard
|
-
|
-
|
338
|
-
|
-
|
98
|
-
|
-
|
436
|
|||||||||||||||||||||||||||
Total Commercial
Real Estate Loans
|
$
|
1,619
|
$
|
3,300
|
$
|
2,955
|
$
|
2,007
|
$
|
573
|
$
|
2,945
|
$
|
9,777
|
$
|
-
|
$
|
23,176
|
||||||||||||||||||
Other Commercial
Loans:
|
||||||||||||||||||||||||||||||||||||
Current-period
Gross writeoffs
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$ |
-
|
||||||||||||||||||
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||||||||||||||||
Residential First
Mortgage:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Performing
|
$
|
87,414
|
$
|
576,805
|
$
|
921,308
|
$
|
771,897
|
$
|
360,905
|
$
|
1,449,519
|
$
|
1,360
|
$
|
-
|
$
|
4,169,208
|
||||||||||||||||||
Nonperforming
|
-
|
-
|
567
|
322
|
1,296
|
13,358
|
-
|
-
|
15,543
|
|||||||||||||||||||||||||||
Total First
Mortgage:
|
$
|
87,414
|
$
|
576,805
|
$
|
921,875
|
$
|
772,219
|
$
|
362,201
|
$
|
1,462,877
|
$
|
1,360
|
$
|
-
|
$
|
4,184,751
|
||||||||||||||||||
Residential First
Mortgage Loans:
|
||||||||||||||||||||||||||||||||||||
Current-period
Gross writeoffs
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$ |
-
|
||||||||||||||||||
$
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
$
|
-
|
|||||||||||||||||||
Home Equity Lines:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Performing
|
$
|
2,103
|
$
|
6,750
|
$
|
8,828
|
$
|
6,205
|
$
|
7,313
|
$
|
25,310
|
$
|
-
|
$
|
-
|
$
|
56,509
|
||||||||||||||||||
Nonperforming
|
-
|
-
|
-
|
-
|
-
|
199
|
-
|
-
|
199
|
|||||||||||||||||||||||||||
Total Home Equity
Lines:
|
$
|
2,103
|
$
|
6,750
|
$
|
8,828
|
$
|
6,205
|
$
|
7,313
|
$
|
25,509
|
$
|
-
|
$
|
-
|
$
|
56,708
|
||||||||||||||||||
Home Equity Loans:
|
||||||||||||||||||||||||||||||||||||
Current-period
Gross writeoffs
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
-
|
|||||||||||||||||||
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||||||||||||||||
Home Equity Lines
of Credit:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Performing
|
$
|
52
|
$
|
509
|
$
|
434
|
$
|
101
|
$
|
39
|
$
|
16,510
|
$
|
276,428
|
$
|
-
|
$
|
294,073
|
||||||||||||||||||
Nonperforming
|
-
|
-
|
7
|
-
|
-
|
2,143
|
267
|
-
|
2,417
|
|||||||||||||||||||||||||||
Total Home Equity
Credit Lines:
|
$
|
52
|
$
|
509
|
$
|
441
|
$
|
101
|
$
|
39
|
$
|
18,653
|
$
|
276,695
|
$
|
-
|
$
|
296,490
|
||||||||||||||||||
Home Equity Lines
of Credit:
|
||||||||||||||||||||||||||||||||||||
Current-period
Gross writeoffs
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$ |
-
|
||||||||||||||||||
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||||||||||||||||
Installments:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Performing
|
$
|
3,780
|
$
|
6,300
|
$
|
2,190
|
$
|
671
|
$
|
528
|
$
|
636
|
$
|
1,100
|
$
|
-
|
$
|
15,205
|
||||||||||||||||||
Nonperforming
|
-
|
-
|
53
|
-
|
64
|
-
|
4
|
-
|
121
|
|||||||||||||||||||||||||||
Total Installments
|
$
|
3,780
|
$
|
6,300
|
$
|
2,243
|
$
|
671
|
$
|
592
|
$
|
636
|
$
|
1,104
|
$
|
-
|
$
|
15,326
|
||||||||||||||||||
Installments Loans:
|
||||||||||||||||||||||||||||||||||||
Current-period
Gross writeoffs
|
$
|
-
|
$
|
24
|
$
|
7
|
$
|
5
|
$
|
-
|
$
|
12
|
$
|
-
|
$
|
-
|
$ |
48
|
||||||||||||||||||
$
|
-
|
$
|
24
|
$
|
7
|
$
|
5
|
$
|
-
|
$
|
12
|
$
|
-
|
$
|
-
|
$
|
48
|
(in thousands)
|
As of December 31, 2022
|
|||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year
|
||||||||||||||||||||||||||||||||||||
Commercial :
|
2022
|
2021
|
2020
|
2019
|
2018
|
Prior
|
Revolving Loans Amortized Cost Basis
|
Revolving Loan Converted to Term
|
Total
|
|||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Pass
|
$
|
79,430
|
$
|
29,991
|
$
|
18,708
|
$
|
22,790
|
$
|
16,598
|
$
|
32,666
|
$
|
8,022
|
$
|
-
|
$
|
208,205
|
||||||||||||||||||
Special Mention
|
-
|
-
|
62
|
-
|
243
|
-
|
-
|
-
|
305
|
|||||||||||||||||||||||||||
Substandard
|
-
|
-
|
113
|
-
|
128
|
1,171
|
-
|
-
|
1,412
|
|||||||||||||||||||||||||||
Total Commercial Loans
|
$
|
79,430
|
$
|
29,991
|
$
|
18,883
|
$
|
22,790
|
$
|
16,969
|
$
|
33,837
|
$
|
8,022
|
$
|
-
|
$
|
209,922
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Commercial Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
40
|
$
|
-
|
$
|
-
|
$
|
40
|
||||||||||||||||||
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
40
|
$
|
-
|
$
|
-
|
$
|
40
|
|||||||||||||||||||
Commercial Other:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Pass
|
$
|
2,972
|
$
|
2,848
|
$
|
2,273
|
$
|
590
|
$
|
674
|
$
|
2,348
|
$
|
8,908
|
$ |
-
|
$
|
20,613
|
||||||||||||||||||
Special mention
|
-
|
-
|
-
|
-
|
-
|
-
|
39
|
-
|
39
|
|||||||||||||||||||||||||||
Substandard
|
-
|
339
|
-
|
-
|
-
|
98
|
-
|
-
|
437
|
|||||||||||||||||||||||||||
Total Commercial Real Estate Loans
|
$
|
2,972
|
$
|
3,187
|
$
|
2,273
|
$
|
590
|
$
|
674
|
$
|
2,446
|
$
|
8,947
|
$
|
-
|
$
|
21,089
|
||||||||||||||||||
Other Commercial Loans:
|
||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
-
|
|||||||||||||||||||
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||||||||||||||||
Residential First Mortgage:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Performing
|
$
|
557,981
|
$
|
933,754
|
$
|
784,511
|
$
|
368,137
|
$
|
257,926
|
$
|
1,228,776
|
$
|
1,472
|
$
|
-
|
$
|
4,132,557
|
||||||||||||||||||
Nonperforming
|
-
|
496
|
81
|
844
|
351
|
12,573
|
-
|
-
|
14,345
|
|||||||||||||||||||||||||||
Total First Mortgage:
|
$
|
557,981
|
$
|
934,250
|
$
|
784,592
|
$
|
368,981
|
$
|
258,277
|
$
|
