Executive Snapshot:
TrustCo Bank Corp NY (TrustCo)
(Nasdaq:TRST) today announced first quarter of 2017 net income of
$10.9 million compared to $10.4 million for the first quarter of
2016, an increase of 5.2%.
Summary
Robert J. McCormick, President and Chief
Executive Officer noted, “We are pleased to be able to report an
increase in earnings in the first quarter of 2017 as compared to
the first quarter of 2016. Improved revenue growth provided
an encouraging start to 2017. Our focus on traditional
lending criteria and conservative balance sheet management has
enabled us to produce consistent earnings, maintain strong
liquidity and capital and allowed us to continue to grow our
business and take advantage of changes in market and competitive
conditions. In terms of our core business, we continue to add
customer relationships, which ultimately drive future growth.
We will continue to take advantage of opportunities as they are
presented during the balance of 2017 and beyond.”
TrustCo saw continued solid loan growth in the
first quarter of 2017 compared to the prior year, led by an
increase in residential mortgages. Loan portfolio expansion
was funded by a combination of utilizing a portion of our strong
cash balances and by the growth of our deposit base. The
continued shift toward loans helped offset the margin impact from
continued comparatively low yields on cash and investments,
although the recent moves by the Federal Reserve to raise short
term interest rates have contributed to our results and will
provide a further benefit in the second quarter of 2017 and
beyond. The growth in average deposits in the first quarter
of 2017 versus the prior year was led by lower cost checking and
savings deposits. TrustCo’s strong liquidity position
continues to allow it to take advantage of opportunities when
interest rate conditions change.
Asset quality measures improved versus March 31,
2016, with nonperforming assets (NPAs) declining $6.4 million.
Details
Average loans were up $142.5 million or 4.3% in
the first quarter of 2017 over the same period in 2016. Loan
growth in the first quarter is typically slowed by weather
conditions in our New York markets. Average residential loans, our
primary lending focus, were up $185.2 million or 6.8% in the first
quarter of 2017, over the same period in 2016. Overall loan
growth was constrained by a $13.8 million decline in average
commercial loans, which have become less attractive on a risk
adjusted basis, and a $28.5 million decline in average outstandings
on home equity lines of credit, as well as a small decline in
installment loans. Average deposits were up $74.3 million or 1.8%
for the first quarter of 2017 over the same period a year
earlier. The increase in deposits came from core deposit
accounts, which consist of checking, savings and money market
deposits, although checking and savings were entirely responsible
for the growth within core deposits. Average core deposits
increased $74.8 million from the first quarter of 2016 to the first
quarter of 2017, while average time deposit balances were down
slightly. Within core, money market balances were down $23.8
million, while checking was up $86.3 million (including interest
bearing and non-interest bearing balances) and savings were up
$12.3 million. Core deposits typically represent longer term
customer relationships and are generally lower cost than time
deposits. The cost of interest bearing deposits declined from
0.39% in the first quarter of 2016 to 0.35% in the first quarter of
2017. The shift out of money market balances was also
beneficial, as that category is the most expensive type of core
deposit. Mr. McCormick noted that, “The year-over-year growth
of our loans and core deposit base reflect the long term strategic
focus of the Company.”
For the first quarter of 2017, return on average
assets and return on average equity were 0.91% and 10.17%,
respectively, compared to 0.89% and 9.98% for the first quarter of
2016. Diluted earnings per share were $0.114 for the first
quarter of 2017, compared to $0.109 for the first quarter of 2016.
As discussed in recent quarters, increased operating costs in
response to regulatory requirements have pushed overall expense
levels higher. However, revenue growth exceeded the increase
in costs in the first quarter of 2017 as compared to the first
quarter of 2016. We anticipate being able to control expense
growth effectively in 2017. Some of the costs associated with
regulatory issues will be recurring, but others will diminish over
time.
“While some banks have backed away from
branches, a customer-friendly branch franchise continues to be the
key to our long term plans. We continue to make good progress
expanding loans and deposits throughout our entire branch
network. We expect that trend to continue as the newer
branches continue to mature.”
“At March 31, 2017, our average deposits per
branch were $29.2 million, compared to $28.6 million a year
earlier. We have always designed our branches to be smaller
and more cost effective than those built by many of our
competitors. We use open floor plans that help maximize the
value of our branches. We remain mindful that fully achieving
our goals for newer branches will take time and continued
work. We believe success in growing customer relationships
provides basic building blocks that will help drive profit growth
for the coming years.”
Asset quality and loan loss reserve measures
improved versus March 31, 2016. Nonperforming loans (NPLs)
were $26.4 million at March 31, 2017, compared to $30.4 million at
March 31, 2016. NPLs were equal to 0.77% of total loans at
March 31, 2017, compared to 0.92% at March 31, 2016. The
coverage ratio, or allowance for loan losses to NPLs, was 166.7% at
March 31, 2017, compared to 146.3% at March 31, 2016.
Nonperforming assets (NPAs) were $29.6 million at March 31, 2017
compared to $36.0 million at March 31, 2016. The ratio of
loan loss allowance to total loans was 1.28% as of March 31, 2017,
compared to 1.34% at March 31, 2016 and reflects both the
improvement in asset quality and economic conditions in our lending
areas. The allowance for loan losses was $44.0 million at
March 31, 2017 compared to $44.4 million at March 31, 2016.
