v3.25.1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest and dividend income:    
Interest and fees on loans $ 53,450 $ 49,804
Interest and dividends on securities available for sale:    
U. S. government sponsored enterprises 596 906
State and political subdivisions 0 0
Mortgage-backed securities and collateralized mortgage obligations - residential 1,483 1,494
Corporate bonds 260 476
Small Business Administration-guaranteed participation securities 81 100
Other securities 7 3
Total interest and dividends on securities available for sale 2,427 2,979
Interest on held to maturity securities:    
Mortgage-backed securities and collateralized mortgage obligations-residential 57 68
Total interest on held to maturity securities 57 68
Federal Home Loan Bank stock 151 152
Interest on federal funds sold and other short-term investments 6,732 6,750
Total interest income 62,817 59,753
Interest on deposits:    
Interest-bearing checking 558 240
Savings accounts 734 712
Money market deposit accounts 1,989 2,342
Time deposits 18,983 19,677
Interest on short-term borrowings 180 204
Total interest expense 22,444 23,175
Net interest income 40,373 36,578
Provision for credit losses 300 600
Net interest income after provision for credit losses 40,073 35,978
Noninterest income:    
Trustco financial services income 2,120 1,816
Fees for services to customers 2,645 2,745
Other 209 282
Total noninterest income 4,974 4,843
Noninterest expenses:    
Salaries and employee benefits 11,894 11,427
Net occupancy expense 4,554 4,611
Equipment expense 1,944 1,738
Professional services 1,726 1,460
Outsourced services 2,700 2,501
Advertising expense 361 408
FDIC and other insurance 1,188 1,094
Other real estate expense, net 28 74
Other 1,934 1,590
Total noninterest expenses 26,329 24,903
Income before taxes 18,718 15,918
Income taxes 4,443 3,792
Net income $ 14,275 $ 12,126
Net income per share:    
Basic (in dollars per share) $ 0.75 $ 0.64
Diluted (in dollars per share) $ 0.75 $ 0.64