1,241,349
|
$
|
1,472
|
$
|
-
|
$
|
4,146,902
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Residential First Mortgage Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
5
|
$
|
-
|
$
|
-
|
5
|
|||||||||||||||||||
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
5
|
$
|
-
|
$
|
-
|
$
|
5
|
|||||||||||||||||||
Home Equity Lines:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Performing
|
$
|
6,863
|
$
|
9,124
|
$
|
6,322
|
$
|
7,588
|
$
|
5,240
|
$
|
21,217
|
$
|
-
|
$
|
-
|
$
|
56,354
|
||||||||||||||||||
Nonperforming
|
-
|
-
|
-
|
-
|
66
|
129
|
-
|
-
|
195
|
|||||||||||||||||||||||||||
Total Home Equity Lines:
|
$
|
6,863
|
$
|
9,124
|
$
|
6,322
|
$
|
7,588
|
$
|
5,306
|
$
|
21,346
|
$
|
-
|
$
|
-
|
$
|
56,549
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Home Equity Lines Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
-
|
|||||||||||||||||||
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||||||||||||||||
Home Equity Credit Lines:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Performing
|
$
|
1,369
|
$
|
1,246
|
$
|
740
|
$
|
52
|
$
|
100
|
$
|
18,377
|
$
|
262,244
|
$
|
-
|
$
|
284,128
|
||||||||||||||||||
Nonperforming
|
-
|
7
|
-
|
-
|
-
|
2,111
|
186
|
-
|
2,304
|
|||||||||||||||||||||||||||
Total Home Equity Credit Lines:
|
$
|
1,369
|
$
|
1,253
|
$
|
740
|
$
|
52
|
$
|
100
|
$
|
20,488
|
$
|
262,430
|
$
|
-
|
$
|
286,432
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Home Equity Credit Lines Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
19
|
$
|
-
|
$
|
-
|
19
|
|||||||||||||||||||
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
19
|
$
|
-
|
$
|
-
|
$
|
19
|
|||||||||||||||||||
Installments:
|
||||||||||||||||||||||||||||||||||||
Risk rating
|
||||||||||||||||||||||||||||||||||||
Performing
|
$
|
6,385
|
$
|
2,495
|
$
|
805
|
$
|
709
|
$
|
374
|
$
|
308
|
$
|
1,125
|
$
|
-
|
$
|
12,201
|
||||||||||||||||||
Nonperforming
|
20
|
17
|
-
|
65
|
-
|
1
|
3
|
-
|
106
|
|||||||||||||||||||||||||||
Total Installments
|
$
|
6,405
|
$
|
2,512
|
$
|
805
|
$
|
774
|
$
|
374
|
$
|
309
|
$
|
1,128
|
$
|
-
|
$
|
12,307
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Installments Loans: | ||||||||||||||||||||||||||||||||||||
Current-period Gross writeoffs
|
$
|
1
|
$
|
47
|
$
|
22
|
$
|
7
|
$
|
2
|
$
|
9
|
$
|
-
|
$
|
-
|
88
|
|||||||||||||||||||
$
|
1
|
$
|
47
|
$
|
22
|
$
|
7
|
$
|
2
|
$
|
9
|
$
|
-
|
$
|
-
|
$
|
88
|
|
As of March 31,
2023
|
|||||||||||||||||||||||
|
||||||||||||||||||||||||
New York and other states*: | 30-59 | 60-89 | 90 + | Total | ||||||||||||||||||||
Days | Days | Days | 30+ days | Total | ||||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
-
|
-
|
525
|
525
|
181,762
|
182,287
|
|||||||||||||||||
Other
|
39
|
-
|
5
|
44
|
22,321
|
22,365
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
2,412
|
1,017
|
8,041
|
11,470
|
2,748,689
|
2,760,159
|
||||||||||||||||||
Home equity loans
|
245
|
68
|
67
|
380
|
43,732
|
44,112
|
||||||||||||||||||
Home equity lines of credit
|
298
|
-
|
848
|
1,146
|
192,499
|
193,645
|
||||||||||||||||||
Installment
|
10
|
34
|
58
|
102
|
11,382
|
11,484
|
||||||||||||||||||
Total
|
$
|
3,004
|
1,119
|
9,544
|
13,667
|
3,200,385
|
3,214,052
|
Florida:
|
30-59 | 60-89 | 90 + | Total | ||||||||||||||||||||
Days | Days | Days | 30+ days |
Total | ||||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
-
|
-
|
-
|
-
|
40,844
|
40,844
|
|||||||||||||||||
Other
|
-
|
-
|
314
|
314
|
497
|
811
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
289
|
80
|
1,651
|
2,020
|
1,422,572
|
1,424,592
|
||||||||||||||||||
Home equity loans
|
-
|
7
|
-
|
7
|
12,589
|
12,596
|
||||||||||||||||||
Home equity lines of credit
|
-
|
-
|
-
|
-
|
102,845
|
102,845
|
||||||||||||||||||
Installment
|
52
|
-
|
62
|
114
|
3,728
|
3,842
|
||||||||||||||||||
Total
|
$
|
341
|
87
|
2,027
|
2,455
|
1,583,075
|
1,585,530
|
Total:
|
30-59 | 60-89 | 90 + | Total | |
|||||||||||||||||||
Days | Days | Days | 30+ days | Total | ||||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
-
|
-
|
525
|
525
|
222,606
|
223,131
|
|||||||||||||||||
Other
|
39
|
-
|
319
|
358
|
22,818
|
23,176
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
2,701
|
1,097
|
9,692
|
13,490
|
4,171,261
|
4,184,751
|
||||||||||||||||||
Home equity loans
|
245
|
75
|
67
|
387
|
56,321
|
56,708
|
||||||||||||||||||
Home equity lines of credit
|
298
|
-
|
848
|
1,146
|
295,344
|
296,490
|
||||||||||||||||||
Installment
|
62
|
34
|
120
|
216
|
15,110
|
15,326
|
||||||||||||||||||
Total
|
$
|
3,345
|
1,206
|
11,571
|
16,122
|
4,783,460
|
4,799,582
|
As of December 31, 2022
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
New York and other states*:
|
30-59
|
60-89
|
90 +
|
Total | ||||||||||||||||||||
Days | Days | Days |
30+ days
|
Total | ||||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
-
|
-
|
161
|
161
|
177,210
|
177,371
|
|||||||||||||||||
Other
|
18
|
-
|
20
|
38
|
20,183
|
20,221
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
4,262
|
921
|
7,203
|
12,386
|
2,764,603
|
2,776,989
|
||||||||||||||||||
Home equity loans
|
283
|
-
|
67
|
350
|
43,649
|
43,999
|
||||||||||||||||||
Home equity lines of credit
|
978
|
-
|
591
|
1,569
|
190,357
|
191,926
|
||||||||||||||||||
Installment
|
78
|
4
|
23
|
105
|
9,303
|
9,408
|
||||||||||||||||||
Total
|
$
|
5,619
|
925
|
8,065
|
14,609
|
3,205,305
|
3,219,914
|
Florida:
|
30-59
|
60-89
|
90 +
|
Total | ||||||||||||||||||||
Days | Days | Days |
30+ days
|