Net chargeoffs for the first quarter of 2017 decreased versus the
first quarter of 2016, falling to $442 thousand from $1.2 million
in the year earlier period. The annualized net chargeoff
ratio was 0.05% for the first quarter of 2017, compared to 0.14% in
the first quarter of 2016 and was at the lowest level since the
first quarter of 2008. The provision for loan losses was $600
thousand for the first quarter of 2017, compared to $800 thousand
in the first quarter of 2016.
The net interest margin for the first quarter of
2017 was 3.14%, up one basis point versus both the fourth quarter
of 2016 and the first quarter of 2016.
At March 31, 2017 the equity to asset ratio was
8.98%, compared to 8.88% at March 31, 2016. Book value per
share at March 31, 2017 was $4.57 compared to $4.44 a year
earlier.
TrustCo Bank Corp NY is a $4.9 billion savings
and loan holding company and through its subsidiary, Trustco Bank,
operated 144 offices in New York, New Jersey, Vermont,
Massachusetts, and Florida at March 31, 2017.
In addition, the Bank’s Financial Services
Department offers a full range of investment services, retirement
planning and trust and estate administration services. The common
shares of TrustCo are traded on the NASDAQ Global Select Market
under the symbol TRST.
A conference call to discuss first quarter 2017
results will be held at 9:00 a.m. Eastern Time on April 24,
2017. Those wishing to participate in the call may dial
toll-free 1-888-339-0764. International callers must
dial 1-412-902-4195. Please ask to be joined into
the TrustCo Bank Corp NY / TRST call. A replay of the call
will be available for thirty days by dialing 1-877-344-7529
(1-412-317-0088 for international callers), Conference Number
10105301. The call will also be audio webcast at:
http://services.choruscall.com/links/trst170424.html, and will be
available for one year.
Safe Harbor Statement All statements in
this news release that are not historical are forward-looking
statements within the meaning of the Securities Exchange Act of
1934, as amended. Forward-looking statements can be
identified by words such as "anticipate," "intend," "plan," "goal,"
"seek," "believe," "project," "estimate," "expect," "strategy,"
"future," "likely," "may," "should," "will" and similar references
to future periods. Examples of forward-looking statements include,
among others, statements we make regarding our expectations for our
performance during 2017 and for the growth of loans and deposits
throughout our branch network, our ability to capitalize on
economic changes in the areas in which we operate and the extent to
which higher expenses to fulfill operating and regulatory
requirements recur or diminish over time. Such
forward-looking statements are subject to factors that could cause
actual results to differ materially for TrustCo from those
discussed. TrustCo wishes to caution readers not to place undue
reliance on any such forward-looking statements, which speak only
as of the date made. The following important factors, among others,
in some cases have affected and in the future could affect
TrustCo’s actual results and could cause TrustCo’s actual financial
performance to differ materially from that expressed in any
forward-looking statement: our ability to continue to
originate a significant volume of one-to-four family mortgage loans
in our market areas; our ability to continue to maintain
noninterest expense and other overhead costs at reasonable levels
relative to income; our ability to comply with the supervisory
agreement entered into with Trustco Bank’s regulator and potential
regulatory actions if we fail to comply; restrictions or conditions
imposed by our regulators on our operations that may make it more
difficult for us to achieve our goals; the future earnings and
capital levels of Trustco Bank and the continued ability of Trustco
Bank under regulatory rules and the supervisory agreement to
distribute capital to TrustCo, which could affect our ability to
pay dividends; results of supervisory monitoring or examinations of
Trustco Bank and TrustCo by our respective regulators; our ability
to make accurate assumptions and judgments regarding the credit
risks associated with lending and investing activities; the effect
of changes in financial services laws and regulations and the
impact of other governmental initiatives affecting the financial
services industry; the effects of, and changes in, trade, monetary
and fiscal policies and laws, including interest rate policies of
the Federal Reserve Board, inflation, interest rates, market and
monetary fluctuations; adverse conditions on the securities markets
that lead to impairment in the value of securities in our
investment portfolio; changes in law and policy accompanying the
new presidential administration and uncertainty or speculation
pending the enactment of such changes; the perceived overall value
of our products and services by users, including in comparison to
competitors’ products and services and the willingness of current
and prospective customers to substitute competitors’ products and
services for our products and services; ; changes in consumer
spending, borrowing and saving habits; technological changes and
electronic, cyber, and physical security breaches; real estate and
collateral values; changes in accounting policies and practices, as
may be adopted by the bank regulatory agencies, the FASB or PCAOB;
changes in local market areas and general business and economic
trends, as well as changes in consumer spending and saving habits;
our success at managing the risks involved in the foregoing and
managing our business; and other risks and uncertainties under the
heading “Risk Factors” in our most recent annual report on Form
10-K and, if any, in our subsequent quarterly reports on Form 10-Q
or other securities filings.
