v3.26.1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Interest and dividend income:        
Interest and fees on loans $ 58,757 $ 54,557 $ 116,322 $ 108,007
Interest and dividends on securities available for sale:        
U. S. government sponsored enterprises 111 614 260 1,210
Mortgage-backed securities and collateralized mortgage obligations - residential 1,486 1,613 2,955 3,096
Corporate bonds 776 210 1,470 470
Small Business Administration-guaranteed participation securities 59 75 122 156
Other securities 7 8 15 15
Total interest and dividends on securities available for sale 2,439 2,520 4,822 4,947
Interest on held to maturity securities:        
Mortgage-backed securities and collateralized mortgage obligations - residential 44 54 91 111
Total interest on held to maturity securities 44 54 91 111
Federal Home Loan Bank stock 123 129 249 280
Interest on federal funds sold and other short-term investments 6,344 7,212 12,449 13,944
Total interest income 67,707 64,472 133,933 127,289
Interest on deposits:        
Interest-bearing checking 551 536 1,084 1,094
Savings accounts 703 733 1,378 1,467
Money market deposit accounts 1,631 2,086 3,183 4,075
Time deposits 18,863 19,195 37,220 38,178
Interest on short-term borrowings 369 176 770 356
Total interest expense 22,117 22,726 43,635 45,170
Net interest income 45,590 41,746 90,298 82,119
Provision for credit losses 650 650 1,600 950
Net interest income after provision for credit losses 44,940 41,096 88,698 81,169
Noninterest income:        
Trustco financial services income 1,980 1,818 4,115 3,938
Fees for services to customers 2,487 2,266 4,827 4,911
Net gains on equity securities [1] 844 0 844 0
Other 601 768 967 977
Total noninterest income 5,912 4,852 10,753 9,826
Noninterest expenses:        
Salaries and employee benefits 13,047 11,876 25,266 23,770
Net occupancy expense 4,381 4,518 8,923 9,072
Equipment expense 2,082 1,918 4,104 3,862
Professional services 1,968 1,886 3,494 3,612
Outsourced services 2,704 2,460 5,404 5,160
Advertising expense 586 304 980 665
FDIC and other insurance 1,101 1,136 2,254 2,324
Other real estate expense, net 112 522 162 550
Other 2,352 1,603 4,728 3,537
Total noninterest expenses 28,333 26,223 55,315 52,552
Income before taxes 22,519 19,725 44,136 38,443
Income taxes 5,554 4,686 10,886 9,129
Net income $ 16,965 $ 15,039 $ 33,250 $ 29,314
Net income per share:        
- Basic (in Dollars per share) $ 0.98 $ 0.79 $ 1.89 $ 1.54
- Diluted (in Dollars per share) $ 0.98 $ 0.79 $ 1.89 $ 1.54
[1] Not within the scope of ASC 606.