Total | ||||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
-
|
-
|
-
|
-
|
32,551
|
32,551
|
|||||||||||||||||
Other
|
-
|
-
|
314
|
314
|
554
|
868
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
1,183
|
243
|
1,404
|
2,830
|
1,367,083
|
1,369,913
|
||||||||||||||||||
Home equity loans
|
51
|
-
|
-
|
51
|
12,499
|
12,550
|
||||||||||||||||||
Home equity lines of credit
|
224
|
-
|
-
|
224
|
94,282
|
94,506
|
||||||||||||||||||
Installment
|
6
|
-
|
83
|
89
|
2,810
|
2,899
|
||||||||||||||||||
Total
|
$
|
1,464
|
243
|
1,801
|
3,508
|
1,509,779
|
1,513,287
|
Total:
|
30-59
|
60-89
|
90 +
|
Total | ||||||||||||||||||||
Days | Days | Days |
30+ days
|
Total | ||||||||||||||||||||
(dollars in thousands)
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
-
|
-
|
161
|
161
|
209,761
|
209,922
|
|||||||||||||||||
Other
|
18
|
-
|
334
|
352
|
20,737
|
21,089
|
||||||||||||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||||||||||||||
First mortgages
|
5,445
|
1,164
|
8,607
|
15,216
|
4,131,686
|
4,146,902
|
||||||||||||||||||
Home equity loans
|
334
|
-
|
67
|
401
|
56,148
|
56,549
|
||||||||||||||||||
Home equity lines of credit
|
1,202
|
-
|
591
|
1,793
|
284,639
|
286,432
|
||||||||||||||||||
Installment
|
84
|
4
|
106
|
194
|
12,113
|
12,307
|
||||||||||||||||||
Total
|
$
|
7,083
|
1,168
|
9,866
|
18,117
|
4,715,084
|
4,733,201
|
As of March 31,
2023
|
||||||||||||
(dollars in thousands)
|
New York and |
|||||||||||
|
other states*
|
Florida
|
Total
|
|||||||||
Loans in non-accrual status:
|
||||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
555
|
$ |
-
|
$ |
555
|
||||||
Other
|
5
|
314
|
319
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
13,333
|
2,210
|
15,543
|
|||||||||
Home equity loans
|
151
|
48
|
199
|
|||||||||
Home equity lines of credit
|
2,238
|
179
|
2,417
|
|||||||||
Installment
|
59
|
62
|
121
|
|||||||||
Total non-accrual loans
|
16,341
|
2,813
|
19,154
|
|||||||||
Restructured real estate mortgages - 1 to 4 family
|
8
|
-
|
8
|
|||||||||
Total nonperforming loans
|
$
|
16,349
|
$ |
2,813
|
$ |
19,162
|
As of December 31, 2022
|
||||||||||||
(dollars in thousands)
|
New York and
|
|||||||||||
|
other states*
|
Florida
|
Total
|
|||||||||
Loans in non-accrual status:
|
||||||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
199
|
$ |
-
|
$ |
199
|
||||||
Other
|
20
|
314
|
334
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
12,609
|
1,736
|
14,345
|
|||||||||
Home equity loans
|
153
|
42
|
195
|
|||||||||
Home equity lines of credit
|
2,187
|
117
|
2,304
|
|||||||||
Installment
|
23
|
83
|
106
|
|||||||||
Total non-accrual loans
|
15,191
|
2,292
|
17,483
|
|||||||||
Restructured real estate mortgages - 1 to 4 family
|
10
|
-
|
10
|
|||||||||
Total nonperforming loans
|
$
|
15,201
|
$ |
2,292
|
$ |
17,493
|
As of March 31, 2023
|
||||||||||||
(dollars in thousands)
|
Non-accrual With | Non-accrual With |
Loans Past Due | |||||||||
No Allowance for | Allowance for |
Over 89 Days | ||||||||||
|
Credit Loss
|
Credit Loss
|
Still Accruing
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
153
|
$
|
402
|
|
-
|
||||||
Other
|
5
|
314
|
-
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
12,894
|
2,649
|
-
|
|||||||||
Home equity loans
|
126
|
73
|
-
|
|||||||||
Home equity lines of credit
|
2,216
|
201
|
-
|
|||||||||
Installment
|
81
|
40
|
-
|
|||||||||
Total loans, net
|
$
|
15,475
|
$
|
3,679
|
|
-
|
|
As of December 31, 2022
|
|||||||||||
(dollars in thousands)
|
Non-accrual With
|
Non-accrual With
|
Loans Past Due
|
|||||||||
|
No Allowance for
|
Allowance for
|
Over 89 Days
|
|||||||||
|
Credit Loss
|
Credit Loss
|
Still Accruing
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
160
|
$
|
39
|
|
-
|
||||||
Other
|
20
|
314
|
-
|
|||||||||
Real estate mortgage - 1
to 4 family:
|
||||||||||||
First mortgages
|
13,502
|
843
|
-
|
|||||||||
Home equity loans
|
129
|
66
|
-
|
|||||||||
Home equity lines of credit
|
2,257
|
47
|
-
|
|||||||||
Installment
|
82
|
24
|
-
|
|||||||||
Total loans, net
|
$
|
16,150
|
$
|
1,333
|
|
-
|
As of March 31,
2023
|
||||||||||||||||
(dollars in thousands)
|
1-to-4 Family | |||||||||||||||
Commercial | Residential | Installment | ||||||||||||||
|
Loans
|
Real Estate
|
Loans
|
Total
|
||||||||||||
Allowance for credit losses on loans:
|
||||||||||||||||
Ending allowance balance attributable to loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
-
|
-
|
-
|
|||||||||||
Collectively evaluated for impairment
|
2,708
|
43,766
|
211
|
46,685
|
||||||||||||
Total ending allowance balance
|
$
|
2,708
|
43,766
|
211
|
46,685
|
|||||||||||
Loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
986
|
23,934
|
81
|
25,001
|
|||||||||||
Collectively evaluated for impairment
|
245,321
|
4,514,015
|
15,245
|
4,774,581
|
||||||||||||
Total ending loans balance
|
$
|
246,307
|
4,537,949
|
15,326
|
4,799,582
|
As of December 31, 2022
|
||||||||||||||||
(dollars in thousands) |
1-to-4 Family | |||||||||||||||
Commercial | Residential | Installment | ||||||||||||||
|
Loans
|
Real Estate
|
Loans
|
Total
|
||||||||||||
Allowance for credit losses on loans:
|
||||||||||||||||
Ending allowance balance attributable to loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
-
|
-
|
-
|
|||||||||||
Collectively evaluated for impairment
|
2,596
|
43,271
|
165
|
46,032
|
||||||||||||
Total ending allowance balance
|
$
|
2,596
|
43,271
|
165
|
46,032
|
|||||||||||
Loans:
|
||||||||||||||||