TRUSTCO BANK
CORP NY |
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GLENVILLE,
NY |
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FINANCIAL
HIGHLIGHTS |
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(dollars in thousands,
except per share data) |
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(Unaudited) |
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Three Months Ended |
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03/31/17 |
12/31/16 |
03/31/16 |
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Summary of
operations |
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Net interest
income (TE) |
$ |
37,413 |
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36,921 |
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36,196 |
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Provision for
loan losses |
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600 |
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600 |
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800 |
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Noninterest
income, excluding net gain on securities transactions |
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4,727 |
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4,512 |
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4,572 |
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Noninterest
expense |
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24,019 |
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23,365 |
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23,439 |
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Net income |
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10,947 |
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10,798 |
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10,409 |
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Per common share |
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Net income per
share: |
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- Basic |
$ |
0.114 |
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0.113 |
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0.109 |
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- Diluted |
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0.114 |
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0.113 |
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0.109 |
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Cash
dividends |
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0.066 |
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0.066 |
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0.066 |
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Book value at
period end |
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4.57 |
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4.52 |
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4.44 |
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Market price at
period end |
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7.85 |
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8.75 |
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6.06 |
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At period end |
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Full time
equivalent employees |
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802 |
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808 |
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784 |
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Full service
banking offices |
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144 |
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145 |
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145 |
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Performance ratios |
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Return on
average assets |
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0.91 |
% |
0.89 |
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0.89 |
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Return on
average equity |
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10.17 |
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9.87 |
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9.98 |
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Efficiency
(1) |
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55.81 |
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54.65 |
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56.22 |
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Net interest
spread (TE) |
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3.08 |
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3.07 |
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3.07 |
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Net interest
margin (TE) |
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3.14 |
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3.13 |
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3.13 |
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Dividend payout
ratio |
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57.47 |
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58.20 |
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60.13 |
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Capital ratio at period
end |
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Consolidated
equity to assets |
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8.98 |
% |
8.89 |
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8.88 |
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Consolidated
tangible equity to tangible assets (2) |
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8.97 |
% |
8.88 |
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8.87 |
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Asset quality analysis
at period end |
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Nonperforming
loans to total loans |
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0.77 |
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0.73 |