Individually evaluated for impairment
|
$
|
646
|
24,967
|
82
|
25,695
|
|||||||||||
Collectively evaluated for impairment
|
230,365
|
4,464,916
|
12,225
|
4,707,506
|
||||||||||||
Total ending loans balance
|
$
|
231,011
|
4,489,883
|
12,307
|
4,733,201
|
|
As of March 31, 2023 |
||||||||||||
Type of Collateral
|
||||||||||||
(dollars in thousands) |
|
|||||||||||
|
Real Estate
|
Investment
Securities/Cash
|
Other
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
667
|
-
|
-
|
||||||||
Other
|
319
|
-
|
-
|
|||||||||
Real estate mortgage - 1 to 4 family:
|
|
|
|
|||||||||
First mortgages
|
20,512
|
-
|
-
|
|||||||||
Home equity loans
|
231
|
-
|
-
|
|||||||||
Home equity lines of credit
|
3,191
|
-
|
-
|
|||||||||
Installment
|
81
|
-
|
-
|
|||||||||
Total
|
$
|
25,001
|
-
|
-
|
|
As of December 31, 2022
|
|||||||||||
|
Type of Collateral
|
|||||||||||
(dollars in thousands)
|
||||||||||||
|
Real Estate
|
Investment Securities/Cash
|
Other
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
$
|
312
|
-
|
-
|
||||||||
Other
|
334
|
-
|
-
|
|||||||||
Real estate mortgage - 1
to 4 family:
|
|
|
|
|||||||||
First mortgages
|
21,467
|
-
|
-
|
|||||||||
Home equity loans
|
236
|
-
|
-
|
|||||||||
Home equity lines of credit
|
3,264
|
-
|
-
|
|||||||||
Installment
|
82
|
-
|
-
|
|||||||||
Total
|
$
|
25,695
|
-
|
-
|
Three months ended March 31, 2022
|
||||||||||||
New York and other states*: |
Pre-Modification |
Post-Modification
|
||||||||||
Outstanding | Outstanding | |||||||||||
Number of | Recorded | Recorded | ||||||||||
(dollars in thousands)
|
Contracts
|
Investment
|
Investment
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
-
|
$
|
-
|
-
|
||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
-
|
-
|
-
|
|||||||||
Home equity loans
|
3
|
370
|
370
|
|||||||||
Home equity lines of credit
|
-
|
-
|
-
|
|||||||||
Total
|
3
|
$
|
370
|
370
|
Florida: |
Pre-Modification
|
Post-Modification
|
||||||||||
Outstanding | Outstanding | |||||||||||
Number of
|
Recorded | Recorded | ||||||||||
(dollars in thousands)
|
Contracts
|
Investment
|
Investment
|
|||||||||
Commercial:
|
||||||||||||
Commercial real estate
|
-
|
$
|
-
|
-
|
||||||||
Real estate mortgage - 1 to 4 family:
|
||||||||||||
First mortgages
|
-
|
-
|
-
|
|||||||||
Home equity loans
|
-
|
-
|
-
|
|||||||||
Home equity lines of credit
|
-
|
-
|
-
|
|||||||||
Total
|
-
|
$
|
-
|
-
|
Fair Value Measurements at
|
||||||||||||||||
March 31, 2023 Using:
|
||||||||||||||||
Significant | ||||||||||||||||
Quoted Prices in | Other | Significant | ||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | |||||||||||||
(dollars in thousands)
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
U.S. government sponsored enterprises
|
$
|
119,132
|
$
|
-
|
$
|
119,132
|
$
|
-
|
||||||||
State and political subdivisions
|
34
|
-
|
34
|
-
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
255,556
|
-
|
255,556
|
-
|
||||||||||||
Corporate bonds
|
81,464
|
-
|
81,464
|
-
|
||||||||||||
Small Business Administration- guaranteed participation securities
|
19,821
|
-
|
19,821
|
-
|
||||||||||||
Other securities
|
652
|
-
|
652
|
-
|
||||||||||||
Total securities available for sale
|
$
|
476,659
|
$
|
-
|
$
|
476,659
|
$
|
-
|
Fair Value Measurements at
|
||||||||||||||||
December 31, 2022 Using:
|
||||||||||||||||
Significant | ||||||||||||||||
Quoted Prices in | Other | Significant | ||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | |||||||||||||
(dollars in thousands)
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Securities available for sale:
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
118,187
|
$
|
-
|
$
|
118,187
|
$
|
-
|
||||||||
State and political subdivisions
|
34
|
-
|
34
|
-
|
||||||||||||
Mortgage backed securities and collateralized mortgage obligations - residential
|
260,316
|
-
|
260,316
|
-
|
||||||||||||
Corporate bonds
|
81,346
|
-
|
81,346
|
-
|
||||||||||||
Small Business Administration- guaranteed participation securities
|
20,977
|
-
|
20,977
|
-
|
||||||||||||
Other securities
|
653
|
-
|
653
|
-
|
||||||||||||
Total securities available for sale
|
$
|
481,513
|
$
|
-
|
$
|
481,513
|
$
|
-
|
|
Fair Value Measurements at
|
|
|
||||||||||||||||||||
|
March 31, 2023 Using:
|
|
|
||||||||||||||||||||
Significant | |||||||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||||
(dollars in thousands)
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Valuation technique
|
Unobservable inputs
|
Range (Weighted Average)
|
||||||||||||||||
|
|
|
|||||||||||||||||||||
Other real estate owned
|
$
|
1,869
|
$
|
-
|
$
|
-
|
$
|
1,869
|
|
|
3% - 94% (49
|
%)
|
|
Fair Value Measurements at
|
|
|
||||||||||||||||||||
|
December 31, 2022 Using:
|
|
|
||||||||||||||||||||
Significant | |||||||||||||||||||||||
Quoted Prices in | Other | Significant | |||||||||||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||||||||
Carrying | Identical Assets | Inputs | Inputs | ||||||||||||||||||||
(dollars in thousands)
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Valuation technique
|
Unobservable inputs
|
Range (Weighted Average)
|
||||||||||||||||
|
|
|
|||||||||||||||||||||
Other real estate owned
|
$
|
2,061
|
$
|
-
|
$
|
-
|
$
|
2,061
|
|
|
2% - 47% (18
|
%)
|
(dollars in thousands)
|
Fair Value Measurements at
|
|||||||||||||||||||
Carrying
|
March 31, 2023 Using:
|
|||||||||||||||||||
Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
636,984
|
636,984
|
-
|
-
|
636,984
|
||||||||||||||
Securities available for sale
|
476,659
|
-
|
476,659
|
-
|
476,659
|
|||||||||||||||
Held to maturity securities
|
7,382
|
-
|
7,298
|
-
|
7,298
|
|||||||||||||||
Federal Home Loan Bank stock
|
5,797
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Net loans
|
4,752,897
|
-
|
-
|
4,374,988
|
4,374,988
|
|||||||||||||||
Accrued interest receivable
|
11,690
|
651
|
1,811
|
9,228
|
11,690
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Demand deposits
|
806,075
|
806,075
|
-
|
-
|
806,075
|
|||||||||||||||
Interest bearing deposits
|
4,406,383
|
3,126,082
|
1,266,871
|
-
|
4,392,953
|
|||||||||||||||
Short-term borrowings
|
134,293
|
-
|
134,293
|
-
|
134,293
|
|||||||||||||||
Accrued interest payable
|
1,444
|
144
|
1,300
|
-
|
1,444
|
(dollars in thousands)
|
Fair Value Measurements at
|
|||||||||||||||||||
Carrying
|
December 31, 2022 Using:
|
|||||||||||||||||||
Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
650,599
|
650,599
|
-
|
-
|
650,599
|
||||||||||||||
Securities available for sale
|
481,513
|
-
|
481,513
|
-
|
481,513
|
|||||||||||||||
Held to maturity securities
|
7,707
|
-
|
7,580
|
-
|
7,580
|
|||||||||||||||
Federal Reserve Bank and Federal
|
||||||||||||||||||||
Home Loan Bank stock
|
5,797
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Net loans
|
4,687,169
|
-
|
-
|
4,328,508
|
4,328,508
|
|||||||||||||||
Accrued interest receivable
|
11,492
|
189
|
1,866
|
9,437
|
11,492
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Demand deposits
|
838,147
|
838,147
|
-
|
-
|
838,147
|
|||||||||||||||
Interest bearing deposits
|
4,354,663
|
3,325,900
|
1,012,528
|
-
|
4,338,428
|
|||||||||||||||
Short-term borrowings
|
122,700
|
-
|
122,700
|
-
|
122,700
|
|||||||||||||||
Accrued interest payable
|
602
|
60
|
542
|
-
|
602
|
|
Three months ended March 31, 2023
|
|||||||||||||||||||
Amount | ||||||||||||||||||||
Other | reclassified | Other | ||||||||||||||||||
Comprehensive | from Accumulated | Comprehensive loss- | ||||||||||||||||||
Balance at | loss-Before | Other Comprehensive | Three months ended | Balance at | ||||||||||||||||
(dollars in thousands)
|
12/31/2022
|
Reclassifications
|
Loss
|
3/31/2023
|
3/31/2023
|
|||||||||||||||
|
||||||||||||||||||||
Net unrealized holding gain on securities available for sale, net of tax
|
$
|
(32,271
|
)
|
$
|
3,901
|
$
|
-
|
$
|
3,901
|
$
|
(28,370
|
)
|
||||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax
|
7,588
|
-
|
-
|
-
|
7,588
|
|||||||||||||||
Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax
|
(2,511
|
)
|
-
|
(82
|
)
|
(82
|
)
|
(2,593
|
)
|
|||||||||||
|
||||||||||||||||||||
Accumulated other comprehensive loss, net of tax
|
$
|
(27,194
|
)
|
$
|
3,901
|
$
|
(82
|
)
|
$
|
3,819
|
$
|
(23,375
|
)
|
Three months ended March 31, 2022
|
||||||||||||||||||||
Amount | ||||||||||||||||||||
Other | reclassified | Other | ||||||||||||||||||
Comprehensive |
from Accumulated | Comprehensive loss- | ||||||||||||||||||
Balance at | loss-Before | Other Comprehensive | Three months ended | Balance at | ||||||||||||||||
(dollars in thousands)
|
12/31/2021
|
Reclassifications
|
Loss
|
3/31/2022
|
3/31/2022
|
|||||||||||||||
Net unrealized holding loss on securities available for sale, net of tax
|
$
|
(26
|
)
|
$
|
(14,251
|
)
|
$
|
-
|
$
|
(14,251
|
)
|
$
|
(14,277
|
)
|
||||||
Net change in overfunded position in pension and postretirement plans arising during the year, net of tax
|
13,706
|
-
|
-
|
-
|
13,706
|
|||||||||||||||
Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax
|
(1,533
|
)
|
-
|
(265
|
)
|
(265
|
)
|
(1,798
|
)
|
|||||||||||
Accumulated other comprehensive loss, net of tax
|
$
|
12,147
|
$
|
(14,251
|
)
|
$
|
(265
|
)
|
$
|
(14,516
|
)
|
$
|
(2,369
|
)
|
(dollars in thousands) | Three months ended | ||||||||
March 31,
|
|||||||||
2023
|
2022
|
Affected Line Item in Financial Statements
|
|||||||
Amortization of pension and postretirement benefit items:
|
|||||||||
Amortization of net actuarial gain
|
$
|
114
|
$ |
78
|
Salaries and employee benefits
|
||||
Amortization of prior service (cost) credit
|
(3
|
)
|
280
|
Salaries and employee benefits
|
|||||
Income tax (benefit) expense
|
(29
|
)
|
(93
|
)
|
Income taxes
|
||||
Net of tax
|
82
|
265
|
|||||||
Total reclassifications, net of tax
|
$
|
82
|
$ |
265
|
(dollars in thousands)
|
Three months ended
|
|||||||
March 31,
|
||||||||
2023
|
2022
|
|||||||
Non-interest income
|
||||||||
Service Charges on Deposits
|
||||||||
Overdraft fees
|
$
|
680
|
$
|
646
|
||||
Other
|
532
|
790
|
||||||
Interchange Income
|
1,479
|
1,702
|
||||||
Wealth management fees
|
1,774
|
1,833
|
||||||
Other (a)
|
204
|
212
|
||||||
Total non-interest income
|
$
|
4,669
|
$
|
5,183
|
(dollars in thousands) | Three months ended | |||||||
|
March 31,
|
|||||||
2023
|
2022
|
|||||||
Operating lease cost
|
$
|
2,050
|
$
|
2,052
|
||||
Variable lease cost
|
585
|
596
|
||||||
Total Lease costs
|
$
|
2,635
|
$
|
2,648
|
(dollars in thousands) | Three months ended | |||||||
|
March 31,
|
|||||||
2023
|
2022
|
|||||||
Supplemental cash flows information:
|
||||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
||||||||
Operating cash flows from operating leases
|
$
|
2,072
|
$
|
2,093
|
||||
Right-of-use assets obtained in exchange for lease obligations:
|
385
|
2,087
|
||||||
Weighted average remaining lease term
|
8.7 years
|
9.3 years
|
||||||
Weighted average discount rate
|
3.00
|
%
|
2.96
|
%
|
(a)
|
Excluding the three months ended March 31, 2023.