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0.92 |
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Nonperforming
assets to total assets |
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0.61 |
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0.60 |
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0.76 |
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Allowance for
loan losses to total loans |
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1.28 |
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1.28 |
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1.34 |
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Coverage ratio
(3) |
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1.7 |
x |
1.8 |
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1.5 |
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(1) Non-GAAP measure; calculated as noninterest expense
(excluding ORE income/expense) |
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divided
by taxable equivalent net interest income plus noninterest
income. |
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(2) Non-GAAP measure; calculated as total equity less
$553 of intangible assets divided by |
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total
assets less $553 of intangible assets. |
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(3) Calculated as allowance for loan losses divided by total
nonperforming loans. |
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TE =
Taxable equivalent. |
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CONSOLIDATED
STATEMENTS OF INCOME |
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(dollars in
thousands, except per share data) |
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(Unaudited) |
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Three Months Ended |
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3/31/2017 |
12/31/2016 |
9/30/2016 |
6/30/2016 |
3/31/2016 |
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Interest and dividend
income: |
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Interest and fees on
loans |
$ |
36,044 |
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36,251 |
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36,171 |
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35,652 |
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35,605 |
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Interest and dividends
on securities available for sale: |
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U. S. government
sponsored enterprises |
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595 |
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422 |
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408 |
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404 |
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255 |
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State and
political subdivisions |
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12 |
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12 |
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13 |
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13 |
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14 |
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Mortgage-backed
securities and collateralized mortgage obligations-residential |
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1,958 |
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1,849 |
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1,829 |
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2,169 |
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2,116 |
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Corporate
bonds |
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151 |
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149 |
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97 |
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- |
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- |
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Small Business
Administration-guaranteed participation securities |
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415 |
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430 |
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445 |
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450 |
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476 |
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Mortgage-backed
securities and collateralized mortgage obligations-commercial |
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23 |
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23 |
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36 |
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38 |
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36 |
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Other
securities |
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4 |
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4 |
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4 |
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4 |
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4 |
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Total interest
and dividends on securities available for sale |
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3,158 |
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2,889 |
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2,832 |
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3,078 |
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2,901 |
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Interest on held to
maturity securities: |
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Mortgage-backed
securities and collateralized mortgage obligations-residential |
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316 |
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331 |
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347 |
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374 |
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402 |
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Corporate