|
(Bank Only)
|
||||||||||||||||
|
Minimum for
|
|||||||||||||||
|
As of March 31, 2023
|
Well
|
Capital Adequacy plus | |||||||||||||
Capital Conservation | ||||||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Capitalized(1)
|
Buffer (1)(2)
|
||||||||||||
|
||||||||||||||||
Tier 1 leverage ratio
|
|
619,731
|
10.305
|
%
|
5.000
|
%
|
4.000
|
%
|
||||||||
Common equity tier 1 capital
|
619,731
|
18.470
|
6.500
|
7.000
|
||||||||||||
Tier 1 risk-based capital
|
619,731
|
18.470
|
8.000
|
8.500
|
||||||||||||
Total risk-based capital
|
661,764
|
19.723
|
10.000
|
10.500
|
|
As of December 31, 2022
|
Well
|
Minimum for
|
|||||||||||||
Capital Adequacy plus | ||||||||||||||||
Capital Conservation | ||||||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Capitalized(1)
|
Buffer (1)(2)
|
||||||||||||
|
||||||||||||||||
Tier 1 leverage ratio
|
|
609,998
|
10.116
|
%
|
5.000
|
%
|
4.000
|
%
|
||||||||
Common equity tier 1 capital
|
609,998
|
18.431
|
6.500
|
7.000
|
||||||||||||
Tier 1 risk-based capital
|
609,998
|
18.431
|
8.000
|
8.500
|
||||||||||||
Total risk-based capital
|
651,462
|
19.684
|
10.000
|
10.500
|
(Consolidated)
|
||||||||||||
As of March 31, 2023
|
Minimum for
|
|||||||||||
Capital Adequacy plus | ||||||||||||
Capital Conservation | ||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Buffer (1)(2)
|
|||||||||
|
||||||||||||
Tier 1 leverage ratio
|
|
637,524
|
10.594
|
%
|
4.000
|
%
|
||||||
Common equity tier 1 capital
|
|
637,524
|
18.995
|
7.000
|
||||||||
Tier 1 risk-based capital
|
|
637,524
|
18.995
|
8.500
|
||||||||
Total risk-based capital
|
|
679,570
|
20.248
|
10.500
|
|
As of December 31, 2022
|
Minimum for
|
||||||||||
Capital Adequacy plus | ||||||||||||
Capital Conservation | ||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Buffer (1)(2)
|
|||||||||
|
||||||||||||
Tier 1 leverage ratio
|
|
626,628
|
10.390
|
%
|
4.000
|
%
|
||||||
Common equity Tier 1 capital
|
626,628
|
18.929
|
7.000
|
|||||||||
Tier 1 risk-based capital
|
626,628
|
18.929
|
8.500
|
|||||||||
Total risk-based capital
|
668,102
|
20.182
|
10.500
|
(1) |
Federal regulatory minimum requirements to be considered to be Well
Capitalized and Adequately Capitalized
|
(2) |
The March 31, 2023 and December 31, 2022 common equity tier 1, tier 1
risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
3 Month
|
2 Year
|
5 Year
|
10 Year
|
10 - 2 Year
|
||||||||||||||||||
Yield (%)
|
Yield (%)
|
Yield (%)
|
Yield (%)
|
Spread (%)
|
||||||||||||||||||
Q1/22
|
Beg of Q1
|
0.06
|
0.73
|
1.26
|
1.52
|
0.79
|
||||||||||||||||
Peak
|
0.59
|
2.35
|
2.55
|
2.48
|
0.89
|
|||||||||||||||||
Trough
|
0.08
|
0.77
|
1.37
|
1.63
|
0.04
|
|||||||||||||||||
End of Q1
|
0.52
|
2.28
|
2.42
|
2.32
|
0.04
|
|||||||||||||||||
Average in Q1
|
0.31
|
1.46
|
1.83
|
1.95
|
0.49
|
|||||||||||||||||
Q2/22
|
Beg of Q2
|
0.52
|
2.28
|
2.42
|
2.32
|
0.04
|
||||||||||||||||
Peak
|
1.83
|
3.45
|
3.61
|
3.49
|
0.44
|
|||||||||||||||||
Trough
|
0.53
|
2.37
|
2.55
|
2.39
|
-0.05
|
|||||||||||||||||
End of Q2
|
1.72
|
2.92
|
3.01
|
2.98
|
0.06
|
|||||||||||||||||
Average in Q2
|
1.10
|
2.72
|
2.95
|
2.93
|
0.21
|
|||||||||||||||||
Q3/22
|
Beg of Q3
|
1.72
|
2.92
|
3.01
|
2.98
|
0.06
|
||||||||||||||||
Peak
|
3.40
|
4.30
|
4.21
|
3.97
|
0.04
|
|||||||||||||||||
Trough
|
1.73
|
2.82
|
2.66
|
2.60
|
-0.51
|
|||||||||||||||||
End of Q3
|
3.33
|
4.22
|
4.06
|
3.83
|
-0.39
|
|||||||||||||||||
Average in Q3
|
2.75
|
3.38
|
3.23
|
3.10
|
-0.28
|
|||||||||||||||||
Q4/22
|
Beg of Q4
|
3.33
|
4.22
|
4.06
|
3.83
|
-0.39
|
||||||||||||||||
Peak
|
4.46
|
4.72
|
4.45
|
4.25
|
-0.25
|
|||||||||||||||||
Trough
|
3.45
|
4.10
|
3.61
|
3.42
|
-0.84
|
|||||||||||||||||
End of Q4
|
4.42
|
4.41
|
3.99
|
3.88
|
-0.53
|
|||||||||||||||||
Average in Q4
|
4.19
|
4.39
|
4.00
|
3.83
|
-0.56
|
|||||||||||||||||
Q1/23
|
Beg of Q1
|
4.42
|
4.41
|
3.99
|
3.88
|
-0.53
|
||||||||||||||||
Peak
|
5.06
|
5.05
|
4.34
|
4.08
|
-0.38
|
|||||||||||||||||
Trough
|
4.52
|
3.76
|
3.39
|
3.37
|
-1.07
|
|||||||||||||||||
End of Q1
|
4.97
|
4.10
|
3.66
|
3.55
|
-0.55
|
|||||||||||||||||
Average in Q1
|
4.78
|
4.35
|
3.80
|
3.65
|
-0.70
|
• |
An increase of $6.9 million, or 17.1%, in net interest income compared to the first quarter of 2022.
|
• |
An increase of $500 thousand in provision for credit losses for the first quarter of 2023 compared to the first quarter 2022.
|
• |
A decrease of $514 thousand in noninterest income for the first quarter of 2023 compared to the first quarter of 2022.
|
• |
An increase of $4.9 million in noninterest expense for the first quarter 2023 compared to the first quarter 2022, primarily as a result of a decrease in salaries and employee benefits in the first quarter of
2022 due to a true-up to the incentive compensation accrual upon payout, as well as increases in various other employee benefit plan expenses.
|
• |
The average balance of securities available for sale increased by $109.7 million and the average yield increased 72 basis points to 2.26%.
|
• |
The average balance of Federal funds sold and other short-term investments decreased $610.3 million; however the average yield increased 441 basis points to 4.61% which was enough to offset the decrease in the average balance.
|
• |
The average loan portfolio grew by $312.0 million to $4.76 billion and the average yield increased 21 basis points to 3.73% in the first quarter of 2023 compared to the same period in 2022.
|
• |
The average balance of interest bearing liabilities (primarily deposit accounts) decreased $240.5 million and the average rate paid increased 53 basis points to 0.63% in the first quarter of 2023 compared to the same period in 2022.
|
Under 1 year
|
$
|
1,109,775
|
||
1 to 2 years
|
75,997
|
|||
2 to 3 years
|
3,096
|
|||
3 to 4 years
|
612
|
|||
4 to 5 years
|
90,728
|
|||
Over 5 years
|
93
|
|||
$
|
1,280,301
|
(dollars in thousands)
|
As of
March 31, 2023
|
As of
December 31, 2022
|
||||||||||||||
|
Amount
|
Percent of
Loans to
Total Loans
|
Amount
|
Percent of
Loans to
Total Loans
|
||||||||||||
Commercial
|
$
|
2,459
|
4,67
|
%
|
$ |
2,343
|
4.41
|
%
|
||||||||
Real Estate - construction
|
326
|
0.64 |
% |
385
|
0.77
|
% | ||||||||||
Real Estate mortgage - 1 to 4 family
|
39,412
|
88.19
|
% |
38,859
|
88.51
|
% | ||||||||||
Home equity lines of credit
|
4,277
|
6.18
|
% |
4,280
|
6.05
|
% | ||||||||||
Installment Loans |
211 |
0.32 |
% | 165 |
0.26 |
% | ||||||||||
$ | 46,658 |
100.00 |
% | $ | 46,032 |
100.00 |
% |
Estimated Percentage of
|
|||||
Fair value of Capital to
|
|||||
As of March 31, 2023
|
Fair value of Assets
|
||||
+400 BP
|
25.40
|
% |
|
||
+300 BP
|
25.50
|
||||
+200 BP
|
26.60
|
||||
+100 BP
|
27.30
|
||||
Current rates
|
26.80
|
||||
-100 BP
|
25.70
|
||||
-200 BP
|
23.20
|
||||
-300 BP
|
20.00
|
||||
-400 BP
|
15.10
|
(Bank Only)
|
Minimum for
|
|||||||||||||||
Capital Adequacy plus
|
||||||||||||||||
As of March 31, 2023
|
Well
|
Capital Conservation
|
||||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Capitalized(1)
|
Buffer (1)(2)
|
||||||||||||
Tier 1 leverage ratio
|
$
|
619,731
|
10.305
|
%
|
5.000
|
%
|
4.000
|
%
|
||||||||
Common equity tier 1 capital
|
619,731
|
18.470
|
6.500
|
7.000
|
||||||||||||
Tier 1 risk-based capital
|
619,731
|
18.470
|
8.000
|
8.500
|
||||||||||||
Total risk-based capital
|
661,764
|
19.723
|
10.000
|
10.500
|
Minimum for
|
||||||||||||||||
Capital Adequacy plus
|
||||||||||||||||
As of December 31, 2022
|
Well
|
Capital Conservation
|
||||||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Capitalized(1)
|
Buffer (1)(2)
|
||||||||||||
Tier 1 leverage ratio
|
$
|
609,998
|
10.116
|
%
|
5.000
|
%
|
4.000
|
%
|
||||||||
Common equity tier 1 capital
|
609,998
|
18.431
|
6.500
|
7.000
|
||||||||||||
Tier 1 risk-based capital
|
609,998
|
18.431
|
8.000
|
8.500
|
||||||||||||
Total risk-based capital
|
651,462
|
19.684
|
10.000
|
10.500
|
Minimum for
|
||||||||||||
Capital Adequacy plus
|
||||||||||||
As of March 31, 2023
|
Capital Conservation
|
|||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Buffer (1)(2)
|
|||||||||
Tier 1 leverage ratio
|
$
|
637,524
|
10.594
|
%
|
4.000
|
%
|
||||||
Common equity tier 1 capital
|
637,524
|
18.995
|
7.000
|
|||||||||
Tier 1 risk-based capital
|
637,524
|
18.995
|
8.500
|
|||||||||
Total risk-based capital
|
679,570
|
20.248
|
10.500
|
Minimum for
|
||||||||||||
Capital Adequacy plus
|
||||||||||||
As of December 31, 2022
|
Capital Conservation
|
|||||||||||
(dollars in thousands)
|
Amount
|
Ratio
|
Buffer (1)(2)
|
|||||||||
Tier 1 leverage ratio
|
$
|
626,628
|
10.390
|
%
|
4.000
|
%
|
||||||
Common equity Tier 1 capital
|
626,628
|
18.929
|
7.000
|
|||||||||
Tier 1 risk-based capital
|
626,628
|
18.929
|
8.500
|
|||||||||
Total risk-based capital
|
668,102
|
20.182
|
10.500
|
(1) |
Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized
|
(2) |
The March 31, 2023 and December 31, 2022 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent
|
Three months ended
|
Three months ended
|
|||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
March 31, 2023
|
March 31, 2022
|
||||||||||||||||||||||||||||||||||
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
Change in
|
Variance
|
Variance
|
||||||||||||||||||||||||||||
Balance
|
Rate
|
Balance
|
Rate
|
Interest
|
Balance
|
Rate
|
||||||||||||||||||||||||||||||
Income/
|
Change
|
Change
|
||||||||||||||||||||||||||||||||||
Assets
|
Expense
|
|||||||||||||||||||||||||||||||||||
Securities available for sale:
|
||||||||||||||||||||||||||||||||||||
U. S. government sponsored enterprises
|
$
|
120,692
|
$
|
692
|
2.29
|
%
|
$
|
61,755
|
$
|
86
|
0.55
|
%
|
$
|
606
|
141
|
465
|
||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
287,046
|
1,585
|
2.20
|
%
|
261,124
|
1,087
|
1.67
|
%
|
498
|
118
|
380
|
|||||||||||||||||||||||||
State and political subdivisions
|
34
|
-
|
6.74
|
%
|
41
|
1
|
6.73
|
%
|
(1
|
)
|
(1
|
)
|
-
|
|||||||||||||||||||||||
Corporate bonds
|
85,578
|
521
|
2.43
|
%
|
52,977
|
233
|
1.76
|
%
|
288
|
178
|
110
|
|||||||||||||||||||||||||
Small Business Administration-guaranteed participation securities
|
22,129
|
117
|
2.12
|
%
|
29,871
|
154
|
2.06
|
%
|
(37
|
)
|
(61
|
)
|
24
|
|||||||||||||||||||||||
Other
|
686
|
2
|
1.17
|
%
|
686
|
2
|
1.17
|
%
|
-
|
-
|
-
|
|||||||||||||||||||||||||
Total securities available for sale
|
516,165
|
2,917
|
2.26
|
%
|
406,454
|
1,563
|
1.54
|
%
|
1,354
|
375
|
979
|
|||||||||||||||||||||||||
Federal funds sold and other short-term Investments
|
576,931
|
6,555
|
4.61
|
%
|
1,187,201
|
572
|
0.20
|
%
|
5,983
|
(2,199
|
)
|
8,182
|
||||||||||||||||||||||||
Held to maturity securities:
|
||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Mortgage backed securities and collateralized mortgage obligations-residential
|
7,542
|
78
|
4.14
|
%
|
9,541
|
90
|
3.79
|
%
|
(12
|
)
|
(55
|
)
|
43
|
|||||||||||||||||||||||
Total held to maturity securities
|
7,542
|
78
|
4.14
|
%
|
9,541
|
90
|
3.79
|
%
|
(12
|
)
|
(55
|
)
|
43
|
|||||||||||||||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock
|
5,797
|
110
|
7.59
|
%
|
5,604
|
62
|
4.43
|
%
|
48
|
2
|
46
|
|||||||||||||||||||||||||
Commercial loans
|
238,870
|
3,024
|
5.06
|
%
|
194,989
|
2,525
|
5.18
|
%
|
499
|
871
|
(372
|
)
|
||||||||||||||||||||||||
Residential mortgage loans
|
4,212,878
|
36,913
|
3.50
|
%
|
4,007,886
|
34,197
|
3.42
|
%
|
2,716
|
1,827
|
889
|
|||||||||||||||||||||||||
Home equity lines of credit
|
291,326
|
4,119
|
5.73
|
%
|
232,535
|
2,125
|
3.71
|
%
|
1,994
|
630
|
1,364
|
|||||||||||||||||||||||||
Installment loans
|
13,323
|
216
|
6.56
|
%
|
8,974
|
156
|
7.03
|
%
|
60
|
127
|
(67
|
)
|
||||||||||||||||||||||||
Loans, net of unearned income
|
4,756,397
|
44,272
|
3.73
|
%
|
4,444,384
|
39,003
|
3.52
|
%
|
5,269
|
3,455
|
1,814
|
|||||||||||||||||||||||||
Total interest earning assets
|
5,862,832
|