bonds |
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154 |
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153 |
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156 |
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154 |
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154 |
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Total interest
on held to maturity securities |
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470 |
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484 |
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503 |
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528 |
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556 |
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Federal Reserve
Bank and Federal Home Loan Bank stock |
|
134 |
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133 |
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131 |
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118 |
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120 |
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Interest on federal
funds sold and other short-term investments |
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1,246 |
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865 |
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866 |
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832 |
|
844 |
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Total interest
income |
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41,052 |
|
40,622 |
|
40,503 |
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40,208 |
|
40,026 |
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Interest
expense: |
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Interest on
deposits: |
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Interest-bearing
checking |
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124 |
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123 |
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120 |
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116 |
|
114 |
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Savings |
|
430 |
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436 |
|
504 |
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604 |
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604 |
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Money market
deposit accounts |
|
466 |
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459 |
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463 |
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467 |
|
496 |
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Time
deposits |
|
2,283 |
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2,406 |
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2,468 |
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2,460 |
|
2,373 |
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Interest on
short-term borrowings |
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349 |
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291 |
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281 |
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262 |
|
257 |
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Total interest
expense |
|
3,652 |
|
3,715 |
|
3,836 |
|
3,909 |
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3,844 |
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Net interest
income |
|
37,400 |
|
36,907 |
|
36,667 |
|
36,299 |
|
36,182 |
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Provision for loan
losses |
|
600 |
|
600 |
|
750 |
|
800 |
|
800 |
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Net interest income
after provision for loan losses |
|
36,800 |
|
36,307 |
|
35,917 |
|
35,499 |
|
35,382 |
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Noninterest
income: |
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Trustco Financial
Services income |
|
1,858 |
|
1,422 |
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1,347 |
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1,512 |
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1,605 |
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Fees for services
to customers |
|
2,637 |
|
2,795 |
|
2,664 |
|
2,737 |
|
2,661 |
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Net gain on
securities transactions |
|
- |
|
- |
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- |
|
668 |
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- |
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Other |
|
232 |
|
295 |
|
718 |
|
282 |
|
306 |
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Total
noninterest income |
|
4,727 |
|
4,512 |
|
4,729 |
|
5,199 |
|
4,572 |
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Noninterest
expenses: |
|
|
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Salaries and
employee benefits |
|
10,210 |
|
9,576 |
|
8,995 |
|
8,934 |
|
9,003 |
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Net occupancy
expense |
|
4,109 |
|
4,185 |
|
3,887 |
|
3,918 |
|
4,088 |
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Equipment
expense |
|
1,556 |
|
1,370 |
|
1,596 |
|
1,840 |
|
1,514 |
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Professional
services |
|
1,928 |
|
1,997 |
|
1,959 |
|
2,098 |
|
2,146 |
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Outsourced
services |
|
1,500 |
|
1,775 |
|
1,465 |
|
1,425 |
|
1,551 |
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Advertising
expense |
|
713 |
|
727 |
|
489 |
|
570 |
|
729 |
|
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FDIC and other
insurance |
|
1,047 |
|
901 |
|
1,127 |
|
1,949 |
|
1,990 |
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Other real estate
expense, net |
|
499 |
|
721 |
|
895 |
|
423 |
|
519 |
|
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Other |
|
2,457 |
|
2,113 |
|
2,636 |
|
2,817 |
|
1,899 |
|
|
Total
noninterest expenses |
|
24,019 |
|
23,365 |
|
23,049 |
|
23,974 |
|
23,439 |
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Income before
taxes |
|
17,508 |
|
17,454 |
|
17,597 |
|
16,724 |
|
16,515 |
|
|
Income taxes |
|
6,561 |
|