53,932
|
3.69
|
%
|
6,053,184
|
41,290
|
2.74
|
%
|
12,642
|
1,578
|
11,064
|
|||||||||||||||||||||||||
Allowance for credit losses on loans
|
(46,290
|
)
|
(46,759
|
)
|
||||||||||||||||||||||||||||||||
Cash & non-interest earning assets
|
175,097
|
207,308
|
||||||||||||||||||||||||||||||||||
Total assets
|
$
|
5,991,639
|
6,213,733
|
|||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity
|
||||||||||||||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts
|
1,133,383
|
66
|
0.02
|
%
|
$
|
1,191,496
|
$
|
44
|
0.01
|
%
|
22
|
(14
|
)
|
36
|
||||||||||||||||||||||
Money market accounts
|
600,855
|
814
|
0.55
|
%
|
791,689
|
214
|
0.11
|
%
|
600
|
(360
|
)
|
960
|
||||||||||||||||||||||||
Savings
|
1,456,242
|
530
|
0.15
|
%
|
1,527,975
|
156
|
0.04
|
%
|
374
|
(52
|
)
|
426
|
||||||||||||||||||||||||
Time deposits
|
1,160,969
|
5,272
|
1.84
|
%
|
964,158
|
546
|
0.23
|
%
|
4,726
|
133
|
4,593
|
|||||||||||||||||||||||||
Total interest bearing deposits
|
4,351,449
|
6,682
|
0.62
|
%
|
4,475,318
|
960
|
0.09
|
%
|
5,722
|
(293
|
)
|
6,015
|
||||||||||||||||||||||||
Short-term borrowings
|
131,867
|
285
|
0.88
|
%
|
248,535
|
234
|
0.38
|
%
|
51
|
(640
|
)
|
691
|
||||||||||||||||||||||||
Total interest bearing liabilities
|
4,483,316
|
6,967
|
0.63
|
%
|
4,723,853
|
1,194
|
0.10
|
%
|
5,773
|
(933
|
)
|
6,706
|
||||||||||||||||||||||||
Demand deposits
|
816,565
|
808,695
|
||||||||||||||||||||||||||||||||||
Other liabilities
|
84,092
|
83,633
|
||||||||||||||||||||||||||||||||||
Shareholders’ equity
|
607,666
|
597,552
|
||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
5,991,639
|
$
|
6,213,733
|
||||||||||||||||||||||||||||||||
Net interest income, tax equivalent
|
46,965
|
40,096
|
$
|
6,869
|
2,511
|
4,358
|
||||||||||||||||||||||||||||||
Net interest spread
|
3.06
|
%
|
2.63
|
%
|
||||||||||||||||||||||||||||||||
Net interest margin (net interest income to total interest earning assets)
|
3.21
|
%
|
2.66
|
%
|
||||||||||||||||||||||||||||||||
Tax equivalent adjustment
|
-
|
-
|
||||||||||||||||||||||||||||||||||
Net interest income
|
46,965
|
40,096
|
Item 3. |
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4. |
Controls and Procedures
|
PART II |
OTHER INFORMATION
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
|
Issuer Purchases of Common Shares
|
||||||||||||||||
Period
|
Total
numbers
of shares
purchased
|
Average price
paid per share
|
Total number of shares
purchased as part of
publicly announced
plans or programs
|
Maximum number of
shares that may yet be
purchased under the
plans or programs (1) |
||||||||||||
January 1, 2023 through January 31, 2023
|
-
|
$
|
-
|
-
|
-
|
|||||||||||
February 1, 2023 through February 28, 2023
|
-
|
-
|
-
|
-
|
||||||||||||
March 1, 2023 through March 31, 2023
|
-
|
-
|
-
|
200,000
|
||||||||||||
Total
|
-
|
$
|
-
|
-
|
200,000
|
(1)
|
On March 17, 2023 the Company’s Board of Directors authorized, and the Company announced, another share repurchase program of up to 200,000 shares, or approximately 1% of its currently outstanding common
stock. There were no repurchases during the three months ended March 31, 2023.
|
Item 3. |
Defaults Upon Senior Securities
|
Item 4. |
Mine Safety Disclosures
|
Item 5. |
Other Information
|
Item 6. |
Exhibits
|
Exhibit No.
|
Description
|
Amended and Restated Certificate of Incorporation of TrustCo Bank Corp NY, as amended, incorporated by reference to Exhibit 3.1 to TrustCo Bank Corp NY’s Quarterly Report on Form 10-Q, filed August 5, 2021.
|
|
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.
|
|
Crowe LLP Letter Regarding Unaudited Interim Financial Information
|
|
Rule 13a-15(e)/15d-15(e) Certification of Robert J. McCormick, principal executive officer.
|
|
Rule 13a-15(e)/15d-15(e) Certification of Michael M. Ozimek, principal financial officer.
|
|
Section 1350 Certifications of Robert J. McCormick, principal executive officer and Michael M. Ozimek, principal financial officer.
|
|
|
|
101
|
Sections of the Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, formatted in Inline XBRL (eXtensible Business Reporting Language), submitted in the following files:
|
101.INS
|
Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
104
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
TrustCo Bank Corp NY
|
||
By: /s/ Robert J. McCormick
|
||
Robert J. McCormick
|
||
Chairman, President and Chief Executive Officer
|
By: /s/ Michael M. Ozimek
|
||
Michael M. Ozimek
|
||
Executive Vice President and Chief Financial Officer
|
||
Date: May 9, 2023
|
1. |
I have reviewed this Form 10-Q of TrustCo Bank Corp NY;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report;
|
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by
this report based on such evaluation; and
|
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of
directors (or persons performing the equivalent functions):
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and
report financial information; and
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: May 9, 2023
|
||
/s/ Robert J. McCormick
|
||
Robert J. McCormick
|
||
Chairman, President and
|
||
Chief Executive Officer
|
1.
|
I have reviewed this Form 10-Q of TrustCo Bank Corp NY;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report;
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4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by
this report based on such evaluation; and
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d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of
directors (or persons performing the equivalent functions):
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and
report financial information; and
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date: May 9, 2023
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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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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 for the periods described therein.
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/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
|
||
Date: May 9, 2023
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