6,656 |
|
6,667 |
|
6,260 |
|
6,106 |
|
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Net income |
$ |
10,947 |
|
10,798 |
|
10,930 |
|
10,464 |
|
10,409 |
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Net income per common
share: |
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|
|
|
|
- Basic |
$ |
0.114 |
|
0.113 |
|
0.114 |
|
0.110 |
|
0.109 |
|
|
|
|
|
|
|
|
|
|
- Diluted |
|
0.114 |
|
0.113 |
|
0.114 |
|
0.109 |
|
0.109 |
|
|
|
|
|
|
|
|
|
|
Average basic shares
(in thousands) |
|
95,879 |
|
95,732 |
|
95,603 |
|
95,487 |
|
95,365 |
|
|
Average diluted shares
(in thousands) |
|
95,987 |
|
95,877 |
|
95,722 |
|
95,580 |
|
95,412 |
|
|
|
|
|
|
|
|
|
|
Note: Taxable
equivalent net interest income |
$ |
37,413 |
|
36,921 |
|
36,681 |
|
36,311 |
|
36,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/2017 |
12/31/2016 |
9/30/2016 |
6/30/2016 |
3/31/2016 |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
$ |
41,352 |
|
48,719 |
|
42,296 |
|
39,787 |
|
37,373 |
|
|
Federal funds
sold and other short term investments |
|
641,839 |
|
658,555 |
|
622,132 |
|
718,609 |
|
722,805 |
|
|
Total cash and
cash equivalents |
|
683,191 |
|
707,274 |
|
664,428 |
|
758,396 |
|
760,178 |
|
|
|
|
|
|
|
|
|
Securities
available for sale: |
|
|
|
|
|
|
U. S. government
sponsored enterprises |
|
162,341 |
|
117,266 |
|
116,327 |
|
116,595 |
|
66,920 |
|
|
States and
political subdivisions |
|
887 |
|
886 |
|
970 |
|
974 |
|
974 |
|
|
Mortgage-backed
securities and collateralized mortgage obligations-residential |
|
357,683 |
|
372,308 |
|
400,575 |
|
404,138 |
|
422,189 |
|
|
Small Business
Administration-guaranteed participation securities |
|
75,429 |
|
78,499 |
|
84,687 |
|
87,740 |
|
89,053 |
|
|
Mortgage-backed
securities and collateralized mortgage obligations-commercial |
|
9,923 |
|
10,011 |
|
10,233 |
|
10,374 |
|
10,307 |
|
|
Corporate
bonds |
|
40,612 |
|
40,705 |
|
41,025 |
|
- |
|
- |
|
|
Other
securities |
|
685 |
|
685 |
|
685 |
|
685 |
|
685 |
|
|
Total
securities available for sale |
|
647,560 |
|
620,360 |
|
654,502 |
|
620,506 |
|
590,128 |
|
|
|
|
|
|
|
|
|
|
Held to maturity
securities: |
|
|
|
|
|
|
|
Mortgage-backed
securities and collateralized mortgage obligations-residential |
|
33,276 |
|
35,500 |
|
38,044 |
|
40,702 |
|
43,595 |
|
|
Corporate
bonds |
|
9,994 |
|
9,990 |
|
9,986 |
|
9,982 |
|
9,979 |
|
|
Total held
to maturity securities |
|
43,270 |
|
45,490 |
|
48,030 |
|
50,684 |
|
53,574 |
|
|
|
|
|
|
|
|
|
|
Federal Reserve
Bank and Federal Home Loan Bank stock |
|
9,579 |
|
9,579 |
|
9,579 |
|
9,579 |
|
9,480 |
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
Commercial |
|
184,451 |
|
191,194 |
|
189,795 |
|
195,698 |
|
198,765 |
|
|
Residential
mortgage loans |
|
2,929,928 |
|
2,895,733 |
|
2,845,876 |
|
2,786,951 |
|
2,737,784 |
|
|
Home equity line
of credit |
|
326,280 |
|
334,841 |
|
343,445 |
|
352,069 |
|
356,163 |
|
|
Installment
loans |
|
8,277 |
|
8,818 |
|
8,515 |
|
8,476 |
|
8,667 |
|
|
Loans, net of
deferred net costs |
|
3,448,936 |
|
3,430,586 |
|
3,387,631 |
|
3,343,194 |
|
3,301,379 |
|
|
Less: |
|
|
|
|
|
|
Allowance for
loan losses |
|
44,048 |
|
43,890 |
|
43,950 |
|
44,064 |
|
44,398 |
|
|
Net loans |
|
3,404,888 |
|
3,386,696 |
|
3,343,681 |
|
3,299,130 |
|
3,256,981 |
|
|
|
|
|
|
|
|
|
|
Bank premises and
equipment, net |
|
35,175 |
|
35,466 |
|
36,110 |
|
36,793 |
|
37,360 |
|
|
Other assets |
|
63,080 |
|
63,941 |
|
56,519 |
|
55,825 |
|
55,561 |
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
4,886,743 |
|
4,868,806 |
|
4,812,849 |
|
4,830,913 |
|
4,763,262 |
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Demand |
$ |
373,930 |
|
377,755 |
|
380,090 |
|
376,669 |
|
359,060 |
|
|
Interest-bearing
checking |
|
838,936 |
|
815,534 |
|
785,118 |
|
766,322 |
|
746,562 |
|
|
Savings
accounts |
|
1,287,802 |
|
1,271,449 |
|
1,277,734 |
|
1,282,006 |
|
1,272,394 |
|
|
Money market
deposit accounts |
|
583,909 |
|
571,962 |
|
566,097 |
|
577,063 |
|
595,585 |
|
|
Time
deposits |
|
1,113,892 |
|
1,159,463 |
|
1,159,199 |
|
1,178,567 |
|
1,168,887 |
|
|
Total
deposits |
|
4,198,469 |
|
4,196,163 |
|
4,168,238 |
|
4,180,627 |
|
4,142,488 |
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
220,946 |
|
209,406 |
|
179,204 |
|
190,542 |
|
169,528 |
|
|
Accrued expenses
and other liabilities |
|
28,628 |
|
30,551 |
|
29,799 |
|
29,479 |
|
28,221 |
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
4,448,043 |
|
4,436,120 |
|
4,377,241 |
|
4,400,648 |
|
4,340,237 |
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
Capital
stock |
|
99,493 |
|
99,214 |
|
99,121 |
|
99,071 |
|
98,973 |
|
|
Surplus |
|
172,628 |
|
171,425 |
|
171,093 |
|
171,174 |
|
171,113 |
|
|
Undivided
profits |
|
206,173 |
|
201,517 |
|
197,013 |
|
192,356 |
|
188,159 |
|
|
Accumulated other
comprehensive (loss) income, net of tax |
|
(5,568 |
) |
(6,251 |
) |
2,328 |
|
2,395 |
|
73 |
|
|
Treasury stock at
cost |
|
(34,026 |
) |
(33,219 |
) |
(33,947 |
) |
(34,731 |
) |
(35,293 |
) |
|
|
|
|
|
|
|
|
Total
shareholders' equity |
|
438,700 |
|
432,686 |
|
435,608 |
|
430,265 |
|
423,025 |
|
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity |
$ |
4,886,743 |
|
4,868,806 |
|
4,812,849 |
|
4,830,913 |
|
4,763,262 |
|
|
|
|
|
|
|
|
|
|
Outstanding shares (in
thousands) |
|
95,917 |
|
95,780 |
|
95,614 |
|
95,493 |
|
95,369 |
|
|
|
|
|
|
|
|
|
|
NONPERFORMING
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets |
|
|
|
|
|
|
|
|
|
03/31/17 |
12/31/16 |
09/30/16 |
06/30/16 |
03/31/16 |
|
New York and
other states* |
|
|
|
|
|
|
|
Loans in nonaccrual
status: |
|
|
|
|
|
|
|
Commercial |
$ |
1,858 |
|
1,843 |
|
2,366 |
|
2,690 |
|
2,762 |
|
|
Real estate
mortgage - 1 to 4 family |
|
22,772 |
|
21,198 |
|
21,678 |
|
23,559 |
|
25,669 |
|
|
Installment |
|
41 |
|
48 |
|
70 |
|
49 |
|
74 |
|
|
Total non-accrual
loans |
|
24,671 |
|
23,089 |
|
24,114 |
|
26,298 |
|
28,505 |
|
|
Other nonperforming
real estate mortgages - 1 to 4 family |
|
41 |
|
42 |
|
44 |
|
45 |
|
47 |
|
|
Total nonperforming
loans |
|
24,712 |
|
23,131 |
|
24,158 |
|
26,343 |
|
28,552 |
|
|
Other real estate
owned |
|
3,191 |
|
4,268 |
|
4,768 |
|
4,602 |
|
5,208 |
|
|
Total nonperforming
assets |
$ |
27,903 |
|
27,399 |
|
28,926 |
|
30,945 |
|
33,760 |
|
|
|
|
|
|
|
|
|
|
Florida |
|
|
|
|
|
|
|
Loans in nonaccrual
status: |
|
|
|
|
|
|
|
Commercial |
$ |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Real estate
mortgage - 1 to 4 family |
|
1,712 |
|
1,929 |
|
1,844 |
|
1,900 |
|
1,802 |
|
|
Installment |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
Total non-accrual
loans |
|
1,712 |
|
1,929 |
|
1,844 |
|
1,900 |
|
1,802 |
|
|
Other nonperforming
real estate mortgages - 1 to 4 family |
|
- |
|
- |
|
- |
|
- |
|
- |
|
|
Total nonperforming
loans |
|
1,712 |
|
1,929 |
|
1,844 |
|
1,900 |
|
1,802 |
|
|
Other real estate
owned |
|
- |
|
- |
|
- |
|
- |
|
476 |
|
|
Total nonperforming
assets |
$ |
1,712 |
|
1,929 |
|
1,844 |
|
1,900 |
|
2,278 |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
Loans in nonaccrual
status: |
|
|
|
|
|
|
|
Commercial |
$ |
1,858 |
|
1,843 |
|
2,366 |
|
2,690 |
|
2,762 |
|
|
Real estate
mortgage - 1 to 4 family |
|
24,484 |
|
23,127 |
|
23,522 |
|
25,459 |
|
27,471 |
|
|
Installment |
|
41 |
|
48 |
|
70 |
|
49 |
|
74 |
|
|
Total non-accrual
loans |
|
26,383 |
|
25,018 |
|
25,958 |
|
28,198 |
|
30,307 |
|
|
Other nonperforming
real estate mortgages - 1 to 4 family |
|
41 |
|
42 |
|
44 |
|
45 |
|
47 |
|
|
Total nonperforming
loans |
|
26,424 |
|
25,060 |
|
26,002 |
|
28,243 |
|
30,354 |
|
|
Other real estate
owned |
|
3,191 |
|
4,268 |
|
4,768 |
|
4,602 |
|
5,684 |
|
|
Total nonperforming
assets |
$ |
29,615 |
|
29,328 |
|
30,770 |
|
32,845 |
|
36,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Net Chargeoffs (Recoveries) |
|
|
|
|
|
|
|
|
|
03/31/17 |
12/31/16 |
09/30/16 |
06/30/16 |
03/31/16 |
|
New York and
other states* |
|
|
|
|
|
|
|
Commercial |
$ |
64 |
|
(56 |
) |
353 |
|
67 |
|
224 |
|
|
Real estate mortgage -
1 to 4 family |
|
261 |
|
619 |
|
471 |
|
973 |
|
771 |
|
|
Installment |
|
31 |
|
55 |
|
37 |
|
77 |
|
70 |
|
|
Total net
chargeoffs |
$ |
356 |
|
618 |
|
861 |
|
1,117 |
|
1,065 |
|
|
|
|
|
|
|
|
|
|
Florida |
|
|
|
|
|
|
|
Commercial |
$ |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Real estate mortgage -
1 to 4 family |
|
84 |
|
23 |
|
- |
|
16 |
|
83 |
|
|
Installment |
|
2 |
|
19 |
|
3 |
|
1 |
|
16 |
|
|
Total net
chargeoffs |
$ |
86 |
|
42 |
|
3 |
|
17 |
|
99 |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
Commercial |
$ |
64 |
|
(56 |
) |
353 |
|
67 |
|
224 |
|
|
Real estate mortgage -
1 to 4 family |
|
345 |
|
642 |
|
471 |
|
989 |
|
854 |
|
|
Installment |
|
33 |
|
74 |
|
40 |
|
78 |
|
86 |
|
|
Total net
chargeoffs |
$ |
442 |
|
660 |
|
864 |
|
1,134 |
|
1,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
03/31/17 |
12/31/16 |
09/30/16 |
06/30/16 |
03/31/16 |
|
|
|
|
|
|
|
|
|
Total nonperforming
loans(1) |
$ |
26,424 |
|
25,060 |
|
26,002 |
|
28,243 |
|
30,354 |
|
|
Total nonperforming
assets(1) |
|
29,615 |
|
29,328 |
|
30,770 |
|
32,845 |
|
36,038 |
|
|
Total net
chargeoffs(2) |
|
442 |
|
660 |
|
864 |
|
1,134 |
|
1,164 |
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses(1) |
|
44,048 |
|
43,890 |
|
43,950 |
|
44,064 |
|
44,398 |
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to
total loans |
|
0.77 |
% |
0.73 |
% |
0.77 |
% |
0.84 |
% |
0.92 |
% |
|
Nonperforming assets to
total assets |
|
0.61 |
% |
0.60 |
% |
0.64 |
% |
0.68 |
% |
0.76 |
% |
|
Allowance for loan
losses to total loans |
|
1.28 |
% |
1.28 |
% |
1.30 |
% |
1.32 |
% |
1.34 |
% |
|
Coverage ratio(1) |
|
166.7 |
% |
175.1 |
% |
169.0 |
% |
156.0 |
% |
146.3 |
% |
|
Annualized net
chargeoffs to average loans(2) |
|
0.05 |
% |
0.08 |
% |
0.10 |
% |
0.14 |
% |
0.14 |
% |
|
Allowance for loan
losses to annualized net chargeoffs(2) |
|
24.9 |
x |
16.6 |
x |
12.7 |
x |
9.7 |
x |
9.5 |
x |
|
|
|
|
|
|
|
|
|
* Includes New York,
New Jersey, Vermont and Massachusetts. |
|
|
|
|
|
|
|
(1) At
period-end |
|
|
|
|
|
|
|
(2) For the
period ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS'
EQUITY- |
|
|
INTEREST RATES AND INTEREST DIFFERENTIAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands) |
|
Three months ended |
|
|
Three months ended |
|
|
(Unaudited) |
|
March 31, 2017 |
|
|
March 31, 2016 |
|
|
|
|
Average |
|
Interest |
Average |
|
|
Average |
|
Interest |
Average |
|
|
|
|
Balance |
|
|
Rate |
|
|
Balance |
|
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available
for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
U. S. government
sponsored enterprises |
$ |
142,495 |
|
|
595 |
|
1.67 |
% |
$ |
75,031 |
|
|
255 |
|
1.36 |
% |
|
Mortgage backed
securities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
collateralized
mortgage obligations-residential |
|
367,956 |
|
|
1,958 |
|
2.13 |
|
|
412,499 |
|
|
2,116 |
|
2.05 |
|
|
State and political
subdivisions |
|
873 |
|
|
19 |
|
8.71 |
|
|
1,114 |
|
|
22 |
|
7.90 |
|
|
Corporate bonds |
|
41,580 |
|
|
151 |
|
1.45 |
|
|
- |
|
|
- |
|
- |
|
|
Small Business
Administration-guaranteed participation securities |
|
78,591 |
|
|
415 |
|
2.11 |
|
|
90,611 |
|
|
476 |
|
2.10 |
|
|
Mortgage backed
securities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
collateralized
mortgage obligations-commercial |
|
10,089 |
|
|
23 |
|
0.91 |
|
|
10,394 |
|
|
36 |
|
1.40 |
|
|
Other |
|
685 |
|
|
4 |
|
2.34 |
|
|
685 |
|
|
4 |
|
2.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total securities
available for sale |
|
642,269 |
|
|
3,165 |
|
1.97 |
|
|
590,334 |
|
|
2,909 |
|
1.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and
other |
|
|
|
|
|
|
|
|
|
|
|
|
|
short-term
Investments |
|
641,126 |
|
|
1,246 |
|
0.78 |
|
|
675,586 |
|
|
844 |
|
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held to maturity
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
9,992 |
|
|
154 |
|
6.16 |
|
|
9,977 |
|
|
154 |
|
6.17 |
|
|
Mortgage backed
securities and |
|
|
|
|
|
|
|
|
|
|
|
|
|
collateralized
mortgage obligations-residential |
|
34,303 |
|
|
316 |
|
3.68 |
|
|
45,112 |
|
|
402 |
|
3.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total held to
maturity securities |
|
44,295 |
|
|
470 |
|
4.24 |
|
|
55,089 |
|
|
556 |
|
4.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Reserve Bank
and Federal Home Loan Bank stock |
|
9,579 |
|
|
134 |
|
5.60 |
|
|
9,480 |
|
|
120 |
|
5.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial loans |
|
187,590 |
|
|
2,429 |
|
5.18 |
|
|
201,367 |
|
|
2,617 |
|
5.20 |
|
|
Residential mortgage
loans |
|
2,911,987 |
|
|
30,367 |
|
4.17 |
|
|
2,726,811 |
|
|
29,622 |
|
4.35 |
|
|
Home equity lines of
credit |
|
330,338 |
|
|
3,085 |
|
3.74 |
|
|
358,817 |
|
|
3,179 |
|
3.56 |
|
|
Installment loans |
|
8,228 |
|
|
169 |
|
8.22 |
|
|
8,659 |
|
|
193 |
|
8.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of unearned
income |
|
3,438,143 |
|
|
36,050 |
|
4.19 |
|
|
3,295,654 |
|
|
35,611 |
|
4.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
earning assets |
|
4,775,412 |
|
|
41,065 |
|
3.44 |
|
|
4,626,143 |
|
|
40,040 |
|
3.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses |
|
(44,236 |
) |
|
|
|
|
|
(45,271 |
) |
|
|
|
|
|
Cash & non-interest
earning assets |
|
130,186 |
|
|
|
|
|
|
135,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
4,861,362 |
|
|
|
|
|
$ |
4,716,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
checking accounts |
$ |
809,039 |
|
|
124 |
|
0.06 |
% |
$ |
735,098 |
|
|
114 |
|
0.06 |
% |
|
Money market
accounts |
|
580,006 |
|
|
466 |
|
0.32 |
|
|
603,774 |
|
|
496 |
|
0.33 |
|
|
Savings |
|
1,274,757 |
|
|
430 |
|
0.13 |
|
|
1,262,467 |
|
|
604 |
|
0.19 |
|
|
Time deposits |
|
1,133,942 |
|
|
2,283 |
|
0.81 |
|
|
1,134,459 |
|
|
2,373 |
|
0.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
bearing deposits |
|
3,797,744 |
|
|
3,303 |
|
0.35 |
|
|
3,735,798 |
|
|
3,587 |
|
0.39 |
|
|
Short-term
borrowings |
|
229,719 |
|
|
349 |
|
0.61 |
|
|
176,119 |
|
|
257 |
|
0.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest
bearing liabilities |
|
4,027,463 |
|
|
3,652 |
|
0.36 |
|
|
3,911,917 |
|
|
3,844 |
|
0.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
370,552 |
|
|
|
|
|
|
358,224 |
|
|
|
|
|
|
Other liabilities |
|
26,781 |
|
|
|
|
|
|
26,917 |
|
|
|
|
|
|
Shareholders'
equity |
|
436,566 |
|
|
|
|
|
|
419,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity |
$ |
4,861,362 |
|
|
|
|
|
$ |
4,716,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income,
tax equivalent |
|
|
|
37,413 |
|
|
|
|
|
|
36,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread |
|
|
|
|
3.08 |
% |
|
|
|
|
3.07 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(net interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
to total interest
earning assets) |
|
|
|
|
3.14 |
% |
|
|
|
|
3.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax equivalent
adjustment |
|
|
|
(13 |
) |
|
|
|
|
|
(14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
|
37,400 |
|
|
|
|
|
|
36,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
Reconciliation
Tangible equity as a percentage of tangible
assets at period end is a non-GAAP financial measure derived from
GAAP-based amounts. We calculate tangible equity and tangible
assets by excluding the balance of intangible assets from
shareholders’ equity and total assets, respectively. We calculate
tangible equity as a percentage of tangible assets at period end by
dividing tangible equity by tangible assets at period end. We
believe that this is consistent with the treatment by bank
regulatory agencies, which exclude intangible assets from the
calculation of risk-based capital ratios.
The efficiency ratio is a non-GAAP measure of
expense control relative to revenue from net interest income and
fee income. We calculate the efficiency ratio by dividing
total noninterest expenses as determined under GAAP, but excluding
other real estate expense, net, by net interest income (fully
taxable equivalent) and total noninterest income as determined
under GAAP, but excluding net gains on the sale of nonperforming
loans and securities from this calculation. We believe that
this provides a reasonable measure of primary banking expenses
relative to primary banking revenue.
We believe that these non-GAAP financial
measures provide information that is important to investors and
that is useful in understanding our financial results. Our
management internally assesses our performance based, in part, on
these measures. However, these non-GAAP financial measures
are supplemental and not a substitute for an analysis based on GAAP
measures. As other companies may use different calculations for
these measures, this presentation may not be comparable to other
similarly titled measures reported by other companies. A
reconciliation of the non-GAAP measures of tangible common equity,
tangible book value per share, efficiency ratio, net income and net
income per share to the underlying GAAP numbers is set forth
below.
NON-GAAP
FINANCIAL MEASURES RECONCILIATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands,
except per share amounts) |
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
03/31/17 |
12/31/16 |
03/31/16 |
|
|
Tangible Equity
to Tangible Assets |
|
|
|
|
|
|
Total Assets |
|
4,886,743 |
|
4,868,806 |
|
4,763,262 |
|
|
|
Less: Intangible
assets |
|
553 |
|
553 |
|
553 |
|
|
|
Tangible
assets |
|
4,886,190 |
|
4,868,253 |
|
4,762,709 |
|
|
|
|
|
|
|
|
|
|
Equity |
$ |
438,700 |
|
432,686 |
|
423,025 |
|
|
|
Less: Intangible
assets |
|
553 |
|
553 |
|
553 |
|
|
|
Tangible
equity |
|
438,147 |
|
432,133 |
|
422,472 |
|
|
|
Tangible Equity to
Tangible Assets |
|
8.97 |
% |
8.88 |
% |
8.87 |
% |
|
|
Equity to Assets |
|
8.98 |
% |
8.89 |
% |
8.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended |
|
|
Efficiency
Ratio |
|
03/31/17 |
12/31/16 |
03/31/16 |
|
|
|
|
|
|
|
|
|
Net interest
income |
$ |
37,400 |
|
36,907 |
|
36,182 |
|
|
|
Taxable equivalent
adjustment |
|
13 |
|
14 |
|
14 |
|
|
|
Net interest income
(fully taxable equivalent) |
|
37,413 |
|
36,921 |
|
36,196 |
|
|
|
Non-interest
income |
|
4,727 |
|
4,512 |
|
4,572 |
|
|
|
Revenue used for
efficiency ratio |
|
42,140 |
|
41,433 |
|
40,768 |
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense |
|
24,019 |
|
23,365 |
|
23,439 |
|
|
|
Less: Other real
estate expense, net |
|
499 |
|
721 |
|
519 |
|
|
|
Expense used for
efficiency ratio |
|
23,520 |
|
22,644 |
|
22,920 |
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio |
|
55.81 |
% |
54.65 |
% |
56.22 |
% |
|
|
Contact:
Kevin T. Timmons
Vice President/Treasurer
(518) 381-3607
TrustCo Bank Corporation... (NASDAQ:TRST)
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